The Administration Thread

[Foreveram]

25 minutes ago, 86 Hair Islands said:

Actually, what I listed was some but by no means all of the processes likely to require completion in order to get the deal formally ratified, the aim being to illustrate some of the complexities particular to this transaction. And for the record, CK is not saying 'can't' and neither am I. Frankly, I'd have thought 30 years in business ought to have shown you that only some processes can be expedited.

Enjoy the street party ?

It’s on Saturday, been to see King Kev.

[DavesaRam]

14 minutes ago, B4ev6is said:

Efl and and premier league have different rules to follow.

but what those rules are, nobody is going to tell you.

[1967RAMS]

18 minutes ago, B4ev6is said:

Efl and and premier league have different rules to follow.

True, although the EFL would wet themselves if they had the scrutiny that the Chelsea deal has been privy too. They wouldn’t be able to make it up as they go along with impunity like they have done with their handling of the Derby situation 

[kevinhectoring]

4 hours ago, MackworthRamIsGod said:

Here's a theory.....I'll just Don my tin foil hat for a sec. Even though this is a positive spin on things...

What if CK really isn't the main man in all of this, he is just a much better Erik Alonso.

What if the real head person in this whole deal is Paul Stretford, Stretford fronting a consortium.

I was just reading an article from 2010 about Stretford and he sounds like the kind of guy who runs the show, every single time. Was at Rooneys stag do, Rooney was at his wedding, described as being like father and son.

If there is a consortium, hidden from public view, that would be a lot of lawyers, a lot of money changing hands and a lot of time needed.

Kirchner is the puppet, who has a clean bank account, fronting it as his baby.

I'll go back and hide from the 5g masts.

You may be wrong as well as right. I think stretford has been a major influence. I wonder whether - if CK had bought Preston - Rooney would have popped up there as manager (leaving us a total basket case). And it may be that Stretford or Rooney have an piece of CK’s deal

But the idea that CK is a puppet fronting for others is not credible 

[Mostyn6]

4 hours ago, MackworthRamIsGod said:

Kirchner is the puppet, who has a clean bank account, fronting it as his baby

Sorry Brother. Absolute nonsense. What next, Bill Gates pretending to buy something for Katie Price?

Do you really think someone on the growth trajectory of CK is gonna have the time of day for Stretford? I can accept that we are his vanity project or train set, but that he’s a puppet is nonsense! 

[Wignall12]

1 hour ago, DavesaRam said:

but what those rules are, nobody is going to tell you.

But if they're brought to bear on the Red Dogs .......who cares ?

[RAM1966]

11 hours ago, 86 Hair Islands said:

Let's look at just a handful of the required actions before ownership can be formally confirmed and consider that all required completion in the handful of days since Ck signed contracts:

1) Transfer of funds - business to business transfers are not instant. Larger transactions are subject to anti money laundering checks undertaken by both issuing and receiving banks and banks move at their own pace, not those of interested parties.

2) The signing of numerous contracts and leases - these days this can be done remotely, even when signatories and witnesses are required, using services such as Docusign. That said, is every party involved moving heaven and earth to get this done? Might it be that some of those parties with no real vested interest in getting this deal over the line might not be sat around waiting into the early evening or night to expedite these processes? Might any individual be on leave or even abroad this week? Might one of the 25 lawyers be on his boat with his mobile off and no intention of accessing emails?

3) It seems it is not CK who is buying PP - has the 'partner' completed all the required paperwork and have the MSD charges been removed AND reported as such to the satisfaction of the EFL? 

4) Have the EFL had sufficient time to review all of the documentation and proofs to allow them to formally acknowledge and approve transfer of ownership, thereby formally agreeing CK's ownership and DCFC's membership?

5) Have the Land Registry and Companies House had sufficient time to update relevant records in accordance with the above steps and are any such amendments reflected in real-time or subject to roll-out delays?

6) Have the various legal teams acknowledged receipt of funds to concerned parties and did they do so prior to close of play yesterday.

7) If they have, have they also made the transfer of funds to the ultimate recipients and have their respective banks and those of the multiple recipients performed all required checks and balances including the anti money laundering checks mentioned in point 1?

Honestly, I could draft pages and pages of likely steps required to get this over the line that could only have been begun once the CK - Quantuma deal was agreed. I've no doubt that most parties are moving heaven and earth to get all the required i's dotted and t's crossed but equally, I think it's highly unlikely that ALL parties are making the same effort. As long as they are getting paid, do such parties really care whether this deal closes this week or next? Even relatively simple transactions such as buying a house can become a nightmarish exercise with any number of delays and hitches, after all. The fact is that the various parties are not working to deadlines per se, they are simply trying to get expedite what is a hideously complex deal with a wild excess of 'moving parts'. Perhaps then folk need to stop assuming that it is CK holding things up, or Quantuma for that matter, stop fretting and chucking shade and show a little patience and understanding for a guy who is trying to save the club we love. More to the point, the pubs open shortly, it's a long weekend, the sun is out and we'll be signing players by this time next week. Let's focus then on the positives, and stop stressing over imaginary issues as in this instance more than most, the devil really is in the detail.

 

You could but everything you've said is not factual, your order of march ls wrong, contracts before money for a start.....

 

Edited June 2, 2022 by RAM1966

[europia]

5 hours ago, Seth's left foot said:

The takeover will be confirmed late on Monday evening and new players will be announced throughout the week ?

CK is keeping us updated in good faith, it’s Quantuma who have repeatedly set and then missed deadlines with a little help from the EFL.

 

In the meantime, presumably the club is operating on additional borrowing, which can't be cheap. Not to mention every hour that passes Quantuma are leeching more money from the financial mire. A good reason for getting the takeover completed in a timely manner, one would think.....

Edited June 2, 2022 by europia

[Comrade 86]

11 minutes ago, RAM1966 said:

You could but everything you've said is not factual, your order of march us wrong, contracts before money for a start.....

 

It's a random list of tasks not a scope of works mate! Next time I'll draw you a Gantt chart ?

[B4ev6is]

1 hour ago, europia said:

In the meantime, presumably the club is operating on additional borrowing, which can't be cheap. Not to mention every hour that passes Quantuma are leeching more money from the financial mire. A good reason for getting the takeover completed in a timely manner, one would think.....

No admin are doing day to day running of the club kircher is.

[RadioactiveWaste]

1 hour ago, 86 Hair Islands said:

It's a random list of tasks not a scope of works mate! Next time I'll draw you a Gantt chart ?

You also need to return appendix C, appendix D, sign the form of tender confirmation note and include full costings prior to your post being considered by the board.

 

[Comrade 86]

1 hour ago, europia said:

In the meantime, presumably the club is operating on additional borrowing, which can't be cheap. 

Not sure why you would presume this given CK has been funding the club since May 7th as has been widely reported in the media and confirmed by Kirchner himself. This includes the May wage bill which was paid in full and on time. 

[I know nuffin]

What's the thoughts on the bit I have seen to do with the freehold of pp and cks 9ck sports. Is it a mistake by lawyers or is it ck being very asstute and getting the land in his name so the stadium cannot be sold to anyone but him because of the tent he could charge if it did not come to him. Strange for lawyers to make a mistake like that

[PistoldPete]

2 hours ago, I know nuffin said:

What's the thoughts on the bit I have seen to do with the freehold of pp and cks 9ck sports. Is it a mistake by lawyers or is it ck being very asstute and getting the land in his name so the stadium cannot be sold to anyone but him because of the tent he could charge if it did not come to him. Strange for lawyers to make a mistake like that

CK says his lawyers were doing searches for the buyers of PPS (who he refers to loosely  as his "partner"), and for himself at the same time. 

[Chester40]

Not particularly having a go, and see myself as pro-CK...but if I were buying a house (the scenario set out often by others), I honestly would have expected the relatively low paid, one-man band at the solicitors office to have said 'Let's try for Tue 1st June...but there are Bank Holidays that week so if we miss that date we may then end up slipping to the following week'.

Honestly, I would be annoyed if they didn't foresee that. It is a pretty weak excuse to trot out after the fact as totally unforeseeable.

Otherwise I really enjoy his happiness to engage on social media, no complaintng about how quiet the Administrators are anymore as he is doing all the work for them.

[hintonsboots]

3 hours ago, I know nuffin said:

Is it a mistake by lawyers or is it ck being very asstute and getting the land in his name

I’m sure we’ll get to the bottom of it next week.

[RipleyRich]

56 minutes ago, Chester40 said:

Not particularly having a go, and see myself as pro-CK...but if I were buying a house (the scenario set out often by others), I honestly would have expected the relatively low paid, one-man band at the solicitors office to have said 'Let's try for Tue 1st June...but there are Bank Holidays that week so if we miss that date we may then end up slipping to the following week'.

Honestly, I would be annoyed if they didn't foresee that. It is a pretty weak excuse to trot out after the fact as totally unforeseeable.

Otherwise I really enjoy his happiness to engage on social media, no complaintng about how quiet the Administrators are anymore as he is doing all the work for them.

I'm not buying into this Bank Holiday excuse.

I said last Friday that his Twitter update was akin to a holding email and I've not seen anything to change my mind.

You cant tell me that all the individuals involved in this process didn't realise there were Bank Holidays this week? No chance.

If I was pushed into guessing what the problem is, my guess would be that the Stadium purchase is not 100% resolved. I believe CK when he says everything is in place. I believe his agreement with his partner is done, but I fear his partners agreement with MM is not.

[Chopper]

3 hours ago, I know nuffin said:

... so the stadium cannot be sold to anyone but him because of the tent he could charge if it did not come to him. 

I suppose he'd have to ... canvas opinion before he did that. ?

Sorry.

I'll get me coat.

[Ram-Alf]

17 minutes ago, RipleyRich said:

I'm not buying into this Bank Holiday excuse.

I said last Friday that his Twitter update was akin to a holding email and I've not seen anything to change my mind.

You cant tell me that all the individuals involved in this process didn't realise there were Bank Holidays this week? No chance.

 

This is what puzzles me, Lawyers/Solicitors will/should be aware that there is no business on Bank Holidays, Still confident a deal is very close, But professional people should know when monies can be switched over to other accounts ?‍♀️ 

[Woodley Ram]

8 minutes ago, Unlucky Alf said:

This is what puzzles me, Lawyers/Solicitors will/should be aware that there is no business on Bank Holidays, Still confident a deal is very close, But professional people should know when monies can be switched over to other accounts ?‍♀️ 

I read it. Another way. The process has been slower than expected and although they expected it to be signed before the bank holidays it has now slipped into that period. Either way I expect it to be sorted asap. This isn’t the worry for me, I’m more alarmed by Knights statement as he will not be the only one. The euphoria of the season has gone now and in the clear light of day players might be having second thoughts about signing on for L1