The Administration Thread

[sage]

56 minutes ago, Woodley Ram said:

If CK is turning Crypto into cash especially £21m for this deal and into a new account then I am not surprised it has been stopped. If he already has the money in a bank account from previous crypto activity then it shouldn’t matter as the bank should have already cleared the funds going into the account.

re Nixon, it’s clear he knows the money has been stopped but he has no idea how banking is done and it dosnt help with his comments such as financial police, money not sent via bank but a central clearing house, blah blah. Absolute tosh

i have from a banking perspective been involved in transfers of this size and bigger. Unless you have had a conversation with the client before hand and seen evidence of where the money is going to and where it is coming from You would block it and ask those questions due to the number of red flags  such as new account, lots of money, overseas transfer etc

i cannot believe that CKs professional helpers didn’t speak to the bank first and provide evidence. The deal should have been set up ages ago and the AML checks completed. All that happens then is you press the button and transfer the money. 
 

if that wasn’t done or further red flags were found by the bank then more questions would be asked and evidence would need to be provided. If not happy the US bank would send a suspicious activity report to the FinCen which is the US department that investigates this sort of stuff.

Of course we have no idea if the bank have done this but if they have then a block would be put on CKs account until they have checked it out.

one thing that worries me is that CK (according to Nixon) tried a different route when challenged (probably through another bank or FX company) and then went back to the original route as he got the same issues.

this possibility backs up the idea that his advisers didn’t talk to the bank first to set up the deal and show evidence of source of wealth in advance. Sorry but doing that is Janet and John stuff for large transfers. Again I know how banking works but not the details of the deal, but my gut feel is that is stuck at the bank and has not been reported to the FinCen, therefore if he provides the evidence the money should be released 

This comes back to the fact that he is a small time businessman who effectively won the lottery even more so than Mel did with Candy Crush. 

We doesn't have the experience of big business deals, large transactions, media etc 

[CBRammette]

1 minute ago, Boycie said:

Ok, so say 5.01pm tonight can someone else deposit 21 million into the admins account then do all the paperwork and approvals after?

If less than CK's offer to creditors assume not that simple if better offer around. But if best offer or equivalent assume puts someone in best position. That's if Q give someone the bank details!! Are you asking for a friend??

[RipleyRich]

1 hour ago, Kuskus said:

Surely if another bidder was to takeover the club it would only take a matter of days as all the hard work has been done. 

I don`t think it would.

Only when CK was given preferential status was he granted to full access of the accounts and I believe that would be the first step for any bidder. The they have to take their proposal to the creditors, which, unless it Mirrors CKs will take time, and may even not be accepted.

I seem to remember it being said it`s a 6 to 12 week process, but stand to be corrected.

 

[G STAR RAM]

7 minutes ago, RipleyRich said:

I expect that at 17:01 CK will walk if his funds aren`t cleared.

After that it`s a race against time and the EFL now. And it`s the EFL that are my biggest fear now. They will very soon have to make a huge decision if Quantuma cannot provide assurance that the Club will be in a position to start and end the season. With a Transfer Embargo still in place, being able to guarantee a squad to fulfill fixtures is the bit that screams out at me.

Why would he walk when he has exchanged contracts?

He has signed a legally binding document. 

[Sparkle]

3 minutes ago, JuanFloEvraTheCocu'sNesta said:

Mike Ashley could sort this in about half a day if he really wanted to.

And could have at any point 

[Crewton]

Just now, sage said:

This comes back to the fact that he is a small time businessman who effectively won the lottery even more so than Mel did with Candy Crush. 

We doesn't have the experience of big business deals, large transactions, media etc 

To be fair, he seems to have built his own business and was involved in a fundraising process recently with Goldmann Sachs that was 3x the value of this, but somehow he and his advisers have overlooked the added complexity of clearing funds between the US and the UK - that is a very strange oversight by someone. 

[I am Ram]

1 minute ago, RipleyRich said:

I don`t think it would.

Only when CK was given preferential status was he granted to full access of the accounts and I believe that would be the first step for any bidder. The they have to take their proposal to the creditors, which, unless it Mirrors CKs will take time, and may even not be accepted.

I seem to remember it being said it`s a 6 to 12 week process, but stand to be corrected.

 

6-12 weeks would mean no club. I know you mean well, but that's a very negative take on this Rich .

[Boycie]

7 minutes ago, CBRammette said:

If less than CK's offer to creditors assume not that simple if better offer around. But if best offer or equivalent assume puts someone in best position. That's if Q give someone the bank details!! Are you asking for a friend??

Oh, no no no, I was just chatting to my mate Mike down the corner shop this morning whilst fetching milk and Beano and a copy of the FT.

[PistoldPete]

9 hours ago, RoyMac5 said:

 

Stay off twitter Curtis. Stick to this forum alhough this is bad enough atm.

[Chopper]

This thread might just make the magic 1884 pages just yet. I'll admit the last 24 hours or so of rumour and conflicting information has left my head spinning as far as what is what.

So the next deadline (sigh) is 5pm today?

Now I'm assuming Q will take their early finish on a Friday and knock off at 4.30, meaning they'll get to their emails on Monday morning, to find out what happened. That is after asking if Sue and Steve have had a nice weekend and waiting an age for their computers to download the MS updates that get pushed out periodically. Then Brian will use the only work phone line to ring for a repeat prescription and be put in a queue, there is an incoming call from Shirebrook but Brian's been waiting for 40 minutes so he isnt going to hang up now.

Once Q have gone through all the spam emails that have been a thing since Barbara ticked the wrong box that time she ordered extra print toner it'll be about 2pm. It's the communications officers half day on Monday as he has to take little Timmy to swimming after school so in order for a sound communication to the fans and stakeholders, so it's going to be Tuesday before we hear anything.

I hope the reports are accurate that they are speaking to others as a contingency now. Well not "now" its 7.45 they are just leaving the house for work. But if they can get at least a couple of meetings in before close of play, although if they have a Friday 2.5 hour lunch at Annie's Burger Shack (other burgers are available) it may only be 1. But at least it wont be Square 1 we are back to.

Interesting that Morgan may want a go at running us. I cant remember too much bad press about his tenure, could be an option, but I know little about him or his party. At the point where beggars cant be choosers now though. If CK it'll be today, If AA or Morgan maybe a Weds PB announcement. MA I am convinced will wait until after the end of the month and the wage bill becomes 5 players (-1 player sold to pay next months bills), or if the EFL force the issue and set a deadline for expulsion. Then his will progress.

[DCFC27]

If we take Kirchner at his word. There isn’t much anyone could do about AML checks happening. The “Financial Police” don’t publish a book of transactions they will check nor are they very open to deal with. However, his attorney’s could have been better prepared for this and should have had evidence of where every penny is coming from. If they had this they could have forwarded on at the first opportunity. If they haven’t then this is a major blunder. 
 

Personally it’s difficult to trust this narrative after previous endeavours. 

[Carnero]

18 minutes ago, Tamworthram said:

have spoken about repercussions if that contract is broken but, it must surely have been conditional on completion by a certain date

31 May.

[I am Ram]

1 minute ago, Carnero said:

31 May.

Yeah that was deadline day no. 523 

[RipleyRich]

8 hours ago, inter politics said:

Apart from backing Boris, Steve Morgan and co would be an excellent choice. If Kirchner can't get the funds released, Morgan could be ideal for the club.

Also, whoever has bought the stadium deserves the freedom of the city, as that has helped this final phase not be any more difficult than it already is.

I would imagine that the Stadium sale will only complete when the Club sale completes.

Otherwise the purchaser could well be sat on a £22m car park.

[eccles the ram]

All this is playing into the hands of the EFL. They must see that all the delays in reaching a conclusion is making their decision about whether to include DCFC in Division 1 easier. They can sit back and let all these 'squabbles' go on and on until they come out with - Sorry but we are not including you!!!! Quantum have come out of this as looking on the sidelines as ' kids beat themselves up in the playground'. I wouldn't offer them another job at all. Personally, I hope Appleby's team comes through but who knows? Wayne must have aged another 5 years in the last couple of weeks cos I know I have! No matter what though, I do hope we survive with all my heart. Q - get the frigging thing sorted once and for all and then we have got to go to have EFL approval after that! Another couple of white hairs have dropped out! UTR!!!

[EnigmaRam]

CK’s done all the hard work for everyone. Has been involved in helping remove all the barriers. If he doesn’t get the club now because of the funds not clearing and someone else swoops in i will be really sad for him.

But in all honesty, as long as someone buys us I will be relieved. Especially with f it’s soon, because above all else we need to start signing players or ut will be another season of struggle. Even though, I’d take that over liquidation. 

[Carnero]

2 minutes ago, I am Ram said:

Yeah that was deadline day no. 523 

No that was the deadline stated by admins, CK & EFL when the exclusivity was granted.

[PistoldPete]

5pm is the deadline for CK according to Q. Or else what?

Their statement last night was a total disgrace. It comes to something when we have to rely on a freaking Sun journalist for us to have any idea what the duck is happening at our club.  The money laundering checks are not within CK's control, so as Nixon says what is the point in pressursing CK over something he cannot control?   

[Foreveram]

So,one person says it could take 12 weeks and another says half a day?

[I am Ram]

1 minute ago, Carnero said:

No that was the deadline stated by admins, CK & EFL when the exclusivity was granted.

I was joking that was the 523rd deadline we've had, 45 deadlines ago ?