The Administration Thread

[Oldben]

As I read that I'm thinking, are there other bids?

Have the administrators been forced to reject the only bid on the table, because it wasn't high enough.

Then I'm thinking that's not possible a credit with a brain, takes a lower amount because its better than nothing.

[strawhillram]

4 minutes ago, Oldben said:

As I read that I'm thinking, are there other bids?

Have the administrators been forced to reject the only bid on the table, because it wasn't high enough.

Then I'm thinking that's not possible a credit with a brain, takes a lower amount because its better than nothing.

If they rejected the only bid then it can only mean liquidation right? Creditors get zero

 there has to be another bid surely?

 

[MaltRam]

Chill your beans folks. There must be two more bids, as expected.

[scout's dad]

3 hours ago, hintonsboots said:

He’s one of the 68 guns.

Are you making a Declaration?

[rammieib]

if anyone buys us, but prefers to go so low with the bid we start on minus 15, simply won't get you support from day one, as the interests of the club are not at their heart.

Edited March 10, 2022 by rammieib

[angieram]

The administrators said yesterday that they were negotiating with bidders (plural.) The first known result of that negotiation is that the Binnies have declined to go any further than a modest increase on their original bid, which is really a decrease as it now includes the stadium.

Other bidder/s may do likewise or they may make a better offer. We may or may not be able to exit administration without a further points deduction. It's a complex situation.

It's frustrating. The fans are frustrated, the management and staff are frustrated, the EFL are frustrated. I suspect the administrators and the EFL are frustrated too.

I'm not sure pointing fingers in any particular direction at this stage helps anyone. 

[Tamworthram]

23 minutes ago, B4ev6is said:

Well there suppose to be sorting this mess are they not.

But if no bidder is prepared to offer what the creditors are demanding what do you expect the administrators to do?
 

My guess is that there are still bids on the table but these need to be increased, creditors need to agree to accept less or the stadium still needs to be sorted out.

I’m not greatly impressed with the administrators but it’s a little naive to think they can just bang heads together and force through all parties to reach an agreement.

[Tyler Durden]

9 minutes ago, rammieib said:

if anyone buys us, but prefers to go so low with the bid we start on minus 15, simply won't get you support from day one, as the interests of the club are not at their heart.

Sorry but do you actually think the buyers who are circling us at the moment are doing it because they have the clubs interests at heart?

They are doing it as they're sniffing some bargain for themselves that they then could potentially exploit given time but only if the price is low enough for them o be able to do that. 

[Mucker1884]

Have Q earned enough out of this little project to put in a bid of their own yet?  They'd make great new owners, I'm sure of it!  ?

[IslandExile]

5 minutes ago, Needlesh said:

Chill your beans folks. There must be two more bids, as expected.

Why do you say that?

After Kirchner went, there were reportedly three interested parties:

- Binnies 

- Appleby 

- Ashley 

But around the time of the Administrators' deadline for bids, it seemed like there were only two bids submitted; the Appleby consortium were unable to raise the cash.

So that left us with the Binnies - who have now pulled out - and Ashley.

The Binnies "I'm out" now means we're presumably left with just Ashley. So why hasn't he been named the preferred bidder?

I'm guessing, from reading between the lines and with a heavy dose of supposition and speculation, that Ashley is also offering less than the Administrators would like - and what Ashley probably sees as a fair price.

We have to avoid liquidation, so let's just settle for whatever bid we can get.

As I said earlier, I'm ready to take a 15 point deduction or even start in League 2, so long as we still have a club.

[strawhillram]

The last two bidders are in the driving seat. Take our offer or leave it, no skin off their noses.

i think the prize is the stadium and bidders want that at lowest cost possible.  Buying what’s left of DCFC (debt) alone  is just not worth it Can’t blame them.

 Creditors either have to accept nothing or whatever is left after football creditors, HMRC and Quantuma get their cut from the the final offer forDCFC  but not the stadium money (a Separate deal) That may not actually amount to much more than a big fat zero for the creditors

Edited March 10, 2022 by StrawHillRam

[MackworthRamIsGod]

1 hour ago, I am Ram said:

In Wayne's interview he states' we should of heard something yesterday'. So that was Q hoping the binnies bid would suffice, it coincides with their deadline doesn't it ?

That's what I thought.

Which, if true, is bloody terrifying.

If the administrators were really waiting on the Binnies to up their bid then we are fooked and we could be the next Bury.

Everything is pointing towards liquidation and a new phoenix club now.

 

 

[DCFC1388]

I feel like the admins rejecting the Binnie's offer surely means they have other higher bids on the table. They gave the Binnie's a chance to increase their offer which clearly wasnt enough. But if it was the only offer it would have been enough for the creditors as a little is better than nothing.

I still dont see any benefit for a new buyer to want to save a few mil so we start next season on -15 points? Firstly it will be a bad start to get the fanbase on side, secondly it would increase the chance of being a League 2 team if we got relegated this season, surely that lost revenue would end up being more than what they will actually be saving by paying less to buy us?

Been plenty of mention of up to 12 weeks from a PB being named to exiting admin. If it was Ashley I would think (and hope) it may be slightly quicker with him recently owning a club, being British & surely being able to prove funds easily.

So, the latest talk is 4 to 5 days til PB, that takes us to Mon, 12 weeks from then is 6th June. So that would be before players return for preseason. Could even be out of admin by the end of May if less than 12 weeks. 

Lets hope the Binnies offer being rejected means a PB is closer to being named.

[1of4]

The administrators aren't here to save the club. They're here to generate as much money as possible so they can pay the creditors as much of the money owed to them. If they think they can sell the club as a going concern, for more money than they will generate from selling off any assets the club have, then thats what they will try to do.

No idea what the value of club assets are but logically all any buyer as to do is offer more than what the administrators will get from these assets.  

The main stumbling block for any potential buyer will be the cost to obtain the stadium.

[FlyBritishMidland]

36 minutes ago, Tyler Durden said:

Are you taking the mickey, all of the buyers who allegedly are interested in us are only be prepared to offer bottom dollar so why single the Binnies out in particular.

Quantuma has set a figure of what £50 million for an acceptable bid, dream on. 

Not taking the mickey at all.  In January they publicly stated they had bid £28M and it didn’t include the stadium.  Their rejected bid was £30M, therefore  an extra £2M for the job lot.  Theirs is the only bid we know the numbers for, that’s why I mention them.  Only quoting the information that they themselves have made public.

[PistoldPete]

17 minutes ago, IslandExile said:

Why do you say that?

After Kirchner went, there were reportedly three interested parties:

- Binnies 

- Appleby 

- Ashley 

But around the time of the Administrators' deadline for bids, it seemed like there were only two bids submitted; the Appleby consortium were unable to raise the cash.

So that left us with the Binnies - who have now pulled out - and Ashley.

The Binnies "I'm out" now means we're presumably left with just Ashley. So why hasn't he been named the preferred bidder?

I'm guessing, from reading between the lines and with a heavy dose of supposition and speculation, that Ashley is also offering less than the Administrators would like - and what Ashley probably sees as a fair price.

We have to avoid liquidation, so let's just settle for whatever bid we can get.

As I said earlier, I'm ready to take a 15 point deduction or even start in League 2, so long as we still have a club.

You are guessing. The idea that appelby consortium  don't have the cash is just Nixon BS. It may well be that none of the bids are yet acceptable or just brinkmanship we just don't know.

[atherstoneram]

56 minutes ago, B4ev6is said:

Well there suppose to be sorting this mess are they not.

No doubt they are sorting this mess out but if buyers are possibly not willing to pay what is needed that's not the administrators fault. They are working for the creditors not the club,they will save that if they can.

[MaltRam]

18 minutes ago, IslandExile said:

Why do you say that?

After Kirchner went, there were reportedly three interested parties:

- Binnies 

- Appleby 

- Ashley 

But around the time of the Administrators' deadline for bids, it seemed like there were only two bids submitted; the Appleby consortium were unable to raise the cash.

So that left us with the Binnies - who have now pulled out - and Ashley.

The Binnies "I'm out" now means we're presumably left with just Ashley. So why hasn't he been named the preferred bidder?

I'm guessing, from reading between the lines and with a heavy dose of supposition and speculation, that Ashley is also offering less than the Administrators would like - and what Ashley probably sees as a fair price.

We have to avoid liquidation, so let's just settle for whatever bid we can get.

As I said earlier, I'm ready to take a 15 point deduction or even start in League 2, so long as we still have a club.

I'm saying that because as the administrators have binned the Binnie bid, and yet not announced the PB, there must be multiple  bidders left. If there was one left, that would be the PB, so must still be a competition.

I presume Appleby and Ashley.

All conjecture, of course but seems logical to me. Time will tell.

[Tyler Durden]

7 minutes ago, DCFC1388 said:

I feel like the admins rejecting the Binnie's offer surely means they have other higher bids on the table. They gave the Binnie's a chance to increase their offer which clearly wasnt enough. But if it was the only offer it would have been enough for the creditors as a little is better than nothing.

I still dont see any benefit for a new buyer to want to save a few mil so we start next season on -15 points? Firstly it will be a bad start to get the fanbase on side, secondly it would increase the chance of being a League 2 team if we got relegated this season, surely that lost revenue would end up being more than what they will actually be saving by paying less to buy us?

Been plenty of mention of up to 12 weeks from a PB being named to exiting admin. If it was Ashley I would think (and hope) it may be slightly quicker with him recently owning a club, being British & surely being able to prove funds easily.

So, the latest talk is 4 to 5 days til PB, that takes us to Mon, 12 weeks from then is 6th June. So that would be before players return for preseason. Could even be out of admin by the end of May if less than 12 weeks. 

Lets hope the Binnies offer being rejected means a PB is closer to being named.

Am not sure why you think any prospective new buyer would want to pay more money for the club so that money can then go directly into the pockets of the creditors and HMRC, that wouldn't strike me as dripping with financial acumen. 

The amount of money they'd be prepared to spend will probably factor in staying in League 1 for at least 2 seasons safe in the knowledge that we would be hit with another points deduction accordingly next season. 

[DCFC1388]

3 minutes ago, Tyler Durden said:

Am not sure why you think any prospective new buyer would want to pay more money for the club so that money can then go directly into the pockets of the creditors and HMRC, that wouldn't strike me as dripping with financial acumen. 

The amount of money they'd be prepared to spend will probably factor in staying in League 1 for at least 2 seasons safe in the knowledge that we would be hit with another points deduction accordingly next season. 

They can only spend what the business plans allowed so it would be a hell of a risk to think we would survive a -15 point deduction with a very likely brand new squad.