The Administration Thread

[kevinhectoring]

18 minutes ago, Coconut's Beard said:

The Boro Debacle has nothing whatsoever to do with Quantuma, It would always have played out into February with their perfectly legal method of dismissing the claims rejected by EFL. The only other option was caving in and agreeing to pay Gibson out of the creditors' pot.

I think Q were under resourced and that their timetable reflected this.  It seemed they handled the EFL resolution (-9) well but it wasn’t clear they were moving forward on other fronts whilst they were dealing with that. They needed to be seeking an indemnity from MM to cover the Gibbo claim much earlier in the process - that’s not hindsight, people were saying it on here and in the press. (And btw they told us they were advised they couldn’t pay Gibbo out of the creditors pot because their legal advice was that the claim was garbage - so all they could offer him was costs.)  

without seeing the EFL insolvency rules none of us can say whether the EFL was right on the football creditors point. But the outcome really was not surprising and Q failed to get legal support for their position. They drove a pantechnicon up a narrow cul de sac and Rooney was watching it stuttering backwards as the transfer window closed. Choking on the fumes. Embarrassing does not begin to describe it 

I doubt they (Q) have made decent money out of this and I don’t think it’s done their reputation any good 
 

[Macintosh]

1 hour ago, Coconut's Beard said:

 

Maybe rather than being butt-hurt by the amount of money they earn from this job you should go and train up to do something similar yourself?

Okay, I've handed in my notice and signed up to train as an administrator, so I too can earn three lifetime's wages in only six months. To comment on football matters I am taking my coaching badges. And so that I can be sure all facts I quote I will run them through the BBC fact checking system first.

[RAM1966]

On 18/05/2022 at 10:02, Brailsford Ram said:

But also in the best position to possibly lose the best offer he's ever going to get. I just hope that Morris doesn't mess this up a minute before midnight on May 31st because then we really would be in trouble.

Wouldn't surprise me....  That said I think Kirchner may have totally misjudged this thinking Mel would buckle which hw won't.

Had Kirchner have thought this through properly he would have paid 25p in £ the non football creditors and used the other 10p in the £ to help fund the purchase of the stadium.

It all still seems in doubt to me...

[May Contain Nuts]

24 minutes ago, Macintosh said:

Okay, I've handed in my notice and signed up to train as an administrator, so I too can earn three lifetime's wages in only six months. To comment on football matters I am taking my coaching badges. And so that I can be sure all facts I quote I will run them through the BBC fact checking system first.

There's a difference between commenting on something and whining about it.

They're in a profession that clearly makes a lot of money from what you don't deem a sufficient amount of work.

You and others have continually made a big issue about how much they're lining their pockets, but you can't really criticise someone on the basis that they're getting paid the going rate for the job they're doing.

That's why I asked if there was any evidence that they're charging above and beyond industry standards - if they are then sure, there's cause for complaint.

Otherwise you just have to suck it up, stop complaining about it, or do something to get on their level.

 It just comes across as bitterness and jealousy.

Edited May 19, 2022 by Coconut's Beard

[Foreveram]

Maybe his advisers hadn’t realised this, perhaps you should have a word with them.

related to Ram 1966 post

Edited May 19, 2022 by Foreveram

[Stive Pesley]

2 hours ago, i-Ram said:

We all had a good laugh at you at the time

The word "all" is doing some heavy lifting there. As I recall it was just you who took it upon yourself to lay into me over what I said. The fact you're still bringing it up over two years later is a bit weird tbh

The only funny bit is that it was 100% true, and you're a mug

 

[Macintosh]

35 minutes ago, Coconut's Beard said:

There's a difference between commenting on something and whining about it.

 

Well all those having to use food banks because their energy bill is tripling, they should just shut up, put a jumper on and be happy Shell made £9.1bn profit between January and March this year, while BP only made £6.1bn. Suck it up and get a better paid job, it is as simple as that, no right to complain. I only hope you are not in charge of season ticket prices this year.

Edited May 19, 2022 by Macintosh

[May Contain Nuts]

1 hour ago, kevinhectoring said:

I think Q were under resourced and that their timetable reflected this.  It seemed they handled the EFL resolution (-9) well but it wasn’t clear they were moving forward on other fronts whilst they were dealing with that. They needed to be seeking an indemnity from MM to cover the Gibbo claim much earlier in the process - that’s not hindsight, people were saying it on here and in the press. (And btw they told us they were advised they couldn’t pay Gibbo out of the creditors pot because their legal advice was that the claim was garbage - so all they could offer him was costs.)  

without seeing the EFL insolvency rules none of us can say whether the EFL was right on the football creditors point. But the outcome really was not surprising and Q failed to get legal support for their position. They drove a pantechnicon up a narrow cul de sac and Rooney was watching it stuttering backwards as the transfer window closed. Choking on the fumes. Embarrassing does not begin to describe it 

I doubt they (Q) have made decent money out of this and I don’t think it’s done their reputation any good 
 

 

We're back to you seemingly living in an idyllic space where everything you think should have been done was eminently and easily doable, and anyone who didn't do exactly what you think they should have done was clearly incompetent.

Maybe they were under-resourced, maybe not, it's just your opinion.

What would a properly resourced admin team look like? How much more would it cost?  Where were these better resourced teams willing to take the case on? What if they'd stuck another couple of administrators on the team and the outcome had ultimately been the same, with MM refusing to come out of hiding until the EFL had come down on one side of the fence?

Certain things aren't said in hindsight, I agree, but there's certainly an element of confirmation bias. You have no idea whether had they followed your suggestion the result would have followed as you envisage.

However, you pretend that this is the case and then use your now confirmed bias to make an (admittedly witty and well written) comment about their capability and performance in dealing with the situation being 'embarrassing' at best.

I find that sort of over-stated, overly dramatic claptrap more embarrassing than anything Quantuma may or may not have done tbh. The pretense that you know their job better and would have done it better than them? That, I find hilarious.

You seem to take great delight in pissing into the tent from the outside, I don't understand that attitude, never will.

If the current deal does go through I imagine their reputation will be just fine tbh, professionally.

Just not amongst many Derby fans.

Edited May 19, 2022 by Coconut's Beard

[duncanjwitham]

1 hour ago, kevinhectoring said:

I think Q were under resourced and that their timetable reflected this.  It seemed they handled the EFL resolution (-9) well but it wasn’t clear they were moving forward on other fronts whilst they were dealing with that. They needed to be seeking an indemnity from MM to cover the Gibbo claim much earlier in the process - that’s not hindsight, people were saying it on here and in the press. (And btw they told us they were advised they couldn’t pay Gibbo out of the creditors pot because their legal advice was that the claim was garbage - so all they could offer him was costs.)  

without seeing the EFL insolvency rules none of us can say whether the EFL was right on the football creditors point. But the outcome really was not surprising and Q failed to get legal support for their position. They drove a pantechnicon up a narrow cul de sac and Rooney was watching it stuttering backwards as the transfer window closed. Choking on the fumes. Embarrassing does not begin to describe it 

I doubt they (Q) have made decent money out of this and I don’t think it’s done their reputation any good 
 

I think Quantuma's biggest mistake was thinking they were here to manage an insolvency/administration process, instead of a 6-way pissing contest between Morris, Gibson, Couhig, the EFL, HMRC, Ashley and probably a bunch of others too.

[Ghost of Clough]

3 hours ago, Macintosh said:

Why, though, was Kirchner's bid in November ever rejected, £61m that included Pride Park, later to be underbid by the Binnies, Appleby and Ashley at £28m minus Pride Park? And this raged on for a further four months. Kirchner's parting statement in December was: "Only getting worse as player contracts expire, club becomes much less valuable without the proper moves in January." Adding, "he had 'very little engagement with Quantuma'."

Two reasons;

1. The £61m bid, was reported to include general running costs for 2 seasons. This likely meant the actual bid to buy the club and stadium was more like £45m. Either way, Q felt the could get more for creditors at the time. Remember, £28m without the stadium is £3m more for creditors than £45m with the stadium.
2. Kirchner's bid wasn't rejected - he pulled out.

3 hours ago, Macintosh said:

Then we had the Boro debacle to add, a further £4m loan from Dell, many players gone, no contracts able to be signed, and, ultimately, relegation because we could not add to the squad. Other than that, I agree, a great job by Quantuma – £3.8m costs and rising.

Comms could have been better, sure they could, at £650 an hour for just one member of staff to say hi.

No thanks, I hope no other club ever have them as administrators.

Boro was an unforeseen issue, with the law suggesting we could have closed that case before it was even opened.
£5m loan from dell which was for running costs. Kirchner picks up that bill, but he would have had to pay the same amount if the takeover had gone through in December.
We went into January believing a takeover would go through and we'd be able to extend contracts. In fact, that was still the belief when going to a meeting with the EFL, only for the EFL to block the proposed takeover and for Jagielka's extension to be cancelled.
When looking at a list of people to blame for our relegation, Q are definitely not near the top.
 

[Dethorn]

19 hours ago, R@M said:

I’m not an expert by any means…but surely a residual asset can only carry over the valuation given at the time of the administration. If a new company (as has been created) sells the asset, the opening balance of said asset would be the last valuation done under the administration process. If Bielik has a good Summer we could technically make some profit….for the balance sheet at least!

Not an expert in the field either but I am in finance and just been through an acquisition of a company in Admin.

You can do a fair value adjustment on acquisition to value assets and inventory up or down but it is subject to audit and in my experience they are hot on it

 

[May Contain Nuts]

23 minutes ago, Macintosh said:

Well all those having to use food banks because their energy bill is tripling, they should just shut up, put a jumper on and be happy Shell made £9.1bn profit between January and March this year, while BP only made £6.1bn. Suck it up and get a better paid job, it is as simple as that, no right to complain. I only hope you are not in charge of season ticket prices this year.

You're just being ridiculous now.

Food banks and energy companies have absolutely no relevance to the point at hand,  bringing such emotive issues into the conversation is rather crass and does you no favours.

As they say on Dragons Den "...and for that reason, I'm out"

Edited May 19, 2022 by Coconut's Beard

[jimtastic56]

Ears pricked at EFL  HQ . The attack on Billy Sharpe was carried out by a man from Derbyshire. Must be thinking of docking us 10pts for the start of next season.

[Jimbo Ram]

52 minutes ago, Macintosh said:

Well all those having to use food banks because their energy bill is tripling, they should just shut up, put a jumper on and be happy Shell made £9.1bn profit between January and March this year, while BP only made £6.1bn. Suck it up and get a better paid job, it is as simple as that, no right to complain. I only hope you are not in charge of season ticket prices this year.

Are you quoting that Tory MP ?

[Ram-Alf]

9 minutes ago, jimtastic56 said:

Ears pricked at EFL  HQ . The attack on Billy Sharpe was carried out by a man from Derbyshire. Must be thinking of docking us 10pts for the start of next season.

Ilkeston...and is now serving 24 weeks to think how ducking stupid am I...when I say "I" I don't mean me ?

[Ram-Alf]

4 minutes ago, Jimbo Ram said:

Are you quoting that Tory MP ?

2 actually, 1 said put an extra jumper on, The other said get another job, Very easy to condescend when you're minted, I'd suggest our Government take a look at Sri Lanka ?  

[i-Ram]

1 hour ago, Stive Pesley said:

The word "all" is doing some heavy lifting there. As I recall it was just you who took it upon yourself to lay into me over what I said. The fact you're still bringing it up over two years later is a bit weird tbh

The only funny bit is that it was 100% true, and you're a mug

 

 

[Jimbo Ram]

4 minutes ago, i-Ram said:

 

What are you arguing about? Can anyone join in ?

[Bald Eagle's Barmy Army]

28 minutes ago, Unlucky Alf said:

Ilkeston...and is now serving 24 weeks to think how ducking stupid am I...when I say "I" I don't mean me ?

All pitch invasions should be banned and anybody encroaching should immediately get a lifetime ban and 4 weeks in prison. see how many come on to the pitch then? 

[RoyMac5]

11 minutes ago, Bald Eagle's Barmy Army said:

All pitch invasions should be banned and anybody encroaching should immediately get a lifetime ban and 4 weeks in prison. see how many come on to the pitch then? 

Does it count if your 'mate' throws you on?