The Administration Thread

[Gone]

18 minutes ago, Sparkle said:

And could have at any point 

Apparently wanted to at any point but hasn’t been spoken to or messages returned. I wonder why 

Edited June 10, 2022 by TexasRam

[PistoldPete]

17 minutes ago, G STAR RAM said:

Why would he walk when he has exchanged contracts?

He has signed a legally binding document. 

We don't know how legally binding it is. It's subject to EFL approval. Which is subject to him signing a lease on the stadium, which is subject to a new owner taking over the stadium . The devil will be in the detail.  

[Big Trav]

The worst bit is CKs has outlined a pretty good plan. Gary Cook coming on board, Rooney will sign a 3 year deal, Stratford involved heavily. I wonder if someone else gets the club if he’ll be able to chip in still. I’d hope so for his sake as he’s got this far and cleared the path way for everyone else. Like a sprinter leading the race then trips 5m away from the line and doesn’t come first 

[CBRammette]

24 minutes ago, Crewton said:

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. 

Yes but some Americans are very USA based. I am still hoping nothing sinister just an overoptimistic oversight from his financial team

[I know nuffin]

2 minutes ago, Big Trav said:

The worst bit is CKs has outlined a pretty good plan. Gary Cook coming on board, Rooney will sign a 3 year deal, Stratford involved heavily. I wonder if someone else gets the club if he’ll be able to chip in still. I’d hope so for his sake as he’s got this far and cleared the path way for everyone else. Like a sprinter leading the race then trips 5m away from the line and doesn’t come first 

Surely we are due for a bit of luck and cks money being released. Been there 22 days , since 19th of may apparently and is just stick. Pray for it to be released, everything else looks to have failed

[hintonsboots]

7 minutes ago, Big Trav said:

Stratford involved heavily.

To be or not to be. That’s the question for CK.

[PistoldPete]

1 hour 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 

Thanks Woodley. Do you think banks in the UK could be more picky about source of funds than banks in Texas? Wouldn't his bank know what the source of his wealth was otherwise they wouldn't have accepted his money coming in,  in the first place?         

[I know nuffin]

32 minutes 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.

 

What Q have done is cover their rer ends should CKs money be found to be laundering, which in my book is doubtful. Gives CK more time for it to come through as any others go through the books and deals

[CBRammette]

10 minutes ago, TexasRam said:

Apparently wanted to at any point but hasn’t been spoken to or messages returned. I wonder why 

Assuming we believe yet more sources in this sorry saga. Why doesnt he just publicly state that and that is desperate to buy us rather than months ago through some car salesman type PR person and now leaks? I think that is why lots got on board with CK as after horrendous comms his tweets to fans seemed so open and honest but the key word may still be "seemed"

[CBRammette]

Anyway off to take my son to driving theory test, see my poor old dad for a couple of hours, work networking lunch and then fingers crossed for some positive news later! 

[Ted McMinn Football Genius]

17 minutes ago, PistoldPete said:

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?   

Absolutely, this whole debacle is a complete and utter nonsense. CK has done all he can to get this done, as far as I can see anyway.

[RipleyRich]

30 minutes ago, I am Ram said:

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

It`s not being deliberately negative, I`m just trying to establish the facts of the situation.

There`s no point hiding from the reality. I`m sure there`s a way around it to satisfy all parties for the sale to proceed and keep the EFL happy. And I do believe the EFL want a positive resolution.

[Sheff Ram]

Looking at all these pages of posts of second guessing and speculation about the what if's, which as fans in this position we're naturally bound to do, brings one key thing home. 

OK, we all know this has been and is a VERY complex and difficult situation. We know it will take time. But what has been and is needed is a clear coms strategy. Tell us what we need to know in a clear and simple way at the appropriate time. After all, we are key stakeholders. We are the future customers that will keep this business afloat.

On this count, the two main players in this, the EFL and Q have failed. If it was a GCSE in Communication Studies, they would have both got an E grade. And don't even start me on MM.

Edited June 10, 2022 by Sheff Ram
Syntax

[Woodley Ram]

22 minutes ago, DCFC27 said:

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. 

There is, if you have any experience of banking transactions and or M&A you would know that you would need to show where the money has come from. If you look at Chelsea, Newcastle takeovers they were more or less seamless because they would have gone to their bank and said, this is what we want to do, this where the money is from and this is where the money is going, and shown evidence. TheY would have done this in advance, it dosnt appear CKs advisors have done this.

Each financial institution (banks etc) will have people that ensure that transactions are not laundering money. This will be done on a risk basis such as country, industry, amount, type of transactions (crypto etc), new account/large single transaction etc. the transactions will be put through the software and anything that matches the above will be flagged. So if you spend £30 in the COOP no action, £21m in a new account going to another country (UK will not be high risk by the way)= red flag and further questions. 
 

what you do is speak to the bank in advance and go through it and ensure they are comfortable with the transaction and then they push the transaction through 

[Gone]

7 minutes ago, CBRammette said:

Assuming we believe yet more sources in this sorry saga. Why doesnt he just publicly state that and that is desperate to buy us rather than months ago through some car salesman type PR person and now leaks? I think that is why lots got on board with CK as after horrendous comms his tweets to fans seemed so open and honest but the key word may still be "seemed"

Good point and I don’t know why he hasn’t. 

Anyway In all honesty I don’t care if it’s Ashley, CK or Homer Simpson as long as it’s done soon. 

[Woodley Ram]

1 minute ago, Sheff Ram said:

Looking at all these pages of posts of second guessing and speculation about the what if's, which as fans in this position we're naturally bound to do, brings one key thing home. 

OK, we all know this has been and is a VERY complex and difficult situation. We know it will take time. But what has been and is needed is a clear coms strategy. Tell us what we need to know in a clear and simple way at the appropriate time. After all, we are key stakeholders. We are the future customers that will keep this business afloat.

On this count, the two main players in this, the EFL and Q have failed. If it was a GCSE in Cimmunication Studies they would have both got an E grade. 

For this transaction for CK to finalise the deal you cannot blame the EFL or the Administrators they are not in control of CK transferring his funds into the Administrators Escrow account 

[MaltRam]

He's had months to prepare and he surrounds himself with talented and experienced people we are told. 

There really shouldn't be this level of trouble getting the bill paid. Everyone I've seen comment who plausibly claims to have a clue about large scale business transactions says the delay is a red flag.

 

[Boycie]

11 minutes ago, CBRammette said:

Anyway off to take my son to driving theory test, see my poor old dad for a couple of hours, work networking lunch and then fingers crossed for some positive news later! 

Yes, fingers crossed he passes. ??

[Ian Buxton's Bat]

Nipped out for a couple of hours last night and came back to this latest shemozzle.

But.......It looks like Ed Dawes was largely correct and not stirring, it looks like Nixon was semi-correct and that everything was in place/in the pipeline for the CK bid (but not moving fast enough)

.....and, thankfully, it looks like we will be saved - by someone.

Also, thankfully, most of the interested parties are hard-nosed business people who should not be put off by lies, threats, insinuations and insults by a few numpties in our fan base.

That said, it would be nice if we could all rein in abuse so that no potential saviour walks away because of it.

I think we've passed the point of being too choosy.

[Mihangel]

8 minutes ago, Sheff Ram said:

Looking at all these pages of posts of second guessing and speculation about the what if's, which as fans in this position we're naturally bound to do, brings one key thing home. 

OK, we all know this has been and is a VERY complex and difficult situation. We know it will take time. But what has been and is needed is a clear coms strategy. Tell us what we need to know in a clear and simple way at the appropriate time. After all, we are key stakeholders. We are the future customers that will keep this business afloat.

On this count, the two main players in this, the EFL and Q have failed. If it was a GCSE in Communication Studies, they would have both got an E grade. And don't even start me on MM.

Absolutely, the legal guardians of the club and the regulator, the EFL's behaviour in particular, continues to be shocking.