The Administration Thread

[Curtains]

5 minutes ago, CornwallRam said:

So, according to the companies house document- thanks @G STAR RAM, Gellaw  owes £123.4m to Mel who is listed as an unsecured creditor. 

So the questions are:

Does Gellaw count as part of the club - it's part of the cross-security arrangement for the MSD loans.

If so, doesn’t that give Mel a veto over any deal?

 

 

MM is still the main player in who gets the club allegedly IMO .

He decides the Stadium situation and if he waves his money he’s owed if he wants to or not allegedly 

 

 

Edited June 17, 2022 by Curtains
Added

[I am Ram]

Mr Morris, can the club and the people of Derby have their stadium back please. 

[The Scarlet Pimpernel]

This is so tragic. For the first time I really feel we as a club are almost dead. The collective powers that be needed to be smart, fast and efficient not only to agree what was needed to get us out of administration but also to retain enough value and potential in the club to make us attractive for management and players to agree to wait and re-sign. 

Let's not forget it was us fans who created such an environment and atmosphere around the place that players potentially it seems were prepared to drop into league 1 with us. I think the incompetence of the EFL and The administrators have probably done for us. 

[jimtastic56]

3 minutes ago, RoyMac5 said:

Where do we think May's wages came from, a 'gift' or another MSD loan. Q have said mothing and who'd believe Nixon, right?! ?

We all know that the debts are rising by the day, but at least the wages for June will be the last of the bumper pay outs. The next problem for a buyer will be sorting the £7-£8 mill that we owe Arsenal. Could somebody like Mike Ashley re-negotiate a fairer deal for Beilik.

[Tamworthram]

34 minutes ago, Stive Pesley said:

Does Clowes now actually own the stadium? That Mail article above suggests the deal took place in advance of the failed CK bid.

If so, and we end up liquidated, then that's one more person shafted by MM

To be fair to MM (just for once), IF Clowes did buy the stadium and IF we do end up in liquidation, then it’s probably a little unfair to say Mel shafted Clowes. He would have known exactly what the situation was and the risks he would have been taking.

[CBX1985]

20 minutes ago, Curtains said:

Nobody knows if Clowes owns the Stadium as  most likely it would have been dependent on CK doing his final 

deal as well .

I think in all probability MM still owns the Stadium 

No way would anyone agree to buy a white elephant like that without a guaranteed tenant.  They have only one realistic user.  What you call a strong negotiating position.  

I would let MM keep it and hammer him on rent negotiation.

[Red Ram]

4 minutes ago, jimtastic56 said:

We all know that the debts are rising by the day, but at least the wages for June will be the last of the bumper pay outs. The next problem for a buyer will be sorting the £7-£8 mill that we owe Arsenal. Could somebody like Mike Ashley re-negotiate a fairer deal for Beilik.

It's a football debt so has to be paid in full

[PistoldPete]

2 minutes ago, jimtastic56 said:

We all know that the debts are rising by the day, but at least the wages for June will be the last of the bumper pay outs. The next problem for a buyer will be sorting the £7-£8 mill that we owe Arsenal. Could somebody like Mike Ashley re-negotiate a fairer deal for Beilik.

We do not owe Arsenal £7m to £ 8m. That’s more than the total we owe for both Bielik and Jozwiak. And Jozwiak fee is Not a Football creditor so outside of EFL remit. 

[CornwallRam]

43 minutes ago, RoyMac5 said:

So how much do 'we' owe to MSD then?

£20,471,158 from before administration. 

£3,500,000 after administration. 

Edited June 17, 2022 by CornwallRam

[Curtains]

Just now, Tamworthram said:

To be fair to MM (just for once), IF Clowes did buy the stadium and IF we do end up in liquidation, then it’s probably a little unfair to say Mel shafted Clowes. He would have known exactly what the situation was and the risks he would have been taking.

That’s why he wouldn’t have taken the risk .

It would be all on final completion and all contracts involved being signed on the same day as Mail article infers as there where arrangements to all get together to sign deals 

[Tamworthram]

Just now, Curtains said:

That’s why he wouldn’t have taken the risk .

It would be all on final completion and all contracts involved being signed on the same day as Mail article infers as there where arrangements to all get together to sign deals 

I agree. But, if he had, he knew what he was doing.

[admira]

I had a terrible dream last night that we'd been in a worldwide pandemic, Russia was starting WWIII, fuel and energy prices had doubled, inflation and food prices had gone through the roof, NHS waiting times had hit 13 hours, England suffered their heaviest home defat for over 90 years, train drivers were going on strike, human rights laws were going to be scrapped, the economy was heading for recession, social housing was in a right state, we had a lying deceitful narcissistic scumbag for Prime minister and worst of all, Derby County were at risk of going under.

I was glad to wake up I tell you!

[Gone]

Had enough now of being taken for a ride by suits who don’t care a toss about our football club. Q if there are bids on the table take the highest one and f… off from our club, if there isn’t a bid then wind us up so we can start again. If MM wants some cash accept the highest bid for the ground and f… off also, if not good luck with an empty football ground in the middle of nowhere.
I don’t care about -15 points, L1 relegation, Pence in the £, football creditors and non football creditors just get this over and done with so we can start again either as Derby county or Derby City FC. 

[Crewton]

20 minutes ago, I am Ram said:

The saga continues, It's not what's the best deal for Derby, it's what's the best deal for Q and always has been. I've had enough, my head is spinning with this latest news. I absolutely hate this thread.

It's whatever is the best deal for the Creditors - that's Quantuma's legal duty, it always has been. If they're putting any other considerations before that, then they are in breach of those duties. 

I think there's justification in some of the criticism of their strategy and performance, but there's a reason there wasn't a queue forming for the appointment (as has been reported by others in the profession) and why there probably wouldn't be a queue to replace Quantuma - it's a hospital pass. 

Rather than fighting Quantuma now, Ashley should be concentrating on putting a good enough bid together to make his selection irresistible, and leave the legal stuff to afterwards, if "saving" DCFC is any part of his ambitions. 

[duncanjwitham]

42 minutes ago, Animal is a Ram said:

Based on the excellent work by @Ghost of Clough and the reported £40m figure, the Appleby bid *should* swerve the points deduction.

Unless I've misunderstood his post.

I think part of the problem is that headline figures for bids don't really give you all the details.  We don't know if that's £40m up front, or intended to be paid over time.  We don't know the exact plan for the stadium.  We don't know if they are including funds they intend to inject into the club to run it after a takeover in there.  We don't know if they intend to borrow any money in addition to, or as part of, that figure. And so on and so on.  It's very difficult to judge anything, or make comparisons between bids, when all we have are a single big number each.

[RipleyRich]

34 minutes ago, Curtains said:

So how much does MM want for Stadium is it 22 Million.

So Appleby bid is 18 Million for Club which includes paying HMRC etc 

Is that enough !

Depends what further amounts are being paid over 2 or 3 years depending what exit strategy is agreed I guess?

[Stive Pesley]

8 minutes ago, Curtains said:

That’s why he wouldn’t have taken the risk .

It would be all on final completion and all contracts involved being signed on the same day as Mail article infers as there where arrangements to all get together to sign deals 

This is what I assumed to, until that Mail article implied otherwise. And of course - you have to believe every word that The Dail Mail print ?

I suppose the concern now is that it's yet one more deal that has to be redone according to a new successful bidder being accepted

I said it on the day that Ed Dawes first suggested CKs bid was about to collapse. Changing horses at this stage will take weeks, if not months to sort out. Time we simply don't have

[Curtains]

5 minutes ago, RipleyRich said:

Depends what further amounts are being paid over 2 or 3 years depending what exit strategy is agreed I guess?

To be fair we haven’t seen the deal the Appleby group is offering or for that matter anyone else .

I think it’s above most peoples  pay grade to understand the complexity of what’s involved.

In the mean time Derby fans and the Club and staff and players are suffering.

We just need to be able to move on. 

[Curtains]

4 minutes ago, Stive Pesley said:

This is what I assumed to, until that Mail article implied otherwise. And of course - you have to believe every word that The Dail Mail print ?

I suppose the concern now is that it's yet one more deal that has to be redone according to a new successful bidder being accepted

I said it on the day that Ed Dawes first suggested CKs bid was about to collapse. Changing horses at this stage will take weeks, if not months to sort out. Time we simply don't have

Yes that’s why people were hanging on hoping CK would complete the deal .

I didn’t think it was great that the deal didn’t go through but hopefully there is still light at the end of a very long tunnel.

I really don’t think there is  much time to get it all done now.

I am hoping Appleby gets it done.

[CBRammette]

19 minutes ago, admira said:

I had a terrible dream last night that we'd been in a worldwide pandemic, Russia was starting WWIII, fuel and energy prices had doubled, inflation and food prices had gone through the roof, NHS waiting times had hit 13 hours, England suffered their heaviest home defat for over 90 years, train drivers were going on strike, human rights laws were going to be scrapped, the economy was heading for recession, social housing was in a right state, we had a lying deceitful narcissistic scumbag for Prime minister and worst of all, Derby County were at risk of going under.

I was glad to wake up I tell you!

You forgot Neighbours has finished

Edited June 17, 2022 by CBRammette