The Administration Thread

[CBX1985]

2 hours ago, Gaspode said:

Something has to be done to focus a few minds on the bigger picture here - seems some of the rich folk are still looking for a cut-price deal.....

Can it really be so hard for Q to set out the minimum amount that needs to be paid to meet each of the scenarios (2 years, 3 years, -15 points) and then set a deadline when the amount the potential buyers need to have submitted their final and best bid - whoever bids the largest amount wins. If no-one meets the lowest price (-15 points), then Q will begin liquidation proceedings. The alternative is that this farce staggers on for many more months with the occassional drip-feed of cash to pay the wages.....

Buyers don't believe it.  The administrators know the creditors want more than they are being offered.  But no one is offering.  If admin can keep this ticking along they will until no more options are available.  They will not accept a penny less.... until they do.  

Creditors get nothing in a no deal outcome. The admins work for Creditors.  The creditors are not going to want nothing on a multi million investment (HMRC might, as they care less about the money and more about what general internal policy is).  

I said numerous times last week that we will see this play out.  Admins saying "your bids are too low, up them or no deal".  The other side will continue ignoring said statement.  This will continue to play out until the day the money actually runs out.  

Admins are forced to liquidate if that is the best outcome for the Creditors.  It won't be, as they will get more in a cheap sale.  EFL is a league.  People are acting as though their "rules" are "statute".  They are not.  If Creditors agree in a deal, they will accept that deal.  

EFL Rules: Made by them; changeable by them; internal policy, not law.

Statute and Common Law: The law of the land.  Fixed, or set by legal precedent.  

 

[atherstoneram]

2 minutes ago, Gaspode said:

The bidders will all think the club is worth very little (that's reality). The point I'm trying to make is there ARE minimum amounts to meet each of the scenarios that get us out of administration as a going concern - Q know this and could quite easily set these out - that's not not being disingenuous or breaching their commitments to the creditors, it's simply being realistic about the situation the club is in....without it, we will probably find that any/all bids fall well short of the amount needed to avoid liquidation (as you say, what the bidders "think the club is worth") - that helps no-one as it leaves Q to either keep negotiating or for them to pull the plug....

Ultimately Q want a sale because that is best for the creditors AND for the club AND themselves. We won't get a sale if the bidders offers are too low - and if Q simply keep going back and asking for a bit more, it will drag on for months with the actual value of the club getting lower by the day. It needs pragmatism to resolve the situation, not long-winded negotiation....

As i have said, it is not in the administrators remit to divulge what the minimum they would accept is. They can only accept a bid if the criteria is met.

Quantuma won't go back and ask for a bit more,they will just say the bid is not high enough. If the club can't be saved then it can't be saved if the bidders don't offer enough.

[atherstoneram]

4 minutes ago, CBX1985 said:

Buyers don't believe it.  The administrators know the creditors want more than they are being offered.  But no one is offering.  If admin can keep this ticking along they will until no more options are available.  They will not accept a penny less.... until they do.  

Creditors get nothing in a no deal outcome. The admins work for Creditors.  The creditors are not going to want nothing on a multi million investment (HMRC might, as they care less about the money and more about what general internal policy is).  

I said numerous times last week that we will see this play out.  Admins saying "your bids are too low, up them or no deal".  The other side will continue ignoring said statement.  This will continue to play out until the day the money actually runs out.  

Admins are forced to liquidate if that is the best outcome for the Creditors.  It won't be, as they will get more in a cheap sale.  EFL is a league.  People are acting as though their "rules" are "statute".  They are not.  If Creditors agree in a deal, they will accept that deal.  

EFL Rules: Made by them; changeable by them; internal policy, not law.

Statute and Common Law: The law of the land.  Fixed, or set by legal precedent.  

 

And you were the one that posted they could come to an arrangement were they could pay over 10 years to creditors, are you sure.

Why have creditors not accepted that deal already then?

[Ram-Alf]

9 minutes ago, i-Ram said:

They may have ? Sorry, not sure who the image is?

Jeremy Keith, Who I saw on the underground in London not to long after he was released from 18months inside, The then wife at the time told me to back off as I wanted to wish him luck in his next venture ?

[CBX1985]

1 minute ago, atherstoneram said:

And you were the one that posted they could come to an arrangement were they could pay over 10 years to creditors, are you sure.

Why have creditors not accepted that deal already then?

Different thing.  I said all possibilities were on the table.  That is a possible deal.  There are a million others.

Because that was my idea.  I'm not in the room. 

[RoyMac5]

19 minutes ago, Unlucky Alf said:

Which is what Southampton/Burnley and Leicester do/did, But they're in the Premier League minus Burnley, We're League 1, The longer we're struggling to pay our debt, The more we keep borrowing the less likelihood a buyer will mount their White Horse and ride to the rescue, Liquidation means MM has a white elephant, Q sell what they can to offset their charges and DCFC are ducked.

So a deal is in the best interests of all, BUT! the longer this goes on bills are mounting, So if the above is a likely outcome I don't see how those in supposed talks will come close to the yanks offer.

I'm out of my crease and Stumped. 

Bottom line is we're worthless to all but Q if we stop playing in the League.

[RoyMac5]

14 minutes ago, CBX1985 said:

EFL Rules: Made by them; changeable by them; internal policy, not law.

Statute and Common Law: The law of the land.  Fixed, or set by legal precedent.  

 

Didn't work when EFL Insolvency Policy was questioned.

[i-Ram]

6 minutes ago, Unlucky Alf said:

Jeremy Keith, Who I saw on the underground in London not to long after he was released from 18months inside, The then wife at the time told me to back off as I wanted to wish him luck in his next venture ?

Thanks Alf. Must have expunged his image, if not his name, from memory. 

[curb]

14 minutes ago, CBX1985 said:

 

Admins are forced to liquidate if that is the best outcome for the Creditors.  It won't be, as they will get more in a cheap sale.  EFL is a league.  People are acting as though their "rules" are "statute".  They are not.  If Creditors agree in a deal, they will accept that deal.  

EFL Rules: Made by them; changeable by them; internal policy, not law.

Statute and Common Law: The law of the land.  Fixed, or set by legal precedent.  

 

At some point the EFL will take away the league membership, the only thing at the moment that is making a sale viable.

Once they decide to do that, liquidation is inevitable.

It won’t be decided by the creditors or the administrators, it will be decided by the EFL.

[CBX1985]

Just now, RoyMac5 said:

Didn't work when EFL Insolvency Policy was questioned.

Depends on what the judgement actually was and the question being resolved.  The intricate detail of it - our issue might be very different.  I haven't read any so cannot comment.

Should a Superior Court judge accept part of it, then that would be Common Law

[CBX1985]

Just now, curb said:

At some point the EFL will take away the league membership, the only thing at the moment that is making a sale viable.

Once they decide to do that, liquidation is inevitable.

It won’t be decided by the creditors or the administrators, it will be decided by the EFL.

 Agreed.  But that would be the point we would have a put up or shut up moment.  We still haven't had one; not even close.  Whilst both sides can procrastinate, they will.  

[atherstoneram]

1 minute ago, RoyMac5 said:

Didn't work when EFL Insolvency Policy was questioned.

What people don't get, or forget, is that when a club signs up to become a member of the EFL you sign up and agree to their rules and regulations, if you don't, as per exiting administration  (25%/35% over 2/3 years) they can expel you anyway. 

[RoyMac5]

"

Former Derby County chairman Andy Appleby is not in talks with ex-Wolves owner Steve Morgan over a collaboration that would see them join forces over a takeover.

Reports over the weekend suggested the duo were contemplating teaming up to launch a joint bid for the club which has been in administration for the last nine months.

But sources have told Derbyshire Live that is not the case and Appleby is continuing to launch his own pursuit of a deal for the Rams..."

[Gaspode]

Just now, RoyMac5 said:

.....continuing to launch his own pursuit of a deal for the Rams..."

Good grief.....

[strawhillram]

There is no end in sight - only oblivion

[Sparkle]

4 hours ago, Carnero said:

What options? Don't pay the football creditors in full potentially blowing up the whole transfer system, or don't play at Pride Park Stadium?

Maybe the EFL need to change / bend their own rules as they have previously done on a whole variety of subjects as we can testify to.

[rsmini]

Will this ever end? 

[GenBr]

1 hour ago, Gritstone Tup said:

If the golden share is removed then we are booted out of the EFL, that’s a fact! Bury started at level 8. 

Bury afc started at level 9 or 10 didnt they? They were a brand new phoenix club though.

The actual Bury fc who own the name, etc still havent started playing again as far as i am aware.

If we have to phoenix we will be starting right at the bottom of the league pyramid

[RoyMac5]

 

[Sparkle]

4 hours ago, TexasRam said:

How can there be no progress of someone’s made a bid??? Wtf are they doing 

 

So that would be option three then