The Administration Thread

[Steve Buckley’s Dog]

43 minutes ago, RoyMac5 said:

 

I forbid this man to like The Smiths.

[Tamworthram]

25 minutes ago, RoyMac5 said:

The 'creditors' being Morris according to Maguire.

He said Morris was the biggest creditor not the only one. I would assume (perhaps incorrectly) that, if approved, the amount paid to Quantuma would be deducted from anything left over for unsecured creditors meaning they’d all have to take less pence in the pound than was previously agreed. If Mel is by a long way the biggest unsecured creditor he would effectively be paying most of it.

At the end of the day, it doesn’t look as if it’s any of the club’s or DC’s concern.

[duncanjwitham]

9 minutes ago, Tamworthram said:

He said Morris was the biggest creditor not the only one. I would assume (perhaps incorrectly) that, if approved, the amount paid to Quantuma would be deducted from anything left over for unsecured creditors meaning they’d all have to take less pence in the pound than was previously agreed. If Mel is by a long way the biggest unsecured creditor he would effectively be paying most of it.

At the end of the day, it doesn’t look as if it’s any of the club’s or DC’s concern.

From what I remember, Morris had already agreed to waive everything that he was owed - I’m sure there was a statement from Quantuma to that effect at some point.  If that’s true, any extra costs would come from the remaining unsecured creditors.

[B4ev6is]

Well this is total wrong they had enough money out of us and now deciding they want even more this pure creaddy now and only man should have pay this is mel and why should small creditors take less because Q.

[Steve How Hard?]

7 hours ago, Steve Buckley’s Dog said:

I forbid this man to like The Smiths.

Me too. Heaven Knows I'm Miserable Now if he does. 

[The Baron]

9 hours ago, Steve Buckley’s Dog said:

I forbid this man to like The Smiths.

I once met Johnny Marr at a party!

[Wignall12]

2 hours ago, Steve How Hard? said:

Me too. Heaven Knows I'm Miserable Now if he does. 

Did you quote that in a really boring voice ?

[Gee SCREAMER !!]

11 hours ago, duncanjwitham said:

From what I remember, Morris had already agreed to waive everything that he was owed - I’m sure there was a statement from Quantuma to that effect at some point.  If that’s true, any extra costs would come from the remaining unsecured creditors.

He also put the stadium up for 20 million. Said he was paying Gibson himself -seemed 2 million was agreed-  then sold the stadium for 22 million.  Not a coincidence I'd imagine. 

[duncanjwitham]

11 minutes ago, Gee SCREAMER !! said:

He also put the stadium up for 20 million. Said he was paying Gibson himself -seemed 2 million was agreed-  then sold the stadium for 22 million.  Not a coincidence I'd imagine. 

I'd be very wary of adding approximate numbers up and jumping to conclusions like that.  We know the MSD loan was for £20m at the time we went into admin, but we know that Quantuma borrowed additional money from MSD to fund costs during admin (an additional £3.75m, per the admins report in April 2022).  It's far more likely IMO that this accounts for any discrepancy between quoted figures.

[Gee SCREAMER !!]

1 hour ago, duncanjwitham said:

I'd be very wary of adding approximate numbers up and jumping to conclusions like that.  We know the MSD loan was for £20m at the time we went into admin, but we know that Quantuma borrowed additional money from MSD to fund costs during admin (an additional £3.75m, per the admins report in April 2022).  It's far more likely IMO that this accounts for any discrepancy between quoted figures.

Nah.  The two marry up far too neatly.  He was never paying Gibson without a claw back if it was avaliable.

[duncanjwitham]

2 minutes ago, Gee SCREAMER !! said:

Nah.  The two marry up far too neatly.  He was never paying Gibson without a claw back if it was avaliable.

Except they don't though, because we only have approximate figures from newspaper reports for most of them.  And even then, the Derby telegraph were reporting Morris paid Gibson £3m, not £2m:

 https://www.derbytelegraph.co.uk/sport/football/football-news/derby-middlesbrough-morris-gibson-kirchner-7083230

And here's the companies house info for the stadium company, that shows a new MSD charge being added against Pride Park on November 4th, which is well after we went into admin.  And which was cleared shortly after we left admin.  Which all tallies up with what I suggested above.

https://find-and-update.company-information.service.gov.uk/company/11420460/filing-history

[CBRammette]

Dont really want to get embroiled back in this but why has this extra huge amount being requested taken this long to come to light? Surely costs would all have been agreed when the agreements were made for us to exit admin? No insolvency knowledge other than through here but seems really odd?

[Crewton]

One thing jumped out at me that came up in Kieran Maguire's interview on Sportscene was his question as to why, given the amount of travel, hotel and other living expenses claimed by Quantuma, a local company wasn't appointed? Yet I remember clearly reports from insiders in the world of company administration saying that Quantuma were selected because no other firm wanted to take on the Derby job because it was so complicated and that 'experts' felt it was too big and too complex for even them. So does a local firm even exits that would have been capable of handling the job?

[simmoram1995]

11 hours ago, B4ev6is said:

Well this is total wrong they had enough money out of us and now deciding they want even more this pure creaddy now and only man should have pay this is mel and why should small creditors take less because Q.

Well B4 they are broke , one of their PLC companies went bust in December, Two of the administrators were investigated for fraud during the administration of Portsmouth too!

[B4ev6is]

1 minute ago, simmoram1995 said:

Well B4 they are broke , one of their PLC companies went bust in December, Two of the administrators were investigated for fraud during the administration of Portsmouth too!

Well how is this derby fault we already given over 1 million pounds the only man should pay this is mel and he was one who created this massive mess not derby.

[Tamworthram]

13 minutes ago, B4ev6is said:

Well how is this derby fault we already given over 1 million pounds the only man should pay this is mel and he was one who created this massive mess not derby.

Don't stress yourself B4. The latest claim by Quantuma has no impact at all on either DC or our club now (as I understand it). Unless I'm wrong, we can all just watch with amazement as this story unfolds (although, sadly, there may be some local creditors that could end up with even less than they had originally thought).

[May Contain Nuts]

1 hour ago, CBRammette said:

Dont really want to get embroiled back in this but why has this extra huge amount being requested taken this long to come to light? Surely costs would all have been agreed when the agreements were made for us to exit admin? No insolvency knowledge other than through here but seems really odd?

Has it only just come to light, or has it only just been formally applied for?  Just because Smuguire wasn't aware of it before it was filed, doesn't necessarily mean that those who are actually involved in the distribution of funds didn't know about it already and that it hasn't already been provisionally accounted for?

 

1 hour ago, simmoram1995 said:

Well B4 they are broke , one of their PLC companies went bust in December, Two of the administrators were investigated for fraud during the administration of Portsmouth too!

Sorry but you've made this accusation a few times, but never provided a shred of evidence for it and I can't see anything online that backs it up?

The only thing adjacent to this is Portsmouth's owner being investigated (and eventually jailed) for money laundering in Lithuania / Russia. You could attach fault to the administrator (Andronkiou) to that because he's the one who 'allowed' the dodgy Pompey chairman to take over, but there's no hint of any legal wrongdoing by or investigation into the administrators for this? 

Edited May 5, 2023 by Kokosnuss

[B4ev6is]

3 hours ago, Tamworthram said:

Don't stress yourself B4. The latest claim by Quantuma has no impact at all on either DC or our club now (as I understand it). Unless I'm wrong, we can all just watch with amazement as this story unfolds (although, sadly, there may be some local creditors that could end up with even less than they had originally thought).

Well anything for excuse for efl not lift these resitions.

[Tamworthram]

1 minute ago, B4ev6is said:

Well anything for excuse for efl not lift these resitions.

The latest development has got nothing to do with either the EFL or the restrictions we are under.

As I understand it, it is purely between the administrators and the unsecured creditors.

[B4ev6is]

4 minutes ago, Tamworthram said:

The latest development has got nothing to do with either the EFL or the restrictions we are under.

As I understand it, it is purely between the administrators and the unsecured creditors.

Well I am just saying I dont trust them not to hold it against us.