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The Administration Thread


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21 hours ago, G STAR RAM said:

What goalposts have the EFL moved?

Wanting us to more or less settle with Middlesbrough and Wycombe before we can name the preferred bidder. The administrator's seemed to be completely blindsided by this requirement, especially as they do not recognise the the claims have any legal standing, but the EFL want them to be classed as a football creditor, which they aren't. And in addition claims cannot be made against, or continued against a club which has gone into administration.  Case closed, but the EFL keep jemmying the lid off.

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5 hours ago, PistoldPete said:

I have said this before Kevin. Once the Boro and Wycombe claims take a haircut then the Lap can only award them the amount they have lost less any statutory reductions already applied. 
 

so Efl rules apply to the debts when they fall due…  but by the time they fall due they will  have already been reduced. So the due payments are net of the haircut. 

You seem to be saying we are not in a pickle, and yet the MPs are telling us we have a 60% chance of avoiding liquidation !

I wish you were right PdP. But for you to say it again and again won't change anything and I have to say I think your view is highly questionable. And you're a brave chap to keep saying it because with every update the evidence points more firmly to the contrary view, eg

- to cover their FC slip, Q said in a press release that the EFL view on FCs is contrary to statute. But they have conspicuously stopped saying it, now that they have understood the point and taken legal advice on it. And the latest joint statement from EFL/Q suggests they have apologised to the EFL for their shabby press release and that the apology has been accepted (EFL was furious with them, as you will have seen if you read their press releases deeply)

- if you were right and cramming down the claims was going to be beneficial, then why are the bidders not saying, 'go for it',  and why is Q not steaming ahead with the cram down?

So let me repeat myself, and please at least consider what I say before dismissing it. 

It seems highly likely that what the EFL said to Q in the fateful Friday meeting is: paying the claims in full is only possible once the quantum has been ascertained. And quantum can't be ascertained unless the claims are settled by consent, or adjudicated. It's not definitely the 'right' answer' PdP, but if you consider the purpose of the nefarious FC rule, it is probably the right answer. And it is definitely the answer that has been given by Q's lawyers and EFL's lawyers.  Puts us in an awful position I know, gives Gibson power over us I know. But it's most likely the effect of the rule and that's why we are in a pickle. And we are 

The substantive claims need to be considered by an arbitration panel as soon as possible 

 

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Just now, kevinhectoring said:

You seem to be saying we are not in a pickle, and yet the MPs are telling us we have a 60% chance of avoiding liquidation !

I wish you were right PdP. But for you to say it again and again won't change anything and I have to say I think your view is highly questionable. And you're a brave chap to keep saying it because with every update the evidence points more firmly to the contrary view, eg

- to cover their FC slip, Q said in a press release that the EFL view on FCs is contrary to statute. But they have conspicuously stopped saying it, now that they have understood the point and taken legal advice on it. And the latest joint statement from EFL/Q suggests they have apologised to the EFL for their shabby press release and that the apology has been accepted (EFL was furious with them, as you will have seen if you read their press releases deeply)

- if you were right and cramming down the claims was going to be beneficial, then why are the bidders not saying, 'go for it',  and why is Q not steaming ahead with the cram down?

So let me repeat myself, and please at least consider what I say before dismissing it. 

It seems highly likely that what the EFL said to Q in the fateful Friday meeting is: paying the claims in full is only possible once the quantum has been ascertained. And quantum can't be ascertained unless the claims are settled by consent, or adjudicated. It's not definitely the 'right' answer' PdP, but if you consider the purpose of the nefarious FC rule, it is probably the right answer. And it is definitely the answer that has been given by Q's lawyers and EFL's lawyers.  Puts us in an awful position I know, gives Gibson power over us I know. But it's most likely the effect of the rule and that's why we are in a pickle. And we are 

The substantive claims need to be considered by an arbitration panel as soon as possible 

 

Which MP says we only have 60% chance of avoiding liquidation? I missed that bit? 

The claims cannot be pursued whilst we are in administration. Do you disagree with that because there are 62,000 people who seem to think otherwise.

So they cannot be determined whilst we are in administration. Please consider this before you dismiss it. 

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Just now, PistoldPete said:

Which MP says we only have 60% chance of avoiding liquidation? I missed that bit? 

The claims cannot be pursued whilst we are in administration. Do you disagree with that because there are 62,000 people who seem to think otherwise.

So they cannot be determined whilst we are in administration. Please consider this before you dismiss it. 

The 60% was on the RD podcast on Friday - on BBCSounds. 

Yes, I know what the effect of administration is.

It's an irrelevant point, the effect of the moratorium. The reason your point is misconceived is: the impact of the moratorium on litigation is procedural not substantive (and it's mainly aimed at enforcement remedies). Just because claims can't be pursued does not mean they disappear.    The moratorium merely suspends rights, it does not expunge them or allow them to be expunged. And if a litigant is going to be prejudiced by delay in the making of a claim, the court will most likely allow the claim to proceed but (perhaps) not allow any judgement debt to be enforced. 

So I have responded to your post, which went off on a tangent, are you going to ignore mine ?

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1 hour ago, kevinhectoring said:

The 60% was on the RD podcast on Friday - on BBCSounds. 

Yes, I know what the effect of administration is.

It's an irrelevant point, the effect of the moratorium. The reason your point is misconceived is: the impact of the moratorium on litigation is procedural not substantive (and it's mainly aimed at enforcement remedies). Just because claims can't be pursued does not mean they disappear.    The moratorium merely suspends rights, it does not expunge them or allow them to be expunged. And if a litigant is going to be prejudiced by delay in the making of a claim, the court will most likely allow the claim to proceed but (perhaps) not allow any judgement debt to be enforced. 

So I have responded to your post, which went off on a tangent, are you going to ignore mine ?

Well first off I am rather more concerned by someone saying that there is a 40% chance of us being liquidated . Which Mp said this and on what authority?

The moratorium is not irrelevant at all. All very well saying their rights are prejudiced by it.. what about the other creditors whose rights are prejudiced if they are progressed… which is what the Bawt minutes are quoting the admin team as saying.
 

 And now I can’t remember what your question was 

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49 minutes ago, PistoldPete said:

Well first off I am rather more concerned by someone saying that there is a 40% chance of us being liquidated . Which Mp said this and on what authority?

The moratorium is not irrelevant at all. All very well saying their rights are prejudiced by it...

 And now I can’t remember what your question was 

He was just 'hectoring! ?

Edited by RoyMac5
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3 hours ago, DavesaRam said:

Wanting us to more or less settle with Middlesbrough and Wycombe before we can name the preferred bidder. The administrator's seemed to be completely blindsided by this requirement, especially as they do not recognise the the claims have any legal standing, but the EFL want them to be classed as a football creditor, which they aren't. And in addition claims cannot be made against, or continued against a club which has gone into administration.  Case closed, but the EFL keep jemmying the lid off.

So when did the goalposts move? When did the EFL previously say it was ok to ignore the claims?

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38 minutes ago, RoyMac5 said:

He was just 'hectoring! ?

 

1 hour ago, PistoldPete said:

Well first off I am rather more concerned by someone saying that there is a 40% chance of us being liquidated . Which Mp said this and on what authority?

The moratorium is not irrelevant at all. All very well saying their rights are prejudiced by it.. what about the other creditors whose rights are prejudiced if they are progressed… which is what the Bawt minutes are quoting the admin team as saying.
 

 And now I can’t remember what your question was 

Toby Perkins w Chris Coles, Friday evening. 

Sorry PdP I can't follow your reasoning, you're doing that thing where instead of responding to points full on you respond with a different one that isn't relevant - are you in alliance with @RoyMac5  he is the master of that dark art of the poster

So tell me. If you are right and Gibbo can be compressed, why aren't Q doing just that and why are we in an almighty pickle ???

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4 minutes ago, kevinhectoring said:

 

Toby Perkins w Chris Coles, Friday evening. 

Sorry PdP I can't follow your reasoning, you're doing that thing where instead of responding to points full on you respond with a different one that isn't relevant - are you in alliance with @RoyMac5  he is the master of that dark art of the poster

So tell me. If you are right and Gibbo can be compressed, why aren't Q doing just that and why are we in an almighty pickle ???

If the arbitrators find in the Administrators favour Gibson will be defused lol

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The next push on twitter and in the media needs to be to try and sell out every single home game for the rest of the season.

If we average every ticket price to just £10 as a  very low estimate, then 30,000 fans at £10 a pop is already £300k to the club plus any food and drink and judging the lines for half time there was a hungry and thirsty crowd.

The fans could yet play a key role in the short term.

Let's sell those tickets. Let's pack the ground and eat those pies.

Much love.

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12 minutes ago, kevinhectoring said:

 

Toby Perkins w Chris Coles, Friday evening. 

Sorry PdP I can't follow your reasoning, you're doing that thing where instead of responding to points full on you respond with a different one that isn't relevant - are you in alliance with @RoyMac5  he is the master of that dark art of the poster

So tell me. If you are right and Gibbo can be compressed, why aren't Q doing just that and why are we in an almighty pickle ???

Is Toby Perkins an insolvency expert? Or Chris Coles? Where does the 60% figure come from? Last i heard it was 95%. I think this is the most relevant thing to me .. is my club going to be liquidated despite all the fans efforts today?

I thought you said the claims maybe compressed but if they are EFL will expel us from the League because they think that is not paying them 100% in line with their football creditor requirement..  

So I think the reason this hasn't happened is because the EFL position on this is either unclear or else inconsistent with Q's position. I am not aware of any apology from Q or any suggestion that they are wrong. Far from it.   

 

 

 

  

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Just now, KBB said:

The next push on twitter and in the media needs to be to try and sell out every single home game for the rest of the season.

If we average every ticket price to just £10 as a  very low estimate, then 30,000 fans at £10 a pop is already £300k to the club plus any food and drink and judging the lines for half time there was a hungry and thirsty crowd.

The fans could yet play a key role in the short term.

Let's sell those tickets. Let's pack the ground and eat those pies.

Much love.

Agreed. The pies are disgusting though. And no proper beer either. Or chips. Not helping themselves if they want fans to spend money at PPS. 

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