The Administration Thread

[Sparkle]

2 minutes ago, PistoldPete said:

They may have been naive in thinking Boro Wycombe and EFL would act reasonably . As for Sky Sports not challenging Rick Parry, you do realise who sponsors Sky Sports? The EFL. 

Not sure they sponsor sky sports it’s probably just part of the dreadful TV deal with the EFL

[PistoldPete]

2 minutes ago, Sparkle said:

Not sure they sponsor sky sports it’s probably just part of the dreadful TV deal with the EFL

I assure they do. But yes its incestuous and very obvious how EFL control the news on Sky. 

[PistoldPete]

54 minutes ago, RedSox said:

I've sent further tweets to some MP's this morning, following Matt Slater's comments in The Athletic today.  Suggest anyone else that has the time does so too.  This is getting very ominous. ?

What has Athletic said? I don't do clickabit stuff but do you have a summary?

[StaffsRam]

1 minute ago, PistoldPete said:

What has Athletic said? I don't do clickabit stuff but do you have a summary?

They think Q have enough £££ to see out the season. They suggest that Q will push things towards liquidation to force creditors to accept something rather than nothing.

[Tamworthram]

Just now, PistoldPete said:

If ashley is saying its a condition of  deal that they reduce their fees, what's the alternative? They charge full whack but no deal to save the club? Which means their reputation is absolute toast, they will never get a gig like this again. 

You said forego their fees not reduce them. Maybe there is some wriggle room in terms of the amount they will charge but: perhaps Ashley was just trying it on, Ashley isn’t the only player in the game (as I understand it) and why should they reduce them? I know it’s a bit mercenary but don’t they rank first and will get their fee regardless of whether we survive or not?
 

Given the complexity of this case I’m not sure it will be game over for them should they tender for similar jobs again. I reckon there are plenty of mitigating circumstances they will be able to highlight. Besides, it’s not as if every business that appoints an administrator survives. I’m sure plenty end up in liquidation but the administrators appointed go on to undertake similar work in the future.

I have no idea if their fees are high, low or average for this type of business and I imagine there was never any type of competitive tender process.

[atherstoneram]

1 minute ago, StaffsRam said:

They think Q have enough £££ to see out the season. They suggest that Q will push things towards liquidation to force creditors to accept something rather than nothing.

The creditors have probably already written the losses off so they could say pay us what we are owed or go away.

[PistoldPete]

5 minutes ago, StaffsRam said:

They think Q have enough £££ to see out the season. They suggest that Q will push things towards liquidation to force creditors to accept something rather than nothing.

Don't the creditors already know this? That something is better than nothing? I mean apart from Gibson and Couhig. ANd that's what the argument will be at an insolvency court I would guess... why would a Judge let any creditors wreck things for other creditors? 
 

[StaffsRam]

HMRC have likely agreed a deal to reduce the debt to be repaid to them, but then you have MFC/WW pushing to be deemed football creditors. So they get 100% of anything decided they’re owed, which means that we’ll have to renegotiate with the other creditors, like HMRC to accept even less, which I imagine they’re not overly keen on.

But who knows, we’ll be the last to find out.

[Grumpy Git]

In my experience, administrators are the biggest chancers going.

I've been an unsecured creditor a couple of times and received the square root of fvckall in both cases.

The documents you receive in such cases make you want to spew (when you see the horrendous fees the administrators pick-up from a seemingly empty pot). ???

[duncanjwitham]

12 minutes ago, StaffsRam said:

They think Q have enough £££ to see out the season. They suggest that Q will push things towards liquidation to force creditors to accept something rather than nothing.

Does that even make sense? The only way the creditors are getting anything is if we get bought out. If we get liquidated, we've barely got any assets to sell to satisfy them.  The only way we get bought out is if the 'Boro/Wycombe nonsense is resolved one way or another, otherwise no buyer is interested.  Keeping things going until the end of the season does not solve that problem.

[StaffsRam]

1 minute ago, duncanjwitham said:

Does that even make sense? The only way the creditors are getting anything is if we get bought out. If we get liquidated, we've barely got any assets to sell to satisfy them.  The only way we get bought out is if the 'Boro/Wycombe nonsense is resolved one way or another, otherwise no buyer is interested.  Keeping things going until the end of the season does not solve that problem.

No, it doesn’t make much sense to me either. If you’re going for the “take it or leave it” approach with creditors then you’d want to create a cliff edge. Having funds in place to see out the season would seem to run counter to that.

I’m not sure many of us have the willpower to put up with this for another 3/4 months….??

[CBRammette]

6 minutes ago, StaffsRam said:

HMRC have likely agreed a deal to reduce the debt to be repaid to them, but then you have MFC/WW pushing to be deemed football creditors. So they get 100% of anything decided they’re owed, which means that we’ll have to renegotiate with the other creditors, like HMRC to accept even less, which I imagine they’re not overly keen on.

But who knows, we’ll be the last to find out.

Agree - the claims are still the issue however EFL and clubs try to spin otherwise. 

[kevinhectoring]

9 hours ago, StrawHillRam said:

True, we have nobody  looking after the interests of  the club at this point in time, who are in a position to take or even influence decisions.

You’ve got a point here . But truth be told I’ve been surprised at how the admins have balanced the interests of the club and the interests of creditors. For example, there’s a good basis for saying Knight and Lawrence should have been sold. And there were certainly indications that the EFl told the admins they should be doing this. 

[Gritstone Ram]

If Middle Borough and Wycombe are classed at Football Creditors then I suspect it’s good night. 

[Gritstone Ram]

3 minutes ago, kevinhectoring said:

You’ve got a point here . But truth be told I’ve been surprised at how the admins have balanced the interests of the club and the interests of creditors. For example, there’s a good basis for saying Knight and Lawrence should have been sold. And there were certainly indications that the EFl told the admins they should be doing this. 

How much would we have got for Knight and Lawrence in our current situation and the length of their contracts? It makes more sense to see if we can stay up and keep the club value higher. 

[RoyMac5]

34 minutes ago, PistoldPete said:

What has Athletic said? I don't do clickabit stuff but do you have a summary?

 

[strawhillram]

3 minutes ago, kevinhectoring said:

You’ve got a point here . But truth be told I’ve been surprised at how the admins have balanced the interests of the club and the interests of creditors. For example, there’s a good basis for saying Knight and Lawrence should have been sold. And there were certainly indications that the EFl told the admins they should be doing this. 

Rightly or wrongly. I'm totally frustrated with everything about this.   I just want to see an end to it.

• Mel for getting us here. History now and can't be changed
• EFL for being ineffective or biased, and still contuning to punish us with embargoes and extra obstacles
• Gibson and the couhig stooge for preventing progress on the takeover and trying to extort money
• Quantuma for seemingly not getting the Gibson issue resolved through negotiation, arbitration or the Courts. I know patience is a virtue, but I'm not virtuous. And their false promises of deadlines suggests this job is too difficult for them, and we'll end up liquidated because they couldn't sort it out.
• Plus anyone else I've failed to mention who has played a part in our slippery slide to oblivion.

I know . . .  they are all doing what's in their own interests or the interests of the parties they represent.

[Indy]

58 minutes ago, RAM1966 said:

IMO I think the Administrators have made some naive mistakes.  Firstly and most importantly, thry ignored the potential of £51m of debt, these guys are professionals, its a grave rrror of judgement to assume that any perspective buyer, would take this risk on.  Would you buy a house knowing that there was a chance it could cost you double?

They must have realised the Boro and Wycombe were not going to drop thier cases so why leave it until the end of Jan to start dealing with them?  Its poor management, yet they are supposed to be the experts.

Accepting the -9pts, they claim this was to have it done and dusted to make the club saleable.  It was a crazy move, they should have pitched the club as expect -9pts but, there is some hope with the appeal.  Just rolled over and continue to get shafted.

They also thought that the EFL would act in a fair manner, which they clearly aren't.  Parrys claims on SS tgat we are waiting on a PB to be announced by Derby was misleading to delect the smelly brown stuff.  SS should of challenged him on that, poor journalism and he hot way with it!

Thoughts?

 

 

All this is true - but I think the last three paragraphs all feed into each other and explain it. 

They *were* dealing with the boro/wycombe claims by agreeing with the EFL that they (EFL) would deliver a ruling in return for accepting the 9 point deduction. That way there is certainty on the product - points deducted and potential risk. But I suspect the EFL agreed that and then didn’t do it. I frankly wouldn’t trust them as far as I can throw them.

[i-Ram]

43 minutes ago, PistoldPete said:

I assure they do. But yes its incestuous and very obvious how EFL control the news on Sky. 

Can you show some evidence to support your assurance. If you are referring to Sky Bet they have been nothing to do with Sky since 2018.

[RoyMac5]

3 minutes ago, StrawHillRam said:

Rightly or wrongly. I'm totally frustrated with everything about this.   I just want to see an end to it.

• Mel for getting us here. History now and can't be changed
• EFL for being ineffective or biased, and still contuning to punish us with embargoes and extra obstacles
• Gibson and the couhig stooge for preventing progress on the takeover and trying to extort money
• Quantuma for seemingly not getting the Gibson issue resolved through negotiation, arbitration or the Courts. I know patience is a virtue, but I'm not virtuous. And their false promises of deadlines suggests this job is too difficult for them, and we'll end up liquidated because they couldn't sort it out.
• Plus anyone else I've failed to mention who has played a part in our slippery slide to oblivion.

I know . . .  they are all doing what's in their own interests or the interests of the parties they represent.

Yep.

And add to that it'd be good to hear from the potential buyers - even if it's 'we're keen type baalocks - for some positivity?