The Administration Thread

[CBRammette]

Assume Admins will dot all "i"s and cross all "t"s before announcing PB as huge egg on face if doesnt work out. That must mean talking to EFL if Nixon suddenly thinks he has news as the bucket of ?there has starting leaking again.  They will announce when they are ready

[davenportram]

At the end of the day the administrators job is to sell the club as a going concern. They are under no obligation to either

1) follow EFL rules on exit of administration

2) ensure no further EFL penalties 

3) consider the fans desires

 

they do however need to

1) ensure the club can operate in the future

2) make agreements to creditors that mean it can operate in the future

In short Q will create a plan to exit administration according to law and the buyers wishes and then put it through the EFL for rubber stamping and transfer of the golden share.

 

personally I’d rather Q get us out of admin by hook or by crook and go from whatever position we end up in.

Vendetta by the EFL - I don’t  buy into this theory. Yes some actions seem harsh but let’s not forget it serious mismanagement of the club over a number of years that has led to this situation. The fact that experts were touting liquidation and now we have a possible escape route shows how much work has been done by Q. 

 

[PistoldPete]

17 minutes ago, davenportram said:

At the end of the day the administrators job is to sell the club as a going concern. They are under no obligation to either

1) follow EFL rules on exit of administration

2) ensure no further EFL penalties 

3) consider the fans desires

 

they do however need to

1) ensure the club can operate in the future

2) make agreements to creditors that mean it can operate in the future

In short Q will create a plan to exit administration according to law and the buyers wishes and then put it through the EFL for rubber stamping and transfer of the golden share.

 

personally I’d rather Q get us out of admin by hook or by crook and go from whatever position we end up in.

Vendetta by the EFL - I don’t  buy into this theory. Yes some actions seem harsh but let’s not forget it serious mismanagement of the club over a number of years that has led to this situation. The fact that experts were touting liquidation and now we have a possible escape route shows how much work has been done by Q. 

 

Admins job is to get the best deal for creditors. So if they end up with a 15 point penalty they will have failed to get even 25  in the £1 for unsecured , which would mean they haven't really done a great job . But I don't think that will happen, I think this is just EFL sabre rattling through the tacky media.  

[i-Ram]

6 minutes ago, PistoldPete said:

Admins job is to get the best deal for creditors. So if they end up with a 15 point penalty they will have failed to get even 25  in the £1 for unsecured , which would mean they haven't really done a great job . But I don't think that will happen, I think this is just EFL sabre rattling through the tacky media.  

You cannot judge the work of an Administrator on the basis that not one offer achieved a ‘baseline’ threshold. Buyers will only pay what they are willing to pay. No amount of cajoling is going to make a Buyer pay more than they think the asset is worth. All 3 parties still in the game are Investors not Benefactors.

[Woodley Ram]

I think we will know who is who this coming week. If as is reported there are late bidders that could explain delays. If I was the administrators I would give longer timelines and bask in the glory of doing things before they are due.

[Tyler Durden]

14 minutes ago, PistoldPete said:

Admins job is to get the best deal for creditors. So if they end up with a 15 point penalty they will have failed to get even 25  in the £1 for unsecured , which would mean they haven't really done a great job . But I don't think that will happen, I think this is just EFL sabre rattling through the tacky media.  

You can't polish the turd which Morris left for the administrators to try and make an attractive proposition for prospective buyers to come in and throw their money at. 

Not sure how you attribute this as a failing of the admins. 

[PistoldPete]

1 minute ago, i-Ram said:

You cannot judge the work of an Administrator on the basis that not one offer achieved a ‘baseline’ threshold. Buyers will only pay what they are willing to pay. No amount of cajoling is going to make a Buyer pay more than they think the asset is worth. All 3 parties still in the game are Investors not Benefactors.

Its true that Q may say they have been dealt a bum hand. But they had also said they expect there to be no penalties, so even by their own measure they will have failed if there are any penalties. And actually I don't think there will be any, it's Nixon after all, didn't he tell us Ashley had pulled out?   

[Eatonram]

AS others have said, if you are going to make a sizeable investment in a football club, it is hard to see how/why you would want your first season in charge, in the long journey back to profitability, or recouping some of your investment, to start with -15 points in L1.

[Anag Ram]

4 minutes ago, i-Ram said:

You cannot judge the work of an Administrator on the basis that not one offer achieved a ‘baseline’ threshold. Buyers will only pay what they are willing to pay. No amount of cajoling is going to make a Buyer pay more than they think the asset is worth. All 3 parties still in the game are Investors not Benefactors.

We’re on Dragons Den and we need £100k to get our business on track.

Two dragons are out, and Meaden, Jones and Bartlett are all offering about £30k. All of them want to take the business in a different direction to us. 

We, and in this case, the administrators, need to decide which of these offer the best compromise.

[IslandExile]

2 minutes ago, Anag Ram said:

We’re on Dragons Den and we need £100k to get our business on track.

Two dragons are out, and Meaden, Jones and Bartlett are all offering about £30k. All of them want to take the business in a different direction to us. 

We, and in this case, the administrators, need to decide which of these offer the best compromise.

We need £50-60 million but we are offering 100% of the business.

FTR I'm out.

[i-Ram]

3 minutes ago, Anag Ram said:

We’re on Dragons Den and we need £100k to get our business on track.

Two dragons are out, and Meaden, Jones and Bartlett are all offering about £30k. All of them want to take the business in a different direction to us. 

We, and in this case, the administrators, need to decide which of these offer the best compromise.

It’s worse than I thought then. The options appear to be that our 3 options might only improve our environmental, technological or social media credentials. Can’t we get Suleyman back to the table as I want somebody to make us look good.

[Big Trav]

Fully expect Ashley to be announced in the next few days. Just been told he’s the preferred bidder. And also no further deductions. 

[Ram a lamb a ding dong]

4 minutes ago, Big Trav said:

Fully expect Ashley to be announced in the next few days. Just been told he’s the preferred bidder. And also no further deductions. 

......told by Nixon???? ?

[RoyMac5]

2 hours ago, CornwallRam said:

It actually gives the new owner a pressure free year to restructure the club as they see fit. If Ashley takes over, every player we enquire about will be double the price. In this scenario, Ashley could instruct the manager and recruitment team to only sign bargains, thus setting us up as a club that can't be held to ransom.

In the medium term it could be beneficial and would save about £30m in the short term. Another season of treading water is obviously frustrating for us fans, but I can see some logic for an owner. 

It doesn't need it. There's no reason to waste a season.

[Mr. P]

[I am Ram]

'Are we there yet ?'

[May Contain Nuts]

This is the problem with demanding answers / communication from the administrators, they can only say what the current situation is, what they expect to happen and their aims based on their communications with bidders / the EFL etc.

If anything changes they end up being the ones blamed and accused of not keeping their word. The idea that they're intentionally stringing things out to get themselves more money has been planted into people's heads without really any merit, outside factors throwing poo at the wall but nonetheless that particular nugget seems to have stuck in the minds of quite a few who now just get angry at the admins when things don't progress.

When the Boro claim existed absolutely nobody was willing to take on the chance of us losing the case so they had no other choice but to go for the cram down method, meaning we definitely wouldn't pay enough to avoid -15.

With the Boro claim out the way they told a supporters group meeting that any way forward was with the mind to pay out enough to avoid the -15. Presumably this was based on the discussions they'd had with potential buyers and the figures being touted to them - they're weren't just saying it to appease people, they'd be putting themselves directly in people's crosshairs by doing so.

...but now a couple of weeks later, with the bids in have things changed again? The -15 seems to have reared its head again.

Have the bidders actually followed through with the money they indicated they were willing to pay (avoid -15) but now put in final bids figures below that (not avoiding -15)?

Or has nothing changed, has Nixon just put up the article for clicks and have people have reacted in whatever way they inevitable would?

Edited February 27, 2022 by Coconut's Beard

[i-Ram]

18 minutes ago, Big Trav said:

Fully expect Ashley to be announced in the next few days. Just been told he’s the preferred bidder. And also no further deductions. 

 

Edited February 27, 2022 by i-Ram

[CornwallRam]

24 minutes ago, RoyMac5 said:

It doesn't need it. There's no reason to waste a season.

£30m ?

[RoyMac5]

4 minutes ago, CornwallRam said:

£30m ?

Eh?