Sounds a bit Ominous | Page 8 | Vital Football

Sounds a bit Ominous

TRUE BELIEVER said:
On a number of occasions I have expressed my opinion that there is disputed evidence that the loan hadn't been registered with the club, I was wrong, .
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Aye. Me too.

TRUE BELIEVER said:
As far as the "sod them and take the 15 point hit" goes, that will be dependant on what the admins assess the asset value of the club to be. They are legally bound to sell the club for as near to that figure as possible and if the bidders are well short of that figure then a liquidation and break up is more then ever the likely outcome. Whatever they raise will pay off secured creditor first and foremost and whatever is left will be apportioned between the unsecured creditors as a distribution and a percentage of what they are owed. The fact that NLF are quoted in the document as creditors means if there is a distribution they will get paid. Nothing we, the Admins or anyone else can do about it.
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Fair enough.
 
TRUE BELIEVER said:
Read this earlier and despite what McGuire says the administrators have added the debt to the official list of creditors. This is in my opinion an admission that it is valid and admissible otherwise they would have shown it as disputed.
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At the very beginning I was under the impression the 24m owed to NLF was a given and all the talk of the loan was additional to that so I'm relieved it's not the full 40m Yeung claims to have spent in total.

Reading the document it appears admin value our assets at something like 6m if I'm reading it correctly so even if we don't pay 25p in the pound that still seems the minimal figure admin will be looking to avoid liquidation.
 
TRUE BELIEVER said:
Its a simple problem Danny, Pies has made the point that we cant just walk away from the debt. The administrators have an obligation to realise the best value for the assets, if that means they cannot sell them as a whole they will break the group up. The ground, training grounds, chippy and players will be sold of separately meaning we could be groundless and with no training facilities or players.

The EFL would have no alternative than to expel us and we go out of business.

On a number of occasions I have expressed my opinion that there is disputed evidence that the loan hadn't been registered with the club, I was wrong, the fact that it has been included within the list of creditors issued to shareholders is proof that it exists.

We are now showing debts of approx £45 million. Allegedly £10.7 to another group company which will possibly be written off, however that still leaves us deep in the mire.

There is no doubt in my mind that this is the reason no buyers are committing.

As far as the "sod them and take the 15 point hit" goes, that will be dependant on what the admins assess the asset value of the club to be. They are legally bound to sell the club for as near to that figure as possible and if the bidders are well short of that figure then a liquidation and break up is more then ever the likely outcome. Whatever they raise will pay off secured creditor first and foremost and whatever is left will be apportioned between the unsecured creditors as a distribution and a percentage of what they are owed. The fact that NLF are quoted in the document as creditors means if there is a distribution they will get paid. Nothing we, the Admins or anyone else can do about it.

As far as getting the loan annulled, dream on , we have tried the appeals route before and got stung, Pies is right, Choi is a devious t**t and will have this tied and bound.

Once again my apologies to Pies'r'Us for doubting his judgement.
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What an utterly depressing post to read. Not your fault just our reality. I just wish we could shaft him back.
 
For the record if im a bit behind at the moment its because im banned off twitter for abusing the EFL.

My account has now been restored so I can go back to shithousery again 🤣 some things are worth the punishment
 
And now on reflection ...the revulsion expressed by some at the wish that Choi got Covid ...all of a sudden doesn’t sound nearly as disgusting...as first imagined
 
TRUE BELIEVER said:
Its a simple problem Danny, Pies has made the point that we cant just walk away from the debt. The administrators have an obligation to realise the best value for the assets, if that means they cannot sell them as a whole they will break the group up. The ground, training grounds, chippy and players will be sold of separately meaning we could be groundless and with no training facilities or players.

The EFL would have no alternative than to expel us and we go out of business.

On a number of occasions I have expressed my opinion that there is disputed evidence that the loan hadn't been registered with the club, I was wrong, the fact that it has been included within the list of creditors issued to shareholders is proof that it exists.

We are now showing debts of approx £45 million. Allegedly £10.7 to another group company which will possibly be written off, however that still leaves us deep in the mire.

There is no doubt in my mind that this is the reason no buyers are committing.

As far as the "sod them and take the 15 point hit" goes, that will be dependant on what the admins assess the asset value of the club to be. They are legally bound to sell the club for as near to that figure as possible and if the bidders are well short of that figure then a liquidation and break up is more then ever the likely outcome. Whatever they raise will pay off secured creditor first and foremost and whatever is left will be apportioned between the unsecured creditors as a distribution and a percentage of what they are owed. The fact that NLF are quoted in the document as creditors means if there is a distribution they will get paid. Nothing we, the Admins or anyone else can do about it.

As far as getting the loan annulled, dream on , we have tried the appeals route before and got stung, Pies is right, Choi is a devious t**t and will have this tied and bound.

Once again my apologies to Pies'r'Us for doubting his judgement.
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No reflection on u TB but what an utterly depressing post to read, who is going to even give us a second glance with debts of over £40M.....not a chance, seems like we are totally f@cked, well & truly shafted & not a hope in hell of finding a buyer imo.
 
jocklatic said:
No reflection on u TB but what an utterly depressing post to read, who is going to even give us a second glance with debts of over £40M.....not a chance, seems like we are totally f@cked, well & truly shafted & not a hope in hell of finding a buyer imo.
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Whats all this about huw jenkins?!!
 
jocklatic said:
No reflection on u TB but what an utterly depressing post to read, who is going to even give us a second glance with debts of over £40M.....not a chance, seems like we are totally f@cked, well & truly shafted & not a hope in hell of finding a buyer imo.
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Read the Pie at Night article in "What's going on". Jock .......you'll feel better. 😉
 
Huw Jenkins HAS been given the ten dollar tour this week ...now whether this has strengthened his resolve or not ...couldn’t say

Who the surprise visitor is ...?? No idea
 
Zeb2 said:
Huw Jenkins HAS been given the ten dollar tour this week ...now whether this has strengthened his resolve or not ...couldn’t say

Who the surprise visitor is ...?? No idea
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Would that be the spent all day Thursday with or is that the surprise visitor?
 
Zeb2 said:
Huw Jenkins HAS been given the ten dollar tour this week ...now whether this has strengthened his resolve or not ...couldn’t say

Who the surprise visitor is ...?? No idea
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Just a guess but could it have been roberto with huw jenkins
 
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