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.