Razaldo9 Posted March 17, 2019 Share Posted March 17, 2019 3 minutes ago, Howardroark said: Just a point regarding Moonshift and Alan Nixon’s most recent twitter convo; Moonshift will never ever take back the shares from ICI directly, doing that makes them the owner of the club and liable for ALL debts. The situation is that the other buyer takes back the shares after paying Moonshift and then handles the debt via an informal agreement with creditors. To be clear, you cannot do a ‘pre-pack’ on a football club. A new owner could theoretically put the club in to administration but the cost to bring out of administration would be £11-£12M plus the original £8M to buy out Moonshift. This would save them £8-£10M on the current debt but obviously the embargo is a killer. So it’s £8M up front plus a further £12M to satisfy EFL F&PP requirements..... The liquidation process is simply the sale of assets to repay creditors, the assets could be bought by a new owner at a knock down price but the club would lose its registration to the league. Do you think the other bidders would be better for us than Basran? Or just likely to want to try to get it cheaper and sell for a profit again? Link to comment Share on other sites More sharing options...
Howardroark Posted March 17, 2019 Share Posted March 17, 2019 11 minutes ago, Razaldo9 said: Do you think the other bidders would be better for us than Basran? Or just likely to want to try to get it cheaper and sell for a profit again? They’d at least pass the funding requirements of F&PP... Link to comment Share on other sites More sharing options...
Ros Coe Posted March 17, 2019 Share Posted March 17, 2019 2 minutes ago, Howardroark said: They’d at least pass the funding requirements of F&PP... So you must know who they are? Link to comment Share on other sites More sharing options...
Howardroark Posted March 17, 2019 Share Posted March 17, 2019 3 minutes ago, Ros Coe said: So you must know who they are? I know that for Moonshift to take them seriously they will have been through a fairly stringent due diligence process. Link to comment Share on other sites More sharing options...
Howardroark Posted March 17, 2019 Share Posted March 17, 2019 And just to explain about Ken’s ‘return’ in either a liquidation or administration scenario: The only way Ken makes a return is if he sells the club himself; In administration or liquidation he would receive back the £5M that the club owes him(assuming the asset sale raises enough). He would then however still have to pay Moonshift the £8M he owes (I appreciate that £3M is undocumented). My guess is that is he’s planning to get the £5M, spirit it away somewhere and then try and liquidate Inner Circle. But on the face of it, he only stands to gain via sale. Link to comment Share on other sites More sharing options...
Farnywhite Posted March 17, 2019 Share Posted March 17, 2019 1 hour ago, Howardroark said: Just a point regarding Moonshift and Alan Nixon’s most recent twitter convo; Moonshift will never ever take back the shares from ICI directly, doing that makes them the owner of the club and liable for ALL debts. The situation is that the other buyer takes back the shares after paying Moonshift and then handles the debt via an informal agreement with creditors. To be clear, you cannot do a ‘pre-pack’ on a football club. A new owner could theoretically put the club in to administration but the cost to bring out of administration would be £11-£12M plus the original £8M to buy out Moonshift. This would save them £8-£10M on the current debt but obviously the embargo is a killer. So it’s £8M up front plus a further £12M to satisfy EFL F&PP requirements..... The liquidation process is simply the sale of assets to repay creditors, the assets could be bought by a new owner at a knock down price but the club would lose its registration to the league. so it boils down to some one needs to stump up £20 million by middle of the week or liquidation . Or Anderson gets last weeks sale back on track quick Link to comment Share on other sites More sharing options...
birch-chorley Posted March 17, 2019 Share Posted March 17, 2019 What’s the deadline then? Will it all be clearer this time next week or could it rumble on a few weeks / months more? Link to comment Share on other sites More sharing options...
Howardroark Posted March 17, 2019 Share Posted March 17, 2019 Deadline will realistically be 27th, if nothing sorted by then it’ll be liquidation, however I expect there to be an extension to the court date. Basran has gone away to find the cash, he’s probably got until Tuesday to come back. Link to comment Share on other sites More sharing options...
BUNBURY Posted March 17, 2019 Share Posted March 17, 2019 (edited) Basran is struggling to get the funds together to complete the deal. Therefore how does he hope to run the club in the future? Ticket sales, the odd concert and club merchandise? He's back in the same black hole as Anderson was. Edited March 17, 2019 by BUNBURY Link to comment Share on other sites More sharing options...
MalcolmW Posted March 17, 2019 Share Posted March 17, 2019 58 minutes ago, BUNBURY said: Basran is struggling to get the funds together to complete the deal. Therefore how does he hope to run the club in the future? Ticket sales, the odd concert and club merchandise? He's back in the same black hole as Anderson was. But without KA's murky reputation and past disqualification. Link to comment Share on other sites More sharing options...
birch-chorley Posted March 17, 2019 Share Posted March 17, 2019 1 hour ago, BUNBURY said: Basran is struggling to get the funds together to complete the deal. Therefore how does he hope to run the club in the future? Ticket sales, the odd concert and club merchandise? He's back in the same black hole as Anderson was. In fairness to Basran, the fact that he’s struggling to get all the funds together already puts him further ahead than Ken, Ken only paid 50p when he came in Youd like to think that anyone coming in has a plan to subsidise the football club for at least a season However it’s looking like liquidation or more austerity under a new owner (at least we will still have a club) Link to comment Share on other sites More sharing options...
Howardroark Posted March 17, 2019 Share Posted March 17, 2019 27 minutes ago, birch-chorley said: In fairness to Basran, the fact that he’s struggling to get all the funds together already puts him further ahead than Ken, Ken only paid 50p when he came in Youd like to think that anyone coming in has a plan to subsidise the football club for at least a season However it’s looking like liquidation or more austerity under a new owner (at least we will still have a club) Under Basran there exists the possibility of re-using the shares as collateral for further funding. Link to comment Share on other sites More sharing options...
BUNBURY Posted March 17, 2019 Share Posted March 17, 2019 (edited) 1 hour ago, MalcolmW said: But without KA's murky reputation and past disqualification. 1 hour ago, MalcolmW said: But without KA's murky reputation and past disqualification. TRUE Edited March 17, 2019 by BUNBURY Link to comment Share on other sites More sharing options...
Mounts Kipper Posted March 17, 2019 Share Posted March 17, 2019 (edited) What’s the chances we get liquidated? And if we do where do we go from there? Edited March 17, 2019 by Mounts Kipper Link to comment Share on other sites More sharing options...
birch-chorley Posted March 17, 2019 Share Posted March 17, 2019 15 minutes ago, Mounts Kipper said: What’s the chances we get liquidated? And if we do where do we go from there? Chances depend on who’s sniffing round, which is the unknown If we do go pop then we acquire some local amateur outfit like Athy Coll’s, change the name to Wanderers and start again from the depths of tin pot. God knows where we would play Link to comment Share on other sites More sharing options...
Kane57 Posted March 17, 2019 Author Share Posted March 17, 2019 21 minutes ago, Mounts Kipper said: What’s the chances we get liquidated? And if we do where do we go from there? Not a prayer. It'll be reet Link to comment Share on other sites More sharing options...
Sluffy Posted March 17, 2019 Share Posted March 17, 2019 23 minutes ago, Mounts Kipper said: What’s the chances we get liquidated? And if we do where do we go from there? The chances we get liquidated ultimately depends on someone seeing a profit/opportunity in it for themselves to make more from doing a deal and buying the debts, than to allow the club to be liquidated and it's assets sold off. As it stands that looks to be in the region of around £10 million as Howard has explained previously. Liquidation means turning the assets to money and paying off the creditors with what the Liquidator can achieve in the selling off of these assets - payments to creditors being in a specific hierarchy, with the first in the line (secured creditors and football creditors) being paid in full with what may be left to the unsecured creditors shared at a percentage in the pound of what they are owed if there is insufficient funds to pay in full. Also the Liquidators costs will be paid in full. All staff and players will obviously be out of a job and some/many of the unsecured creditors may find difficult financial time ahead for them also. So the club no longer will exist and it is up to anyone to come up with a business to attract the funds and support to start another one, which I assume would start at the bottom of the footballing pyramid. Link to comment Share on other sites More sharing options...
Site Supporter Spider Posted March 17, 2019 Site Supporter Share Posted March 17, 2019 Liquidation is less than 1% it’ll all be sorted over the international break Link to comment Share on other sites More sharing options...
Kane57 Posted March 17, 2019 Author Share Posted March 17, 2019 5 minutes ago, Spider said: Liquidation is less than 1% it’ll all be sorted over the international break Can you repeat that in longform please Link to comment Share on other sites More sharing options...
DomRepWanderer Posted March 17, 2019 Share Posted March 17, 2019 I don't mind us going down IF it means new owners, manager and coaching staff, bring some players through and young talent from lower leagues, and go again. Link to comment Share on other sites More sharing options...
Howardroark Posted March 17, 2019 Share Posted March 17, 2019 Liquidation is unlikely, unsecured creditors will be willing to deal come Tuesday as they aren’t protected under liquidation like they are in administration. Link to comment Share on other sites More sharing options...
bwfcfan5 Posted March 17, 2019 Share Posted March 17, 2019 45 minutes ago, DomRepWanderer said: I don't mind us going down IF it means new owners, manager and coaching staff, bring some players through and young talent from lower leagues, and go again. Liquidation means the club no longer exists. And if a new entity starts it does so from scratch at the entry point 4 or 5 leagues below league 2. With no stadium, no facilities and nothing.... Link to comment Share on other sites More sharing options...
DomRepWanderer Posted March 17, 2019 Share Posted March 17, 2019 2 minutes ago, bwfcfan5 said: Liquidation means the club no longer exists. And if a new entity starts it does so from scratch at the entry point 4 or 5 leagues below league 2. With no stadium, no facilities and nothing.... I meant to league 1. Link to comment Share on other sites More sharing options...
barrycowdrill Posted March 17, 2019 Share Posted March 17, 2019 49 minutes ago, DomRepWanderer said: I don't mind us going down IF it means new owners, manager and coaching staff, bring some players through and young talent from lower leagues, and go again. The only certainty out of all that at the moment is the going down bit unfortunately Link to comment Share on other sites More sharing options...
gonzo Posted March 17, 2019 Share Posted March 17, 2019 For every Portsmouth there’s a Boston United. For every Leicester there’s a Tranmere or Stockport. why the fuck people seem to think admin or insolvency is some magical land where all our troubles will be gone is beyond me. Its like wanting to get done for drink driving to stop you drink driving. Link to comment Share on other sites More sharing options...
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