Benny The Ball Posted August 14, 2020 Share Posted August 14, 2020 2 hours ago, Mantra said: So in theory, they just pay off whatever football debts they owe - say 10 million - then can they just pay nothing to unsecured creditors if they want because anything under 25% will get them minus 15 pts? Or is that not how it works? My understanding is EFL want them to pay 25% but legally is there a minimum you have to pay creditors to exit admin? They have to make a CVA right, then all the creditors have to accept it? And if they don't accept? Sorry I'm not clued up on this stuff. There are an awful lot of Unknowns at present - because up to date information is not in the public domain - in particular re : - Security and charges - What is the £10.7 million listed as Wigan Athletic Holdings - is it Directors Loans / connected company loans ? That may be challenged as may the monies owed to the owners The unsecured creditors are not going to accept nothing - no - because the alternative - liquidation and selling off the Stadium and other assets will bring in some monies for distribution to them What is the minimum the unsecured creditors will accept - i have no idea - each case is different - clearly it can be less than 25p in the pound , otherwise the 15 point deduction rule would not be there.- Presumably creditors will be guided by the administrator who will outline the alternative option - liquidation - and what they are likely to get out of that. Way I see it If it goes into Liquidation the only bidders for the stadium will be Wigan Rugby and the Council ( who already part own it ) - so the Administrator needs to earn his corn this next few days and persuade them to buy it ,now ,before he takes the nuclear option , with an agreement for the football club to play there if it survives , that way you have at least a hope of keeping the football club alive , and the stadium proceeds will go some way to pay something significant to the unsecured creditors. Quote Link to comment Share on other sites More sharing options...
Escobarp Posted August 14, 2020 Share Posted August 14, 2020 57 minutes ago, Benny The Ball said: There are an awful lot of Unknowns at present - because up to date information is not in the public domain - in particular re : - Security and charges - What is the £10.7 million listed as Wigan Athletic Holdings - is it Directors Loans / connected company loans ? That may be challenged as may the monies owed to the owners The unsecured creditors are not going to accept nothing - no - because the alternative - liquidation and selling off the Stadium and other assets will bring in some monies for distribution to them What is the minimum the unsecured creditors will accept - i have no idea - each case is different - clearly it can be less than 25p in the pound , otherwise the 15 point deduction rule would not be there.- Presumably creditors will be guided by the administrator who will outline the alternative option - liquidation - and what they are likely to get out of that. Way I see it If it goes into Liquidation the only bidders for the stadium will be Wigan Rugby and the Council ( who already part own it ) - so the Administrator needs to earn his corn this next few days and persuade them to buy it ,now ,before he takes the nuclear option , with an agreement for the football club to play there if it survives , that way you have at least a hope of keeping the football club alive , and the stadium proceeds will go some way to pay something significant to the unsecured creditors. If the money owed to holdings was directors loans it wouldn’t be listed as owed to holdings but to the directors. unsecured creditors ultimately will do what the major creditors decide. If they refuse the admins can get the courts to push through an offer despite not having agreements of all the creditors. Otherwise no deal would ever get done as there is always someone who objects and wants more. If the admins were going to challenge sums owed to creditors it would have been aired by now And they wouldn’t be listing the creditors as stands now. Plus they would have made it clear it was being challenged. I Said it a few pages ago. Nobody shoves that much money in to anything if it’s not watertight and recoverable. It was only a few weeks ago folk were saying the owner didn’t actually exist 😂😂. Course he doesn’t. Quote Link to comment Share on other sites More sharing options...
Benny The Ball Posted August 14, 2020 Share Posted August 14, 2020 8 minutes ago, Escobarp said: If the money owed to holdings was directors loans it wouldn’t be listed as owed to holdings but to the directors. unsecured creditors ultimately will do what the major creditors decide. If they refuse the admins can get the courts to push through an offer despite not having agreements of all the creditors. Otherwise no deal would ever get done as there is always someone who objects and wants more. If the admins were going to challenge sums owed to creditors it would have been aired by now And they wouldn’t be listing the creditors as stands now. Plus they would have made it clear it was being challenged. I Said it a few pages ago. Nobody shoves that much money in to anything if it’s not watertight and recoverable. It was only a few weeks ago folk were saying the owner didn’t actually exist 😂😂. Course he doesn’t. How can Wigan Athletic Holdings ( one of the companies in administration ) owe money to itself ? It must be owed outside the Group Quote Link to comment Share on other sites More sharing options...
Moderators Zico Posted August 14, 2020 Moderators Share Posted August 14, 2020 (edited) 70 pages Think we can consider them a rival Though we should only admit this to them when they don't exist anymore, if we choose to admit it Edited August 14, 2020 by ZicoKelly Quote Link to comment Share on other sites More sharing options...
Escobarp Posted August 14, 2020 Share Posted August 14, 2020 6 minutes ago, Benny The Ball said: How can Wigan Athletic Holdings ( one of the companies in administration ) owe money to itself ? It must be owed outside the Group Sorry? I don’t quite understand? if you’re a creditor in holdings. And holdings is owed 10m by the football club. You bet your life I want that money recovering as fully as possible to enhance my return as a creditor of holdings Quote Link to comment Share on other sites More sharing options...
Members bolty58 Posted August 15, 2020 Members Share Posted August 15, 2020 5 hours ago, Matt said: If I’m being picky, I’ll have Blackburn next pretty please. Much as I despise them I don't want any founding members to go under. Quote Link to comment Share on other sites More sharing options...
Popeye doyle Posted August 15, 2020 Share Posted August 15, 2020 3 hours ago, bolty58 said: Much as I despise them I don't want any founding members to go under. I draw the line at Wigan, they go down in flames and I'l be satisfied. Although with the way things are going more clubs could topple. Quote Link to comment Share on other sites More sharing options...
Matt Lofthouse Posted August 15, 2020 Share Posted August 15, 2020 6 hours ago, bolty58 said: Much as I despise them I don't want any founding members to go under. Aye I’d agree with that, I was thinking more on the lines of another administration to help plummet the club down the leagues, much like it did us. Quote Link to comment Share on other sites More sharing options...
Benny The Ball Posted August 15, 2020 Share Posted August 15, 2020 11 hours ago, Escobarp said: Sorry? I don’t quite understand? if you’re a creditor in holdings. And holdings is owed 10m by the football club. You bet your life I want that money recovering as fully as possible to enhance my return as a creditor of holdings Sorry , I now see what you are saying . I was under the Impression the £45 million posted as creditors on Twitter last night was all due to 3rd parties outside the group and did not include Inter Company balances and was trying to make sense of it Quote Link to comment Share on other sites More sharing options...
Escobarp Posted August 15, 2020 Share Posted August 15, 2020 16 minutes ago, Benny The Ball said: Sorry , I now see what you are saying . I was under the Impression the £45 million posted as creditors on Twitter last night was all due to 3rd parties outside the group and did not include Inter Company balances and was trying to make sense of it I’m not sure we can make sense of it really mate. I just see it as good news they owe so much 😁 Quote Link to comment Share on other sites More sharing options...
DomRepWanderer Posted August 15, 2020 Share Posted August 15, 2020 New rumour doing the rounds from them thick twats is Jenkins the former Swansea owner near to a deal. Quote Link to comment Share on other sites More sharing options...
Popeye doyle Posted August 15, 2020 Share Posted August 15, 2020 1 hour ago, DomRepWanderer said: New rumour doing the rounds from them thick twats is Jenkins the former Swansea owner near to a deal. Jenkins is supposedly trying to buy Charlton. Quote Link to comment Share on other sites More sharing options...
DomRepWanderer Posted August 15, 2020 Share Posted August 15, 2020 Just now, Popeye doyle said: Jenkins is supposedly trying to buy Charlton. That's the beauty of it, got them thick twats in a whirl, and all for nothing. Quote Link to comment Share on other sites More sharing options...
Site Supporter RONNIE PHILLIPS Posted August 15, 2020 Site Supporter Share Posted August 15, 2020 12 hours ago, bolty58 said: Much as I despise them I don't want any founding members to go under. Totally agree, no time for them & wouldn't mind seeing them plummet but I've always enjoyed our rivalries with them, Burnley & even Oldham.... Wigan can fuck right off though 😁 Quote Link to comment Share on other sites More sharing options...
athywhite1958 Posted August 15, 2020 Share Posted August 15, 2020 43 minutes ago, Popeye doyle said: Jenkins is supposedly trying to buy Charlton. Easy for the wigginers to get confused as Wigan and Charlton both end in Athletic Quote Link to comment Share on other sites More sharing options...
e2e4 Posted August 15, 2020 Share Posted August 15, 2020 20 hours ago, Escobarp said: Said it a few pages ago. Nobody shoves that much money in to anything if it’s not watertight and recoverable. It was only a few weeks ago folk were saying the owner didn’t actually exist 😂😂. Course he doesn’t. the IEC guy is ultimately this fella https://en.wikipedia.org/wiki/Henry_Cheng photos and everything come up with a search balding grey haired chinese looking fella, kind dark eybrows the new guy is apparantly this dude - https://hy-engineering.com/en/about-us/board-of-directors/16-mr-au-yeung-wai-key i bet its a michael jackson decoy situation that got out of hand., and one of the dopelgangers stole the billionares bank book. the bottom pic looks like a deepfake anyway, i can tell by the pixels.. Quote Link to comment Share on other sites More sharing options...
Whitesince63 Posted August 15, 2020 Share Posted August 15, 2020 10 hours ago, Matt said: Aye I’d agree with that, I was thinking more on the lines of another administration to help plummet the club down the leagues, much like it did us. I’d settle for that just so Rovers fans know what it’s like to have your club under threat but no way would I actually want them to go pop. I’d have to say though that with Venkeys debts mounting up on the club and the growing headwinds being faced, you’d have to ask how long they’ll want to pour money down the drain. The only chance of ever turning it round is PL football and for that they need to invest even more. Can’t see it in the current climate and they could be one of a few who fall into admin. Quote Link to comment Share on other sites More sharing options...
tomski Posted August 15, 2020 Share Posted August 15, 2020 Blackburn are wankers Quote Link to comment Share on other sites More sharing options...
Site Supporter Biggish Dave Posted August 15, 2020 Site Supporter Share Posted August 15, 2020 40 minutes ago, Whitesince63 said: I’d settle for that just so Rovers fans know what it’s like to have your club under threat but no way would I actually want them to go pop. I’d have to say though that with Venkeys debts mounting up on the club and the growing headwinds being faced, you’d have to ask how long they’ll want to pour money down the drain. The only chance of ever turning it round is PL football and for that they need to invest even more. Can’t see it in the current climate and they could be one of a few who fall into admin. Pretty much where I stand. I’m Blackburn born and bred, can’t stand the bastards and wouldn’t want their women’s team to win a game of tiddly winks. Dont want them to go bust though, just really shitty times and hopefully go to non league. That would be more fun. A lot of my mates are pluckers and they knew last season they were the grace of Venkys away from being us. Venkys will have had enough one day. If football hasn’t sorted itself by then - tick tock Quote Link to comment Share on other sites More sharing options...
Site Supporter Steejay Posted August 15, 2020 Site Supporter Share Posted August 15, 2020 (edited) 13 minutes ago, Biggish Dave said: Pretty much where I stand. I’m Blackburn born and bred, can’t stand the bastards and wouldn’t want their women’s team to win a game of tiddly winks. Dont want them to go bust though, just really shitty times and hopefully go to non league. That would be more fun. A lot of my mates are pluckers and they knew last season they were the grace of Venkys away from being us. Venkys will have had enough one day. If football hasn’t sorted itself by then - tick tock Yep, I know you hate these fuckers but it’s different to the Wigan situation. Wigan are an upgraded club courtesy of peg leg. Their fans have manufactured a hatred against us, so fuck ‘em. If Venky’s pull out, Blackburn will go through some shit but hopefully they’ll survive at a lower level. Then we can carry on smashing them on and off the pitch. Edited August 15, 2020 by Steejay Quote Link to comment Share on other sites More sharing options...
Site Supporter Biggish Dave Posted August 15, 2020 Site Supporter Share Posted August 15, 2020 Just now, Steejay said: Yep, I he Yep, I know you hate these fuckers but it’s different to the Wigan situation. Wigan are an upgraded club courtesy of peg leg. Their fans have manufactured a hatred against us, so fuck ‘em. If Venky’s pull out, Blackburn will go through some shit but hopefully they’ll survive at a lower level. Then we can carry on smashing them on and off the pitch. Correct. Wigan have wanted to be us for years. We’ll have that training ground. We’ll have them ex players. You want X, Y and Z? Ok, so do we. We’ll pay a bit more. Want a dodgy owner, you got him Want to go on the verge of not existing? You got it. Got a wealthy fan prepared to save you at the last minute with savvy business people on board? Ah well, copy is a poor form of imitation Quote Link to comment Share on other sites More sharing options...
Lt. Aldo Raine Posted August 15, 2020 Share Posted August 15, 2020 The pie eaters' local press is pouring cold water on the reported figures. Quote Link to comment Share on other sites More sharing options...
Popeye doyle Posted August 15, 2020 Share Posted August 15, 2020 The administrators have now said plan B if they don't find a buyer is a supporters club takeover. You can call it whatever you want but unless you find somebody with deep pockets that's not happening. Quote Link to comment Share on other sites More sharing options...
Site Supporter RONNIE PHILLIPS Posted August 15, 2020 Site Supporter Share Posted August 15, 2020 2 minutes ago, Popeye doyle said: The administrators have now said plan B if they don't find a buyer is a supporters club takeover. You can call it whatever you want but unless you find somebody with deep pockets that's not happening. It's just pie in the sky 😂 Quote Link to comment Share on other sites More sharing options...
Site Supporter Biggish Dave Posted August 15, 2020 Site Supporter Share Posted August 15, 2020 Let’s look at their better players left, say Morsy. He’s supposedly valued at what, £4m or £5m? Clubs know they are in the shit. If the raffle goes cold for a couple of weeks, they get Morsy for £1.5m tops. Only picked his name, the same goes for them all, 1/3 market value. Might survive and even not go down next year but there’s along to go yet before they are out the codymuck Quote Link to comment Share on other sites More sharing options...
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