Concerned

[Firestorm]

Obviously the apparent perilous financial state is concerning me, but I have started to get niggling doubts about matters of integrity since rm's last blog.

we owed around 6M according to the last accounts and RM went public around 6 months ago with a comment along the lines that the 2.4 million loss of the last reported year was likely to be repeated in the year to 31/7/09.
(Although I have not got the accounts to hand)
Given at the time of the last accounts the main creditors were listed as Parent companies and they formed over 50% of the balance owed, we are in a position to do a "Leeds" , go into voluntary administration and then have the potential to have RM accept offers which would screw other creditors , so he can get the club back on the cheap.

Given the venom Ken Bates attracted for the way he got Leeds out of administration, paying US, the tax payer , only 10% of what he owed and ripping off the local Police force (our money again really) St Johns Ambulance and local Tradesmen, How would we react if RM were to do similar.

Hopefully he is desperately trying to secure funding before Wednesday, to keep administration at bay, rather than spending his time preparing to buy back the club at a cut price on the back of reduced creditor payments.

 

[BrettieAngell]

Obviously the apparent perilous financial state is concerning me, but I have started to get niggling doubts about matters of integrity since rm's last blog.

we owed around 6M according to the last accounts and RM went public around 6 months ago with a comment along the lines that the 2.4 million loss of the last reported year was likely to be repeated in the year to 31/7/09.
(Although I have not got the accounts to hand)
Given at the time of the last accounts the main creditors were listed as Parent companies and they formed over 50% of the balance owed, we are in a position to do a "Leeds" , go into voluntary administration and then have the potential to have RM accept offers which would screw other creditors , so he can get the club back on the cheap.

Given the venom Ken Bates attracted for the way he got Leeds out of administration, paying US, the tax payer , only 10% of what he owed and ripping off the local Police force (our money again really) St Johns Ambulance and local Tradesmen, How would we react if RM were to do similar.

Hopefully he is desperately trying to secure funding before Wednesday, to keep administration at bay, rather than spending his time preparing to buy back the club at a cut price on the back of reduced creditor payments.

We can't screw HMRC though can we? Didn't they change the rules after the Leeds fiasco?

 

[mattytheshrimper]

he'll just tell you not to worry about all that but the new stadium is just around the corner. thats his answer to everything.

 

[Firestorm]

We can't screw HMRC though can we? Didn't they change the rules after the Leeds fiasco?

Good point, but given thats only going to be around 10-15% of the total debt, there may be still grounds to decline better take over offers from other parties in oder for a RM led take over offering less money to creditors.

That said, what is there in it for anyone other than a group with RM involvement to buy us out from Administration ?
the Ground , B&L etc are all owned by a company who will still be solvent.

In fact what benefits are there for anyone (including RM) to rescue us ? planning permission for the Fossets retail element has been passed, removing the stadium from the Hotel, shops , nightclub, casino development plans would not require a major change to the planning application and could actually reduced the number of objections to the proposal given the majority of the objections voiced in the media related to traffic volumes caused by 22,000 people attending football matches.

 

[Firestorm]

he'll just tell you not to worry about all that but the new stadium is just around the corner. thats his answer to everything.

The Stadium, per se, is not the answer, the ancilliary developments and the additional income they will produce, along with the sale of RH is the only way we can realistically get money into the Holding companies and subsequently into the club. Whilst the club is still going that means its the Stadium hence the "Stadium" is the easiest term for RM to explain it to the masses.

 

[canveyshrimper]

Obviously the apparent perilous financial state is concerning me, but I have started to get niggling doubts about matters of integrity since rm's last blog.

we owed around 6M according to the last accounts and RM went public around 6 months ago with a comment along the lines that the 2.4 million loss of the last reported year was likely to be repeated in the year to 31/7/09.
(Although I have not got the accounts to hand)
Given at the time of the last accounts the main creditors were listed as Parent companies and they formed over 50% of the balance owed, we are in a position to do a "Leeds" , go into voluntary administration and then have the potential to have RM accept offers which would screw other creditors , so he can get the club back on the cheap.

Given the venom Ken Bates attracted for the way he got Leeds out of administration, paying US, the tax payer , only 10% of what he owed and ripping off the local Police force (our money again really) St Johns Ambulance and local Tradesmen, How would we react if RM were to do similar.

Hopefully he is desperately trying to secure funding before Wednesday, to keep administration at bay, rather than spending his time preparing to buy back the club at a cut price on the back of reduced creditor payments.

Well said Gary, and your points are largely my concern, having been here before so to speak. There's history of company's declaring bankruptcy, and paying their creditors a small percentage of their actual debt. As far as I am aware there is nothing stopping the same person or directors of the company starting a new company (for arguments sake SUFC 2009 Ltd) the next day and carry on trading. This I believe is largely what Ken Bates did. In my business such practice is sadly common place.

I hope this is an incorrect perception, and I repeat that all this still speculation, and we still have to take RM at face value until proof positive one way or the other.

 

[weststander]

In fact what benefits are there for anyone (including RM) to rescue us ? planning permission for the Fossets retail element has been passed, removing the stadium from the Hotel, shops , nightclub, casino development plans would not require a major change to the planning application and could actually reduced the number of objections to the proposal given the majority of the objections voiced in the media related to traffic volumes caused by 22,000 people attending football matches.

Wasnt it made a condition of the planning permission that the extra development could not be satrted until the stadium was built ? Also i thought that the land was designated for leisure/sport use so i dont think that it could be built without the stadium.

I do agree with your sentiments about going into administration though, it seems that as Rons companies are by far the major creditor (he can call on 10 years of unpaid rent if he wants to as well) he could force through a 10p in the £ or something like that. Although i wouldnt be proud to do this as it will buggar local traders, there are lots of cubs that seem to have done it and got away with it e.g. Leicester, Ipswich, Southampton and of course Leeds, and if it means that i have a club to support then i would have to reluctantly support it.

 

[steveo]

he'll just tell you not to worry about all that but the new stadium is just around the corner. thats his answer to everything.

Thats complete rubbish Matty and you know it:

1Depart Roots Hall Drive
2Turn left to stay on Roots Hall Drive
3Turn left onto B1015 / West Street 0.5 mi
4At roundabout, take 1st exit onto Sutton Road 0.2 mi
5At roundabout, take 3rd exit onto A1159 / Eastern Avenue 0.5 mi
6At roundabout, take 1st exit 0.2 mi
7Arrive at SS2 4DQ, UK
If you reach A1159 / Eastern Avenue, you've gone too far

 

[Cricko]

Obviously the apparent perilous financial state is concerning me, but I have started to get niggling doubts about matters of integrity since rm's last blog.

we owed around 6M according to the last accounts and RM went public around 6 months ago with a comment along the lines that the 2.4 million loss of the last reported year was likely to be repeated in the year to 31/7/09.
(Although I have not got the accounts to hand)
Given at the time of the last accounts the main creditors were listed as Parent companies and they formed over 50% of the balance owed, we are in a position to do a "Leeds" , go into voluntary administration and then have the potential to have RM accept offers which would screw other creditors , so he can get the club back on the cheap.

Given the venom Ken Bates attracted for the way he got Leeds out of administration, paying US, the tax payer , only 10% of what he owed and ripping off the local Police force (our money again really) St Johns Ambulance and local Tradesmen, How would we react if RM were to do similar.

Hopefully he is desperately trying to secure funding before Wednesday, to keep administration at bay, rather than spending his time preparing to buy back the club at a cut price on the back of reduced creditor payments.

I think now that seems about spot on Gary.

 

[Firestorm]

I do agree with your sentiments about going into administration though, it seems that as Rons companies are by far the major creditor (he can call on 10 years of unpaid rent if he wants to as well) he could force through a 10p in the £ or something like that. Although i wouldnt be proud to do this as it will buggar local traders, there are lots of cubs that seem to have done it and got away with it e.g. Leicester, Ipswich, Southampton and of course Leeds, and if it means that i have a club to support then i would have to reluctantly support it.

That was the crux of my post, would we , as fans support RM in a Bates like act or would our morals take preference

 

[Rusty Shackleford]

That was the crux of my post, would we , as fans support RM in a Bates like act or would our morals take preference

What morals? I'd join Al Qaeda to save the Blues.

 

[canveyshrimper]

What morals? I'd join Al Qaeda to save the Blues.

That nice OBL comes from a very rich family, I like your thinking.

 

[GBJ]

What morals? I'd join Al Qaeda to save the Blues.

Isn't that Bradford City's firm?

 

[Crabby Shrimper]

Obviously the apparent perilous financial state is concerning me, but I have started to get niggling doubts about matters of integrity since rm's last blog.

we owed around 6M according to the last accounts and RM went public around 6 months ago with a comment along the lines that the 2.4 million loss of the last reported year was likely to be repeated in the year to 31/7/09.
(Although I have not got the accounts to hand)
Given at the time of the last accounts the main creditors were listed as Parent companies and they formed over 50% of the balance owed, we are in a position to do a "Leeds" , go into voluntary administration and then have the potential to have RM accept offers which would screw other creditors , so he can get the club back on the cheap.

Given the venom Ken Bates attracted for the way he got Leeds out of administration, paying US, the tax payer , only 10% of what he owed and ripping off the local Police force (our money again really) St Johns Ambulance and local Tradesmen, How would we react if RM were to do similar.

Hopefully he is desperately trying to secure funding before Wednesday, to keep administration at bay, rather than spending his time preparing to buy back the club at a cut price on the back of reduced creditor payments.

He could also be putting himself in the position to "do a Leeds" so as to have a bit of leverage with HMRC. If it looks like administration would mean a miniscule payout, may they be a bit more lenient regarding a payment plan?

I'm just asking, as this is something that in all honesty I know very little about