Breaking News Latest news on the sale of the club.

[Cricko]

There's no way the consortium won't pay this off is there if left with no other option is there?

Do they write off the 3 million they have put in instead?

I'm not saying they should pay it before the completion of purchase, but if it's pay it or get wound up, what decision do they make?

I don't know, they are in for 3 mill already as you say, maybe it is a bluff call. we shall find out tomorrow.

 

[Tinks]

Will we ever get rid of this awful specimen of a human and I cannot refer to him as a man as he is nowhere near being a man. I cannot even call him a rat as some rats have principles and codes and a group of rats (known as a mischief) tend to look and care for each other.

You cannot blame the company wanting their money and likewise you cannot blame the consortium for not paying HIS debt.

I really don’t have any words for a person who I despise so much and really don’t know what to say only that count me in for any action that needs taking

 

[Holy Joe]

When is the court case?

From previous I would imagine adjournment is the most likely outcome?

 

[Tommy2holes]

Surely the council must be in advance stages of DD?

This is the key point in the sale of the club and what is holding the whole sale up.

Do we need to rally outside the council and or certain councillors

 

[shrimperjon]

I don't know, they are in for 3 mill already as you say, maybe it is a bluff call. we shall find out tomorrow.

Tomorrow?

 

[Cricko]

Surely the council must be in advance stages of DD?

This is the key point in the sale of the club and what is holding the whole sale up.

Do we need to rally outside the council and or certain councillors

End of April. early May was the last timescale i heard,

 

[Cricko]

Tomorrow?

Sorry i may be wrong on that but it was day i was told, see post 27.

 

[kentblues]

What legal bills do you think the club incurred? It seems curious to me that the club has a reported £400,000 legal bill. It is not immediately obvious what this would relate to.

It’s a good question isn’t it. But the debt was clearly known and formed part of the creditors arrangement.

Thinking about it further I suspect they hoped to pressure the consortium to paying their debt even if completion hadn’t happened, and even ahead of other creditors who continued to be supportive,

If they hoped to be treated ahead of the others it would seem to have not worked. I suspect the consortium will manage the petition process along with the other partners to secure an adjournment, and they are probably doing exactly the right thing. Starting to pay some creditors and not others pre completion doesn’t sit well, and the consortium is hardly short of good business people who will know what they are doing..

 

[Wickford Blue]

Have just emailed Anna Firth asking her to get involved or for some info.....might be an idea for us to all get on to her as she seems to make things happen re SUFC?

 

[kentblues]

End of April. early May was the last timescale i heard,

28th Feb
“ Council leader, Tony Cox said: “We’re looking to speedily resolve negotiations. I anticipate late March or early April at the latest.”
Haven’t seen an update from Cllr Cox that this has changed? Even if no doubt it has…

 

[Yer Blues]

Have just emailed Anna Firth asking her to get involved or for some info.....might be an idea for us to all get on to her as she seems to make things happen re SUFC?

What do you think she'll be able to do? Pay the bill?

 

[* ORM *]

There's no way the consortium won't pay this off is there if left with no other option is there?

Do they write off the 3 million they have put in instead?

I'm not saying they should pay it before the completion of purchase, but if it's pay it or get wound up, what decision do they make?

The moment they do this all the other creditors will expect the same so no, don’t be relying on this as a solution

 

[meerkat54]

So if I haven’t miss read something as it stands. If the council pass the DD process at say end of April. We have the hurdle of the financing partner possibly not playing ball, maybe they still want Roots Hall developed?. And never had any intention of letting it go.

 

[Holy Joe]

Surely the council must be in advance stages of DD?

This is the key point in the sale of the club and what is holding the whole sale up.

Do we need to rally outside the council and or certain councillors

2 things holding up - (1) council agreement on leasing the additional properties at FF instead of RH, which is pending the DD and (2) agreement of Ron's financing partners

 

[Holy Joe]

So if I haven’t miss read something as it stands. If the council pass the DD process at say end of April. We have the hurdle of the financing partner possibly not playing ball, maybe they still want Roots Hall developed?. And never had any intention of letting it go.

I thought that but the statement reads formal agreement from financing partners - I'm guessing they've given some informal indication that they are ok

 

[Holy Joe]

I wonder what has made the law firm change it's stance - presumably a missed deadline (or 2) anything else?

 

[edwardss2]

In the modern world where optics are everything, this will look bad for them if we’re dissolved and they receive a fraction of what they’re owed.

They seem to be a pretty big organisation, I would not imagine for a moment they care about how it looks.
I suspect (based on no knowledge whatsoever) that this is a tactic to get things moving and to get their money. If we were to get wound-up could RH be sold to pay the remaining creditors? I forget who owns what..

 

[Holy Joe]

They seem to be a pretty big organisation, I would not imagine for a moment they care about how it looks.
I suspect (based on no knowledge whatsoever) that this is a tactic to get things moving and to get their money. If we were to get wound-up could RH be sold to pay the remaining creditors? I forget who owns what..

No RH is owned by Martins son - so is not an asset of Southend United club

 

[in the know]

There's a knock on affect to this as well unfortunately.
Two of the new training pitches have been relayed and as I understand it, will be maintained, but the bases for the cabins for showering\ changing etc have had to be put on hold. At a cost of around 250k (Inc water and e!electrical connections) it's understandable there's a ceiling on what can be splashed out on bearing in mind this winding up order and potential costs.
At the moment the B&L facilities have water but preseason at the new pitches could become an issue with no facilities except pitches.
The ghost of Ron casts a bigger shadow than could ever be envisaged !

 

[SeldomSeenShrimper]

I've seen a couple of people mentioning a pitch invasion at the end of the Rochdale game ...

PLEASE DON'T DO THAT

It's the last game of the season and Rochdale fans will be traveling all this way to see their players off for the season.

A pitch invasion would be extremely disrespectful to them imo

If it comes to it, we will protest on our way to the stadium

UTB!