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Firestorm

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Kevin,

Firstly, have you considered puting your job application directly to Ron rather than via this forum?

Secondly, if a company has liabilities of £4m and assets of £8m it should be able to restructure its debt and continue to trade happily.
Back in 1997/98 when Ron took over there were no points deducted for going into Administration because of the lack of working capital, therefore SUFC should have gone into administration, rescheduled their debts, refinanced and kept their assets.

Try a bit harder to listen to Wise Head.

Not if the assets had been artificially inflated to encorage someone to buy in.

The accounts for the two years prior to RM taking over show dramatic increases in the value assets, the main outcome was RM / Delancey were immediately on the back foot regarding the fans because of the apparently low amount thay paid for the ground.

Ron took over solely to get his hands on the real estate, we all know that, however Vic could have called the administrators in , but all that would have done is brought the property developers out in force and god knows where we have ended up
 

southendkid

Director⭐
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5,199
Kevin,

Firstly, have you considered puting your job application directly to Ron rather than via this forum?

Secondly, if a company has liabilities of £4m and assets of £8m it should be able to restructure its debt and continue to trade happily.

Back in 1997/98 when Ron took over there were no points deducted for going into Administration because of the lack of working capital, therefore SUFC should have gone into administration, rescheduled their debts, refinanced and kept their assets.

Try a bit harder to listen to Wise Head.
Can someone clarify to me what administration does? I always thought it tended to mean the administrator sold all of your assets worth selling to try and repay debts, have I got this wrong?
 

Kevin Hogg

President
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Can someone clarify to me what administration does? I always thought it tended to mean the administrator sold all of your assets worth selling to try and repay debts, have I got this wrong?

The process – an alternative to liquidation – is often known as going into administration. A company in administration is operated by the administrator (as interim chief executive) on behalf of the creditors as a going concern while options are sought short of liquidation. These options include recapitalising the business, selling the business to new owners, or demerging it into elements that can be sold and closing the remainder.
 

Beefy

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Old Leigh
Can someone clarify to me what administration does? I always thought it tended to mean the administrator sold all of your assets worth selling to try and repay debts, have I got this wrong?

They can do that but an administrator is there to protect the interests of the people who are owed money. If they feel that there's a viable business there and therefore that those interests are best served by the company continuing as a going concern then they may look to restructure the debt somehow and then find a buyer for the company. That's what tends to happen with football clubs.
 

Firestorm

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They can do that but an administrator is there to protect the interests of the people who are owed money. If they feel that there's a viable business there and therefore that those interests are best served by the company continuing as a going concern then they may look to restructure the debt somehow and then find a buyer for the company. That's what tends to happen with football clubs.

What often happens is a buyer will come in but only offer to pay a %age of the debt , this is then put to the creditors and they can accept or dismiss it.

this is where Bates stitched eveyone else up, he was owed 51% of the overal debt Leeds had, so he overulled every buyer , except himself, despite the other offering to pay considerably more of the debt . In the end everyone got just 10% of what they were owed (West Yorks Police lost a shed load and St johns over 50K IIRC, HMRC were screwed for somthing like 11M)

Historically the ones who have "used" the system have bounced back (Leeds , Leicester, Southampton) Those who haven't have disapeared or seriously struggled Maidstone , Rushden, Stockport, Wrexham, Darlo.
 

Norwichshrimper

Can you hear Talvin Singh
Joined
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2,418
They can do that but an administrator is there to protect the interests of the people who are owed money. If they feel that there's a viable business there and therefore that those interests are best served by the company continuing as a going concern then they may look to restructure the debt somehow and then find a buyer for the company. That's what tends to happen with football clubs.

Generally by trying to get creditors to accept a small percentage of what is due to them rather than 100% of bugger all.
 

Norwichshrimper

Can you hear Talvin Singh
Joined
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Messages
2,418
What often happens is a buyer will come in but only offer to pay a %age of the debt , this is then put to the creditors and they can accept or dismiss it.

this is where Bates stitched eveyone else up, he was owed 51% of the overal debt Leeds had, so he overulled every buyer , except himself, despite the other offering to pay considerably more of the debt . In the end everyone got just 10% of what they were owed (West Yorks Police lost a shed load and St johns over 50K IIRC, HMRC were screwed for somthing like 11M)

Historically the ones who have "used" the system have bounced back (Leeds , Leicester, Southampton) Those who haven't have disapeared or seriously struggled Maidstone , Rushden, Stockport, Wrexham, Darlo.

I'd be surprised if even Ken Bates managed to get himself higher up the preferred creditors list than HMRC back in those days.... But I take your point...What he did at Leeds was iffy to say the least...mind you Ipswich were doing it every other year for a while

What really peed me off about Leeds /Bates was that less than a year after screwing over more than £50m of creditors, they were funding their promotion push back up to the Championship with 5 and 6 figure signings........
 

Firestorm

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I'd be surprised if even Ken Bates managed to get himself higher up the preferred creditors list than HMRC back in those days.... But I take your point...What he did at Leeds was iffy to say the least...mind you Ipswich were doing it every other year for a while

What really peed me off about Leeds /Bates was that less than a year after screwing over more than £50m of creditors, they were funding their promotion push back up to the Championship with 5 and 6 figure signings........

IIRC Bates acutally lent Leeds some money to pay off a creditor , which swung the %age to over 50% in his favour , then pulled the plug.
 

THE SEVENTIES NORTH BANK

Life President⭐
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SHOEBURY
As they were about to score their 3rd goal he rushed onto the pitch and made a last ditch sliding tackle to deny their striker. He now has an even bigger ego than before


That's rubbish and you know it.
I was there. What actually happened is that the ball came over Phillips and Barker, they were incredibly slow to react, with Morris also too slow off his line, and a very peed off Ron Martin ran onto the pitch, miss timed his tackle and brought down Hylton, allowing Payne to send Morris the wrong way from the spot. P.S. didn't even look at Ron as he made his way to the dressing room, to be torn into by Gilbert at the end of the game for letting the side down.
 

ooh-andy-ansah

Director
Joined
Mar 4, 2011
Messages
2,242
Hey Napster, thank you for some food for thought.

Non-payment of wages should of course be avoided as it is highly likely to have a distinct effect on performance. I do not know how this situation came about but is not great management ..I agree. However, these are tough times and clubs across the land are in turmoil. If RM really pays £100,000 a month into the kitty, the management of the players wages was poor but if your Chairman is trying to help?? What more can you ask??

As for a blog. Not interested. As long as my club is surviving and the manager is given assistance, it matters not to me.

I was not happy with the way Tilly & Brush appeared to be dismissed, especially after the magic moments they brought about. Payment to Tilly is another matter and should only be the concern of the club and Mr Tilson. Nothing to do with you or me.

Disagree re: FF. We got it through. It took years. Mr Jobson also tried and tried to no avail. Until we are ready to proceed..the handling of the project is not my business. I do agree the PR should be hugely improved.

Am guessing the selling of the ground to Roots Hall Ltd was the only way to proceed. I do not know any of the facts and so cannot offer an opinion. I wonder though, how many who also have litle knowledge..say much??

Tara Brady leaving is between Tara Brady and his employer. Got nothing to do with anyone else whatsoever.

Marketing & Commercial side of things at Southend United has long been a huge frustration for me. I am a PR/Sales and Marketing "expert" and can see so much potential going to waste. Arrgghhhhhh! That said, TB was tasked with improving the situation according to the club. Did not happen..again!

HMRC? I do not know enough facts. I can say a huge thank you to The Trust for help with that matter. A purely personal thank you. If the club made no acknowledgement of the magnificent goodwill...then I revert to my PR "aaarrgghhhhhhh".

Thanks for your help in my understanding of the situation Mr/Mrs or Ms Napster. Anyone ever told you that you pose a striking resembelance to one, Michael McDonald???
Really could have fooled me ?
 
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