Winding Up Order Wednesday

[Maldon Shrimper]

As a shareholder which in some ways means nothing it would be appropriate as a result of today's hearing that the chairman makes a statement has to what he intends to do in paying this outstanding amount.He is a typical business man playing his cards closed to his chest which I understand,but a statement is required to stop the speculation which is a bad for all fans and supporters and of course shareholders.

 

[southendkid]

oh come on .. why do you treat me like I am stupid ??

EFL status

Playing contracts of professional footballers
(believe it or not ... any accountant will confirm these are an asset)

Brand name - 105 years old

Supporters Database - plus associated goodwill.

Control of an urban site of many acres (Roots Hall)

Control of a greenfield site FFarm

MASSIVE POTENTIAL

RM has a winning hand - the council cannot really do anything but co-operate or face 5k angry Shrimpers -

Its all Ok ..

If I was in charge it is true I would have leveraged out another million to keep my hero employed as manager .. But I think RM thought he would strip out the football side and go
minimalist until the storm has passed on many fronts ..

Not many of those 'assets' are going to be much use to us if we need to pay off debts.

EFL status isn't something we own, we can't ring up Glenn Tamplin and ask him if Romford wants to buy our place in the league.

Player contracts might be an asset but unless anyone is interested in buying the players they aren't worth anything.

Our brand name worth much, we aren't Man United, maybe you could give companies the right to use it on their products but I don't see that being a big moneymaker.

Selling the supporters database sounds like a breach of GDPR to me and goodwill isn't sellable.

Doesn't one of Ron's other companies own Roots Hall? We just rent it, renting somewhere isn't an asset. Similarly we don't own Fossett's Farm

People we owe money to aren't going to care if we have 'massive potential', they want the money they are owed and that's a fixed amount, it doesn't increase based on the club's success so why would that make them ease off?

 

[Massimo Giovanni]

I’m not treating you like you’re stupid, I’m asking you a question.

Southend United don’t own Roots Hall, or FF, or B&L

Who are the players Registered to? Southend United Football Club, SEL, or another one of Ron’s companies?

Brand name? Supporters database? EFL Status? Yeah ok mate, “assets” ???

Might be some re sale value to the name, league status, players contracts if someone had a franchise plan along the MK Dons approach?
But not much hope for SUFC in Southend with that is there.

 

[Rayleigh boy]

I’m not treating you like you’re stupid, I’m asking you a question.

Southend United don’t own Roots Hall, or FF, or B&L

Who are the players Registered to? Southend United Football Club, SEL, or another one of Ron’s companies?

Brand name? Supporters database? EFL Status? Yeah ok mate, “assets” ???

these are accounting facts ...

e.g. EFL status has revenue streams attached

Players contracts are all registered to the whatever the effective business unit is. As you know players all pay PAYE so it is whatever business does that. The contracts have a resale value etc.

Data is valuable.

I think the strategic position remains excellent - I wish RM would be more flexible in leveraging in more cash but I think his entire strategy changed after Dover and following fixtures ... after that it was cut to the bone. He is not a lucky man - financial crash before and now COVID.

 

[in the know]

Not sure if touched on already but I'm led to believe on top of today's debacle RM has also recently missed the deadline for what was legally agreed to be paid for outstanding deferred pay to some players. I'm pretty sure that although MM had knowledge of the outstanding missed pay he did not realize the extent or deadlines and was probably promised everything will be sorted. I suspect his eyes are slowly being opened to the full extent of ongoing issues.

 

[FarmdogSUFC]

Not sure if touched on already but I'm led to believe on top of today's debacle RM has also recently missed the deadline for what was legally agreed to be paid for outstanding deferred pay to some players. I'm pretty sure that although MM had knowledge of the outstanding missed pay he did not realize the extent or deadlines and was probably promised everything will be sorted. I suspect his eyes are slowly being opened to the full extent of ongoing issues.

Fantastic

 

[GBJ]

these are accounting facts ...

e.g. EFL status has revenue streams attached

Ok, so how do we go about selling our EFL status, to raise some funds then?

Players contracts are all registered to the whatever the effective business unit is. As you know players all pay PAYE so it is whatever business does that. The contracts have a resale value etc.

Agreed, so if it’s SEL who own the players registrations, then it’s the same story as the ground... we don’t own it, and therefore isn’t an asset.

Data is valuable.

It’s also protected by law, and therefore can’t be sold without permission from the owners... i.e. us

I think the strategic position remains excellent - I wish RM would be more flexible in leveraging in more cash but I think his entire strategy changed after Dover and following fixtures ... after that it was cut to the bone. He is not a lucky man - financial crash before and now COVID.

You think our position is a strategic one? ?

 

[Spenser]

these are accounting facts ...

e.g. EFL status has revenue streams attached

Players contracts are all registered to the whatever the effective business unit is. As you know players all pay PAYE so it is whatever business does that. The contracts have a resale value etc.

Data is valuable.

I think the strategic position remains excellent - I wish RM would be more flexible in leveraging in more cash but I think his entire strategy changed after Dover and following fixtures ... after that it was cut to the bone. He is not a lucky man - financial crash before and now COVID.

Wow. I'll have some of what you're smoking

 

[Shrimper]

Not sure if touched on already but I'm led to believe on top of today's debacle RM has also recently missed the deadline for what was legally agreed to be paid for outstanding deferred pay to some players. I'm pretty sure that although MM had knowledge of the outstanding missed pay he did not realize the extent or deadlines and was probably promised everything will be sorted. I suspect his eyes are slowly being opened to the full extent of ongoing issues.

Well a missed payment of players wages is a 3 point deduction, no?

 

[Medway Blue]

Well a missed payment of players wages is a 3 point deduction, no?

Yes, this is what will get us a points deduction.

 

[GBJ]

Well a missed payment of players wages is a 3 point deduction, no?

It’s debateable.

I believe if we breach the original contract, then it would be a points deduction. Not sure how it would work with the Covid-agreement

 

[Supa Shrimpa]

Well a missed payment of players wages is a 3 point deduction, no?

Steady on. We haven't got 3 pts to deduct, yet !

 

[Leigh_Seasider]

I think maybe at this point we need two things

1. A statement from RM/SUFC
2. A statement from the EFL

A lot of assumptions being made

 

[Rayleigh boy]

Ok, so how do we go about selling our EFL status, to raise some funds then?



Agreed, so if it’s SEL who own the players registrations, then it’s the same story as the ground... we don’t own it, and therefore isn’t an asset.



It’s also protected by law, and therefore can’t be sold without permission from the owners... i.e. us



You think our position is a strategic one? ?

I am not sure who you mean by "we" ...

Appreciate all the derision and derogatory remarks .. you asked for three assets - and on any balance sheet these are things that a business can list.

Obviously some of the revenue from EFL associated activities can be easily quantified - TV etc but others benefits such as FA cup entry (post qualifying) also have value. As does the "fixture" list - especially if it contains Portsmouth and Sunderland.

I appreciate there is a group think that we are about to go the way of Hartlepool but I don't see it ..... and if RM did blow it I think a takeover would appear and possibly be a good thing.

RM has not sold any part of his control - which is very possibly why we are not as cash rich as we should be.

Cheer up chaps - its all going to be OK .. lots of Spitfires on the telly last night ;-)

 

[kentblues]

I think maybe at this point we need two things

1. A statement from RM/SUFC
2. A statement from the EFL

A lot of assumptions being made

You wont get a statement from the EFL. Nothing has changed.

 

[Rayleigh boy]

Ok, so how do we go about selling our EFL status, to raise some funds then?



Agreed, so if it’s SEL who own the players registrations, then it’s the same story as the ground... we don’t own it, and therefore isn’t an asset.



It’s also protected by law, and therefore can’t be sold without permission from the owners... i.e. us



You think our position is a strategic one? ?

I am not sure who you mean by "we" ...

Appreciate all the derision and derogatory remarks .. you asked for three assets - and on any balance sheet these are things that a business can list.

Obviously some of the revenue from EFL associated activities can be easily quantified - TV etc but others benefits such as FA cup entry (post qualifying) also have value. As does the "fixture" list - especially if it contains Portsmouth and Sunderland.

I appreciate there is a group think that we are about to go the way of Hartlepool but I don't see it ..... and if RM did blow it I think a takeover would appear and possibly be a good thing.

RM has not sold any part of his control - which is very possibly why we are not as cash rich as we should be.

Cheer up chaps - its all going to be OK .. lots of Spitfires on the telly last night ;-)

 

[GBJ]

I am not sure who you mean by "we" ...

Appreciate all the derision and derogatory remarks .. you asked for three assets - and on any balance sheet these are things that a business can list.

Obviously some of the revenue from EFL associated activities can be easily quantified - TV etc but others benefits such as FA cup entry (post qualifying) also have value. As does the "fixture" list - especially if it contains Portsmouth and Sunderland.

I appreciate there is a group think that we are about to go the way of Hartlepool but I don't see it ..... and if RM did blow it I think a takeover would appear and possibly be a good thing.

RM has not sold any part of his control - which is very possibly why we are not as cash rich as we should be.

Cheer up chaps - its all going to be OK .. lots of Spitfires on the telly last night ;-)

Ok mate, I stand corrected. We’ve got loads of assets

 

[Colblue]

what. a. mess

 

[Rayleigh boy]

Ok mate, I stand corrected. We’ve got loads of assets

can we talk about the manager then ;-)

 

[Leo210856]

Did any one notice that the 42 days wasn’t just to enable settlement but also there was a requirement to deal with returns.

Now I know that the club are in default of submitting info to companies house so it’s almost certain that those returs are do do with PAYE/NIC, VAT, and Corporation Tax.

In other words send the info to enable us to work out what is owed