Guilfoyle on ITV Westcountry

[GreenMill]

On Friday August 5th (i.e. last week)

"I'm assured the money's becoming available next week and that completion will occur," joint-administrator Brendan Guilfoyle told BBC Radio Devon.

BG mixes a 'definitive' term i.e. 'I am assured' with an 'elastic' terms i.e. 'becoming available'. This gives at once the impression that the money will be paid and yet the substance that it might be beginning to be ready to be paid in due course...

As I have said before, in this process, every word used in public is likely to be used with enormous care and probably after much advice, in order to allow as much 'wriggle room' as possible. Heck, we've even had a downright deception - publicly admitted - along the way.

The Administrator has to be seen to be giving the PB with whom a legal agreement has been signed, every opportunity to fulfil or to default on its side of the contract.

Especially during exclusivity.

On the other hand, the Administrator cannot categorically rule out any other option.

As Nightfly says, until we see the full transcript of every word Guilfoyle said, we can't rush to judgement.

When we do read it, we can have fun de-coding what he is trying to say to all the parties involved..

 

[Balham Green]

A word for word account of what Guilfoyle said would be useful or do Westcountry put their news programme online later?

PB is the only way forward

Heaney should have the money next week

Would allow PB to the end of mouth

Needs £240,000 to pay Aug wages

The back up bid have not the money to pay Aug bill

My calculation makes £70,000 per game very approx min. Can anybody correct me? 4 games in August - even with travel costs, Policing etc that should cover it. Course there are the admin fees on top!

 

[Sporting Lipson]

Does Guilfoyle and co have some form of Ombudsman who reviews the actions of this administration process ? Even to non businessmen like me this whole situation is clearly out of control if not boardering on gross incompetence (IMO). I can't accuse anyone of direct negligence or worse but there must be a review body somewhere.

 

[Leigh Rapson]

This makes it even more important to sign the petition online that I started.

See the sticky at the top of the main board.

Come on folks please do this so we have something to take to panda on Friday.

 

[Deacster]

As events roll on the more i get the impression that here is a man sticking to a deal due to blind stubbornes blinkered to other options. In too deep and still digging.

 

[Iggy]

As events roll on the more i get the impression that here is a man sticking to a deal due to blind stubbornes blinkered to other options. In too deep and still digging.

Or maybe following the only option open to the club so prevent liquidation? Maybe the Back up bid doesn't have the money for August wages? Brent always said he wouldn't bankroll the club, maybe Heaney will?
Until we know what is going on lets all take a deep breath, I'm not really singling you out Deacs you were the last on the thread, but this place is so ridiculously biased at the moment, anti Heaney, anti Guilfoyle and all on supposition. If the back up bid present a suitcase full of cash to the tv tomorrow and say here's the money then brilliant but I have the sneaking feeling that they don't have the money either. Would that be Guilfoyle's fault as well?
I do hate Heaney and all he stands for by the way.

 

[Deacster]

The point being this head down run at full speed approach may not work. Perhaps a look around to check other viable options? Not very pleasant to hear 'its my way or the highway'.

 

[Mike Greening]

As events roll on the more i get the impression that here is a man sticking to a deal due to blind stubbornes blinkered to other options. In too deep and still digging.

Lot of porkies being spouted. :scarf: :stout:

 

[Tim Chown]

The Insolvency Practitioners Association.

Please not the Council Member for Practice Guidance, Ethics & Standards.

IPA

Oh my.

 

[Tim Chown]

The back up bid have not the money to pay Aug bill

But Guilfoyle CANNOT know this, can he, because the exclusivity prevents him from talking to any other bidder. So he cannot make that statement.

Indeed. Mail that to the Insolvency Practitioners Association. And the FL for that matter.

 

[GreenThing]

A word for word account of what Guilfoyle said would be useful or do Westcountry put their news programme online later?

PB is the only way forward

Heaney should have the money next week

Would allow PB to the end of mouth

Needs £240,000 to pay Aug wages

The back up bid have not the money to pay Aug bill

Heaney should have had the money before his bid was accepted. The proof of funding is a complete joke!

 

[Tim Chown]

This page looks useful.

http://www.insolvency-practitioners.org ... ?pageID=39

 

[Anonymous]

What a load of Tosh. Said that the PB's are trying to provide funds and complete sale by next week!!! Also said that the Contingency Bid doesn't have the rescources needed!! Guilfoyle = T****r

Are there any committee members on line who can comment?

Hi All

Late home from the game for reasons that will become apparent later in my post.

Firstly on the alleged comments by BG around James Brent not having the resources / being unwilling to hand over £240,000.

As you will be aware BG wrote to the Contingency committee stating that IF the PB failed then he would need an immediate injection of funds. We, quite rightly replied pointing out 1. Nobody would just write out a cheque without first having agreements in place with the secured creditors and 2. Why was it that the preferred bidder could work unfunded (apart from £300k payment) for over 4 months and yet the contingency plan would be expected to hand over money within 24 hours. Surely not a balanced or fair approach. We received no response to this from BG so on that basis it is disapointing that he chose to give an unbalanced view to the media.

Once we heard of the TV interview I tried to contact BG via text / call asking to meet at the game. I got no response and it turns out that he left the ground shortly after HT.

Out of worry for the future of our club a few of us (Damon, Graham C, Peter Ryan and Ian Newell) waited to see Peter Ridsdale after the game. To be fair to PR he was more than happy to talk to us stating.

- The money is there via Heaney and deal should be completed by early next week.
- Heaney / PR are meeting Lombard in London tomorrow.
- P&A are putting pressure on with regards to keeping to deadlines.
- PR has agreed to let us know how the Lombard meeting goes tomorrow evening.
- PR has agreed to attend our contingency plan meeting on Friday morning to give a full update on where we are etc
- PR was more confident than ever that KH would complete

Obviously the above were views / comments of PR not of us but hopefully useful nonetheless.

Tomorrow morning I will contact (a) James Brent just to see what he thinks of the latest development and (b) once again try to establish a dialogue with BG.

The twists and turns continue.

Chris

 

[ming the merciless]

So is that it for the rescue bid. If they can't raise a months wages then there can't be much hope of the £5 Million needed to complete the deal. I'm pretty under whelmed by this revelation. I thought the back up plan was ready to roll at a moments notice. :sad:

 

[Anonymous]

Read what Chris said again, Ming.

No one in their right mind, would sign across money, within 24 hours, without agreements in place.

Where does he say, JB could not pay it?