At what point is Brenda obliged to give up on the PB? | PASOTI
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At what point is Brenda obliged to give up on the PB?

Dec 2, 2010
272
5
Plymouth
We are hurtling towards the start of the season. There is no sign of the money. The "funds are in place", Brenda is "pushing Mr Heaney to move things forward". PR is confident they can do what they need to do in a "timely manner".

If the rescue plan is to be implemented, at what point does Brenda/FL throw out this legally-binding deal?
 
G

Gareth Nicholson

Guest
It wouldn't surprise me in the slightest if the answer to the OP's question was 'at the point that it becomes clear to Brenda that he's not going to be paid either or at the point where his professional reputation will start to suffer from the continued brouhaha'.

One might argue that the second of those conditions was reached some time ago.
 
A

Anonymous

Guest
It's a very good question, and I would imagine, many thousands of Argyle fans are asking the same.

How can it take this long, Hinchliff has seen the proof of funds, so what on earth is holding it up.

One question, can someone like Heaney, provide proof that he has got the funds (which meets Brenda's criteria) and then say 'Oh hang on, those aren't the funds that I want to put into the club' and then keep them dangling some more?

It's certainly a mystery and gives further validity to those that think Heaney is full of sh*t.
 
A

Arch Stanton

Guest
After reading BGs e-mail response to the trust today I would suggest that point is coming very close at least I hope so.

It really is time for KH & Co to close the deal as from what I see The Riddler and Reid are making good progress on the football side of things which is sadly getting unnoticed on here due to the negativity surrounding the property side of the Plan A bid.
 
L

Lord Tisdale

Guest
BG stated that the deal would be complete as "close to the start of the season as possible".

The pressure is intensifying by the day, I can't see him lasting out for another 3 weeks. The silence is deafening from Heaney & BIL, surely if they were confident they would have at least issued a statement, anonymous or not.

BG is out on a limb, maybe a phone call from Brent saying he will cover more of his fees, (I'm sure the £400K was a subtle hint), will make BG give BIL one last chance before abandoning them in favour of Plan B.

BG is surely sick of it all by now, he just wants to trouser some cash and get back oop North.
 
A

Anonymous

Guest
storming":3r17e25f said:
We are hurtling towards the start of the season. There is no sign of the money. The "funds are in place", Brenda is "pushing Mr Heaney to move things forward". PR is confident they can do what they need to do in a "timely manner".

If the rescue plan is to be implemented, at what point does Brenda/FL throw out this legally-binding deal?

We don't know the conditions the Football League officials require to be satisfied in order that they can recommend to the Football League Board that the Football League Share be passed to PAFC (125) Ltd.

We don't know whether these conditions are financial (agreement on the payment of the football creditor debt or in relation to the underwriting of losses) or structural in relation to the Bishop International Ltd ? PAFC (125) Ltd set up and whether this complies with the Football League rules.

We don't know whether the Football League are insisting on full disclosure on the Directors and others associated with Bishop International Ltd.

We don't know whether Bishop International Ltd have reached agreement with the secured creditors and in particular Lombard.

We don't know whether there is a contractual time limit on the exclusive position secured by the signing of the conditional Sale and Purchase Agreement.

Most importantly we are yet to see an unequivocal statement from the administrator that Bishop International Ltd have cleared funds (required to be in excess of £5m) to complete the Sale and Purchase Agreement if the Football League give clearance to the transfer of the share. The unambiguous way of demonstrating such a proof of funds is to have them secure in an escrow account waiting for them to be transferred to the administrator's account to complete the purchase. All that is known in the public domain is that the administrator has a solicitor's letter that "confirms" Bishop International Ltd have the funds. The problem is that Guilfoyle is so discredited that anything less than escrow account proof will mean that the doubts about the ability of Bishop International Ltd to complete the deal will persist and intensify and well placed sources will continue to contend that they don't have the money.

So in answer to the question it will depend on the contractual terms of the Sale and Purchase Agreement. When it was eventually signed reference was made to a 4-6 week period. I would imagine 5th August may be the deadline on that basis. Only if the Sale and Purchase Agreement contains a provision for its early determination on non-compliance grounds can we expect an earlier decision, regretfully.
 
A

Arch Stanton

Guest
greengenes":23c9xs4p said:
Arch Stanton":23c9xs4p said:
After reading BGs e-mail response to the trust today I would suggest that point is coming very close at least I hope so.

It really is time for KH & Co to close the deal as from what I see The Riddler and Reid are making good progress on the football side of things which is sadly getting unnoticed on here due to the negativity surrounding the property side of the Plan A bid.


All we need is a squad of 20 players signed up in the next 19 days .
Yep its looking good .

May I suggest you check out the latest updates on the Baggo..
I would call 2 new players agreeing terms, Zubar agreeing a new deal, Johnson off to Hudderesfield and 4 new trialists in today as progress. :roll:
 
Aug 26, 2009
249
0
Plympton
No it is not - nobody has signed in full. Their 'deals' could fall through tomorrow and, as yet, they could not turn out for us in a league game.
 
A

Arch Stanton

Guest
victor":2wx9ohgj said:
No it is not - nobody has signed in full. Their 'deals' could fall through tomorrow and, as yet, they could not turn out for us in a league game.

I didnt say they had signed.. I said agreed if you read my reply.. Still makes for progress in my book.
 

Mark Smith

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Sep 15, 2003
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I have been saying for a while that the fact that we haven't seen the money yet probably means nothing (either way).

Maybe it's not there: BG and PR seem edgy, it's true.

But maybe it's opportunity cost: in this day and age, you only show the money at the last possible minute. These people care so much about our precious football club they are letting it go for one shiny pound. Meanwhile, the interest on £7m would be around £1k per day. Why would anyone want to give that up until the last minute? Just so that we will shut up?
 

Tugboat

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This saga fudging stinks of rotting flesh and no one has the balls to deal with it.
 
T

Tim Chown

Guest
What about the little issue that Brent stated previously that he would not pay for the administration process?

Did he mean *he* would not pay, and thus Brenda would have to be paid from player or ticket sales, or...?
 
Nov 27, 2009
864
0
Plymouth.
IJN":2o8pnb8t said:
It's a very good question, and I would imagine, many thousands of Argyle fans are asking the same.

How can it take this long, Hinchliff has seen the proof of funds, so what on earth is holding it up.

One question, can someone like Heaney, provide proof that he has got the funds (which meets Brenda's criteria) and then say 'Oh hang on, those aren't the funds that I want to put into the club' and then keep them dangling some more?

It's certainly a mystery and gives further validity to those that think Heaney is full of sh*t.

It was going so well until the last 3 words :)