- Feb 24, 2007
- 18,590
- 5,198
Are you saying ridsdale and Reid are in the casino playing poker to try and raise some money for the club?LG":359ee14b said:When he's finished his chips. :wink:
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Are you saying ridsdale and Reid are in the casino playing poker to try and raise some money for the club?LG":359ee14b said:When he's finished his chips. :wink:
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Shadowknight":2jaxerwb said:Greenblooded1":2jaxerwb said:The blox that "there is no alternative", is just there way of achieving success, giving the PB our PAFC to get their pay off. Simple as..
I suppose it all depends on the person's definition of success.
Brenda. *some* debts are paid. I get paid.
Heaney. Cinema, Buildings, Truro.
Ridsdale. Job for a year, cash in pocket, move on ASAP.
Fans. We get to watch football, staff are paid what they are owed.
While they are not all mutually exclusive, they don't all move in the same direction either.
Greenblooded1":2d8esuah said:Shadowknight":2d8esuah said:Greenblooded1":2d8esuah said:The blox that "there is no alternative", is just there way of achieving success, giving the PB our PAFC to get their pay off. Simple as..
I suppose it all depends on the person's definition of success.
Brenda. *some* debts are paid. I get paid.
Heaney. Cinema, Buildings, Truro.
Ridsdale. Job for a year, cash in pocket, move on ASAP.
Fans. We get to watch football, staff are paid what they are owed.
While they are not all mutually exclusive, they don't all move in the same direction either.
Agree, it does depend on the persons definition of success. My concern is that success for Ridsdale & Gullible & is measured on the amount of money the NWO get back, which obviously will be to the detriment of our football club now & over time, as we could be repaying them for many years to come.
The NWO messed up, they need to suffer the loss, not everone else.
grovehill":2lidhuqr said:Greenblooded1":2lidhuqr said:Shadowknight":2lidhuqr said:I suppose it all depends on the person's definition of success.
Brenda. *some* debts are paid. I get paid.
Heaney. Cinema, Buildings, Truro.
Ridsdale. Job for a year, cash in pocket, move on ASAP.
Fans. We get to watch football, staff are paid what they are owed.
While they are not all mutually exclusive, they don't all move in the same direction either.
Agree, it does depend on the persons definition of success. My concern is that success for Ridsdale & Gullible & is measured on the amount of money the NWO get back, which obviously will be to the detriment of our football club now & over time, as we could be repaying them for many years to come.
The NWO messed up, they need to suffer the loss, not everone else.
"the better the deal for NWO (provided it's not to the detriment of other creditors) the better Guilfoyle has done his job".
Where are you quoting that from?grovehill":1x0xmo9t said:Guilfoyle is legally required to get the best deal for creditors, not ensure the future success of the football club.
So the better the deal for NWO (provided it's not to the detriment of other creditors) the better Guilfoyle has done his job.
If an Administrator can get a better deal for creditors by liquidating a business, that's what he has to do.
If a "deal" whether it be, Preferred bidder, Rescue, Plan B, or whatever anyone wants to call it, is best for the football club is irrelevant. Guilfoyle is working on behalf of the creditors and has to get the best deal he can for them. And Secured debts take priority over unsecured debts.
So, a plan that, for example put more money into paying staff wages and less into paying off secured creditors like Lombard & Mastpoint, would not be acceptable.
What is the purpose of an Administration?
•There are three main purposes of an Administration:
◦rescuing the company as a going concern, OR
◦achieving a better result for the company’s creditors as a whole than would be likely if the company were wound up (without first being in administration), OR
◦realising property in order to make a distribution to one or more secured or preferential creditors
What are the duties of the Administrator?
•To achieve the three main aims of Administration in order of priority. This can include continuing to trade the company or opting for a total shut down.
•To complete an investigation into the company's affairs and submit a report to the Department of Trade and Industry.
•To protect the interest of all creditors as a whole. The practice of being “the bank’s man” has now changed and the Administrator has a duty to all creditors and not just his appointer.
The main aim of administration is to rescue the company so that it can continue trading as a
going concern. If this cannot be achieved, there are two other reasons why a company may
go into administration:
o To achieve a better result for the company’s creditors as a whole than would be likely
if the company was put into liquidation.
o To sell the company’s property to make a distribution to the company’s secured or
preferential creditors.
Trev501":2m42np22 said:I would guess the hold-up is simply to wait for the FLs decision.
grovehill":2xng4blr said:Quote:
The main aim of administration is to rescue the company so that it can continue trading as a
going concern.THE ORIGINAL BUSINESS HAS ALREADY GONE, IT HAD FAR GREATER DEBTS THAN IT COULD COVER (The company/BUSINESS is the football club. It still exists, just. PR is buying it for £1.) If this cannot be achieved, there are two other reasons why a company may
go into administration:
o To achieve a better result for the company’s creditors as a whole than would be likely
if the company was put into liquidation.YES LIQUIDATION IS THE LAST RESORT IF NO BUYER CAN BE FOUND WHO WILL GIVE A BETTER DEAL THAN STRAIGHTFORWARD LIQUIDATION
o To sell the company’s property to make a distribution to the company’s secured or
preferential creditors.
THIS IS WHAT GUILFOYLE IS TRYING TO DO NOW-SELL THE BUSINESS AS A GOING CONCERN
The worst case scenario is that any offers for the business as a going concern fall through or are for less than the "assets" are worth-in which case the only option for the Administrator is to sell all the assets (football stadium, other property, players, office furniture etc) separately to raise funds for the creditors.
Of course, any deal that would involve selling the ground for less than what Lombard/Mastpoint think it's worth (i.e. less than they would get if someone else bought it) would be blocked by Lombard. If you fail to pay your mortgage, the building society don't let you sell the house to, say, your brother in law for a thousand pounds just so your family can stay there, when they can get £50,000 at auction.
If an investor offers more for Home Park than PCC may do, the investor will get it. The fact that he would charge Argyle twice as much rent than PCC is irrelevant.
This is why Plan B looks shaky (apart from the fact that PCC have made no commitment to buy the ground)
grovehill":1r9r2pgu said:The business is not just the football club. The Business that owned the football club also owned the ground and other property, legally it's all one entity.
Anyway, things would be a lot worse if it was just the football club, no one would want to buy a club with that amount of debt around it's neck.
As it is, (future) profits from the property will be used to offset (past) football club debts.