How the administration has progressed

[storming]

4 March http://www.pafc.co.uk/page/NewsDetail/0 ... 27,00.html

A number of interested parties have declared an interest in acquiring the club. It is imperative that a preferred bidder is identified who can provide ongoing funding by March 17, 2011 at the latest.

7 March http://www.pafc.co.uk/page/NewsDetail/0 ... 34,00.html

"In some respects it's relatively straightforward. A lot of the work has been done by Ridsdale and Hinchliffe" admitted Brendan at a press conference in Sheffield on Saturday. "They have identified the purchasers so I don't think I have to go through marketing or produce an information memorandum. "I have got the offer of assistance from Peter Ridsdale and from David Jones, the financial consultant at the club.
"Peter Ridsdale has, as it were, acted as an administrator. "I watched him in a TV interview and he was very good. He spoke about what he was doing, and I thought 'you are doing my job.' "I think I have seen the guy who is likely to buy Plymouth Argyle. I have to sift out the 'tyre kickers' from those that are going to do it, and one way I do that is by checking what lawyers they are employing. "The lawyers need to be competent and understand the process, because it's quite complex. I have had a meeting with one of the potential buyers and he's comfortable with the figures involved. "He has done transactions before - not of football clubs - but out of administration.

5 April http://www.pafc.co.uk/page/NewsDetail/0 ... 12,00.html

Akkeron's statement has been welcomed by Argyle's administrators, who promised the company "full assistance" and urged all parties to work with Mr Brent "to save Plymouth Argyle." "The Joint Administrators of Plymouth Argyle Football Club, Brendan Guilfoyle, Christopher White and John Russell, welcome the announcement today (April 5) from Akkeron Group LLP," the statement read. "The Administrators will give Akkeron full assistance in seeking to address the conditions that they have set, and would encourage stakeholders to support the Akkeron offer. "Brendan Guilfoyle said: "Akkeron's offer will provide a better solution to all PAFC's stakeholders than liquidation. "Time is running out for the club and I would encourage everyone to engage with Akkeron in a constructive and timely manner to save Plymouth Argyle Football Club."

25 April http://www.pafc.co.uk/page/NewsDetail/0 ... 02,00.html

"The offers we received were consistent with the valuations we received, so we were comfortable with that situation. We then went to the prospective purchaser, the best bid, and said: "Okay, what we need is funding" and we received an indication that a substantial amount of funding was available. "By substantial, a seven-figure sum would be made available to us over a relatively brief period of time. It would be in stages but at least that would give us the opportunity to plan going forward.

25 May http://www.pafc.co.uk/page/NewsDetail/0 ... 15,00.html

Following the Administrators' announcement with regard to a preferred bidder for the assets of Plymouth Argyle Football Club, it has become clear that the acquirers property expertise and focus could conflict with the demands of ensuring that the football club could complete all the work necessary to fulfil the requirements of the Football League. The preferred bidder has therefore asked Peter Ridsdale to consider buying the football club out from the property interests and thereby ensuring that with his football experience he will be able to bring about the return of the Football League share at the earliest possible opportunity.

17 June http://www.pafc.co.uk/page/NewsDetail/0 ... 44,00.html

There has been speculation that Kevin Heaney, a property developer from Cornwall may or may not have an interest or involvement in this deal.
Kevin has now confirmed that he has been approached to participate in the property transaction as an advisor. As Kevin is already involved in professional football he cannot have any involvement in the ownership or running of a second club. Kevin has confirmed that his interest is property related only and that he will have no financial interest in Plymouth Argyle Football Club.

21 June http://www.pafc.co.uk/page/NewsDetail/0 ... 37,00.html

BRENDAN Guilfoyle, Administrator for Plymouth Argyle Football Company (in administration), is delighted to announce that, at a meeting with the preferred bidder held today, Tuesday, June 21, 2011, the terms of a formal sale and purchase agreement were agreed by both parties.
Lawyers from both parties will now move to sign the sale and purchase agreement at the earliest possible opportunity. In addition, it has been confirmed that further funds as per the original exclusivity agreement are in the solicitors' account to be transferred to our account.

6 July http://www.pafc.co.uk/page/NewsDetail/0 ... 16,00.html

Brendan Guilfoyle, partner at The P&A Partnership, said: "John Russell, Christopher White and I were appointed as joint administrators of Plymouth Argyle Football Company Limited on March 4, 2011. Our objective was to achieve a sale of the club before the start of the 2011-2012 season which begins on August 6, 2011. That gave us just five months to conclude a sale which many would consider a difficult task. "In contrast, Bishop International Limited provided us with proof of significant immediate funding, together with a solicitor's letter confirmation that further funding would be available to complete the transaction in due course. Bishop International Limited subsequently entered into a six-week exclusivity period and have provided us with a substantial funding contribution.

"It was clear to me which bidder would provide the best chance of rescuing the club prior to the start of the season and also provide some funding to help pay the club's staff and players. Staff and players have been living on the breadline for months and it was completely unreasonable to expect them to wait longer for payment when there was an offer on the table. Quite simply, Bishop International Limited made the best offer. "The exclusivity payments Bishop International Limited have provided are non-refundable in the event that they do not complete the transaction and therefore demonstrate significant commitment to completing the sale. As administrator, I am determined to save Plymouth Argyle FC - there is no way I am going to oversee the demise of a football club

14 July http://www.pafc.co.uk/page/NewsDetail/0 ... 41,00.html

" 'There will be no other 'rescue plan' in the tight timescale we have.

 

[Metal Green Mickey]

Just goes to show from day one how the goalposts have been moved.

I feel sorry for the trust and for the people who put in alot of effort last season trying to get Argyle to the end of the season for the adminstration process to take place.

Seems like it was for the benefit of not the football club but for certain indivdiuals to gain from the demise of the football club.

If this deal doesnt go through they have already put the club in such jeopardy I dont know how it will survive due to the timescale.

 

[Anonymous]

Quote:
Akkeron's statement has been welcomed by Argyle's administrators, who promised the company "full assistance" and urged all parties to work with Mr Brent "to save Plymouth Argyle." "The Joint Administrators of Plymouth Argyle Football Club, Brendan Guilfoyle, Christopher White and John Russell, welcome the announcement today (April 5) from Akkeron Group LLP," the statement read. "The Administrators will give Akkeron full assistance in seeking to address the conditions that they have set, and would encourage stakeholders to support the Akkeron offer. "Brendan Guilfoyle said: "Akkeron's offer will provide a better solution to all PAFC's stakeholders than liquidation. "Time is running out for the club and I would encourage everyone to engage with Akkeron in a constructive and timely manner to save Plymouth Argyle Football Club."

Thanks, Storming for your invaluable research. It did strike me that Brendan Guilfoyle could save time and energy in preparing a press release on Friday 5th August. He could use word for word exactly the same statement should the Sale and Purchase agreement fail to complete. Remarkable!

 

[X Isle]

If it were made into a record I reckon the sleeve would look a little something like this............

No, my mistake there should be an 'S' at the beginning of the fourth word.

 

[Brian Pedley]

So a question for Chris, Graham, IJN, Peter Jones and the other good guys....

In the light of everything we now know, what happens next?

Can we, any time soon, expect the `Plan A` shower to emerge from the stockade with a white flag?

Do the `Plan B` team change their stance and begin applying pressure, supported by us fans?

Or do we all just continue to sit around as PJ once famously said, `squealing like stuck pigs`?

What do we as fans need to do to help make Plan B happen?

 

[LSGreen]

So a question for Chris, Graham, IJN, Peter Jones and the other good guys....

In the light of everything we now know, what happens next?

Can we, any time soon, expect the `Plan A` shower to emerge from the stockade with a white flag?

Do the `Plan B` team change their stance and begin applying pressure, supported by us fans?

Or do we all just continue to sit around as PJ once famously said, `squealing like stuck pigs`?

What do we as fans need to do to help make Plan B happen?

Wait until the PB's officially pull out.

 

[lunarjetman]

Nice summary.

QUESTION: If the club is not sold by before the first game of the season do Argyle begin on -10 points ??

 

[Mike Greening]

Nice summary.

QUESTION: If the club is not sold by before the first game of the season do Argyle begin on -10 points ??

I think this has been answered at least 10 times NO :mrgreen: :stout:

 

[Anonymous]

Wait until the PB's officially pull out.

:appl:

The rescue plan can only come into play when/if that happens.

Obviously, IF Heaney can come up with ALL the money he has promised, his is the best bid as far as the creditors are concerned.

 

[Al Curtis]

Very nice work Storming, seeing those quotes laid out like that is actually quite disturbing. If, as seems to be not entirely outside the realms of possibility the agreed sale and purchase does not complete, then surely the whole conduct of this administration is worthy of official investigation, and I do not mean by the regulatory body currently chaired by the very administrator concerned! Hpefully the rescue plan will swing in to action swiftly to ensure the survival of the club, but what led to it being needed cannot just be ignored or covered up!