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General The Story So Far
A chronicle of 2011-2012 using classic, popular and important threads from Pasoti. Court winding-up petitions, administration, Preferred Bidder, Fundraising, Chris Webb, Q&A with James Brent - it's all here.
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Ridsdale "Admin unlikely today" (Monday)

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by cheshiregreen
» 07:20 21 Feb 2011
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Link

But not tomorrow maybe?

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by Paul_Roberts
» 08:26 21 Feb 2011


This week is going to be interminable.

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by Devonportender
» 08:32 21 Feb 2011


and unbearable :cry:
Image Sound Cloud website

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by lostinleeds
» 08:39 21 Feb 2011


And what happens if none of these investors turns out to be interested? Is admin reliant on one of these making an immediate offer to take us out of admin, or is it the consequence if none want to continue talks?
Now, I don't know about you, but I don't think the primary purpose of your life, my life and the entirety of the human race's is just to blindly consume to support a failing economy and a faulty system, forever and ever until we run out of every resource

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by MylesPAFC
» 08:48 21 Feb 2011


LostinLeeds wrote: And what happens if none of these investors turns out to be interested? Is admin reliant on one of these making an immediate offer to take us out of admin, or is it the consequence if none want to continue talks?


I know as much as the next guy about what is going on, but I would have thought you are correct, without a buyer the club in it's current state would not be at an advantage if we went into admin and subsequently didn't get taken over soon after. I feel that if there is a party interested in taking over, they will want the current owners to place it in admin, then when they take over the ownership they can come in pay off all the debts for a fraction of the money they would do if it wasn't in admin.

But like I said I don't have a clue what is going on just an assumption.

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by Mark_Smith
» 08:51 21 Feb 2011
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Which debts will admin largely clear and which will remain intact for new investors to take on?

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by RWW
» 08:55 21 Feb 2011


Maybe admin will happen "imminently"

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by cheshiregreen
» 08:56 21 Feb 2011
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MylesPAFC wrote:
LostinLeeds wrote: And what happens if none of these investors turns out to be interested? Is admin reliant on one of these making an immediate offer to take us out of admin, or is it the consequence if none want to continue talks?


I know as much as the next guy about what is going on, but I would have thought you are correct, without a buyer the club in it's current state would not be at an advantage if we went into admin and subsequently didn't get taken over soon after. I feel that if there is a party interested in taking over, they will want the current owners to place it in admin, then when they take over the ownership they can come in pay off all the debts for a fraction of the money they would do if it wasn't in admin.

But like I said I don't have a clue what is going on just an assumption.


Mandaric bought Wednesday for a quid without them entering admin., but, think to achieve that you need to be able to broker agreement with the main creditors.


It must be 2 weeks now since the Riddler first mentioned people being interested in taking the club over.

Given the number of people with good sources at the club who post on here, I am surprised we have seen very little speculation about who may be forming these 3 groups of "interested parties".

Anyone got some info to share?

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by MylesPAFC
» 08:58 21 Feb 2011


Mark_Smith wrote: Which debts will admin largely clear and which will remain intact for new investors to take on?


Majority of our debt is to our current directors I believe, but admin will clear that owed our creditors for example the pitch company etc. Not 100% on this, but I would have thought any new owners would have to make a settlement with the current directors against the money they are owed.

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by lostinleeds
» 09:00 21 Feb 2011


cheshiregreen wrote:
Mandaric bought Wednesday for a quid without them entering admin., but, think to achieve that you need to be able to broker agreement with the main creditors.


It must be 2 weeks now since the Riddler first mentioned people being interested in taking the club over.

Given the number of people with good sources at the club who post on here, I am surprised we have seen very little speculation about who may be forming these 3 groups of "interested parties".

Anyone got some info to share?


People apparently with 'good sources' were confidently predicting admin today, which is now (apparently) not likely. So maybe they don't have a clear idea what's going on. Maybe even the current directors don't have a clear idea whats going on.

Does anyone know how long this can potentially go on for. Do we have to have something sorted by tomorrow because of the tax bill, or could this potentially continue until the next court date!
Now, I don't know about you, but I don't think the primary purpose of your life, my life and the entirety of the human race's is just to blindly consume to support a failing economy and a faulty system, forever and ever until we run out of every resource

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by blenks
» 09:03 21 Feb 2011


I wonder if Stapleton & Co has actually met face-to-face with any of Ridsdale's potential 'investors'? Swiss now off the radar, were they ever on it? Americans 'monitoring' the situation. And the other three have been on the phone with Ridsdale most of the weekend despite his Friday prediction to the press that he expected a quiet weekend and a possible announcement on Monday.

Now where have I heard all this before?

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by Ade
» 09:10 21 Feb 2011


LostinLeeds wrote:
cheshiregreen wrote:
Mandaric bought Wednesday for a quid without them entering admin., but, think to achieve that you need to be able to broker agreement with the main creditors.


It must be 2 weeks now since the Riddler first mentioned people being interested in taking the club over.

Given the number of people with good sources at the club who post on here, I am surprised we have seen very little speculation about who may be forming these 3 groups of "interested parties".

Anyone got some info to share?


People apparently with 'good sources' were confidently predicting admin today, which is now (apparently) not likely. So maybe they don't have a clear idea what's going on. Maybe even the current directors don't have a clear idea whats going on.

Does anyone know how long this can potentially go on for. Do we have to have something sorted by tomorrow because of the tax bill, or could this potentially continue until the next court date!


I dont think we can level any blame at IJN for information that he was just passing on in good faith and I dont think you are suggesting that anyway, but things change so fast and on a daily basis, it probably is difficult to keep up with what is going on.

My guess is that we have around 6 weeks from when the tax bill is due as this is around the time scale that it will take to get to court. The main worry for me in all this is the timing. Im sure that if a club goes into admin and 10 point deduction then it has to happen sometime in March otherwise the deduction gets held over to next season and with us likely to drop a division anyway we could end up -10 in league 2, or worse still, under pre-pack, -25 points and that could potentially put us in the conference. Can you imagine the crowds then?

Like it or not, we have to pin our hopes on Ridsdale, cant see the alternative

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by Tim Chown
» 09:13 21 Feb 2011


Yeah it's something like 4th Thursday in March Ade, so we have 4 weeks probably to have the -10 this season.
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