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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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by cheshiregreen
» 10:17 21 Feb 2011
Lowey Sponsor, Auction Winner


Graham Clark wrote: Just for the record. The reason why there has been so much feverish speculation about administration (in whatever form) over the weekend is because a Director confirmed to the BBC on Friday that 'administration would happen on Monday'. That was confirmed to me by the BBC this morning.

Whether the position has changed over the weekend, with talks 'at a delicate stage' remains to be seen.


The question we should be asking is why a director would say that at that point?

Possible options could include:

1) the position changed over the weekend

2) it suited their interests to allow others to think admin was going to happen over the weekend

3) they themselves had been misinformed

You'd hope it was no. 1 but fear it could be either of the others in the current climate.

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by David Whitehouse
» 10:17 21 Feb 2011


I guess the speculation boiled down to the club trying to get some movement out of the prospective buyers by suggesting early administation, perhaps of the prepack variety.

Certainly no reason to shoot the messenger.

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by Mike Greening
» 10:21 21 Feb 2011
Lowey Sponsor, Katie Sponsor


P Ridsdale is suposing th be addressing the Sernior Greens this Thursday. It should be interesting. :grin: :grin: :grin: :grin: :grin:

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by P.L.I.H
» 10:28 21 Feb 2011


So if we do enter administration, can we stave it off to the 24th March?

What would people prefer, lose 10 points now, or 10 points next season?
A long way from home....

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by jimbo_the_green
» 10:30 21 Feb 2011


cheshiregreen wrote:
Graham Clark wrote: Just for the record. The reason why there has been so much feverish speculation about administration (in whatever form) over the weekend is because a Director confirmed to the BBC on Friday that 'administration would happen on Monday'. That was confirmed to me by the BBC this morning.

Whether the position has changed over the weekend, with talks 'at a delicate stage' remains to be seen.


The question we should be asking is why a director would say that at that point?

Possible options could include:

1) the position changed over the weekend

2) it suited their interests to allow others to think admin was going to happen over the weekend

3) they themselves had been misinformed

You'd hope it was no. 1 but fear it could be either of the others in the current climate.


I thought the same. Why tell the BBC if things are so delicate and subject to change?

Also why would the BBC not report it? Not even a story about the meeting on the website where the Herald have a speculatory story on it.

Various authorities within the club have also seen fit to leak snippets to various posters on here as well. Why?

It makes you wonder if having people think a particular outcome is on the cards it fits a different agenda. I'm getting a bit bored of the games being played at the top.

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by Chris Dennis
» 10:58 21 Feb 2011


What do we read into this latest statement from the club spokesperson?

Is administration likely on any other day or not likely at all?

Is administration now an option after all having been told is wasn't an option?

Are we going to allow HMRC to issue yet another winding up order from tomorrow? Could they then be in a position to block administration after that?
Time flies like an arrow. Fruit flies like a banana.

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by blenks
» 11:02 21 Feb 2011


grovehill wrote: If there's currently three or more groups interested in takeover/buyout then the pre pack admin route is closed?


What I think must have happened on Friday is that the board received a bunch of options (and warnings) from an independent insolvency practitoner and are now deciding what is the best option for them - within the law. They must have a clear favourite though.

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by Pointblank
» 11:12 21 Feb 2011


Or they read Pasoti and realised that we would hang them out to dry if they tried to pull the Pre Pak administration on the local suppliers.

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by blenks
» 11:19 21 Feb 2011


Pointblank wrote: Or they read Pasoti and realised that we would hang them out to dry if they tried to pull the Pre Pak administration on the local suppliers.


To be honest I think the views of supporters is the very last thing on any of the directors' minds at the moment - it is all about them exiting or hanging on without fear of legal scrutiny and official proceedings that might follow.

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by pilgrim_pete
» 11:21 21 Feb 2011


I'll still maintain we are not going into admin... :cry:

Maybe a ploy by Ridsdale to make us all think we are certain to go under, and then he is the white knight that saves us?

Clutching at straws, but I'm still hedging my bets on us not going into any form of admin..
Green and White Barmy Army!

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by Tim Chown
» 11:41 21 Feb 2011


grovehill wrote: If there's currently three or more groups interested in takeover/buyout then the pre pack admin route is closed?


I have always assumed that if you want exclusivity you need to make a deal with creditors directly. As soon as you enter administration, an administrator will talk to all interested parties, and get the most he can. I would have thought that only if there is one buyer could the 'pre-pack' happen?

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by Tim Chown
» 11:44 21 Feb 2011


GibGreen wrote: I'm sure I've read somewhere that if you take a 10 point deduction before the March deadline, but would have been relegated anyway (without the -10) at the end of the season, that the deduction still carries over to next season?


The point of the deadline is that whatever happens, if you enter admin before the deadline the penalty applies this season.

Saints for example went into admin after the deadline, were relegated regardless of the penalty, so it applied the next season.

The interesting question is if no CVA is agreed from administration, does the -15 penalty follow the same rules? Because I've only ever seen it applied to the following season (Leeds, Luton, Bournemouth).

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by blenks
» 11:49 21 Feb 2011


GreenGuy wrote:
GibGreen wrote: I'm sure I've read somewhere that if you take a 10 point deduction before the March deadline, but would have been relegated anyway (without the -10) at the end of the season, that the deduction still carries over to next season?


The point of the deadline is that whatever happens, if you enter admin before the deadline the penalty applies this season.

Saints for example went into admin after the deadline, were relegated regardless of the penalty, so it applied the next season.

The interesting question is if no CVA is agreed from administration, does the -15 penalty follow the same rules? Because I've only ever seen it applied to the following season (Leeds, Luton, Bournemouth).


If no CVA is agreed whilst in normal administration which a potential buyer and 75% of creditors would be happy with, then the administrator will liquidate the company/club.
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