Waraqah wrote:Graham Clark wrote: Posting on a personal basis I can confirm that Rupert is correct,. There is a due process to follow. As matters stand today that the earliest that due process could end with the football club coming out of administration is the second week in June (following a 28 day appeal process). The CVA has to be published and issued to the creditors and shareholders ( I am not sure about the 5,000+ season ticket holders who are also creditors). The creditors meeting is then held a minimum of two weeks after the publication of the CVA. If 75%, by value, of the creditors support the CVA then subject to the 28 day appeal process the Football League share can pass to the new owners. (In case anyone remains worried about the HMRC their debt is something around the 2% mark of the reported £13m debt).
On the 'deadline' point, as no-one has paid the administrator for exclusivity he is legally obliged to listen to 'bids' until the CVA is published. As I have said before as James Brent is a 'last man standing bid' he is in effect in an exclusive position so has no need to unnecessarily pay an exclusivity fee. So, in effect, as I understand it the publication of the CVA, as part of this due process is the only actual deadline.
On Paul Buttivant I can authorititavely confirm that he failed, yet again, today to provide eveidence that he has cash funds of £5m. That is an essential prerequisite of convincing the administrator the interest is of serious intent. As a side issue I was contacted by the Wrexham Trust a week or so ago with a transcript of their involvement with Paul Buttivant back in 2005. You could make the judgement that the methods, statements and secrecy bore an uncanny resemblence to his conduct in our administrative process.
With regard to the Irish interest (names not confirmed) I understand it to be primarily property based. Clearly, as they have proven funds, it must be taken seriously by the administrator. However, they have not yet met with the Council to discuss the nature of their proposed property intentions.
I'm sorry Graham, but this argument seems to be taking us around in circles. No-one has paid for exclusive bidder status so Guilfoyle has to wait until the CVA is published before announcing a preferred bidder. No-one is going to pay anything until the CVA is published. The CVA won't be published until someone pays for exclusive bidder status... but no-one has paid for exclusive bidder status, so...
As you say, the CVA is the only real "deadline", but surely it's up to Guilfoyle when he chooses to ask people to 'put up or shut up' so why can't he set a deadline and stick to it?
Quote 'The CVA won't be published until someone pays for exclusive bidder status... but no-one has paid for exclusive bidder status, so...'
Where did you get that from???