Re: Update "Contingency" Plan Meeting 1/8/11 (Q&A pages 18,1
Posted: 16:00 04 Aug 2011
JonB wrote: Graham, just to add that Guilfoyle's discretion is quite severely limited by the courts when it comes to liquidating the club.
If an offer is on the table (should the PBs offer collapse) then as long as it offers more to the creditors than liquidiation would give them back, the Administrator would be unable to refuse it.
This is why it is so important that the Contingency Plan is ready to roll at a moment's notice (& why the work of the people working on its detail is so valuable).
Indeed we would have to work with Guilfoyle - certainly in the short term - however a legal challenge to any administrator's position by a group that can prove it is offering creditors the best return would be listened to carefully by the courts who ultimately the administrator works to (this is, for clarity to onlookers, a generic opinion on the sort of issue that may or may not be the case at Plymouth Argyle...).
While what you are saying cannot be argued with from a purely legal standpoint the reality is that Guilfoyle can still do basically whatever he likes.
Post the Heinous blow out he has two issues, his firm's fees and Lombard, Lombard will deal, the money involved isn't enough for them to care much especially as they have personal guarantees, although again I would have thought that they would have been keen just to get out without losing the lot, so it will come down to who is prepared to pay the most for the ground, the club is worth far less than the one pound the Riddler is contracted to pay under the current deal, you may well find that someone is prepared to pay good money for the land free of the club to bank it for some point in the future when we get another asset bubble, money being worth pretty much nothing at all at the moment. As long as slippery Sid can cover the two and half to three million for fees and Lombard he might well feel inclined to follow the path of least resistance.
I still think you boys are failing badly in the making of noise, particularly the absence of anything much in the national media, nobody beyond the peninsula is taking any notice of you, you have probably got at most a month to change that.
There is of course always the remote possibility that Heaney will come up with the readies, failing that, and there really is so little chance that a man with a ccj for 18 grand can come up with five million pounds, you need to be making this effort into a widely recognised alternative, a bit more support for the idea from the nay sayers on here would help but what you really need is national media attention, a lot of it, and now.
My apologies to Tony C for causing him yet more anguish.