Season ticket refunds?

[Tavypilgrim]

So we are now thinking that those who paid up front direct to the club are fine, but those that paid via instalment plan could be about to get some bad news?

Surely the money from Zebra would have been put in with the other season ticket money, and therefore will be returned when the club goes under? (Except the admin fee of course)

 

[richy2704]

So we are now thinking that those who paid up front direct to the club are fine, but those that paid via instalment plan could be about to get some bad news?

Surely the money from Zebra would have been put in with the other season ticket money, and therefore will be returned when the club goes under? (Except the admin fee of course)

it state all season ticket money on the o/s not just cash up front or not including instalment plan, they money from zebra is season ticket money and as such will have to have been ring fenced also or it is fraud.......wow doesnt this sound familiar, i wouldnt thing this would be good news if you were already up for something like this already.

 

[Singaporeglen]

Hence the courtcase with Cardiff City as their money was supposedly ringfenced and whoosh, nothing and Ridsdale is due to face the court in September.

I cannot say if the money is ringfenced or not or if we fold the club will give it back to Zebra who will allow the ST holder to cancel the loan. However I have read enough to know if the company liquidates the assets are sold and creditors are paid in a pecking order and I am sure Lombard will be first on the list. I really dont think it will matter how we paid I do not think we will get it back.

Liquidation is a formal procedure whereby a liquidator is appointed to ‘wind-up’ the affairs of a limited company, which involves selling the company’s assets and paying creditors. When all the assets have been sold and the money distributed, the company is dissolved, which means that it no longer exists.

 

[richy2704]

Hence the courtcase with Cardiff City as their money was supposedly ringfenced and whoosh, nothing and Ridsdale is due to face the court in September.

I cannot say if the money is ringfenced or not or if we fold the club will give it back to Zebra who will allow the ST holder to cancel the loan. However I have read enough to know if the company liquidates the assets are sold and creditors are paid in a pecking order and I am sure Lombard will be first on the list. I really dont think it will matter how we paid I do not think we will get it back.

Liquidation is a formal procedure whereby a liquidator is appointed to ‘wind-up’ the affairs of a limited company, which involves selling the company’s assets and paying creditors. When all the assets have been sold and the money distributed, the company is dissolved, which means that it no longer exists.

The o/s said it as I am sure did BG in an interview.

surely though this is why it took so long to decide to release season tickets and why they have been allowed to use them for wages, it was not given to the club as they didnt even have an unfrozen account but given to the administrator so in theory that money can be given back to the s/t holders and zebra and not just disappear, or would that have just made to much sense?

 

[Waraqah]

I see that , I would however expect as stated on print media and Internet that guilfoyles ring fencing of all season ticket money covers mine also, if not I will be calling the police and reporting him for fraud as without this guarantee I would not have bought a ticket.

Genuine question as I really don't know, but is it anywhere in writing that this money was going to be ring-fenced?

 

[Singaporeglen]

I do not know what the ring fencing money was to be used for and the administrator holds the purse for the club. However, he has made it clear there is no money in the kitty for salaries or anything else so where is the ST money and what is it being held for.....a rainy day.....well this is it BG.

Does anyone have the answer to this conundrum as we have 2 season tickets in our house

 

[richy2704]

I see that , I would however expect as stated on print media and Internet that guilfoyles ring fencing of all season ticket money covers mine also, if not I will be calling the police and reporting him for fraud as without this guarantee I would not have bought a ticket.

Genuine question as I really don't know, but is it anywhere in writing that this money was going to be ring-fenced?

Sorry was meant to say printed in the media, if i remember it was in the western morning news and the herald.

 

[The Doctor]

My understanding was that the ST monies were to be held in a separate ring-fenced account from which money would be released to the Administrator on a match-by-match basis only. This was to prevent it all being spent up front (e.g. to settle back pay) and then the club going into liquidation and then not being able to return money to ST holders who had not got a full season because it had already been spent. The WHOLE idea if the ring-fenced account was to ensure that ST holders money was safe in the eventuality of liquidation and this was a major element of the case to persuade people to but STs.

IF the ST money is not returned then this would be an outrageous and very obvious disregard of what ST holders were told. It would surely be a serious case of fraud.

 

[Lundan Cabbie]

Season ticket money is safely in a solicitors account. Each home game a twenty-third is released to the club. It is not ringfenced and the club can spend it as they wish. The remaining money in the solicitors account is not an asset of the club and upon liquidation the proportion due back to fans will be available for refunds. Those who used credit to buy will either have their money credited to their zebra account or receive the refund yourself but then still be liable to the agreed payment plan. Credit customers will most likely be liable to cancellation charges.

Stop using the term "ringfenced" though. This means something completely different in finance.

 

[bandwagon]

I see that , I would however expect as stated on print media and Internet that guilfoyles ring fencing of all season ticket money covers mine also, if not I will be calling the police and reporting him for fraud as without this guarantee I would not have bought a ticket.

I think about 10k Cardiff fans did the same thing - up before the beak next week I think!!

 

[mathew_cunningham]

If BIL do not complete, the problem that will force us into liquidation is not having anyone step up to meet the liabilities before a deal to sell the club can be agreed with someone else - Brent, Buttivant or anyone else who may chuck their hat in. In the absence of the businessmen coming up with the cash to keep it going while they look at the books etc., would it not be an option for Guilfoyle to write to season ticket holders and ask the fans if we minded if they used a bit more of the season ticket cash than normal in September to pay the bills and give the 'new' bidders the time they say they need to do a deal. Ok, we gamble a chunk of what we've paid up front if a sale does not go through in the end, but it would be a gamble worth taking - would it not?

 

[The Doctor]

Season ticket money is safely in a solicitors account. Each home game a twenty-third is released to the club. It is not ringfenced and the club can spend it as they wish. The remaining money in the solicitors account is not an asset of the club and upon liquidation the proportion due back to fans will be available for refunds. Those who used credit to buy will either have their money credited to their zebra account or receive the refund yourself but then still be liable to the agreed payment plan. Credit customers will most likely be liable to cancellation charges.

Stop using the term "ringfenced" though. This means something completely different in finance.

No - I will NOT stop using the term "ring-fenced" because those words are the exact words that were used by the club on the official website here: http://www.pafc.co.uk/page/TicketNews/0,,10364~2388724,00.html (as previously noted, 6th from last paragraph). The club told us that the money was "ring-fenced".

 

[Lundan Cabbie]

Season ticket money is safely in a solicitors account. Each home game a twenty-third is released to the club. It is not ringfenced and the club can spend it as they wish. The remaining money in the solicitors account is not an asset of the club and upon liquidation the proportion due back to fans will be available for refunds. Those who used credit to buy will either have their money credited to their zebra account or receive the refund yourself but then still be liable to the agreed payment plan. Credit customers will most likely be liable to cancellation charges.

Stop using the term "ringfenced" though. This means something completely different in finance.

No - I will NOT stop using the term "ring-fenced" because those words are the exact words that were used by the club on the official website here: http://www.pafc.co.uk/page/TicketNews/0,,10364~2388724,00.html (as previously noted, 6th from last paragraph). The club told us that the money was "ring-fenced".

Tapping that out on my mobile probably didn't get across what I was trying to say. There is ringfencing but not by the club.

Argyle have not ringfenced anything at all. They get some of the season ticket money in dribs and drabs, home game by home game. Once they receive these sums they can pay wages, salaries, debts, bills or whatever with it.

Whoever is holding the season ticket money is doing the ringfencing and thereby protecting the fans' cash against the threat of liquidation. The held fund will NOT be an asset for the liquidator to use when winding up the company.

But anyway, it isn't gonna come to that. I hereby invite you all to Selhurst Park in January for Crystal Palace versus Plymouth Argyle in the FA Cup!

 

[The Doctor]

Season ticket money is safely in a solicitors account. Each home game a twenty-third is released to the club. It is not ringfenced and the club can spend it as they wish. The remaining money in the solicitors account is not an asset of the club and upon liquidation the proportion due back to fans will be available for refunds. Those who used credit to buy will either have their money credited to their zebra account or receive the refund yourself but then still be liable to the agreed payment plan. Credit customers will most likely be liable to cancellation charges.

Stop using the term "ringfenced" though. This means something completely different in finance.

No - I will NOT stop using the term "ring-fenced" because those words are the exact words that were used by the club on the official website here: http://www.pafc.co.uk/page/TicketNews/0,,10364~2388724,00.html (as previously noted, 6th from last paragraph). The club told us that the money was "ring-fenced".

Tapping that out on my mobile probably didn't get across what I was trying to say. There is ringfencing but not by the club.

Argyle have not ringfenced anything at all. They get some of the season ticket money in dribs and drabs, home game by home game. Once they receive these sums they can pay wages, salaries, debts, bills or whatever with it.

Whoever is holding the season ticket money is doing the ringfencing and thereby protecting the fans' cash against the threat of liquidation. The held fund will NOT be an asset for the liquidator to use when winding up the company.

But anyway, it isn't gonna come to that. I hereby invite you all to Selhurst Park in January for Crystal Palace versus Plymouth Argyle in the FA Cup!

:lol: so we'll agree that the money is ring-fenced then!

 

[Lundan Cabbie]

Season ticket money is safely in a solicitors account. Each home game a twenty-third is released to the club. It is not ringfenced and the club can spend it as they wish. The remaining money in the solicitors account is not an asset of the club and upon liquidation the proportion due back to fans will be available for refunds. Those who used credit to buy will either have their money credited to their zebra account or receive the refund yourself but then still be liable to the agreed payment plan. Credit customers will most likely be liable to cancellation charges.

Stop using the term "ringfenced" though. This means something completely different in finance.

No - I will NOT stop using the term "ring-fenced" because those words are the exact words that were used by the club on the official website here: http://www.pafc.co.uk/page/TicketNews/0,,10364~2388724,00.html (as previously noted, 6th from last paragraph). The club told us that the money was "ring-fenced".

Tapping that out on my mobile probably didn't get across what I was trying to say. There is ringfencing but not by the club.

Argyle have not ringfenced anything at all. They get some of the season ticket money in dribs and drabs, home game by home game. Once they receive these sums they can pay wages, salaries, debts, bills or whatever with it.

Whoever is holding the season ticket money is doing the ringfencing and thereby protecting the fans' cash against the threat of liquidation. The held fund will NOT be an asset for the liquidator to use when winding up the company.

But anyway, it isn't gonna come to that. I hereby invite you all to Selhurst Park in January for Crystal Palace versus Plymouth Argyle in the FA Cup!

:lol: so we'll agree that the money is ring-fenced then!

Yeah, just not by Argyle :thumbup: ..... and nothing like what Ridsdale allegedly done at Cardiff.