COSU Statement - Friday 7th June

[Medway Blue]

May be wrong, but the Club could choose to go into Administration before the Winding Up Petition is heard later in the month. In the event all isn't settled, would that be a better option than being liquidated ?

At first, and on the face of it, yes. Still a path fraught with uncertainty, mind.

• Could an Administrator see immediately that the business is insolvent and assetless, and recommend liquidation?
  If not then great, but how quickly would they sell everything of value in order to keep the club running? Obviosuly still better than liquidation though, ultimately.
• How strong a position would Ron Martin be in, considering the club's "debt" to him, and would he be in pole position to buy it straight back out?
• Would the Administrator consider whether any person/entity who may buy the club out of administration is the right one, or will they just flog it as soon as they can?
• Who would buy the club out of administration with Roots Hall, the only real path towards self-sufficiency, still tied-up under someone else's ownership?

 

[Thundersley Blue]

Guess we just have to hope that The Consortium get the Assurances they need sooner rather than later.

 

[bazzashrimper]

At first, and on the face of it, yes. Still a path fraught with uncertainty, mind.

• Could an Administrator see immediately that the business is insolvent and assetless, and recommend liquidation?
  If not then great, but how quickly would they sell everything of value in order to keep the club running? Obviosuly still better than liquidation though, ultimately.
• How strong a position would Ron Martin be in, considering the club's "debt" to him, and would he be in pole position to buy it straight back out?
• Would the Administrator consider whether any person/entity who may buy the club out of administration is the right one, or will they just flog it as soon as they can?
• Who would buy the club out of administration with Roots Hall, the only real path towards self-sufficiency, still tied-up under someone else's ownership?

Yeah. It seems that all of the debt has been landed at the football club. Legal, planning and so on. The things with value won’t go into admin.

 

[WickfordShrimper]

Yeah. It seems that all of the debt has been landed at the football club. Legal, planning and so on. The things with value won’t go into admin.

The bloke really is one corrupted greedy man, who pillaged the club of it's assets transfering them to his Son's and Wife, while piling all his personal debts over the years on letter heads in the good name of Southend United FC.

Makes me sick to the bone's

God help the bloke if the takeover falls through this week.

 

[Cricko]

The bloke really is one corrupted greedy man, who pillaged the club of it's assets transfering them to his Son's and Wife, while piling all his personal debts over the years on letter heads in the good name of Southend United FC.

Makes me sick to the bone's

God help the bloke if the takeover falls through this week.

Just about spot on,

 

[Bearded Shrimper]

“Plans to build housing on Roots Hall have scuppered the takeover “

Erm not quite correct Mr Sun - do your research properly (or should that be DD? )

something incorrect in the Sun, no! I don't believe it

 

[Bearded Shrimper]

The bloke really is one corrupted greedy man, who pillaged the club of it's assets transfering them to his Son's and Wife, while piling all his personal debts over the years on letter heads in the good name of Southend United FC.

Makes me sick to the bone's

God help the bloke if the takeover falls through this week.

there really something wrong in this country if this goes on, which apparently it does

 

[Hampshire Shrimp]

there really something wrong in this country if this goes on, which apparently it does

The trouble is it happens in the Houses of Parliament, so we`ve got no chance. I give you the PPE saga during the Pandemic. Mates rates, etc...

Lies after lies from the top, corruption, they are all as bad as each other!!?

 

[kentblues]

May be wrong, but the Club could choose to go into Administration before the Winding Up Petition is heard later in the month. In the event all isn't settled, would that be a better option than being liquidated ?

Because the WUP has started only with the permission of the court. And an administrator has no funds to maintain the business so for administration to be viable the buyer would need to be in a position to proceed very quickly. And the court will be seeking to protect the creditors. My understanding.

It does seem clear that the plan being discussed between all the parties is the consortium clear the debts and the basis of how they do that has probably been going on in the background for a couple of weeks with a couple to go. I suspect it is this or try to get another adjournment getting SCC et al to court/writing to the court in support saying it’s almost there, community asset etc.

I think the adjournment option would be the last resort as it is risky and because we are, through delay, compromising another season.

So I think the odds are on a way being found for the debts to be settled. There does seem to be a delay between things changing and us finding out- is there not another X call with CllrCowan on Friday?

 

[Snowy]

“Plans to build housing on Roots Hall have scuppered the takeover “

Erm not quite correct Mr Sun - do your research properly (or should that be DD? )

Well said Leeboy.

The Sun are gutter press who never investigate properly and just latch onto bad news stories to try and stir the proverbial.

Never liked the paper since the Hillsborough incident.

 

[tommy tucker]

For pity sake someone please just help the club by paying off the debt even if it a loan to the concortium . Iam sure that if the club can get going during pre season and season ticket sales wouuld maybe cover any loan .I know i am cluching at stawes But after 56 years of followin our club I cant face losing it because of one familys greed .

 

[meerkat54]

For pity sake someone please just help the club by paying off the debt even if it a loan to the concortium . Iam sure that if the club can get going during pre season and season ticket sales wouuld maybe cover any loan .I know i am cluching at stawes But after 56 years of followin our club I cant face losing it because of one familys greed .

Don’t think the money is a problem to the consortium. It’s the and SCC , proverbially taking the ****

 

[Bearded Shrimper]

Lies after lies from the top, corruption, they are all as bad as each other!!?

they're clearly not

 

[Bearded Shrimper]

Don’t think the money is a problem to the consortium. It’s the and SCC , proverbially taking the ****

it's Ron Martin not paying his bills. going on about the council lets him off the hook

 

[bluethroughandthrough]

I'm sure I asked before but is there legal action potential ? Maybe even from a customer perspective ?

 

[CrippsCorner]

When RM took over originally, was it seen as a good thing? The history of that is before my time.

 

[Swiss Tony]

something incorrect in the Sun, no! I don't believe it

You wait till the Mirror or Mail get hold of it.

 

[Supa Shrimpa]

When RM took over originally, was it seen as a good thing? The history of that is before my time.

Was it ? I always saw it as a property developer who bought the club on the cheap, because nobody else wanted it. He was never a fan. Just a developer

 

[Mad Cyril]

Was it ? I always saw it as a property developer who bought the club on the cheap, because nobody else wanted it. He was never a fan. Just a developer

How many of us so called fans have rented a helicopter and stuck an SUFC sticker on it though?

 

[Supa Shrimpa]

How many of us so called fans have rented a helicopter and stuck an SUFC sticker on it though?

The sticker was just to try and justify the club paying for it !