Breaking News Court Case Adjourned

[united we stand]

So we now have three versions of events

• We gave no defence
• We did give a defence and will pay up very soon
• We did give a defence- which was 'we paid it this morning' and then the judge moved the goal posts at which point and I am now guessing the legal team had to think on their feet and brought up the Bailey money

I'm going for the third option as to me its the one that makes the most sense

 

[Firestorm]

So they also want June's money on top then.

Interestingly 14 days from Today is July 22nd. PAYE needs to be paid by the 22nd of each month (Source) So they will not be able to call the June PAYE as overdue on the morning of the 22nd and this i imagine it will not be allowed in the court submission.

 

[Interpol Shrimper]

Didn't Charlton's website say we were due for £220k? where did the other £34k go?

Management fees I should imagine - 29 companies don't just run themselves you know...;)

 

[united we stand]

Interestingly 14 days from Today is July 22nd. PAYE needs to be paid by the 22nd of each month (Source) So they will not be able to call the June PAYE as overdue on the morning of the 22nd and this i imagine it will not be allowed in the court submission.

is it 'by the 22nd, or by close of business on the 22nd' If it is the former surely that means it should be paid on the 21st at the latest ?

 

[TrueBlue]

I'll take the following please;

1- Administration asap

2 - -10 points

3 - New owners

4 - Tilson & Brush back

Agreed accept for point 4 - time for new blood!

 

[class]

Interestingly 14 days from Today is July 22nd. PAYE needs to be paid by the 22nd of each month (Source) So they will not be able to call the June PAYE as overdue on the morning of the 22nd and this i imagine it will not be allowed in the court submission.

The payments need to have cleared HMRC's bank by the 22nd, not be paid by the 22nd.

 

[Beefy]

I'd have thought that people will be happy with this outcome. Worst case that I can see is that the Club have to give answers to a Judge regarding all of the questions that people have been asking about the Club's financial viability.

Best case is that the final few obstacles to the two developments happening get forced through in the next 14.

 

[Yorkshire Blue]

I thought most transfers did not involve the whole fee being paid upfront, the world of football operates on a merry go round of staged payments as far as I know. Very rare that the entire fee is paid straight away so don't hold your breath on this Bailey money.

It gives us something to borrow against.

Correct and according to the BBC there was a defence and as an adjournement was granted someone thought it credible

Exactly.

A statement from the club would be ****ing nice.

Confused.com/whatthe****isgoingon

What are you confused about?

Management fees I should imagine - 29 companies don't just run themselves you know...;)

I don't understand why you are using this as a stick to beat RM with. As I have explained on numerous occasions this is standard business practice within the industry. You only undermine your own credibility when you bang on about it.

 

[Interpol Shrimper]

I'd have thought that people will be happy with this outcome. Worst case that I can see is that the Club have to give answers to a Judge regarding all of the questions that people have been asking about the Club's financial viability.

Best case is that the final few obstacles to the two developments happening get forced through in the next 14.

I'd say best case is RM gets locked up for corporate fraud...

 

[Tommy2holes]

This is all seperate from the pfa loan that will lift the embargo. The quicker we pay that the quicker when get sturrock signed on and the players in to actually have a team.

 

[Smiffy]

It gives us something to borrow against.



Exactly.



What are you confused about?



I don't understand why you are using this as a stick to beat RM with. As I have explained on numerous occasions this is standard business practice within the industry. You only undermine your own credibility when you bang on about it.

What Am I confused about!?

Well the Echo make no mention of the current liability being "settled" or any defence being filed, other articles (Guardian, BBC) do so.

What is the real answer?

Tell me YB as you seem so confident and up to speed?

 

[united we stand]

It gives us something to borrow against.



Exactly.



What are you confused about?



I]
I am guessing the fact that the press ahve reported three totally different versions of events

 

[Napster]

I am guessing the fact that the press ahve reported three totally different versions of events

and Ron will give a fourth. I think the clue is which source is least biased. The Echo wants to bring RM down, the Guardian is known to be inaccurate (yesterday, on the front page had the Queen paying respects for those who died at the 7/11) - so I will go for the other one.

 

[Smiffy]

Thank You United We Stand.

Glad I am not the only one.

 

[Beefy]

What Am I confused about!?

Well the Echo make no mention of the current liability being "settled" or any defence being filed, other articles (Guardian, BBC) do so.

What is the real answer?

Tell me YB as you seem so confident and up to speed?

I trust the BBC & The Guardian more than I do the Echo.

 

[Razam]

Have I got it right that the BBC & Guardian are saying that we have to prove we are a viable business, otherwise we'll be in administration on 2 ausgust. i.e prove that we will are able to pay our taxes/PAYE etc. on time, not be called up to court due to debts?

If that is the case then PFA & Shrimpers Trust & any other debts the club has will also need to be shown as paid/payable - wouldn't it?

 

[Beefy]

If that is the case then PFA & Shrimpers Trust & any other debts the club has will also need to be shown as paid/payable - wouldn't it?

I wouldn't have thought so (although that wouldn't do us any harm). I'd expect, and hope, that the Court will be looking for proof of Ron Martin's long-term business plan as well as just the short term, immediate cash shortage. Of interest should be the businesses viability through the building process at Fossetts Farm and exactly how it will benefit once the stadium is built.

That's what I'd naively hope, anyway.

 

[Swiss Tony]

Didn't Charlton's website say we were due for £220k? where did the other £34k go?

Under someones bed maybe.

 

[southend4life]

Will this effect the signing of players and sturrocks contract. And when is the embargo likely to be lifted?

 

[Neil_F]

The problem is that we are insolvent. We have no assets of note, no future revenue streams beyond the Bailey transfer fee.

If this report is correct then the only thing that will save us is a cash amount sitting in a bank account to finance x months going forward or a legally binding obligation for Sainsbury's to meet our liabilities as they fall due.

Whilst the footballing side of the club is looking up there remains a huge disconnect with the financial side. I don't doubt that PS believes that the financial side has been resolved, and RM has alluded to financial security from 01 August. It would make sense if the 02 August date mentioned was to prove a claim in court of financial stability.

As usual we have no idea what is going on. RM has vanished, nobody knows the true extent of the club's problems and the future beyond next week is uncertain. If this does all work out there needs to be an acknowledgment from RM that he has behaved with astonishing arrogance and contempt for the supporters and that there needs to be a policy of transparency going forward. My suggestion would be for the Trust to write off their loan in return for a position on the board.