High Court hearing v Charterhouse 14/07/2010

[Onion_Bag_Dave]

Dave, that would normally be very shocking, and an absolute disgrace.

Would we be surprised? No.

True, but just mentioning the truth for all to see instead of rumours.

What are we going to do.

 

[Matt the Shrimp]

Of course there is.

All creditors aligning themselves as one, ready to strike?

Perhaps they are owed a shed load more than the £140,000 maybe?

See my post above, Lee. There are perfectly sensible reasons why a creditor would want to postpone the winding-up hearing now, pending full details of the club's finances being provided to the court.

 

[Cricko]

See this is what ****s me off.

I cannot believe for one minute ALL the directors are happy with what is going on.

Grow some ****ing balls and call an EGM.

Now come on Lee you and I both know the other Directors have very little say so when RM owns the majority of the shares.Why do you think that many admired Directors have left this egotistical ship?

 

[pickledseal]

The call for an EGM would be carried on votes... which Ron controls as 76% shareholder.

But he can't vote if he is still on holiday - quick let's have a coup d'état! ;)

 

[class]

See this is what ****s me off.

I cannot believe for one minute ALL the directors are happy with what is going on.

Grow some ****ing balls and call an EGM.

They're not, hence the reason we've seen some resign eg Gary Lockett, Paul Robinson over the past few months.

 

[Floval Flyer]

Where has this information about an independant audit come from ?

it is standard proceedure,

In a commerical enviroment all accounts must be audited inpependantly, whether or not SUFC have to provde the figures, they have to be verified by an independant body, hence the audit statement.

I would expect the club should have 2009 CY audited accounts in place, balance sheets etc. They may make extremely grim reading therefore they may not have been submitted. Once submitted thay can be viewed by anybody IIRC? I bet our 'Credit Rating' is close to junk status though, I cannot see how we get any decent terms for any supplies or services? I certainly wouldn't lent any money to us ! LOL!

Surely from the perspective of who gets paid 1st we need to pay the FL? Get the embargo lifted, then move on to the others..., maybe a 'deal' with Chartehouse, surely they'd cut their losses rather than risk the admin route..., most companies get about 8 pence in the £ these days, I could go on....and I do, but i'll stop talking b

anyway, what do I know.... I am only a supporter : - )

 

[THE SEVENTIES NORTH BANK]

It's quite laughable now that I think about it.
I spoke Dave Scriven last week at the training ground, and I was asking what about this, what about that. And he said at the end, Ron only has the best interests of the club at heart, he has funds available and everything will be sorted. He said he wouldn't be in the job if that was not the case. Don't worry, things are going to start happening for the better.



At least everyone he comes in contact with gets led up the garden path.

 

[Onion_Bag_Dave]

It's quite laughable now that I think about it.
I spoke Dave Scriven last week at the training ground, and I was asking what about this, what about that. And he said at the end, Ron only has the best interests of the club at heart, he has funds available and everything will be sorted. He said he wouldn't be in the job if that was not the case. Don't worry, things are going to start happening for the better.



At least everyone he comes in contact with gets led up the garden path.

He is completely brain washed. Also said that to my Dad, I think. I hope Scrivs is right though.

 

[Cricko]

Things are getting better.

 

[palexander]

It's quite laughable now that I think about it.
I spoke Dave Scriven last week at the training ground, and I was asking what about this, what about that. And he said at the end, Ron only has the best interests of the club at heart, he has funds available and everything will be sorted. He said he wouldn't be in the job if that was not the case. Don't worry, things are going to start happening for the better.



At least everyone he comes in contact with gets led up the garden path.

Unless it comes true... it frustrating right now, but I doubt any single one of us (ok, maybe 1 or 2!) have absolutely any idea as to what is going on day to day behind the scenes.

if we are doomed, then I would imagine its too late to do much about it anyways. Every day throws up some new story, so let see what develops over the next 24/48 hours.

When's Ron due back anyways? Anyone know?

 

[Floval Flyer]

When's Ron due back anyways? Anyone know?

I wish we could find out, and what flight he's heading back on....

Love to stand there with a sign reading "TAXI FOR RON MARTIN"

 

[Winkle]

God, why did I start reading this....I promised myself I wouldn't, Its grim..... very grim. If and when the Audit takes place and we all see that the state of the club is infact alot worse than our wildest dreams you would like to think that adminitration would be our savior in respect that the club we love (what ever league we are in) has some sort of future, but as we own nothing, and owe a mountain of money I cant help but think that the end is near.

 

[pickledseal]

I wish we could find out, and what flight he's heading back on....

Love to stand there with a sign reading "TAXI FOR RON MARTIN"

He probably read it as "TAX-MAN FOR RON MARTIN" and run off and hide! ;)

 

[Beefy]

it is standard proceedure,

In a commerical enviroment all accounts must be audited inpependantly, whether or not SUFC have to provde the figures, they have to be verified by an independant body, hence the audit statement.

I would expect the club should have 2009 CY audited accounts in place, balance sheets etc. They may make extremely grim reading therefore they may not have been submitted. Once submitted thay can be viewed by anybody IIRC? I bet our 'Credit Rating' is close to junk status though, I cannot see how we get any decent terms for any supplies or services? I certainly wouldn't lent any money to us ! LOL!

If our defence is based on our Balance Sheet then we're ****ed. I'd expect this hearing to be about our capability to generate the cash going forward to meet our obligations and not on solvency of our historic Balance Sheet.

 

[Yorkshire Blue]

Matt,

If the club can't show they are solvent, aren't the directors breaking the law by continuing to trade?

All the creditors could go after them personally couldn't they?
I'm amazed the directors haven't already pulled the plug - probably shows how much Ron Martin has on the line if he's willing to take that risk

You could continue to trade but you'd need to take every step with a view to minimising the potential loss to the company’s creditors.

 

[Razam]

Maybe one for a new thread, but aproximately what is the Gross worth of SUFC - ie. if Southend United did go into administration, realistically what the maximum the administrator could claw back/sell off? 7 or 8 players plus fixtures, fittings & stationary is all I can think of.

 

[Smiffy]

Maybe one for a new thread, but aproximately what is the Net worth of SUFC - ie. if Southend United did go into administration, realistically what the maximum the administrator could claw back/sell off? 7 or 8 players plus fixtures, fittings & stationary is all I can think of.

That's about it!

£1m tops?

 

[Cricko]

That's about it!

£1m tops?

With any player having even a small transfer fee having left....we are worthless.

 

[Floval Flyer]

That's about it!

£1m tops?

did you mistakingly stick an 'm' in there...??

 

[Beefy]

Maybe one for a new thread, but aproximately what is the Gross worth of SUFC - ie. if Southend United did go into administration, realistically what the maximum the administrator could claw back/sell off? 7 or 8 players plus fixtures, fittings & stationary is all I can think of.

About a fiver.