High Court hearing v Charterhouse 14/07/2010

[Clinton Baptiste]

Face it guys its over, finito. The club will be wound up I have no doubt. Time to get plans for AFC Southend in place. I dont mind doing the half time oranges, they do lovely Spanish ones in Waitrose.

 

[Onion_Bag_Dave]

Face it guys its over, finito. The club will be wound up I have no doubt. Time to get plans for AFC Southend in place. I dont mind doing the half time oranges, they do lovely Spanish ones in Waitrose.

I'm not to sure about that, I imagine that we will go into administration on the 2nd August (possibly).
Therefore our debts will be paid about 20p in the pound. Not completely sure how it works, but as the Winding up petition is now after the 2nd of August, it's more like likely to be admin, isn't it?

 

[J]

The other big problem is, if Ron manages to pay the debts again.. we will have 2 days of Hysteria about how he has saved us. Stockholm syndrome, people will start to adore the **** again.

The problems with SUFC are not the economic climate, the fact we have been relegated, or we over spent. It's the fact we have an incompetent, egotistic, fantasist of a chairman who has no idea how to run this club.. ony luck has stopped us being wound up yet..

 

[Jai]

I have an image in my head of the film Shawshank Redemption when the governor's mismanagement and financial corruption are laid bare for all to see and the authorities are closing in on him leaving him with only one viable way out...

 

[Razam]

One thing that is bugging me - If it was a dead cert that we'd be wound up rather than put into administration - then why are the consortium waiting for administration?

Maybe the consortium know something we don't and should we not be able to show solvency, maybe winding-up isn't the only option - otherwise why didn't the consortium say "We'll only make an offer if Ron contacts us. Buying the club in administration is unlikely as the club has no assets" or something similar. Instead they said "If Ron contacts us OR the club goes into administration".

So unless the consortium & Ron are sharing the same finance advisors, there maybe more to the club's assets than we're aware of!

Maybe i'm just getting my hopes up.

 

[Onion_Bag_Dave]

One thing that is bugging me - If it was a dead cert that we'd be wound up rather than put into administration - then why are the consortium waiting for administration?

Maybe the consortium know something we don't and should we not be able to show solvency, maybe winding-up isn't the only option - otherwise why didn't the consortium say "We'll only make an offer if Ron contacts us. Buying the club in administration is unlikely as the club has no assets" or something similar. Instead they said "If Ron contacts us OR the club goes into administration".

So unless the consortium & Ron are sharing the same finance advisors, there maybe more to the club's assets than we're aware of!

Maybe i'm just getting my hopes up.

I've heard that the thing they do know for a complete fact, that we all do know really, is that the club is in such a worse mess than everyone knows.
The thing that I fear is just like the one with our government, labour ****ed us up, and now it's going to be so hard for the Tory's and Libby's to sort it out. Maybe not though, because it's a completely different scale.

 

[Norfolkshrimp]

Face it guys its over, finito. The club will be wound up I have no doubt. Time to get plans for AFC Southend in place. I dont mind doing the half time oranges, they do lovely Spanish ones in Waitrose.

That's typical of the management of this club, big ideas small wallet, we can't afford Waitrose oranges that's like signing Messi on £200k a week, we can still be competitive on Tesco Value oranges

 

[Kestrel]

It's the fact we have an incompetent, egotistic, fantasist of a chairman who has no idea how to run this club.. ony luck has stopped us being wound up yet..

I am amazed by the exhaustive list of debts which was quoted earlier on in this thread . . . in the last 5 years alone the club has had substantial income through the turnstiles, merchandise, TV and player transfers . . . so if we still have a huge mountain of debt, where has all that income money gone ???

 

[Napster]

I am amazed by the exhaustive list of debts which was quoted earlier on in this thread . . . in the last 5 years alone the club has had substantial income through the turnstiles, merchandise, TV and player transfers . . . so if we still have a huge mountain of debt, where has all that income money gone ???

Peter Clarke? Players on 2k a week when we're only getting 7000 through the turnstiles?

 

[palexander]

I am amazed by the exhaustive list of debts which was quoted earlier on in this thread . . . in the last 5 years alone the club has had substantial income through the turnstiles, merchandise, TV and player transfers . . . so if we still have a huge mountain of debt, where has all that income money gone ???

Wheres the Eastwood money gone?!?! Outrageous!

Peter Clarke cost us £1m too - dont fooooooorget!!

 

[Kestrel]

Peter Clarke? Players on 2k a week when we're only getting 7000 through the turnstiles?

7,000 was at the lower end of our average crowd last season, and taking the season ticket holders out of the equation and using a ballpark figure of 15 quid for each of the 7,000 would give gate receipts of 105,000 per match . . . . while that alone won't cover pay and expenses, there is still merchandising, sponsorship, advertising, TV money and transfer money. Maybe i am looking past the obvious, but to me it doesn't seem to add up.

 

[Csboy]

Face it guys its over, finito. The club will be wound up I have no doubt. Time to get plans for AFC Southend in place. I dont mind doing the half time oranges, they do lovely Spanish ones in Waitrose.

Glad someone else is seeing that as well. I've been saying this for ages but now its becoming a reality. Ron Martin has destroyed the club there is no way back now. Paul Sturrock is going to walk in the next few weeks. No player any good is going to sign for us. If we do start the season it will be too painful to watch. I would sooner watch us in the Essex Senior League as a new club than watch what is about to unfold this season.

 

[Onion_Bag_Dave]

Glad someone else is seeing that as well. I've been saying this for ages but now its becoming a reality. Ron Martin has destroyed the club there is no way back now. Paul Sturrock is going to walk in the next few weeks. No player any good is going to sign for us. If we do start the season it will be too painful to watch. I would sooner watch us in the Essex Senior League as a new club than watch what is about to unfold this season.

But it isn't the end if we go into administration is it? That is the next step that will happen.

 

[palexander]

But it isn't the end if we go into administration is it? That is the next step that will happen.

Even if we go into admin, the common feeling is Martin will buy the club back anyways for a massively reduced price like Ken Bates did at Leeds.

 

[Kestrel]

Even if we go into admin, the common feeling is Martin will buy the club back anyways for a massively reduced price like Ken Bates did at Leeds.

with so many companies holding so much debt, Martin should never be allowed to hold a position on any board of any company . . . i am sorry, but the useless lump of **** has single-handedly ruined the club and with it, the afternoon (and evening) enjoyment that thousands of us supporters enjoyed, and our parents before us.

There won't be a happy ending i am afraid, and there will very little to pick through and no local league side for my children to follow when they get a bit older. That is the harsh reality we face and i for one wish Martin all the worst luck imaginable.

 

[TJC]

But doesn't the administrator get the say on who should take over?
1 which claims it will clear the debts if it takes over
and the other claiming he will clear the debts but has a track record of not doing so?
Hell of a risk on Rons part. Maybe its his only option now. I guess hes still in Crete? How can he be relaxing knowing his and our future is balanced on a pin head?

 

[Jam_Man]

7,000 was at the lower end of our average crowd last season, and taking the season ticket holders out of the equation and using a ballpark figure of 15 quid for each of the 7,000 would give gate receipts of 105,000 per match . . . . while that alone won't cover pay and expenses, there is still merchandising, sponsorship, advertising, TV money and transfer money. Maybe i am looking past the obvious, but to me it doesn't seem to add up.

All broken down here

 

[Smiffy]

But doesn't the administrator get the say on who should take over?
1 which claims it will clear the debts if it takes over
and the other claiming he will clear the debts but has a track record of not doing so?
Hell of a risk on Rons part. Maybe its his only option now. I guess hes still in Crete? How can he be relaxing knowing his and our future is balanced on a pin head?

I'd like an explanation on the process as well.

Is it becasue Ron is supposedly the biggest creditor, he has veto on any bid coming in?

 

[Floval Flyer]

Even if we go into admin, the common feeling is Martin will buy the club back anyways for a massively reduced price like Ken Bates did at Leeds.

the other common thread in that statement is we all hate Ken Bates too...!

 

[Jam_Man]

But doesn't the administrator get the say on who should take over?
1 which claims it will clear the debts if it takes over
and the other claiming he will clear the debts but has a track record of not doing so?
Hell of a risk on Rons part. Maybe its his only option now. I guess hes still in Crete? How can he be relaxing knowing his and our future is balanced on a pin head?

If Bates can regain control then who knows.

Dont forget that this relates to the club only, the ground and new stadium are owned by other companies, Ron Martin as far as I can see will still own pretty much everything if SUFC go into admin.