High Court hearing v Charterhouse 14/07/2010

[Smiffy]

I would guess that you're right and we owe them a lot more than the 140k. We may well have been able to pay the amount from the Winding Up petition today but Charterhouse want to keep proceedingsgoing pending the result of the HMRC petition.

Exactly.

That is the only logical explanation as to why Charterhouse, NOT the club, have called for an adjournement.

This was a loan against season ticket money right? All along I was thinking borrowing £140,000 against probably 7 or 8 times that amount in season ticket money, was not very much of a loan...

Could be well wide of the mark of course.

But, oh dear, oh dear.

 

[Floval Flyer]

I hear there is a space in the Essex Senior League.... As Grays don't want it?

I'm at a loss, how can they adjourn to 11 AUg, when there is now not a chance to lift the transfer embargo, no new players, a diminishing sqaud or...what 9,..8 players under contract?

We'll end up doing a Luton, 25 to 30 points down and in the conference before we start?

So, what happens to Roots Hall site if we go t!ts up? Who then owns it? Saino's, RM, KPMG c/o SUFC in Administration?

Surely SUFC can provide fully audited acounts for the CY 2009? WHy another delay ? IS RM secretly a Col Ewe fan? FFS!

 

[Jai]

It has just hit home that the club we all love is actually about to die. A two sentence statement on the official site pretty much says "we're stuffed but we're not about to tell you that."

Presumably the deadline to apply for the Ryman Premier or Essex Senior League is long gone as well.

 

[Smiffy]

OS explanation!

**** off. You really should not have bothered.

 

[Cricko]

It was always on the cards that we owed them more....it seems they are taking guidance from HMRC over this...I would say NO money was offered by the club today.

 

[Onion_Bag_Dave]

I hear there is a space in the Essex Senior League.... As Grays don't want it?

I'm at a loss, how can they adjourn to 11 AUg, when there is now not a chance to lift the transfer embargo, no new players, a diminishing sqaud or...what 9,..8 players under contract?

We'll end up doing a Luton, 25 to 30 points down and in the conference before we start?

So, what happens to Roots Hall site if we go t!ts up? Who then owns it? Saino's, RM, KPMG c/o SUFC in Administration?

Surely SUFC can provide fully audited acounts for the CY 2009? WHy another delay ? IS RM secretly a Col Ewe fan? FFS!

I have a conspiracy for you all.
Sainsbury's, The Trust, Charterhouse, Consortium, The Council, the football league and the PFA, have all got together to try and force Ron Martin to sell to Sainsbury's and the Consortium.

Just a thought.

 

[pickledseal]

When's the next protest?

 

[Yorkshire Blue]

So what you are saying Matt is things today do not sound positive at all?

Not necessarily. What I'm saying is I don't know enough to work out whether things are any more positive or not than how things were yesterday.

If one of my debtors was facing an administration order, I'd seek legal advice from an insolvency specialist as to where I stand.

 

[pickledseal]

I have a conspiracy for you all.
Sainsbury's, The Trust, Charterhouse, Consortium, The Council, the football league and the PFA, have all got together to try and force Ron Martin to sell to Sainsbury's and the Consortium.

Just a thought.

That will be what Ron is claiming next!

 

[Onion_Bag_Dave]

It's nonsense.

Really?

RON MARTIN FOR **** SAKE.

WE NEED ANSWERS RON, NO MORE ****ING ABOUT.

 

[class]

I would guess that you're right and we owe them a lot more than the 140k. We may well have been able to pay the amount from the Winding Up petition today but Charterhouse want to keep proceedingsgoing pending the result of the HMRC petition.

If it is a loan secured against season ticket revenue, then in my personal opinion think the total loan is approx 1.4m, and the 140k represents one of 10 monthly repayments. If you think about it, 1.4m isn't too bad an estimate for our season ticket sales.

 

[C C Csiders]

This is extremely worrying.

My understanding of the situation is, that with just 7 or so players, the FL will ask us to guarantee our "golden share". That may cost us anything between 10 and 17 points (the Leeds scenario). If we are unable to guarantee we can field a side against Stockport, the FL will remove us from the competition before we start.

We clearly cannot make any guarantees until the PFA debt has been cleared AND HMRC have been paid and that cannot be until 2nd August.

In a best case scenario, we will need to bring a number of new players in a four day window.

Of course, we may go into Administration on 2nd August. This obviously brings us a 10 point deduction, but also the requirement to clear our assets out. As far as I can see our assets are 7 players and a new management team. I believe whilst in Admin we cannot purchase any players. So, unless the consortium or another body come in on 2nd August and clear all the debts and take us out of administration immediately, and then buy enough players to field a side, we are dead.

All in all, it ain't good.

No! Everything is going to be fine. There's nothing remotely suspicious about the going's on. It's just routine that's all it is.

Got to go now as I've left my 'teaser' to deal with Sarah Harding whilst I post on SZ.

 

[Kestrel]

where is Nigel Brunning ?? Surely he must have a statement to make on behlaf of this sorry state of affairs - enough of Martin, he is so out-of-touch with reality he may a well be in his own atmosphere

i would also be interested to hear the views from any of the pro-Ron brigade . . . that's provided that there are any left now

 

[Napster]

If one of my debtors was facing an administration order, I'd seek legal advice from an insolvency specialist as to where I stand.

and if one of the other debtors had already forced an adjournment and audit, I'd think - I'll go the same way - wait for proof of money/

 

[J]

So, the 2 most concerning things here - 1) People think big Ron is the largest creditor.... how? And more importantly, i seriously doubt if he has ever pumped money into the club, he can prove it. If money has been lent to his other companies, and he has transferred from them to SUFC - It's still the originator of the funds which stays the creditor. 2) Ron is on holiday, which is fantastic... What a prize A **** - i seriously urge people to make this ***** life a ****ing misery, if he ever returns..

The most emotive things in life are your Mrs and the football team - and god forbid the Mrs get's in the ay of SUFC.

 

[Smiffy]

and if one of the other debtors had already forced an adjournment and audit, I'd think - I'll go the same way - wait for proof of money/

Yes, but HMRC bar the extra £20k they added on, were paid up last week.

Why have Charterhouse not been paid up?

 

[Cricko]

and if one of the other debtors had already forced an adjournment and audit, I'd think - I'll go the same way - wait for proof of money/

Why not collect the money that was already there in place and then make a decision.

 

[Napster]

Yes, but HMRC bar the extra £20k they added on, were paid up last week.

Why have Charterhouse not been paid up?

Maybe because the final amount is still being negotiated? Just a thought.

 

[Yorkshire Blue]

So, the 2 most concerning things here - 1) People think big Ron is the largest creditor.... how? And more importantly, i seriously doubt if he has ever pumped money into the club, he can prove it. If money has been lent to his other companies, and he has transferred from them to SUFC - It's still the originator of the funds which stays the creditor.

I think when people say Ron is the largest creditor of the club, they are referring to companies controlled by Ron.

 

[Napster]

Why not collect the money that was already there in place and then make a decision.

See my reply to Smiffy. I'm not pro-Ron, but some of the stuff on here is bordering on hysteria.