Breaking News HMRC Paid

[canveyshrimper]

Did we write a cheque?

Doubt it, the club operates without an overdraft donchaknow.:smile:

 

[Homer]

I believe that Sainsburys release money to Roots Hall Ltd and not to the Club. From there I'd be surprised if priority no.1 wasn't to settle the liability for Martin Dawn and priorty no.2 was to do the same for the football club. But I guess we won't know for sure until the day of the Court case.

If the plug is pulled on Martin Dawn PLC how do we as a club stand / survive because of the complicated way the shares are divided to the different subsideries under the MD banner

It would be nice if Rm issued a statement on his position but thats not going to happen until after the court date if then at all

 

[EastStandBlue]

If the plug is pulled on Martin Dawn PLC how do we as a club stand / survive because of the complicated way the shares are divided to the different subsideries under the MD banner

It would be nice if Rm issued a statement on his position but thats not going to happen until after the court date if then at all

The way I understand it, if Martin Dawn were to go into administration it could have much bolder consequences for the club. Any administrator appointed would seek to reclaim unpaid debt owed to the company, and are we not a creditor?

 

[Beefy]

If the plug is pulled on Martin Dawn PLC how do we as a club stand / survive because of the complicated way the shares are divided to the different subsideries under the MD banner

It would be nice if Rm issued a statement on his position but thats not going to happen until after the court date if then at all

Who knows? I'd expect we'd take a ten point hit if MD PLC went into Admin, but on the other hand maybe not. I don't suppose we have any insolvency practitioners on Shrimperzone who could shed some light on it?

From what I can see, MD going under could potentially offer up the chance for someone to come in and pick up the football club, Roots Hall and Fossetts Farm all in one go. On the other hand it could be very bad news for the Club as there's no way that an Administrator would carry a subsidiary which bleeds out to the tune of £100k each month.

 

[Beefy]

The way I understand it, if Martin Dawn were to go into administration it could have much bolder consequences for the club. Any administrator appointed would seek to reclaim unpaid debt owed to the company, and are we not a creditor?

Possibly, but the money owed is all internal debt. I don't think an Administrator would be able to call up Tara Brady and ask for ten year's worth of rent because SUFC Ltd is owned by Martin Dawn PLC and therefore they'd basically be paying themselves. Plus the Club simply doesn't have the cash to pay a penny in rent (if it generated enough cash to pay rent then we would be paying rent).

A more likely risk would be the Administrator simply turning off the tap and refusing to finance the Club.

 

[Davros]

I have a funny feeling that if the club became available on the cheap, Sainsburys would have it in there interested to snap it up, and ship it on asap so they could get the developement moving

 

[The General]

Matty Paterson's twitter "Finally" ... Must have got paid then!

 

[Beefy]

Or he's glad that The Rock is back on Raw.

 

[Pubey]

Matty Paterson's twitter "Finally" ... Must have got paid then!

Maybe one of his Christmas presents has finally be delivered by Royal Fail.
:winking:

 

[Hooly]

The way I understand it, if Martin Dawn were to go into administration it could have much bolder consequences for the club. Any administrator appointed would seek to reclaim unpaid debt owed to the company, and are we not a creditor?

I think more relevant would be that the land i.e. near the station in Benfleet that RM is using to provide security for the debt by way of a legal charge is owned by MD.

Were MD to be placed in administration that could affect the title to that land which would then have a knock on effect with Sainsbury's dependant on the terms of the loan. These terms will undoubtedly be enormously complicated & ultimately in Sainsbury's favour as the lender, but it would certainly change the dynamic between the parties yet again.

 

[MattLloyd]

Can anyone explain the other winding up order. One for MD and the other?

 

[Mick]

The way I understand it, if Martin Dawn were to go into administration it could have much bolder consequences for the club. Any administrator appointed would seek to reclaim unpaid debt owed to the company, and are we not a creditor?

I think it's more likely that the Football Club would be portrayed as a debtor rather than a creditor to Martin Dawn. What the reality is, who knows what's been happening with all the intra-Group financial machinations.

 

[Beefy]

I think it's more likely that the Football Club would be portrayed as a debtor rather than a creditor to Martin Dawn. What the reality is, who knows what's been happening with all the intra-Group financial machinations.

The reality is spelled out in black and white in the books for anyone who is bothered to look. It's also pretty apparent from just working out the numbers yourself.

 

[Mick]

The reality is spelled out in black and white in the books for anyone who is bothered to look. It's also pretty apparent from just working out the numbers yourself.

Enron's accounts were in black and white too.

 

[Beefy]

Then don't read the accounts. Use your a pen and paper and work it out yourself. It isn't hard. Take any month from the past five years. Work out roughly how much cash we'd have had coming in through the turnstiles, work out how much we'd have had going out in wages, taxes and bills and then ask yourself how the chasm between the two numbers was being filled.

 

[Mick]

Then don't read the accounts. Use your a pen and paper and work it out yourself. It isn't hard. Take any month from the past five years. Work out roughly how much cash we'd have had coming in through the turnstiles, work out how much we'd have had going out in wages, taxes and bills and then ask yourself how the chasm between the two numbers was being filled.

I can think of a number of occasions over the last 5 years when a lot of cash has come in for various reasons. I know not how much it was or where it went.

 

[Beefy]

It's pretty obvious where it went. It went on the 56 months out of the last 60 (at the very least) in which we had a lot more cash out than we had going in. £1.5m (in instalments) for Freddy Eastwood wouldn't last very long.

If someone has cooked the books at Southend then they've not done a very good job of it.

 

[Mick]

It's pretty obvious where it went. It went on the 56 months out of the last 60 (at the very least) in which we had a lot more cash out than we had going in. £1.5m (in instalments) for Freddy Eastwood wouldn't last very long.

If someone has cooked the books at Southend then they've not done a very good job of it.

Or maybe they've done a very good job, depending on what they're trying to achieve. I'm not saying they have; I'm not saying they haven't. It's all far too complicated for me.

 

[* ORM *]

Then don't read the accounts. Use your a pen and paper and work it out yourself. It isn't hard. Take any month from the past five years. Work out roughly how much cash we'd have had coming in through the turnstiles, work out how much we'd have had going out in wages, taxes and bills and then ask yourself how the chasm between the two numbers was being filled.

Isn't the point of an internet forum where some people ask questions and others answer them or is it now just the done thing to play I'm the smart-arse all day ?

 

[Mick]

The reality is spelled out in black and white in the books for anyone who is bothered to look. It's also pretty apparent from just working out the numbers yourself.

Back to my original point. Surely the club would be a debtor not a creditor ?