Pre-Match Thread HMRC v SUFC - FINAL hearing on 1st March. DISMISSED

[SeldomSeenShrimper]

I'm honestly starting to believe he will fold the club to protect his personal assets.
It's like the Pandemic, we all thought it was a lot of nothing that will blow over ... But I can honestly see this being our last season ...

 

[David Icke]

First final we’ve made in ages.

 

[Shrimper]

I assume we can expect a club statement today?

 

[Rayleigh boy]

we need a united fans group -

we need legal advice on how to protect and fight for the covenant on RH

 

[Rayleigh boy]

First final we’ve made in ages.

its going to penalties

 

[Smiffy]

So he's managed to kick the can further down the road again. But, for the very last time. In short pay what's owed within 42 days or the club WILL be liquidated. It's that simple.

In the meantime the embargo will remain and presumably (and more importantly) so will the staff wage issues.

This bridging finance needs to land now (From Topland Jupiter - Zakay's I believe) , not at the last minute. No more playing russian roulette with our club. Get the loan in immediately and sort the tax bill along with the staff.

What a sorry state our club is in.

 

[TJC]

42 day adjournment - this must have been what SUFC requested as that takes us to 1/3 and is an arbitrary period to be imposed if not specifically requested by us.

Is there hope that a loan will be forthcoming? What will have changed between then and now and if a loan is coming by 1/3 then why is it unable to be made now ? I can only assume one of a few scenarios:

1) There is no loan formalised and we are searching for a source of the loan - god I hope not.

2) We have a prospective loan lined up but between the interested parties we cannot complete/agree the detail. Which RM related entity would be the debtor party for example? Given that I understand we can't even agree NDAs with interested buyers then I wouldn't be surprised if this was the case.

3) Significant incoming funds associated with ownership change or additional ownership parties.

Whatever happens, the best we can hope for is that we will remain under an embargo until 1/3/23.

This is paralyzing the Management Team. I just hope beyond hope that we manage to stay clear of any injuries and that we don't lose ANY of the current squad in the January window.

We have NEVER been more vulnerable than we are now. Loan terms will likely be punitive as prospective lenders realise they may be the only game in town. Prospective buyers of players may throw out some low bids realising the desperation of our situation.

Sad times brought about by narcistic greed and inept business management. At least we will know on 1 March whether we still have a club to support or not, though I can't help but think that 1 April would be a more appropriate date for this clown.

Or has Ron played a blinder. Has agreed loan, but doesn't want to draw down on it as it will inkoke the interest rate payments from the date of drawdown.
As already mentioned, HMRC interest is 6%pa?
With training ground apprently ready in March, he might only need the bridging loan for 1 month. If its 2% per month, that'll save him couple of 100k?

Wow, just occurred to me, we may have made our very last signing ever! Who was it? Blondie?

 

[SeldomSeenShrimper]

You all laughed at me when I said "Pheonix Club"

 

[mattytheshrimper]

So we're effectively reliant on the bridging loan being in place with the next 42 days. The fact that we've been trying to get this loan for circa 3 months now I wonder whats going to change to allow us to get this through. I also wonder how much it's going to cost the club in the long run.

 

[TrevorFitzpatrickHattrick]

Textbook Ron... Stringing this out for as long as he can to offset/mitigate additional sums/interest owing at the expense of the staff behind the scenes who are the glue that keep it all together,

 

[in the know]

On the glass half full side, We have a lot of home games coming up wich will financially enormously help us get to when a large wedge is expected to appear at some point in Feb. I heard it was a substantially larger amount than 5m, but even 5 will keep us going ok for a while. The income from the home games will hopefully ensure staff are paid ok and games are unaffected until the funds arrive. Fingers crossed the weather is kind for our home games.

 

[kentblues]

Or has Ron played a blinder. Has agreed loan, but doesn't want to draw down on it as it will inkoke the interest rate payments from the date of drawdown.
As already mentioned, HMRC interest is 6%pa?
With training ground apprently ready in March, he might only need the bridging loan for 1 month. If its 2% per month, that'll save him couple of 100k?

Clearly he would prefer the money released by the development than a bridging loan. That said if the judge was as tough as the reports it's difficult to believe that evidence relating to the loan wasn't made available? Ron can't have said you honour I have a loan lined up for £5m. Can't tell you anything about it, top secret, can't even tell you, but trust me?

 

[hlane17]

So we're effectively reliant on the bridging loan being in place with the next 42 days. The fact that we've been trying to get this loan for circa 3 months now I wonder whats going to change to allow us to get this through. I also wonder how much it's going to cost the club in the long run.

Any loan to Ron is likely to be high interest with a short period of repayment. He's hardly someone with a reliable history.

 

[Blues ‘n’ twos]

James Duddridge was apparently there. Surprised he remembered we existed

Obviously Ron’s donation to the Tory party funds recently was a “sweetener”

 

[Tampa Blue]

Or has Ron played a blinder. Has agreed loan, but doesn't want to draw down on it as it will inkoke the interest rate payments from the date of drawdown.
As already mentioned, HMRC interest is 6%pa?
With training ground apprently ready in March, he might only need the bridging loan for 1 month. If its 2% per month, that'll save him couple of 100k?

Wow, just occurred to me, we may have made our very last signing ever! Who was it? Blondie?

I thought bridging loans were normally at well above market average rates?

The only positive I see is that he is seeking a loan to cover future operating shortfalls rather than just to clear the HMRC debt....................or is it to pay off other debts such as our Accontants, Legal costs etc?

 

[Willis]

Beware the Ides of March

What has the 15th March got to do with this?

 

[Whispering Bob]

It was standing room only in Court 1, I stood by Ron in the doorway and thought he looked well (considering the rumours concerning his poor health). I was in no mood for pleasantries this time round. I assumed he was with his wife but suspect it was in fact Anna Firth (?). There were also a few other club representatives scattered about.

The ‘prosecution’ asked for us to be wound-up bearing in mind the size of the debt and previous adjournments.

Our ‘defence’ started off with the excuse that our cash flow was affected by Covid (flaky to say the least). Some late documentation concerning a finance deal had been provided only that morning, but the judge had not seen it and the ‘prosecution’ had not had time to read it (last minute Joe’s again). A sum of £5m was mentioned (and the name of the company providing it) but I think the pivotal thing in our favour was that two local MP’s were in attendance (the aforementioned Firth) and the Rochford one. They, along with Southend Council, had declared how important we, and subsequent projects, were to the community. This seemed to sway the judge.

The ‘prosecution’ guy quite rightly contested an adjournment saying that SUFC had ‘a history of non-compliance’, but we were granted until the 1st March to pay in full, and that was FINAL.

I’m sure I’ll remember a couple more facts later.

I didn’t come out of that building pleased, nor relieved. More embarrassed.

 

[Shrimper]

According to AAS we haven't paid a single penny

 

[The Dirty One]

does he even know where Roots Hall is?

Ron has just gifted him £3,000 mind

 

[WestyReturns]

I would want a statement from the club to confirm that the loan is in place before the 42 day deadline!
I have had enough of the bull s**t , whether we get a statement or not is another thing.

Does a statement mean anything though? They are normally false promises just to buy more time.