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

[Supa Shrimpa]

It seems to me that High Court Judges are not stupid, nor are they easily duped. Because of that Ron and the Club are still in the game and we move on to 1st March 23. Totally buggers any thoughts of incoming newbie players but at least the squad is still more than capable of holding it's own. It's always possible that funds to sort out this mess may not appear, but it is just as possible that they will. That's the dilemma we are all still faced with.

For now I'll just watch everything rumble on till March, knowing that there is little/nothing I can do to alter the circumstances apart from support my team and get behind the lads when they need it most (now).

You couldn't blame any current players for jumping ship, though. I can see the squad depleting rather than increasing

 

[BedfordShrimper]

The document the judge had not seen and HMRC had, but had not read, is an important one. If it was indeed an "Indicative Terms Sheet" this is typically an offer made to the borrower from the provider setting out the key terms of the offer.

Of course Ron would need to accept those terms? Possibly try and negotiate them? But if this is the case it would indicate an offer of finance nonetheless.

I was going to say the same thing. I hope it is not a naive thought, but if there was paperwork mentioning the lender, then this must be good thing. It shows there is a solution in place. It may mean huge interest or the like, but the funds may be available after all. Again, I may be being naive, or just hopeful...

 

[Supa Shrimpa]

I was going to say the same thing. I hope it is not a naive thought, but if there was paperwork mentioning the lender, then this must be good thing. It shows there is a solution in place. It may mean huge interest or the like, but the funds may be available after all. Again, I may be being naive, or just hopeful.

Well, if it was an offer of credit, I think they should make a statement that funds are ready and can be paid by the due date. If not, if will just lead to speculation and more worry for the staff and fans.

 

[Shrimper]

Reckon we can get Chelsea to buy Hobson for £5m?

 

[undercovershrimper]

There are 4 possible outcomes from todays hearing

1. Monies Paid - Petition Dismissed
2. Agreement to pay made with HMRC - Petition Dismissed
3. Ron Starts Administration Process - Petition Dismissed
4. If 1/2 or 3 hasn't happened Southend United Football Club Plc will be wound up

 

[Supa Shrimpa]

Reckon we can get Chelsea to buy Hobson for £5m?

when he learns to pass three consecutive balls to feet

 

[Southminster Shrimper]

Reckon we can get Chelsea to buy Hobson for £5m?

Well Arsenal will have to put in a £3.5m first.

 

[WestyReturns]

The document the judge had not seen and HMRC had, but had not read, is an important one. If it was indeed an "Indicative Terms Sheet" this is typically an offer made to the borrower from the provider setting out the key terms of the offer.

Of course Ron would need to accept those terms? Possibly try and negotiate them? But if this is the case it would indicate an offer of finance nonetheless.

But wouldn't Ron of agreed this already if it was possible unless he can't commit to the terms?

He's basically gambled with the clubs existence again today. That's just unacceptable at any stage.

 

[Tampa Blue]

..for those that are still backing Ron, could they explain why please ? Surely it's time for him to put it up for sale to see if there are any potential buyers out there.

There have been plenty of talks already with prospective buyers. Sadly the stumbling block is dealing with a narcissist.

 

[hlane17]

The document the judge had not seen and HMRC had, but had not read, is an important one. If it was indeed an "Indicative Terms Sheet" this is typically an offer made to the borrower from the provider setting out the key terms of the offer.

Of course Ron would need to accept those terms? Possibly try and negotiate them? But if this is the case it would indicate an offer of finance nonetheless.

An offer of finance maybe, but an offer that is likely going to consider the risk involved with dealing with RM and a painfully slow-moving development at Fossetts.

High interest and short to medium term is what I'm picturing right now.

We might pay HMRC on the 1st March, but we are doing nothing other than shifting the debt to another debtor, who like HMRC will have no qualms in calling it in one day if unpaid.

 

[kentblues]

Well, if it was an offer of credit, I think they should make a statement that funds are ready and can be paid by the due date. If not, if will just lead to speculation and more worry for the staff and fans.

Hopefully someone who was there can confirm the document referenced? Given it is rather important. If it was an "Indicative Terms Sheet" that would normally mean an offer of finance from a lender setting out the terms.

 

[SeldomSeenShrimper]

I'm still laughing at you.

If we are wound up on 1st March, at least we can all rest assured that you'll be first on here to gloat.

Why would I gloat? I'm terrified of this happening.

My intention for a Pheonix Club was to prove to outside investors and the council that we have fans that want a club and are willing to fight for that, Instead of sitting back and waiting for the ship to sink.
As fans, we could be setting up something that makes noise and makes us worth saving, and if the worst does happen and Ron kills our club, we have some building blocks to fall back on and acquire land, etc
Nothing to do with "I told yah" and has everything to do with the fact we are still here and we deserve a football club. and address that to the council who clearly don't want a pro team.

Unfortunately, this council just assumes we will all get on their trains and go and watch our "local team" West Ham play.

Southend United fans are going nowhere!!!

 

[Stuart W]

The document the judge had not seen and HMRC had, but had not read, is an important one. If it was indeed an "Indicative Terms Sheet" this is typically an offer made to the borrower from the provider setting out the key terms of the offer.

Of course Ron would need to accept those terms? Possibly try and negotiate them? But if this is the case it would indicate an offer of finance nonetheless.

At last from someone, some positive and realistic theorizing about a potential way forward.
I was beginning to feel like I was reading the script of Dad’s Army with every scene Private Fraser piping up with “We’re doomed, we’re doomed”.

Joking aside I think the fact that it will be the “Final” hearing should be sufficient to concentrate the mind of all relevant parties, where Ron may well have to take a short-term significant financial hit in terms of interest payments, but that will be loose change for him compared to what he will ultimately gain from FF.

 

[Cricko]

But wouldn't Ron of agreed this already if it was possible unless he can't commit to the terms?

He's basically gambled with the clubs existence again today. That's just unacceptable at any stage.

From what we know the paperwork for the said loan only arrived today as the judge and prosecution had not seen it beforehand.

Jupiter are no mugs and will know what RM is all about so would of looked for the best terms possible for them,maybe the previous offer of a loan (if there even was one) wasn't to RM's liking term wise so he played cat and mouse with them to.

Today he had no choice at all but to agree or sink, whether he follows through now is anybodies guess.

 

[southendkid]

How else to you expect them to magic up £5m to keep out club afloat without a loan?

Even investors wants a return.

Interest isn’t a bad thing, it’s part of running a big business

I know the loan is necessary, it's the fact we've got into a position where we need it that's the problem. There's also no indication we've actually sorted a loan out yet, the word used was "likely", which says to me that the paperwork hasn't been finalised yet.

Interest is a good thing if you take a loan out in order to fund money making projects because if they're successful then even with the interest repayments you've made a profit, and you wouldn't have been able to fund the project without the loan. Interest isn't a good thing if you're doing it to pay basic running costs because you aren't doing anything to make extra money during the loan period, so when the loan money runs out you'll still be struggling to pay basic running costs, only now you've also got interest repayments to worry about.

 

[Supa Shrimpa]

Hopefully someone who was there can confirm the document referenced? Given it is rather important. If it was an "Indicative Terms Sheet" that would normally mean an offer of finance from a lender setting out the terms.

Indicative Terms could merely be a quote of how much it will cost, rather than an actual offer of credit ?

 

[rigsby]

So we are still in with a chance of 3 finals. What a great time to be a Shrimper. I'm really looking forward to that run of home games, Im sure the atmosphere will grow with each win.

£5m+ must mean the stadium is starting in the summer, then again the training pitches proves that already. It would have been worse if Ron had just scrapped a £1m expensive bridging loan. It proves a far more stable future than just ending an embargo to please some fans. If we cant make the playoffs with this squad, then Kev doesn't deserve more funding.

We now look more likely to keep our best players. Staff will get a bonus and with the money we gave them they will be better off than people like me chasing money unpaid by other businesses......Ones that really could pay.

We all all have a lot to be excited about in 2023. Best get down to RH with a smile on your face and be part of it. After all if you really let Ron dictate your life then you will fail in work and love.

 

[kentblues]

Worked in bridging brokering for a period. Done 7m in 4 days before for a hotel revamp, for someone who was pretty cash poor and not a great record. Basically if it’s taken this long he’s getting absolutely filthy terms and has been blacklisted by every bank in town. Usually a bank would bite your hand off for a loan like this secured on such a big development.

Taking his name off a lot of the companies associated the development when he was called up to court on charges of tax evasion, as per Homes Englands requirement, wouldn’t have helped, as this is what he would be ideally securing the loan on.

Yes agreeing appropriate security would likely have been the challenge especially if relating to future stage payments relating to assets (land) that is part of the Fossetts development (which in turn involves third party contracts etc).

 

[hlane17]

Interest is a good thing if you take a loan out in order to fund money making projects because if they're successful then even with the interest repayments you've made a profit, and you wouldn't have been able to fund the project without the loan. Interest isn't a good thing if you're doing it to pay basic running costs because you aren't doing anything to make extra money during the loan period, so when the loan money runs out you'll still be struggling to pay basic running costs, only now you've also got interest repayments to worry about.

Bang on the money with this assessment.

The gamble is here that our money making project will be moving by the time summer rolls round and therefore we can meet all outstanding interest and running costs.

 

[catholic blue boys]

I said weeks ago he hadnt applied for the loan which is why taking so long, he has such a bad reputation no one trusts him and it lies after lies with this man.

The loan wont be in place until last minute if at all with he is a chancer.

Game OVER MR MARTIN just admit you lost and let your pride go.