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

[LBBlue]

And going into administration

https://www.aabrs.com/services/administration/

Probably just a minor stay of execution.

If Administrators sold SUFC they would still be at Ron’s mercy as SUFC ltd has no assets apart from a few valuable players contracts.

 

[Evening Echo]

THE Shrimpers Trust have urged Southend United chairman Ron Martin to confirm when bridging finance can be expected to save Blues.

Read more on this story


Help with Echo links

 

[kentblues]

He hasn't really got a leg to stand on now in terms of negotiating the terms. They know if we don't take the loan we'll be out of business. I can't see them compromising. So, we either have already agreed to the terms in the document or we will have to soon.

I suspect there have been discussions- Ron trying to provide evidence it’s very low risk et al., the lender making clear the sort of comfort they would require. This will have led to the Indicative Terms Sheet which will cover the terms of an offer (I guess all lenders are different- maybe some send out a standard Terms Sheet without this having happened but not the ones I have dealt with. Guess it depends how bespoke verses “transactional” the lending is).

From the excellent court report it’s sounds as if the terms are probably not going to change as the lender is now completing their internal processes mean supporting documentation has been provided by the lender. Of course, questions may come back, debates happen and all takes time.

You are right Ron probably wasn’t ideally positioned- that said he has dealt with the lender and settled loans with them previously.
Underwriting won’t pay to much attention to that- they are interested in the here and now and getting a future loan repaid…

 

[mattytheshrimper]

Out of interest if Ron was able to secure the bridging loan or pay the amount owed in full, what happens the next time we default? Surely we won't get as many chances as this time considering we're a serial offender!

 

[LBBlue]

If Ron lets SUFC go into administration or get wound up then the amount owed to his other companies will be lost to them.

HMRC are likely to get next to nothing either way. It would just stop the amount they are owed increasing.

Trouble is his other companies own the land that the club utilises. The only positive is that according to the club accounts when the club “sold” the land to one of his other companies there was an overage agreement written in if the land is disposed of again for a higher sum.

 

[Whispering Bob]

Appears the court and HMRC had it yesterday

Strange then that the claim the paperwork was presented last-minute was not contested (?).

 

[TJC]

You are nowhere near the position Orient were in back in 2017, and we kept getting lifelines. You'll be fine.

How about now?

 

[SS9_Shrimper]

In my experience a certain amount of previous discussions would have already taken place to allow the Indicative Terms Sheet to be issued as the terms would likely be very much bespoke to the borrower?

BWT earlier in the thread someone working previously providing bridging loans referenced a £7m loan sorted in 4 days.

For transparency I must say that usually 2 weeks would be a reasonable timeframe for commercial bridging backed by a clear project, but if you’re willing to play by the lenders rules then you can get things over the line sooner.

 

[TJC]

Perhaps now is the time Ron may consider listening to offers? He could lose it all, but if he started to engage with potential purchasers or partners (who in their right mind would want to go into business with Ron though), he might get a small payday out of it?

 

[Billy Bests boot laces]

On the glass half full side, We have a lot of home games coming up wich will financially enormously help us Fingers crossed the weather is kind for our home games.

And also for the state of the pitch.

 

[Blue Yonder]

Fair play to the MP's to go up in person to support the club and not just send a letter.

 

[Smiffy]

Fair play to the MP's to go up in person to support the club and not just send a letter.

Indeed, perhaps a few quid in donations from somewhere would help with attendance at such events I would guess.

 

[kentblues]

Strange then that the claim the paperwork was presented last-minute was not contested (?).

Why bother- get into an argument that it’s plenty of time if the judge/HMRC weren’t so lazy- a rabbit hole best left alone. But the report from the court says submitted 17th

 

[Blue Yonder]

Indeed, perhaps a few quid in donations from somewhere would help with attendance at such events I would guess.

Money well spent then..... unusually for SUFC....

 

[Shrimper]

Fair play to the MP's to go up in person to support the club and not just send a letter.

Nice of them to remember that the club exists

 

[Spaceman Spiff]

New poll added above for the new March fixture. Can Ron win the final?

 

[Smiffy]

New poll added above for the new March fixture. Can Ron win the final?

He has to or the club is gone and so is he.

 

[Ricey]

I’m normally a glass half full kind of guy, but I am genuinely worried this time. Usually he pulls it out of the bag but I think the bags are empty.

Very worrying times! Got to feel for all of the staff and players at the club. Wondering if they will get paid on time or if at all. Then could be finding themselves at the job centre 1st of March.

Our whole existence lies in the hands of one man! And there just appears absolutely nothing we can do about it.

 

[tommy tucker]

When are we going to hear from Either Ron or Tom on behalf of Ron telling us when of if the loan will be in place .Or when will the club start knocking down Boots n laces to start the rebuild of this new stadium . Im sure we will hear all about it soon .At least if it comes from Tom there might be a truth in what he has to say .I do trust Tom Yoy cant trust Ron .

 

[The General]

Indeed, perhaps a few quid in donations from somewhere would help with attendance at such events I would guess.

Careful, that thread got locked (and deleted!) !!