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

[danbowen]

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

in all fairness they had PMQs at 12pm so were only down the road and hardly gone out of their way.

 

[rlb999]

To be fair Anna Firth attends regularly and mentions the team in her social media each game. Not sure if "the other one" does anything.

Maybe football isn't his thing - but he's done his bit today and shown up. Ron hasn't managed to get the money, but has played about the strongest hand he could today in the circumstances.

 

[WestyReturns]

All I've had in my head is Ron Martin running about like Ian Beale just before he was declared bankrupt being told to do one by everyone he's ****ed off at some point all day. FWIW I genuinely think that it's not going to end up with Ron crying in the back of his accountant's car on the way to court and that things are going to (just about) be ok.

I'm not at mercy to say who the club is (It's 100% not SUFC), but I've been doing work with one recently who are looking to secure finance against a heap of conditions so have some experience with the process.

If it puts anyone's minds at rest, getting to the stage that the club were at today in court, should mean a lot (maybe not all, mind) of the lenders' concerns have been put to bed, I've lost weeks of my life having to go back and review work that's been put together to answer a question that I've already been asked in a slightly different way because another "what if?" has come up.

Thanks, that's informative for those who wouldn't understand the process so deeply like myself. So I guess it's down to Ron's choice then whether to take on the loan bar confirmation checks?

Out of interest could they request other business/assets and family members be personal garantors etc?

 

[Big Bad Barry Corr]

Ron seems very up beat about today on his twitter page.
Got a feeling there is going to be a good result for the club today and another win for us..

Ron isn’t on Twitter. It is a parody account in his name

 

[Shrimper]

To be fair Anna Firth attends regularly and mentions the team in her social media each game. Not sure if "the other one" does anything.

I don't think he likes to venture out of his safe space of Thorpe Bay too much

 

[Crawliano]

Thanks, that's informative for those who wouldn't understand the process so deeply like myself. So I guess it's down to Ron's choice then whether to take on the loan bar confirmation checks?

Out of interest could they request other business/assets and family members be personal garantors etc?

So with these things the lender could appoint an independent intermediary to assess the business and if the projections given hold true. That's what I've been doing, you get paid well for doing that but the flipside is that if you back the wrong horse, you're partially liable.

With regards to your assets question, something that's not out of the ordinary is that Ron may have had in his plans that all of his payback and revenue relies on a return to League 2 in the next 2 seasons. The lender may say that they'll lend the money, but they also want the club to take an extended credit facility that sits with the lender in the event that the projections don't happen. That way the extended credit kicks in and allows the debt to be paid and the club to continue operating and able to continue servicing the debt.

There's plenty of options on the table though and I'm sure whatever option it is that's been exercised the lenders are ultimately holding all the cards. So let's be honest here, we are truly in scheisse strasse having to go to such lengths in the first place.

None of this should be celebrated at all.

 

[rootshall rambler]

My head says Wound up....but my heart just wont let me press that button....so i will have to say case dismissed...... though that is only a 50-50 at best.......and yet there are STILL people here who seem to be fans of that appalling person even as he laughs at us all.....yet again !!

What sickens me to the very core, is the number bootlickers, plants and stooges** on this zone, who still seem to act as (organised ?) apologists and defenders of that "person" .

To think that ANYONE can have even the smallest scintilla of belief, or respect or empathy or sympathy for that man....the toxic malignant millstone that has brought our club into disrepute and near ruin, time and time again,......... is beyond all understanding.

SUFC........ the laughing stock of English football........... all down to one man. How the fugg did we ever sink so low ??? Heartbreaking .

** They must be plants and stooges, because ANY support whatsoever for the man destroying our club, defies all reason and logic.

 

[Ricey]

Trust Statement - 18th January 2023

The Shrimpers Trust understands Southend United Football Club have been granted an adjournment in respect of outstanding monies owed to HMRC.

On 1st October 2022, when a Time To Pay agreement was cancelled by HMRC, Club owner Ron Martin declared it would be "weeks not months" before bridging finance was secured to discharge the debt in full.

On 31st December 2022, Chief Executive Tom Lawrence confirmed that bridging finance was the short-term solution to the club's current financial issues, and that it would be used to pay off the HMRC debt, resulting in the winding-up petition being dismissed.
Now, on 18th January 2023, that bridging finance still does not appear to have been finalised. The debt to HMRC is still to be discharged. A winding-up petition remains in place, with the next court date on 1st March 2023 marked "final", together with a National League embargo.

In our statement following the club's previous appearance at the High Court, we requested that Ron Martin sorts out the mess that threatens the existence of our football club. Head Coach Kevin Maher echoed those sentiments in a recent interview with BBC Essex, calling on the chairman to produce in the same way his squad have.

Kevin and his coaching team, and the hardworking staff throughout the football club, deserve better. On the pitch, we are firmly in the play-off picture with eyes fixed on a return to the EFL, as well as being possibly just three wins from an FA Trophy final at Wembley.

That is remarkable, but this progress on the pitch risks being threatened, not just because there is currently no prospect of any essential signings in the event of injuries to key players, but because there is unrest amongst supporters about the ownership of the club.
The Shrimpers Trust calls upon Ron Martin to urgently confirm when bridging finance is now to be expected, and how the club will be able to function until work begins on the new stadium at Fossetts Farm.

We expect all salaries to be paid on time. We expect outstanding monies to suppliers to be resolved. We expect loans to be returned and the club's accounts to be filed. If these expectations cannot be met, then bridging finance is not the solution.

We are disappointed that the can has been kicked down the road. The dark clouds continue to gather over Roots Hall. We need genuine hope that on-field delivery will be matched off it by the owner.

If you have any questions for the Trust please feel free to contact us via our website, http://www.shrimperstrust.co.uk or by email on info@shrimperstrust.co.uk

The Shrimpers Trust Board

What is the plan if he doesn’t do any of the following?

 

[Rayleigh boy]

lots of very informative posts - thank you.

given the big picture of RM being gifted these massive high value planning permissions you would have thought raising the money would be relatively easy ...

maybe it is and hes just going the edge to save a few quids -

i wish he would just sell off the club .... take a few quid and get on with other things ..

 

[Supershrimper]

What is the plan if he doesn’t do any of the following?

Release another statement i'd imagine.

Mind you at that point if they haven't agreed the bridging loan then its goodnight Vienna.

I wonder if he is hoping the pitches will be ready by 1st March which allows him not to use the bridging finance and instead use the money from the draw down.

 

[Kat_r]

Release another statement i'd imagine.

Mind you at that point if they haven't agreed the bridging loan then its goodnight Vienna.

I wonder if he is hoping the pitches will be ready by 1st March which allows him not to use the bridging finance and instead use the money from the draw down.

If the bridging loan isn’t found he will invest himself I think. Don’t believe anybody who says he’s out of money. He isn’t

 

[Cricko]

If the bridging loan isn’t found he will invest himself I think. Don’t believe anybody who says he’s out of money. He isn’t

He will invest money from himself to himself.
Yeah OK.

 

[Shrimperjohn]

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.

Para 1. Maybe. Para 2. Not a chance in the current market. A lot has changed since the Liz Truss Debacle.

 

[Kat_r]

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!!!

I disagree about the council though. They approved the stadium despite harm to the environment so I can’t see how they are against a pro team.

 

[The Big Dady]

Boring ron always pays.

Not this time.

 

[Richard Hearn]

I don't think he likes to venture out of his safe space of Thorpe Bay too much

As a constituency MP he's never really filled Teddy Taylor's shoes.

He hasn't even got his socks on.

 

[TJC]

If the bridging loan isn’t found he will invest himself I think. Don’t believe anybody who says he’s out of money. He isn’t

If that's the case, why would he waste 10 of thousands of £££ in unnecessary interest payments?

 

[The Big Dady]

Think Ron may be checking all avenues for cash.

 

[Spaceman Spiff]

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

If the club is gone I will be setting fires in Benfleet Road

 

[Smiffy]

If the club is gone I will be setting fires in Benfleet Road

Get in the queue behind 6,000 others mate.