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

[Holy Joe]

No not really the statment made by Ton just said things are improving slowly .

CLUB STATEMENT

This statement provides an update on the Club’s finances, HMRC and the Fossetts development.

www.southendunited.co.uk

No where does it say things are improving slowly.

But it does say "HMRC - we speak regularly to HMRC, to keep them updated as to the progression of our financial recovery. We will use some of the bridging finance to pay off the HMRC debt. This will result in the winding up petition being dismissed."

So clearly it says HMRC will be paid - I've inferred that will then lead to the embargo being lifted

 

[Westcliff Shrimper]

Gone for the first option. No inside knowledge, just being an optimist. Which helps when you are a Shrimper.

 

[Smiffy]

CLUB STATEMENT

This statement provides an update on the Club’s finances, HMRC and the Fossetts development.

www.southendunited.co.uk

No where does it say things are improving slowly.

But it does say "HMRC - we speak regularly to HMRC, to keep them updated as to the progression of our financial recovery. We will use some of the bridging finance to pay off the HMRC debt. This will result in the winding up petition being dismissed."

So clearly it says HMRC will be paid - I've inferred that will then lead to the embargo being lifted

Doesn't say when though...

 

[meerkat54]

Doesn't say when though...

How long is a piece of string?

 

[Holy Joe]

Doesn't say when though...

No, but the msg I was replying to was saying Ron and Tom were being tight lipped. Which I disagreed with, given the recent statement.

 

[Maldon Blues]

My hunch is we have agreed this bridging loan (having finally found someone stupid enough to loan Ron a substantial sum!), but given the significant interest on what I assume to be a seven-figure sum that we don't want this to be paid out until the latest possible time and that it'll be paid in time to pay off HMRC next week.

 

[GNH]

Went for adjournment and still under Umbongo.

As an aside do we know who is taking out this 'bridging loan'? Is it under the portfolio of RM companies or is it the club directly?

Who is going to be paying the vast interest on this loan? Will it be added the the ever growing intercompany debts meaning even more owed by SUFC?

 

[Holy Joe]

Went for adjournment and still under Umbongo.

As an aside do we know who is taking out this 'bridging loan'? Is it under the portfolio of RM companies or is it the club directly?

Who is going to be paying the vast interest on this loan? Will it be added the the ever growing intercompany debts meaning even more owed by SUFC?

I'd be surprised if the club could borrow from an external lender, it doesn't have any assets.

I think an arms length interest rate on an inter company loan would have to accrue in the accounts

 

[Its Only A Game]

My hunch is we have agreed this bridging loan (having finally found someone stupid enough to loan Ron a substantial sum!), but given the significant interest on what I assume to be a seven-figure sum that we don't want this to be paid out until the latest possible time.

I've no idea how much the bridging loan will be for but as they said "some" of the bridging loan will be used to pay off HMRC its probably got to be in the region of £2,000,000 as a minimum.

If Ron is lucky he might get that at 1% per month interest although with his track record I'd imagine it would be higher. Even at 1% on £2M, the monthly interest would be £20,000pm ignoring repaying any of the actual loan.

On these sorts of figures you can see why its all likely to be drawn down as late as possible

 

[Yorkshire Blue]

Because we reneged on the last one?

That would be a reason why HMRC may not want to enter into another agreement but it wouldn’t be a reason to prevent them from doing so.

 

[OldBlueLady]

My hunch is we have agreed this bridging loan (having finally found someone stupid enough to loan Ron a substantial sum!), but given the significant interest on what I assume to be a seven-figure sum that we don't want this to be paid out until the latest possible time and that it'll be paid in time to pay off HMRC next week.

That's what I'm hoping but fear it'll be adjourned as not done in time.

 

[Shrimpet steve]

It's not in Ron's interest to let the club fold! He won't get his kings ransom from Fossetts farm otherwise.

 

[tommy tucker]

Even IF the whole amount is paid off, like I've always said, another winding up and another embargo will be just round the corner.

I have zero faith that this loan (no doubt with horrendous interest on top) will little more than plug a small hole and just bide us a bit of time.

If you read the statment it says that we will soon turn the corner .If the bridging loan has been agreed it will not only clear our debt .But with the amound the loan is we should keep the HMRS off our backs for some while Needless to say a lrage loan is what is coming .And the sooner the better .

 

[mattytheshrimper]

If you read the statment it says that we will soon turn the corner .If the bridging loan has been agreed it will not only clear our debt .But with the amound the loan is we should keep the HMRS off our backs for some while Needless to say a lrage loan is what is coming .And the sooner the better .

Do you also believe that pigs fly?

People really do have to learn after the 1,973 statement not to believe a word of them.

 

[catholic blue boys]

How do we actually know if he has applied for the loan yet, my guess is he has not yet which why months not weeks, and he will wait and see till the hearing and if he can lie his way past it this time will apply for loan then, which in the current climate could take months not weeks, which is why they are being tight lipped.

I wouldnt mind betting we see a few players go as part of his lying plan to us supporters and Kev.

Problem is i think we are all now fed up with his lies, and us older supporters are not stupid because we have seen and heard this all before but couldnt be bothered before to say anything becuase we always belived he would sort it out, now its just lie after lie.

Which is why the young supporters have a bigger voice nowdays because a lot of older supporters back them.

 

[Snowy]

I wonder how Scunthorpe will be viewed by HMRC.

 

[Kat_r]

Because we reneged on the last one?

Opps

 

[Justleavingwork]

I wonder how Scunthorpe will be viewed by HMRC.

The same as all football clubs hence why HMRC are trying to act in the interests of the tax payers

 

[Justleavingwork]

How do we actually know if he has applied for the loan yet, my guess is he has not yet which why months not weeks, and he will wait and see till the hearing and if he can lie his way past it this time will apply for loan then, which in the current climate could take months not weeks, which is why they are being tight lipped.

I wouldnt mind betting we see a few players go as part of his lying plan to us supporters and Kev.

Problem is i think we are all now fed up with his lies, and us older supporters are not stupid because we have seen and heard this all before but couldnt be bothered before to say anything becuase we always belived he would sort it out, now its just lie after lie.

Which is why the young supporters have a bigger voice nowdays because a lot of older supporters back them.

No idea, but after all this time Ron has relented and taken a loan in Southend United name after saying he would not and had not done so in his tenure.

We then complain that the debt to HMRC is paid but we need to pay interest on the loan. That’s how loans work and most club have this agreement. Some do it on terrible terms to owners like bury or Bolton and others are more favourable.

We should take it on face value that Tom is trying to turn it around and hope the 18th see is sign a goal keeper, let a few leave and bring in any that we keep the goals coming

 

[Kat_r]

No idea, but after all this time Ron has relented and taken a loan in Southend United name after saying he would not and had not done so in his tenure.

We then complain that the debt to HMRC is paid but we need to pay interest on the loan. That’s how loans work and most club have this agreement. Some do it on terrible terms to owners like bury or Bolton and others are more favourable.

We should take it on face value that Tom is trying to turn it around and hope the 18th see is sign a goal keeper, let a few leave and bring in any that we keep the goals coming

We won’t get wound up I absolutely guarantee

The statement on nye made it out that Ron cant be bothered to fund the club as much anymore. But trust me he’s not short of cash. Which makes the loan seem to me he will pay it back once ff is complete. No issues there he will be drowning in cash. But yeah he will be using the loan to fund the club instead of his vast millions. As I said he’s already an incredibly wealthy man but wants a loan to fund things not him if that makes sense