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

[Kat_r]

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.

Ok but the loan will fund us until ff profits come in. Ron has the cash to fund the club but a loan is better for him. As it will be paid back very easily with ff profits. So In a sense the statement is correct. It’s very much slanted to Ron’s paid in so much he can’t anymore so it’s loan time. It’s not lack of funds or lack of desire to reach into his pockets

 

[RHB]

It's interesting that the % reckoning that the case will be adjourned is now 50% higher than those believing the debt will be cleared. For what it's worth I voted for the debt cleared option, but truthfully, that's probably because I want it to be the case. Normally when reaching a decision on this sort of thing I look for decent evidence that sways me one way or another. In Ron's case I can never see any clear evidence to make a decision. And that's true of both pay and/or defer.

Sooner or later Ron will have to cough up dough to get HMRC off his back and the last thing he will want is the Club being wound up, so it just won't happen.`

 

[Holy Joe]

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.

Has he?

 

[brigg blue]

I wonder how Scunthorpe will be viewed by HMRC.

Given that a bid to buy them was rejected on Monday I reckon they may be in a worse position than we are.

Proper worrying times for them

 

[Kat_r]

It's interesting that the % reckoning that the case will be adjourned is now 50% higher than those believing the debt will be cleared. For what it's worth I voted for the debt cleared option, but truthfully, that's probably because I want it to be the case. Normally when reaching a decision on this sort of thing I look for decent evidence that sways me one way or another. In Ron's case I can never see any clear evidence to make a decision. And that's true of both pay and/or defer.

Sooner or later Ron will have to cough up dough to get HMRC off his back and the last thing he will want is the Club being wound up, so it just won't happen.`

Agree

 

[kentblues]

First the bridging loan interest rate is likely to be 1.5 to 2% per month. Do the maths and you will answer your own question re why you would leave transfer of funds to the last moment.

The other side of this is a £300m + property development.

It will happen.

 

[tommy tucker]

No one on hear really knows what will happen on jan the 18th .As ive said before its a wait and see .Yes you have the right to guess the outcome .of that day .But only time will tell the real answer To pay or not to pay .

 

[JD]

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

Unless I have missed something then the loan wouldn’t be in the clubs name …….the club has no assets………
The bridging finance would be tied in to the development somehow.

 

[JD]

Ok but the loan will fund us until ff profits come in. Ron has the cash to fund the club but a loan is better for him. As it will be paid back very easily with ff profits. So In a sense the statement is correct. It’s very much slanted to Ron’s paid in so much he can’t anymore so it’s loan time. It’s not lack of funds or lack of desire to reach into his pockets

I don’t think Ron, or his myriad of companies…..has any cash left…..

 

[Kat_r]

I don’t think Ron, or his myriad of companies…..has any cash left…..

Probably. But you never know with people like him

 

[Crowstone Crevette]

Probably. But you never know with people like him

Im assuming that your comment has no basis, and is just hear say, gossip, or possibly slander?

 

[JD]

Im assuming that your comment has no basis, and is just hear say, gossip, or possibly slander?

Morning Ron

 

[mattytheshrimper]

Ok but the loan will fund us until ff profits come in. Ron has the cash to fund the club but a loan is better for him. As it will be paid back very easily with ff profits. So In a sense the statement is correct. It’s very much slanted to Ron’s paid in so much he can’t anymore so it’s loan time. It’s not lack of funds or lack of desire to reach into his pockets

and when will this be, 2058?

 

[Kat_r]

and when will this be, 2058?

I get that. I just think the martins won’t let go of this club so we are just along for the ride sadly. Stadium will be finished when it’s finished. I know the council are annoyed as they need somebody, anybody, to develop houses on the land and as soon as possible.

 

[Kat_r]

Morning Ron

I was actually being complimentary aha saying hell pull the rabbit out of the hat.

 

[rlb999]

It’s a bad situation, but I would back us with Ron Martin over Scunthorpe with whoever their chairman is every day of the week.

 

[Prawn]

Just out of the blue, when does the loan to the Trust need to be repaid? Was it two or three months?

 

[Ian Benjamin]

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

The way this loan will work will be a loan of £5m with a fixed rate of interest of say 10% per annum, loan term 1 year, so on £5m, £500k interest, therefore net advance would be £4.25m with £750k retained by the lender to cover the interest plus a buffer of another 6m interest. The type of people who borrow from bridge lenders are also the type of people who don’t pay their debts, so the bridge lenders lend in this way to avoid any hassles with the loan being serviced.

 

[Ian Benjamin]

Unless I have missed something then the loan wouldn’t be in the clubs name …….the club has no assets………
The bridging finance would be tied in to the development somehow.

Absolutely - it will be linked to the value of the land, which will have increased with the implementation of the planning consent - now that has happened (with the completion of the training pitches), the consent is now in place and therefore there is no expiry date on the planning as it is now extant.

 

[rigsby]

I get that. I just think the martins won’t let go of this club so we are just along for the ride sadly. Stadium will be finished when it’s finished. I know the council are annoyed as they need somebody, anybody, to develop houses on the land and as soon as possible.

Liar, liar...Pants are on fire