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

[TJC]

It does look bleak and the wording doesn't fill with confidence. My only hope is the judge agreed there was a real chance we will get the funds, and he ain't gonna take Ron's word for it. It would have been examined extensively (I hope!) Before the hearing?
Feels like a bit of a wing and a pray but that's all we've got

 

[Billy Bests boot laces]

. My only hope is the judge agreed there was a real chance we will get the funds, and he ain't gonna take Ron's word for it. It would have been examined extensively (I hope!) Before the hearing?

Good point, i hope your right.

 

[ColinMorrisWalksOnWater]

I just have a really bad feeling about this. Especially with an empty vessel type statement Bullsh1t Ron has provided.

 

[Holy Joe]

That’s my understanding too. As far as I’m aware there’s no grace period where Ron can sell up or we can all look down the back of our sofas. That’ll be us done there and then.

It's be in Ron's interests to put us in administration prior to 1 March if he knew he wasn't going to get the cash - so whilst I don't know if he'll get the cash or not, I'd be stunned if we were liquidated.

 

[Holy Joe]

It does look bleak and the wording doesn't fill with confidence. My only hope is the judge agreed there was a real chance we will get the funds, and he ain't gonna take Ron's word for it. It would have been examined extensively (I hope!) Before the hearing?
Feels like a bit of a wing and a pray but that's all we've got

Didn't the judge and HMRC brief say they hadn't seen the document provided by Ron prior to the court appearance? And it turned out docs were submitted day before.

Doubt there was much checking.

 

[meerkat54]

Ron’s statement didn’t do much for my confidence that he can pull a rabbit out of the hat by March 1st.
Don’t think he has the credibility to get a loan in place with lenders.
Four months have gone now, so why do we think it’s going to happen in thirty odd days now .
Personally I think he may have been offering a slice of the cake to potential investors in return for some cash pronto.
It’s only my view, but it’s torture all this speculation and guessing.

 

[SeldomSeenShrimper]

Legally, do the fans have a leg to stand on in terms of getting Ron out before the club dies?

 

[manor15]

I think it's great news. Bridging finance will be sorted in weeks, not months. Ron says so.

Oh crap, sorry, I was reading his statement from 1st October (which is 3 months ago, or 11 weeks in Ron's language).

 

[amsemp]

It's be in Ron's interests to put us in administration prior to 1 March if he knew he wasn't going to get the cash - so whilst I don't know if he'll get the cash or not, I'd be stunned if we were liquidated.

75% of shareholders would need to agree to voluntary liquidation to allow that. What percentage does Ron own? He’d also need to make a declaration of solvency to do that and the club seems pretty insolvent looking at the balance sheet - especially as Roots Hall, which is the main asset, is not owned by SUFC.

Edit: ignore me, misread your post!

 

[WestyReturns]

It's be in Ron's interests to put us in administration prior to 1 March if he knew he wasn't going to get the cash - so whilst I don't know if he'll get the cash or not, I'd be stunned if we were liquidated.

It's actually not in his interest to. It's better for his other companies if we go under. If it goes into admin they will investigate all inter company accounts/loans etc. The whole pack of cards comes down.

Also with admin he'll lose control of the football club which could effect the whole development depending on new ownership. If there's no football club he can sell off more land for profit.

 

[Smiffy]

It's be in Ron's interests to put us in administration prior to 1 March if he knew he wasn't going to get the cash - so whilst I don't know if he'll get the cash or not, I'd be stunned if we were liquidated.

Possibly.

You’d think Voluntary Administration is better than the other option if the loan doesn’t land.

Although that means we will be handed -10 points immediately and a potential demotion next season if we don’t settle our debts with our football creditors. Not to mention everything else it would entail.

The fact this is even being discussed ****es me off.

 

[amsemp]

Someone on Facebook is saying Ron has told the Shrimpers Trust he can’t pay. Can anyone from the Trust shoot this down?

 

[Smiffy]

Someone on Facebook is saying Ron has told the Shrimpers Trust he can’t pay. Can anyone from the Trust shoot this down?

Link?

 

[Supershrimper]

Someone on Facebook is saying Ron has told the Shrimpers Trust he can’t pay. Can anyone from the Trust shoot this down?

If its posted on Facebook its surely true.

What was people expecting. Yes loan has been agreed and cash made available but HMRC will get a cheque on the 28th February?

Stan put up comment around 5 hours ago about "Anyone inside or outside the club that underestimates my ability to affect positive outcomes for the club will just have to watch and see"

Now I dont know what Stan means but I take the key words from that to be positives outcomes for the club

 

[amsemp]

Link?

On CP’s Facebook group. On the post from Andy Ward with the Scunthorpe statement.

 

[8]

It's fine mate, the club might shake around a bit more but he’ll sort it

Be positive, whoever thought that Del Boy would one day become a millionaire, but looked what happened..........!!!

Only thing with Del it was fantasy. Sound familiar

 

[amsemp]

If its posted on Facebook its surely true.

What was people expecting. Yes loan has been agreed and cash made available but HMRC will get a cheque on the 28th February?

Stan put up comment around 5 hours ago about "Anyone inside or outside the club that underestimates my ability to affect positive outcomes for the club will just have to watch and see"

Now I dont know what Stan means but I take the key words from that to be positives outcomes for the club

Wasn’t suggesting it was. Just be good if someone from the Trust could put it to bed before it gathers steam.

 

[meerkat54]

Possibly.

You’d think Voluntary Administration is better than the other option if the loan doesn’t land.

Although that means we will be handed -10 points immediately and a potential demotion next season if we don’t settle our debts with our football creditors. Not to mention everything else it would entail.

The fact this is even being discussed ****es me off.

Can’t believe that we are thinking the worse outcome. But we just can’t bury our heads in the sand.
I’m sure the next 30 days or so are going to sheer hell.

 

[Holy Joe]

It's actually not in his interest to. It's better for his other companies if we go under. If it goes into admin they will investigate all inter company accounts/loans etc. The whole pack of cards comes down.

Also with admin he'll lose control of the football club which could effect the whole development depending on new ownership. If there's no football club he can sell off more land for profit.

He's the major creditor so he doesn't quite lose control of the club.

If were liquidated then the intercompany debt would also need to be written off at the other group entities - likely making them insolvent as well - so I don't get the difference you're suggesting.

The existing planning permissions all need a club to be around before the housing developments at roots hall can start and funding for new stadium agreed before they can start at Fossets. So no obvious motivation to liquidate rather than administration

 

[WestyReturns]

He's the major creditor so he doesn't quite lose control of the club.

If were liquidated then the intercompany debt would also need to be written off at the other group entities - likely making them insolvent as well - so I don't get the difference you're suggesting.

The existing planning permissions all need a club to be around before the housing developments at roots hall can start and funding for new stadium agreed before they can start at Fossets. So no obvious motivation to liquidate rather than administration

He could lose it if external party agrees to pay off debts at x amount of pence to pound Etc. When in admin everything is for sale.

Yes, agree they are insolvent but they would get away with being that way far longer and he's playing for time.

I hope that is the case re the planning permission that states in fact that development cannot happen without a football club. We will find out I guess.

I really really hope I'm wrong. I did warn all this was coming with Ron many many years ago.