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

[Rayleigh boy]

I hope the trust are going to cut the chat and get some budget for some lawyers -

advice needed re covenant and options going forward ..

Otherwise the conversation will continue to be heated and totally uninformed

 

[TJC]

Thought I'd share a little Eminem style ditty on our plight.

Verse 1:
Listen up, I got a story to tell
'Bout a club that's struggling, fighting for its health
Southend United, down on its luck
With a tax bill that just won't go away, can't seem to get unstuck

Chorus:
Southend United, what's the story now?
In debt and fighting, trying to stay afloat somehow
From the glory days to this financial plight
We'll keep cheering, through the day and through the night

Verse 2:
But let's not forget, this club's got history
With fans who've been there, through every victory
And now we're faced with a crisis so dire
But we won't back down, we'll keep the fire

Chorus:
Southend United, what's the story now?
In debt and fighting, trying to stay afloat somehow
From the glory days to this financial plight
We'll keep cheering, through the day and through the night

Bridge:
Bridging loans, we're trying to secure one
To pay the tax bill and keep the club from going under
Enter Stan Collymore, he's trying to save the day
For Southend United, and what it means to play

Chorus:
Southend United, what's the story now?
In debt and fighting, trying to stay afloat somehow
From the glory days to this financial plight
We'll keep cheering, through the day and through the night

Verse 3:
Ron Martin's sailing, oh so close to the edge
With the future uncertain, we can barely pledge
But we've got each other, and our love for the game
And we'll fight for Southend United, in our own unique way

Outro:
So let's rally together, and show our support
For Southend United, and what we stand for
We'll keep cheering, through the highs and the lows
For our club, and for the love of the game, whoa!

 

[TrueBlue]

Absolutely agree. Should be listen in only bit should be available to stream to all interested parties

As SOS I will ask for the meeting to be recorded and available on YouTube after either on the SOS channel or the Shrimpers Trust YouTube channel

@OldBlueLady can you ask at your end if this can be done?

 

[Supa Shrimpa]

Surely, it's got to be recorded for us to view. We can't insist on RM being transparent, if our supporters groups aren't themselves.

 

[Mr Browns Ghost]

I hope the trust are going to cut the chat and get some budget for some lawyers -

advice needed re covenant and options going forward ..

Otherwise the conversation will continue to be heated and totally uninformed

I still want to hear Nile rangers stories

 

[TrueBlue]

Surely, it's got to be recorded for us to view. We can't insist on RM being transparent, if our supporters groups aren't themselves.

Totally agree and have pushed for this, it’s the trust hosting this I believe so it’s down to them to implement it and agree, I’m sure other groups have no issue with this

 

[Shrimper in France]

Saddens me to say, but my mob are eyeing up Torquay away (25th Feb) as a potential farewell match.

Saddens ME to say that I already booked flights over and hotel for the first two home matches AFTER the 1st March - obviously this was before the last court hearing so therefore not knowing then that this could be (may well be) the end. So instead of watching Blues v Barnet and Chesterfield it may have to be a local Isthmian or Essex Senior match. It would have been Great Wakering but they're away at Bury St Edmunds!

 

[loz]

I hope the trust are going to cut the chat and get some budget for some lawyers -

advice needed re covenant and options going forward ..

Otherwise the conversation will continue to be heated and totally uninformed

Yeah think I've come round on this, you want someone with insolvency and property law experience to test some of the assumptions we have about different scenarios.

Would also like to see a follow-up to the supporters groups statement with some specific questions for RM/TL on e.g. the status of negotiations on bridging finance, when funds expected to be released for FF, etc. I know its unlikely to get an answer but being targeted is important here, the general 'Ron is bad' is too easy to deflect.

Also interested in whether there has been any informal outreach to other members of the board, worth trying every route to try and get info on what's happening behind the scenes.

Finally I'd be looking at a joint condemnation of the really nasty chants about RM on Saturday, that stuff is going to put people off and divide the fanbase further.

 

[Whispering Bob]

Saddens ME to say that I already booked flights over and hotel for the first two home matches AFTER the 1st March - obviously this was before the last court hearing so therefore not knowing then that this could be (may well be) the end. So instead of watching Blues v Barnet and Chesterfield it may have to be a local Isthmian or Essex Senior match. It would have been Great Wakering but they're away at Bury St Edmunds!

Here's hoping you will be watching the Blues mon ami.

 

[USAShrimper]

I'll also be coming over in March. Have put up with this "smoke & mirror" act for several years now. However, I'm still very confident that this will be taken care of March 1st and I'll be watching the Blues. Still not a great look for the future of our club though.

 

[Evening Echo]

ANOTHER Southend United supporter has his say.

Read more on this story


Help with Echo links

 

[fbm]

I spoke with a colleague earlier today who has a lot more experience of insolvency hearings and there is something he pointed out that made me feel a little more relaxed about the whole situation.

Re the "Final" hearing; As long as Ron can demonstrate that the money will be on it's way, it will be adjourned. It doesn't matter whether or not a judge has marked it "Final", They are all final until they are adjourned. If Ron can provide evidence that at some point the money will come through - and there has been a part completion on the training ground which will ultimately release funds - then even if the bridging loan is not in by March 1st, it will be adjourned. If the judge ignores that evidence and winds the company up, there will be an immediate appeal and then an adjournment pending that appeal. So all in all, it is unlikely that anything disastrous will happen on that day.

Further, Ron is not a stupid man. He will have a contingency plan. He will not allow the club to be wound up; he would put it into administration first and he isn't going to do that, I'm sure he will have a plan B. There will be plenty of people that will lend him money (contrary to popular belief) and their money won't be at risk as it can be secured on the land.

It has been said that his statement last week said nothing, but it did say we could look forward to a good second half of the season.

All this is a game to him I'm sure. I doubt he has the interests of the club at heart other than the fact that if we go under so does he. Similarly, if we actively try and force him out as well, we will collapse. It would be the ultimate "cutting your nose off to spite your face" tactic, only more drastic.

Whilst his handling of the day to day stuff is obviously of huge concern, I do think that not only will we still have a club on March 2nd, but it could mark the beginning of a new chapter and phase in our history, regardless of whether he stays in the long term or not.

(By the way, no I'm not Ron and no-one can claim their £5).

 

[Barry.C]

I wonder if with arrangement fees and interest charges for our possible £5m bridging loan it will nearly cost us up to £800,000 ?
Thats based on looking up 7 current bridging loans on offer

I will repeat that is a potential loss/charge of £800,000 pounds, imagine what you could do with that amount of money

Hope Rons deal is a remarkably better one somehow if this is our last resort?? Maybe others will contribute to the deposit or arrangement fee etc ? to reduce the c calamitous charge and pain be it short term or longer

No doubt a few people will now advise me just how wrong I am and how good the Ron Bridging loan is and so valuable and needed in the circumstances, But It would then be tough to reply politely given the situation weve been reduced to over years of mismanagement

A loose Knot in a hangman's rope might be valuable in the last chance saloon

 

[The Big Dady]

Regaining recording and publishing the meeting,

Surely if you do not want certain parties to know the Supporters Groups strategy before it can be actioned by broadcasting the discussion and conclusions in advance, it should be keep private for now?

 

[Barry.C]

I spoke with a colleague earlier today who has a lot more experience of insolvency hearings and there is something he pointed out that made me feel a little more relaxed about the whole situation.

Re the "Final" hearing; As long as Ron can demonstrate that the money will be on it's way, it will be adjourned. It doesn't matter whether or not a judge has marked it "Final", They are all final until they are adjourned. If Ron can provide evidence that at some point the money will come through - and there has been a part completion on the training ground which will ultimately release funds - then even if the bridging loan is not in by March 1st, it will be adjourned. If the judge ignores that evidence and winds the company up, there will be an immediate appeal and then an adjournment pending that appeal. So all in all, it is unlikely that anything disastrous will happen on that day.

Further, Ron is not a stupid man. He will have a contingency plan. He will not allow the club to be wound up; he would put it into administration first and he isn't going to do that, I'm sure he will have a plan B. There will be plenty of people that will lend him money (contrary to popular belief) and their money won't be at risk as it can be secured on the land.

It has been said that his statement last week said nothing, but it did say we could look forward to a good second half of the season.

All this is a game to him I'm sure. I doubt he has the interests of the club at heart other than the fact that if we go under so does he. Similarly, if we actively try and force him out as well, we will collapse. It would be the ultimate "cutting your nose off to spite your face" tactic, only more drastic.

Whilst his handling of the day to day stuff is obviously of huge concern, I do think that not only will we still have a club on March 2nd, but it could mark the beginning of a new chapter and phase in our history, regardless of whether he stays in the long term or not.

(By the way, no I'm not Ron and no-one can claim their £5).

I appreciate you are trying to be positive but another adjournment, continuation of the embargo, winding up or administration , doesnt quite get me dancing in the street, although Im still not saying Ron wont pull something out of the bag

 

[Blue43]

I have heard from 4-5 very reliable sources now that Ron is very unwell.

Before anyone jumps on their high horses I’m not wishing the guy ill health or anything like that, just saying what I’ve heard from sources.

Given his age, his bad health and the financial issues he clearly has I think if someone comes in with a good enough offer for the club and development he may well seriously consider it now.

 

[Linda Loan Shark]

With Ron’s dodgy credit history, and bridging loans being expensive anyway, I’d expect a £5M loan to be in the region of 1.5% interest per month.

That would be around £75,000 interest per month.

How can we afford £75k a month when we are struggling not paying that a month???

Some people saying that they think it will be adjourned again. I am not so sure Macclesfield, Bury etc got another lifeline when it was their final time. I thought Ron would save us but I have changed my vote now. I wonder when that voting percentage will change?

I will be going to Torquay away as it could be the last time supporting Southend. We are nearly in the same month of that game and nothing.

 

[kentblues]

I wonder if with arrangement fees and interest charges for our possible £5m bridging loan it will nearly cost us up to £800,000 ?
Thats based on looking up 7 current bridging loans on offer

I will repeat that is a potential loss/charge of £800,000 pounds, imagine what you could do with that amount of money

Hope Rons deal is a remarkably better one somehow if this is our last resort?? Maybe others will contribute to the deposit or arrangement fee etc ? to reduce the c calamitous charge and pain be it short term or longer

No doubt a few people will now advise me just how wrong I am and how good the Ron Bridging loan is and so valuable and needed in the circumstances, But It would then be tough to reply politely given the situation weve been reduced to over years of mismanagement

A loose Knot in a hangman's rope might be valuable in the last chance saloon

The whole point about bridging loans is that they are for a short term only. They are not even medium term finance. Nonetheless your maths shows why you would draw down until the last moment.
A three month facility including fees is still like to cost circa £300k.

 

[LennySUFC]

How can we afford £75k a month when we are struggling not paying that a month???

Because the new stadium has a banquet facility which will enable us to have a top half L1 budget.

 

[kentblues]

How can we afford £75k a month when we are struggling not paying that a month???

Because you now have a £5m loan…