Breaking News Latest news on the sale of the club.

[hlane17]

Maybe the consortium asked this Legal firm to start proceedings in an attempt to speed up the whole ....show

I do wonder if the consortium would be happy to take on this new pile of **** left by the Martins if they get their act together and get this completed.

But I doubt they'd ask a firm to put us back in court. It could quite easily trigger a chain of creditors big enough to sink the club.

 

[in the know]

Ron's legal costs but secured against the club.
Hearing Ron is more or less completely broke apart from what his son is prepared to pay for. The legal firm probably assume (probably correctly) this is now the only way they will get paid.
It's certainly not a club debt that the consortium should cover.

I would hope pg site services (who I heard were the other party) can be pursuaded to jump off the band wagon as the club were more involved in that one.

The only hope I have is that the completion purchase cost\balance gets reduced by the amount he owes and some sort of appropriate paperwork enables things to get sorted. Maybe it can get added to the 20 mil owed down the line!

 

[Green Wizard]

The way I see it is that Ron Martin needs everything to go through so he can get his money, if it doesn't all he has is land, what good is that to him if he's got no money? If the club goes to the wall would the council let him build his housing?

 

[BEERMONSTER]

The cynic in me wonders what level of 'relationship' there is between the and this firm. You can imagine the saying 'look you can do us both favour, the debts against SUFC, these Consortium chaps might pay it if you push the issue' Just saying

 

[Cricko]

Ron's legal costs but secured against the club.
Hearing Ron is more or less completely broke apart from what his son is prepared to pay for. The legal firm probably assume (probably correctly) this is now the only way they will get paid.
It's certainly not a club debt that the consortium should cover.

I would hope pg site services (who I heard were the other party) can be pursuaded to jump off the band wagon as the club were more involved in that one.

The only hope I have is that the completion purchase cost\balance gets reduced by the amount he owes and some sort of appropriate paperwork enables things to get sorted. Maybe it can get added to the 20 mil owed down the line!

And that is the bottom line. it's his debts, which in turn shows you all he has charged everything to the club over the years,

 

[Shrimper]

Council need to set a deadline to agree a plan. He accepts or gets nothing. It's not their issue of his personal financial problems

 

[thenobster]

In short, is there a risk they'll pull out or the winding up petition scuppers the deal?

 

[amsemp]

You say that, but the company launching the petition is a legal firm which represented the club in the past in various Winding-Up Petition matters. They argued to a judge on several occasions that the club is a community asset which couldn't be allowed to die, and for the club's creditors to be patient and wait til the sale of the club completed.

The irony of this shouldn't be lost on anybody, and it's verging on hypocrisy.

Saw your comment on the echo article and was about to post it here! Absolutely laughable if true, which I suspect it is. Surely they must realise it’s likely this won’t be supported by a judge under the circumstances, so what do they stand to achieve? Or is it just to inflate their costs a bit more? I’m struggling to understand what their motive is here.

 

[amsemp]

In short, is there a risk they'll pull out or the winding up petition scuppers the deal?

I wouldn’t have thought so. Especially as £3m has already been invested by them. Out of principle it sounds like they’re not willing to pay off Ron’s historic debt whilst the sale hasn’t concluded and for which they have no control over. If Ron had a shred of trustworthiness I don’t think it would be an issue. But I don’t blame them for taking this stance. If they thought for a second there was a chance the club could be wound up though, I’m pretty certain they wouldn’t let that happen.

 

[kentblues]

Ron's legal costs but secured against the club.
Hearing Ron is more or less completely broke apart from what his son is prepared to pay for. The legal firm probably assume (probably correctly) this is now the only way they will get paid.
It's certainly not a club debt that the consortium should cover.

I would hope pg site services (who I heard were the other party) can be pursuaded to jump off the band wagon as the club were more involved in that one.

The only hope I have is that the completion purchase cost\balance gets reduced by the amount he owes and some sort of appropriate paperwork enables things to get sorted. Maybe it can get added to the 20 mil owed down the line!

“Unfortunately, one creditor is unwilling to wait until the sale closes to receive repayment and is now petitioning for the Club to be wound up.”

This does rather suggest the consortium were both aware of the creditor and were expecting to settle the bill post completion?

I don’t think any of these historic debts sit with Ron anymore (at least unless the sales falls though)- but completely understand the consortium’s reluctance to start clearing these amounts pre completion, especially as they no doubt negotiated the need to away with the various suppliers before signing the conditional purchase agreement in the first place.

It might put pressure on, which might be a good thing but the only thing that would have a meaningful impact is SBC bringing forward DD (all prior movement has been out not in so not sure this is realistic).

The announcement to me suggests the club will likely go down the adjournment route- this would presumably be supported by the sale being at a very advanced stage (DD), representations by SBC and others. Upsetting, annoying, etc. but it’s that against paying this historic debt pre-completion which understandably they don’t want to do?

 

[kentblues]

Saw your comment on the echo article and was about to post it here! Absolutely laughable if true, which I suspect it is. Surely they must realise it’s likely this won’t be supported by a judge under the circumstances, so what do they stand to achieve? Or is it just to inflate their costs a bit more? I’m struggling to understand what their motive is here.

Can see no other purpose than to apply pressure. And they will represent themselves and so that’s probably sunk costs..

 

[amsemp]

“Unfortunately, one creditor is unwilling to wait until the sale closes to receive repayment and is now petitioning for the Club to be wound up.”

This does rather suggest the consortium were both aware of the creditor and were expecting to settle the bill post completion?

I don’t think any of these historic debts sit with Ron anymore (at least unless the sales falls though)- but completely understand the consortium’s reluctance to start clearing these amounts pre completion, especially as they no doubt negotiated the need to away with the various suppliers before signing the conditional purchase agreement in the first place.

It might put pressure on, which might be a good thing but the only thing that would have a meaningful impact is SBC bringing forward DD (all prior movement has been out not in so not sure this is realistic).

The announcement to me suggests the club will likely go down the adjournment route- this would presumably be supported by the sale being at a very advanced stage (DD), representations by SBC and others. Upsetting, annoying, etc. but it’s that against paying this historic debt pre-completion which understandably they don’t want to do?

That’s how I took it. For what it’s worth, I don’t think they can really be described as Ron’s legal costs secured against the club. They were defending the club - it wasn’t Ron in the docks (unfortunately).

 

[Cricko]

That’s how I took it. For what it’s worth, I don’t think they can really be described as Ron’s legal costs secured against the club. They were defending the club - it wasn’t Ron in the docks (unfortunately).

They are one and the same.

 

[amsemp]

They are one and the same.

I guess you’re right actually.

 

[hlane17]

They are one and the same.

This right here is sadly why we're in this absolute **** show.

 

[Strykr]

Ffs.

That is all.

 

[Yorkshire Blue]

I don’t think any of these historic debts sit with Ron anymore

What legal bills do you think the club incurred? It seems curious to me that the club has a reported £400,000 legal bill. It is not immediately obvious what this would relate to.

 

[Cricko]

What legal bills do you think the club incurred? It seems curious to me that the club has a reported £400,000 legal bill. It is not immediately obvious what this would relate to.

They only EVER had any legal bills on the back of The Rats mishandling of finances and his glorious dream.

I am pretty sure they must of known about this debt when they signed up for the club and The Rat rinsed his hands of his debts he loaded on the club. The pressure is now on as any payment plan is out of the window it seems , well at least until tomorrow.

The Rat will of course blame everybody else for his failings.

 

[Yer Blues]

There's no way the consortium won't pay this off is there if left with no other option is there?

Do they write off the 3 million they have put in instead?

I'm not saying they should pay it before the completion of purchase, but if it's pay it or get wound up, what decision do they make?

 

[The Original Tribal Chief]

There's no way the consortium won't pay this off is there if left with no other option is there?

Do they write off the 3 million they have put in instead?

I'm not saying they should pay it before the completion of purchase, but if it's pay it or get wound up, what decision do they make?

Spot on, but they will try and claim it back from Ron when all is completed. And good luck to them.