Sale of Southend United to Justin Rees and his consortium

[GNH]

To expand on this.
The other creditors on the WUP need to do new ownership a bit of a solid here. J.R and rat going halves on HMRC so that's sorted.

It's not even the existing creditors on the WUP that's the main concern, it's getting everything sorted so that others don't jump on the bandwagon at the last minute.

 

[Callum]

It sounds like a deal has been struck and details are just being agreed before the big announcement.

What a relief it will be to see another name under the title of chairman.

And someone else sitting in his chair at roots hall

 

[Callum]

@Smiffy pyro party in the car park

 

[tommy tucker]

Good things are worth waiting for. Let's hope for all concerned good things will arrive

 

[Flinty]

I suppose it is entirely feasible that the rat wants to give the impression that a deal is just a week or so away, and much further along than ever before, to gain another extension from the courts ….and then reneging on everything a day later if successful. We’ve been here before I’m afraid

 

[tommy tucker]

As was said the take over doesn't have to be done on the 4th But thr payment TO HMRC does.

 

[leeblue]

Right here's the score
Deal done for club etc. New owner going halves with rat on HMRC.
However there are other creditors on the winding up petition.
We are completely reliant on those other creditors doing a repayment deal with us and coming off the petition. IF THIS DOESNT HAPPEN WE WILL GO INTO ADMINISTRATION.
Police may cancel Tuesday game.

 

[tommy tucker]

Right here's the score
Deal done for club etc. New owner going halves with rat on HMRC.
However there are other creditors on the winding up petition.
We are completely reliant on those other creditors doing a repayment deal with us and coming off the petition. IF THIS DOESNT HAPPEN WE WILL GO INTO ADMINISTRATION.
Police may cancel Tuesday game.

Why would the police get called the day be for Wednesday????

 

[Chrisb]

Right here's the score
Deal done for club etc. New owner going halves with rat on HMRC.
However there are other creditors on the winding up petition.
We are completely reliant on those other creditors doing a repayment deal with us and coming off the petition. IF THIS DOESNT HAPPEN WE WILL GO INTO ADMINISTRATION.
Police may cancel Tuesday game.

Thanks for the update.

 

[Chrisb]

Right here's the score
Deal done for club etc. New owner going halves with rat on HMRC.
However there are other creditors on the winding up petition.
We are completely reliant on those other creditors doing a repayment deal with us and coming off the petition. IF THIS DOESNT HAPPEN WE WILL GO INTO ADMINISTRATION.
Police may cancel Tuesday game.

If I understand correctly would it not be in the interests of the other creditors to sort out a repayment plan rather than risk getting nothing if we go into admin.?

 

[JAL]

Right here's the score
Deal done for club etc. New owner going halves with rat on HMRC.
However there are other creditors on the winding up petition.
We are completely reliant on those other creditors doing a repayment deal with us and coming off the petition. IF THIS DOESNT HAPPEN WE WILL GO INTO ADMINISTRATION.
Police may cancel Tuesday game.

So why can't they pay the creditors off straight away? I understand that means committing to payment straight away, I am also not sure of the debt amounts to the other creditors but surely it's not as much as the HMRC debt?

 

[leeblue]

If I understand correctly would it not be in the interests of the other creditors to sort out a repayment plan rather than risk getting nothing if we go into admin.?

Fingers crossed.
However its the be all or end all of it all.

 

[JAL]

If I understand correctly would it not be in the interests of the other creditors to sort out a repayment plan rather than risk getting nothing if we go into admin.?

Yes because it means they'll get paid, and I am sure they'd prefer to do that with Rees over Ron.

 

[leeblue]

So why can't they pay the creditors off straight away? I understand that means committing to payment straight away, I am also not sure of the debt amounts to the other creditors but surely it's not as much as the HMRC debt?

Because its a ton of money...solicitors and electrical contractors I believe...over a million combined

 

[leeblue]

Why would the police get called the day be for Wednesday????

We'll all know Tuesday which way it's gonna fall, if it's another 10 point deduction and staring at relegation....then I know I'll be raging beyond rage, I'll be taking my seat out of the west that's for sure

 

[Shrimper83]

I reckon the announcement will come either Monday or Tuesday! This should push people into coming out and celebrating Tuesday night.

 

[Target man]

Right here's the score
Deal done for club etc. New owner going halves with rat on HMRC.
However there are other creditors on the winding up petition.
We are completely reliant on those other creditors doing a repayment deal with us and coming off the petition. IF THIS DOESNT HAPPEN WE WILL GO INTO ADMINISTRATION.
Police may cancel Tuesday game.

I've had some interactions with Justin this morning and this is exactly what I have understood. Administration is a possibility but all parties are doing everything to try and avoid this. However, I am extremely positive that this takeover will be concluded. My first impressions of the guy is that he is what I had hoped he would be. Quite straight, honest and engaging, and as a bonus, he has a great sense of humour - then again, he would need that if he's purchasing our club!! Hopefully we'll avoid Administration, nevertheless, feeling positive about our future under his leadership.

 

[Danshrimper]

So why can't they pay the creditors off straight away? I understand that means committing to payment straight away, I am also not sure of the debt amounts to the other creditors but surely it's not as much as the HMRC debt?

It’s more than the HMRC debt. Emersons alone was 600k.

 

[WestyReturns]

So why can't they pay the creditors off straight away? I understand that means committing to payment straight away, I am also not sure of the debt amounts to the other creditors but surely it's not as much as the HMRC debt?

Very good question!!!! If they have the capital available then it's a no brainer to avoid admin if they want the best for club.

 

[JAL]

Because its a ton of money...solicitors and electrical contractors I believe...over a million combined

Ahh quality, what a man Ron is, 20 mil + since he's been here btw