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Sale of Southend United to Justin Rees and his consortium

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Medway Blue said:
It's as it was on Friday. HoTs not quite signed yet as a few things to iron out with WUP creditors first. I understand that is going reasonably well. There is a decent chance that HoTs can be signed before Tuesday which would lead to HMRC being paid and the petition dismissed, although perhaps not full completion of the sale quite yet. If things can't be ironed out with all WUP creditors then administration is likely. The race is still on. Good reason for cautious optimism, but as ever when it comes to SUFC, it ain't done til it's done.
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Sorry to break this down into its minimalist form, but just to clarify, are you saying ALL creditors and HMRC could be paid by Wednesday without a sale being confirmed?
 
Medway Blue said:
It's as it was on Friday. HoTs not quite signed yet as a few things to iron out with WUP creditors first. I understand that is going reasonably well. There is a decent chance that HoTs can be signed before Tuesday which would lead to HMRC being paid and the petition dismissed, although perhaps not full completion of the sale quite yet. If things can't be ironed out with all WUP creditors then administration is likely. The race is still on. Good reason for cautious optimism, but as ever when it comes to SUFC, it ain't done til it's done.
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Any idea what would need to be done after Tuesday to lead to completion of the sale? I’m asking for 6000 who are looking forward to a good nights kip
 
duncan bulgaria said:
So the sale is happening and the new guys have made a good impression on all , they have had meetings with the management , players and TL to the point where it’s gone far beyond what was expected .
Funds have been made available to pay off some debts and wages and players have been sign subject to the announcement.
However TL is not in the country right now and the expectation is for the takeover announcement to be later next week rather than Tuesday
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Why does tom Lawrence need to be in the country surely it just the lawyers to sign off the takeover and then justin rees to pay hmrc and creditors
 
JD said:
If we get out of the mess then I am sure Brooklyn will be given a contract, and promptly.
Not sure on Vilhete, think he’s about as good as we could get on a non contract basis, so filled a hole.
Martin, I would assume not (as a player).
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Vilhete is on dual registration isn't he?
 
bazzashrimper said:
I think they are looking to pay off hmrc and make payment plans with the others.

Ron (Jack) and JR would split hmrc payment. JR would inherit the rest of the debt.
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But even with that, the sale wouldn't be concluded correct?

Am I also correct in thinking that a payment plan isn't paying the debt, therefore the embargo will stay in place?
 
Blues4LifeDan said:
But even with that, the sale wouldn't be concluded correct?

Am I also correct in thinking that a payment plan isn't paying the debt, therefore the embargo will stay in place?
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All football related debts would have to be paid to lift the embargo. The other debts on the WUP are not related so in theory the embargo could go.

The plan is to get those others on the WUP to do a payment deal over time, admin would not help them either, although i suspect another HMRC WUP is not far away unless a new owner gets it sorted.

Still so much up in the air ATM as the clock rapidly ticks down.
 
bazzashrimper said:
Any idea what would need to be done after Tuesday to lead to completion of the sale? I’m asking for 6000 who are looking forward to a good nights kip.
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My basic assumption would be that some DD would be needed before JR's legal team signs off on it. I understand the Martin's lawyers set up a "data room" fir interested buyers to access, and I'd be surprised if JR didn't already have access to that and be reasonably satisfied in order to hand over some money, but I don't know how detailed the data in there is and whether or not more DD would need to be done. Perhaps more of it has been done than we think.
 
Cricko said:
I think the main fear about admin would be if the judge looked at the club and saw how insolvent we were and decided to just liquidate us. So fingers crossed deals can be done by Wednesday.
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That's my fear. It's too late for a CVA too, so it would be straight-up admin. Hopefully if it happens, the club can be bought almost straight back out of it.
 
Almost sure the deal has been done in some form or other .Maybe the courts will be settled for tuesday and weds .. But sadly we have herd this all before .So hopfully it will ghappen this time .And we wil see the back of Ron for good .
 
The talk of an escrow with JR and the baby rat is positive, it would be reasonable to assume that the judge will look favourably on this given how close to a deal we appear to be.

At least provides tangible evidence, without this I think the court would/will liquidate us
 
Let's just hope we are not playing chicken with some of the creditors over administration, if they were already part of the WUP then they were already happy to risk getting nothing.
 
Medway Blue said:
My basic assumption would be that some DD would be needed before JR's legal team signs off on it. I understand the Martin's lawyers set up a "data room" fir interested buyers to access, and I'd be surprised if JR didn't already have access to that and be reasonably satisfied in order to hand over some money, but I don't know how detailed the data in there is and whether or not more DD would need to be done. Perhaps more of it has been done than we think.
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