Sale of Southend United to Justin Rees and his consortium

[Cricko]

The Trust will no doubt lose the 40k they lent The Rat as well, although he offered a personal guarantee at the time, he never signed it...What a surprise, they may just become another creditor now on good faithfull money the supporters put in.


I am not blaming The Trust here, they did everything in good faith, it just shows what a merciless **** he is regarding the club and fans.

 

[Medway Blue]

Only if we went into administration I thought it was more than 10 points im not suggesting we are going into administration, I just believe he had appointed an administrator

Yeah he probably has. If it's going to happen then it needs to happen quickly and will go to the wire, so he'd be even more of a ****ing imbecile than I thought if he hasn't got everything lined up for it.

Some pepple queried it being -12 points, but that's EFL. I believe it is -10 points in the VNL as per the regulations.

 

[Morty01]

The next 3 days are going to be very emotional.

 

[thenobster]

The next 3 days are going to be very emotional.

Im already touching cloth

 

[HUMBLEPIE]

As Fergie used to say it’s squeaky bum time.

 

[dusterman]

All that’s getting me through is the thought of this utter analnewt being away from our club. I think I’ll die celebrating. but if I do I’ll have lived an honest life, unlike that inhumane buttpuffin.

 

[West Stand]

Indeed. Its so fluid and there has always been an ebb and flow to the situation, but my reading is that number 1 is marginally leading the way as it stands, but that is hugely subject to change on a day-to-day basis.

If the additional HMRC arrears beyond the live petition are not paid or subject to a TTP agreement then the embargo will stay in place. That wouldn't be a great start to the new era, and I think the coaching team are under the impression that the embargo will be lifted.

We spoke to an Insolvency Practitioner the other day to get some advice. He explained the difference between CVA and Admin and said CVA would have been the best route but the admin side of it takes several weeks, so he felt it was too late to do that and that Administration would be the likely route.

You'd think it would need to be applied for tomorrow at the latest if that were to be the way forward.

Why I think there is a problem is according to that link if a charge holder applies for administration they have to give 5 days notice. I don’t know if that’s correct but you have to assume it is so if say five days notice is issued tomorrow 5 days on is way past Wednesday the date of the hearing

I’m under the impression Ron has appointed an administrator ( as a precaution I assume)

If he has appointed an administrator then that means SUFC Ltd ( in Administration.

 

[JAL]

The Trust will no doubt lose the 40k they lent The Rat as well, although he offered a personal guarantee at the time, he never signed it...What a surprise, they may just become another creditor now on good faithfull money the supporters put in.


I am not blaming The Trust here, they did everything in good faith, it just shows what a merciless **** he is regarding the club and fans.

Was this not obvious it was going to happen at the time though? You could see it from miles away.

 

[dusterman]

Was this not obvious it was going to happen at the time though? You could see it from miles away.

True.

The trust did the right thing to support the club’s staff who did not deserve their treatment at a terrible financial time. Doesn’t matter if they get it back, it was the right thing to do 100%.

 

[Floval Flyer]

The Trust will no doubt lose the 40k they lent The Rat as well, although he offered a personal guarantee at the time, he never signed it...What a surprise, they may just become another creditor now on good faithfull money the supporters put in.


I am not blaming The Trust here, they did everything in good faith, it just shows what a merciless **** he is regarding the club and fans.

Ron doesn’t know the meaning of the term good faith.

Was the loan to RM or SUFC in name? Effectively, he’s ‘stolen’ 40 grand from a charitable organisation. Maybe the threat of legal action, reputational damage (not that he has a reputation) may make him repay the money?

Would make a good newspaper headline

 

[Shrimper]

Im already touching cloth

 

[Spaceman Spiff]

All that’s getting me through is the thought of this utter analnewt being away from our club. I think I’ll die celebrating. but if I do I’ll have lived an honest life, unlike that inhumane buttpuffin.

That’s a new one

 

[tommy tucker]

I’m under the impression Ron has appointed an administrator ( as a precaution I assume)

I don't think administration is an option It would do Martin as much harm as well as the club

 

[dusterman]

That’s a new one

Swear filter my anus

 

[West Stand]

I don't think administration is an option It would do Martin as much harm as well as the club

Weeks ago I dared to a suggest that the club should have attempted a CVA but now the options re significantly reduced.

Time is well and truly run out.

The reality is that the takeover is far from certain and unless a total disregard of normal business practice is going to be applied then the chances are still very much a nod and a wink re funds.

If RM is gambling on the outcome of a court hearing then he must know of think he knows something because based on what is in the public domain I wouldn’t put a £ on an adjournment being agreed.

The loans as listed in the accounts are almost certainly still outstanding, creditors have been treated with contempt staff have been likewise the limited company have no assets of note and even those they have are just about tied up.

The judge on Wednesday may well decide a course of action that works to the advantage of creditors and that may well be a court appointment the judge believing that a creditor compromise is a must for any NewCo

 

[Strykr]

That’s a new one

Youve heard buttpuffin before then?

 

[Scamps]

Anyone going to Chelmsford or london? Wonder if Justin Rees will be there as well. He could turn up to prove he’s buying the club and provide proof.

 

[Maldon Shrimper]

Anyone going to Chelmsford or london? Wonder if Justin Rees will be there as well. He could turn up to prove he’s buying the club and provide proof.

Planning to go to Mags

 

[West Stand]

Anyone going to Chelmsford or london? Wonder if Justin Rees will be there as well. He could turn up to prove he’s buying the club and provide proof.

I don’t think the Chelmsford hearing will ironically be dealing with the proving of the debt it’s to deal with an application to gain entry.

We don’t know for sure but you would expect that the relevant default notice had been served the time granted to challenge the debt has expired so I am far from sure that if the hearing goes ahead it won’t be looking at anything else other than validation of the completed process an if that’s in order all it would be would be a rubber stamping of the warrant .

 

[tommy tucker]

Was the idiot not told this time in court will be the last time .If no moneys change hands this time hopefuly any judge will not grant him more time .If they do this they will play right into his hands .I have read that martin may not attened court due to the tube strike .What i say is if he can afford to ride around in a Bentley .Then he can get to london and pay for a taxi to get to court .