Sale of Southend United to Justin Rees and his consortium

[Strike Force]

my perfect scenario would be an announcement from the club at say 6pm just saying 'be in the ground for 7.30pm' and nothing more.

Then at 7.30pm JR strolls on to the pitch and, with microphone in hand, introduces himself then one by one all the other mysterious consortium members.

He then outlines his intentions, plans etc. A few fireworks go off, massive cheers and applause from the RH faithful, then the players come out ready for the start of the game.

Fair dinkum mate

When the last consortium member is announced and it’s Ron

 

[Leeboy]

Coming out to Men At Work, Down Under surely?!

lol bit cheesy

 

[Leeboy]

A la Delia Smith?

but with less booze

 

[lreed567]

The HMRC debt is being split so the embargo will be lifted

Apologies I get so confused with the embargo, probably been said on here many times, but is it the HMRC debt for the embargo? Or all football debts?? As in Npower etc..

 

[Jai]

From my sources, there will not be an announcement at 3pm so not sure where that has come from.

Any announcement that does come today, if one does indeed come, will be likely to be regarding the High Court tomorrow, and possibly about a sale STC. A bit like having an offer on a house accepted, it doesn't mean you own the house and much can still go wrong.

Still, I'm excited and looking forward to tonight.

 

[Ron Manager]

lol bit cheesy

This is more genuinely the unofficial Aussie anthem.

Work it into a chant and it will make him feel right at home

Edit - maybe (fingers crossed, when/if it’s properly confirmed of course)

“Justin Rees bought Southend United
Sing it loud and sing it clear
Woah-oh-oh-oh-oh, Woah-oh-oh-oh-oh
He’s got rid of Ron Martin
The rat has gone and no longer here
Woah-oh-oh-oh-oh, Woah-oh-oh-oh-oh“

 

[West Stand]

The HMRC debt is being split so the embargo will be lifted

HMRC debt in the WUP or in its entirety?

If the WUP is adjourned then the Embargo remains in place.


I am still concerned because without a sale even if it’s subject to DD etc there is absolutely no guarantee that the court will grant another adjournment.
Will RM risk that ? Will HMRC support an adjournment ( that I am far from convinced) ?
My money , unless a sale is completed in the next 24 hours is that it’s 40-60 toward Administration

 

[Napster]

Looks like I’m going -

 

[Danshrimper]

HMRC debt in the WUP or in its entirety?

If the WUP is adjourned then the Embargo remains in place.


I am still concerned because without a sale even if it’s subject to DD etc there is absolutely no guarantee that the court will grant another adjournment.
Will RM risk that ? Will HMRC support an adjournment ( that I am far from convinced) ?
My money , unless a sale is completed in the next 24 hours is that it’s 40-60 toward Administration

Why would it be adjourned if HMRC were paid? The suggestion is that HMRC will be paid, and payment plans agreed with the other creditors. In that case the WUP will be dismissed, not adjourned.

 

[Morty01]

Odds on Jack Martin to walk out in a wolf costume

 

[Firestorm]

just a thought , but does this "Agreement" with the creditors that is often mentiioned constitute a CVA ? the reason I ask is that i have read "While not strictly the same as administration, the EFL regards a CVA as an insolvency event and imposes a 12-points deduction. " Whether this applies to the NL as well I am unsure

 

[Snowy]

Odds on Jack Martin to walk out in a wolf costume

Hunting season has started early if he does.

 

[Medway Blue]

Here is where I am.

My intel suggests that an announcement is tentatively planned for today (not sure where 3pm has come from though), IF all the creditor risks (not just those currently on WUP) have been covered off. If they have been, then I assume an announcement will come, although I think it will be "subject to DD". So although HoTs will have been agreed, I don't believe it'll be quite final yet.

DD is frightening when Ron Martin is involved but I'm not as concerned as some people are, especially as Fossetts Farm (DD on which would have been a real concern) is out of the equation. Yes there will probably be a deeper look at accounts and whatnot, but a data room has been open to Justin's legal team since the beginning, and I can't for a second believe that most of what is under the bonnet is not now known to him. He'd surely have to have known in order to get this far and to negotiate with creditors, etc. Not to mention the fact that one of the previous bidders has likely shared some notes on what they found in their own DD process. He's spending a lot of money though, so I'm sure he'll want to do everything by the book.

I would imagine a chunk of the DD will be the legal teams drawing up watertight contracts so that neither party leaves themselves open to getting screwed over down the line.

Plus of course the OADTs will need to be done.

So yes, great news and cause for optimism hopefully coming today if everything has been squared off. Huge step if it is announced. But I am trying my best to reign in my excitement until final sign-off is announced. I don't think there will be too much scope for hiccups in DD, but as ever....it's Ron Martin. So, in terms of both an announcement today and DD, hope for the best but expect the worst.

 

[Medway Blue]

just a thought , but does this "Agreement" with the creditors that is often mentiioned constitute a CVA ? the reason I ask is that i have read "While not strictly the same as administration, the EFL regards a CVA as an insolvency event and imposes a 12-points deduction. " Whether this applies to the NL as well I am unsure

An insolvency event would be -10 points with the National League but no, the agreements being worked on will not be CVA.

 

[KevinJH]

@MB - thanks for all these updates you and other ITK's have been giving, it's really appreciated

 

[Medway Blue]

HMRC debt in the WUP or in its entirety?

If the WUP is adjourned then the Embargo remains in place.


I am still concerned because without a sale even if it’s subject to DD etc there is absolutely no guarantee that the court will grant another adjournment.
Will RM risk that ? Will HMRC support an adjournment ( that I am far from convinced) ?
My money , unless a sale is completed in the next 24 hours is that it’s 40-60 toward Administration

Unsure on this at the moment. I imagine the WUP debt to HMRC is the focus so that the petition can be dismissed. The additional arrears will need to be dealt with to ensure the embargo is lifted and stays off, but whether those arrears will be paid at the same time as the petition debt or subject to a payment plan, I don't know. Either way, I am not expecting the club to request an adjournment. I think it'll be dismissal or administration.

 

[Hadleigh Blue]

Here is where I am.

My intel suggests that an announcement is tentatively planned for today (not sure where 3pm has come from though), IF all the creditor risks (not just those currently on WUP) have been covered off. If they have been, then I assume an announcement will come, although I think it will be "subject to DD". So although HoTs will have been agreed, it won't be quite final yet.

DD is frightening when Ron Martin is involved but I'm not as concerned as some people are, especially as Fossetts Farm (DD on which would have been a real concern) is out of the equation. Yes there will probably be a deeper look at accounts and whatnot, but a data room has been open to Justin's legal team since the beginning, and I can't for a second believe that most of what is under the bonnet is not now known to him. He'd surely have to have known in order to get this far and to negotiate with creditors, etc. Not to mention the fact that one of the previous bidders has likely shared some notes on what they found in their own DD process. He's spending a lot of money though, so I'm sure he'll want to do everything by the book.

I would imagine a chunk of the DD will be the legal teams drawing up watertight contracts so that neither party leaves themselves open to getting screwed over down the line.

Plus of course the OADTs will need to be done.

So yes, great news and cause for optimism hopefully coming today if everything has been squared off. Huge step if it is announced. But I am trying my best to reign in my excitement until final sign-off is announced. I don't think there will be too much scope for hiccups in DD, but as ever....it's Ron Martin. So, in terms of both an announcement today and DD, hope for the best but expect the worst.

Thanks for the insight, really appreciated. Let’s think positive UTB

 

[Firestorm]

An insolvency event would be -10 points with the National League but no, the agreements being worked on will not be CVA.

Thanks

Are you in the SU tonight ? I sit just in front of Howard

 

[Medway Blue]

Thanks

Are you in the SU tonight ? I sit just in front of Howard

No I won't be, I sit in the East. I'll likely be in the Shrimpers Bar beforehand though!

I know Howard because the old man (Mike Schooley, @JIMSDAD) used to sit up there with him, Peter Beecroft, etc. and so that's where my brother and I sat for our first handful of games, before moving to the old RBS Family Enclosure in the West.

 

[Napster]

Thanks

Are you in the SU tonight ? I sit just in front of Howard

I'll be in the SU as well for a change. East Greens last week was crap