Sale of Southend United to Justin Rees and his consortium

[Rob1920]

I'm also feeling more pessimistic than before. Not so much because the Aussie guy has gone home, he's a youngish bloke possibly with a young family, and pretty much everything can be done remotely nowadays. I'd be more surprised if he stayed here for another month.
Its more that RM could only raise £80k of the HMRC debt, and basically admitted he can't afford it anymore. Who knows with him, but if he truly has reached the bottom of the well then how is he going to pay his way out of trouble again next time. While talks continue there is hope but it really does feel now like there has to be a sale or major investment before the next court case or we are history.

 

[tommy tucker]

So he has flown back to Australia We have another month And I be surprised if he hasn't got someone talking on his behalf. And if needed he could fly back when needed

 

[Southminster Shrimper]

Every day that goes by, it feels, like one less day of having my team to support. This is just awful.

 

[Shrimpergonzo]

He may well have gone back to Australia to sort stuff out relating to the deal, getting legals sorted for assets in Oz, getting other investment partners on board etc.

Let's not lose hope comrades!

 

[Holy Joe]

I know he is from there and probably has other business dealings to get on with, but if you're trying to pull of this deal with a football club, especially with a man as tricky as Ron, is it good to leave now?

I know he can leave it with someone else to deal with but surely you'd want to handle it yourself. Ron will just string his chosen negotiator along.

Given the flight issues at the moment - did he actually get a flight.

TBH I don't think it matters if he's here or not, there's telephones and an interweb thingy that means you can be in touch very easily.

 

[Holy Joe]

Ron could still go for administration , he must apply to the court for the winding up petition to be adjourned before it can consider whether an administration order would be in the best interests of the creditors and the petitioner. I don't know if the current adjournment will count though.

What Does a Winding up Petition Mean for Us? - AABRS

A winding up petition is a way by which a creditor can petition the courts to force an insolvent company into compulsory liquidation via a winding up order.

www.aabrs.com

However once a winding up order is issued by the court then there is no turning back and its receivership and curtains.

Dont rule out a RM pre pack administration just yet

I think there's a 7 day appeal period for a winding up order

 

[Strykr]

That is concerning. I prefer my million pound deals to be conducted over a pret baguette with a random "australian chap".

Pro.

 

[meerkat54]

I think there's a 7 day appeal period for a winding up order

Bet Ron’s factored that in already.

 

[fbm]

Some very good documentaries on this and why it didn’t come about. The news stories at the time we very inaccurate and he was treated very badly.
No idea where you got the info that he had ‘ no money’ - that wasn’t the case at all

Wasn't it that lad Spencer Trethewry who tried to buy Aldershot with no money?

 

[Lester Bangs]

The biggest issue, I imagine, is that anyone buying the club will be looking to borrow money.

The biggest issue, as I see it, is that our chairman doesn’t seem to want to sell.

We’ve had interested parties who’ve had the money but the terms haven’t been satisfactory. I’m pretty sure the same is happening now and time will run out.

A deliberate ploy or unrealistic negotiations? I’ll let you be the judge of that although I have my own thoughts.

 

[Blue Yonder]

Wasn't it that lad Spencer Trethewry who tried to buy Aldershot with no money?

Now known as Spencer Day and owner manager of Farnborough and signer of one Ricky Holmes

 

[AustScullyPriorPowell]

Say the club does go under ie no buyer and Ron not paying.

Where does that leave him. I honestly can't see him being able to afford or get planning to bulldoze roots hall and or start fossetts.

The fan backlash at the council would be massive.

It's in his best interest to sell or pay the debt if he ever hopes to make money from the property element .

Yeah, where does Ron stand and what's left for him, if we go under?

 

[BluBayou]

Wasn't it that lad Spencer Trethewry who tried to buy Aldershot with no money?

Well it worked for Ron

 

[teabee1]

So he has flown back to Australia We have another month And I be surprised if he hasn't got someone talking on his behalf. And if needed he could fly back when needed

I was told by a member of staff that Justin lives in Holland…

 

[Yorkshire Blue]

I was told by a member of staff that Justin lives in Holland…

I might have to re-evaluate how rich he is given all the different places I’ve been told he lives.

 

[Dutch Branch]

I'm also feeling more pessimistic than before. Not so much because the Aussie guy has gone home, he's a youngish bloke possibly with a young family, and pretty much everything can be done remotely nowadays. I'd be more surprised if he stayed here for another month.
Its more that RM could only raise £80k of the HMRC debt, and basically admitted he can't afford it anymore. Who knows with him, but if he truly has reached the bottom of the well then how is he going to pay his way out of trouble again next time. While talks continue there is hope but it really does feel now like there has to be a sale or major investment before the next court case or we are history.

The didn’t raise a penny if they £80k

 

[Dutch Branch]

Let’s evaluate where we are at the end of this week. If wages aren’t paid it’s all over anyway.

 

[E for B and Billy Best]

Yeah, where does Ron stand and what's left for him, if we go under?

On his head in a dustbin, I hope.

 

[Paulie Walnuts]

Yeah, where does Ron stand and what's left for him, if we go under?

If I get my way he'll be standing surrounded by concrete, with a restricted view of the A127.

 

[Liam AAS]

The biggest issue, as I see it, is that our chairman doesn’t seem to want to sell.

We’ve had interested parties who’ve had the money but the terms haven’t been satisfactory. I’m pretty sure the same is happening now and time will run out.

A deliberate ploy or unrealistic negotiations? I’ll let you be the judge of that although I have my own thoughts.

It's not that he doesn't want to sell, it's that he can't find anyone to meet his price. We will all lose out because Ron gambled, lost and didn't walk away quickly enough.