Sale of Southend United to Justin Rees and his consortium

[mattytheshrimper]

This is what a lot of people are refusing to acknowledge.....because we're winning. As things stand, they literally cannot continue. Injuries WILL come unfortunately and take a couple key players out, we're in trouble.

If we were losing, people would be protesting more etc but that's the fickle side of a football supporter I suppose. Instead it was about 20 of us protesting outside Ron's house recently whilst no one else could be arsed.

Hate to say I told you so..........................although it is more relevant now to suspensions.

FYI this is only aimed at the people with their heads STILL stuck in the sand.

 

[West Stand]

But apparently he is pumping in multi millions of £££ each year to keep us afloat. Surely cutting his losses now and drops the asking price (or debt liablity) forever rids him of yearly bank rolling?

The only conclusion I can come to is that pumping multi millions each year was crucial to the wider project . Now either he can’t, doesn’t need to or he genuinely has had enough.

But reflect on this without a football club playing he won’t need to pump multi millions in each year

 

[West Stand]

If your house was on the market for 6 months and it hadn't sold, you would reduce the price. Perhaps significantly so.

If you don't reduce the price, you are either stupid or pigheaded or both, or you don't really want to, or cannot sell right now.

I'm not entirely sure where Ratty sits right now. All of the above?

But would you be selling your house if that meant negative equity and you would be required to part fund it going forward?

I am not defending RM, far far from it, as someone else posts is there a point below which he just can’t simply sell and the only option then is to look to reduce outstanding liabilities and if that means paying them all well and good but if that’s not an option then there’s only one other way.

 

[Northbank Nirvana]

Probably balls deep in Martin as we type.

watch his bank account over the next few years , once dust has settled, he'll be getting a kick back mark my words

 

[dusterman]

watch his bank account over the next few years , once dust has settled, he'll be getting a kick back mark my words

Don’t doubt it. In the shape of an after dinner speech payment more than likely.

 

[Smiffy]

But would you be selling your house if that meant negative equity and you would be required to part fund it going forward?

I am not defending RM, far far from it, as someone else posts is there a point below which he just can’t simply sell and the only option then is to look to reduce outstanding liabilities and if that means paying them all well and good but if that’s not an option then there’s only one other way.

No I agree, hence why I also said "cannot sell right now"...as you say there is probably a figure he has to stick to, which unfortunately for us means it's almost impossible to sell as is due to the value being way too high, without some form of assistance from elsewhere. Be that the council, government etc. Or he takes the hit himself. One or the other has to happen in my opinion to get a sale done. If not, then I do feel Admin is very possible.

 

[Holy Joe]

But apparently he is pumping in multi millions of £££ each year to keep us afloat. Surely cutting his losses now and drops the asking price (or debt liablity) forever rids him of yearly bank rolling?

Yes and no. As I said I suspect there's a price he can't go below.

If he doesn't raise enough cash to pay off the debts attached to RH then he cannot sell it.

If he cannot raise more cash he cant reduce the debts of the club.

With the playing staff being substantially reduced are we still running at a loss?

 

[West Stand]

No I agree, hence why I also said "cannot sell right now"...as you say there is probably a figure he has to stick to, which unfortunately for us means it's almost impossible to sell as is due to the value being way too high, without some form of assistance from elsewhere. Be that the council, government etc. Or he takes the hit himself. One or the other has to happen in my opinion to get a sale done. If not, then I do feel Admin is very possible.

When I say one other way I do mean an Insolvency event but I am far from sure administration is the likely route.

 

[TrueBlue]

No I agree, hence why I also said "cannot sell right now"...as you say there is probably a figure he has to stick to, which unfortunately for us means it's almost impossible to sell as is due to the value being way too high, without some form of assistance from elsewhere. Be that the council, government etc. Or he takes the hit himself. One or the other has to happen in my opinion to get a sale done. If not, then I do feel Admin is very possible.

But that I still don’t understand is that surly Ron loses if we go bust thus to win he must sell

I know that’s quite simplified but is this not the case?

 

[Firestorm]

I always said that we would not go into administration/ liquidation becauise we owe too much to RM group companies and it would bring the whole pack of cards down.

However , I now feel that RM has spent a while shuffling the assets / liabilities of his group companies so mitigate this , My hunch is a prepack administration being announced around the end of next week .

 

[WestStandBlue]

If your house was on the market for 6 months and it hadn't sold, you would reduce the price. Perhaps significantly so.

If you don't reduce the price, you are either stupid or pigheaded or both, or you don't really want to, or cannot sell right now.

I'm not entirely sure where Ratty sits right now. All of the above?

Always hate this comparison… it’s not the same. And if so, what about the option where your house has been on the market and people are interested but haven’t been able to complete the purchase because they haven’t sold there own one yet ti raise the required funds. Or what about the scenario where they have made an offer which is accepted and then have there loan/mortgage pulled (ie can’t finance the deal) because of interest rates etc?

 

[wiggy]

Powder puff attack? Saturday was the first time this season we hadn’t scored. But then you expect to see Manchester City masquerading as SUFC. Get some perspective.

Yep powder puff….Cardwell runs around like a headless chicken with very little service.
Jack Bridge ties himself in knots and Powell couldn’t shoot or trap a bag of cement.
Shows how bad the League is as up to the penalty area we could be a poor man’s Man City….they like going sideways as well but obviously have a lot up top a well!

 

[Leeboy]

I always said that we would not go into administration/ liquidation becauise we owe too much to RM group companies and it would bring the whole pack of cards down.

However , I now feel that RM has spent a while shuffling the assets / liabilities of his group companies so mitigate this , My hunch is a prepack administration being announced around the end of next week .

I've always had a sneaking suspicion that he will pull something off that saves us and he will once again declare himself the self-appointed saviour and us peasants should all kneel before him.

 

[Shrimper]

I always said that we would not go into administration/ liquidation becauise we owe too much to RM group companies and it would bring the whole pack of cards down.

However , I now feel that RM has spent a while shuffling the assets / liabilities of his group companies so mitigate this , My hunch is a prepack administration being announced around the end of next week .

Administration would just kick the can down the road and be another deduction correct?

 

[Left post]

I always said that we would not go into administration/ liquidation becauise we owe too much to RM group companies and it would bring the whole pack of cards down.

However , I now feel that RM has spent a while shuffling the assets / liabilities of his group companies so mitigate this , My hunch is a prepack administration being announced around the end of next week .

Spot on. I think a pre-pack administration is highly likely allowing the Aussie (or someone else) to buy without the debt

I always said that we would not go into administration/ liquidation becauise we owe too much to RM group companies and it would bring the whole pack of cards down.

However , I now feel that RM has spent a while shuffling the assets / liabilities of his group companies so mitigate this , My hunch is a prepack administration being announced around the end of next week .

I think you are spot on. A pre-pack would effectively sell the company (the club) as a going concern and give some protection to creditors Without taking on huge historical debt. RM has loaded the balance sheet with debt from his other companies for this reason I suspect.

 

[dusterman]

I always said that we would not go into administration/ liquidation becauise we owe too much to RM group companies and it would bring the whole pack of cards down.

However , I now feel that RM has spent a while shuffling the assets / liabilities of his group companies so mitigate this , My hunch is a prepack administration being announced around the end of next week .

What happens in this scenario then? He still owns us but cancels the debt so without him funding us we see no benefit?

 

[fbm]

I always said that we would not go into administration/ liquidation becauise we owe too much to RM group companies and it would bring the whole pack of cards down.

However , I now feel that RM has spent a while shuffling the assets / liabilities of his group companies so mitigate this , My hunch is a prepack administration being announced around the end of next week .

Is that an option at this point though? Pre packs have to have a deal arranged with the administrator first and I didn't think the club owned anything to administer?

 

[stewart]

To my thinking its totally wrong that a person who owns a football club and other businesses can load all the debt from his other businesses onto the football club, it should be illegal to my way of thinking, the RAT is a crook and should be put behind bars with the rest of his rat pack

 

[Firestorm]

What happens in this scenario then? He still owns us but cancels the debt so without him funding us we see no benefit?

another points deduction , the debts reduced / wiped off and we go again . They club could then be sold for very little , with for example, the funds which were going to have to pay the debts being either A) ploughed into rebuilding B) buying Roots Hall or C) not needed because the buyer couldn't raise the funds in the first place.

 

[yogi bear up the cagire]

I always said that we would not go into administration/ liquidation becauise we owe too much to RM group companies and it would bring the whole pack of cards down.

However , I now feel that RM has spent a while shuffling the assets / liabilities of his group companies so mitigate this , My hunch is a prepack administration being announced around the end of next week .

Is administration another automatic ten point penalty.......at the least?