SO when will the takeover go through?

[dusterman]

They won't pay it because they don't want to lose any more money.

No way Stewarts can be convinced to pull it? Cynical side of me says Martin is orchestrating their WUP to hold council’s feet to fire to push through his nonsense. King of brinkmanship.

 

[Holy Joe]

No way Stewarts can be convinced to pull it? Cynical side of me says Martin is orchestrating their WUP to hold council’s feet to fire to push through his nonsense. King of brinkmanship.

On the face of it it does seem rather strange to take the action they have - I guess they have a strategy, but the best chance to get paid would appear to be to wait for the consortium to take over. If the WUP is successful they'll get next to nothing - so it only makes sense if they don't think COSU will take over - but they took this action in Jan(?) - so very early to be thinking that!

Or - and another conspiracy theory - that I don't buy into - that they're in it with Ron and want the club wound up.

 

[Sunnyshrimper]

Ron was never going to sell to the consortium, they will be yet another victim of the Martin’s long list of shameful business dealings, just like Kimura were before them.

Blame the council all you like, but I can guarantee you the only ones to blame for the mess we’re in is Ron and Jack Martin!!

I long held the view that the only resolution will come from a serious decline in Ron’s health and that his family would be fed up and cash in for a more reasonable offer but no chance. Hard to believe but Jack is said to be worse than him…Greedy, entitled people the Martins.

 

[Tampa Blue]

They won't pay it because they don't want to lose any more money.

Can I ask if you have that as fact from a reputable source please

 

[Sussexshrimper]

You greedy parasite Ronald Martin over 100 years my family have been watching ..me since 1977..what was it you said..oh yes ..that's it I love this club you ****in idiot ..no you don't you know exactly what you want ..its been your plan all along ..but if I were you I would tread very carefully indeed

 

[Tribal Chief]

Can I ask if you have that as fact from a reputable source please

Yes I do. Ask anyone on here.

 

[Tribal Chief]

On the face of it it does seem rather strange to take the action they have - I guess they have a strategy, but the best chance to get paid would appear to be to wait for the consortium to take over. If the WUP is successful they'll get next to nothing - so it only makes sense if they don't think COSU will take over - but they took this action in Jan(?) - so very early to be thinking that!

Or - and another conspiracy theory - that I don't buy into - that they're in it with Ron and want the club wound up.

They are not in on it. Bizarrely, I think they just want their money. It's probably some credit manager sitting there looking at how his targets are all messed up and he needs this paid to salvage his five grand bonus.

 

[Holy Joe]

They are not in on it. Bizarrely, I think they just want their money. It's probably some credit manager sitting there looking at how his targets are all messed up and he needs this paid to salvage his five grand bonus.

Yes, that was my initial thought, they were simply going through a process that they apply to all creditors.

But it seems strange that they came to some agreement with COSU in their initial purchase negotiations but then changed their mind.

 

[overseas shrimper]

Yes, that was my initial thought, they were simply going through a process that they apply to all creditors.

But it seems strange that they came to some agreement with COSU in their initial purchase negotiations but then changed their mind.

Yeah, I could kind of understand their logic from their POV if they ran out of patience started proceedings recently, or now, seeing how the whole saga has dragged on and taken way longer than first indicated, but the fact they started it in January is odd.

Was Stewarts Law one of logos of creditors on the PowerPoint presentation at the Cliffs Pavilion event?

 

[GIBBO]

What gets me. The last 3 years my son has been a west ham supporter. I even took him to a game. I didn't fight it. I was impressed. I could get decent beer in seconds that's it.

This season got him a season ticket. The last 2 months he totally switched fully Southend United. Getting excited about the new season. Wants to redecorate his room. Southend Blue, all my Southend prized processions hanging up on his wall. Looking at all the old Southend you tube stuff.

I can't bare to tell him. We may be no more in a few weeks cause of mainly one Man. Public sector work at a snail pace. whoever had dealings with public sector would be able to tell you this.

The only saving grace. We have exchanged on the transaction. There must be massive financially penalties if the other party don't deliver on completion of a transaction.

I just feel numb and will this ever end? We all need to stick together and have balls of stell. The next few weeks we need to buckle up and get on the ride.

After all, we are Southend United. We don't know when we are beaten!

God bless

 

[Ailsa Road Shrimper]

It is often overlooked that when Ron did his mumbling press conference in March last year he said he was looking for outside investment or to sell the club. His actions since then seem to suggest his preference was the former rather than the latter. I also thought it was strange that he was involved in giving Justin names of potential consortium members, maybe he felt these were people with an emotional attachment to the club he could use for outside investment to get him to a point in the process where he wanted to be.

 

[Mbof]

I’m done, 41 years supporting, originally me taken by my dad, then me taking my 3. Can’t go through this all again
Protesting at the rats house, he’ll come out and blame the council, protest at the council and they’ll say it’s him.
Consortium seems like a decent bunch, with money and good intentions but even they’ve been sucked in by the greed of one tiny little rodent
Feel for Kev and the loyal ones who stayed and played last season, they all deserve so much more than this
Will stop now as getting a little emotional

 

[Linda Loan Shark]

We all know what Ron does. He sorts things last minute. The amount of times he has paid the WUP or the tax man last minute is one the many reasons he is a ****

So is he going to provide the DD information last minute? Probably knowing him. He likes us to wait until the last seconds and rides on his horse as the saviour. Nothing changes.

 

[fbm]

They are not in on it. Bizarrely, I think they just want their money. It's probably some credit manager sitting there looking at how his targets are all messed up and he needs this paid to salvage his five grand bonus.

More that they are a large firm with a large wage bill and can't afford to carry hundreds of thousands of pounds of debt for months on end.

They probably agreed to wait for the money until the season ticket sales went through. That hasn't happened yet, which is why they brought the WUP.

If it does (say), will RM use that money to discharge the historic debt to Stewarts? Maybe. Let's say he does.

There are other creditors who would then be jumping up and down wanting their money. Will the season ticket monies be sufficient to pay them? Don't know. And would Ron pay them? Again, don't know. But, purely for the sake of this argument, let's say it is and he breaks with tradition by actually paying the bills (no doubt lauding himself as the hero in the process).

COSU now have no historic debts, the club survives, no embargo but they are now down about £1m through lost season ticket monies. And the deal still hasn't gone through.

It's almost a "Heads I win, tails you lose" scenario.

 

[JB Shrimper]

We all know what Ron does. He sorts things last minute. The amount of times he has paid the WUP or the tax man last minute is one the many reasons he is a ****

So is he going to provide the DD information last minute? Probably knowing him. He likes us to wait until the last seconds and rides on his horse as the saviour. Nothing changes.

Thing is I doubt he knows what his plans are.

 

[overseas shrimper]

More that they are a large firm with a large wage bill and can't afford to carry hundreds of thousands of pounds of debt for months on end.

They probably agreed to wait for the money until the season ticket sales went through. That hasn't happened yet, which is why they brought the WUP.

If it does (say), will RM use that money to discharge the historic debt to Stewarts? Maybe. Let's say he does.

There are other creditors who would then be jumping up and down wanting their money. Will the season ticket monies be sufficient to pay them? Don't know. And would Ron pay them? Again, don't know. But, purely for the sake of this argument, let's say it is and he breaks with tradition by actually paying the bills (no doubt lauding himself as the hero in the process).

COSU now have no historic debts, the club survives, no embargo but they are now down about £1m through lost season ticket monies. And the deal still hasn't gone through.

It's almost a "Heads I win, tails you lose" scenario.

I don't think so (might be wrong). Seems they initiated proceedings long before they could have realistically expected season tickets to go on sale, even early birds.

 

[Yer Blues]

You know what? I think it'll all be alright in the end.

 

[Supershrimper]

More that they are a large firm with a large wage bill and can't afford to carry hundreds of thousands of pounds of debt for months on end.

They probably agreed to wait for the money until the season ticket sales went through. That hasn't happened yet, which is why they brought the WUP.

If it does (say), will RM use that money to discharge the historic debt to Stewarts? Maybe. Let's say he does.

There are other creditors who would then be jumping up and down wanting their money. Will the season ticket monies be sufficient to pay them? Don't know. And would Ron pay them? Again, don't know. But, purely for the sake of this argument, let's say it is and he breaks with tradition by actually paying the bills (no doubt lauding himself as the hero in the process).

COSU now have no historic debts, the club survives, no embargo but they are now down about £1m through lost season ticket monies. And the deal still hasn't gone through.

It's almost a "Heads I win, tails you lose" scenario.

Trust me, Stewarts Law LLP are not short of a few quid.

Granted the Operating Profit dropped from £67.4m to only £45.6m that's still a very healthy profit which gets remunerated to its members (employees)



Wish I could get a bonus of £2.7m

Stewarts tops UK law firm pay rankings with partner payouts of £2.7m - CityAM

London law firm Stewarts today said its partners will receive payouts of more than £2.7m each – more than partners at any other major UK firm. The London London law firm Stewarts today said its partners will receive payouts of more than £2.7m each – more than partners at any other major UK firm.

www.cityam.com

 

[Jai]

No way Stewarts can be convinced to pull it? Cynical side of me says Martin is orchestrating their WUP to hold council’s feet to fire to push through his nonsense. King of brinkmanship.

I would guess this is very much one form of action the consortium is taking right now. Trying to forge an agreement with Stewarts Law to withdraw the petition. They can't really do much else.

 

[dusterman]

I would guess this is very much one form of action the consortium is taking right now. Trying to forge an agreement with Stewarts Law to withdraw the petition. They can't really do much else.

Yeah absolutely, only thing that made sense when JR and Tom told the BBC they are working on it. If you aren’t paying it then only thing it could be. Hope they are successful. My argument would be by running with this WUP, you are guaranteeing yourself next to nothing.