Breaking News Stewarts Law LLP/PG Site v SUFC - 26 June 2024 - DISMISSED WITH COSTS

[flangejackrabbit]

Still unbeaten at the Rolls Building!

 

[SunSea&Shrimpers]

Maybe we might still have to pay the bond but might be cut to £250,000 which was the same as Wrexham’s back all them years ago?

 

[Hooly]

Still unbeaten at the Rolls Building!

The Rolls Building was designed by Woods Bagot and built by Carillion for developers Delancey Estates......

How ironic.

 

[thenobster]

Will the embargo now be lifted?

 

[Yorkshire Blue]

Good luck PG Skips getting “costs”.

Soo the big question- who has paid up (obviously not Ray face)

It’ll be the consortium and I suspect they agreed a payment plan rather than paid up entirely.

Embargo yes (hopefully), bond threat no until COSU officially own SUFC…. which might also happen today if we’re lucky (no inside info on that)…

Absolutely no chance of it being today.

 

[Yorkshire Blue]

Will the embargo now be lifted?

No. The club won’t be in compliance with NL financial requirements until the bond has been paid (or more realistically the takeover concludes).

 

[ColinMorrisWalksOnWater]

Maybe we might still have to pay the bond but might be cut to £250,000 which was the same as Wrexham’s back all them years ago?

If the ownership officially passes to COSU then no bond would be applicable under their statement.

If Martin is owner in name there is no way the NL will reduce that sum for the bond, as it's his liabilities that have put us into the predicament we are in and COSU could still walk away, more unlikely now thank gawd! That would leave us with an unviable future. Hence the need for the bond in their eyes.

 

[Jedi Shrimper]

Still unbeaten at the Rolls Building!

How long is that unbeaten run now?

 

[Firestorm]

So the Bond was the leagues way of stopping us signing players , when they realised that the WUP may be dismissed ....as they are really not convinced about our sustainability and signing / buying players just involves potential for more footballing parties to be exposed to our vulnerability , it being their job to protect the other clubs and registered players in the league set up to the best of their abilities.
If we were to sign players before the Bond was paid / no longer required , it could mean that these players would be out of contract , not paid wages etc etc and the selling club not paid , should the cosu deal fall through or we dont start the season .

 

[Bearded Shrimper]

just think how much we'd save if we paid our bills and weren't incurring costs for stupid **** like this

 

[Evening Echo]

SOUTHEND United's winding up petition has been dismissed at the High Court this morning.

Read more on this story


Help with Echo links

 

[NZamba Legend]

So the Bond was the leagues way of stopping us signing players , when they realised that the WUP may be dismissed ....as they are really not convinced about our sustainability and signing / buying players just involves potential for more footballing parties to be exposed to our vulnerability , it being their job to protect the other clubs and registered players in the league set up to the best of their abilities.
If we were to sign players before the Bond was paid / no longer required , it could mean that these players would be out of contract , not paid wages etc etc and the selling club not paid , should the cosu deal fall through or we dont start the season .

 

[Jon h]

No. The club won’t be in compliance with NL financial requirements until the bond has been paid (or more realistically the takeover concludes).

But wasn’t the bond put in place because the wup which is now cleared

 

[Hampshire Shrimp]

How long is that unbeaten run now?

I don`t think that this is worth celebrating? Let`s hope we don`t ever have to appear here again.

 

[Massimo Giovanni]

For me this is not a WIN as such, more like a Dunkirk than a Waterloo (analogy).
More costs to be found, more public disgrace, more grey hair etc.

To be positive, it could so easily have been The End.

Never again please God.

 

[Jon h]

I don`t think that this is worth celebrating? Let`s hope we don`t ever have to appear here again.

Can’t beat an away day win

 

[Jai]

Until the next petition then.

 

[Barry.C]

SOUTHEND United's winding up petition has been dismissed at the High Court this morning.

A settlement with PG Site Services was reached just minutes before the hearing got underway this morning.
READ MORE: Follow all the latest from the High Court hearing
Shrimpers chairman Ron Martin was in attendance but the hearing lasted less than a minute.
Blues also reached a settlement with Stewarts Law yesterday.

 

[Strykr]

That seemed a nice stressful waste of everyones time and money... cheers PG

 

[Jedi Shrimper]

I don`t think that this is worth celebrating? Let`s hope we don`t ever have to appear here again.

Every small step towards this club surviving is worth celebrating.