SUFC: The Future SUFC up for sale

[kentblues]

Agree with much of this, but the value of the next season is being impacted every day we are under embargo, so could that be diminishing the value of the club the longer this stalemate goes on? It wouldn't be a factor in most sales were debts paid and and no embargos in place.

Interesting that the £1.5m apparently discovered through DD is bout the same as an additional year in the NL will cost. So we can assume that Kimura aren't remotely relaxed about damage on the pitch, and a points deduction threat would/should make them a lot unhappier still. We fans may not be as concerned but Kimura cam monetize it- and the league is very open this year. One of the reasons I though surely Kimura has given a drop dead deadline (e.g. tomorrow). Ron clearly believes otherwise.

 

[Paddypel]

Regardless of what happens in the next 24 hours. Next season will be a struggle even with a takeover complete. we're 2-3 weeks behind most teams and have a threadbare squad. The only way we will avoid a relegation is chucking serious dough at it.

 

[Pak66]

To be fair mate I had no idea anything was going on tonight outside his house

Keep in touch then

 

[Pak66]

They’re planning a protest tomorrow though… not today

Who is they're?

 

[NG_Shrimp]

Where could the funds possibly be for them not be able to get them here by Wednesday?

They’ve provided proof of funds. If it’s in the BVI, they can pay for it to go same day and also from anywhere else in the world to?

I would assume they dont have the all the cash sitting ready, they likely have investors, debt and borrowing in place (this would be part of any DD for RM to take them seriously) but would only draw down those funds when a sale is agreed. That process can take time.

 

[rowe23]

I’m not predicting, we are not folding Wednesday or getting kicked out the league.

Is this you trying to enforce positivity and keep everyone calm, or is this based on your opinion from information that has been shared with you?

I’m trying to stay positive and look at things from different angles, so just wondering if your looking at from same way as I or your more informed and it’s based on factual info you have compared to my hope.

 

[Ron Manager]

On a technicality the Club/Company cannot be sold while it is under a Winding Up Petition (WUP). The WUP cannot be removed until the court case on Wednesday morning. So the Club cannot be sold before Wednesday - but all the paperwork can be in place.

What Is A Winding Up Petition By HMRC or Other Creditor

A winding up petition is a legal notice put forward to the court by a creditor. The creditor petitions to the court if they are owed more than £750 and it has not been paid for more than 21 days. The application, in effect, asks the court to liquidate the company as they believe the company is...

www.companyrescue.co.uk

"Once your company receives a petition you have fewer options available;

It is almost impossible to put the company into creditors voluntary liquidation.

• You CANNOT sell the company or the assets, as this sale may be reversed by the Court
• You cannot issue a Notice of Intention (NOI) to appoint an administrator
• You cannot issue new securities or charges
• You cannot put the company into pre-pack administration"

Maybe I’m clutching at straws (if I am then I feel like I’m in good company right now) but this actually makes me feel better. Wonder if Ron’s comment during last night’s performance (because that’s exactly what it was from the video and he’s clearly a narcissist) is based on this technicality?

 

[Wingnut]

I noticed all the new training gear coming out so somebody is paying for that or am I being stupid here

 

[kentblues]

This is huge and potentially puts Ron's smirking statement to the protestors into perspective.

It won't be sold before Wednesday, because it CAN'T be sold before Wednesday.

"Let's see what the judge says" - when we present to him the papers that the sale is lined up and ready to go.

It does feel like we are in some kind of Catch 22 situation though - the WUP can't be dismissed until the debtors are paid, the debtors can't be paid until the club is sold, the club can't be sold until the WUP is dismissed.

Any ideas how we get out of the loop? Presumably the funds are shown to be held somewhere and ready to be paid once the WUP is dismissed which allows HMRC and others to withdraw the petition. Is that correct?

It can be sold but the court has the power to unwind that sale if its not in the interests of the creditors. The court doesn't have to approve the sale as such but has the power to declare it void. Semantics and maybe what you say is in effect still the reality.

 

[Petejames]

I would assume they dont have the all the cash sitting ready, they likely have investors, debt and borrowing in place (this would be part of any DD for RM to take them seriously) but would only draw down those funds when a sale is agreed. That process can take time.

The money is there and ready to go

 

[rowe23]

I noticed all the new training gear coming out so somebody is paying for that or am I being stupid here

I don’t think we pay for it do we? I think Macron provide the gear and we take a % of the earnings. I could be wrong but thought I saw before someone say that was the arrangement.

 

[Avl1983]

There is something we are all missing I think.

For anyone to buy the club, the club has to retain it's value. That's why the players have been paid (to stop them leaving) and the fine for pulling out the cup last season was paid (so we can compete in the cups this coming season)..

If Kimura agree a final deal today and lets say it's all signed up (like exchange of contracts on a house) then the legal commitment is there, no-one can pull out and I am sure that we will be adjourned again long enough to go through and HMRC et al to get their money.

The NL would also be mad to sanction us as that would effectively be them thinking they were more powerful than the Courts. So I'm confident we would get the adjournment and limp on for another 28 days and then the hearing is dismissed.

However, this is the bit I don't get - and I'm happy to be educated on here by anyone who knows - will we not have to stay under the embargo until the new date?

Whilst that leaves us in a dreadful position on the field as we will have to play the first month with a skeleton squad - not ideal but we would have the rest of the season to recover - but the value of the club would drop because players would leave/not join and I wouldn't imagine the buyer would be happy about that.

So the bit we are missing is that there must be something in place to ensure that, come tomorrow, we keep the players that want to sign.

Let's say that someone else can raise enough to buy the club on it's own at the moment. That takes FF out of the equation for the time being which makes the whole thing a lot simpler. £2m-ish will get us out of the immediate hole, Ron won't be involved and we will be run properly. TL is still there and has been silent so far... everyone important is still there despite not having been paid...

It doesn't have the feel of a club about to die to be honest. All the vital organs are in place, ready to come out of the induced coma.

If the sale is confirmed in writing and they're just exchanging contracts I believe I'm right in saying the date of the winding up petition isn't important, providing the debt is repaid beforehand. If we clear it then it would be dismissed and embargo's lifted etc. The NL did set deadlines for all staff to be paid though so I imagine it would have to happen quickly. There's a lot of IF's there.

 

[Shrimpergonzo]

It can be sold but the court has the power to unwind that sale if its not in the interests of the creditors. The court doesn't have to approve the sale as such but has the power to declare it void. Semantics and maybe what you say is in effect still the reality.

That's a good point actually, so the sale COULD go ahead before Wednesday as it would be low risk that the court would overturn it if all debts were paid.

 

[Leeboy]

Could explain why he looked so smug in that video - he knows he has found yet another loophole and is keeping us all waiting on tenterhooks.

 

[CMRandall92]

Regardless of what happens in the next 24 hours. Next season will be a struggle even with a takeover complete. we're 2-3 weeks behind most teams and have a threadbare squad. The only way we will avoid a relegation is chucking serious dough at it.

IF and it's a big IF, IF we make it past tomorrow we'll have 3 signings within a couple of days of the embargo being lifted. Fairly confident on that

 

[Paddypel]

IF and it's a big IF, IF we make it past tomorrow we'll have 3 signings within a couple of days of the embargo being lifted. Fairly confident on that

Dallas is one that I know is waiting

 

[kentblues]

That's a good point actually, so the sale COULD go ahead before Wednesday as it would be low risk that the court would overturn it if all debts were paid.

I believe so yes. Would, for some reason, either party actually want the acquisition presented to the court as *about* to complete and pay down creditors after the hearing? Would that be less risky for the buyer in some way? Is the sale money going into an escrow account with creditors paid out of that and balance to Ron? Does the court step de risk anything for the buyer?

I don't know. My experience of this is as a creditor on a few occasions over the years...

 

[CMRandall92]

Dallas is one that I know is waiting

I'm not including him as I genuinely don't know, but logically it makes sense. It's public knowledge that there is/was a mutual interest. And he hasn't joined anywhere yet for some unknown reason/s

 

[Danshrimper]

Regardless of what happens in the next 24 hours. Next season will be a struggle even with a takeover complete. we're 2-3 weeks behind most teams and have a threadbare squad. The only way we will avoid a relegation is chucking serious dough at it.

I don’t think it’s that threadbare. If nobody else leaves (other than Lomas who seems to be off) and we can extend Ralph and Bridge’s contracts we have at least 12-13 decent players for this level.

We won’t need loads of signings on top of that to have a side capable of being at least mid table.

 

[Barry.C]

Im usually well known to be too much of an optimist. At this point though I can only see about one drip in the glass and thats thanks to Ron. No omen, but didnt help to be woken up by Bob Dylan singing" its all over now Baby Blue"

At worst may the Phoenix egg begin to crack open, as the Senior division of the Essex Alliance Football league includes the great teams "Blue Martin fc " and Crookz United, but Im sadly not thinking I will be making the long round trip to watch us take on a side called "Something from Nothing " at Chalkwell park ?!