Breaking News When will the takeover go through? Council / Citizen Housing agree new Heads of Terms 26 June

[bazzashrimper]

I guess the uncertainty is that there was a deal Thursday and the HoT Friday were different. If they get to another deal on Friday - what will the new HoT actually look like seems to be where the martins push their luck.

 

[Holy Joe]

Would hope so. This week has to be the week when all becomes clear. Even if we get an adournment, COSU will either have to commit to stay or walk. If the latter, thats it I would imagine, if the former, we still have a good chance.

I hope things become clearer, but there's also a scenario where not much changes! An adjournment, COSU stay but not putting new money in until council and Ron sign something!

 

[AlfaShrimper]

Fair play too the trust for covering all eventualities. I'm sure as well as the rest of us they hope it doesn't come to that but it really shows how close we are too it..

 

[tommy tucker]

I know speculation is all any fans can do .But instead of sturing the pot .Why not wait untill the concortium make a statrment .Or better still with no statement forth coming .All we can do is sit and wait for the verdict on wensday .Then at least we will all know onw way or the other . We either live yo fight another day or we die .I cant say which way it will go amd i doubt no one eles can either .

 

[Yorkshire Blue]

I can't imagine in a million years that a judge would adjourn again. We technically even further away from a deal than when we last appeared in court. At least then, due diligence was taking place. The new terms haven't even been agreed and even if they are before Wednesday, no due diligence would have taken place. If I was a judge, I'd be thinking that there is nothing tangible to suggest it will be successful this time. It's all promises and guess work unfortunately.

This whole thing is so surreal. The other day we had reports of season cards getting announced with a possible signing, to liquidation. It's mad.

Well that’s a lack of imagination on your behalf. The most likely scenario for creditors to be paid is still for the takeover to proceed. It’s not a forgone conclusion this time that further time will be granted but if the consortium and council are still on board I still think an extension the most likely outcome, probably supported by Stewarts.

I’m not familiar with insolvency procedures but does a party joining a petition have the opportunity to make written submissions?

 

[Paddypel]

payday this week too...

 

[alansufc23]

Are we due a statement today from the COSU

 

[borientater]

Is it within the judges authority to tell Stewart to either withdraw the petition or to see it through. As there can’t be anymore adjournments?

 

[Shrimpergonzo]

Has anyone heard if the Council have put a deadline on agreeing HoTs, which is the next stage?

I would have thought that would need to be before close of play tomorrow if we're to persuade COSU to carry on and a judge to grant a further adjournment.

I have just asked @CllrDanielCowan on Twitter, but am equally happy for him to post here if he's still dropping in.

 

[BEERMONSTER]

As we approach what potentially could be our darkest hour I feel sick to the stomach and I am filled with a fear and an apprehension that has only been surpassed as I sat by the bedsides of both my parents while they took their last breath. I will be 63 this September and 55 of those years I have been a Shrimper. I grew from boy to man, married, became a father, divorced, remarried, made wonderful friends with other Shrimpers, shared many a mile and a pint travelling the country with them and suffered the heartache of the passing of some far to soon.
Like many Southend United has been the catalyst for so many memories and yes you low life I do F'ing love 'my' Club.
I am dreading the worst and praying for what ever positive outcome can be achieved at this late stage. I am desperate to not look into the eyes of my lad Liam and see the devastation that one man's actions will bring down on him. Liam is 30 now, born with quadriplegic cerebral palsy and I can't emphasise how much Southend United has been both a emotional and physical support to his development over the years, from mascot on his 5th birthday, attending Frankie Banks Soccer Schools to East Stand Season ticket holder, the club is moulded into him. I know many many others will share similar emotions and fears at this time so I apologise for this self indulgence outpouring of emotional thoughts but needed a way to let some anger and frustration out! Thanks and defiantly I say I'm a Shrimper to I die!

 

[Paddypel]

Has anyone heard if the Council have put a deadline on agreeing HoTs, which is the next stage?

I would have thought that would need to be before close of play tomorrow if we're to persuade COSU to carry on and a judge to grant a further adjournment.

I have just asked @CllrDanielCowan on Twitter, but am equally happy for him to post here if he's still dropping in.

I'd of thought COSU will still be in at this stage but with a deadline of early this week as if they withdraw, so do the council and therefore the rats will miss out on their cake

 

[Hampshire Shrimp]

Is it within the judges authority to tell Stewart to either withdraw the petition or to see it through. As there can’t be anymore adjournments?

You do wonder why they have gone down this route?
If no one pays it, and the club is wound up they don`t get paid.

The has asset stripped everything out, so I don`t understand their stance.

I really urge the authorities to look into owners of football clubs, not just on initial purchase, fit and proper test, but an ongoing monitoring of how clubs are run and not being used as cash cows for greedy owners / property developers.

It has happened to far too many clubs, Blackpool, Charlton spring to mind, with these charlatan owners that cannot be removed, calling the shots.

Now I know that most clubs are run pretty well, but community assets should be exactly that and run accordingly.

In our case, a greedy property developer that is in so much debt, transferred companies into family member names, used people as cash cows to get his ill gotten gains, without ANY regulation or opposition at all. And I`d be amazed that if he was investigated they wouldn`t find anything untoward.

The mind boggles

 

[Hooly]

You do wonder why they have gone down this route?
If no one pays it, and the club is wound up they don`t get paid.

The has asset stripped everything out, so I don`t understand their stance.

If you were a conspiracy theorist perhaps is behind it? He basically thought he had nothing to lose as he's said he won't pay out anything more.

Stewarts Law could be on a promise of much more work from the family & they just looked on it as a loss leader. Ron/Jack were waiting on the previous council to push their plans for 1300 units at FF through, which they expected to be a done deal. Their back-stop is that they are now looking at 1800 units in total, with an unencumbered RH due to the demise of the legal entity that is SUFC.

I've worked as an accountant for people who would have no issue with this approach.

 

[Bromley Blue]

You do wonder why they have gone down this route?
If no one pays it, and the club is wound up they don`t get paid.

The has asset stripped everything out, so I don`t understand their stance.

I really urge the authorities to look into owners of football clubs, not just on initial purchase, fit and proper test, but an ongoing monitoring of how clubs are run and not being used as cash cows for greedy owners / property developers.

It has happened to far too many clubs, Blackpool, Charlton spring to mind, with these charlatan owners that cannot be removed, calling the shots.

Now I know that most clubs are run pretty well, but community assets should be exactly that and run accordingly.

In our case, a greedy property developer that is in so much debt, transferred companies into family member names, used people as cash cows to get his ill gotten gains, without ANY regulation or opposition at all. And I`d be amazed that if he was investigated they wouldn`t find anything untoward.

The mind boggles

Totally agree. It absolutely beggars belief that Ron’s been able to get away with what he has both from a football authorities POV and a legal stance. How that man is not inside is beyond me.

We need to pray that somehow we find a way through all of this and get shot of him once and for all. Then at least his wrongdoings aren’t our problem anymore.

 

[M_Simps]

You do wonder why they have gone down this route?
If no one pays it, and the club is wound up they don`t get paid.

The has asset stripped everything out, so I don`t understand their stance.

I really urge the authorities to look into owners of football clubs, not just on initial purchase, fit and proper test, but an ongoing monitoring of how clubs are run and not being used as cash cows for greedy owners / property developers.

It has happened to far too many clubs, Blackpool, Charlton spring to mind, with these charlatan owners that cannot be removed, calling the shots.

Now I know that most clubs are run pretty well, but community assets should be exactly that and run accordingly.

In our case, a greedy property developer that is in so much debt, transferred companies into family member names, used people as cash cows to get his ill gotten gains, without ANY regulation or opposition at all. And I`d be amazed that if he was investigated they wouldn`t find anything untoward.

The mind boggles

Can't help thinking that as Stewarts know how the Martins operate they knew that having a deadline like the WUP might actually get him to sit down and sort it out. Doesn't stop it from being torture for us, and they might also stand to gain nothing, as you say.

 

[Chrisb]

Has anyone heard if the Council have put a deadline on agreeing HoTs, which is the next stage?

I would have thought that would need to be before close of play tomorrow if we're to persuade COSU to carry on and a judge to grant a further adjournment.

I have just asked @CllrDanielCowan on Twitter, but am equally happy for him to post here if he's still dropping in.

If I remember rightly I think that Cllr Cowan said in one of his posts that a detail of the slightly revised agreement had to be run by their external consultants this morning so assume that is is progress. Just hope that the rats haven't moved their goalposts over the weekend.

 

[leeblue]

This latest WUP was always a bit fishy.
The timing especially.

 

[Rooster79]

This latest WUP was always a bit fishy.
The timing especially.

How so? (Sorry if it’s a stupid question)

 

[Hampshire Shrimp]

This latest WUP was always a bit fishy.
The timing especially.

Blatantly obvious it was used to try and speed up and put pressure on the deal going through? Doesn`t make sense otherwise all other creditors happy to wait until COSU`s name above the club, hopefully?

 

[Hooly]

As we approach what potentially could be our darkest hour I feel sick to the stomach and I am filled with a fear and an apprehension that has only been surpassed as I sat by the bedsides of both my parents while they took their last breath. I will be 63 this September and 55 of those years I have been a Shrimper. I grew from boy to man, married, became a father, divorced, remarried, made wonderful friends with other Shrimpers, shared many a mile and a pint travelling the country with them and suffered the heartache of the passing of some far to soon.
Like many Southend United has been the catalyst for so many memories and yes you low life I do F'ing love 'my' Club.
I am dreading the worst and praying for what ever positive outcome can be achieved at this late stage. I am desperate to not look into the eyes of my lad Liam and see the devastation that one man's actions will bring down on him. Liam is 30 now, born with quadriplegic cerebral palsy and I can't emphasise how much Southend United has been both a emotional and physical support to his development over the years, from mascot on his 5th birthday, attending Frankie Banks Soccer Schools to East Stand Season ticket holder, the club is moulded into him. I know many many others will share similar emotions and fears at this time so I apologise for this self indulgence outpouring of emotional thoughts but needed a way to let some anger and frustration out! Thanks and defiantly I say I'm a Shrimper to I die!

I feel your pain @BEERMONSTER . You & I have shared many good times & also some bad days, but that was mainly Homer's driving making us sh*t ourselves. As you say some dear friends who we travelled the country with have left us far too early in life but we will always remember them through our common love for SUFC.
Although I lapsed in attending after the 2010 issues & the almost destruction of the club back then, better times could be just back around the corner under my favourite Kevin the Crab. I've seen how Liam has grown up intrinsically attached to the club & what it's meant to him.
There is only one route out of this in my view where COSU will have to pay the bill. No planning will be magically in place & we are further away from DD than we were when the judge last called Last Orders. Ratface won't pay & a guarantee/security from him is worthless so there is only one escape. I've met a few of the consortium & they are good guys with the right intentions but at the moment they are throwing money into a bottomless pit & I believe Ratface would keep that going as long as he can. This recent DD issue just gives him more excuse for can kicking.
My accountant's head says that this is the end & to be fair it's said that before but if I was the judge this time I can't see any other answer than "last one turn the lights out".