When will the takeover go through? The Waiting Game...

[tommy tucker]

Let’s hope not. Last time Ratty said we shouldn’t be in the same league as them, it didn’t work out too well for us.

A bit too close to home for my liking right now.

There may be a differance between the EFL and the leauge we are in .The EFL dont seem to help clubs in there leauge .At this time im glad we are not in that leauge while all this **** is flying around at our club .

 

[overseas shrimper]

There may be a differance between the EFL and the leauge we are in .The EFL dont seem to help clubs in there leauge .At this time im glad we are not in that leauge while all this **** is flying around at our club .

Well, there are instances where the EFL look after their own and apply different measures to teams looking to become members. Look at Coventry when they were football nomads, looking for ground shares, yet Gateshead wouldn't be accepted because of their ground situation.

Don't think for a moment that the NL wouldn't have treated us differently had it not been for our large home and away following and the kudos that brings to their top league.

 

[tommy tucker]

Geting back to the topic .We all know there is something going off on the 7th of july But what i want to know is why cant the council make statments because of it .Seems very daft to me

 

[Shrimper]

Chris Phillips says statement from the Consortium coming soon

 

[Mad Cyril]

Chris Phillips says statement from the Consortium coming soon

I am going to delay booking a hotel for Wakering and Canvey until I hear what they have to say.

 

[tommy tucker]

Lets all hope what ever the statment is going to say .It will be good news and that the council even though they cant tell us has told the concortium that thing are going to happen very soon fingers crossed for good news please .

 

[BEERMONSTER]

https://twitter.com/x/status/1799077159988043846

Just sharing for interest but reading between the lines both parties seem to know that a restructuring would be needed!

 

[southendkid]

https://twitter.com/x/status/1799077159988043846

Just sharing for interest but reading between the lines both parties seem to know that a restructuring would be needed!

It's a bit frustrating that he knew the DD was going to fail but they did it anyway, seems like a massive waste of time and money. Was there some legal reason they couldn't have jumped straight to restructuring?

 

[BriggBlue]

The horrible truth here is that Ron has totally run out of money, he has totally run out of assets to borrow against and his final scheme to get his deal over the line wasn't viable for planning permission.

He needs to adjust his deal but I'm not convinced he can do so without risking not being able to pay all his creditors.

I sincerely hope that if the club dies he also goes bankrupt and loses everything to his creditors.

I also hope his next **** is a pineapple

 

[Yorkshire Blue]

It's a bit frustrating that he knew the DD was going to fail but they did it anyway, seems like a massive waste of time and money. Was there some legal reason they couldn't have jumped straight to restructuring?

I wouldn’t say it was a massive waste of time and money. They won’t throw away the work they’ve done and start again from a blank sheet. The DD will just be revised to take account of the revised deal. It will also have flushed out any other issues that would need to be addressed and will help inform the parameters of the revision.

 

[bazzashrimper]

The horrible truth here is that Ron has totally run out of money, he has totally run out of assets to borrow against and his final scheme to get his deal over the line wasn't viable for planning permission.

He needs to adjust his deal but I'm not convinced he can do so without risking not being able to pay all his creditors.

I sincerely hope that if the club dies he also goes bankrupt and loses everything to his creditors.

I also hope his next **** is a pineapple

At some stage his creditor will agree. If they are in for £45m to him they would prefer a viable scheme to recoup £42m than an unviable one to get them £0. Maybe he has to sell the club, come out with nowt and then hopefully poo a pineapple

 

[Shrimper]

NL AGM tomorrow?

 

[rowe23]

Could it be that the DD advised current guise of plans wouldn’t work, however if the plan was revised to xyz then it would be acceptable. So could it be a quick win with some negations from both sides to get it into an acceptable form.

This is just merely thinking out loud and based off that Cowan said they expected DD to raise concerns, so I’m hoping this means they were working on the background what would work, so the updated plans would then get through DD without issue.

 

[Flinty]

Could it be that the DD advised current guise of plans wouldn’t work, however if the plan was revised to xyz then it would be acceptable. So could it be a quick win with some negations from both sides to get it into an acceptable form.

This is just merely thinking out loud and based off that Cowan said they expected DD to raise concerns, so I’m hoping this means they were working on the background what would work, so the updated plans would then get through DD without issue.

That’s the crux of it. The problem is I can’t see what use we are anymore to the so have no leverage

 

[hlane17]

The horrible truth here is that Ron has totally run out of money, he has totally run out of assets to borrow against and his final scheme to get his deal over the line wasn't viable for planning permission.

He needs to adjust his deal but I'm not convinced he can do so without risking not being able to pay all his creditors.

I sincerely hope that if the club dies he also goes bankrupt and loses everything to his creditors.

I also hope his next **** is a pineapple

Surely any creditor would be happier with a return on their lending, rather than nothing at all.

Unless the creditor is large enough to take the entire hit and sink chief Rat's empire to make a point about what happens to those who default.

Surprised Ron could lend off anyone with a risk profile as high as his.

 

[JB Shrimper]

Surely any creditor would be happier with a return on their lending, rather than nothing at all.

Unless the creditor is large enough to take the entire hit and sink chief Rat's empire to make a point about what happens to those who default.

Surprised Ron could lend off anyone with a risk profile as high as his.

Hopefully they accept a loss but make up for it by breaking every bone in his and his son's body!

 

[Evening Echo]

The consortium, led by Australian businessman Justin Rees, has funnelled more than £3.5million into Southend United by paying staff, players and clearing debts

Read more on this story


Help with Echo links

 

[rararblue]

I'm confused. How did COSU come up with £3.5 million?
Don't get me wrong - am very pleased they are involved and prey they takeover. It just seems a very high figure for 6 months involvement.
I can understand if that includes a commitment on the historic debt, but most of that hasn't been paid, yet. As far as I am aware, anyway.
Can't see that they have physically paid out 3.5 million.

 

[THE SEVENTIES NORTH BANK]

I'm confused. How did COSU come up with £3.5 million?
Don't get me wrong - am very pleased they are involved and prey they takeover. It just seems a very high figure for 6 months involvement.
I can understand if that includes a commitment on the historic debt, but most of that hasn't been paid, yet. As far as I am aware, anyway.
Can't see that they have physically paid out 3.5 million.

They paid a lot of debt off, not all. They paid outstanding wages to everyone involved with the club, and then kept paying wages. They paid operating costs for each month. Pitch renovation work at Roots Hall, the development of the new training ground and payment of HMRC. They paid for some of SUFC women's football, although they are also sponsored by Bellway Homes.

 

[bazzashrimper]

They paid a lot of debt off, not all. They paid outstanding wages to everyone involved with the club, and then kept paying wages. They paid operating costs for each month. Pitch renovation work at Roots Hall, the development of the new training ground and payment of HMRC. They paid for SUFC women's football.

And haven’t had much incoming - eg Season tickets