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

[Boreham Blue]

Judging from what JR and TL said the focus now is all on the council as I suspect they would know if stuff was awaited from Ron and have included him on the radio.

I wonder if one option is that Stewart’s realise that they will not get much under liquidation and if it goes to the next court date they might put their faith in the consortium and decide that waiting for them might increase their chance of being paid and withdraw the WUP?

 

[Spaceman Spiff]

They will not be allowed to partake in any votes due to conflict of interest rules , especially those with Season tickets

Very true, but he didn’t say their votes would be important. He said the two SUFC-supporting councillors were perfectly placed to make it clear to SCC officials that time is of the essence and to get their bums in gear (or words to that effect) which is absolutely right.

They can also make the case to their fellow councillors before they cast their votes.

As Tesco used to say, every little helps.

 

[Chrisb]

As Yorkie has mentioned earlier today, I too suspect RM would have had to provide a legal undertaking to pay fees to SCC. He would have paid the monies into his Solicitor’s Client’s bank account. Hence DD didn’t start till March, he had to raid the BVI bank account again.

No shafting the consultants this time Ronnie !

How has the Rat even slept at night for the last however many years ? All the debt, all the broken promises, what he has put our Club through and continues to do. Words fail me.

 

[RHB]

How has the Rat even slept at night for the last however many years ? All the debt, all the broken promises, what he has put our Club through and continues to do. Words fail me.

That's because you are a decent person and he isn't. When you spend your entire professional life being a cheating, lying, conniving arse wipe, it's very easy to forget what being a decent person looks like.

 

[Shrimper]

Judging from what JR and TL said the focus now is all on the council as I suspect they would know if stuff was awaited from Ron and have included him on the radio.

I wonder if one option is that Stewart’s realise that they will not get much under liquidation and if it goes to the next court date they might put their faith in the consortium and decide that waiting for them might increase their chance of being paid and withdraw the WUP?

They may be able to do that with Stewart's but aren't there other members on the petition?

 

[Danshrimper]

They may be able to do that with Stewart's but aren't there other members on the petition?

I don’t think so. That was the last one that had multiple companies on the petition.

 

[Mr Browns Ghost]

If anyone officer or councillor has made their minds up prior to the DD then in my view they are not fit to be in office. If you read the council papers (thanks Liam) it is as plain as a pikestaff that the complexity of the deal, the legal and financial implications are beyond the layman and that is why specialist opinion is being sought. For me the Cortland report is the crucial one. If they say it's a bad deal for the council then we are ****ed. If they say it it's a good deal then it would be difficult for the council to argue against given the need for housing. In between who knows. I think the council can rightly be criticised for the time this is taken. They are taking the lead and should be driving it.
Secondly the consortium are not going to be sitting on their hands. Don't expect a running commentary from them though.
Strap yourselves down. It's going to get bumpy.
Outcome. How the sweet Jesus do I know.

I think you are probably being kind to yourself and too kind to the other board posters … you’ll need more than a seatbelt I’d suggest a bag of tissues and some uppers … I’ve suggested time and time again, it’s simply not happening the consortium are still nothing more than 10 Tara Brady’s being strung along by the Martins to help buy themselves sometime to get their dream over the line … we are simply ****ed .. I hope we all start getting our heads around this sooner rather than later

 

[Barry.C]

From this LAST/[previous WUP it just looks like Stewart Law as the petitioner for the winding up order, but others on here have suggested they have been joined by 2 others petitioners ?

Some clarity from the the Trust or Consortium would be welcome?

Petitions to Wind Up (Companies)​

In the HIGH COURT OF JUSTICE
BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES INSOLVENCY AND COMPANIES LIST (ChD) No CR-2024-001132 of 2024
In the Matter of SOUTHEND UNITED FOOTBALL CLUB LIMITED (THE)
(Company Number 00089767)
and in the Matter of the INSOLVENCY ACT 1986
A petition to wind-up the above-named Company with company registered number 00089767 and registered office address of 2nd Floor 4 Beaconsfield Road, St. Albans, Hertfordshire, United Kingdom, AL1 3RD was presented on 23 February 2024 by STEWARTS LAW LLP of 5 New Street Square, London, EC4A 3BF claiming to be a creditor of the Company shall be heard at The Rolls Building, London, EC4A 1NL on:
Date: 17 April 2024
Time: 10:30
(or as soon thereafter as the Petition can be heard)
Any person intending to appear on the hearing of the Petition (whether to support or oppose it) must give notice of intention to do so to the Petitioner or its solicitor in accordance with rule 7.14 of the Insolvency (England and Wales) Rules 2016, SI 2016/1024 by 16:00 hours on 16 April 2024.
The Petitioner’s details are: Stewarts Law LLP 5 New Street Square, London, EC4A 3BF Ref: TS/4691.110 Tel: +44 (0)20 7822 8000 E-mail: insolvency@stewartslaw.com
Dated: 2 April 2024

 

[Flinty]

I think you are probably being kind to yourself and too kind to the other board posters … you’ll need more than a seatbelt I’d suggest a bag of tissues and some uppers … I’ve suggested time and time again, it’s simply not happening the consortium are still nothing more than 10 Tara Brady’s being strung along by the Martins to help buy themselves sometime to get their dream over the line … we are simply ****ed .. I hope we all start getting our heads around this sooner rather than later

Unfortunately this is where my head is at for the moment. Once he gets a sniff that FF will be approved with no stadium I think we are well and truly in the . He has now brought himself a year to get his ducks in a row transferring out any assets to family members, luxury of no debtors chasing him as they are all waiting for ‘the sale’ …wouldn’t surprise me if it ends up being a ‘friendly debtor’ that finally winds us up ….he is playing everyone for his ‘families’ gain.

I hope I’m so wrong but it all seems to be heading that way

 

[Barry.C]

Also clarity on how much is needed to pay the WUP please

If it was as little as £250k I would be well pis.ed if our club went under for that sum, when all 4 actors in this could surely club together to knock out £62,500 each !!

Some councils even fund their local club and rent or let the ground cheaply !!

"Empowering local communities through asset ownership is an increasingly relevant option, as is aligning community needs and council priorities with the comprehensive network of asset owning community sports organisations.

Councils have a key role to play in helping communities to take ownership of local assets and creating a local network capable of delivering services, whilst protecting the local sport and leisure landscape."

1. Protects jobs that are at risk from facility closures. Provides training and business opportunities.
2. Can reverse economic decline of an area and attract investment. Can act as leverage, enabling further investment to be negotiated.
3. Instils a renewed sense of pride and confidence in the community. Provides local people with a meaningful stake in the future development of the place in which they live and / or work and builds long-term support from the community.

Supporter ownership of spectator sports clubs and social value​

The enhanced social value created from community ownership of spectator sports clubs has been discussed and evidenced to great extent including in Supporters Direct The Social and Community Value of Football report (2010). Supporter ownership creates greater local control, transparency and confidence to local stakeholders not least to supporters and councils that the club is being run for benefit beyond a small and often unrepresentative group of shareholders.

Councils’ recognition of a club’s local value and support for community ownership is often activated when a club is in financial trouble with key assets, such as if the stadium is at risk. Many councils are taking a more progressive approach to community ownership, supporting the club before it is at risk to create a partnership that helps the club and council to deliver their objectives. A great example is Chesterfield FC where Chesterfield Borough Council and Derbyshire County Council lent money to the club’s charitable trust for it to take majority control of the club.

Cmon Southend Council you can do it FFS get that DD done soon, at a minimum

 

[Barry.C]

What could we do to also make sure that STEWART LAW are never forgotten nationally as a law group that chose to wipe out a football club >! and severely damage a ,local Community?

 

[Boreham Blue]

What could we do to also make sure that STEWART LAW are never forgotten nationally as a law group that chose to wipe out a football club >! and severely damage a ,local Community?

The truth is that the council has to prioritise doing right by its population and a company by their shareholders or partners. I don’t blame them for doing what they think is best for them but hope that we can create a way that their interests can align with ours.

 

[tommy tucker]

Also clarity on how much is needed to pay the WUP please

If it was as little as £250k I would be well pis.ed if our club went under for that sum, when all 4 actors in this could surely club together to knock out £62,500 each !!

Some councils even fund their local club and rent or let the ground cheaply !!

"Empowering local communities through asset ownership is an increasingly relevant option, as is aligning community needs and council priorities with the comprehensive network of asset owning community sports organisations.

Councils have a key role to play in helping communities to take ownership of local assets and creating a local network capable of delivering services, whilst protecting the local sport and leisure landscape."

1. Protects jobs that are at risk from facility closures. Provides training and business opportunities.
2. Can reverse economic decline of an area and attract investment. Can act as leverage, enabling further investment to be negotiated.
3. Instils a renewed sense of pride and confidence in the community. Provides local people with a meaningful stake in the future development of the place in which they live and / or work and builds long-term support from the community.

Supporter ownership of spectator sports clubs and social value​

The enhanced social value created from community ownership of spectator sports clubs has been discussed and evidenced to great extent including in Supporters Direct The Social and Community Value of Football report (2010). Supporter ownership creates greater local control, transparency and confidence to local stakeholders not least to supporters and councils that the club is being run for benefit beyond a small and often unrepresentative group of shareholders.

Councils’ recognition of a club’s local value and support for community ownership is often activated when a club is in financial trouble with key assets, such as if the stadium is at risk. Many councils are taking a more progressive approach to community ownership, supporting the club before it is at risk to create a partnership that helps the club and council to deliver their objectives. A great example is Chesterfield FC where Chesterfield Borough Council and Derbyshire County Council lent money to the club’s charitable trust for it to take majority control of the club.

Cmon Southend Council you can do it FFS get that DD done soon, at a minimum

most councils know the value of its football club . But you have to ask does southend council feel the same about its one and only football club with a good fan base .Somehow i doubt it .

 

[dusterman]

Can we change the thread title t: ‘So when will the liquidation of the club happen’ to appease some posters, please kind sirs?

 

[The Original Tribal Chief]

I think you are probably being kind to yourself and too kind to the other board posters … you’ll need more than a seatbelt I’d suggest a bag of tissues and some uppers … I’ve suggested time and time again, it’s simply not happening the consortium are still nothing more than 10 Tara Brady’s being strung along by the Martins to help buy themselves sometime to get their dream over the line … we are simply ****ed .. I hope we all start getting our heads around this sooner rather than later

And I think at least three of those Tara Bradys (and Justin may be one of them) are coming to that realization and have had enough. They are aware that they will have to write off an awful lot of money, but at least if they pull out now, that loss doesn’t get any bigger.

 

[united we stand]

I’m amazed people continue to blame the Council.

It took Ron two months to provide the undertaking to pay the fees.

The Council had no visibility over the proposed development until 18th March!

That’s three months from the deal being struck.

The deal in the meantime has changed substantially, going from affordable housing to luxury housing. This has necessitated the Council to ask for revisions.

As of 3 weeks ago the Council still hadn’t received the specifications, the layouts etc. They want the Council to agree to rent high-end unbuilt flats without any plans.

Ron is trying to use the club to strongarm the Council into agreeing the deal without proper scrutiny. I don’t know whether the Consortium have fallen for this or have just concluded that Ron is unable to deliver what is necessary to close the deal and if they don’t want to lose their £3.5m he’s suckered them out of they will just have to support him through gritted teeth.

This should be a closed thread on its own to remind people

 

[Yorkshire Blue]

And I think at least three of those Tara Bradys (and Justin may be one of them) are coming to that realization and have had enough. They are aware that they will have to write off an awful lot of money, but at least if they pull out now, that loss doesn’t get any bigger.

What would the exit strategy be? Does the agreement allow them to back out? Obviously the deal only completes once Ron has meet the conditions but if they just withdraw funding we’ll be stuck in no man’s land where Ron can’t sell the club to anyone else making insolvency inevitable.

As I said back in April:

This.

At what point do the consortium decide enough is enough as they’ve had enough of pumping money into a project they don’t yet own?

The club faces a winding up petition May 15th.

Why would you put more money into the club ahead of that?

If Ron misses that deadline too what confidence can you have that he will meet whatever the next deadline is?

This can’t go on forever. The question is when will their patience run out?

Our future is as precarious as it has ever been. As I see it there is a very high chance of things collapsing over the next month.

 

[Bearded Shrimper]

What would the exit strategy be? Does the agreement allow them to back out? Obviously the deal only completes once Ron has meet the conditions but if they just withdraw funding we’ll be stuck in no man’s land where Ron can’t sell the club to anyone else making insolvency inevitable.

As I said back in April:

if we get wound up doesn't that all get taken care of for everyone? then they can either pursue Ron for whatever they think they can get and waste another few years, or they can chalk it up to experience and go on with their lives

 

[Shrimper]

And I think at least three of those Tara Bradys (and Justin may be one of them) are coming to that realization and have had enough. They are aware that they will have to write off an awful lot of money, but at least if they pull out now, that loss doesn’t get any bigger.

If we don't hear anything positive soon do you think that could be it? I can understand them only waiting so long

 

[The Original Tribal Chief]

What would the exit strategy be? Does the agreement allow them to back out? Obviously the deal only completes once Ron has meet the conditions but if they just withdraw funding we’ll be stuck in no man’s land where Ron can’t sell the club to anyone else making insolvency inevitable.

As I said back in April:

I don’t think they’re really backing out of anything. No sale has taken place - they’ve pumped money in on the understanding that a deal will take place. They are free to walk away and then to try and go after Ron for whatever they can get. Which probably will be **** all.