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

[kentblues]

A very good update.
I have to say I am not sensing this will be done in advance of the court date. Next Friday 7th June they will be reviewing answers to questions and further information regarding the first two areas of DD, but will be reviewing for the first time a "summary" (not detailed) report of the third area of DD. It then would seem very likely that this will slip into week ending 14th June.

Clearly then 2 weeks for external financial audit and 2 weeks for SCC is nowhere near compatible with completion by the court date on 26th June- what was suggested as needing 28 days would have say 11 days..? Unless I am missing something? And that assumes DD finally and at last complete by 14th June...

At some point this apparent conflict will have to be addressed? (PS no doubt someone will point out again the WUP was marked "final"- although I'm not sure it ever is)

 

[Strykr]

Seems like some progress at least.

If only stewarts (cos of ron of course) hadnt buggered up the season already.

 

[JD]

A very good update.
I have to say I am not sensing this will be done in advance of the court date. Next Friday 7th June they will be reviewing answers to questions and further information regarding the first two areas of DD, but will be reviewing for the first time a "summary" (not detailed) report of the third area of DD. It then would seem very likely that this will slip into week ending 14th June.

Clearly then 2 weeks for external financial audit and 2 weeks for SCC is nowhere near compatible with completion by the court date on 26th June- what was suggested as needing 28 days would have say 11 days..? Unless I am missing something?

At some point this conflict will have to be addressed.?

I would like to think (maybe it’s wishful thinking) that if all parties can show significant progress has been made then an adjournment would be granted on the 26th.

If that happens then we still have the big issue regarding the national league authorities and licence to participate/points deductions etc….

 

[Cricko]

Seems like some progress at least.

If only stewarts (cos of ron of course) hadnt buggered up the season already.

Council progress.

 

[Strykr]

Council progress. View attachment 32182

Yep. Im not exactly surprised tho....

 

[Mark Corrigan]

Transparency but the real news is there is no news. Fully expect this to keep plodding along at a snails pace until the consortium finally get fed up and pull the plug. Any word from Shrimpers Trust on action? We are in serious danger.

 

[Holy Joe]

Council progress. View attachment 32182

I think the issue is the initial timescales were crap.

I'd argue it'd be a little difficult to go quicker at this stage - they've given what, 4 working days for third parties to work on the queries - now we obviously don't know what the queries are, but that doesn't seem to me like dragging their feet.

Rather than timescales i'm more concerned if there'll be agreement at all! If the deal still looks like going ahead I think it's more likely we get an adjournment than wound up.

 

[kentblues]

I would like to think (maybe it’s wishful thinking) that if all parties can show significant progress has been made then an adjournment would be granted on the 26th.

If that happens then we still have the big issue regarding the national league authorities and licence to participate/points deductions etc….

Very probably there will be another extension. Probably Cllr Cowan may have to join Ron and Justin in court to assure the judge it really is very close (or write a nice letter) - in which case no judge would wind up.

The league may set a deadline just before season starts for something to happen- clear WUP and file overdue accounts or maybe not.

Kev will start pre-season with an embargo in place and no signings. If he wants to sign any players from clubs in lower divisions who desperately need a pre-season maybe they don't get one. Its Groundhog Day!

 

[JD]

“ This effectively places us somewhere between the outcomes laid out in my first update of 23rd May.”

Outcomes 1&2 or 2&3….. big difference in confidence levels depending on the answer.
Someone has asked the question on X.

 

[Boreham Blue]

I would like to think (maybe it’s wishful thinking) that if all parties can show significant progress has been made then an adjournment would be granted on the 26th.

If that happens then we still have the big issue regarding the national league authorities and licence to participate/points deductions etc….

I agree. The aim will be to get best deal for creditors and if DD and just waiting audit and council sign off then I can see Stewart Law supporting an adjournment and judge rubber stamping. If the DD throws up problems they might not be as willing to support.

 

[Jon h]

I think the issue is the initial timescales were crap.

I'd argue it'd be a little difficult to go quicker at this stage - they've given what, 4 working days for third parties to work on the queries - now we obviously don't know what the queries are, but that doesn't seem to me like dragging their feet.

Rather than timescales i'm more concerned if they'll be agreement at all! If the deal still looks like going ahead I think it's more likely we get an adjournment than wound up.

But can there be adjournment when it’s been marked final ?

 

[Cricko]

Very probably there will be another extension. Probably Cllr Cowan may have to join Ron and Justin in court to assure the judge it really is very close (or write a nice letter) - in which case no judge would wind up.

The league may set a deadline just before season starts for something to happen- clear WUP and file overdue accounts or maybe not.

Kev will start pre-season with an embargo in place and no signings. If he wants to sign any players from clubs in lower divisions who desperately need a pre-season maybe they don't get one. Its Groundhog Day!

Justin will not be around he is heading back to Aus next week.

 

[JD]

But can there be adjournment when it’s been marked final ?

Yep

 

[Barling Magna]

No urgency whatsoever and that’s coz they couldn’t give a toss about the football club. But yeah let’s just throw out a statement once a week to make it look like we are doing something where in reality nothing is happening

That's a bit harsh. If the council doesn't communicate they are criticised, if they do communicate they are criticised. Ron Martin has deliberately created and interwoven a web of companies in the financial dealings so it is no surprise that it is taking a long time to sort it out. Nobody is to blame but him.

 

[Barry.C]

Alternatively
Ronnie and Consortium chip in, along with Citizen Housing , the trust puts I another £1000 and the Council lend the club £15 k , au urgent charity ball is held and the postcode lottery manages a £10 contribution; ShrimperZone members donate another £5 k and Colchester send a friendly £10 k Banksy does a pic on the pier , Alison Moyet Knocks out an impromptu concert , proceeds to the Shrimpers , Stan joins the Consortium and best of all Cricko offers to auction his famous satin pyjamas and we’ve done it, raised £65 k Simples! The Wup is cleared in less than a fortnight

 

[Linda Loan Shark]

This is going to drag on for months and months and months and months. By the time they all get their arses in gear we will be sunk.

We havent got months. Consortium would have pulled the plug before that. I dont think they will be willing to fork out a few more million waiting months and months

 

[dusterman]

Justin will not be around he is heading back to Aus next week.

How is JR feeling? Exasperated I imagine.

 

[Somerset Ex-TTB]

So at best case we will be under an embargo pretty much right up to the start of the season. Hopefully we can avoid points deductions, but that’s another disrupted season.

When will this ever end.

 

[rayleigh dan]

Outcomes 1&2 or 2&3….. big difference in confidence levels depending on the answer.
Someone has asked the question on X.

Yeah, I was wondering about this, I’m glad someone’s asked for clarification. While I appreciate the updates this part was as clear as mud.

 

[Yer Blues]

I don’t get it where’s this deadline come from and what’s it for but let’s hope the update is good news

Oh my.