Breaking News WUP Court Hearing - 4th October- Case Dismissed.

[Shrimper1985]

Well if you were clear people wouldn't come back and ask you all these questions.

 

[Shrimpergonzo]

Spill? Like what have you been told?

I'm telling all that I'm allowed to say and that's what you posted is fake news - complete nonsense and untrue.

 

[Evening Echo]

Blues fans suffered more heartache yesterday as Southend United was hauled back to court in a dispute with the club’s energy supplier

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Help with Echo links

 

[Holy Joe]

London Shrimper on Twitter. Was at court today and Was told by Ron (not that this is too be believed) only relaying what I've seen. Jesus Christ

But this isn't what you wrote...

 

[Blue Yonder]

But this isn't what you wrote...

Thanks. Hadn't seen the twitter post. Another interpretation of that is that RM wont be in court that day as he wont be responsible for the debt by then and someone else (owner) will be. Not that JR is pulling out as interpreted by others. My interpretation could also be nonsense but fits the twitter post just as easily as the 'world is coming to an end'.

 

[in the know]

I believe RM will have put us into administration by then. How long we survive if at all under administration is guesswork. It won’t take an administrator long to assess if we are a going concern financially even without RMs fees coming out.
I believe our only hope lies in JR striking a post admin deal that will include roots hall in the agreement somehow possibly along with community ownership funds if it happens.

 

[Yorkshire Blue]

I believe RM will have put us into administration by then. How long we survive if at all under administration is guesswork. It won’t take an administrator long to assess if we are a going concern financially even without RMs fees coming out.
I believe our only hope lies in JR striking a post admin deal that will include roots hall in the agreement somehow possibly along with community ownership funds if it happens.

RH won’t be included in administration.

That’ll be why the Trust/the Council/Anna Firth are trying to get government funding to buy it.

 

[Danshrimper]

Thanks. Hadn't seen the twitter post. Another interpretation of that is that RM wont be in court that day as he wont be responsible for the debt by then and someone else (owner) will be. Not that JR is pulling out as interpreted by others. My interpretation could also be nonsense but fits the twitter post just as easily as the 'world is coming to an end'.

How could it be interpreted that there will be a new owner at court responsible for the debt when Ron simultaneously said the club won’t be sold by the 4th?

 

[West Stand]

RH won’t be included in administration.

That’ll be why the Trust/the Council/Anna Firth are trying to get government funding to buy it.

Buy what ?

The football club can’t function without RH and that chunk of real estate isnt in the ownership of the club so of course RM will have to be involved in any administration.

The problem will be that the administration will focus on the creditors and quite simply will the FC be able to trade going forward but primarily will administration bring in more to the creditors that insolvency.

I posted yesterday a copy of the NL rule book and irrespective of it being Insolvency or Administration there are absolutely no guarantees about the future in the NL

 

[Blue Yonder]

How could it be interpreted that there will be a new owner at court responsible for the debt when Ron simultaneously said the club won’t be sold by the 4th?

True. I should have said Potential new owner pleading for time to complete.

 

[Yorkshire Blue]

Buy what ?

The football club can’t function without RH and that chunk of real estate isnt in the ownership of the club so of course RM will have to be involved in any administration.

The problem will be that the administration will focus on the creditors and quite simply will the FC be able to trade going forward but primarily will administration bring in more to the creditors that insolvency.

I posted yesterday a copy of the NL rule book and irrespective of it being Insolvency or Administration there are absolutely no guarantees about the future in the NL

Ron said any buyer could have 3 years’ rent free at RH. He’d still be landlord so I would assume such a deal would still be on the table for anyone purchasing from administrators.

The immediate issue in the deal for £1 and the debts plus RH was, I believe, the debts. That removes that obstacle and gives the Trust/JR 3 years to come up with the money for Roots Hall.

 

[West Stand]

Ron said any buyer could have 3 years’ rent free at RH. He’d still be landlord so I would assume such a deal would still be on the table for anyone purchasing from administrators.

The immediate issue in the deal for £1 and the debts plus RH was, I believe, the debts. That removes that obstacle and gives the Trust/JR 3 years to come up with the money for Roots Hall

So any new owner for the princely sum of £1 will buy 76+% of the shares and a mountain of debt( if it’s not in administration)

Any new owner wasn’t given the opportunity to get RH and pay in three years time they would be required to pay over 3 years this is what he is said

”We could agree to spread the purchase price of Roots Hall over 3 years with no rent payable in between”

So the problem as I see it RM isn’t going to sell RH for less that £4.5 million be that payable in 3 years or over 3 years . That is a huge wedge. Grants may be forthcoming but for £4.5 million ? and even then there will have to be clear evidence that within 8 weeks of administration that the funds would be in place

You then have to factor in any administrator will have to work out where funding is going to come from to run the club in effect without loss for 12 months ,where the money to upgrade RH is going to come from the fact that HMRC will be asking for security and so on all the while RM knowing that any sort of insolvency event will almost certainly be looking at his and the other directors handling of what we probably agree is an insolvent company

 

[Redbridge Blue]

But this isn't what you wrote...

Could it be that RM isn't going to be around on the 4th because he is avoiding the repercussions when the club is wound up.

 

[West Stand]

Could it be that RM isn't going to be around on the 4th because he is avoiding the repercussions when the club is wound up.

Have to be honest that’s what I thought

 

[Left post]

Have to be honest that’s what I thought

If the club goes into administration the directors/owners loose total control Of the company I.e SUFC Ltd. Administrators will do what they can to find any value to pay creditors. It all points to a pre-pack with the Aussie or liquidation.

 

[Redbridge Blue]

So would JR buy the company without any debt in that case with the proceeds being used to pay off debtors? If that is the case I can see the judge agreeing to this as with the alternative of winding up debtors will get a whole lot less, if anything.

 

[West Stand]

If the club goes into administration the directors/owners loose total control Of the company I.e SUFC Ltd. Administrators will do what they can to find any value to pay creditors. It all points to a pre-pack with the Aussie or liquidation.

That’s why I am staggered RM didn’t try and get a CVA and then sell.

Few clubs EFL or NL clubs have entered administration since 2013 . In fact it’s just 4 Bolton, Derby, Wigan and Bury. The reason it’s so few is that its not now a simple way to writing off debts

The requirements placed on Wigan for instance ( I know they are EFL ) it’s now a requirement that any New Co pay as a minimum of 25p in the £ to unsecured creditors. Wigan were also subjected to another two year embargo.

 

[Holy Joe]

That’s why I am staggered RM didn’t try and get a CVA and then sell.

Few clubs EFL or NL clubs have entered administration since 2013 . In fact it’s just 4 Bolton, Derby, Wigan and Bury. The reason it’s so few is that its not now a simple way to writing off debts

The requirements placed on Wigan for instance ( I know they are EFL ) it’s now a requirement that any New Co pay as a minimum of 25p in the £ to unsecured creditors. Wigan were also subjected to another two year embargo.

Yeah someone posted some NL rules on clubs going into administration - it's not as straight forward as lose all debt, get deducted 10 points and carry on.

 

[basilrobbie]

**** me. We haven't had clarity in over a year on ANYTHING

That's no excuse for making stuff up and presenting it as a "fact" though, is it?

 

[Leicester Shrimper]

Just to get some clarity and top line reply on this.

On the 4th October -

What is the worst that can happen?
What is the best that can happen?
What in all likelihood, at this point in time is going to happen?