Jump to content
Sign in to follow this  
JuanVelasco

Is Administration really a bad thing?

Recommended Posts

It probably wont happen now ''thanks'' to 18,000 of you.

But the first thing the administrators do is take the club off of the hands of the buyers and seek an investor who buy the club for a nominal and can finance the debt. Cullum has already said that he would step in and take over from the administrators, meaning that nobody would have to be sold, no Stadium would have to be sold etc etc.

Now, all that means is that Cullum can come in and take hold of the club for a pittance, can pay off short term debt instead.... give us a little bit for players.

What would it cost the club? 10 points next season. 

Starting 10 points down   v    Delia in charge (which will cost us more than 10 points).

Doncaster and Delia have asset stripped purely to prevent Delia and MWJ having to give the club away for nothing. At the EXPENSE of the club and the fans, Delia has protected her own investment.

If people cant see that then they are stupid. Delia and Doncaster have CHOSEN relegation over ADMINISTRATION.  I would have chosen ADMINISTRATION.

 

Share this post


Link to post
Share on other sites
[quote user="ryan85k"]

It probably wont happen now ''thanks'' to 18,000 of you.

But the first thing the administrators do is take the club off of the hands of the buyers and seek an investor who buy the club for a nominal and can finance the debt. Cullum has already said that he would step in and take over from the administrators, meaning that nobody would have to be sold, no Stadium would have to be sold etc etc.

Now, all that means is that Cullum can come in and take hold of the club for a pittance, can pay off short term debt instead.... give us a little bit for players.

What would it cost the club? 10 points next season. 

Starting 10 points down   v    Delia in charge (which will cost us more than 10 points).

Doncaster and Delia have asset stripped purely to prevent Delia and MWJ having to give the club away for nothing. At the EXPENSE of the club and the fans, Delia has protected her own investment.

If people cant see that then they are stupid. Delia and Doncaster have CHOSEN relegation over ADMINISTRATION.  I would have chosen ADMINISTRATION.

 

[/quote]

I mean off the hands of the owners.

Share this post


Link to post
Share on other sites
And many local businesses at the end of the queue would receive perhaps 5p in the pound for all debts owed, causing hardship to thousands of local people.  Staff would be sacked.  Assets stripped.  We''d be a mess on and off the pitch, worse than we are now.Right back at you - "if people can''t see this then they are stupid."

Share this post


Link to post
Share on other sites
Jesus how many bloody times.. YES IT WOULD BE A BAD THING!!!1) Delia is not the only shareholder. The hundreds of fans with small shareholdings lose all there money too2) Businesses that are owed money by the club would lose out. Ipswich paid them an appauling amount and they suffered. It does not just affect the football club it has a knock on effect on the whole community3) Transfer embargo while in adminsitration. All our best players sold and us unable to bring in any replacements until we are out of itThere are some other reasons but I cant be bothered to go into them rigth now.

Share this post


Link to post
Share on other sites
[quote user="ryan85k"]

It probably wont happen now ''thanks'' to 18,000 of you.

But the first thing the administrators do is take the club off of the hands of the buyers and seek an investor who buy the club for a nominal and can finance the debt. Cullum has already said that he would step in and take over from the administrators, meaning that nobody would have to be sold, no Stadium would have to be sold etc etc.

Now, all that means is that Cullum can come in and take hold of the club for a pittance, can pay off short term debt instead.... give us a little bit for players.

What would it cost the club? 10 points next season. 

Starting 10 points down   v    Delia in charge (which will cost us more than 10 points).

Doncaster and Delia have asset stripped purely to prevent Delia and MWJ having to give the club away for nothing. At the EXPENSE of the club and the fans, Delia has protected her own investment.

If people cant see that then they are stupid. Delia and Doncaster have CHOSEN relegation over ADMINISTRATION.  I would have chosen ADMINISTRATION.

 

[/quote]You''re an idiot.  Go and sober up and come back when you are talking sense.

Share this post


Link to post
Share on other sites

[quote user="Mister Chops"]And many local businesses at the end of the queue would receive perhaps 5p in the pound for all debts owed, causing hardship to thousands of local people.  Staff would be sacked.  Assets stripped.  We''d be a mess on and off the pitch, worse than we are now.

Right back at you - "if people can''t see this then they are stupid."
[/quote]

No, thats liquidation. Im talking about administration, Cullum would be expected to take over liabilities only. Liquidation (selling assets etc) only takes place without somebody taking the club out of administration. This involves paying back SHORT term debts. Which equate to about £2.5m, and rearranging or reconfirming long term debts.

Dont get confused Mr Stupid. For example, Woolworths went into ADMINISTRATION, no buyer could be found to take over liabilities, thus that went into LIQUIDATION...... which involved selling off everything that they owned.

 

Share this post


Link to post
Share on other sites

[quote user="king canary"]Jesus how many bloody times.. YES IT WOULD BE A BAD THING!!!
1) Delia is not the only shareholder. The hundreds of fans with small shareholdings lose all there money too
2) Businesses that are owed money by the club would lose out. Ipswich paid them an appauling amount and they suffered. It does not just affect the football club it has a knock on effect on the whole community
3) Transfer embargo while in adminsitration. All our best players sold and us unable to bring in any replacements until we are out of it

There are some other reasons but I cant be bothered to go into them rigth now.
[/quote]

1) I would give up my shares to get Delia out.

2) Businesses would not necessarily lose out.

3) This would be, what, two weeks?

 

Share this post


Link to post
Share on other sites
[quote user="ryan85k"]

[quote user="Mister Chops"]And many local businesses at the end of the queue would receive perhaps 5p in the pound for all debts owed, causing hardship to thousands of local people.  Staff would be sacked.  Assets stripped.  We''d be a mess on and off the pitch, worse than we are now.Right back at you - "if people can''t see this then they are stupid."[/quote]

No, thats liquidation. Im talking about administration, Cullum would be expected to take over liabilities only. Liquidation (selling assets etc) only takes place without somebody taking the club out of administration. This involves paying back SHORT term debts. Which equate to about £2.5m, and rearranging or reconfirming long term debts.

Dont get confused Mr Stupid. For example, Woolworths went into ADMINISTRATION, no buyer could be found to take over liabilities, thus that went into LIQUIDATION...... which involved selling off everything that they owned.

 

[/quote]No you are wrong. Ipswich went into ADMINISTRATION and had to make an agreement with tier creditors, which saw them only getting a very small percentage of what they were owed. Add to this the Tax men are taking a stand against football clubs which is the main reason Southampton cant get out of Admin at the moment, the IR wont accept any deal they offer for money owed.

Share this post


Link to post
Share on other sites

Can this be the same ryan85k who started an anti-Cullum thread yesterday in which he blamed him as much as Delia for the mess we''re in and wished he would "break a leg"?

 

Share this post


Link to post
Share on other sites
[quote user="Duffman"][quote user="ryan85k"]

It probably wont happen now ''thanks'' to 18,000 of you.

But the first thing the administrators do is take the club off of the hands of the buyers and seek an investor who buy the club for a nominal and can finance the debt. Cullum has already said that he would step in and take over from the administrators, meaning that nobody would have to be sold, no Stadium would have to be sold etc etc.

Now, all that means is that Cullum can come in and take hold of the club for a pittance, can pay off short term debt instead.... give us a little bit for players.

What would it cost the club? 10 points next season. 

Starting 10 points down   v    Delia in charge (which will cost us more than 10 points).

Doncaster and Delia have asset stripped purely to prevent Delia and MWJ having to give the club away for nothing. At the EXPENSE of the club and the fans, Delia has protected her own investment.

If people cant see that then they are stupid. Delia and Doncaster have CHOSEN relegation over ADMINISTRATION.  I would have chosen ADMINISTRATION.

 

[/quote]

You''re an idiot.  Go and sober up and come back when you are talking sense.
[/quote]

I am talking sense you fool.

 

Administration and administrative receivership

When a company or partnership gets into financial trouble an administrator or administrative receiver may be appointed.

Administration

The role of an administrator is to get the company out of trouble and trading again if possible.

Administrators can be appointed to a company that is unable, or is likely to become unable, to pay its debts. They can be appointed by any of the following:

  • the courts - on application from a creditor, directors or partners

  • the holder of a qualifying floating charge over the assets of the business

  • the company or its directors

An administrator''s primary goal is to rescue the company as a going concern. If this isn''t possible, the administrator will try to get a better result for the creditors than would be possible if the company was wound up.

If neither of these is possible,the administrator will sell the company''s property to make at least a partial payment to one or more secured or preferential creditors, such as employees or the bank.

Administration can also apply to partnerships.

Administrative receivership

When a company borrows money, the lender is usually given some security over the company''s assets to guarantee payment. If the company fails to keep the terms of the loan or encounters financial difficulties, the lender may be entitled to appoint an administrative receiver. An administrative receiver is an insolvency practitioner who has control of the whole, or a substantial part, of the company''s property and wide powers over the business.

The administrative receiver is mainly concerned with getting back the money owed to the secured creditor. The administrative receiver may sell the assets piecemeal, or sell the whole business as a going concern to pay off the secured creditor, and the costs of the receivership.

Since 15 September 2005 the right to appoint an administrative receiver is generally limited to debenture holders whose charge existed at that date.

Share this post


Link to post
Share on other sites
[quote user="king canary"][quote user="ryan85k"]

[quote user="Mister Chops"]And many local businesses at the end of the queue would receive perhaps 5p in the pound for all debts owed, causing hardship to thousands of local people.  Staff would be sacked.  Assets stripped.  We''d be a mess on and off the pitch, worse than we are now.

Right back at you - "if people can''t see this then they are stupid."
[/quote]

No, thats liquidation. Im talking about administration, Cullum would be expected to take over liabilities only. Liquidation (selling assets etc) only takes place without somebody taking the club out of administration. This involves paying back SHORT term debts. Which equate to about £2.5m, and rearranging or reconfirming long term debts.

Dont get confused Mr Stupid. For example, Woolworths went into ADMINISTRATION, no buyer could be found to take over liabilities, thus that went into LIQUIDATION...... which involved selling off everything that they owned.

 

[/quote]
No you are wrong. Ipswich went into ADMINISTRATION and had to make an agreement with tier creditors, which saw them only getting a very small percentage of what they were owed.
Add to this the Tax men are taking a stand against football clubs which is the main reason Southampton cant get out of Admin at the moment, the IR wont accept any deal they offer for money owed.
[/quote]

And we have current tax liabilities do we? Because as far as the shareholders have been made aware, the only debt is loan debt.

Share this post


Link to post
Share on other sites
[quote user="canary cherub "]

Can this be the same ryan85k who started an anti-Cullum thread yesterday in which he blamed him as much as Delia for the mess we''re in and wished he would "break a leg"?

[/quote]

Yes I am anti cullum, until he puts his money where his mouth his.

Share this post


Link to post
Share on other sites
[quote user="ryan85k"][quote user="Duffman"][quote user="ryan85k"]

It probably wont happen now ''thanks'' to 18,000 of you.

But the first thing the administrators do is take the club off of the hands of the buyers and seek an investor who buy the club for a nominal and can finance the debt. Cullum has already said that he would step in and take over from the administrators, meaning that nobody would have to be sold, no Stadium would have to be sold etc etc.

Now, all that means is that Cullum can come in and take hold of the club for a pittance, can pay off short term debt instead.... give us a little bit for players.

What would it cost the club? 10 points next season. 

Starting 10 points down   v    Delia in charge (which will cost us more than 10 points).

Doncaster and Delia have asset stripped purely to prevent Delia and MWJ having to give the club away for nothing. At the EXPENSE of the club and the fans, Delia has protected her own investment.

If people cant see that then they are stupid. Delia and Doncaster have CHOSEN relegation over ADMINISTRATION.  I would have chosen ADMINISTRATION.

 

[/quote]

You''re an idiot.  Go and sober up and come back when you are talking sense.
[/quote]

I am talking sense you fool.

 

Administration and administrative receivership

When a company or partnership gets into financial trouble an administrator or administrative receiver may be appointed.

Administration

The role of an administrator is to get the company out of trouble and trading again if possible.

Administrators can be appointed to a company that is unable, or is likely to become unable, to pay its debts. They can be appointed by any of the following:

  • the courts - on application from a creditor, directors or partners

  • the holder of a qualifying floating charge over the assets of the business

  • the company or its directors

An administrator''s primary goal is to rescue the company as a going concern. If this isn''t possible, the administrator will try to get a better result for the creditors than would be possible if the company was wound up.

If neither of these is possible,the administrator will sell the company''s property to make at least a partial payment to one or more secured or preferential creditors, such as employees or the bank.

Administration can also apply to partnerships.

Administrative receivership

When a company borrows money, the lender is usually given some security over the company''s assets to guarantee payment. If the company fails to keep the terms of the loan or encounters financial difficulties, the lender may be entitled to appoint an administrative receiver. An administrative receiver is an insolvency practitioner who has control of the whole, or a substantial part, of the company''s property and wide powers over the business.

The administrative receiver is mainly concerned with getting back the money owed to the secured creditor. The administrative receiver may sell the assets piecemeal, or sell the whole business as a going concern to pay off the secured creditor, and the costs of the receivership.

Since 15 September 2005 the right to appoint an administrative receiver is generally limited to debenture holders whose charge existed at that date.

[/quote]

THEREFORE THE PRICE THAT CULLUM WOULD PAY IS THE COST OF SECURED DEBTS (THOSE THAT ARE DUE), PLUS COSTS OF RECIEVERSHIP. E.G. CIRCA £3 MILLION. WITH ALL SECURED CREDITORS GETTING PAYED BY THE ADMINISTRATORS OUT OF THIS £3 MILLION.

CHEAPER THAN DELIAS £16MILLION ISNT IT??????????????

Share this post


Link to post
Share on other sites
If Cullum stepped forward we wouldnt actually go into administration would we?  So I dont see why you''ve mentioned the 10 point deduction.

Share this post


Link to post
Share on other sites

[quote user="TheCanaryFan"]If Cullum stepped forward we wouldnt actually go into administration would we?  So I dont see why you''ve mentioned the 10 point deduction.[/quote]

We would have to go into administration for Cullum to be able to pick up the club for £3m from the administrators. Otherwise he needs to find £16m to buy the club from Delia.

Why cant you see my point? The ONLY people that lose are Delia and her cronies. The player sales, the lack of investment, not paying for flights..... that is ALL about protecting Delia Smiths £16m. Not about protecting the best interests of the club.

Share this post


Link to post
Share on other sites
If you get a decent manager in, you won''t need administration because he''d sort out the contracts. Christ, 20k attendance is enough to stabilise in League 1 if we can survive on 4k attendances.

Share this post


Link to post
Share on other sites
[quote user="ryan85k"]Cullum has already said that he would step in and take over from the administrators.

[/quote]I''m not aware that he has ever said any such thing. He has talked in the past about helping bail out the club if it was in financial danger, but I have never seen him quoted as saying he would actually take over the club if it went into administration. If you have a direct quote to that effect, I''d be grateful if you could point me to it.

Share this post


Link to post
Share on other sites

I have had Five companies I supply go into administration recently

1. I have yet to recieve a penny of the thousands owed to me from any of them.

2. Four out of the five were bourght back by the same directors family,  from the administrater, within a few days of the company going into administration. This is perfectly legal. On three occasions the companies didn''t even close.The man in the street is not  even aware it happens.    

 

Share this post


Link to post
Share on other sites
Ryan, if administration is so great, why is it that companies go to huge lengths to avoid it?  You seem to be looking at it through hugely rose coloured glasses.  If you want to screw over all the local businesses that the club deals with then fine, but you will be one of not many being pleased if it happens.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

×
×
  • Create New...