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Author Topic: Administration
mike toreno
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Sorry to see this, GO.
Posts: 513 | From: a gosh-forsaken heckhole | Registered: Apr 2006  |  IP: Logged | Report this post to a Moderator
Jimski
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Yeah, sorry to see this, GO.

The ten point rule, while being completely unfair to fans, also seems not to have had the slightest deterrent effect on clubs entering administration (except on the timing of it). Given this was the purpose of it, perhaps they can rid us of it now? And replace, as others have said, with something a bit more preventative of financial problems in the first place.

[ 18.03.2008, 18:06: Message edited by: Jimski ]

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Harry Carpenter
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Sorry for my ignorance but Dangermouse's comments on this and ( I think) another thread would seem to denote that this may be fatal for Rotherham, is that the case?

Obviously it is always the possibility for any club to actually go out of business but is there a likelihood of it here? Apologies as I am sure this has been covered before.

[ 18.03.2008, 18:26: Message edited by: Harry Carpenter ]

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Nathan HelenaHandcart
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The administrators have a legal obligation to satisfy the creditors. If there's something they can do to pay them off - like winding up the club and selling the ground for housing - they could, but often, there are restrictive covenants and so forth which make that not a straightforward option.

IN this case, unless I'm mistaken, the creditors are the Booth family, who also own the stadium. If they want to convert the land into cash, they could refuse the accept any settlement and push for a winding up order, but to some extent, what happens is a mixture of who is owed the money and how likely the chances are of it being paid back. IN most cases, the political heat with winding the club up and / or disposing of the assets tends to mean that the best chance is for everyone to take a hit and agree a CVA in which the clubs trades itself back into the black and pays them back a small maount. The thing here I think is that having so recently been in admin, trading into solvency is going to be hard to sell as viable, so it's whether there's anyone else in the mix apart from Booth and whether he and his family want their money more than they want a good reputation.

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Phoebe Disco
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Is there a Trust up there, with the ability to raise what's needed?

Are the club/administrators doing anything major to raise extra cash? Is there any thought to a Fans United day?

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Jorge Porbillas
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Cardiff won't have to pay 24m immediately according to the Hugh Court ... more to follow
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Pretend Best Friend
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More updates from my "mole" in the court

Summary Judgement Dismissed

The judge didn't giev Langston leave to appeal, saying it wasn't suitable

Langston can still apply for leave directly to appeal by 10 June

Judge advised for everyone to get round the table and sort it out within the next two months.

Langston have to pay CCFC costs within 28 days

Judge also said it was a clear case, no technicalities necessary

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Gangster Octopus
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That Hugh Court. What a laugh he is.
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Pretend Best Friend
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full judgement available here
(for those with a bit of time on their hands)

http://www.cardiffcity.com/judgement.pdf

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Danger Mouse
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Oh ignore me HC, I'm just being more pessimistic than usual.

Potential investors are now circling the club apparently. Although, as I've said to the London Millers, it would seem that if whoever is taking over the club has to wait for administration and then buy us for 1 or whatever then it would seem to imply they've got no money anyway. Yes, I understand that commercially it makes sense, but doesn't really augur well for future prosperity.

NHH - I'm not sure anyone really understands who the creditors are anymore. I'm rather out of the loop supporters trust wise these days, but at the recent Trust AGM (held the same day as the annoucement of intention to appoint an administrator), the club board had previously confirmed that the rent to the Booth's was up to date and that we only owed the Inland Revenue 1 month's rent. On the latter point it wasn't really clear whether we were in arrears by a month or just that that month's bill wasn't due yet.

In any event, it would seem we've now been able to rack up hundreds of thousands of pounds of debt to the IR again. Make of this what you will..

Whether the rent is actually up to date or not I don't know.

It would seem that IR/Booth will be the 2 main creditors (with various assorted small businesses again) but given that the club and Booth family appear to be at loggerheads we won't be able to rely on the Booth's bailing the club out at the expense of the IR again.

I believe the trust are trying to put together further fund raising initiatives, but I don't know what they are, but everyone is pretty much of the opinion that we can't expect fans to do sponsored walks and bucket collections again, only 2 years after the last one.

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Gangster Octopus
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So what's this all about?
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Bomb A Nero
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There's a rumour you might start playing at Don Valley. Would that help at all, or is the contract with Booth season-long?
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Gangster Octopus
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I think we'll see the season out at Millmoor. Dunno if the Football League will be happy with us playing in Sheffield. I know I won't be...
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Danger Mouse
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Oh dear God - to GO of 16.05.

So, we're skint. We're haemoraghing (sp?)money on rent. What we need is an extra level of management.

Or is this just to piss Robins off so he decides to quit rather than be sacked and so we don't have to pay him off, whilst Collins takes us the way of Carlisle (as was, rather than Carlisle at present)?

If the FL can let Brighton play at Gillingham....

The DV idea is very much a rumour with little of substance to back it up at present. It may work as a bargaining tool in an attempt to get Booth to reduce the rent. Although, given what we're like at negotiating, what'll happen is that we'll play them both off against each other and they'll be so pissed off at us that we'll end up with nowhere to play.

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Jorge Porbillas
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I'm sure he supported the Millers when growing up as a samll boy in Cork

[ 21.03.2008, 19:26: Message edited by: Jorge Porbillas ]

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