What if we don't go into Admin?

[fraggle]

Having read the sentinel article, it suggests that we face a widing up order for an unpaid tax bill of £140k. Now forgive me if its been mentioned before but £140k....I thought it was going to be much, much more

 

What if the council further extend the loan facility under a new set of terms and conditions - Ask yourself, why would we enter Admin at the cost of C.£300k for a sum of much less?

 

Now I know some of you will say what about all the other stuff, players wages, Programme makers, Loan to kit sponsor etc etc...

 

If the board were to depart as part of the extension and it was managed as a going concern with the support of the council/Supporters club and others - Not sure how this would work but just food for thought!?

 

It does make you wonder why admin has not happened sooner than we all would have thought it might - Could they be constructing a rescue package to stave off administration?

 

http://www.thisisstaffordshire.co.uk/Port-Vale-expected-administration-today/story-15411147-detail/story.html

[valetillidye]

Having read the sentinel article, it suggests that we face a widing up order for an unpaid tax bill of £140k. Now forgive me if its been mentioned before but £140k....I thought it was going to be much, much more

 

What if the council further extend the loan facility under a new set of terms and conditions - Ask yourself, why would we enter Admin at the cost of C.£300k for a sum of much less?

 

Now I know some of you will say what about all the other stuff, players wages, Programme makers, Loan to kit sponsor etc etc...

 

If the board were to depart as part of the extension and it was managed as a going concern with the support of the council/Supporters club and others - Not sure how this would work but just food for thought!?

 

It does make you wonder why admin has not happened sooner than we all would have thought it might - Could they be constructing a rescue package to stave off administration?

 

http://www.thisisstaffordshire.co.uk/Port-Vale-expected-administration-today/story-15411147-detail/story.html

 

 

we're fooked

 

my fear is that the board somehow manage to re-negotiate some sort of deal that means they are able to pay of the HMRC debt

[WEMBLEY OF THE NORTH]

we will be in admin this week be patient.

[ohahvanderlaan!]

Having read the sentinel article, it suggests that we face a widing up order for an unpaid tax bill of £140k. Now forgive me if its been mentioned before but £140k....I thought it was going to be much, much more

 

What if the council further extend the loan facility under a new set of terms and conditions - Ask yourself, why would we enter Admin at the cost of C.£300k for a sum of much less?

 

Now I know some of you will say what about all the other stuff, players wages, Programme makers, Loan to kit sponsor etc etc...

 

If the board were to depart as part of the extension and it was managed as a going concern with the support of the council/Supporters club and others - Not sure how this would work but just food for thought!?

It does make you wonder why admin has not happened sooner than we all would have thought it might - Could they be constructing a rescue package to stave off administration?

 

http://www.thisisstaffordshire.co.uk/Port-Vale-expected-administration-today/story-15411147-detail/story.html

 

I dont see how anyone can loan money to someone on the basis that someone else (god know who) is responsible to pay back!

[Ruislip_Valiant]

I think we'll enter admin for the following reasons:

 

- £140k may be less than the cost of admin, but if the council loan that money to the current board, what's the chance of them seeing the loan (and the existing £1.8m loan) paid back?

- The council have a duty to the taxpayers to take a course of action that's going to recoup the most money from Port Vale

- That course of action is administration, and administration now rather than 6 months down the line (as would happen if they loaned the existing board the tax money)

 

I think the council know they have to put us into admin, to have any chance of seeing anything like £1.8m coming back to them.

[fraggle]

£140k is not that much though, we seem to have paid off almost £400k of the original council loan, who's to say they won't extend that back on the proviso that the board depart and the clubs fan base is united behind the cause?

 

I don't know....Just thought it odd that we're being entered into Admin for such a small sum...

[red_rose_valiant]

Anyone remember Middlesbrough in the 80s? I think they were actually liquidated - gates locked and everything. Then a few days later someone bought them out... dark days in their history.

 

However doesn't this show that even if a point of liquidation is reached, there is still time for someone to resurrect a club/business?

 

This is not something I forsee happening on this occasion, it's just a general question.

[cheeky]

£140k is not that much though, we seem to have paid off almost £400k of the original council loan, who's to say they won't extend that back on the proviso that the board depart and the clubs fan base is united behind the cause?

 

I don't know....Just thought it odd that we're being entered into Admin for such a small sum...

 

Who in their right mind would take on the combined debt (£4m) and pay off £140k straight away when restrictive contracts that stifle cash flow (azure) are in place and we have the 24.9% which would limit their control on the club for what would be a significant investment?

[Jimmy]

Anyone remember Middlesbrough in the 80s? I think they were actually liquidated - gates locked and everything. Then a few days later someone bought them out... dark days in their history.

 

However doesn't this show that even if a point of liquidation is reached, there is still time for someone to resurrect a club/business?

 

This is not something I forsee happening on this occasion, it's just a general question.

 

When they where banished to Hartlepool......I watched them play the Vale and Bruce Rioch was their Manager...........2-2 if i remember.......

 

http://www.youtube.com/watch?v=of8UIdcwIFM

[ArtyTheValiant]

I remember the same happening to Hull City, their gates were actually locked as well. Wonder what happened to them....... :)

[Burslem Academicals]

As pointed out the 24.9% rule in the articles prevents any real investment and to remove the "closed shop" articles and for the

contracts whereby revenue streams were sold off to be "null and void"

the only answer is administration....also the ground was valued at 3.5 million while the debts are over 4 million and that's without seeing the books.....administration with a new owner paying 20% in the £ to clear the debts and a new start is the only way forward...the creditors and shareholders can then go after the V2001 Directors for the rest of the money....there is half a million in "nil paid" shares and a million owed to shareholders to start with plus the council loan....hope they are all made bankrupt.

[cheeky]

As pointed out the 24.9% rule in the articles prevents any real investment and to remove the "closed shop" articles and for the

contracts whereby revenue streams were sold off to be "null and void"

the only answer is administration....also the ground was valued at 3.5 million while the debts are over 4 million and that's without seeing the books.....(1) administration with a new owner paying 20% in the £ to clear the debts and a new start is the only way forward...the creditors and shareholders can then go after the V2001 Directors for the rest of the money....there is half a million in "nil paid" shares and a million owed to shareholders to start with plus the council loan....hope they are all made bankrupt.

 

(1) - That is pure speculation.

 

(2) - Port Vale is a limited compay and therefore how can the creditors and shareholders go after the directors for any outstanding moneis? Surely the administrators will seek to recover the outstanding payment for the nil paid shares from the directors to then assist in servicing the debt. Also, if agreement is reached between the creditors and the administrator for x amount in the pound, then the debt has been settled in any event.

[Burslem Academicals]

Sorry Cheeky perhaps pure speculation but administration and a new owner is the only way forward.....the 20% in the £ figure was used as

a general example and illustration only.

Has it not been discussed that non-football and football creditors along with the dread taxman are all considerations for administration while the shareholders will have lost everything.....in such case is there not grounds for the shareholders to go after those responsible who had responsiblity as Directors....900 shareholders will have lost a combined million pounds as a result of administration which was inevitable once the Board turned down serious investment.

As for the half million in "nil paid" shares the administrator will go after this money and Deakin and Miller will then have a serious financial problem.

[fairportnick]

(1) - That is pure speculation.

 

(2) - Port Vale is a limited compay and therefore how can the creditors and shareholders go after the directors for any outstanding moneis? Surely the administrators will seek to recover the outstanding payment for the nil paid shares from the directors to then assist in servicing the debt. Also, if agreement is reached between the creditors and the administrator for x amount in the pound, then the debt has been settled in any event.

 

If the position at the start of the season was as bad as deakin suggests then it makes a mockery of the way they acted at the EGM. The shareholders may consider that they have a case. What would it cost to pursue it though?

[cheeky]

If the position at the start of the season was as bad as deakin suggests then it makes a mockery of the way they acted at the EGM. The shareholders may consider that they have a case. What would it cost to pursue it though?

 

At the SC meeting, this was mentioned. If the club goes into admin, I'm unsure as to whether the shareholders can bring a case personally. I think it was said that the administrators could. I'm not 100% sure on that though.