RecapRecap as it looks:
A company can sell assets and then go into admin so long as the sale was at a fair value with a fair process.
In this case, the lease.
If the company enters admin after, any money / assets left are distributed between creditors in order (secured - HMRC - unsecured etc.)
I guess it’s like selling a house in a divorce to some extent. Pay the mortgage off first, rest gets divided after secured loans are paid then split rest (or give to her in most cases by court order but that’s off subject)
I’m thinking the Trustees to Bondholders has to give permission to release the asset to be sold. Compass too.
Eg.
If MA offers 40m and that goes to bondholders (35) Compass (2? - don’t know don’t care) it’d leave 3 to go back into ACL bank account.
It may well be that ACL goes into admin after and that 3 gets split between remaining creditors.
Since the sale of asset has been dealt with (apparently) correctly then the director of the company at point of sale is unlikely to be held accountable after.
Similarly if the sale of asset is £50m and £37m to secured creditors (which triggers release of title) then £13 to ACL and to admin pot if applicable.
If the bid is £20m then the Trustees of the Bondholders might accept. If they do then they will release title / charge so that that asset can be transferred. The £20m will be split to bondholders but that’s no concern if ACL how.
MA / NEC won’t have to buy ACL in full I don’t think.
The council will probably have a transfer clause - hence their involvement.
I think that’s about right in layman’s terms. If I’ve got it wrong then let me know.
Are we 6 months out of sync? DCFC was done ages ago.A part of Ashley's deal to buy Derby will reportedly see him not include any charges for the rent of Pride Park. He will also not take any money out of the club for the next decade in a bid to help the Rams get back on its feet. Interesting what he could do with the CBS and CCFC.
Mike Ashley 'ramps up bid to buy Derby by depositing £50m'
According to The Telegraph, Ashley's lawyers, RPC, have set aside £50million to buy the League One club, which has been in administration since September last year.www.dailymail.co.uk
Recap as it looks:
A company can sell assets and then go into admin so long as the sale was at a fair value with a fair process.
In this case, the lease.
If the company enters admin after, any money / assets left are distributed between creditors in order (secured - HMRC - unsecured etc.)
I guess it’s like selling a house in a divorce to some extent. Pay the mortgage off first, rest gets divided after secured loans are paid then split rest (or give to her in most cases by court order but that’s off subject)
I’m thinking the Trustees to Bondholders has to give permission to release the asset to be sold. Compass too.
Eg.
If MA offers 40m and that goes to bondholders (35) Compass (2? - don’t know don’t care) it’d leave 3 to go back into ACL bank account.
It may well be that ACL goes into admin after and that 3 gets split between remaining creditors.
Since the sale of asset has been dealt with (apparently) correctly then the director of the company at point of sale is unlikely to be held accountable after.
Similarly if the sale of asset is £50m and £37m to secured creditors (which triggers release of title) then £13 to ACL and to admin pot if applicable.
If the bid is £20m then the Trustees of the Bondholders might accept. If they do then they will release title / charge so that that asset can be transferred. The £20m will be split to bondholders but that’s no concern if ACL how.
MA / NEC won’t have to buy ACL in full I don’t think.
The council will probably have a transfer clause - hence their involvement.
I think that’s about right in layman’s terms. If I’ve got it wrong then let me know.
If Ashley does take over and gets Hoffman on board, then together with Robins and Viveash we'd surely have the porkiest management team in the entire football league.I
EDIT: Scratch that, forgot about Steve Evans who is the Top Trump.
I really can’t fathom why you’d bid now. Any of the finance/business experts on here shed any light?
Are we 6 months out of sync? DCFC was done ages ago.
.
I might be wrong but I would’ve thought any bids now would be on the basis of buying the business and assets via a pre pack administration sale*. Everything gets agreed and the sale completed as soon as company enters administration
If so, the Gilbert comment about SISU only being interested in administration is a bit of a red herring. Maybe he means if ACL ends up in administration and there’s no other
bidders they might be interested !
*Unless someone thinks the stadium is worth £40m
I’m still furious my Callum O’Hairdressers only got one react.Remember when we were doing shit puns earlier?
Good times
No, was only talking to him for a couple of minutes he seemed okay about things though I asked if it was Ashley. He has been accurate in the past about the fate of Wasps and ACL.Did they tell you who it was?
.
I might be wrong but I would’ve thought any bids now would be on the basis of buying the business and assets via a pre pack administration sale*. Everything gets agreed and the sale completed as soon as company enters administration
If so, the Gilbert comment about SISU only being interested in administration is a bit of a red herring. Maybe he means if ACL ends up in administration and there’s no other
bidders they might be interested !
*Unless someone thinks the stadium is worth £40m
RazzleSo who is preferring the bidders?
CheapnessThats what I thought so confused as to what Sisu are waiting for?
Derby was completely different wasn’t it? Both the stadium and club were owned by the same person even though they were two separate entities. If Ashley bought this it’s either gonna need Sisu to basically shrug there shoulders and go you win here’s the club on the cheap or Ashley Vs Seppala ensues which I think would be bad news for all of us.Are we 6 months out of sync? DCFC was done ages ago.
.
I might be wrong but I would’ve thought any bids now would be on the basis of buying the business and assets via a pre pack administration sale*. Everything gets agreed and the sale completed as soon as company enters administration
If so, the Gilbert comment about SISU only being interested in administration is a bit of a red herring. Maybe he means if ACL ends up in administration and there’s no other
bidders they might be interested !
*Unless someone thinks the stadium is worth £40m
Like this but it’s going to do better numbers and that’s going to infuriate me further.Have a round of applause from the Trust
View attachment 26948
Derby was completely different wasn’t it? Both the stadium and club were owned by the same person even though they were two separate entities. If Ashley bought this it’s either gonna need Sisu to basically shrug there shoulders and go you win here’s the club on the cheap or Ashley Vs Seppala ensues which I think would be bad news for all of us.
I hope I’m wrong.
If he did do you reckon sisu sell for that or do they spit the dummy out at being out manoeuvred again and claim they will still build the stadium at Warwick?True although he did offer 50 million didn't he
He's just been spotted in Letsby AvenueAshley to make a Delia Smith-esque speech at half time tonight, in his lonsdales
Have a round of applause from the Trust
View attachment 26948
Most of them you can flat out ignore.Will you fuckers slow down, I'm only on page 231
Saves you having to re-read your own posts, I guessMost of them you can flat out ignore.
My tactic is to only read the ones with high react scores.
Most of them you can flat out ignore.
My tactic is to only read the ones with high react scores.
Anything that kills us they preferSurely the council would have taken into consideration plans for CCFC before making bids preferred or not?
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