Latest Update from Kris

7 hours ago, Bahrain Owl said:

It's not necessarily about the 30m (or any amount) on offer. If a creditor does not accept their share of the £XXm (for whatever reason), someone, somewhere will bang a gavel and rule out. 

We can have £60m on the table, it doesn't mean to say that a deal will be done. 

Chansiri is the company's biggest creditor. It could get messy.

Here we are in the hands of the administrator 

The admin can go through a court process if he is being difficult I believe. They would be able to show that their bidder gives the best outcome and the court would support them

2 hours ago, Jaybako said:

 

All the above are fair points, and ones I totally accept, but I guess my original question, and the premise I’ve been basing my thinking on all along, is wether we will actually dealing with bids that will be in phased payments? Small failing businesses  being bought by new small owners, yes, sure. But people with multi billion dollar wealth? 
I haven’t got a single seconds experience in the business / admin / business takeovers, but I’m hoping that a billionaire / consortium won’t have the need to piece meal their purchase total over 3 or 4 years? 
But, as I say, that might be common practice, I have no idea. 

I understand what you are saying. My company deals is asset disposals, steel mills, fabrication etc and I always find it an enigma how buyers prefer to stage or phase payments, after they have bargained the price down of course. We always say "there is no lack of funds, there is lack of desire to part with the funds".

Point to make on this, may have relavence - John McIvoy... recognised $ billionaire partners up with another wealthy family to bid....

7 minutes ago, TamworthWednesdayite said:

The admin can go through a court process if he is being difficult I believe. They would be able to show that their bidder gives the best outcome and the court would support them

Let us hope so. Extradition between UK and Thailand does exist but I bet it is a challenge. I am in Thailand right now and asking which butter is unsalted is difficult enough.....

37 minutes ago, Bahrain Owl said:

I understand what you are saying. My company deals is asset disposals, steel mills, fabrication etc and I always find it an enigma how buyers prefer to stage or phase payments, after they have bargained the price down of course. We always say "there is no lack of funds, there is lack of desire to part with the funds".

Point to make on this, may have relavence - John McIvoy... recognised $ billionaire partners up with another wealthy family to bid....

I guess people don’t get rich by wanting to give their money away. Thinking about it I bet these billionaires protect every dollar like it’s their last. 
As we both say, it all remains to be seen

9 hours ago, Bahrain Owl said:

Option 1

OTB - 30m; 20m now, 5m end of 25/26 season and 5m start of 26/27 season. POF of 50m shown. No proof of contingency thereafter

Option 2

OTB 27m, 20m now, 3.5m end of 25/26 season and 3.5m start of 26/27 season. POF of 50m shown, clear contingency shown at bid stage.

Which one would you choose.

This is business not football.

It is not about enlightening the hearts of people on the terraces. The OA must decide what is best for the creditors. It means they are constantly talking to the creditors on a "what if...." or "Here is the best offer...." (not the highest) basis. 

I believe ALL creditors must agree to the best offer submitted. If any one of the creditors does not agree, the OA goes back into the bidders.

This can go on for some time of course depending on the cooperation of the creditors. Eventually, if no deal is reached, an authority will declare bankruptcy, meaning liquidation (if there is more than 1 creditor claiming).

Such claims must have been made prior to administration. 

A creditor is not allowed to issue a summons on debt during administration. 

But as I said before, I deal with industrial assets not football clubs. However I believe the clothes horse is the same.

A statement from the administrator would indeed clarify this topic.

I would certainly be intrigued to know if the normal process is different for distressed football clubs.

If the initial £20m isn't enough to pay the creditors their due 25% immediately then as per EFL rules they have to be paid 35% if paid in installments or the -15 point deduction will be applied next season. 

2 minutes ago, mogbad said:

 

If the initial £20m isn't enough to pay the creditors their due 25% immediately then as per EFL rules they have to be paid 35% if paid in installments or the -15 point deduction will be applied next season. 

Then this is in the hands of the administrator who negotiates with the potential buyer.

The point being made is that the administrator does not have to accept the highest bidder. There is no law to this affect. Even the referred insolvency law is there to actually protect the activities and procedure of the administrators.

Again, the administrators are morally bound to accept the best offer on behalf of the creditors and this is subject to the acceptance of all creditors. 

We are not off the roller coaster yet buddy.....

1 hour ago, Bahrain Owl said:

Let us hope so. Extradition between UK and Thailand does exist but I bet it is a challenge. I am in Thailand right now and asking which butter is unsalted is difficult enough.....

Me too. Whereabouts are you?

3 minutes ago, Plonk said:

Me too. Whereabouts are you?

I am in Laem Chabang near Si Racha (obviously work.... nobody would choose to live here).

There's multiple bidders over the threshold.  So don't worry about that just wait and see who we get.

Still don't think Chansiri will be a stumbling block

Textor said something had changed in the background which meant he had to leave Wednesday so I think he'll take whats offered.  Don't think he wants a fight.

If he did, why not try keep the stadium rather than have it included?

15 minutes ago, ossettowl said:

Still don't think Chansiri will be a stumbling block

 

Textor said something had changed in the background which meant he had to leave Wednesday so I think he'll take whats offered.  Don't think he wants a fight.

 

If he did, why not try keep the stadium rather than have it included?

Reading between the lines, I think the Administrators insisted on it being included. 

They also alluded to something changing, giving them bargaining power. The ex owner didn't have a choice in the end, he was finally boxed into a corner. 

All he can do now is stake his claim and exists, just as every other creditor. 

1 hour ago, Bahrain Owl said:

I am in Laem Chabang near Si Racha (obviously work.... nobody would choose to live here).

Lol. I'm down south on the coast. Out of choice and it's bloody lovely. 

Give us a shout if you come down this way 

3 hours ago, Bahrain Owl said:

Point to make on this, may have relavence - John McIvoy... recognised $ billionaire partners up with another wealthy family to bid....

Pope a 'la mort

Tell me it's the Waltons without telling me it's the Waltons...