CVA

Complete load of cock,
10 point deduction= no play offs
creditors possibly get 75% of what they are owed i,e we reduce our debts from £30million to £22 million.
still no money to get us through to end of season.
most of next years income already spent=still no money to pay creditors in six months time.
All decent players will have to be sold in summer for probably nowhere near market value.
replaced by free transfers, youth team players=probable relegation.
and Ridsdale could still be chairman.
At least if we went into administration all debts would be cleared,administrators would run the club instead of fcuking pinnocio Pete, and we might actually find a buyer.

I think admin is just a matter of time.

CVA is just a watered down version of admin, bit the muppets running the club will still be there

Complete load of cock,
10 point deduction= no play offs
creditors possibly get 75% of what they are owed i,e we reduce our debts from £30million to £22 million.still no money to get us through to end of season.
most of next years income already spent=still no money to pay creditors in six months time.
All decent players will have to be sold in summer for probably nowhere near market value.
replaced by free transfers, youth team players=probable relegation.
and Ridsdale could still be chairman.
At least if we went into administration all debts would be cleared,administrators would run the club instead of fcuking pinnocio Pete, and we might actually find a buyer.

I think there is some confusion there. I believe 75% of creditors have to vote in favour of the proposals which then becomes binding on all others.

I don't think the amount to be repaid is set at 75%. It could be anything from 1 to 100% the idea being to give the company breathing space to get its affairs in order.

Complete load of cock,
10 point deduction= no play offs
creditors possibly get 75% of what they are owed i,e we reduce our debts from £30million to £22 million.still no money to get us through to end of season.
most of next years income already spent=still no money to pay creditors in six months time.
All decent players will have to be sold in summer for probably nowhere near market value.
replaced by free transfers, youth team players=probable relegation.
and Ridsdale could still be chairman.
At least if we went into administration all debts would be cleared,administrators would run the club instead of fcuking pinnocio Pete, and we might actually find a buyer.

I think there is some confusion there. I believe 75% of creditors have to vote in favour of the proposals which then becomes binding on all others.

I don't think the amount to be repaid is set at 75%. It could be anything from 1 to 100% the idea being to give the company breathing space to get its affairs in order.

Tony, you're absolutely right.

The 75% of creditors is based upon debt value - AFAIK secured, unsecured treated the same. So theoretically, Sam would be the biggest voter for a CVA. Having renegotiated the Langston deal, would he be willing to take another financial hit?

Tony, you're absolutely right.

The 75% of creditors is based upon debt value - AFAIK secured, unsecured treated the same. So theoretically, Sam would be the biggest voter for a CVA. Having renegotiated the Langston deal, would he be willing to take another financial hit?

That is a very interesting question Nerd.

Tony, you're absolutely right.

The 75% of creditors is based upon debt value - AFAIK secured, unsecured treated the same. So theoretically, Sam would be the biggest voter for a CVA. Having renegotiated the Langston deal, would he be willing to take another financial hit?

That is a very interesting question Nerd.

Equally, I'd assume an accountant could argue the toss over this - what would the value of the Langston debt be for CVA purposes? The renegotiated £10m ( well, we're breaking that deal, no? ), £24m ( isn't that the "old" overall debt? ) or £15m ( old overall debt minus naming rights?)

The reason that would be relevant is because it would indicate how much power Hammam would have over the CVA process - the higher the debt, the more percentage of a vote he'd have. Which then means fewer other creditors would have to veto the CVA to derail it.

Ignoring the fact HMRC may well not agree to another payment plan, may not be happy about asset dispersal to "pay off" loans from Borley and Guy, the issue seems to be CVA or administration.

Given the similarities between the two, it seems the issue boils down to existing management of the club remaining intact.

So would Hammam be vengeful to screw Ridders over? May not affect us long term - Malaysians could easily pick us up out of admin as from a CVA, point deduction would basically be the same depending upon how we'd come out of it.

But it could lead to Ridders financial downfall.

We live in interesting times...

Tony, you're absolutely right.

The 75% of creditors is based upon debt value - AFAIK secured, unsecured treated the same. So theoretically, Sam would be the biggest voter for a CVA. Having renegotiated the Langston deal, would he be willing to take another financial hit?

That is a very interesting question Nerd.

Equally, I'd assume an accountant could argue the toss over this - what would the value of the Langston debt be for CVA purposes? The renegotiated £10m ( well, we're breaking that deal, no? ), £24m ( isn't that the "old" overall debt? ) or £15m ( old overall debt minus naming rights?)

The reason that would be relevant is because it would indicate how much power Hammam would have over the CVA process - the higher the debt, the more percentage of a vote he'd have. Which then means fewer other creditors would have to veto the CVA to derail it.

Ignoring the fact HMRC may well not agree to another payment plan, may not be happy about asset dispersal to "pay off" loans from Borley and Guy, the issue seems to be CVA or administration.

Given the similarities between the two, it seems the issue boils down to existing management of the club remaining intact.

So would Hammam be vengeful to screw Ridders over? May not affect us long term - Malaysians could easily pick us up out of admin as from a CVA, point deduction would basically be the same depending upon how we'd come out of it.

But it could lead to Ridders financial downfall.

We live in interesting times...

A CVA and Administration are not similar at all. The Administration Order is just a powerful legal "holding" exercise which prevents creditors from taking action such as winding up the club , taking back assets not paid for etc.It is not a final solution - just a protective measure , as you then have to come out of Administration to trade on normally.

A CVA by itself has no such legal powers to stop action by creditors , but is is the most common way of coming out of Administration by agreeing a repayment plan with the consent of 75% of the value of unsecured creditor votes.(PMG would not have a vote as they are secured creditors)>

Ah, cheers for the corrections :p

I honestly thought the 75% figure applied to all creditors though - if it's only unsecured then that surely would give Hammam a heck of a lot of control over the situation?