Takeover News/Rumours - Part 42

[mikemanc]

Any administrator would look into the whole circumstances which led to the insolvency. Much would revolve around the clauses in the deal with Short, none of which are public. If, as has been claimed, £25m of the parachute was earmarked for the payment of the residual loan moved by Short, it's difficult to conclude that that movement created an inter-company balance that was legally enforceable. As cash has come in from Madrox after the writeoff, that would establish an argument from Madrox that the writeoff was being mitigated. The administrator would need to be certain that the actions of the directors were a) reckless and b) were the direct cause of the insolvency. It's more likely that an administrator would conclude that the direct cause of insolvency was the impact of Covid.

In reality, SAFC Ltd would not enter administration alone. All companies in the group, including Madrox, would enter administration. In that context, the administrators would look at the Madrox group as a whole, and the intercompany elements would simply be ignored. So far as the loan payment to Short is concerned, I'd be pretty sure that they'd regard this, in substance terms, as club money paying a club debt.

Cheers, Grumpy

 

[hertsmackem]

Hopefully Jim Boy does walk into a better paid job, he wouldn't be irreplaceable, he hasn't even had the decency to acknowledge RAWA's request. Him and CM treat us fans with such disdain, its a f***ing disgrace. I think Juan saw early doors, they were a pair of idiots batting too far up the order. They are tail-enders, but pretty good at spin

 

[Upthere]

The fanzines are quiet again

 

[dennis longhorn]

Sorry but how do you know this. Because a mag journo prints it

I know more than you think, stop the mag journo nonsense just because it doesn’t suit the clowns running the club agenda.

 

[lozza]

No they defo do not think that.
They both know and admit a LOAD of the mistakes made.
We can not change what has gone before.
With the flak JR got for the last 2-3 weeks he could have walked into a much better paid job.
He like CM and JS want to put this right.
On SD I just think his head is fucked up with all the shit.
I do not feel sorry for any of them.
I do feel sorry for all the hard working and retired fans who have stuck by the club.
But that said we would have been bust if not for them.

He is a mag fan mate. And his info is most defo from an insider or an agent who works with the club.

since when did partick thistle become the mags?

 

[Abu Dhabi Red and White]

I know more than you think, stop the mag journo nonsense just because it doesn’t suit the clowns running the club agenda.

Why didn't you answer his question?

 

[Guinness Guzzler]

No they defo do not think that.
They both know and admit a LOAD of the mistakes made.
We can not change what has gone before.
With the flak JR got for the last 2-3 weeks he could have walked into a much better paid job.
He like CM and JS want to put this right.
On SD I just think his head is fucked up with all the shit.
I do not feel sorry for any of them.
I do feel sorry for all the hard working and retired fans who have stuck by the club.
But that said we would have been bust if not for them.

He is a mag fan mate. And his info is most defo from an insider or an agent who works with the club.

We wouldn't have been bust without Donald and Methven. Short would have sold to someone else. Even Donald (unless you're going to accept he's a liar) mentioned other parties being interested (iirc he was boasting that they were the only ones who didn't want to port the debt). It wasn't Donald or bust.

Aside from that, if they both accept that they've made a load of mistakes (so just pretty much accept they've failed), they should at least have the decency to fuck off completely. Not be demanding that they get to keep shares so that they can hopefully cash in down the line if someone with a bit of competence actually gets us out of league one and possibly beyond.

 

[Abu Dhabi Red and White]

We wouldn't have been bust without Donald and Methven. Short would have sold to someone else. Even Donald (unless you're going to accept he's a liar) mentioned other parties being interested (iirc he was boasting that they were the only ones who didn't want to port the debt). It wasn't Donald or bust.

Aside from that, if they both accept that they've made a load of mistakes (so just pretty much accept they've failed), they should at least have the decency to fuck off completely. Not be demanding that they get to keep shares so that they can hopefully cash in down the line if someone with a bit of competence actually gets us out of league one and possibly beyond.

Do you know many businessmen who want to make a loss? Should any who want to make a profit just be called chancers?

 

[Binxy]

Do you know many businessmen who want to make a loss? Should any who want to make a profit just be called chancers?

The difference is these ***** have failed and still want their profit.

 

[Abu Dhabi Red and White]

The difference is these ***** have failed and still want their profit.

Do you think they have put any money or time into the club?

 

[Binxy]

Do you think they have put any money or time into the club?

Not their own money.

 

[Abu Dhabi Red and White]

Not their own money.

Not a penny as Mags Byrne would say?

 

[Guinness Guzzler]

Do you know many businessmen who want to make a loss? Should any who want to make a profit just be called chancers?

Its very likely he could get out now with a break even figure (what was it Grumpy said he's put in, about £11m?), which quite frankly is more than his efforts deserve. Seems very likely he wants to profit from it. Now, you can say that's business and its all well and good, but I'm not looking at it as a business transaction. I'm looking at it as a fan, and any fan should be concerned / critical of failed people wanting to cling on in the hopes of getting an undeserved profit later, and especially when that desire actively harms the club by making any "sale" negotiation harder.

Purely from a business sense they might be able to get away with it (or yet another takeover might fail and they might end up out of pocket plugging major gaps every month). If that's the way they want to go about things, however, then I've got no time whatsoever for any posts that read as if I'm meant to be having an element of sympathy for them. The decision to still be here and to still want to cling onto shares in the future is his and his alone. Most businessmen don't want to make a loss, no. Most shit ones do however, or we'd all be in business, maybe he needs to accept that and cut his losses.

 

[riffraff]

Aye the fact that his contract was allowed to run into the final 12 month is all on Short and Bain but Donald and Methven were desperate to sell once it became clear that he wasn't going to sign a new deal.

His contract actually expired under Short n Bain. He was let go. Ross turned up and we had no forwards so someone (?) recommended getting him back in. He THEN signed a one year deal. No idea if he was offered a longer one before the L1 season started but I wadnt imagine so as we’d already released him. If we’d offered him a long deal before first L1 season kicked off and he flopped it’d be used as a stick to beat safc regardless.
Thats what I was told happened by someone who Im sure would know.

Do you know many businessmen who want to make a loss? Should any who want to make a profit just be called chancers?

They had potential buyers at their first ever home game. Fly by nights? Chancers? Flippers? Sharks? It’s all the same to me.

 

[samaistonsrightfoot]

I thought that till I found out a senior guy at the club passed info to a poster on here who has now vanished of the face of the earth.

Is this you, Bob?

 

[Maravilla]

His contract actually expired under Short n Bain. He was let go. Ross turned up and we had no forwards so someone (?) recommended getting him back in. He THEN signed a one year deal. No idea if he was offered a longer one before the L1 season started but I wadnt imagine so as we’d already released him. If we’d offered him a long deal before first L1 season kicked off and he flopped it’d be used as a stick to beat safc regardless.
Thats what I was told happened by someone who Im sure would know.

They had potential buyers at their first ever home game. Fly by nights? Chancers? Flippers? Sharks? It’s all the same to me.

Was that not Honeyman under Moyes? Maja signed a 3 year deal in 2016.

 

[Grimes]

Is this you, Bob?

The club are now murdering posters on here. Very worrying indeed.

 

[sir rowell cummins]

We would be fooked mate

So would they though is my point. So would all the other clubs. The country is fooled. They didn’t really have a choice other than administration and that would be good for future business ventures. It’s a shit time to run this kind of business.

 

[MickeyV]

Its very likely he could get out now with a break even figure (what was it Grumpy said he's put in, about £11m?), which quite frankly is more than his efforts deserve. Seems very likely he wants to profit from it. Now, you can say that's business and its all well and good, but I'm not looking at it as a business transaction. I'm looking at it as a fan, and any fan should be concerned / critical of failed people wanting to cling on in the hopes of getting an undeserved profit later, and especially when that desire actively harms the club by making any "sale" negotiation harder.

Purely from a business sense they might be able to get away with it (or yet another takeover might fail and they might end up out of pocket plugging major gaps every month). If that's the way they want to go about things, however, then I've got no time whatsoever for any posts that read as if I'm meant to be having an element of sympathy for them. The decision to still be here and to still want to cling onto shares in the future is his and his alone. Most businessmen don't want to make a loss, no. Most shit ones do however, or we'd all be in business, maybe he needs to accept that and cut his losses.

All true.
But businessmen make profits by adding value, and these clowns have done the opposite. They inherited some massive problems (ridiculous contracts mainly) but they also took over a club with massive potential, a decent squad and a very good chance of promotion, but blew it all with their total incompetence. Decisions taken over recruitment killed all three of those expectations, and they have been playing catch-up ever since. We are still not even in the play-off places! If they get out without a huge loss they will be lucky. Believing they deserve a profit is delusion on a Trumpian scale.
In fact MADBOB's assessment of where SD's head is at makes me think both 'glorious leaders' might be in their bunkers right now having a 'Downfall' episode.

 

[sir rowell cummins]

Its very likely he could get out now with a break even figure (what was it Grumpy said he's put in, about £11m?), which quite frankly is more than his efforts deserve. Seems very likely he wants to profit from it. Now, you can say that's business and its all well and good, but I'm not looking at it as a business transaction. I'm looking at it as a fan, and any fan should be concerned / critical of failed people wanting to cling on in the hopes of getting an undeserved profit later, and especially when that desire actively harms the club by making any "sale" negotiation harder.

Purely from a business sense they might be able to get away with it (or yet another takeover might fail and they might end up out of pocket plugging major gaps every month). If that's the way they want to go about things, however, then I've got no time whatsoever for any posts that read as if I'm meant to be having an element of sympathy for them. The decision to still be here and to still want to cling onto shares in the future is his and his alone. Most businessmen don't want to make a loss, no. Most shit ones do however, or we'd all be in business, maybe he needs to accept that and cut his losses.

Spot on mate.