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Not for us, but for Bury. i was credit checking a potential customer and decided to nosey onto BFC's file and was (or maybe not) supprised to see a new CCJ for circa £22k lodged only Wednesday this week. looks like they are in need of a bumper crowd tomorrow to settle some bills
20
tomorrow can't come quick enough on 14:28 - Jun 19 with 5088 views
"Most decent fans would have done their research instead of gossiping with their mates in the pub or reading a couple of lurid headlines and baseing their 'knowledge' on precisely nothing. We did not 'cheat our way to promotion'' - certainly not this season. It's pretty well documented that the majority of last season's winners were not on huge salaries. Our regular first 11 combined guys who were signed up out of contract, or were looking to find a club to help them establish themselves back in the game, or displayed the type of character Lowe wanted in order to play his brand of football. I know you and those 'decent fans who feel that we cheated' don't want to accept this, however it is true. To add - presumably our guys 'cheated' despite the fact they weren't actually paid for 3 months towards end of the season. I doubt they need a lecture about overspending.
Most 'decent' fans wouldn't want to see another club go to the wall because in reality, a good number of lower league clubs in particular are operating on a knife edge these days. A pity more don't recognise this until it's too late." A bit like they didn't then
[Post edited 19 Jun 2019 15:33]
'Only happy when you've got it often makes you miss the journey'
tomorrow can't come quick enough on 15:27 - Jun 19 by James1980
"Most decent fans would have done their research instead of gossiping with their mates in the pub or reading a couple of lurid headlines and baseing their 'knowledge' on precisely nothing. We did not 'cheat our way to promotion'' - certainly not this season. It's pretty well documented that the majority of last season's winners were not on huge salaries. Our regular first 11 combined guys who were signed up out of contract, or were looking to find a club to help them establish themselves back in the game, or displayed the type of character Lowe wanted in order to play his brand of football. I know you and those 'decent fans who feel that we cheated' don't want to accept this, however it is true. To add - presumably our guys 'cheated' despite the fact they weren't actually paid for 3 months towards end of the season. I doubt they need a lecture about overspending.
Most 'decent' fans wouldn't want to see another club go to the wall because in reality, a good number of lower league clubs in particular are operating on a knife edge these days. A pity more don't recognise this until it's too late." A bit like they didn't then
[Post edited 19 Jun 2019 15:33]
“majority”. So not all. Until they can illustrate evidence that their playing budget was sustainable when agreed last summer and one which would avoid a situation where they were aware, due to overspending, they’d be in financial trouble, then they can carry on celebrating a worthless promotion.
And if they’re unsure just how pointless it was, they need only have a look round at where they are today.
I'm expecting the EFL to push blindly ahead tomorrow and include a full fixture list for Bury, probably playing it safe with a fixture at Gigg vs. a local team to start with (wonder who that might be...). Probably terrified that if they omit the "historic old club" they'll have PDIDDY and his unwashed mates protesting on the street outside EFL HQ.
tomorrow can't come quick enough on 16:05 - Jun 19 by JumeirahDale
Looks like RAFCBLUE was correct - SD2 pursuing a CVA.
Pursuing?
Do we think someone who paid £1 for a debt ridden business will now seek to hammer out an agreement that satisfies those that are owed 75% of the debt at a level of repayment on which he will undoubtedly make a huge loss, not to mention the stress it will bring?
tomorrow can't come quick enough on 15:27 - Jun 19 by James1980
"Most decent fans would have done their research instead of gossiping with their mates in the pub or reading a couple of lurid headlines and baseing their 'knowledge' on precisely nothing. We did not 'cheat our way to promotion'' - certainly not this season. It's pretty well documented that the majority of last season's winners were not on huge salaries. Our regular first 11 combined guys who were signed up out of contract, or were looking to find a club to help them establish themselves back in the game, or displayed the type of character Lowe wanted in order to play his brand of football. I know you and those 'decent fans who feel that we cheated' don't want to accept this, however it is true. To add - presumably our guys 'cheated' despite the fact they weren't actually paid for 3 months towards end of the season. I doubt they need a lecture about overspending.
Most 'decent' fans wouldn't want to see another club go to the wall because in reality, a good number of lower league clubs in particular are operating on a knife edge these days. A pity more don't recognise this until it's too late." A bit like they didn't then
[Post edited 19 Jun 2019 15:33]
“Most decent fans would have done their research instead of gossiping with their mates in the pub or reading a couple of lurid headlines and baseing their 'knowledge' on precisely nothing.”
Quite. It’s like accusing a large percentage of people as being “dole dossers” from a “town full of paedos”...
12
tomorrow can't come quick enough on 17:45 - Jun 19 with 4301 views
tomorrow can't come quick enough on 17:11 - Jun 19 by kel
“Most decent fans would have done their research instead of gossiping with their mates in the pub or reading a couple of lurid headlines and baseing their 'knowledge' on precisely nothing.”
Quite. It’s like accusing a large percentage of people as being “dole dossers” from a “town full of paedos”...
Listening to their fans over the last few years making a joke of that terrible situation is one of the big reasons I wouldn't be upset to see Bury go tits up.
7
tomorrow can't come quick enough on 17:54 - Jun 19 with 4269 views
tomorrow can't come quick enough on 17:45 - Jun 19 by rod_leach
Listening to their fans over the last few years making a joke of that terrible situation is one of the big reasons I wouldn't be upset to see Bury go tits up.
Snap.
How anybody could think that it’s acceptable chanting about stuff like that is beyond me. If I was at a game and heard that around me then I’d say something straight away. It would appear bury fans have a different view though. Disgusting.
7
tomorrow can't come quick enough on 18:13 - Jun 19 with 4190 views
Very true. They can call it banter but in reality it's said in hatred for us. Yet they only see Bolton as their rivals. I couldn't care less if they were to go bang they wouldn't be missed at all. Vile fookers.
5
tomorrow can't come quick enough on 18:29 - Jun 19 with 4129 views
tomorrow can't come quick enough on 15:33 - Jun 19 by 442Dale
“majority”. So not all. Until they can illustrate evidence that their playing budget was sustainable when agreed last summer and one which would avoid a situation where they were aware, due to overspending, they’d be in financial trouble, then they can carry on celebrating a worthless promotion.
And if they’re unsure just how pointless it was, they need only have a look round at where they are today.
This This and this again.
Non are so blind as those that will not see.
whoever wrote the post that James highlighted needs to go and sit down in a darkened room - concentrate and have a think about how bury are in this mess.
I will help by starting them off.
look back at SD1. Now off you go and have a little think!.
3
tomorrow can't come quick enough on 19:05 - Jun 19 with 3998 views
tomorrow can't come quick enough on 17:00 - Jun 19 by judd
Pursuing?
Do we think someone who paid £1 for a debt ridden business will now seek to hammer out an agreement that satisfies those that are owed 75% of the debt at a level of repayment on which he will undoubtedly make a huge loss, not to mention the stress it will bring?
In isolation, no.
If combined with another round of "pass the parcel of dog crap" that involves him taking a cash return on his quid (and quietly vanishing with "Bury FC Heritage Corner Flags Ltd" or whatever Bermudan shell company now owns the trophies and pot washer until they pop up on eBay in 2023) then it wouldn't surprise me.
75% edit following RAFCBLUE's helpful summary
[Post edited 19 Jun 2019 20:38]
0
tomorrow can't come quick enough on 19:08 - Jun 19 with 3985 views
tomorrow can't come quick enough on 17:11 - Jun 19 by kel
“Most decent fans would have done their research instead of gossiping with their mates in the pub or reading a couple of lurid headlines and baseing their 'knowledge' on precisely nothing.”
Quite. It’s like accusing a large percentage of people as being “dole dossers” from a “town full of paedos”...
The irony of that sentence! Both sets of fans have been doing plenty of surmising/deduction over the last few years. Which set ended up closer to the mark?!
0
tomorrow can't come quick enough on 20:00 - Jun 19 with 3854 views
tomorrow can't come quick enough on 17:00 - Jun 19 by judd
Pursuing?
Do we think someone who paid £1 for a debt ridden business will now seek to hammer out an agreement that satisfies those that are owed 75% of the debt at a level of repayment on which he will undoubtedly make a huge loss, not to mention the stress it will bring?
Steve Dale certainly knows how to pursue a positive outcome for himself.
I think he'll use this for the next stage of a wider plan which is clear - extract as much value from bury fc for that £1 invested.
The option for the judge today was put bury into administration. Dale beat them to it by suggesting it.
Except, rather than administration starting, a CVA proposal gets to be made (buying more time) and once reviewed accepted or not.
This is where Steve Dale can get canny.
He'll offer all creditors initially 1p in the £1 owed. They'll reject and then he'll offer 2p in the £1 owe and move from there.
The problem is, if you are a creditor, that at some point you need to deal, because on the 31 July you have to go in front of the judge again and he can liquidate bury fc. At that point as a creditor you might get nothing.
The bury Times rather helpfully summarised the position today for major creditors in court being: Capital Bridge Finance - £3.5m HMRC - £1.0m Various others - £0.5m
Not in court today was the Mederco company owed £4.2m. That takes the rough overall debts to £9.2m plus players and staff owed wages.
£10m is a nice round figure to work with.
They now need 75% to agree a write-off which will affect the rest. £7.5m of the total.
The only way to achieve that is to get Merderco's administrator plus Capital Bridge Finance comfortable with the CVA.
The rest can't get to 75% and HMRC have no bite at all here, hence why they were keen to partner up with Capital Bridge Finance.
Why so pally?
Well, the answer lies in the Mederco Limited's administrator proposal.
The issues there are so big that the administrators have complete control of what happens. Essentially, make them a good offer and they will do a deal on that £4.2m.
That leaves Capital Bridge Finance who are owed £3.5m by bury fc but also money by Mederco - so entangled in the Stewart Day web they are they they could write some money off somewhere to gain some control somewhere else.
Steve Dale doesn't have to do a deal. Capital Bridge Finance's only other recourse is to support a winding up; see the ground sold off for housing and they get their money back. Any excess would go to creditors and then the balance to Steve Dale - who has a who £1 at risk.
In the next six weeks, if I was him with this agenda I would:
* See what lowball offer per pence in the pound I can get accepted as a consensus. * Float that publically that it must be taken or else the very future of the club is at risk. * Wait until the very last minute to see if that can be accepted - via rounds and rounds of independent negotiations across the various creditors. * Negotiate down the debt knowing that the sale of the ground, less what I have to pay out is going to be coming to me.
Most people build wealth by being positive - investing, growing ideas etc. Dale is doing, legally and properly, the opposite. He is taking something that is so broken and making it slightly better it is more valuable than £1.
If I was a bury fan I would be now caught with what to do.
No season ticket purchases = Dale's position strengthening. No pre-season friendly support = Dale's position strengthening.
The next court date is in 42 days. The transfer window closes in 50.
They've no manager, no players and no cash.
They're on borrowed time regardless of which way this plays out.
Ironically the best thing bury fans could do is be nice to Dale. Try giving the bear a cuddle rather than making him grizzly.
If he doesn't want to sell his shares then there is no more bury - regardless of what they might think.
George Bernard Shaw had it right:
"He who can does; he who cannot, teaches."
https://www.visittheusa.co.uk/
tomorrow can't come quick enough on 20:25 - Jun 19 by RAFCBLUE
Steve Dale certainly knows how to pursue a positive outcome for himself.
I think he'll use this for the next stage of a wider plan which is clear - extract as much value from bury fc for that £1 invested.
The option for the judge today was put bury into administration. Dale beat them to it by suggesting it.
Except, rather than administration starting, a CVA proposal gets to be made (buying more time) and once reviewed accepted or not.
This is where Steve Dale can get canny.
He'll offer all creditors initially 1p in the £1 owed. They'll reject and then he'll offer 2p in the £1 owe and move from there.
The problem is, if you are a creditor, that at some point you need to deal, because on the 31 July you have to go in front of the judge again and he can liquidate bury fc. At that point as a creditor you might get nothing.
The bury Times rather helpfully summarised the position today for major creditors in court being: Capital Bridge Finance - £3.5m HMRC - £1.0m Various others - £0.5m
Not in court today was the Mederco company owed £4.2m. That takes the rough overall debts to £9.2m plus players and staff owed wages.
£10m is a nice round figure to work with.
They now need 75% to agree a write-off which will affect the rest. £7.5m of the total.
The only way to achieve that is to get Merderco's administrator plus Capital Bridge Finance comfortable with the CVA.
The rest can't get to 75% and HMRC have no bite at all here, hence why they were keen to partner up with Capital Bridge Finance.
Why so pally?
Well, the answer lies in the Mederco Limited's administrator proposal.
The issues there are so big that the administrators have complete control of what happens. Essentially, make them a good offer and they will do a deal on that £4.2m.
That leaves Capital Bridge Finance who are owed £3.5m by bury fc but also money by Mederco - so entangled in the Stewart Day web they are they they could write some money off somewhere to gain some control somewhere else.
Steve Dale doesn't have to do a deal. Capital Bridge Finance's only other recourse is to support a winding up; see the ground sold off for housing and they get their money back. Any excess would go to creditors and then the balance to Steve Dale - who has a who £1 at risk.
In the next six weeks, if I was him with this agenda I would:
* See what lowball offer per pence in the pound I can get accepted as a consensus. * Float that publically that it must be taken or else the very future of the club is at risk. * Wait until the very last minute to see if that can be accepted - via rounds and rounds of independent negotiations across the various creditors. * Negotiate down the debt knowing that the sale of the ground, less what I have to pay out is going to be coming to me.
Most people build wealth by being positive - investing, growing ideas etc. Dale is doing, legally and properly, the opposite. He is taking something that is so broken and making it slightly better it is more valuable than £1.
If I was a bury fan I would be now caught with what to do.
No season ticket purchases = Dale's position strengthening. No pre-season friendly support = Dale's position strengthening.
The next court date is in 42 days. The transfer window closes in 50.
They've no manager, no players and no cash.
They're on borrowed time regardless of which way this plays out.
Ironically the best thing bury fans could do is be nice to Dale. Try giving the bear a cuddle rather than making him grizzly.
If he doesn't want to sell his shares then there is no more bury - regardless of what they might think.
Given Glenn Thomas has his murky hands all over these loans, is there a way that he could accumulate 75% and force through the penny in the pound?
1
tomorrow can't come quick enough on 20:51 - Jun 19 with 3657 views
tomorrow can't come quick enough on 20:37 - Jun 19 by ColDale
Given Glenn Thomas has his murky hands all over these loans, is there a way that he could accumulate 75% and force through the penny in the pound?
Theoretically anything is possible.
Practically, the Mederco administrator needs to demonstrate the best possible outcome for those stakeholders. Capital Bridge Financial need to do the same for their shareholders.
I can't see £4.2m + £3.5m = £7.7m at a % in the £ getting past HMRC. They are going to have a say here.
Remember that part of the crux is this £605,000 of underpaid VAT in Mederco because HMRC think VAT applies and Mederco's management didn't.
HMRC have a chance to go after individual directors and although you'd expect Stewart Day is in the prime seat for that any other directors of failed businesses won't be far behind.
All of this is non-football - the future income from the TV money has been borrowed against too so there is more fun to come there I suspect with what might be owed to that secured creditor.
I doubt bury fans will hear from Glenn Thomas again.
George Bernard Shaw had it right:
"He who can does; he who cannot, teaches."
https://www.visittheusa.co.uk/
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