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CVA proposal goes out within 24-hours

CVA proposal goes out within 24-hours

As I have previously said, until we know the outcome of our CVA I cannot really see how much else, in fact anything else - bar selling players - can happen?

We cannot bring in players because we remain under a transfer embargo, and morally we should not spend money anyway - not forgetting financially could not anyway, but I still think we should be limited, assuming the CVA is approved, to nothing more than free transfers and loans as HOW can you justify palming off creditors with 20p in the £ over 5-years to then go out and spend money! Even if we could do any of that without an owner or manager this is not possible.

So, nothing can happen until the CVA is agreed, which 'fingers crossed' it will be...

We have known for the best part of a month now that the CVA was 'agreed in principle,' these proposals will finally be sent out to the creditors by the end of this week, either today or tomorrow.

Then we await the response from these creditors and 'hope' that they officially agree to these terms at the creditors meeting that Admin Andy, when talking to BBC sport, says he hopes will take place on Friday 18th June: 'we hope to hold a creditors meeting to vote on the CVA on 18 June.

'We've had a dialogue with the major creditors, including Her Majesty's Revenue and Customs to prepare the groundwork.'

As long as 75% of these unsecured creditors agree to the 20p in the £ terms then it is done, we have the CVA agreed and can come out of administration.

Although DO NOT be fooled into thinking 'that is that' by any means!

The long battle to get on a level playing field begins, and getting back to a 'breakeven point' is a MUST, and this, if done properly is going to take several years - but with a sound business plan, and a club run in the right way, and within its means and looking after the right people, in time I feel this club can become self-sufficient and even make money. This MUST be done in the right way though as said!

Until there is some more clarity about the club season ticket sales will remain slow, so far something like 1,000 have gone since they went on sale 10-days ago, so 100 tickets per day are being sold.

The club expects this to pick up next week when many people are paid, but seeing what is actually happening with the club is likely to impact on many peoples minds too, so lets hope that all is agreed, and agreed by the 18th June date now being spoken about - inroads into moving forward, and getting things in place for next season can happen, and it is essential that this can happen without a 10-17pts penalty, which will apply if we cannot get this CVA agreed...


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Date:Thursday May 27 2010
Time: 9:03AM


Good article Rug, let's all hope Admin does the biz, then New Chief Exec, then manager, then turn off that road to ruin and get on that long and winding road to recovery. With this news and newspaper reports I suspect the managment merry go round will go haywire. LoL It's pundit cliche day today.
27/05/2010 09:18:00
Sorry to all, I had multiple windows open on my iphone and posted a comment to Dave_S earlier article.
27/05/2010 10:30:00
Unless we can attract a decent investor/owner, even if we reach 'break-even point' we're in danger of ending up playing H&W. Already in these forums of 'die-hard' supporters there have been threats of non-renewal of season tickets and 'never going again'. Add to this the absence of 'fair-weather' fans and there'll be a downward spiral of income, thus to break-even there'll be a downward spiral of quality players leading to a downward spiral through the leagues.
27/05/2010 10:54:00
Still convinced that HMRC will play difficult & reject the offer. They seem to be adding penalty & interest charges to the debt which may take their satke to over 25%!!! Not sure where we are with them but they won't let us off the hook.
27/05/2010 11:48:00
alot depends on this 'agreement' with HMRC matt on the liquidating of the holding company down the line - if this is struck with them then that would be why a 20p in the £ is agreed. they could have an absolute field day looking into the dodgy accounts from the past decade or more and the likes of mandaric, storrieteller, redknapp, gaydamak etc. etc. would have their pants pulled down and spanked BIG time!

we will have further rough patches before it gets better, but given sensible ownership and living within the means - looking at gates of 12,500-15,000 regularly, which we can do at £25 a pop, less if you are a season ticket holder, we can reach that breakeven point in 4-5-years time, a 'return to the big time' could accelerate this, so long as we again go about things sensibly, even if this means going down again...
27/05/2010 11:57:00
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