CD's Orange Heels Posted October 3, 2017 Share Posted October 3, 2017 1 hour ago, LightDN123 said: I understand on the staffs point of view that there not getting paid. But during a business transaction, there are lots of little negotiations that the various parties try to gain. For example in this case, Corney is trying to save himself a months wages. Due to the deal going through. It's actually extremely common practise Grade A nonsense Link to comment Share on other sites More sharing options...
LaticsLen Posted October 3, 2017 Share Posted October 3, 2017 The football lge freeze all assets in and out of a club when a takeover is in a process of going through, once completed the assets reopen. Could it not simply be that? Link to comment Share on other sites More sharing options...
JohnnyPimp Posted October 3, 2017 Share Posted October 3, 2017 5 minutes ago, LaticsLen said: The football lge freeze all assets in and out of a club when a takeover is in a process of going through, once completed the assets reopen. Could it not simply be that? It's unlikely that the Football League have the power to freeze the assets of a club in takeover, especially at the detriment of paying wages! Link to comment Share on other sites More sharing options...
ChaddySmoker Posted October 3, 2017 Share Posted October 3, 2017 23 minutes ago, CD's Orange Heels said: Grade A nonsense It is a much higher grade than that 11 minutes ago, LaticsLen said: The football lge freeze all assets in and out of a club when a takeover is in a process of going through, once completed the assets reopen. Could it not simply be that? No Link to comment Share on other sites More sharing options...
AlanGrovesFanClub Posted October 3, 2017 Share Posted October 3, 2017 2 hours ago, LightDN123 said: I understand on the staffs point of view that there not getting paid. But during a business transaction, there are lots of little negotiations that the various parties try to gain. For example in this case, Corney is trying to save himself a months wages. Due to the deal going through. It's actually extremely common practise What a massive pile of steaming donkey pooh that comment is. Link to comment Share on other sites More sharing options...
simplythemostimportantkick Posted October 3, 2017 Share Posted October 3, 2017 I don't know if what is being said here is true or not but can't people just point out it's wrong and why without being rude cock ends about it ? Link to comment Share on other sites More sharing options...
AlanGrovesFanClub Posted October 3, 2017 Share Posted October 3, 2017 9 minutes ago, simplythemostimportantkick said: I don't know if what is being said here is true or not but can't people just point out it's wrong and why without being rude cock ends about it ? The thing is that when you sell a company, or take a new investment into it through the issue of new shares etc, for a large amount of money, then there are well defined norms. The seller will have to give lots of Warranties - these are basically guarantees that all payments are up to date, contracts and laws have been complied with and no crap has been swept under the carpet. Additionally, there will be very lengthy Disclosures on all areas of the company's legal, financial, HR and commercial status, saying exactly how everything is. Real people (Simon Corney and perhaps the CEO or other directors) will be signed up to these and directly liable. Massive due diligence is done on virtually every piece of paper of any importance. And of course, as others have said, the buyer does not want to buy something where half the staff are looking for a new role because they ain't got paid. So the idea that the buyer can be caught for a crafty wedge of extra cash by Simon simply slipping the wages into next month is very, very silly indeed. And what I (and I think the others) object to is the idea that this is "common business practise". Because nobody with any idea what they are talking about would say that. Link to comment Share on other sites More sharing options...
LightDN123 Posted October 3, 2017 Share Posted October 3, 2017 1 minute ago, AlanGrovesFanClub said: The thing is that when you sell a company, or take a new investment into it through the issue of new shares etc, for a large amount of money, then there are well defined norms. The seller will have to give lots of Warranties - these are basically guarantees that all payments are up to date, contracts and laws have been complied with and no crap has been swept under the carpet. Additionally, there will be very lengthy Disclosures on all areas of the company's legal, financial, HR and commercial status, saying exactly how everything is. Real people (Simon Corney and perhaps the CEO or other directors) will be signed up to these and directly liable. Massive due diligence is done on virtually every piece of paper of any importance. And of course, as others have said, the buyer does not want to buy something where half the staff are looking for a new role because they ain't got paid. So the idea that the buyer can be caught for a crafty wedge of extra cash by Simon simply slipping the wages into next month is very, very silly indeed. And what I (and I think the others) object to is the idea that this is "common business practise". Because nobody with any idea what they are talking about would say that. Sorry by your last sentence are you claiming I have no idea what I am talking about ? Link to comment Share on other sites More sharing options...
AlanGrovesFanClub Posted October 3, 2017 Share Posted October 3, 2017 Just now, LightDN123 said: Sorry by your last sentence are you claiming I have no idea what I am talking about ? Bingo. Link to comment Share on other sites More sharing options...
Scapegoat Posted October 3, 2017 Share Posted October 3, 2017 2 minutes ago, AlanGrovesFanClub said: The thing is that when you sell a company, or take a new investment into it through the issue of new shares etc, for a large amount of money, then there are well defined norms. The seller will have to give lots of Warranties - these are basically guarantees that all payments are up to date, contracts and laws have been complied with and no crap has been swept under the carpet. Additionally, there will be very lengthy Disclosures on all areas of the company's legal, financial, HR and commercial status, saying exactly how everything is. Real people (Simon Corney and perhaps the CEO or other directors) will be signed up to these and directly liable. Massive due diligence is done on virtually every piece of paper of any importance. And of course, as others have said, the buyer does not want to buy something where half the staff are looking for a new role because they ain't got paid. So the idea that the buyer can be caught for a crafty wedge of extra cash by Simon simply slipping the wages into next month is very, very silly indeed. And what I (and I think the others) object to is the idea that this is "common business practise". Because nobody with any idea what they are talking about would say that. Currently involved in the sale of 5 businesses at the moment and this is spot on. Transition plans are key - and the number one thing you don’t get wrong is payroll. If current staff not got paid then that is a worry. Link to comment Share on other sites More sharing options...
LightDN123 Posted October 3, 2017 Share Posted October 3, 2017 Just now, AlanGrovesFanClub said: Bingo. No problem, could you please enlighten me as to maybe what you do for a career ? Or any business background you may have at all ? Genuine question Link to comment Share on other sites More sharing options...
simplythemostimportantkick Posted October 3, 2017 Share Posted October 3, 2017 Just now, AlanGrovesFanClub said: Bingo. Now ladies and gents we're going to play for a full house. Eyes down .... Link to comment Share on other sites More sharing options...
LightDN123 Posted October 3, 2017 Share Posted October 3, 2017 21 minutes ago, simplythemostimportantkick said: I don't know if what is being said here is true or not but can't people just point out it's wrong and why without being rude cock ends about it ? Cheers mate, people seem to forget respect on here Link to comment Share on other sites More sharing options...
AlanGrovesFanClub Posted October 3, 2017 Share Posted October 3, 2017 2 minutes ago, LightDN123 said: No problem, could you please enlighten me as to maybe what you do for a career ? Or any business background you may have at all ? Genuine question Hi I'm the CFO (finance director) of a privately funded company and during my career I've raised about £100m in investment for companies that I worked for. Just headed out now for a while now, but one more thing - I was unnecessarily rude and arrogant in my earlier replies and I'm sorry for that, please accept my apologies. Link to comment Share on other sites More sharing options...
frizzell54 Posted October 3, 2017 Share Posted October 3, 2017 Sorry, but the staff not being paid is a very bad sign. Not so sure about all this takeover / investment now. I smell a rat. Hope I am wrong, but I fear many of us are going to be disappointed again. Link to comment Share on other sites More sharing options...
Oldham82 Posted October 3, 2017 Share Posted October 3, 2017 Let's just hope this all goes through and we can get some well due and deserved good times on horizon. Bring them very early 1990s days back and happy fans Link to comment Share on other sites More sharing options...
rigsby Posted October 3, 2017 Share Posted October 3, 2017 4 minutes ago, frizzell54 said: Sorry, but the staff not being paid is a very bad sign. Not so sure about all this takeover / investment now. I smell a rat. Hope I am wrong, but I fear many of us are going to be disappointed again. Must say i said earlier its a concern from where im sat. Certainly does not help Link to comment Share on other sites More sharing options...
LightDN123 Posted October 3, 2017 Share Posted October 3, 2017 7 minutes ago, AlanGrovesFanClub said: Hi I'm the CFO (finance director) of a privately funded company and during my career I've raised about £100m in investment for companies that I worked for. Just headed out now for a while now, but one more thing - I was unnecessarily rude and arrogant in my earlier replies and I'm sorry for that, please accept my apologies. Hi, sounds like you are carving out a solid career, no problem, apology accepted. Just for my own knowledge, during a takeover or investment, say the deal is close, am I incorrect in believing that it is possible for the wages or any other costs for that matter, to be negotiated at all. For example, couldn't Corney be negaotiating that he believes they should pay the wages if investment is pretty much done. Especially if the players that AL are having to be paid by Corney but under normal circumstances we would not have such a high wage bill ? Many thanks Link to comment Share on other sites More sharing options...
underdog Posted October 3, 2017 Share Posted October 3, 2017 9 minutes ago, LightDN123 said: Hi, sounds like you are carving out a solid career, no problem, apology accepted. Just for my own knowledge, during a takeover or investment, say the deal is close, am I incorrect in believing that it is possible for the wages or any other costs for that matter, to be negotiated at all. For example, couldn't Corney be negaotiating that he believes they should pay the wages if investment is pretty much done. Especially if the players that AL are having to be paid by Corney but under normal circumstances we would not have such a high wage bill ? Many thanks I could be wrong here myself but isn't it the current set up, Corney that is, responsible for the running of the business, wages etc until any signatures on a dotted line? The investor whoever it is should not be contributing until Fit and proper testing has been passed or am I wrong? Link to comment Share on other sites More sharing options...
simplythemostimportantkick Posted October 3, 2017 Share Posted October 3, 2017 16 minutes ago, rigsby said: Must say i said earlier its a concern from where im sat. Certainly does not help Have you tried sitting somewhere else ? Link to comment Share on other sites More sharing options...
Buckshawlatic Posted October 3, 2017 Share Posted October 3, 2017 2 hours ago, LightDN123 said: I understand on the staffs point of view that there not getting paid. But during a business transaction, there are lots of little negotiations that the various parties try to gain. For example in this case, Corney is trying to save himself a months wages. Due to the deal going through. It's actually extremely common practise Even by this forums standards that is absolute bollocks of the highest order. i have worked for a few companies that were taken over - we were still paid as it went through since the current employer is conctracually obliged to do so, he can't just say "sorry I'm selling and it's nearly done so I'm not bothering this month" Link to comment Share on other sites More sharing options...
Buckshawlatic Posted October 3, 2017 Share Posted October 3, 2017 2 hours ago, LightDN123 said: I understand on the staffs point of view that there not getting paid. But during a business transaction, there are lots of little negotiations that the various parties try to gain. For example in this case, Corney is trying to save himself a months wages. Due to the deal going through. It's actually extremely common practise Even by this forums standards that is absolute bollocks of the highest order. i have worked for a few companies that were taken over - we were still paid as it went through since the current employer is conctracually obliged to do so, he can't just say "sorry I'm selling and it's nearly done so I'm not bothering this month" Link to comment Share on other sites More sharing options...
Buckshawlatic Posted October 3, 2017 Share Posted October 3, 2017 2 hours ago, LightDN123 said: I understand on the staffs point of view that there not getting paid. But during a business transaction, there are lots of little negotiations that the various parties try to gain. For example in this case, Corney is trying to save himself a months wages. Due to the deal going through. It's actually extremely common practise Even by this forums standards that is absolute bollocks of the highest order. i have worked for a few companies that were taken over - we were still paid as it went through since the current employer is conctracually obliged to do so, he can't just say "sorry I'm selling and it's nearly done so I'm not bothering this month" Link to comment Share on other sites More sharing options...
LightDN123 Posted October 3, 2017 Share Posted October 3, 2017 5 minutes ago, Buckshawlatic said: Even by this forums standards that is absolute bollocks of the highest order. i have worked for a few companies that were taken over - we were still paid as it went through since the current employer is conctracually obliged to do so, he can't just say "sorry I'm selling and it's nearly done so I'm not bothering this month" Taken slightly out of context there, if you read futher on I try and make my point, in reply to Alangroves Fan club Link to comment Share on other sites More sharing options...
Buckshawlatic Posted October 3, 2017 Share Posted October 3, 2017 2 minutes ago, LightDN123 said: Taken slightly out of context there, if you read futher on I try and make my point, in reply to Alangroves Fan club Wouldn't say taken out of context and I read your reply to the aforementioned poster. Corney can negotiate wage payments all he wants, as it stands the contract between staff and OAFC lies at his door - he is legally bound to pay them... if he was to recoup this months wages from Abdullah when the deal is complete so be it but you can not refuse to pay wages just because you are in the process of selling - its illegal. Not being able to pay them on the otherhand Link to comment Share on other sites More sharing options...
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