Monty Burns Posted March 1, 2020 Share Posted March 1, 2020 https://www.google.co.uk/amp/s/www.bbc.co.uk/sport/amp/football/51501692 Link to comment Share on other sites More sharing options...
mcfluff1985 Posted March 1, 2020 Share Posted March 1, 2020 8 hours ago, jorvik_latic said: Corney kept getting handouts from Blitz to keep the club going. Blitz got a bit fed up so had the final one secured against the club with a floating charge (the debenture). AL agreed to pay it off when he bought the club and hasn’t paid it all off in the agreed timeframe. So one of the assets it's secured against is Iacovitti? Link to comment Share on other sites More sharing options...
kowenicki Posted March 1, 2020 Share Posted March 1, 2020 7 hours ago, Monty Burns said: https://www.google.co.uk/amp/s/www.bbc.co.uk/sport/amp/football/51501692 ....The balance was not paid when due and is currently gathering interest at a default rate of 25% per annum. The total amount currently outstanding is £330,000, with interest continuing to run. This is outstanding debt and the unpaid rent could trigger administration - with Brass Bank on Friday serving the club with a notice to the court to appoint administrators. Blitz's lawyer Jonathon Crook told BBC Radio.... Link to comment Share on other sites More sharing options...
TheBigDog Posted March 1, 2020 Share Posted March 1, 2020 8 hours ago, Monty Burns said: https://www.google.co.uk/amp/s/www.bbc.co.uk/sport/amp/football/51501692 12 minutes ago, kowenicki said: ....The balance was not paid when due and is currently gathering interest at a default rate of 25% per annum. The total amount currently outstanding is £330,000, with interest continuing to run. This is outstanding debt and the unpaid rent could trigger administration - with Brass Bank on Friday serving the club with a notice to the court to appoint administrators. Blitz's lawyer Jonathon Crook told BBC Radio.... Someone I know spoke briefly with AL after the game on Saturday. When challenged on the Administration his response was ‘we have a strong defence for the court case’. This might drag on... Link to comment Share on other sites More sharing options...
kowenicki Posted March 1, 2020 Share Posted March 1, 2020 10 minutes ago, TheBigDog said: Someone I know spoke briefly with AL after the game on Saturday. When challenged on the Administration his response was ‘we have a strong defence for the court case’. This might drag on... Hard to see how that could be. The debenture will give the automatic right to force admin or liquidation on failure to repay. Presumably AL signed up for this. Link to comment Share on other sites More sharing options...
frizzell54 Posted March 1, 2020 Share Posted March 1, 2020 9 hours ago, latics22 said: The guys lunatic, csnt see him just walking without a fight. He is going to try and destroy us before he walks I fear you could be right. Link to comment Share on other sites More sharing options...
Ex_pat Posted March 1, 2020 Share Posted March 1, 2020 I heard this song today and I thought this part was apt OAFC.mp3 Link to comment Share on other sites More sharing options...
Dave_Og Posted March 1, 2020 Share Posted March 1, 2020 22 minutes ago, TheBigDog said: Someone I know spoke briefly with AL after the game on Saturday. When challenged on the Administration his response was ‘we have a strong defence for the court case’. This might drag on... A former colleague was charged with insider dealing some years back. He thought he had a strong defence case; went down for five years. Link to comment Share on other sites More sharing options...
Magic Mikey Posted March 1, 2020 Share Posted March 1, 2020 5 minutes ago, Dave_Og said: A former colleague was charged with insider dealing some years back. He thought he had a strong defence case; went down for five years. Oh, the thought of Barry biting a pillow on D wing. Link to comment Share on other sites More sharing options...
mcfluff1985 Posted March 1, 2020 Share Posted March 1, 2020 It's ok, the trust are meeting about this... 4 days after the court case on Friday Link to comment Share on other sites More sharing options...
tGWB Posted March 1, 2020 Share Posted March 1, 2020 On 3/1/2020 at 8:18 AM, kowenicki said: ....The balance was not paid when due and is currently gathering interest at a default rate of 25% per annum. The total amount currently outstanding is £330,000, with interest continuing to run. This is outstanding debt and the unpaid rent could trigger administration - with Brass Bank on Friday serving the club with a notice to the court to appoint administrators. Blitz's lawyer Jonathon Crook told BBC Radio.... So what's your money on . . . . . AL coughs up the monies owed to Brassbank and the death of our club by a thousand cuts rumbles on AL comes up with something to thwart the Administration threat by Brassbank and the death of our club by a thousand cuts rumbles on An Administrator is appointed to run the club until the end of the season and the club is deducted 12 points this season An Administrator is appointed and new owners acquire the club before the end of the season and the club is deducted 12 points this season An Administrator is appointed and the search for new owners drags on into the close season and the club is deducted 12 points for the start of next season Link to comment Share on other sites More sharing options...
Dave_Og Posted March 1, 2020 Share Posted March 1, 2020 I'm intrigued by the quote, from Blitz I think, that funds are in place to sustain the club during an administration. Whose and for how long? Link to comment Share on other sites More sharing options...
mcfluff1985 Posted March 1, 2020 Share Posted March 1, 2020 2 minutes ago, Dave_Og said: I'm intrigued by the quote, from Blitz I think, that funds are in place to sustain the club during an administration. Whose and for how long? I read the quote as being from Blitz at first but when I read it again I'm not sure it is. Couldn't work it out properly where that info has come from Link to comment Share on other sites More sharing options...
Worcester Owl Posted March 1, 2020 Share Posted March 1, 2020 1 hour ago, kowenicki said: ....The balance was not paid when due and is currently gathering interest at a default rate of 25% per annum. The total amount currently outstanding is £330,000, with interest continuing to run. This is outstanding debt and the unpaid rent could trigger administration - with Brass Bank on Friday serving the club with a notice to the court to appoint administrators. Blitz's lawyer Jonathon Crook told BBC Radio.... The bit I liked was the quote attributed to Knacker of the Yard: " My owner has got this club into a financial situation that's better than it has been for years, but there's no sign this club will go into administration". "My owner"......so as well as the badge perhaps AL also has the incalculable value of Barry as an asset. I do wonder about the Inspector's grasp of reality. Link to comment Share on other sites More sharing options...
kowenicki Posted March 1, 2020 Share Posted March 1, 2020 21 minutes ago, tGWB said: So what's your money on . . . . . AL coughs up the monies owed to Brassbank and the death of our club by a thousand cuts rumbles on AL comes up with something to thwart the Administration threat by Brassbank and the death of our club by a thousand cuts rumbles on An Administrator is appointed to run the club until the end of the season and the club is deducted 12 points this season An Administrator is appointed and new owners acquire the club before the end of the season and the club is deducted 12 points this season An Administrator is appointed and the search for new owners drags on into the close season and the club is deducted 12 points for the start of next season 4. There’s always someone who wants to buy a football club in the league. Bury had loads... they were just impossible to save due to the stadium issue... Link to comment Share on other sites More sharing options...
Worcester Owl Posted March 1, 2020 Share Posted March 1, 2020 15 hours ago, nzlatic said: Broadly similar to the league 1 relegation season on average I think. Given the away attendances would have been less I’d say home attendances were up. Any good will was soon eroded though by the actions of the club. Average home attendance for league games in 2017/18 was 4,442. Dropped to 4,364 last season and so far this season the average is 3,466. Link to comment Share on other sites More sharing options...
Dave_Og Posted March 1, 2020 Share Posted March 1, 2020 8 minutes ago, kowenicki said: 4. There’s always someone who wants to buy a football club in the league. Bury had loads... they were just impossible to save due to the stadium issue... There are enough complexities involved to make me think that getting it satisfactorily sorted by the end of the season is highly unlikely. Link to comment Share on other sites More sharing options...
tGWB Posted March 1, 2020 Share Posted March 1, 2020 14 minutes ago, kowenicki said: 4 There’s always someone who wants to buy a football club in the league. Bury had loads... they were just impossible to save due to the stadium issue... 2. for me 5. is a highly likely It'll be interesting to see how close we get Link to comment Share on other sites More sharing options...
kowenicki Posted March 1, 2020 Share Posted March 1, 2020 19 minutes ago, Dave_Og said: There are enough complexities involved to make me think that getting it satisfactorily sorted by the end of the season is highly unlikely. Im not sure on the process that has to be gone through this week. But yes, this week is crucial and if AL’s legal challenge works then we could be stuck for a very long time indeed. IF and it’s a big IF, Blitz is allowed to progress then who knows what shenanigans has gone on behind the scenes... something may well be lined up already. I’d be amazed if it wasn’t. Link to comment Share on other sites More sharing options...
Fruitygoo Posted March 1, 2020 Share Posted March 1, 2020 I wouldnt think blitz would have pulled the trigger if he had any concerns about the legal proceedings... Blitz is a business man and will have top level advice. AL is clearly out of his depth from a business perspective and has the cowboy finance director and that pillock from the law firm assisting legally. Only one winner in this one of AL tries to go on the attack . Link to comment Share on other sites More sharing options...
oafc1955 Posted March 1, 2020 Author Share Posted March 1, 2020 Just posted my thoughts on another site.... This is all theory and guesswork, but........ If it’s true, as AL has said, that the club is now debt free (apart from rent and the debentures to Blitz) and we do go into administration because AL can’t or won’t settle with Blitz the club could possibly be bought for very little outlay. There would still have to be some sort of agreement regarding the stadium and land but it is feasible OAFC in its entirety could be wholly owned once again. There will no doubt be twists and turns along the way but it could be a brilliant opportunity for hopefully, a responsible owner/owners to acquire a former ‘Premiership’ football club! The fans at OAFC have been starved of any type of success for far too long and if this were to be the outcome I think the lapsed and stay away fans would come back on side very quickly!!! I live in hope!! ***********ABDALLAH OUT*********** Link to comment Share on other sites More sharing options...
DarkStar Posted March 1, 2020 Share Posted March 1, 2020 AL agrees to sell the club to Blitz for a sum commensurate with debts owed. Brassbank, HMRC, staff and players are paid. Administration is avoided. The club in it's entirety is sold on to a responsible owner. Link to comment Share on other sites More sharing options...
underdog Posted March 1, 2020 Share Posted March 1, 2020 1 hour ago, mcfluff1985 said: It's ok, the trust are meeting about this... 4 days after the court case on Friday I don't think there is much they can do until after Friday. Other than prepare for the worst. Not all of them live locally either so getting together will be a challenge. Trust Chair is about to board a plane flying back from Australia today , christ, they don't even have a meeting room. They could be meeting in a pub at this rate. I would not be surprised if more resign soon the pressure to get through this must be mounting on them all and there are many not left to wade through this mess.They will need all the support they can get. I can only imagine the amount of stuff they are going to have to try and sort to get some sort of handle on the situation. I ask the question every meeting to the Trust rep, with regards to club financials and obligations being met and he does answer them and we report that. I will presume the answers were honest. then he was not genuinely aware, that the HMRC was already in motion, (The January date indicates it must have been going on for a couple of months prior and there was a club board meeting in Jan too) then it stinks. I will be honest, it is not the first time either. In November there was a delay in the Trust rep receiving legal information issued by the landlord at the time. The clubs scathing response to our letter of complaint issued in December with regards to our share holder rights to see FULL accounts and critical on one of our team, most of us then wanted to withdraw the Trust rep as a protest, but we were advised to hang in there and attempt one last bash at it. The accounts for 2018/19 are due at Companies house this month and we have not bottomed out 2017/18 I may not get on with the Trust rep but boy I do not envy the position he is in now. He becomes liable for the club debt with the other club directors if it does go into admin. I have a feeling one of those calls this week will be checking the Trust's indemnity insurance. Worse case scenario, he could loose his home and livelyhood.....for a volunteer role that is just too much sacrifice. What a bloody mess......there was only going to be two players in this Al and Blitz, its down who will blink first and has the deeper pockets Link to comment Share on other sites More sharing options...
RobOAFC Posted March 1, 2020 Share Posted March 1, 2020 34 minutes ago, kowenicki said: Im not sure on the process that has to be gone through this week. But yes, this week is crucial and if AL’s legal challenge works then we could be stuck for a very long time indeed. IF and it’s a big IF, Blitz is allowed to progress then who knows what shenanigans has gone on behind the scenes... something may well be lined up already. I’d be amazed if it wasn’t. Can only see this going in favour of Blitz (or at least next week will unless AL pays up). Courts tend to favour those owed the money and have any dispute go to a separate case. Admin next friday with AL out but it'll rumble on for a few years yet if AL has the financial stomach for it. Link to comment Share on other sites More sharing options...
tGWB Posted March 1, 2020 Share Posted March 1, 2020 11 minutes ago, underdog said: I may not get on with the Trust rep but boy I do not envy the position he is in now. He becomes liable for the club debt with the other club directors if it does go into admin. I have a feeling one of those calls this week will be checking the Trust's indemnity insurance. Worse case scenario, he could loose his home and livelyhood.....for a volunteer role that is just too much sacrifice. What a bloody mess......there was only going to be two players in this Al and Blitz, its down who will blink first and has the deeper pockets No chance of the Trust Rep losing anything financially as a Non Executive Director but its likely he will be highly embarrassed being mugged off Link to comment Share on other sites More sharing options...
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