It don't look good for, Mr Grimsdale !

Discussion in 'Bulletin Board ARCHIVE' started by Football Agent X, Dec 10, 2007.

  1. Football Agent X

    Football Agent X Active Member

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    THE threat of crisis club Cardiff City being plunged into administration drew nearer last night after an extraordinary day which saw the Bluebirds pushed towards the brink of financial meltdown.

    The row between City and their major creditors Langston, who are demanding payment of a &pound;24m loan plus interest, intensified after the two parties engaged in claim and counter claim.</p>

    And it emerged last night a simple misunderstanding over timescales caused a High Court hearing originally set for Monday to be put back until the new year.</p>

    It leaves Cardiff, who have seen their banks withhold further funding until the crisis is sorted out, facing the prospect of being unable to meet day-to-day running </p>

    And things worsened even further yesterday when 11th-hour talks between the two parties set for Monday to resolve the debt row were also put on hold.(zzz)
    </p>
     
    Football Agent X, Dec 10, 2007
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  2. pau

    paul.d Well-Known Member

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    a simple misunderstanding over timescales ??

    how much are they paying these lawyers?
     
    paul.d, Dec 10, 2007
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  3. Farnham_Red

    Farnham_Red Administrator Staff Member Admin

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    If I was a cynic

    Our Pete has nothing at all to gain by delaying a court case
    If Bluebird is correct these loans are not immediately repayable
    so Pete would win.

    As Cardiff cant possibly repay 24 million immediately the plan appears to be to force them into admin so that Hamman can regain control - losing a court case doesnt achieve that. Continually delaying court cases strangling cash flow and forcing them into Admin that way does

    Expect a further postponement attempt in Jan if the club manage to struggle that far
     
    Farnham_Red, Dec 10, 2007
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  4. pompey_red

    pompey_red Well-Known Member

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    Reading the south wales echo on saturday....

    langstone owed 26 million , if cardiff go into admin they as major creditors get .. say 10p in the pound therefore recieve 2.6million... surely its worth them waiting and recieving a larger portion of the 26million at a later date , i personally cant see the benefit to langstone of cardiff going into admin right now.
     
    pompey_red, Dec 10, 2007
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  5. pau

    paul.d Well-Known Member

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    I think...................

    it's personal !
     
    paul.d, Dec 10, 2007
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  6. pompey_red

    pompey_red Well-Known Member

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    RE: I think...................

    true , but a certain mr sam hamman seems to be motivated by one thing only... cash !!
     
    pompey_red, Dec 10, 2007
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