it stinks

Discussion in 'Bulletin Board ARCHIVE' started by paul.d, May 4, 2007.

  1. pau

    paul.d Well-Known Member

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    paul.d, May 4, 2007
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  2. pau

    paul.d Well-Known Member

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    paul.d, May 4, 2007
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  3. pau

    paul.d Well-Known Member

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    paul.d, May 4, 2007
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  4. Kno

    Knowlesy Well-Known Member

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    so what has actually happened?

    just got in, don't really understand the intricate financial dealings.

    as far as I can gather, Leeds went into admin, then the administrators agreed to sell the club to the existing chairman's new company?

    but where is all the money required (22m I think it says on BBC) to keep trading going to come from?

    and how come all debts are 'wiped out' people are still owed money regardless of the club's status surely???
     
    Knowlesy, May 4, 2007
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  5. pau

    paul.d Well-Known Member

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    paul.d, May 4, 2007
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  6. driver

    driver New Member

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    RE: so what has actually happened?

    There will be a cva where the creditors will agree a settlement figure of pence in the pound.</p>

    And the creditors will agree the settlement because: </p>

    </p><blockquote>Intriguingly, the development comes less than a month after Astor Investment Holdings secured its loans over the club with a debenture. According to a charge created on April 4 and lodged with Companies House, the British Virgin Islands-registered company holds a mortgage over club assets.

    The most recent accounts filed at Companies House also show that Astor, which is known to have an interest in the Forward Sports Fund that ultimately controls Leeds, has more than &pound;8m in loans outstanding.</p>

    If that sum remains accurate, it would make Astor the club's principal creditor in the event of administration. Astor's shareholders are unknown.</p></blockquote>
     
    driver, May 4, 2007
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  7. Dis

    DiscoTyke New Member

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    RE: so what has actually happened?

    The creditors have the power to refuse any suggested penny in the pound agreement which could mean Leeds then have to cease trading and will be expelled form the football league. However, the creditors usually accept such an agreememnt as if Leeds did go bust they will then be likeky to get Jack. Sadly, Leeds have legally exploited a loophole but let's not let that over shadow that they are playing next season where they really belong and we will be playing where we really belong. Come on Tarn!
     
    DiscoTyke, May 4, 2007
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