The Massive Debt At S6

The consensus seems to be that they owed the Co-op about £23m and were paying about £500k p.a to service the debt.

Mandaric seems to have made "take it or leave it as it's the best you'll get" offer to settle it at £7m, meaning the Co-op lost out on £16m.

Does this sort of behaviour suggest that this was a final attempt to avoid going into administration and if so is this course of action any more "moral" than actually going into admin??

 

The co op and inland revenue were basically held over a barrel due to the football creditors rule.

Washday pulled a variety of stunts including advising the judge they had agreed terms with the tax office which was a surprise to their lawyer and was completely fabricated in order to buy time.

Eventually both creditors folded and accepted mandarics offer or lose out in even more millions.

The tax year ending 2012 lead to a loss of £5m

 

would totally love it if they went under

would make my day...my life even.

 

Re: would totally love it if they went under

wouldn't make my day,i've got to be honest,i've had some good mates over the years who supported Wednesday,different generation I suppose from most of the tw@ts that post ***** on owlstalk.

 

They've got to change this. The number of companies going bust, people being squeezed with taxes, losing jobs, yet somehow football gets treated as a special case

 

totally agree, and they should begin by liquidating the Massive

right now.

 

Its quite funny when a poster on Porktalk calls us BFC2002, us going into administration with a couple of million debt, less than the amount they currently lose each season and they're sat on their high horses owing £23 million to a bank......

 

I believe that the CO-OP Bank wrote the debt off, the argument being that they had allready covered the £16m through interest payments made during the life of the loan.

 

So they had more debt than just the loan to the Co-op. They must have been on the brink of admin then.

 

I might try that argument with the Yorkshire Building Society regarding my mortgage.

 

what i dont get is how a club that has a million fans in there ground every home game can lose money

 

About a interval in court away from being wound up...

 

Hehe, I like it! Though they would just come and repossess your house. What can they reposses of theirs, Gary Madine? Was Wednesday's debt even secured on anything? If not, more fool the bank for letting them get in that position in the first place.

 

The ground I assume

 

If they went under it would be the one time I'd be happy to see the stupid

As for knowing pleasant fans from their club, I've met nice Leeds, Donny, United, Forest, Rotherham and Huddersfield fans but never once a pleasant Wednesday fan, so I really wouldn't be cut up to see them go out of existence.

 

But if that's the case what would the incentive be for them to write off the debt when they could theoretically repossess the ground and get their cash back? Just wondering.

 

Given that the courts seem either powerless or unwilling to overturn this anomaly it'd be nice to think that we the supporters could unite to force the clubs' hands to abandon it in favour of fair play.

****, this Sancerre's strong stuff. Not a good lunchtime choice.

 

Sancerre for a dinner time? Anybody'd think it was your birthday!

 

he he. It took me about 5 minutes to type that sentence. Pouilly-Fumé next. Then a nap. I am 43, after all.

 

Pah!

A mere ankle biter compared to some of us!