Jump to content

Could liquidation be the best option?


mattymckayloyal

Recommended Posts

  • Replies 54
  • Created
  • Last Reply

Top Posters In This Topic

Popular Days

Top Posters In This Topic

If we lose the tax case, then administration and agreeing a certain amount of pence in the pound to pay off our creditors would be inevitable.

But we will never be liquidated. The value of our assets are worth more than the debt will be in a worst case scenario, we'd sell the stadium and lease it back, sell murray park and lease it back (or train elsewhere), and sell our players that are worth anything.

Liquidation isnt an option. And if we win the tax case, then none of this will be a problem.

Link to post
Share on other sites

But we will never be liquidated. The value of our assets are worth more than the debt will be in a worst case scenario,

In a worst case scenario then debt COULD be the following:

Debt to Whyte - £18M

Debt to Ticketus - £24M

Debt to HMRC - £49M

That's £91M

Would our assets be worth more than the debt ??

Link to post
Share on other sites

This is why I think liquidation could be the best option for us... we could start again from scratch. If we managed to find a proper custodian, who had our best interests at heart (not looking to make a quick buck for himself), he could buy the stadium from the liquidator and start all over again.

took Murray 4 years to find the owner we have just now FFS

Link to post
Share on other sites

Currently we are financially hamstrung as our turnover is severely restricted due to the fact we have sold off our merchandising, catering and now future season book sales.

This is why I think liquidation could be the best option for us... we could start again from scratch. If we managed to find a proper custodian, who had our best interests at heart (not looking to make a quick buck for himself), he could buy the stadium from the liquidator and start all over again.

I actually think it would be better for us to start in Div 3 with an entirely new squad to let us start completely from scratch. We would get back to back promotions and be back in the SPL, debt free with all our commercial rights back under our own ownership, in 3 years.

Reeks of Declan

Link to post
Share on other sites

In a worst case scenario then debt COULD be the following:

Debt to Whyte - £18M

Debt to Ticketus - £24M

Debt to HMRC - £49M

That's £91M

Would our assets be worth more than the debt ??

Fixed assets are currently valued at £125M

Then players must be worth at least £10M - £15M in a fire sale

Also the £18 million you quote is rumoured to have come from the £24 million, so we wouldnt owe both

Edit: Plus the fact that a deal will be struck between creditors and administrators that we will pay (for example) 10p in the pound

Link to post
Share on other sites

Fixed assets are currently valued at £125M

Then players must be worth at least £10M - £15M in a fire sale

Also the £18 million you quote is rumoured to have come from the £24 million, so we wouldnt owe both

Edit: Plus the fact that a deal will be struck between creditors and administrators that we will pay (for example) 10p in the pound

Sorry I missed the rest of your post.

Regarding the £18M coming from the £24M - Whyte has denied this, however if true then it's more for us to worry about.

Regarding the deal being struck with creditors - did HMRC not state recently that this practice would be stopping.

Link to post
Share on other sites

Sorry I missed the rest of your post.

Regarding the £18M coming from the £24M - Whyte has denied this, however if true then it's more for us to worry about.

Regarding the deal being struck with creditors - did HMRC not state recently that this practice would be stopping.

HMRC wont be the only creditor, plus it was discussed in Westminster today that all would be done to strike a deal with Portsmouth FC, to keep them in business. So hopefully they would accept a number of pence in the pound rather than see a great British institution being liquidated.

Link to post
Share on other sites

In a worst case scenario then debt COULD be the following:

Debt to Whyte - £18M

Debt to Ticketus - £24M

Debt to HMRC - £49M

That's £91M

Would our assets be worth more than the debt ??

Don't believe everything you read.

Either the whyte and ticketus debt is the same or

The tax case goes against and we owe up to the £24m they demanded. In such cases HMRC do not usualy apply interest and penalties so that would be the end of it.

If that money paid off HMRC, Whytes debt goes with it and we are left with having to pay off ticket us, which would be no problem without the tax case.

I find it interesting when posters always seem to take the worst case figures and throw them together, sometimes counting the same ones twice.

Link to post
Share on other sites

Don't believe everything you read.

Either the whyte and ticketus debt is the same or

The tax case goes against and we owe up to the £24m they demanded. In such cases HMRC do not usualy apply interest and penalties so that would be the end of it.

If that money paid off HMRC, Whytes debt goes with it and we are left with having to pay off ticket us, which would be no problem without the tax case.

I find it interesting when posters always seem to take the worst case figures and throw them together, sometimes counting the same ones twice.

1. Whyte has stated that the money to pay Lloyds came from one of his companies and not Ticketus. Hence, why I have added it.

2. If we lose the Tax Case, then the debt to Whyte does not go with it (check the shareholders' circular released after the takeover). It only goes if the club is successful in the Tax Case.

Link to post
Share on other sites

1. Whyte has stated that the money to pay Lloyds came from one of his companies and not Ticketus. Hence, why I have added it.

2. If we lose the Tax Case, then the debt to Whyte does not go with it (check the shareholders' circular released after the takeover). It only goes if the club is successful in the Tax Case.

1 Are you believing Whyte now ? or just certain bits that suit ?

2) The debt has nothing to do with the tax case. (Check the circular). Unless we go into administration the debt is waived.

Nice try tho.

Link to post
Share on other sites

1 Are you believing Whyte now ? or just certain bits that suit ?

I was originally answering a post that stated abot the "worst case scenario", that's why I added it.

I don't believe Whyte, and I have been consistent in my belief since joining this forum.

2) The debt has nothing to do with the tax case. (Check the circular). Unless we go into administration the debt is waived.

Your statement is correct - I was answering on the assumption that if we lost the Tax Case, administration would be inevitable

Nice try tho.

And, BTW - I'm not trying anything, thank you (tu)

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Upcoming Events

    • 25 May 2024 14:00 Until 16:00
      0  
      celtic v Rangers
      Hampden Park
      Scottish Cup

×
×
  • Create New...