rbr 1,247 Posted April 4, 2012 Share Posted April 4, 2012 Does any othet members of this site own a debenture , if so have they been contacted by the administrators or is it the bond holders responsibility .Only asking as I have moved home several times since it was bought and have never updated the club , mainly due to the fact there is no bond office anymore. Also do we lose all rights to our bonds under an administration/cva scenario or is it only in the event of a liquidation . I dont want any money under a cva but I would like to be able to keep my debenture rights 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted April 4, 2012 Share Posted April 4, 2012 Bluedell has one rbr, so he's probably the best person to speak to about this here although I'm pretty sure he's not the only person on Gersnet who's a bond holder, so maybe others here have some info for you too. 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,050 Posted April 4, 2012 Share Posted April 4, 2012 Perhaps one of the bidders opting for a CVA will prefer to honour the debentures ergo removing them from the CVA pot. 0 Quote Link to post Share on other sites More sharing options...
54andcounting 0 Posted April 4, 2012 Share Posted April 4, 2012 My pal is a bond holder - he was concerned last time I spoke to him, a bit late to call him but will ask him about it tomorrow. 0 Quote Link to post Share on other sites More sharing options...
ian1964 10,440 Posted April 4, 2012 Share Posted April 4, 2012 Lifted from FF: Was on a course today which touched on insolvency. The lecturer mentioned that debenture holders get first priority on the cva pot. Does anyone know if this is the case for those who bought debentures for seats in the club deck? Another thought was if they are part of the creditors could each individual do a debt for equity swap similar to what ticketus have done and join the BKs? This is correct, there's about 5000 bond holders who are technically now creditors to the value of over £ 6m. I, and any bond holders I've chatted to are not interested in equity, receiving cash etc. I would be happy to divert any pence in pound settlement I receive if it meant saving the club Doesn't help much 0 Quote Link to post Share on other sites More sharing options...
Guest Fingers Posted April 6, 2012 Share Posted April 6, 2012 Am a bondholder as well and concur with Ian above. I'd be happy to divert any pence in the pound thing back to the club. 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,353 Posted April 6, 2012 Share Posted April 6, 2012 I have not been contacted by the administrators, other than the initial letter that went to season ticket holders and bond holders. I have emailed the administrators twice about the bonds, including one with a plan to remove the bond holders from a CVA. This was 5 or 6 weeks ago. I have never even received the courtesy of an acknowledgement to either of my emails. I will leave you to draw your own conclusions as to why the administrators are not interested in removing £7m from a CVA. The bond holders do not get first priority. They are just treated as normal unsecured creditors. rbr, the bond holder rights have now ceased, I believe. Perhaps a new owner may wish to reinstate them, perhaps for a nominal fee? I think that we have to register our claims to be eligible for a payment and I think that the details are contained in the big document released yesterday. 0 Quote Link to post Share on other sites More sharing options...
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