rbr 1,247 Posted June 3, 2012 Share Posted June 3, 2012 I am sick to the back teeth hearing about all these other supposed groups lurking about in the background waiting to pick up the scraps and " save " us , when the time came to put their money up where the hell were they . Duff and Phelps are getting pelters left ,right and center , some critiscism is warranted no doubt , however when the time was there to put up or shut up far too many were found wanting , or couldn't be found at all . 0 Quote Link to post Share on other sites More sharing options...
TheWeeBlueDevil 0 Posted June 3, 2012 Share Posted June 3, 2012 (edited) Im absolutely sick off all the negative spin reporting with no actual facts, and how quickly some of our fans are willing to jump on the bandwagon ... IMO It wouldn't matter who or what consortium was in pole position to takeover our club the press would still roll out the same negative spin .... And some of our fans would jump aboard .. I find it hard to believe that a CVA proposal has been launched without D&P seeing proof of funds, although I dont really understand how the process works. Where has the money came from to continue the running cost at the club ? Edited June 3, 2012 by TheWeeBlueDevil 0 Quote Link to post Share on other sites More sharing options...
Darthter 542 Posted June 3, 2012 Share Posted June 3, 2012 I don't think it would have been practical or even possible to issue the cva without actually having the required funds. As for the alledged other bids....there's always been someone else waiting in the wings. CG on the other hand has stepped into the spot light and apparently moved the whole process forward. I think details will still be pretty scarce until the cva is agreed. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted June 3, 2012 Share Posted June 3, 2012 Thats a lie and you know it mate. If his group have not put any money in how are the wages going to get paid? Or are D & P lying when they said he has put money in place for the club to run? As i have said, change the record because your starting to sound like you need to convince yourself never mind other people with your hate and rantings. I did say if true. in fairness one of the few things we know is green won't be paying the wages until august. also d&p said cash was there for June. not greens cash just cash. most likely tv cash etc. 0 Quote Link to post Share on other sites More sharing options...
CumbernauldGers 0 Posted June 3, 2012 Share Posted June 3, 2012 I did say if true. in fairness one of the few things we know is green won't be paying the wages until august. also d&p said cash was there for June. not greens cash just cash. most likely tv cash etc. How do you know this? Please tell what exact details and evidence you have mate. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted June 3, 2012 Share Posted June 3, 2012 How do you know this? Please tell what exact details and evidence you have mate. its in greens cva proposal. 0 Quote Link to post Share on other sites More sharing options...
CumbernauldGers 0 Posted June 3, 2012 Share Posted June 3, 2012 its in greens cva proposal. Ok, can you copy and paste for me mate as i really did not see that part. Would be interested to see. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted June 3, 2012 Share Posted June 3, 2012 Ok, can you copy and paste for me mate as i really did not see that part. Would be interested to see. sure mate. I'm in work just now ill find it later. esentially it says green takes responsibility for cost from July 30th. making the first wage the august payment. 0 Quote Link to post Share on other sites More sharing options...
CumbernauldGers 0 Posted June 3, 2012 Share Posted June 3, 2012 sure mate. I'm in work just now ill find it later. esentially it says green takes responsibility for cost from July 30th. making the first wage the august payment. Cheers mate. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted June 3, 2012 Share Posted June 3, 2012 dissolution of LitigationCo. CVA Assets If the Conditions are satisfied and the Sevco loan is drawn down, the CVA Assets available to creditors will comprise: 5.9.1 5.9.2 5.9.3 £8,300,000; The Player Transfer Fees; Any sums awarded and paid (less applicable costs) to the Company in respect of the High Court Proceedings less costs and expenses of the Administration, or of the Joint Administrators, and CVA Trading Costs; The Excluded Assets will be excluded from the CVA, as they are required to be utilised by the Company for the purpose of continued trading of the Company. For the avoidance of doubt, the proceeds of all sums due from the SPL together with any broadcasting monies payable to the Company will be payable to the Company but for the benefit of Sevco (in the event that this Proposal is approved and the Loan drawn down) and shall be Excluded Assets. The SPL season has finished and as a result, the Company‘s trading revenue has dropped sharply. The Company must still continue to trade, and in particular it must continue to pay its players, to remain as a going concern. As such, the Company will incur the CVA Trading Costs. It is unclear at the date of this Proposal the period over which the CVA Trading Costs will be incurred and therefore a definitive figure cannot be provided at present. It is estimated that, if the loan is drawn down on or around mid July 2012, the CVA Trading Costs may be in the region of £3,000,000 13 In order to satisfy the CVA Trading Costs, the costs or expenses of the Joint Administrators, Nominees‘ Remuneration, the Supervisors‘ Remuneration and / or continue to prosecute the High Court Proceedings, the Joint Administrators will, within 30 days of approval of this Proposal, discount or factor (on such terms as they consider appropriate) the Player Transfer Fees. 5.14 5.15 5.16 5.17 5.18 5.19 5.20 5.21 5.22 During this period from 6 June 2012, a number of receipts may be received by the Company, in respect of: 5.14.1 Outstanding Player Transfer Fees; 5.14.2 The sales of season tickets for Ibrox Stadium, in respect of the 2012/13 season; 5.14.3 player transfer fees with respect to players sold after 12 May 2012; and 5.14.4 the proceeds of sums due from the SPL together with any broadcasting monies payable to the Company. In accordance with the Offer Letter, any monies received in respect of paragraphs 5.14.2 and 5.14.3 will be paid into a bank account (―the Account‖) held by the Joint Administrators‘ solicitors and it is intended that the monies in the Account will be an Excluded Asset as provided in paragraph 5.11 above. However, in the event that the Company‘s trading revenue is insufficient to meet the CVA Trading Costs, and subject to the appointment of Charles Green being made in accordance with paragraph 4.21, the Joint Administrators may request Sevco to consent (such consent not to be unreasonably withheld) to the use of monies in the Account to meet the CVA Trading Costs, as is anticipated. If a request for consent is made by the Joint Administrators pursuant to paragraph 5.15 above (such consent not to be unreasonably withheld) and there are insufficient monies in the Account to meet CVA Trading Costs, then the Joint Administrators may require that the sums paid to their solicitors pursuant to paragraphs 4.20.2 and 4.20.3 above be used to cover CVA Trading Costs. In the event that any sum is released pursuant to this paragraph, the Conditions are subsequently satisfied and the Loan is formally drawn down, any sum available for the purposes of the CVA would be reduced accordingly. The sums referred to in paragraph 5.14.4 above are Excluded Assets, for the Company‘s ongoing benefit, and will not be paid into the Account. Save as set out elsewhere, any sums received by the Company for the purposes of the CVA shall be held on such accounts and in such manner as the Supervisors consider fit. Save as set out in paragraph 5.9 above, no property other than assets of the Company are proposed to be included in the CVA or made available for distribution to Creditors. Application of the CVA Assets of the Company 0 Quote Link to post Share on other sites More sharing options...
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