ascender 352 Posted June 12, 2012 Share Posted June 12, 2012 There's always going to be the scope for another offer, but unless we come up with the dough to pay back HMRC's final bill for the withheld tax in full, I can't see them going for it. For anyone wanting to buy the club, what possible incentive is there to do that when they could potentially use that money instead to buy a debt free club and all its assets instead? 0 Quote Link to post Share on other sites More sharing options...
kuznetsov 0 Posted June 12, 2012 Share Posted June 12, 2012 There's always going to be the scope for another offer, but unless we come up with the dough to pay back HMRC's final bill for the withheld tax in full, I can't see them going for it. For anyone wanting to buy the club, what possible incentive is there to do that when they could potentially use that money instead to buy a debt free club and all its assets instead? Like our newco? 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted June 12, 2012 Share Posted June 12, 2012 There's always going to be the scope for another offer, but unless we come up with the dough to pay back HMRC's final bill for the withheld tax in full, I can't see them going for it. For anyone wanting to buy the club, what possible incentive is there to do that when they could potentially use that money instead to buy a debt free club and all its assets instead? I certainly can't see Green's consortium increasing the CVA pot on offer, especially when they're now set to gain full 100% shareholding of the club for £5.5m via the newco route as opposed to only 85% shareholding via a CVA. They can then sell that extra 15% shareholding (or however many shares they wish) back to the fans to either reduce the £5.5m cost of buying the club even further or to provide them working capital. 0 Quote Link to post Share on other sites More sharing options...
UCF2008 0 Posted June 12, 2012 Share Posted June 12, 2012 The way I see it, it's more a case of making an offer that would persuade HMRC to accept for the benefit of the other creditors. I believe this along with not wanting to kill the club was why they were always willing to entertain a CVA proposal. However, the CVA proposal is offering a paltry return to creditors - very possibly much less than the 8p in the pound offer they blocked in Leeds situation when they proposed a CVA while owing over £7.5m in unpaid taxes. The shortfall in the CVA proposal combined with the club's newco escape route is what's led them to this decision imo. 0 Quote Link to post Share on other sites More sharing options...
UCF2008 0 Posted June 12, 2012 Share Posted June 12, 2012 Maybe now's the time if any for TBK's or any other interested parties to be approaching Green with an offer to increase the CVA pot before Thursdays meeting. Whether Green would accept or not is another story, but at the same time I can't see it going down to well if we go newco and then for the likes of BK to start making statements to the press of how he made one (more) last ditch effort to rescue the club via CVA only to be turned down by CG. 0 Quote Link to post Share on other sites More sharing options...
der Berliner 3,299 Posted June 12, 2012 Share Posted June 12, 2012 HMRC has already stated that they will turn down any CVA attempt, no matter who put that in. 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,061 Posted June 12, 2012 Share Posted June 12, 2012 HMRC has already stated that they will turn down any CVA attempt, no matter who put that in. You got a link to that? 0 Quote Link to post Share on other sites More sharing options...
UCF2008 0 Posted June 12, 2012 Share Posted June 12, 2012 HMRC has already stated that they will turn down any CVA attempt, no matter who put that in. I'd like to see that quote as well. Are you possibly referring to D&P today claiming that HMRC had assured them that the party involved wasn't the issue? 0 Quote Link to post Share on other sites More sharing options...
UCF2008 0 Posted June 12, 2012 Share Posted June 12, 2012 Paul Clark also claimed to have been given assurances from HMRC that uncertainty over level of debt (due to the BTC) wasn't an issue. What he didn't claim was that the offer itself wasn't an issue and that HMRC would have turned down any CVA offer. 0 Quote Link to post Share on other sites More sharing options...
UCF2008 0 Posted June 12, 2012 Share Posted June 12, 2012 Back when Bill Miller was was declared PB with his short term newco - long term CVA proposal, BK claimed he had made Miller an offer to join forces and get the CVA across the line. For the sake of clarifying, I'm suggesting something similar is required here - Not hijacking the bid but enhancing it. 0 Quote Link to post Share on other sites More sharing options...
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