simplythebest 0 Posted July 11, 2012 Share Posted July 11, 2012 Would Green put the offer £8.5m if we got the CVA, then come up with the idea about £5.5m with the binding agreement? Was he advised by Admin to do this, and were the other bidders advised the same? Seems strange only one bidder went for this option. It's well noted TBK would only put in a bid conditional on a CVA. 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted July 11, 2012 Share Posted July 11, 2012 It's well noted TBK would only put in a bid conditional on a CVA. Miller put one in for £10m without a CVA. 0 Quote Link to post Share on other sites More sharing options...
simplythebest 0 Posted July 11, 2012 Share Posted July 11, 2012 Miller put one in for £10m without a CVA. Not really, he chose to take the assets to another company, while merging the companies later if a CVA got accepted for the oldco. As we know he decided he couldn't go through with it. 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted July 11, 2012 Share Posted July 11, 2012 Not really, he chose to take the assets to another company, while merging the companies later if a CVA got accepted for the oldco. As we know he decided he couldn't go through with it. You are correct, but according to the report. Following further negotiation Mr Miller declared himself to be the only individual remaining from Party one and subsequently lodged an offer of £10m for a purchase of the Company‟s business, history and assets. There was no requirement for a CVA. My point is, was Green asked to put an offer, in case there was no CVA. If so were TBK and Kennedy given the same advice. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted July 11, 2012 Author Share Posted July 11, 2012 tbk were told a cva would be accepted. green may have been told the truth so he had a back up. that's if you believed they ever wanted a cva. 0 Quote Link to post Share on other sites More sharing options...
simplythebest 0 Posted July 11, 2012 Share Posted July 11, 2012 You are correct, but according to the report. Following further negotiation Mr Miller declared himself to be the only individual remaining from Party one and subsequently lodged an offer of £10m for a purchase of the Company‟s business, history and assets. There was no requirement for a CVA. My point is, was Green asked to put an offer, in case there was no CVA. If so were TBK and Kennedy given the same advice. Kennedy said the administrators asked him to consider the newco route, so sounds like they were. 0 Quote Link to post Share on other sites More sharing options...
simplythebest 0 Posted July 11, 2012 Share Posted July 11, 2012 tbk were told a cva would be accepted. green may have been told the truth so he had a back up. that's if you believed they ever wanted a cva. Why the hell would they not have? A CVA would have made this mess easier for everyone, including Duff and Phelps. 0 Quote Link to post Share on other sites More sharing options...
the gunslinger 3,366 Posted July 11, 2012 Author Share Posted July 11, 2012 and cost more. 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted July 11, 2012 Share Posted July 11, 2012 We were all told there was a very good chance of the CVA being accepted. Who knows why. 0 Quote Link to post Share on other sites More sharing options...
simplythebest 0 Posted July 11, 2012 Share Posted July 11, 2012 We were all told there was a very good chance of the CVA being accepted. Who knows why. Maybe HMRC's policy is also that they say they'll consider a CVA, even if really there's no chance of them accepting. 0 Quote Link to post Share on other sites More sharing options...
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