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Crusoe
Messages: 134
Registered: May 2011


BBC: Six parties interested in Farnborough   Message 16355Fri, 10 May 2013 08:00  Go to next message

From the BBC Sport website:

http://www.bbc.co.uk/sport/0/football/22473052

Lawyer James Moore from the Walker Morris Football Finance Group has revealed six parties have expressed an interest in buying Farnborough.

A mix of positive news - that there are interested parties, and some have apparently shown proof of funds - and negative - that the CVA really needs to be issued in the next week for it to clear in time for the Conference AGM.

Fingers crossed.

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David Mellor is currently offline David Mellor
Messages: 611
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Re: BBC: Six parties interested in Farnborough   Message 16356 is a reply to message 16355Fri, 10 May 2013 08:18  Go to previous messageGo to next message

At least the CVA and sale are seperate issues and not reliant on each other. In terms of the plan to issue the CVA this week, does thatbmean the creditors will have already agreed to it or is that what happens when it has been issued?
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trents is currently offline trents
Messages: 210
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Re: BBC: Six parties interested in Farnborough   Message 16358 is a reply to message 16356Fri, 10 May 2013 08:45  Go to previous messageGo to next message

As far as I'm aware, the process boils down to:

CVA Proposed

Club brings in administrators. They then go away and go through the clubs finances with a fine tooth comb. They also write up as accurate a forcast as possible to prove club can be profitable in future. Can take anywhere between 5 to 30 days.

CVA Issued

This report by the administrators is sent out to the creditors to either accept or reject. They usually get 3 weeks to decide. Meeting between club and creditors then held. 75% need to agree for CVA approval otherwise liquidation.

CVA Approved or Club liquidated

Updated on: Fri, 10 May 2013 08:46 Report message to a moderator
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Peter Crouch's Publicist is currently online Peter Crouch's Publicist
Messages: 276
Registered: June 2011
Location: North London



Re: BBC: Six parties interested in Farnborough   Message 16361 is a reply to message 16358Fri, 10 May 2013 10:20  Go to previous messageGo to next message

And of course, if creditors don't agree the CVA and the club gets liquidated, they lose the opportunity of getting any money back so that's not really in anyone's interests.

Does sound promising, particularly the interested parties proving they've the cash to back up their enquiries. That was the sticking point with potential new owners this season just gone wasn't it - all mouth and no cash.

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Creeky is currently offline Creeky
Messages: 148
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Location: Bisley


Re: BBC: Six parties interested in Farnborough   Message 16369 is a reply to message 16361Fri, 10 May 2013 12:26  Go to previous messageGo to next message

I often wonder if administrators are being a little "economical with the truth" when they make statements like this? Perhaps they talk up the number of bids for the club to generate more interest or to attempt to pull in a buyer who is hesitating?

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paddy_hayes is currently offline paddy_hayes
Messages: 63
Registered: May 2011
Location: Woking



Re: BBC: Six parties interested in Farnborough   Message 16376 is a reply to message 16369Fri, 10 May 2013 15:30  Go to previous messageGo to next message

It feels that Day has been playing that game since he came in - always two interested parties till they both get blown out, till the next two interested parties ad infinitum.

Hopefully the administrators make it work!

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BillM
Messages: 87
Registered: May 2011


Re: BBC: Six parties interested in Farnborough   Message 16382 is a reply to message 16376Fri, 10 May 2013 16:56  Go to previous messageGo to next message

Paddy
Seems like someone is always wanting to buy the club. Frankly, will only get moderately interested when someone does.

I've got a bigger question - just who in the h*ll bought my other club? :-)

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paddy_hayes is currently offline paddy_hayes
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Re: BBC: Six parties interested in Farnborough   Message 16419 is a reply to message 16382Sun, 12 May 2013 00:12  Go to previous messageGo to next message

HMRC? :)
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David Mellor is currently offline David Mellor
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Re: BBC: Six parties interested in Farnborough   Message 16420 is a reply to message 16419Sun, 12 May 2013 11:09  Go to previous messageGo to next message

In terms of getting the CVA agreed, then it would appear we have to pay 100p in the £1 (mentioned on another forum and I am sure that Spencer stated that in an interview), so unlikely that a creditor is going to turn that down if that is the offer.
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Richard Keys is currently offline Richard Keys
Messages: 454
Registered: May 2011


Re: BBC: Six parties interested in Farnborough   Message 16421 is a reply to message 16420Sun, 12 May 2013 12:20  Go to previous message

Then the only hiccup would be length of the CVA.
Although, three years full amount is better than an immediate amount of nothing.

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