[cite]Posted By: charltonkeston[/cite]Ok, I'm dense when it comes to money. So can someone answer this.
if and when the administrators sell enough assets to repay Agilo, what happens then?
Are they still in administration or do they have to settle or come to an agrement with other creditors?
The only way that you can exit administration without incurring another points deduction (a la Leeds) is with a valid and agreed CVA
Sorry didn't word that too well.
I was thinking more on the money side. As Agilo called in the administrators can they then walk away when thier debt is settled and leave Palace to trade or once this process is set it has to be followed through and all creditors have be paid an agreed amount? In short I take it the admin chaps are not just debt collectors?
Apologies for the misunderstanding. It is my belief that the horse has now officially bolted. The administrators, though called in by the primary secured creditor, will now be actively looking to satisfy all creditors in order of their status and moneys owed until solvency can be restored to the business (i.e. the point where the liabilities are below the incomings into the company). Once Agilo get their cut, the administrator is still there. He must act in the interest of all the creditors and without any prejudice apart from their ranking by liability and security. Agilo will be first in the queue but cannot be the only one that gets the dosh. He is an officer of the court in all but name and owes a legal and equitable duty to do anything that will balance the books.
His agent is Tony Finnigan isn't it? He must be gutted they've gone into administration before selling him as it will no doubt mean a smaller transfer fee, smaller signing on fee and ultimately a smaller fee for himself.
[cite]Posted By: charltonkeston[/cite]Ok, I'm dense when it comes to money. So can someone answer this.
if and when the administrators sell enough assets to repay Agilo, what happens then?
Are they still in administration or do they have to settle or come to an agrement with other creditors?
The only way that you can exit administration without incurring another points deduction (a la Leeds) is with a valid and agreed CVA
Sorry didn't word that too well.
I was thinking more on the money side. As Agilo called in the administrators can they then walk away when thier debt is settled and leave Palace to trade or once this process is set it has to be followed through and all creditors have be paid an agreed amount? In short I take it the admin chaps are not just debt collectors?
Apologies for the misunderstanding. It is my belief that the horse has now officially bolted. The administrators, though called in by the primary secured creditor, will now be actively looking to satisfy all creditors in order of their status and moneys owed until solvency can be restored to the business (i.e. the point where the liabilities are below the incomings into the company). Once Agilo get their cut, the administrator is still there. He must act in the interest of all the creditors and without any prejudice apart from their ranking by liability and security. Agilo will be first in the queue but cannot be the only one that gets the dosh. He is an officer of the court in all but name and owes a legal and equitable duty to do anything that will balance the books.
Thanks for the info.
That is very bad news for Palace.
Another question if you will; will Simon get squeezed or is it just the poor old employees who have done nothing to deserve this?
I believe he has personally guaranteed some or most or all (I'm afraid I'm not the one to shed light on the specific goings on... Addickted seems to be your man for that) of the loans/mortgaging that he has overseen. In the event of the moneys to Agilo not being able to be settled (unlikely I think as I have a funny feeling he is going to wriggle out of this and come out smelling of roses), he will be footing the bill in person as if he was himself the company (a bit like when you have a personal guarantor on a tenancy or when your house is used as the fixed charge for a loan)... additionally, I imagine the administrator will be looking into every single avenue of raising revenue and going through the entire business with a magnifying glass, if, and this is an if, not an allegation, purely speculative and a general observation, there is any evidence of negligence/conflict of interest/acting beyond his authority etc. the administrator will then look to hold him liable for this and punishments such as very high fines, disqualification from serving as a director and even imprisonment come into play. That however is very far-fetched at this point as there is no evidence whatsoever of that.
Moses has been pulled out of their game tonight and they only have 2 or 3 subs available. If there team gets completely gutted in the next few days will Warnock stick around? He has talked about retiring to go live in Plymouth.
If the firesale happens they would have gone to play off contenders to League One in days which is pretty gutting for them.
[cite]Posted By: BigRedEvil[/cite]Moses has been pulled out of their game tonight and they only have 2 or 3 subs available. If there team gets completely gutted in the next few days will Warnock stick around? He has talked about retiring to go live in Plymouth.
If the firesale happens they would have gone to play off contenders to League One in days which is pretty gutting for them.
he may well be let go by the administrator to save money.
Warnock is an absolute wizzard when the chips are down and i can't think of another manager who has so consistently over time got his players so onside with him. Opposing fans hate him, yet his sides always give 100% and you rarely hear one of his ex-players speak ill of him.
CommentAuthorallez les addicks CommentTime2 hours ago quote# 264
So Addickted, when you said you'd "been told that the FL will be looking into the Agilo loan", were you actually told or is this pure speculation on your part?
And the Agilo agreement you said you'd seen. Is it a public document?
I've been told by my Palace mate - he seems to have his finger on the pulse at SP - I assume Jordan is after some of his money ;-)
Relegation this season might be their best bet. If they can find a new owner, money will be tight as they need to secure their ground and re-build their club before even contemplating buying players. Their squad will be decimated by the Adminstrators so next season looks a massive struggle in the Championship. Do they really want to start life as Crystal Palace 2010 with a relegation season? It will do nothing for their fan base or finances. The reaction from their fans looks very quiet in the circumstances, although their Message Boards have circled the wagons and are enforcing registration now in order to read anything.
The Fiver's just been looking through its bank statements and it's not pretty viewing, readers. There's the 86p it spent on Salad's back catalogue, the £2 it spent on its annual social budget. Oh, and the £83bn of toxic debt it snapped up for a bargain from one of the Lehman Brothers – the Fiver's pretty sure it was the one from Doncaster, Dave – behind Aldi. So, as the Fiver joins hands with Little Dorrit and heads down to the debtors' prison for the longest sentence this side of Austerlitz it has – for the first time ever – more than a little empathy with Neil Warnock.
"I knew, like everyone else, that cash has been tight at Selhurst Park but I could not believe the news that we'd been forced into administration," he said after his club, Crystal Palace, went into, erm, adminstration. "The timing just astonishes me. There's still a week to go in the transfer window and we are about to sell Victor Moses for millions. I'm devastated, shocked and hugely disappointed."
Palace are expected to pay the £1.2m they owe to Her Majesty's Revenue and Customs by selling off Simon Jordan's collection of fake tan to the government of Mauritania, which is said to be running low on supplies of crude oil, and by offloading Moses to Man City, Sunderland or Fulham. Unfortunately that probably won't be enough to prevent a 10-point deduction, which will turn Palace from play-off contenders into relegation battlers. Indeed, Moses has since been blocked by Palace's administrator from participating in his side's shellacking at the hands of Newcastle tonight.
The Fiver bets you a slightly soiled copy of Drink Me that Palace won't be the last club to fall into administration before the year's out either. Still, if any clubs need a spare quid or five billion, this tea-time email knows a certain Doncastrian behind Aldi who can help out.
Meanwhile in one of those things that we have to crowbar in at the end of a story that was written before the thing in question happened, Moses has been forbidden from playing against Newcastle tonight by the club's administrator, presumably on the grounds that it would be unwise to put the club's most saleable asset at risk with a post-match trip to Bigg Market's Blu Bam Bu night club.
CommentAuthorallez les addicks CommentTime2 hours ago quote# 264
So Addickted, when you said you'd "been told that the FL will be looking into the Agilo loan", were you actually told or is this pure speculation on your part?
And the Agilo agreement you said you'd seen. Is it a public document?
I've been told by my Palace mate - he seems to have his finger on the pulse at SP - I assume Jordan is after some of his money ;-)
Comments
"He's been pulled out of the squad for tonight".
Apologies for the misunderstanding. It is my belief that the horse has now officially bolted. The administrators, though called in by the primary secured creditor, will now be actively looking to satisfy all creditors in order of their status and moneys owed until solvency can be restored to the business (i.e. the point where the liabilities are below the incomings into the company). Once Agilo get their cut, the administrator is still there. He must act in the interest of all the creditors and without any prejudice apart from their ranking by liability and security. Agilo will be first in the queue but cannot be the only one that gets the dosh. He is an officer of the court in all but name and owes a legal and equitable duty to do anything that will balance the books.
He must be gutted they've gone into administration before selling him as it will no doubt mean a smaller transfer fee, smaller signing on fee and ultimately a smaller fee for himself.
Thanks for the info.
That is very bad news for Palace.
Another question if you will; will Simon get squeezed or is it just the poor old employees who have done nothing to deserve this?
If the firesale happens they would have gone to play off contenders to League One in days which is pretty gutting for them.
he may well be let go by the administrator to save money.
Warnock is an absolute wizzard when the chips are down and i can't think of another manager who has so consistently over time got his players so onside with him. Opposing fans hate him, yet his sides always give 100% and you rarely hear one of his ex-players speak ill of him.
In that case I'm having a pound on Palace.
Nice for someone to make money out of them
I've been told by my Palace mate - he seems to have his finger on the pulse at SP - I assume Jordan is after some of his money ;-)
Agilo Agreement
;-)
Goldberg pays tribute to Eagles chairman Jordan
"Well done son, you've finished the job off," the Bromley FC supremo said today.
"I knew, like everyone else, that cash has been tight at Selhurst Park but I could not believe the news that we'd been forced into administration," he said after his club, Crystal Palace, went into, erm, adminstration. "The timing just astonishes me. There's still a week to go in the transfer window and we are about to sell Victor Moses for millions. I'm devastated, shocked and hugely disappointed."
Palace are expected to pay the £1.2m they owe to Her Majesty's Revenue and Customs by selling off Simon Jordan's collection of fake tan to the government of Mauritania, which is said to be running low on supplies of crude oil, and by offloading Moses to Man City, Sunderland or Fulham. Unfortunately that probably won't be enough to prevent a 10-point deduction, which will turn Palace from play-off contenders into relegation battlers. Indeed, Moses has since been blocked by Palace's administrator from participating in his side's shellacking at the hands of Newcastle tonight.
The Fiver bets you a slightly soiled copy of Drink Me that Palace won't be the last club to fall into administration before the year's out either. Still, if any clubs need a spare quid or five billion, this tea-time email knows a certain Doncastrian behind Aldi who can help out.
Meanwhile in one of those things that we have to crowbar in at the end of a story that was written before the thing in question happened, Moses has been forbidden from playing against Newcastle tonight by the club's administrator, presumably on the grounds that it would be unwise to put the club's most saleable asset at risk with a post-match trip to Bigg Market's Blu Bam Bu night club.
That seems pretty comprehensive. Makes you wonder what the guarantees on our debts are....
Could someone do a copy and paste?
Can't believe they can't fill their bench. Where are all these great kids they tell us about.?