Creditor Update (OS)

It is a real eye opener that over two thirds of creditors would prefer a guarantee of 50% of what they're owed now, as opposed to waiting less than two years for 100% of it.

This can only point to the possibility that the creditors aren't in any way confident that the club will be in a position to pay up in Oct '16.

Unless you were properly desperate for cash and you were owed say £20k, would you seriously accept 10k now? I'm fooked if I would.

Could it be word is out that Argyle are heading for seriously turbulent times, financially?

More creditors and PCC to thank for covering the club's shortcomings.

If 2/3rds is accurate £500k of loan goes now with £300k left to go towards final payment of £500k.
With. Some more windfalls could be covered.

Just the new losses of £4m for last two accounts to worry about.

So my money yet again is being spent on club debts and to this day brent has paid any of it himsef

green_genie wrote:

More creditors and PCC to thank for covering the club's shortcomings.

If 2/3rds is accurate £500k of loan goes now with £300k left to go towards final payment of £500k.
With. Some more windfalls could be covered.

Just the new losses of £4m for last two accounts to worry about.

I read it as saying that two thirds of the total creditors have reached an agreement, not that two thirds of the £1.5 outstanding amount is to be paid off. It could be that two thirds of creditors who are owed smaller amounts have agreed to accept a payment-indeed, it could also mean that two thirds who are owed bigger sums have accepted. Don't think you can tell from that statement how much is actually going to be paid off.

You're right. Me and my optimistic mature jumped the gun

I was under the impression that all FC creditors had to be treated the same- this was why Home Park staff couldn't have what they were owed paid off early in preference to other creditors. I seem to remember this being used as the reason why Brent couldn't pay the staff what they were owed right away (when he bought the club) and also why the "bucket money" was channelled through the Green Taverners (GT's could pay the staff early, whereas Brent wasn't allowed to)

This club statement seems to fly in the face of the above, implying that some FC creditors (but not all) have accepted reduced payments, although my reading of the club statement is that some FC debt due to be paid in 2016 has been replaced by PCC debt with a later repayment date-debt being rescheduled rather than repaid.

I'd welcome any comment that could clarify the situation.

So another administration looms.
Meanwhile the lunatics are still present with their silly hats and titles.
Wake me up when this nightmare is over.

Maybe we could have some input on the next shirt design? That would make me feel better.

to many smoke and mirrors for my liking. its all about balace sheets at the end of the day.

rob from peter to pay paul comes to mind.

Didn't Martyn Starnes just a few days ago saying the club were having difficulty contacting people about the offer? And now this..?

Of course the one thing missing from the article is an actual figure of how much was paid off?

So much for the much promised and heralded 'Brent Transparency'.

What was XT's strapline?

brents a shyster ?

Iggy wrote:

What was XT's strapline?

"I'm a self important prick?"

Is it a 50% offer?