Topcat

Saintleigh Would they be negligent for delaying the putting of the business into administration bringing in the likelihood of a points deduction next season thus impairing the assets still further?

Lowe "We are not going to do a Leeds". What go into administration, have the ground sold, be relegated to L1 and start down there with a points deduction? Guess what, that numpty Lowe was wrong again.

I wish I had been wrong but I said this is what the League would do. Since we are already heading for relegation we will start next season 10 points down. Why oh why did those idiots Lowe, Cowan, Jones and Wilde carry on beyond the March deadline?

I tend to the view that it was Lowe's incompetence and that of the Finance Director Jones. Lowe also thought he had a "getoutof10points" card with the ridiculous holding company line. The degree of incompetence that Lowe has demonstrated has at least cost him a few million and his backers many millions more.

Sadly GM is right in his first post and it accords with my view that the 10 points deduction will happen. Which is likely to mean we start in L1 10 points behind. So much for Lowe's "revolutionary club structure" that was going to avoid the 10 points hit! I also think that SMS will be sold for around £10m. Probably to the Council.

Relegation, hypochondriac was just one of many things Lowe got wrong. He brought us administration and soon a 10 point deduction. Lowe could have hardly done a worse job. There was no area that he did not fail in. He has become the worst Chairman in our history.

Another dreadful performance. Only 4 more then the next nightmare starts.

Gidley is a publicity seeker now getting desperate to hang onto her seat. She felt sorry for armed robbers being shot and attacked the police! She is against competitive sports! And wants prisoners to have the vote..... a total A1 scumbag loving liberal. At least the two Labour MPs actually go to Saints games.

Almost no chance, if we get the 10 point deduction.

Those two seem highly plausible. A CEO distracted from what was going on and their cashflow forecast failed. David Jones has some questions to answer as well.

We do not have safety in our hands. In the FL rule today that the 10 points deduction will apply to SFC because they are intertwined as a business with SLH (the PLC), then we are almost doomed to relegation. FACT.

Are you saying that the FL do not have a rule that applies the penalty only to this season, if admin happens before a date that is effectively near the end of March?

But they could have still pulled the "SLH only" administration action and we would have had the FL decision due today, a few weeks earlier. Main difference is that the FL would not have been able to add the clause of a deferral to next season.

It was raised back in February and early March on this Forum.

Was this just an act of serial incompetence by Lowe, Cowan, Jones & Wilde? A future nail in our coffin that they created? If SLH had gone into admin a couple of weeks ago then the risk of the FL still hitting us with a 10 point deduction (rationale SLH and SFC are largely interlinked) would have surely fallen only on this season? Why did they put the Club at risk of a 10 point hit next year in L1? Relegation is bad enough, but relegation AND starting in L1 10 points down could fatally hurt any new SFC2009 entity that emerges from the ashes.

We will get 10 points off this season applied if we stay up, that relegates us so we start in L1 at 0 points. Otherwise deferred to next season so we start at -10 in L1. Rationale = 1. The majority of SLH business was related to the football club. The FL decide they have to hold the principle and avoid legal action from other Clubs. They may defer it IF someone picks up all the SLH debts before the season ends (dream on). 2. We missed the end of March deadline of going into admin and taking the 10 point hit this season. (Fools)

Alpine and CB Fry All that is proposed is to sell a few of those paintings that cannot be on show because there is no effing room to display them. Dinlows!

Alpine, all that is needed is for the Council to raise less than £10m to buy SMS. SMS is now a fire sale item and the price is very low. Some say it could be bought for as little as £5m.

It will just affect the price that SFC is sold for.

The way the Lowe luvvies go on with their silly arguments you wonder at their sanity. FACT: Under the Leadership of Rupert Lowe the holding company of Saints has had to go into administration and we are favourites to be relegated to L1. A fish rots from the head down. Lowe as the Leader must be allocated the majority of the blame.

We would not be in this mess if Lowe had not come back because:- 1. Attendances would have been 5,000 to 8,000 higher per game. 2. Pearson would have stayed as the Manager (fired by Lowe) and we would have not had the awful Jan Portaloo selected by R. Lowe. In case you may not have noticed we are:- 1. Short of revenue 2. Sitting in a relegation slot. Each of the points relates to the actions of Lowe.

But Clapham Saints, with SLH stopping all mortgage payments then Aviva would re-possess and put it up for sale. Which is why I wondered if a deal with the Council would be the sort of quick fix that the administrators may arrange? I doubt that SLH could sell SMS without the permission of Aviva.

But presumably Aviva's mortgage would give them rights over SMS. In essence if SLH defaults on the loan then Aviva gets SMS which it would then have to sell off for a "going rate". £10m in a market with no bidders would be a good price. Hence it ends up righting off the £13m+.

Using some of their investment money which will probably be earning a lot less than 5%. I had a quick look online but the main council site did not easily provide the information. If there are no reserves then why not flog off all the art work that is not covenanted because most of it is never displayed due to shortages of space? (I now see that Ghengis explains this very well above).

The Council buy SMS for £10m from SLH and Aviva write down the debt and accept £10m from SLH. The Council then rent SMS to SFC for £0.5m a yr which would give a 5% return to the Council, better than the banks offer. A new consortium "Saints 2009" buys SFC and the Training ground from SLH for £0.5m free of debt. SLH sell Jacksons Farm for £3m to developers. Excluding Aviva/SMS, that would leave SLH with £3.5m and debts of just over £6m. It then folds and creditors receive just over 50p for each £1 owed.