Faz

I imagine HMRC are itching for AA to pull some stroke or other which will enable them to take everything back to court. I think they've very effectively boxed AA into a corner. If AA goes to court to appeal the image rights thing - which surely he should have done by now - HMRC will trawl through all the other "claims". If AA pulls some hitherto unreported "claims" out of the hat to get his CVA approved, HMRC go to court within the cooling off period. If no CVA is approved, then they stay in admin. Year one parachute money goes to Football Creditors. I imagine player sales go towards funding the costs of Admin to pay back Chinnery's loan to AA. They still need Chinnery to fund the Admin through until the next tranche of Parachute money comes in. Transfer embargo probably means relegation. Then liquidation. Blinder.

Rumour is, its the Dignitas tour. How many will becoming back?

Count them, there are 20 drama queens at most. Vociferous, multi-posting, self-reinforcing, opinionated, deluded. Life's a *****, and then you die. Accept it.

What depth of feeling? 20 opinionated posters on an internet forum does not represent depth of feeling. If reports that less than 10% of ST holders used the instalment plan are true, then it probably isn't cost effective to administer. And the cost of administration is much higher than you might imagine, as is the cost of defaulters.

Is half term over yet?

IIRC Pardew took harding off in one game, and when questioned by Solent said that it would remain a matter between him and the player, but hinted he was not doing the things Pardew wanted him too. It may be that, despite what we think, Harding is not able to do the job Pardew wants done, for the benefit of the whole team. Harding is solid, but limited. Perhaps Pardew wants more, and sees it in Dickson?

Frankly they could offer them for free, on a stick, and some people would still complain. Yes they could have added it to the cost of the ticket but, arguably, this is far more transparent.

The last time I checked SFC was a football club, not a Bank. If it was cost effective to offer the installment plan, they would. If you're happy to pay 10-15% just take out a 6 month bank loan or as DD says, a 0% Credit Card. No drama really, and most will renew on these terms.

He could buy a whole L1 side for £2.5m! One player, at that valuation, is unlikely to want to play in L1. If he wants a midefield general, that boy at Exeter who came form Weston Super mud really impressed me at SMS. He made them play - and they played football even with 10 men. £0.5m.

So they need £15m from player sales to cover cashflow, and meet the CVA year 1 £3m. AA thinks he can get that from Prince-Boetang, Belhadj, Utaka and Nugent. Bear in mind installments are no good for them, they need cash and no-one will pay the wages they are. Ignoring his obvious bluster about having sufficient offers already on the table how much, realistically, will that lot raise? KPB £3m Belhadj £2.5m Utaka £0 - he'll have to get a signing on fee to replace his wages Nugent £2.5m That's still £7m short. Mullins, Brown, Papa Bouba Diop - peanuts to get them off the wage bill. What's left?

+1 Unless we win

AA has provided a 5yr projections in the CVA document, which show the business is viable if the VA is accepted. This may yet be challenged, especially as the document says that the football creditors will be settled directly by the EPL from the parachute payments, yet the parachute payments are shown in the cashflow, as lump sums, and the payment to football creditors as level payments over the period if I read it correctly (difficult as I was reading it sideways - couldn't find any toilet paper to print it on).

I suspect they will have to have some kind of connected company clause (how workable that will be given comapnies registered in BVI etc?). Gordon Farquar's blog explains the detail, but clubs can overspend by 45m Euros over a three year period and still be ok!!

I guess it depends which company you're talking about. SLH was the only company to go into Administration, was it not? As the holding company it would have had very few creditors one assumes, the majority resting with the trading and Stadium companies. The trading business (SFC Ltd) continues, and met all it's obligations - albeit some were delayed until the bsuienss was bought and funded. Who owns the Stadium Company now? Does it still exist? Did Aviva accept what was offered in full and final settlement?

I was in Capri on Monday, and saw Octopus weigh anchor and set sail in the direction of blighty. They're saved.

True, All that is required is that they survive 4 years to get the maximum payout from the PL. Nevermind a salary budget of £10m, it should be £10.

Hmmm, 38 games at 0.84 = 31.92 points. Still 3 short of safety. I'm sure Hammers fans are drooling at the prospect. Damn, too slow!

If the takeover had gone through a month earleir: 1. Would Pardew have wanted Drew, and 2. Would Drew have resisted the call of the PL?

Where's the crane?

AA was talking of a £10m slary budget per annum. Why would the creditors allow this. £5m a year off that adds £25m to the CVA payout - probably doubling the payout. Even £5m pa on salaries is £100k per week. 25 players on £4k per week. Can't be right.

The corruption goes much deeper than this. Spurs knew they wouldn't gett he loan fee for O'hara in January. Was that a concern to them? No. Because they knew, that under the football creditors rule they would get paid out in full at some point. In addition, as members of the PL they also knew the PL would hold back TV rights money. Spurs, therfore, were complicit in the whole affair and should also be docked points. IMO. I fcking hate Spurs.

I heard some "think-tank" guy on Tv the other morning claiming we spend more on benefits to working people, than we do to the unemployed!!! Where's mine????

There is already an option to buy at an agreed price for Papa, so you have to assume we're not taking it up. Reading have excercised their option to extend Antonio's contract by a year - presumably because they think we will pay handsomely to get him. Could be a bit of bluff calling all round.

The squad was already too bloated when AP (rightly) added to it. I would expect the 15 to be replaced by no more than 4 or 5 quality signings.

If you were a Creditor, would you be happy with 20p in the £, whilst they allow themselves a £10m salary budget? If they only had a £5m budget, thats another £20m to the creditors, getting cloer to 40p in the £. Lets hope the creditors committee has teeth.