derry

They are not the bidder. Who the bidder is I don't know. but it is not any of the Guernsey two, Pinnacle, the first party who did due diligence week ending 24th April, it's the second party that did due diligence that week.

Unless I've missed something there is still only one offer. As far as I can see the other two or even three have yet to put in an offer.

A CVA is a legal mechanism to agree a reduction in debt for a company in administration. A CVA is not even possible for a company NOT in administration, they and their creditors can agree any damn figure they want to settle a debt and the league have no way of legally punishing them. The initial points issue could well be resolved in the club's favour. The lack of cooperation was the league issuing conflicting written instructions to the club and Grant Thornton.

Even less straightforward, SLH is in administration and has assets and isn't broke but SFC is solvent and owes all the liquid debt, the overdraft, the creditors, to the tune of about £6m so the only write off will be the stadium owned by a third company. SFC has no assets except the players who if we are wound up become free agents. If SFC avoid winding up there won't be a CVA as the new owners will have to pay it's debts. The league is going to have massive problems with this. They have gone off half ****ed, so their rules will not be appropriate as they have no jurisdiction over the public company.

I see that now, but I think there is still only the one offer.

'nothing formal' that sounds like no bid.

It applies to any details, not just names etc. In any event it sounds like he didn't say that at all.

No.

The NDA is obviously not applying to 'his group' then.

Purely because it allows the aministrator to get on and sell the club rather than wait while those that haven't yet bid decide what they are going to do, if anything. It would be a different matter if all the bids were on the table. Presumably a deadline will be be set shortly. Two of the parties were in due diligence the week before the Burnley game, one made an offer, one didn't. The Guernsey duo haven't yet and it looks like there is still no other offer.

One bid only, everything else is conjecture. It would make things a lot easier if there was only one bid. Maybe not for the shareholders but for everybody else. The club's creditors as opposed to the SLH creditors would probably favour that.

It will be interesting to read the comments on here if the only bid is withdrawn and the others don't come in. My real worry is how close the football club is to being wound up. Any real delay could cause that. There probably isn't enough time even to effect a rescue.

I'm fed up to the back teeth watching plan A - D the bloody awful narrow, vulnerable, non scoring diamond. The players don't like it, want to ditch it AND CAN'T PLAY IT.

The football club won't need a CVA, it will either continue trading out of administration under new owners or it will be wound up. The clause you quote either won't apply or won't matter.

We'll soon see whether they are substantial, it's probably just as well time is running out. The consultant reminds me of the types on here 18 months ago.

It's going into a protected account. If the club is sold before, I believe the money will go to Saints in the community/nominated charity. Otherwise the money will be owed to the underwriter who has guaranteed the club.

If they are substantial, and want secrecy, employing a consultant to front the operation, they could have just put a bid in. The MLT thing appears to be a way of buying time. If tomorrow is the deadline it will be interesting to see what happens. A preferred bidder will have to be announced shortly.

They obviously did with MLT's tenuous connection plastered everywhere. Why would any substantial bidder need to leak like a sieve? Except to buy time.

I think he wants to be fireproof and not be accused of omitting a better bid if only in retrospect. I think we have to be close to the end game as we probably can hopefully afford to pay this months wages, but after the match/concert there is no more money coming in.

Agreed, but it's still a question of judgement, how long can MF wait for the bids to get the best deal for the shareholders and creditors, whilst the club stays in business and the only bid on the table stays there.

Not when emails from Lynam are reproduced, obvious contacts are laid out, opinions from those in contact. I'll be relieved when all this is history, as long as we are still going.

The media use the forum, definitely Solent, Radio Hampshire and the Echo.

I'm not publishing the names, I'm not disrupting a potential bid, what I am trying to do is draw a line in the sand. It is time we allowed due process to take place. I have no problem with people supporting people they know, I do have a problem with the rubbishing of the only bid which has been on the table since about the 24th April. The bidder could well be getting fed up with the waiting about, while as yet only potential bidders are holding things up.

Sums it up for me.