71vagabondThursday, May 10, 2012 at 01:26 PM My experiences of Administrators (quite a number) haven't changed. I hasten to add, only buying from them. They move in, make all the easy pruning of staff and costs (subject to TUPE ruling, that prevents a cull beyond a certain number before redundancy and notice becomes due). Make sure the due diligence is done, as far as their fees being paid are concerned, then either have a buyer in mind for a quick sale and if not start factoring monies due at a % of their value and sell off assets at prices not far off liquidation value anyway. 'Ring any bells' We were rightly keen to see the back of the 'Greek bearing gifts' and all the lessons we can learn from their 'economic prowess' but I'm afraid we've ushered in 'Trevor the Tame'....there's nothing that's been achieved in this administration that a senior accounts clerk couldn't have managed. When you're in Admin it's obvious you have an urgent need for cash but only on the back of proving to court there is adequate funding to carry out due process. Given that process normally has a sensible time allowance granted, there needs to be a sensible strategy and a realistic timeframe to work to. For my part I'm of the opinion that when we start to trumpet 'frustrated by slow Fratton firesale' coming swiftly on the tail of selling on our 'prize playing asset' at what might be deemed to be a third of his market value we are entering the Liquidation zone without the announcement....after all don't 'Firesales' herald in 'Closing Down' versions? Now I'm confused........ At the same time we hear 'We will continue to use our sources in an attempt to find a buyer'....simple who's been introduced? 'We have ongoing dialogue with the FL about the way we can work together'....would that be the guy who described Pompey as a basket case and requiring vast sums of money to be saved' then? That makes me feel better. No the truth is we're trying to climb a glacier and the frustration of lack of fire sale income is simply because we're now spending more money than before despite the 'cuts' due to the return of high wage earners, who have no incentive to leave and or cancel their contracts and the escalating 'admin fees' that are probably twice what we got paid for Jason Pearce. This is now a farce beyond 'West End' bill boarding and somebody needs to come to their senses before things get worse. We've got our history and we've had some very happy days in the sunshine....they are banked and can't be sold (lock the trophy cabinet).....make a statement of intent. The club WILL be liquidated say by May 31st if and unless a bid is made, which is acceptable....not by anybody's desirable valuation but in comparison to what will be achieved in liquidation....that will focus attention from any interested party whilst giving say the 'Trust' an opportunity to plan for an undesirable I know but nevertheless almost inevitable outcome, ( in fact one of the options of reforming a new club has already been nullified by this continuous cock up) with the exception of BC making a move, as unpalatable as that is, we at least stand to mount a further and more robust bid to BC if necessary further down the road. The situation is beyond any sensible level of control or commercial candidness and more time will only serve to continue to rack up more unsustainable costs whilst being lumbered with the unsaleable and expensive assets. Call it and call it now! To reach a port we must sail and not drift.
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Now this guy talks a lot of sense
