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Cash from sales - creditors or wages?


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Given that we have in effect secured some 2.5 milin the last two days from the McG and Surman sales, can someone who is an expert in these things give an indication as to where this money will go?

 

If staying with the club (that is not in admin....), then surely the wages will be paid and at least we look after the staff and can secue those players who could soon be off following breach of contracts - or does this simply get swallowed up by the administrator (In which case we are in admin and WTF were pinnacle doing wanting this appeal) and divvied amongst the creditors?

 

The timing seems bizzarrre as we were told Pinnacle and possibly the Swiss group still hopeful, given the impact such asset sales will have on the content of any deal/contract... not good.

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FC, this has been going on for nearly two months, SFC is solvent, just and these sales will secure that for a bit longer as it's now needs must dictating. The worst part of this protracted saga is the amount of time left to get in a decent manager and his players.

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Given that we have in effect secured some 2.5 milin the last two days from the McG and Surman sales, can someone who is an expert in these things give an indication as to where this money will go?

 

If staying with the club (that is not in admin....), then surely the wages will be paid and at least we look after the staff and can secue those players who could soon be off following breach of contracts - or does this simply get swallowed up by the administrator (In which case we are in admin and WTF were pinnacle doing wanting this appeal) and divvied amongst the creditors?

 

The timing seems bizzarrre as we were told Pinnacle and possibly the Swiss group still hopeful, given the impact such asset sales will have on the content of any deal/contract... not good.

 

The money will go towards the staff and player wages as SFC Ltd are not in administration. Staff are preferential creditors if they were to go into admin.

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The money will initially go the Football League as happens with ALL transfers. They will hang on to it until the mess is sorted out, so in truth neither the creditors nor the club can benefit as yet. The FL will use it to pay players wages once their contracts are in default (in just over a weeks time I believe) if they have not been paid by then. Sadly this does not help the non-playing staff at SMS.

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it also depends if the administrator feels that sfc ltd can continue as a viable going concern. if so, the funds can be retained, if not, it goes in the dissolved pot

 

This is certainly worth discussing. If we can get Rasiak and Saganowski off the pay-roll (I'm assuming we won't get anyone to take Wayne Thomas), combined with the £2m+ from player sales and a potential £3m+ from season tickets, we could actually come out of administration and run without an immediate takeover. Obviously SLH would need a board but there are plenty of good people who would give their time for free.

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This is certainly worth discussing. If we can get Rasiak and Saganowski off the pay-roll (I'm assuming we won't get anyone to take Wayne Thomas), combined with the £2m+ from player sales and a potential £3m+ from season tickets, we could actually come out of administration and run without an immediate takeover. Obviously SLH would need a board but there are plenty of good people who would give their time for free.

 

 

if we came out of admin via this route, wouldn't the existing shareholders regain control?.................................................

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These frunds will definately be used in paying debts and the day to day running of the club. The administrator will almost certainly take a a commission for 'doing the deal' The wages will be paid in the next few days.

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This is certainly worth discussing. If we can get Rasiak and Saganowski off the pay-roll (I'm assuming we won't get anyone to take Wayne Thomas), combined with the £2m+ from player sales and a potential £3m+ from season tickets, we could actually come out of administration and run without an immediate takeover. Obviously SLH would need a board but there are plenty of good people who would give their time for free.

That's an interesting thought... Not paying their wages would make them free agents and off the books with no liability to pay them for the next season or two. Of course, the value of their contracts would also be wiped out.

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spoke to lloyd james las night, as of last night he still hadnt been paid. anyone know if the staff were paid for def?

 

 

Work mate of mine, his son in law works at the stadium he has not been paid yet.

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