derry Posted 23 May, 2009 Share Posted 23 May, 2009 Marc Jackson consortium has moved to due diligence. However they have no exclusivity as the £500k deposit has for the moment been waived. Source: Echo website. www.dailyecho.co.uk Link to comment Share on other sites More sharing options...
Window Cleaner Posted 23 May, 2009 Share Posted 23 May, 2009 Marc Jackson consortium has moved to due diligence. However they have no exclusivity as the £500k deposit has for the moment been waived. Source: Echo website. www.dailyecho.co.uk Well good for them then. LLS made an ass of himself from time to time on this very forum but if his group have been able to come up with enough money to save the club then all hail to them.Good on ya Marc. Link to comment Share on other sites More sharing options...
obelisk Posted 23 May, 2009 Share Posted 23 May, 2009 I guess it's a case of beggars can't be ... etc, etc. Link to comment Share on other sites More sharing options...
Greedyfly Posted 23 May, 2009 Share Posted 23 May, 2009 A clever ploy to speed up the process possibly? I wouldn't ever get my hopes up about Saints but could this make for some actual news for next week? Link to comment Share on other sites More sharing options...
TNT Posted 23 May, 2009 Share Posted 23 May, 2009 Oh dear what a disaster Link to comment Share on other sites More sharing options...
lordswoodsaints Posted 23 May, 2009 Share Posted 23 May, 2009 Is this £500k deposit thingy usual practice when a business goes into admin? I can understand that the administrator wants some commitment from the potential buyer but having to pay a non refundable £500k just to get access to the books is a bit rich,especially if you don't like what you see and decide it's not for you. Link to comment Share on other sites More sharing options...
TheSaint75 Posted 23 May, 2009 Share Posted 23 May, 2009 Will the same apply to pinnacle with the waiving of the £500K as that seemed to be their problem, with it being non-refundable? Or is this favouritism? Link to comment Share on other sites More sharing options...
alehouseboys Posted 23 May, 2009 Share Posted 23 May, 2009 Is this £500k deposit thingy usual practice when a business goes into admin? I can understand that the administrator wants some commitment from the potential buyer but having to pay a non refundable £500k just to get access to the books is a bit rich,especially if you don't like what you see and decide it's not for you. ...and if it were just to cover the salaries and as Leon Crouch has very kindly seen to that, why would that still be necessary or is that why Jackson/Green are carrying out due dilligence without the deposit? Link to comment Share on other sites More sharing options...
EastleighSoulBoy Posted 23 May, 2009 Share Posted 23 May, 2009 Is this £500k deposit thingy usual practice when a business goes into admin? I can understand that the administrator wants some commitment from the potential buyer but having to pay a non refundable £500k just to get access to the books is a bit rich,especially if you don't like what you see and decide it's not for you. A question which I have been trying to formulate in my mind. However, if it is a usual practice, I wonder why it has been waived? Because the consortium don't have it (very worrying possibly) or they are playing hardball with the administrator (fair play, the less they have to shell out now, the more left after the deal?) Link to comment Share on other sites More sharing options...
Huffton Posted 23 May, 2009 Share Posted 23 May, 2009 Oh dear what a disaster Probably not as big a disaster as liquidation tbf. Link to comment Share on other sites More sharing options...
SaintRichmond Posted 23 May, 2009 Share Posted 23 May, 2009 Marc Jackson consortium has moved to due diligence. However they have no exclusivity as the £500k deposit has for the moment been waived. Source: Echo website. www.dailyecho.co.uk I still do not understand the £500K Non Returnable deposit ...... ..... Sorry, but what Idiot is going to " lose " that amount of money, just for the privalege of seeing the books, and possibly finding things that make a bid not in their best interests. ?? If the £500K stipulation has been "waived" in Marc Jacksons case, I assume that "others" will be afforded the same courtesy ..... and if so, that makes the £500K stipulation BEFORE seeing the books, a complete nonsense ??? Link to comment Share on other sites More sharing options...
dubai_phil Posted 23 May, 2009 Share Posted 23 May, 2009 Is this £500k deposit thingy usual practice when a business goes into admin? I can understand that the administrator wants some commitment from the potential buyer but having to pay a non refundable £500k just to get access to the books is a bit rich,especially if you don't like what you see and decide it's not for you. It isn't just about "not liking what you see", the critical issue is as others have said, the initial figures supplied by the administrator come with "no guarantee" in other words, if they had missed something critical and landed a bidder with costs that they had not budgetted for in their planning for the club, it could have a serious impact on the ability to move ahead. At least it now seems that by allowing the books to be examined by their own independent professionals before paying a deposit, that risk can be removed. Seems like a sensible move by both parties, the DD will cost a significant sum in fees and so it seems that a compromise is wise. This way, Fry still has an option should his "mysterious overseas bidder" come marching in. Link to comment Share on other sites More sharing options...
TNT Posted 23 May, 2009 Share Posted 23 May, 2009 Probably not as big a disaster as liquidation tbf. Only a matter of time with them around anyway. Link to comment Share on other sites More sharing options...
Greedyfly Posted 23 May, 2009 Share Posted 23 May, 2009 It all doesn't quite add up does it. Either the Echo hasn't got a clue (always a distinct possibilty) OR someone is playing some pretty big games. If MJ and crew have been allowed this level of access one can only assume that if Pinnacle and those from abroad are serious then they too shall be asking for the same access at some point no? If so...The only conclusion I can draw is that this will/should/has-been-done to speed up the whole process. Any takers on this theory? Link to comment Share on other sites More sharing options...
gary r Posted 23 May, 2009 Share Posted 23 May, 2009 let me think about this a club or no club no brainer is it not? Link to comment Share on other sites More sharing options...
InvictaSaint Posted 23 May, 2009 Share Posted 23 May, 2009 Since the purpose of the non-refundable deposit was to keep the club going (day-to-day costs), I can only assume that somebody (Leon?) has stumped up the cash to keep us going for a few more weeks whilst this interminable saga drags on. Link to comment Share on other sites More sharing options...
Ed Rooney Posted 23 May, 2009 Share Posted 23 May, 2009 Makes you wonder whether we will get the deal that suits MF or the deal that suits the club Link to comment Share on other sites More sharing options...
SaintRichmond Posted 23 May, 2009 Share Posted 23 May, 2009 Marc Jackson consortium has moved to due diligence. However they have no exclusivity as the £500k deposit has for the moment been waived. Source: Echo website. www.dailyecho.co.uk Does anyone know WHO Leon Crouch favours ??? ..... I can't imagine him putting money into Saints without having a good idea of what outcome the "Takeover" situation will take. Whatever way you look at it, Fry HAS climbed down re the £500K stipulation ..... it is either that , or blatant Favourtism .... ???? Link to comment Share on other sites More sharing options...
explorer saint Posted 23 May, 2009 Share Posted 23 May, 2009 Were Pinnacle put off by the £500,000, getting cold feet or both? Somethings not right if this has now been waived just for MJ or has the reality set in with Fry that unless he makes some concesssions at this stage we could be without a club Link to comment Share on other sites More sharing options...
SaintRichmond Posted 23 May, 2009 Share Posted 23 May, 2009 Makes you wonder whether we will get the deal that suits MF or the deal that suits the club I've always thought we will get the deal that favours the Creditors, which will leave precious little for rebuilding Saints I also think that it could well be that we will still have mortgage/ loans/ call it what you will. I do not think we will start afresh with a clean balance sheet. Link to comment Share on other sites More sharing options...
damers Posted 23 May, 2009 Share Posted 23 May, 2009 It sounds like he saying to everybody else if your serious, you better get a move on. Link to comment Share on other sites More sharing options...
dubai_phil Posted 23 May, 2009 Share Posted 23 May, 2009 It all doesn't quite add up does it. Either the Echo hasn't got a clue (always a distinct possibilty) OR someone is playing some pretty big games. If MJ and crew have been allowed this level of access one can only assume that if Pinnacle and those from abroad are serious then they too shall be asking for the same access at some point no? If so...The only conclusion I can draw is that this will/should/has-been-done to speed up the whole process. Any takers on this theory? Plenty of theories, no facts The story seemed to be an issue with Pinnacle that one of the backers may have pulled out. The mystery overseas bidder could have been real, or it could have been a negotiating tactic. Provided that ONE of the 34 NDA's was from overseas, then Fry would not have been inaccurate by saying he was waiting for a bid from them Maybe this soultion was the result of lengthy negotiations as both parties realised that it was an impenetrable barrier to moving forwards for both sides that threatened ANY deal DD costs money. It may be that Pinnacle did not want to risk that money without the "safety-net" that comes with a period of "exclusivity". In such a period, the Administrator can continue to talk to other interested parties but cannot accept their bids. The only person who will know will be Fry. Seeing as the wording in the Echo article is "understood to have been given the green light", it is hard to verify where it would have come from. Logic would dictate that as the consortium are taking a risk, they have little to gain from publication of their solution to this problem. My money is on a leak from the Fry side, so perhaps the Echo should ask him those questions Link to comment Share on other sites More sharing options...
Gingeletiss Posted 23 May, 2009 Share Posted 23 May, 2009 I've always thought we will get the deal that favours the Creditors, which will leave precious little for rebuilding Saints I also think that it could well be that we will still have mortgage/ loans/ call it what you will. I do not think we will start afresh with a clean balance sheet. That's his job, to get the best deal for the creditors. Link to comment Share on other sites More sharing options...
doggface Posted 23 May, 2009 Share Posted 23 May, 2009 I understood Pinnacle had no problem punting up the £500k, I was told it was ready to go within a matter of hours.......... but something clearly went tits up - as I've said I would be surprised if it was money but this cannot be ruled out I guess because I do not know for sure. Link to comment Share on other sites More sharing options...
Clapham Saint Posted 23 May, 2009 Share Posted 23 May, 2009 Is this £500k deposit thingy usual practice when a business goes into admin? I can understand that the administrator wants some commitment from the potential buyer but having to pay a non refundable £500k just to get access to the books is a bit rich,especially if you don't like what you see and decide it's not for you. It's usual to at least try and get something up front as it proves that you're not wasting your time with somebody who isn't that serious and pulls out at the last minute. Although we don't know what happened in any of the meetings and don't have all the facts it does look as though fry may had blinked. Link to comment Share on other sites More sharing options...
Panda Posted 23 May, 2009 Share Posted 23 May, 2009 The £500k was for exclusive preferred bidder rights - Pinnacle had already done 'due diligence'. If the Echo is to believed then the this new bidder (MJ et al) have just moved to full 'due diligence' not preferred bidder so there is not deposit payable and no climb down, U-turn, favouritism or the like from the administrators. Link to comment Share on other sites More sharing options...
Faz Posted 23 May, 2009 Share Posted 23 May, 2009 The 500k was for exclusivity was it not? I presume moving to DD means proof of funds is there? Link to comment Share on other sites More sharing options...
Clapham Saint Posted 23 May, 2009 Share Posted 23 May, 2009 Since the purpose of the non-refundable deposit was to keep the club going (day-to-day costs), I can only assume that somebody (Leon?) has stumped up the cash to keep us going for a few more weeks whilst this interminable saga drags on. Very possible however it might (might) also be the case that the administrator has been faced with a choice of sticking to his guns on the 500k and seeing his only bidder walk away or stumping up the 500k himself (probably funded via barclays but he'll have to pay it back) in the expectation of securing a sale for £xmillion in the short term. Link to comment Share on other sites More sharing options...
70's Mike Posted 23 May, 2009 Share Posted 23 May, 2009 just get on with the whole sorry mess Link to comment Share on other sites More sharing options...
Golac's Cunning Stunts Posted 23 May, 2009 Share Posted 23 May, 2009 If Jackson is just the guy who has put a team together and he gets his cut and walks, then fine. I really really hope he has nothing to do with club afterwards if this bid is successful. Link to comment Share on other sites More sharing options...
miserableoldgit Posted 23 May, 2009 Share Posted 23 May, 2009 Oh dear what a disaster Is this a case of bigotry over common sense? How many people on here didn`t want WGS as manager because of his record at Coventry and were proved wrong? How many times have people said about certain players "Oh No! We don`t want him. He`s ****!" - only for them to turn into crowd favourites (Peter Crouch, JV etc). The proof of any pudding is in the eating - not just what it looks like from the outside. Lets (still) wait and see and not pre-judge. Link to comment Share on other sites More sharing options...
ART Posted 23 May, 2009 Share Posted 23 May, 2009 10 Days ago using Artovision I posted that there would be delays and the best time to begin hearing things would be after next weekend, the 31st of May. For a truly auspicious start to a new project after the New Moon of the 7th of June would be great. I recall Astrologically speaking we are truly in the midst of a 3 week period of hold ups, unforseen delays and screw ups in communications. Not the ideal time to begin any new projects, sign deals etc until after the 31st May when things will start moving. Better still after the New Moon on 7th July. Should we get a deal now and they haven't done their homework, it could be doomed to failure at a later date. Link to comment Share on other sites More sharing options...
dubai_phil Posted 23 May, 2009 Share Posted 23 May, 2009 If Jackson is just the guy who has put a team together and he gets his cut and walks' date=' then fine. I really really hope he has nothing to do with club afterwards if this bid is successful.[/quote'] Of course, it all depends on the people who he is working with. If they believe that he has a value add to their grouping, then they will make that decision, not public opinion. Nobody knows any details yet of what or who is really involved. We have only this statement which is NOT from the consortium, a previous basic no comment from Stuart Green and a leak from SMS that Jackson was at the stadium and repeated assurances by people who have asked them to their face that Lowe is not involved. We wait, because I am sure that successful people with money who have been working alongside somebody for 4 or more weeks in an intense pressure situation may have be in better position from which to make their decision. Link to comment Share on other sites More sharing options...
dubai_phil Posted 23 May, 2009 Share Posted 23 May, 2009 10 Days ago using Artovision I posted that there would be delays and the best time to begin hearing things would be after next weekend, the 31st of May. For a truly auspicious start to a new project after the New Moon of the 7th of June would be great. I recall Quote: Originally Posted by ART Astrologically speaking we are truly in the midst of a 3 week period of hold ups, unforseen delays and screw ups in communications. Not the ideal time to begin any new projects, sign deals etc until after the 31st May when things will start moving. Better still after the New Moon on 7th July. Should we get a deal now and they haven't done their homework, it could be doomed to failure at a later date. Jeez Art I hope the July is the the typo not the June in your first part. ANOTHER 6 weeks of this....... Link to comment Share on other sites More sharing options...
OldNick Posted 23 May, 2009 Share Posted 23 May, 2009 This surely is the best for all parties.MJ group look at the books do due diligence without having to risk losing 500k.If they bid then Pinnacle may be assured that the books afterall are good and may quickly come back in. Fry will get the buisiness done and we still have a club.Now if MJ walks after looking at the books then Salz may get his wish, not due to being clever but just because the rest have run away. Link to comment Share on other sites More sharing options...
Golac's Cunning Stunts Posted 23 May, 2009 Share Posted 23 May, 2009 Of course, it all depends on the people who he is working with. If they believe that he has a value add to their grouping, then they will make that decision, not public opinion. Nobody knows any details yet of what or who is really involved. We have only this statement which is NOT from the consortium, a previous basic no comment from Stuart Green and a leak from SMS that Jackson was at the stadium and repeated assurances by people who have asked them to their face that Lowe is not involved. We wait, because I am sure that successful people with money who have been working alongside somebody for 4 or more weeks in an intense pressure situation may have be in better position from which to make their decision. It has probably been covered extensively on here, but can you point me to a link which provides some info on Green? Just interested as to who he is. Link to comment Share on other sites More sharing options...
eelpie Posted 23 May, 2009 Share Posted 23 May, 2009 I understood Pinnacle had no problem punting up the £500k, I was told it was ready to go within a matter of hours.......... but something clearly went tits up - as I've said I would be surprised if it was money but this cannot be ruled out I guess because I do not know for sure. MLT -please say something... Link to comment Share on other sites More sharing options...
OldNick Posted 23 May, 2009 Share Posted 23 May, 2009 MLT -please say something...It is best he doesnt make a statement as he probably does not wish to look to favour either group.I dont think he is actually attached to Pinnacle just his blessing.I am sure he will be behind any group who saves the club, shouldnt we all? Link to comment Share on other sites More sharing options...
lenwilkins Posted 23 May, 2009 Share Posted 23 May, 2009 It's usual to at least try and get something up front as it proves that you're not wasting your time with somebody who isn't that serious and pulls out at the last minute. Although we don't know what happened in any of the meetings and don't have all the facts it does look as though fry may had blinked. I would think that Fry has blinked as well. I agree with Phil that the info has probobly leaked from the Fry camp judging by this in the Echo: It is not clear whether all interested parties who can prove their funds will get access to a final due diligence stage but if so it could be a clever ploy by administrator Mark Fry to move things along with talks having dragged on and on. The alternative viewpoint would be of course that Fry almost f*cked up and frightened all the interested parties off by his daft demand of £500K up front. There has to be some hitch with Pinnacle's proof of funds otherwise they would be entering DD in the same way. It will be interesting to see if Morph's friend gets his act together now before he misses the bus. Morph? Link to comment Share on other sites More sharing options...
SaintRichmond Posted 23 May, 2009 Share Posted 23 May, 2009 I understood Pinnacle had no problem punting up the £500k, I was told it was ready to go within a matter of hours.......... but something clearly went tits up - as I've said I would be surprised if it was money but this cannot be ruled out I guess because I do not know for sure. Perhaps at the last minute, after passing Go, they decided to put another hotel on Matfair ?? Link to comment Share on other sites More sharing options...
OldNick Posted 23 May, 2009 Share Posted 23 May, 2009 I would think that Fry has blinked as well. I agree with Phil that the info has probobly leaked from the Fry camp judging by this in the Echo: The alternative viewpoint would be of course that Fry almost f*cked up and frightened all the interested parties off by his daft demand of £500K up front. There has to be some hitch with Pinnacle's proof of funds otherwise they would be entering DD in the same way. It will be interesting to see if Morph's friend gets his act together now before he misses the bus. Morph?I think Morphs mate will do nothing unless the others fail and will be waiting to get it at a ridiculous low price.That is fine as we have that safety net, although they would have to work very quick to save us getting another -15. Link to comment Share on other sites More sharing options...
doggface Posted 23 May, 2009 Share Posted 23 May, 2009 nick h, Even though he is not putting in any money, MLT is 100% very attached to pinnacle. More so than I had orginally "assumed". This is one of the main reasons I am +Pinnacle. However being a Saints fan I'm sure he would ultimately support any deal that would be in the best interests of the club, whether he would deem the others suitors out there suitable is another matter. Link to comment Share on other sites More sharing options...
wild-saint Posted 23 May, 2009 Share Posted 23 May, 2009 MLT -please say something... unlikely as he is on holiday at the moment. Link to comment Share on other sites More sharing options...
OldNick Posted 23 May, 2009 Share Posted 23 May, 2009 nick h, Even though he is not putting in any money, MLT is 100% very attached to pinnacle. More so than I had orginally "assumed". This is one of the main reasons I am +Pinnacle. However being a Saints fan I'm sure he would ultimately support any deal that would be in the best interests of the club, whether he would deem the others suitors out there suitable is another matter. Ok Doggface,that is good. I do hope he has backed the right horse.Reading some of the posts by some who seem to know of the deal it is exciting.Of course I would love something exciting to happen for us, but this is saints we will get a Heath Robinson type of deal. Link to comment Share on other sites More sharing options...
dubai_phil Posted 23 May, 2009 Share Posted 23 May, 2009 It has probably been covered extensively on here' date=' but can you point me to a link which provides some info on Green? Just interested as to who he is.[/quote'] No specific links, he is a well known businessman with international experience who recently left an IT company called Centreprise who installed (many of) the IT systems in use at SMS when it was being built. Sorry but he is not as "public" in the past as MJ so you'll have to do some googling. He is also acknowledged by many as being behind the attempts to bring the warring shareholders together during the time of the Execs. He supplied my Magners during the Forum match while I was having to do the "kicking the water bottles over in the technical area" thing, which in my book makes him one of the good guys. Link to comment Share on other sites More sharing options...
docker-p Posted 23 May, 2009 Share Posted 23 May, 2009 Ok Doggface,that is good. I do hope he has backed the right horse.Reading some of the posts by some who seem to know of the deal it is exciting.Of course I would love something exciting to happen for us, but this is saints we will get a Heath Robinson type of deal. Heath Robinson if we're lucky, more likely Salvador Dali or Maggritte ! Link to comment Share on other sites More sharing options...
Verbal Posted 23 May, 2009 Share Posted 23 May, 2009 Heath Robinson if we're lucky, more likely Salvador Dali or Maggritte ! The way things appear to be proceeding, it seems more Jackson Pollocks to me. Link to comment Share on other sites More sharing options...
Professor Posted 23 May, 2009 Share Posted 23 May, 2009 Any purchaser is better than none. Of course we'd all like a White Knight but it isn't going to happen. Saints fans have spent far too much energy slagging off the boardroom, so whoever it is, lets get behind them so that fan unrest is not a distraction as it has been for far too long. Link to comment Share on other sites More sharing options...
Badger Posted 23 May, 2009 Share Posted 23 May, 2009 I think this is Fry's wake up call to others on the periphery who are still contemplating a bid or not. I assume Pinnacle are in the process of licking wounds and possibly regrouping.Salz & co still in preparation pending developments and progress of others perhaps. The (more) unknown though is the rumoured overseas bidder.Come on Mr Allen, don't be shy, you know you really want to ! Link to comment Share on other sites More sharing options...
Verbal Posted 23 May, 2009 Share Posted 23 May, 2009 I think this is Fry's wake up call to others on the periphery who are still contemplating a bid or not. I assume Pinnacle are in the process of licking wounds and possibly regrouping.Salz & co still in preparation pending developments and progress of others perhaps. The (more) unknown though is the rumoured overseas bidder.Come on Mr Allen, don't be shy, you know you really want to ! You do know that 'Mr Allen' is actually tommac, don't you? (The short-sleeved wonder who is to football what Pantsman is to advertising.) Link to comment Share on other sites More sharing options...
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