I don’t have time to post any more than this for now but Panos Thomas has emailed shareholders with a very lengthy update where the headline looks like being confirmation that, unless £200K can be raised by October 16th, then Administration would be “inevitable” since the club would be insolvent.

Edited October 2, 20241 yr by Charles Bannerman

2 hours ago, CELTIC1CALEY3 said:

https://www.inverness-courier.co.uk/news/breaking-6-strong-highland-consortium-ready-to-mount-bid-to-364144/

 

Reckon it's @Jack Waddington and the Kessock Bridge Layby Krew.

Edited October 18, 20241 yr by STFU

Savage this afternoon confirmed we were going to hold off on administrators then goes ahead and does it. Not saying it's not the right decision but it's a total car-crash.

1 hour ago, Scotty said:

The Directors have signed a Notice of Intention to appoint Administrators to be filed at the Court. We envisage that the proposed Administrators will be appointed on Monday or Tuesday. A plan is in place to allow the club to continue to trade whilst efforts to secure a long-term future are explored.

 

I actually felt a sense of relief on seeing this. It's really sad but at least a decision has been made. 

We did all we could and I think we can be proud of that.

From this point on we can rise like an eagle perched on a thistle from the ashes.

 

Unless of course there are more twists and turns to come yet!

Depends when & how it's filed at court. 

Digital? Already sent and resting in some clerks inbox until Monday.

Physical? In which case it'll be delivered Monday mid morning. 

Still time for the sale of the century, if the price is right.

The good news is that we are not currently in administration.  We still may not go into administration.  The odd news is this https://find-and-update.company-information.service.gov.uk/company/SC149117/charges/VunPJMjGNFLJk9jRV44xS5A6kDg

INVERNESS THISTLE AND CALEDONIAN F.C. LIMITED

Company number SC149117

 

1. Charge code SC14 9117 0014

Charge codeSC14 9117 0014

Created

22 September 2016

Delivered

30 September 2016

Status

Satisfied on 18 October 2024

• View PDFfor Registration of a charge (MR01) (5 pages)

Transaction Filed

Registration of a charge (MR01)

Persons entitled

• The Royal Bank of Scotland PLC

Brief description

Contains floating charge.
Floating charge covers all the property or undertaking of the company.
Contains negative pledge.

Additional transactions filed against this charge

Additional transactions filed against this charge (PDF links open in a new window)

Type(of transaction)	Delivered(to Companies House on this date)	View / Download(PDF file, link opens in new window)
Satisfaction of a charge (MR04)	18 October 2024	View PDFfor Satisfaction of a charge (MR04) (1 page)

sorry - someone needs to explain this to me in simple terms? Does this mean someone has wiped out some charge hanging over our head or some banl lien that may have been in place? If so, does that mean there may be wheels turning we are not aware of? 

Looks like us paying off a loan?

I'm told it means nothing. Will have been security for old borrowing or an overdraft with the bank. Likely removed as it's no longer valid. Could be part of a tidying up process ahead of administration.

Thanks STFU. From a legal point of view the Directors today ultimately had no choice it seems but to initiate Administration proceedings. As I read what Alan Savage has mentioned, it is that he tried to get debt written off and for a while it looked as if he had succeeded. However, he did warn that he needed legal documentation to back up apparent verbal offers. So now that we are on the precipice it is quite possible the new consortium have revisited their positions.  

31 minutes ago, STFU said:

I'm told it means nothing. Will have been security for old borrowing or an overdraft with the bank. Likely removed as it's no longer valid. Could be part of a tidying up process ahead of administration.

That’s my reading of it too. Satisfaction was in respect of a floating to charge to RBS created in 2016, but we haven’t owed banks anything for years as far as we are aware, and also, Morrison would not have been able to get his own floating charge if there was already a valid floating charge in place to somebody else. Looks like an admin tidy up to remove a potential complication that might slow down the administration process.

3 hours ago, Scotty said:

The Directors have signed a Notice of Intention to appoint Administrators to be filed at the Court. We envisage that the proposed Administrators will be appointed on Monday or Tuesday. A plan is in place to allow the club to continue to trade whilst efforts to secure a long-term future are explored.

My understanding of this notice is that it protects the club from creditors and legal actions between now and the administrator being appointed. It also looks like Ross Morrison, as floating charge holder, has to either consent to the appointment of the administrator or be given at least 5 workings days’ notice before an administrator gets appointed so that he has opportunity to choose his own administrators.

The only thing I know about this is we might need a few VAR decisions before we go to Extra Time and penalties before we find out who comes out on top of all this !! Probably a few sending offs too. Anything’s possible with all the twists and tales were being subjected to.

As I’ve heard asked somewhere before where’s Doug McGilvray in the grand scheme of things when we need him ? 

Edited October 18, 20241 yr by GaliantGrunt

10 hours ago, Jack Waddington said:

Not entirely sure where you're getting that, given the reasons he chose not to follow through were the debts (which will be wiped in a week or so) and a conflict of interest should we end up in the same UEFA tournament as Midtjylland. Nor do I know where you're finding info on him owning a Portugese Club as well.

Absolutely nothing to suggest that he's buggering off and never going to come back

Not sure why owning multiple clubs would be an issue for us. We're miles of European football. Besides anyone who remotely follows football knows this is a rule to get around and plenty do.

6 hours ago, Pele_Is_God said:

Savage this afternoon confirmed we were going to hold off on administrators then goes ahead and does it. Not saying it's not the right decision but it's a total car-crash.

I understand he walked into an absolute train wreck but almost starting to feel he's as full of 💩 as the rest of them. 

They all just seem to be in it for their own interests.

It's a massive cluster 🤐 of egos and it's hampered us for years.

6 hours ago, Council Juice said:

Not sure why owning multiple clubs would be an issue for us. We're miles of European football. Besides anyone who remotely follows football knows this is a rule to get around and plenty do.

I understand he walked into an absolute train wreck but almost starting to feel he's as full of 💩 as the rest of them. 

They all just seem to be in it for their own interests.

It's a massive cluster 🤐 of egos and it's hampered us for years.

Ego's we're at the forefront of the club being formed 30 years ago and led to an unfair and unhappy marriage of the two old clubs in the first place. 

It has led to the club going down the pan now.

If a rebirth happens I'd go for new club colours as part of a fresh start. 

Fiorentina colours? Purple and silver edging gets my vote. 

End all this too much blue, not enough red/black in stripes that is boring and a hindrance.

Edited October 19, 20241 yr by Duke of Inverness

Just now, Duke of Inverness said:

If a rebirth happens I'd go for new club colours as part of a fresh start. 

Have you consulted Scot Gardiner about your options?

32 minutes ago, Duke of Inverness said:

If a rebirth happens I'd go for new club colours as part of a fresh start. 

Fiorentina colours? Purple and silver edging gets my vote.

Maroon, as a nod to Citadel FC, who played very near by.  Maybe even change the club name to Citadel.  (Is there still a club in the town with that name?)  Should finish off the old Caley/Thistle rivalry, which belongs to 30 years ago.    https://en.wikipedia.org/wiki/Inverness_Citadel_F.C.

Last time I suggested this, there was a pile of downvotes.  So I'm ready this time 

1 hour ago, Duke of Inverness said:

Ego's we're at the forefront of the club being formed 30 years ago and led to an unfair and unhappy marriage of the two old clubs in the first place. 

It has led to the club going down the pan now.

If a rebirth happens I'd go for new club colours as part of a fresh start. 

Fiorentina colours? Purple and silver edging gets my vote. 

End all this too much blue, not enough red/black in stripes that is boring and a hindrance.

Absolutely. Full purple. Valladolid! 

13 hours ago, STFU said:

I'm told it means nothing. Will have been security for old borrowing or an overdraft with the bank. Likely removed as it's no longer valid. Could be part of a tidying up process ahead of administration.

I agree. It appears to be the club paying off a loan made by RBS in 2016. How the money was found to do this is anyone’s guess, but it seems conceivable that, for some technical reason, this was a loan that it was best not still to be in existence when Administration begins.

43 minutes ago, CELTIC1CALEY3 said:

Have you consulted Scot Gardiner about your options?

Orange strips with the sponsor’s name on them in RED CAPITALS.

1 hour ago, Duke of Inverness said:

Ego's we're at the forefront of the club being formed 30 years ago and led to an unfair and unhappy marriage of the two old clubs in the first place. 

It has led to the club going down the pan now.

If a rebirth happens I'd go for new club colours as part of a fresh start. 

Fiorentina colours? Purple and silver edging gets my vote. 

End all this too much blue, not enough red/black in stripes that is boring and a hindrance.

Reluctant as I am to create disagreement at a time like this….frankly that’s complete nonsense and there isn’t a shred of evidence linking the mechanics and legacy of the merger with the current situation which has been caused by gross mismanagement compounding the problems of an extremely difficult global, national and local football financial environment.

3 hours ago, Charles Bannerman said:

Reluctant as I am to create disagreement at a time like this….frankly that’s complete nonsense and there isn’t a shred of evidence linking the mechanics and legacy of the merger with the current situation which has been caused by gross mismanagement compounding the problems of an extremely difficult global, national and local football financial environment.

No worries Charles. No disagreement from me. Was merely pointing out ego's got in the way at the merger time which led to a lot of locals not supporting the merged team.

Ego's still at the fore 30 years later as hard times are here.

Just what I see now and saw then.

Lot of face palms etc, but just my opinion. 🙈🙉🙊

https://www.inverness-courier.co.uk/sport/ict-administration-could-last-three-months-364172/?utm_source=dlvr.it&utm_medium=facebook

I don’t think much of Ferguson in terms of tactics or getting the best performances out of the team, but he has conducted himself very well and made sacrifices to help the club when faced with the financial crisis this season, so best wishes to him when he goes.