Morrison Resigns

[ClickbaitProponent]

55 minutes ago, Yngwie said:

Nah, it’s not the same, so I’ll take your bet. Morrison is an ICT fan who has been there for about 6 years and is £1.5m out of pocket, he cannot be accused of asset stripping. He is no longer in charge either. If assets are now being sold it’s to save the club. It may well be a bit of a fire sale to generate funds quickly but I’m sure anybody including yourself would be very welcome to put in a bid.

Is he £1.5m out of pocket? Any accounts to back that up? What he says and what he does seem to be very detached things.

[ictbob]

6 hours ago, old caley girl said:

I am concerned by the charge he holds on club assets. Time will tell if he turns out the ultimate villan. At the very least they've gambled and lost on the clubs future. 

What assets?

[bdu98196]

13 minutes ago, ictbob said:

What assets?

Toaster & kettle?

We dont have any contracted players worth selling and the stadium is on land that is leased. Not much to sell TBH

Edited June 6 by bdu98196

[old caley girl]

1 hour ago, ictbob said:

What assets?

There must be assets? Why put a floating charge on otherwise? 

[Achfary]

The tangible assets - the overall 70 years left on land leases (stadium situ, adjacent car park), land sub-leases (car park area), stands, pitch, floodlights, plant/machinery (others?) - prime site.  Intangible assets such as players' transfer value - if only!

Johnston Carmichael LLP, or other Insolvency Practitioners (IP), will likely first put out a desperate and urgent request for fans to buy x number of season tickets, to save the club from insolvency. 

From then suppose it's the IP that calls the tune - appoint/be an administrator to do/oversee some/any of the following to get out of administration: sell the leaseholds and other assets (e.g., a Dundee), or a group could do a takeover via share-buying (e.g. a Livingston - unlikely for ICTs context), Ross and directors could waive their personal debt (e.g., a John Boyle at Motherwell), or administrator could invite formal bids to buy the club (and whoever gets preferred bidder status attempt a CVA with Ross, directors, RBS and other creditors for pennies in the pound - e.g., a Hearts), or if none of those - liquidate (e.g., a Gretna, a Airdrie).

Whichever, Ross is -technically - sixth in line: (1) secured creditors with a fixed charge - ?, (2) insolvency practitioners’ fees and expenses (3) preferential creditors - PAYE staff/HMRC (4) secondary preferential creditors-HMRC again (5) prescribed part creditors - any ring-fenced fund for unsecured creditors (6) secured creditors with a floating charge (7) non-preferential creditors-suppliers (8) shareholders.  But only the courts /administrator will know the ranking (as number of unsecured creditors, assets, and the actual loan agreements with ICT could influence it).

This is why the 'Accounts Overdue' in Companies House is such an issue - the failure to file those speaks volumes about the last gasp nature of Statkraft - it really was their last hope - and it looks like the CEO and Chairman overplayed their hand there.  It also means the scale of severity of the issue is not known outside of the board - giving advantage to the creditors.

Those on the Trust will be kept occupied (beyond the media enquiries) - not only in what they choose to do, but what they choose not to do.  I wish them well and it seems they are positioned well so far.  

[bdu98196]

Can the land lease be sold by the club though? Contractually would the council not need involved and agree change of use or ownership?

Ideally if we could find a business/industry who could optimise that land and develop the area but that takes a lot of time to allow of permitted selling the lease. Get enough income to clear debts and move elsewhere. The timescale for all that you'd think will exceed the one for administration unless those engagements are well underway and have been for some time.

[+snorbens_caleyman]

2 hours ago, Achfary said:

The tangible assets - ... pitch

The pitch was lifted as soon as the season finished.  Would anyone buy a pitch with no grass? 

[Achfary]

1 hour ago, bdu98196 said:

Can the land lease be sold by the club though?

If it could be relinquished by the club in 2001, then it could be again?  It was rental debt in the past, so could be again.  If Statkraft were going to rent it, it does have revenue-making potential.  So, the lease owner going ahead is v. important.  As for wording of Highland Council's 99-year contract terms, what that says/allows must be available somewhere?

16 minutes ago, snorbens_caleyman said:

The pitch was lifted as soon as the season finished.  Would anyone buy a pitch with no grass? 

Well, in days gone by, some teams rented out the playing surface to sheep farmers for their sheep to graze on.  But in this case, perhaps a fishing tackle and supplies conglomerate? 

[Yngwie]

26 minutes ago, snorbens_caleyman said:

The pitch was lifted as soon as the season finished.  Would anyone buy a pitch with no grass? 

Could we not have sold sections of the pitch to fans to raise a few quid?!

The grass in my garden is from Tannadice - the first owner was a Utd player and helped himself to it at the end of the season.