Admin by Oct 16th - It's here now!

[IBM]

1 hour ago, bishbashbosh said:

Off topic,

As a youngster back in the 70’s, at Telford street one Saturday watched the first half end 0-0 . Boring, yes even back then. 
you got in for nothing second half so decided to walk down to grant street. In the ground asked a guy what the score was, 4-3 to clach was the answer. No more goals finished that score.

next day saw the Caley score, they won 4-3.

FFS 14 goals and never saw one of them.

those days at kingsmills there was an exodus at half time, people heading over to the heathmount or Corrie for a half time pint. ( I was too young)

a mate told me a few years ago thistle v Brora. He went over at half time and the guy next to him ordered a pint in his full Brora kit, muddy boots. Didn’t bother him as he had a great 2nd half. Won’t mention his name.

with the shenanigans going on at clach park at half time, a drunk trying to beat a greyhound (may have been a whippet) getting a halfway start, ( he only got to the 18 yd box when the dog passed him), a streaker running the length of the pitch in wellies with old George Rodgers on the tannoy saying “we know who you are” the glory days of football in Inverness.

 if only they could bring that back today as half time entertainment.

 

You could gather more stories like that and write a book 

[STFU]

5 minutes ago, snorbens_caleyman said:

Savage has done what he said he would do - lift up the drain covers to discover exactly how bad the situation is.  At 74 years old, he may not have the desire or the energy to actually run the club for any length of time - and he may also have higher priorities for his money.  From what I've seen, I don't think that he can be criticised.

It's not Savage who is asking fans for money.  The need for the £200K was identified by his work, but the actual plea came in the communication from Panos Thomas on 2nd October.  (And, of course, Thomas promptly resigned on the very next day.)

That note also suggests that Savage's work is done - "Whilst Alan Savage’s temporary financial lifeline has undoubtedly saved the club from insolvency in the last few months, now that he has reported in depth to the Board, it would be unrealistic to expect that lifeline to continue."

One can only hope for more clarity at the meeting tonight.

I didn't criticise anyone but you have to admit that it's a bit mad that we've gone through all this in the last couple of months only to end up right back where we were in the approach to saving the club.

We were hoping for a hail mary then and we're pursuing the same hail mary now.

[STFU]

15 minutes ago, bdu98196 said:

Not sure its that clear cut. There is an agreement which I'm not sure is legally binding (contractual) that the battery farm money if it comes through would go back into the club from those directors (who appear to be creditors) HOWEVER they have the controlling interest already in the BF so technically could pocket that cash AND still call in the club debts - not very ethical but possible.

Additionally given the various figures and messages banded about even if e get the circa £3m nowhere is anyone categorically saying it wipes out all debts and we start again. It may make inroads and lessen the burdened meaning with various deals & debt restructuring we may get to a sustainable level (zero or profit) but not guarantees (unless I missed that in which case its more positive than I'm aware)

Right now we are asked to throw money at something in the hope of a positive outcome to a decision outwith the clubs control. Straws (paper ones at that) and grasping spring to mind. Definitely one thats easier for the 'cup half full' gang to get behind.

Good observation as there are two things going on here with a need to clear debts and one to reduce spending. Even if debt was cleared tomorrow we'd still have unsustainable costs.

[tm4tj]

I might have missed it somewhere in all these topics. 

Why was the deadline day set as 16th October?

Why was the specific price of £200k put down as the figure to save us.

Is that the price to pay for the Administrators?

Are we paying off Gardiner?

[+old caley girl]

49 minutes ago, tm4tj said:

I might have missed it somewhere in all these topics. 

Why was the deadline day set as 16th October?

Why was the specific price of £200k put down as the figure to save us.

Is that the price to pay for the Administrators?

Are we paying off Gardiner?

We don't know

[bishbashbosh]

I am not clever enough for all this, hope you guys/girls have tickets for the meeting.
Get stuck in tae them.

Edited October 7, 2024 by bishbashbosh
Forgot the girls

[STFU]

22 minutes ago, bishbashbosh said:

I am not clever enough for all this, hope you guys/girls have tickets for the meeting.
Get stuck in tae them.

It may not be your area if expertise but that doesn't mean you're not clever/smart. Fans shouldn't have to be versed in the business and legal aspects if running a football club but they should be able to trust that those doing so are.

Most fans just want to go along to games and be entertained. They want to see the team battling and being successful. The fact fans are having to focus more on what's happening off the pitch than on it and having to consider piling in crazy amounts of money to try and save the club is not what being a fan should be about.

[+snorbens_caleyman]

2 hours ago, tm4tj said:

Why was the deadline day set as 16th October?

Why was the specific price of £200k put down as the figure to save us.

You haven't missed anything.

The deadline date appeared in the 2nd October communication from Panos Thomas, which says "Unless the Appeal can raise £200k immediately, and certainly by Wednesday, 16th October, then Administration is inevitable, because the Club would be insolvent."

The HMG definition of "insolvent":

"A company is insolvent when it can’t pay its debts. This could mean either:

• it can’t pay bills when they become due
• it has more liabilities than assets on its balance sheet"

My guess is that there is some payment due by the 16th, and if we don't make it, then we become insolvent in accordance with the first HMG bullet point.

It may be that the payment is £200K, or it may be more that that, with the club needing a further £200K to pay the total amount.

I have no idea what the payment is actually for.

I hope there will be honesty and clarity tonight!

[CaleyCiuin]

30 minutes ago, snorbens_caleyman said:

You haven't missed anything.

The deadline date appeared in the 2nd October communication from Panos Thomas, which says "Unless the Appeal can raise £200k immediately, and certainly by Wednesday, 16th October, then Administration is inevitable, because the Club would be insolvent."

The HMG definition of "insolvent":

"A company is insolvent when it can’t pay its debts. This could mean either:

• it can’t pay bills when they become due
• it has more liabilities than assets on its balance sheet"

My guess is that there is some payment due by the 16th, and if we don't make it, then we become insolvent in accordance with the first HMG bullet point.

It may be that the payment is £200K, or it may be more that that, with the club needing a further £200K to pay the total amount.

I have no idea what the payment is actually for.

I hope there will be honesty and clarity tonight!

I think it’s the date by which HMRC and wages have to be submitted for processing and payment. 

[+Moogthurso]

Think I'll go to meeting without a ticket and take one of the rangers fans ones. 

[STFU]

This quote from Alan Savage in the courier.

"The key is we can’t look back, the only solution is looking forward. That is what the meeting wants to be about. It is no good hanging this board, as they weren’t the people who have had any part in what has happened."

https://archive.ph/CsCsw

Also mention of international interest in investing but we've been hearing that for a while now. We don't need tyre kickers.

[johnnykipper]

Can someone post up the link to the meeting for all the fans who they were unable to accommodate or could not attend?

[Pele_Is_God]

So even if we raise the £200k by the 16th, the club will still go into Admin [unless an investor comes forward]. Have I got that right? 

[Charles Bannerman]

Administration soon after October 16th now looks inevitable following what I thought was a very good meeting, packed with around 200 attendees. It was fairly clear that the Board and Alan Savage pretty strongly “prefer” Administration as the lesser of two evils, the other being Option Micawber - soldiering on and “waiting for something to turn up”. It was equally clear that much of the reason for holding the meeting was to test the temperature of the water as regards Administration and a show of hands between Admin and Micawber was roughly evenly divided. Alan Savage said that he would meet the cost of administration - which he also expects to remove a vast pile of debt.
There seemed to be a stoical acceptance that the resulting 15 point penalty might very well result in League Two football next season. Anger directed at Gardiner was palpable, with the astonishingly inept kit deal leading the charge - followed very closely by many of the other sh!tshows that plagued the five year infliction of this individual on the club. It’s clear that the crowdfunder has only minimal chance of even getting close to its £200K target, but that already seems to be receding into the background. There’s probably more I could write but the video will tell it all.

[CaleyCanary]

I think it’s inevitable now - bit like being 3-0 down in the 89th minute and I can’t imagine what BS will be uttered tonight to make me feel any different.

[buckett]

5 minutes ago, Pele_Is_God said:

So even if we raise the £200k by the 16th, the club will still go into Admin [unless an investor comes forward]. Have I got that right? 

Think of it as a sticking plaster.

[RiG]

Not offering Harper a contract and missing out on some dosh for him was another masterstroke. 

[Charles Bannerman]

9 minutes ago, RiG said:

Not offering Harper a contract and missing out on some dosh for him was another masterstroke. 

There seems to be some uncertainty there. The people who currently run the club aren’t aware of any money having changed hands, but it’s been alleged that Carlisle have suggested that it did.

[RiG]

17 minutes ago, Charles Bannerman said:

There seems to be some uncertainty there. The people who currently run the club aren’t aware of any money having changed hands, but it’s been alleged that Carlisle have suggested that it did.

Maybe it's just resting in someone's account... 

[George Murray]

8 minutes ago, Charles Bannerman said:

There seems to be some uncertainty there. The people who currently run the club aren’t aware of any money having changed hands, but it’s been alleged that Carlisle have suggested that it did.

For the current club management to say they are unaware of any money changing hands would suggest that no such transactions ever reached the official accounts. If they had, Mr Savage's forensic audit would surely have revealed them. If Carlisle believes that money did change hands, then where is it?

[+old caley girl]

33 minutes ago, RiG said:

Not offering Harper a contract and missing out on some dosh for him was another masterstroke. 

And Roddy. CC said that he found an email from Gardiner telling Carlisle we wouldn't be seeing compensation. Unbelievable stuff 

[RiG]

8 minutes ago, old caley girl said:

And Roddy. CC said that he found an email from Gardiner telling Carlisle we wouldn't be seeing compensation. Unbelievable stuff 

Staggering incompetence with a sprinkle of malicious intent. 

Under Gardiners reign we're probably finished as a club aiming to be in the top tier of Scottish football for a long, long time. 

[Satan]

Was there any breakdown of what these vast sums of money needed are paying for? Running costs for the month are only a fraction of the 200k we're trying to raise.

[+old caley girl]

Just now, Satan said:

Was there any breakdown of what these vast sums of money needed are paying for? Running costs for the month are only a fraction of the 200k we're trying to raise.

No. Savage did say though that some money in bank needed to convince Administrator we could get through the process? We are losing 1.75 million the last few years though so is 200k a month much short of the mark though? 

[Charles Bannerman]

3 minutes ago, Satan said:

Was there any breakdown of what these vast sums of money needed are paying for? Running costs for the month are only a fraction of the 200k we're trying to raise.

 

3 minutes ago, old caley girl said:

No. Savage did say though that some money in bank needed to convince Administrator we could get through the process? We are losing 1.75 million the last few years though so is 200k a month much short of the mark though? 

I think £200K seems to be less than the average monthly expenditure. I don’t know what turnover has been because the accounts aren’t required to state it, but £2 million mightn’t be a bad guess. Add the projected £1.2M for the current year to that to get expenditure and you’ve got £3.2M which is a bit over £260K in a month. There therefore has to be some concern if (or rather when) the £200K isn’t reached, then how are they going to manage to pay the October wages?