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

[The Mantis]

4 hours ago, bishbashbosh said:

is this a bit worrying…………

Inverness Caledonian Thistle, who received a 15-point deduction in Scottish League 1 earlier this season, face losing 75% of their playing squad if they fail to come out of administration by the end of the campaign. 

(apologies if posted elsewhere)

What’s the source though? I mean it could just as easily be somebody in The Mallard

[IBM]

10 minutes ago, bishbashbosh said:

Ok, ta. I have not read much on here while I am in cloudy Tenerife.

Again 

[bishbashbosh]

20 hours ago, The Mantis said:

What’s the source though? I mean it could just as easily be somebody in The Mallard

The source was bbc online sport Scottish football gossip, accredited to the Scottish Sun.

talking about Sun, sunny in Tenerife today but I will Duck out of the Mallard jibe 

[bishbashbosh]

20 hours ago, IBM said:

Again 

Yes, topping up the tan before Turkey in July.

[Scotty]

3 hours ago, bishbashbosh said:

talking about Sun, sunny in Tenerife today but I will Duck out of the Mallard jibe 

Hopefully tomorrow's game will be a quacker .... 

[STFU]

First and foremost I want to see the club on a firm financial footing. However there's a part of me would rather that came about through a totally new person or group as there's way too much baggage, ego and local politics attached to the likes of Savage, Sutherland, McGillivray, Cameron, etc.

[caley100]

35 minutes ago, STFU said:

First and foremost I want to see the club on a firm financial footing. However there's a part of me would rather that came about through a totally new person or group as there's way too much baggage, ego and local politics attached to the likes of Savage, Sutherland, McGillivray, Cameron, etc.

Think you should be prepared for Alan Savage to be part of the club for the forseeable future.

[STFU]

4 hours ago, caley100 said:

Think you should be prepared for Alan Savage to be part of the club for the forseeable future.

It seems obvious to me that was his plan from the outset and if it is him then so be it.

My thoughts are based on the possibility that new faces may be able to draw on support and backing from all parties because there's no baggage but any of the old faces is unlikely to be able to do the same. It's not based on any like or dislike for any of them.

I've said previously that many are due gratitude for what they have given over the years. Well, at least those running things up until about 7/8 years ago.

[big cherly]

8 hours ago, STFU said:

First and foremost I want to see the club on a firm financial footing. However there's a part of me would rather that came about through a totally new person or group as there's way too much baggage, ego and local politics attached to the likes of Savage, Sutherland, McGillivray, Cameron, etc.

I think you have hit the nail in the head STFU here in that the ego’s and old points scoring is begining to resurface and this is affecting the discussions going on in the background (while BDO attempt to bring the parties together). 
I don't know if there is enough willingness between the main players to look for a route that allows the Admin process to make substantive progress anytime soon. All we can hope is these people see the football side are meeting their part of the equation by almost certainly avoiding relegation. And with that spur the big hitters at the table make the effort to reach a settlement they all can sign up to.

just my tuppence worth

bc
 

Edited March 9 by big cherly

[LisleRightPeg]

Is it just me or does anyone else feel the lack of information regarding our current situation or finding a buyer for the club a concern? I really hoped we would have been out of administration by now. 

[CELTIC1CALEY3]

34 minutes ago, LisleRightPeg said:

Is it just me or does anyone else feel the lack of information regarding our current situation or finding a buyer for the club a concern? I really hoped we would have been out of administration by now. 

Legal and financial advisers need to get things right.

[+old caley girl]

2 hours ago, LisleRightPeg said:

Is it just me or does anyone else feel the lack of information regarding our current situation or finding a buyer for the club a concern? I really hoped we would have been out of administration by now. 

I had too tbh. However given how we got here and the personalities involved I'm not surprised it is taking so long. 

[big cherly]

22 hours ago, CELTIC1CALEY3 said:

23 hours ago, LisleRightPeg said:

 

Legal and financial advisers need to get things right.

Yes, agreed, however whilst the solicitors and legal beaks frown over the minuscule of any piece of negotiations, I can’t help feeling they will remarkably, through their due diligence, highlight or raise concerns on the period at the end of any sentence. Wonder why? 
Hope there’s a cap on their fee!!

bc

[Charles Bannerman]

5 hours ago, big cherly said:

Yes, agreed, however whilst the solicitors and legal beaks frown over the minuscule of any piece of negotiations, I can’t help feeling they will remarkably, through their due diligence, highlight or raise concerns on the period at the end of any sentence. Wonder why? 
Hope there’s a cap on their fee!!

bc

Legalities need to be absolutely spot on to prevent troublesome holes being picked in any agreement that may be made.

This club already has in its history an instance where it nearly collapsed on the strength of such a technicality. Back in 1995/96, when funding of the stadium depended on a £900,000 grant from Inverness District Council, the motion that Divid Stewart put forward to secure it contained the word “payable”. Some weeks later, councillors and, incredibly, officials who opposed the grant took advantage of that word and obtained a QC’s opinion that it created a meaning which (to cut a long story short) made it impossible for the council to hand the money over. The Common Good Fund eventually paid the cash but this is a classic instance of a legal technicality almost sinking the club.

[big cherly]

19 hours ago, Charles Bannerman said:

Legalities need to be absolutely spot on to prevent troublesome holes being picked in any agreement that may be made.

This club already has in its history an instance where it nearly collapsed on the strength of such a technicality. Back in 1995/96, when funding of the stadium depended on a £900,000 grant from Inverness District Council, the motion that Divid Stewart put forward to secure it contained the word “payable”. Some weeks later, councillors and, incredibly, officials who opposed the grant took advantage of that word and obtained a QC’s opinion that it created a meaning which (to cut a long story short) made it impossible for the council to hand the money over. The Common Good Fund eventually paid the cash but this is a classic instance of a legal technicality almost sinking the club.

Yes, I take on board what you and LRP are saying Charles. Any settled agreement must take cognisance of previous experiences and make it as watertight (I prefer airtight) as possible. Ultimately the length of time the Admin boys and other solicitors are engaged is dependant on the main players at the table reaching an agreement. This in my mind is best done with no solicitors present. (They can draw up the contracts later).
 

I mentioned some months ago the fee for the administrator could be 750K or more. I reckon we’re there or above that figure now. Some will say, ‘Well it will be whatever it needs to be’ and that ‘A Savage will pick up the tab’.
 

Maybe it will or some of it will be pushed into the final buyers tab. 
I cant help feeling somewhere in the whole process we the fans will be paying for some of any fee in some way (increase price of bovril or a scarf). I don’t personally mind but I’d rather be open about it! 

Ultimately I don’t see any incentive for the admin / solicitors involved to expedite the process. How many deadlines have we passed now, Two?
 

Tuppence worth.

bc 

Edited March 15 by big cherly

[Robert]

I hear that there was mention of a letter to Shareholders on Radio Scotland this morning. Did anyone hear it and able to share what was said?

[+DoofersDad]

54 minutes ago, Robert said:

I hear that there was mention of a letter to Shareholders on Radio Scotland this morning. Did anyone hear it and able to share what was said?

I didn't hear it, but as I shareholder I can say I have not received any communication.  Communications have previously been sent electronically.  If it has been put in the post, I might be able to provide an update sometime next week!

[Charles Bannerman]

1 hour ago, Robert said:

I hear that there was mention of a letter to Shareholders on Radio Scotland this morning. Did anyone hear it and able to share what was said?

Yes… it was my story on RS local news bulletins this morning.

BDO have written to “material” (presumably larger) shareholders (and I have seen the letter) asking if they would be prepared to give up their holding at no charge to club or any buyer. There is apparently at least one prospective buyer who would want 75% (effectively total) control and the proposed move would “assist” the CVA which may now be fairly imminent. (In other words they presumably don’t want to pay up to the £20 million that would cost if current shareholders retained their interest.

Oh for goodness sake! As I write, BDO have just issued a statement saying that there have been NO offers, quoting the “disparate” shareholding and problems over surrounding land. This suddenly doesn’t look good!

 

Edited March 17 by Charles Bannerman

[hislopsoffsideagain]

The optimist in me thinks this might be an attempt to put public pressure on those who are holding out over the surrounding land and having loans repaid to back down.

 

The (much bigger) pessimist in me is now far more worried that we are Donald Ducked.

[CaleyD]

As I had said previously, the only realistic way to start with a clean sheet is liquidation and starting again from the very bottom.

The handing over of shares will likely be a problem connected to who would be handing over shares to who, and the loans issue about who would be taking control "on the cheap".

I genuinely believe the club will continue, and the best hope of unpicking all the personality related issues is the liquidation route...but that relies on none of them being highest bidder on any assets.

The Just Giving campaign showed how deep fans pockets were, so I don't see fan ownership as a realistic option unless there's an Ann Budge type person willing to fund it in the interim.

We may see one or two of the interested parties break silence if looking for support in a liquidation buy out scenario.

[CaleyD]

11 minutes ago, hislopsoffsideagain said:

The optimist in me thinks this might be an attempt to put public pressure on those who are holding out over the surrounding land and having loans repaid to back down.

I had that thought briefly, but the shareholding was always going to be bigger hurdle involving a few more people.

[+Hiro]

There's probably a little bit of truth to both of your points.  The timing and language of the BDO press release hints at frustrations with particular individuals. 

It sets out the realities for the majority of shareholders.  Its an unpalatable choice - lose your 'investment' or lose your club

[Yngwie]

8 minutes ago, Hiro said:

It sets out the realities for the majority of shareholders.  Its an unpalatable choice - lose your 'investment' or lose your club

The shareholders lost the value of their investments (aka donations) a long time ago, some maybe just didn’t realise until now. The shares are effectively worthless as whatever value remains in the club and its assets is owed to the secured creditors.

[+snorbens_caleyman]

44 minutes ago, CaleyD said:

As I had said previously, the only realistic way to start with a clean sheet is liquidation and starting again from the very bottom.

Liquidation wouldn't remove the problem about ownership of the land surrounding the stadium.  (or is it ownership of the lease on that land?)

Or were you meaning start again in a different location?

[LisleRightPeg]

My heart says this is a statement to put pressure on Morrison & Cameron and Alan Savage will buy the club. My head says this is a desperate plea for help and it’s last chance saloon! 
 

Edit - I notice the club haven’t issued a statement on social media

Edited March 17 by LisleRightPeg