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

[Scotty]

I cant, I just cant .... 

 

[bishbashbosh]

Wow, when I posted this on august 14th I was only pointing out the word suspended in the statement.

not so happy days………………

===================================
Happy days on the horizon.

From the statement ……… The club have also suspended negotiations with Seventy7 Ventures, who had been seeking to acquire a majority shareholding.

a quick google of “ suspended” gives ……..

The Suspended status means that the contract is temporarily 'suspended' and can be reactivated in the future.

Hope that doesn’t happen and it’s only legal speak.

[CaleyCiuin]

Oh what a laughing stock this club has become! Best of luck anyone flinging their money into this lot !!! 

[+old caley girl]

20 minutes ago, Jack Waddington said:

Monday night'll be a right laugh

Might need a bigger room? 

[Yngwie]

32 minutes ago, STFU said:

He's back...

Well at least he is now officially qualified to run a football club! 

Sounds to me like Savage is sceptical but obliged to explore any potential offer. Nobody will be surprised if Makanwa falls at the first hurdle. From the article:

Savage, speaking exclusively to the Press and Journal, revealed Makwana is back in talks with the club. Savage said: “Ross Morrison on Tuesday has reintroduced Ketan Makwana to the process.

“He suggested that Panos contacted him, which he did. The board are now in the process of asking the lawyers for proof of funds as the first hurdle. Proper due diligence will follow. Scott Young will be dealing with that.”

[+snorbens_caleyman]

8 hours ago, snorbens_caleyman said:

The thought had occurred to me.... what if he [Makwana] came back now with his offer?

Oh s**t!!!   Sorry folks 

[big cherly]

3 hours ago, Scotty said:

BREAKING .... press release just issued

 

Spineless !!!!!! 

[CaleyCanary]

1 hour ago, STFU said:

He's back...

I’m sorry but if that’s happening then I’m just about done with all this - was in two minds about contributing to the funding and how much but not now, they are taking the p…

[Scotty]

I would say uncomfortably numb to be fair, but this is today's playlist. 

 

[+CaleyHedgehog]

1 hour ago, old caley girl said:

1 hour ago, Jack Waddington said:

Monday night'll be a right laugh

Might need a bigger room? 

Might need a smaller room?  I'm not sure if i can face any more drama, and I'm sure others must be feeling the same way.

[buckett]

Just can't get my head round how we are losing £200,000 a month.

Where's all that money going?

Shouldn't incomings at least equal outgoings?

How do other football clubs manage?

[bishbashbosh]

Who is running the club just now. Morrison chucked it weeks ago. panos ( predictive text comes up as pants) has done the same this evening, morrison reintroduces makwana and  savage.....

Savage, speaking exclusively to the Press and Journal, revealed Makwana is back in talks with the club. Savage said: “Ross Morrison on Tuesday has reintroduced Ketan Makwana to the process.

“He suggested that Panos contacted him, which he did. The board are now in the process of asking the lawyers for proof of funds as the first hurdle. Proper due diligence will follow. Scott Young will be dealing with that.”

[IBM]

53 minutes ago, bishbashbosh said:

Who is running the club just now. Morrison chucked it weeks ago. panos ( predictive text comes up as pants) has done the same this evening, morrison reintroduces makwana and  savage.....

Savage, speaking exclusively to the Press and Journal, revealed Makwana is back in talks with the club. Savage said: “Ross Morrison on Tuesday has reintroduced Ketan Makwana to the process.

“He suggested that Panos contacted him, which he did. The board are now in the process of asking the lawyers for proof of funds as the first hurdle. Proper due diligence will follow. Scott Young will be dealing with that.”

As you stated earlier the talks with Makwana were suspended and is AS going through the motions doing the due diligence that might not have been carried out before such as proof of funds?  If he hasn't got the funds which many of us think is the case it would show our board members and CEO had not done their job.  Is that why "pants" has suddenly resigned?

[CaleyTennis85]

At least Mr Savage is doing a bit of digging into this weirdo **** unlike clowns Morrison/Gardiner!

So if he has the funds (however likely that is) then we can all apologise to Mr Makwana ? 

I may not be the biggest fan of most on here (god knows why ) but I want to know why doesn't Alan Savage just put the club up for sale in order to get the desired response from interested parties etc or is it a lot more complex than "just putting the club up for sale"? 

Please go easy on me with responses .

[+snorbens_caleyman]

9 minutes ago, CaleyTennis85 said:

 why doesn't Alan Savage just put the club up for sale in order to get the desired response from interested parties etc or is it a lot more complex than "just putting the club up for sale"? 

Please go easy on me with responses .

The club is owned by the shareholders.  Not Savage.  It's not his to sell.

[+DoofersDad]

57 minutes ago, bishbashbosh said:

Who is running the club just now. Morrison chucked it weeks ago. panos ( predictive text comes up as pants) has done the same this evening, morrison reintroduces makwana and  savage.....

Savage, speaking exclusively to the Press and Journal, revealed Makwana is back in talks with the club. Savage said: “Ross Morrison on Tuesday has reintroduced Ketan Makwana to the process.

“He suggested that Panos contacted him, which he did. The board are now in the process of asking the lawyers for proof of funds as the first hurdle. Proper due diligence will follow. Scott Young will be dealing with that.”

It is the 3 remaining Directors who are making the decisions.  Savage has just been a Consultant and now that he has reported to the Board, I'm not at all clear what his role is, or even if he still has one.  

This latest news is simply bizarre.  Given how dismissive Savage was of Makwana's approach and of the Board seriously considering his offer, it beggars belief that the Board has re-opened discussions.  And this on the say so of the former chairman whose catastrophic record of poor decision making has led us to this sorry state.  Savage must be tearing his hair out.

I can't see Makwana having the funds to bail the club out and take the club forward, so I wonder if they are now having discussions about Makwana being a post administration buyer?  It is strange that this news should break on the same day that Panos Thomas suddenly quits as a Director as it has echoes of Thomas and another dubious "money man" at Watford a few years back.  Is Thomas going to suddenly reappear at Makwana's side as a potential buyer post administration?

That is pure speculation on my part.  I really don't have a clue what is going on now.  What I can be sure of is that there will be a lot of discussions going on behind closed doors involving people with a lot more money than I have.  I think we have to expect the unexpected.

 

[CaleyTennis85]

https://www.pressandjournal.co.uk/fp/sport/football/inverness-caledonian-thistle/6596639/ketan-makwana-back-caley-thistle-frame/

A bit of a positive quote from this article and I presume it doesn't refer only to Mr Makwana "we have had lots of interest from parties interested in buying the football club"

Let's hope we get out of this mess soon because it's so heartbreaking to be in this situation , I have supported this club since 2000 and NEVER have felt as low as this!

[PullMyFinger]

11 hours ago, DoofersDad said:

Fundraiser now up and running on Go Fund Me.  Currently standing at £10!

Considerably more now.

£100 from Sack the Board

[CaleyCiuin]

It would be good if at the meeting on Monday if someone could ask what this 200k is actually for. Is it wages, bills , puma contract, legal fees , administrators fees, paying off directors loans ?????? People so far seem to be putting some cash in, but how will it be spent? Also if the target is not raised and admin does happen, do contributors get their money back or do administrators get it? Hope this get clarified before I decide if I can afford to give something.

[Jack Waddington]

20 minutes ago, CaleyCiuin said:

It would be good if at the meeting on Monday if someone could ask what this 200k is actually for. Is it wages, bills , puma contract, legal fees , administrators fees, paying off directors loans ?????? People so far seem to be putting some cash in, but how will it be spent? Also if the target is not raised and admin does happen, do contributors get their money back or do administrators get it? Hope this get clarified before I decide if I can afford to give something.

Shame all the important questions will probably go unanswered, cos all the rats who could answer them have skedaddled away...and everyone left only has the trimmings of the answer

[ICTPaisley]

50 minutes ago, CaleyCiuin said:

It would be good if at the meeting on Monday if someone could ask what this 200k is actually for. Is it wages, bills , puma contract, legal fees , administrators fees, paying off directors loans ?????? People so far seem to be putting some cash in, but how will it be spent? Also if the target is not raised and admin does happen, do contributors get their money back or do administrators get it? Hope this get clarified before I decide if I can afford to give something.

I think the key question is how much more after this will we need to fund. I don’t really care what we’re paying off to be honest. A bill is a bill and it needs paid regardless.

[Yngwie]

30 minutes ago, ICTPaisley said:

I think the key question is how much more after this will we need to fund. I don’t really care what we’re paying off to be honest. A bill is a bill and it needs paid regardless.

Yeah that seems to be it - the club has a whole load of creditors and liabilities to settle, and fans are being asked to contribute towards that, with hopefully other means being arranged to cover the rest? It’s a key question that needs asked though.

I would see it like taxation - I want my taxes to go towards things I support and not be used for things I disagree with, but at the end of the day it all just goes into one big pot and you can’t choose how your contribution gets distributed. Your choice is simply whether to contribute to the overall cause or not.

Edited October 4 by Yngwie

[STFU]

1 hour ago, CaleyCiuin said:

It would be good if at the meeting on Monday if someone could ask what this 200k is actually for. Is it wages, bills , puma contract, legal fees , administrators fees, paying off directors loans ?????? People so far seem to be putting some cash in, but how will it be spent? Also if the target is not raised and admin does happen, do contributors get their money back or do administrators get it? Hope this get clarified before I decide if I can afford to give something.

It says to meet cash requirements so the assumption will be wages bills services supplies etc. It should not include paying any directors loans or such but the wording is sufficiently vague that it might.

Either way once a donation is made the money is gone into the black hole.

Savage seems to have directed the money he's supplied to clearing historic bills and I'd like to think that would limit the financial loss to local suppliers. The impression given is that the current debts are predominantly director loans so they'd be the ones taking the hit and is probably why they are resisting the admin route.

[+DoofersDad]

The meeting needs to be about looking forward.  In order to do that properly we need to understand the process and consequences of Administration and of struggling on to try and avoid Administration.  How, for example, would the administrators deal the outstanding loan debt?  What I am sure we would all agree on is that we do not want the club to be liquidated.  I certainly don't like the idea of Administration either, but other clubs have been through the process and have fully recovered within a few years.  I wonder therefore whether desperate efforts to avoid administration will only delay the inevitable and could do more harm than good.

I worry that in order to avoid administration, the Board could look to sell the Club off to some unscrupulous buyer whose long term aim has nothing to do with football but everything to do with the potential development value of the site.  Sadly, I have more confidence in the Administrators to sell the club to an appropriate buyer than I do in our own Board.

If we raise the £200,000 what happens. next month?  To reduce the difference between income and expenditure, the Board would need to make some of the cuts the administrators would do in any case.  We would still need to find significant sums in donations every month until we could be in a position where there was a balance between income and expenditure.  It would be hard and none of that touches the massive debt the club has.  How long could we survive like that unless former Directors write off their loans?

Would administration be worse?  It would be brutal at first with redundancies coming quicker, but presumably it would allow recovery to start quicker and make the club a more attractive proposition for more appropriate buyers?

 

 

[Starscape]

I'd really like to know AS's true views. Is he coming in to buy the club going into administration? Then I'd be happy with that, never mind the points deduction. I'd be far happier to put in money to re-start the club, rather than paying off rich men who mismanaged the club to a ludicrous extent.

Or is that not part of AS's plan? Will we instead be going down the route of Clydebank.

And I totally understand why AS cannot say