777 Partners / Whatever the hell you like

[allen]

The first Tweet is about what "analysts" would think is a good approach, the second is saying that Moshiri has no intention of doing that.

It was the linguistic construction of the second tweet that was confounding me. @HalfTimeSayers explained the correct interpretation to me -which my brain wasn't allowing me to process on my own.

 

[degsy]

I for one, welcome our new overlords
View attachment 256202

As do we all - for now.

 

[Exeter_Gently]

A load of people on here used to worship every word he posted on here back in the day.

I used to call them the Eskimoes. They have all turned on him now.

I call the people who like your posts MooMen.

 

[Moomin]

I call the people who like your posts MooMen.

They are good people.

 

[kenada_blue]

Badly written I think. He doesn’t want to sell badly enough to put into admin. i.e. it’s not being considered.

Yeah. Kinda confirms he'd float the club instead of it falling into admin.

 

[degsy]

As a wise man (on toffeeweb) said...gist

Going concern Businesses are run for the Shareholders
Businesses in Administration are run for the Creditors
But...

"Companies enter can enter either voluntary or involuntary administration
Administration results in the company either being sold, wound up, or restructured
Companies can go on to be successful after administration"

Just sayin like.

Edit; So what's in it for MSP

 

[Saint Domingo]

Yeah. Kinda confirms he'd float the club instead of it falling into admin.

Moshiri is still extremely rich. There’s a difference between not wanting to sink more money into the club and not being able to. He just doesn’t want to.

 

[Lobworm]

It provides a moratorium on creditors making the company insolvent so it effectively gives a company a chance to trade through a difficult period without existing creditors sending it under in the hope that creditors get a better return at the end of the administration or the company returns to financial health. There are statutory purposes that must be achievable and the IP (insolvency practitioner) won't accept the appointment unless they are achievable and they will be kept under constant review. The directors can't just do it for a jolly.

So in effect, the directors get given notice whereby they have to show an achievable plan, to get the business back on track within a given timescale? Then, if they cannot do that it the timescale, administration is the outcome? Have I read that correctly?

 

[Exeter_Gently]

As a wise man (on toffeeweb) said...gist

Going concern Businesses are run for the Shareholders
Businesses in Administration are run for the Creditors
But...

"Companies enter can enter either voluntary or involuntary administration
Administration results in the company either being sold, wound up, or restructured
Companies can go on to be successful after administration"

Just sayin like.

Haven't got a clue what any of this means but I agree.

 

[Moderatelywarmwater]

Of course it's possible, anythings possible and I don't see anyone ignoring it. I see people getting wound up by the continued parroting of it as if its the only option out there.

There was no possibility of us going into administration. 5 years ago. Literally zero percentage chance. Now? It’s a real and genuine possibility. So much so that it’s in our accounts. We have to talk about it.

 

[pfim]

It provides a moratorium on creditors making the company insolvent so it effectively gives a company a chance to trade through a difficult period without existing creditors sending it under in the hope that creditors get a better return at the end of the administration or the company returns to financial health. There are statutory purposes that must be achievable and the IP (insolvency practitioner) won't accept the appointment unless they are achievable and they will be kept under constant review. The directors can't just do it for a jolly.

And there's the rub. There are four major creditors: RMF, MSP, 777 and Moshiri. The last two certainly aren't calling in administrators as they won't get a better return. The first two could be the the issue.

If we rely on the Esk's information, rather than his opinion, there is enough cash in the business until the end of the year. He also stated that 777 didn't make the last payment directly to the club, the inference is that it was made by ACap who provided the money to 777 in the first place. That tells me that ACap still thinks the club's viable, they're not going to throw good money after bad if Administration is imminent.

MSP is the most immediate concern. We don't have 158 million to pay them off at the end of the month. Moshiri, if he can, would need to bridge that gap or MSP triggers their conversion option.

Next I'm sure RMF has covenants written into their agreement, which I'm assuming the club has been in breach of and likely has gotten waivers.

Someone mentioned that not all of the cash will come immediately to the club if players are sold. That can be negotiated. PL TV money will also be arriving in a few months (which could help ease the RMF situation). It would be an odd time to bring an administrator in.

 

[BNJ1878]

I forget his name but the guest on yesterday's Royal Blue (echo) podcast spoke like an adult with clarity on the 777/MSP/Administration mess.

I highly recommend listening.

Short version:

Administration is highly unlikely, it would too big a kick on the balls for R&M and MSP to swallow

 

[HalfTimeSayers]

.

 

[Neiler]

View attachment 256278

I’ve seen a couple of reports say that Bell and Downing could form a coalition with MSP.

I think that detail is getting a bit lost and hasn’t been commented on. They are both investors in MSP already.

So if MSP were to trigger their security if the loan isn’t repaid by the end of May they would have a controlling stake in the club. Moshiri would be left with 49.9% of his 90% odd shareholding.

I wonder does this report suggest that Bell and Downing are willing to take on Moshiri’s remaining 49.9% stake, in addition to MSP holding controlling interest.

Moshiri was prepared to accept 69mill from 777 for his full stake, potentially rising to 149 mill with clauses.

So I wonder if MSP could take just over half of Blue heaven and Bell and Downing take the remainder of Moshiris stake individually. 35 mill between the two based on the 69 mill 777 would pay for 100% of Moshiris stake, initially, if even - as I’ve also seen reports they’ve loaned money to the club privately (maybe the mystery men the esk has reported funded us this month) and turn that into equity.

 

[Del-boy]

There is no “tactical” administration to avoid a points deduction next season. There is seen to be a cut off period to prevent teams from doing exactly this.