Dick Dastardly
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Posts posted by Dick Dastardly
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Depending on price & design, I would be a yes.
+1
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think that would be gone anyway as we would have to join the end of the queue for cash would we not??
Football debts I believe have to be paid in full before other creditors get a penny. That said, if Dundee go out of business, they will get nothing for Inglorious Gary, so we would get 25% of bog all.
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Well that's them out the Cup. They cup tied both Harkins & Griffiths. With his team getting beaten 0-4 and a couple of minutes to go Griffiths gets himself sent off. That must have knocked a good few grand off his selling price.
All in all not a very good day for Dundee FC.
Rather sad, innit?
Don't think it will make much difference to their value. I doubt if any Scottish club that can afford them would want them and the cup tie/suspension wont apply if they head down south.
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On the plus side, we should know the draw for the next round before the game is played. If we get someone like Inverness or St Johnston, we might play a different side than if Rangers/Celtic came out the pot.
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Exactly my point. If selling/getting rid of Griffith/Harkins is going to get the creditors less than 6p in the pound then he is doing the right thing. If not then the creditors would be able to sue. Only he (and the creditors) will have all the figures.
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WHAT IS COMPANY ADMINISTRATION?
If the Directors of a Company believe that a Company is insolvent, but that it has a solid "core" business which will allow it to trade viably in the future, the Company can appoint an Administrator.
The Directors will put up a proposal that existing debts be extinguished by paying creditors a percentage of their claims in full discharge of all liabilities of the Company.
When a Company goes into administration the Company appoints an official Administrator who is an insolvency practitioner who is independent of the Company.
The Administrator calls a meeting of creditors.
At the meeting of creditors the Administrator informs the creditors whether they would be better off:
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putting the Company into liquidation immediately;
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or accepting the offer of the Directors.
If the creditors want to accept the offer of the Directors then the Company and the Directors will execute a Deed of Company Arrangement which will provide that the creditors take the payments (often made by the Directors) in full satisfaction of their claims against the Company.
Until the Deed of Company Arrangement is executed, the Administrator controls the Company.
Once the Deed of Company Arrangement has been executed the management of the Company returns to the Directors.
Looked all that up on google as you'de expect, I'm no expert. But it seems to confirm what I thought, that the administrator has to try to pay as much of the creditors money back as he can while trying to maintain some viable core business.
Now, my opionion:
To my mind the Dundee adminsitrator seems to have been acting much more for Dundee than the creditors. However this month will tell more. They have two very good assets that they can sell and probably some lesser but still sellable ones too.
It's not the administrator's concern whether Dundee get relegated or not - only that as many of the creditors get as much of their money owed as possible, while keeping Dundee alive as a going concern - which they still would be in a lower division.
A very good summary, and the important point is that the Administrator's primary role is to recover as much as possible for the creditors. As much as we all want it, that does not mean punish Dundee, and in his defense, by holding onto Griffiths and Harkins, probably the only assets of any value, I think he is probably doing the right thing.
There are rumored to be about £2m in debt and if the 6p in the pound offer is accurate, that would mean the creditors would get £120,000 from the sale of the club in it's current state. Sell Griffiths and Harkins and the value will be massively reduced from the reduction in assets and the almost certain reduction in the clubs league status.
So, how much would they get for the 2 players mentioned ? Probably not a lot. I can't see that any Scottish club that can afford them would want them, which leaves the English Leagues. GH was hardly a roaring success there and with times tough I can't see them fetching more than £250k for the pair. Take away agents fees, sell on clauses, players cut, administrator's fees, taxes and there isn't going to be much left for the creditors.
OK, so some of this is based on rumour and speculation, but I just wanted to suggest that it is not neccesary for the administrator to sell everything to be doing his job.
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For the benefit of us Nomads, what did he say ?
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Quinton Jacobs for Namibia
I think that MoJo got his first cap after moving to Watford.
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Anyone think that England didn't really want to win, but had to be seen to try ? There has been a series of PR disasters ever since they started the bid, beginning with Lord Triessman and ending with the Panorama report. All nothing to do with the bid, but all damaging.
Conspiracy ?
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Where is the wee h u n runt these days?
Dundalk I believe
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Well done to Stuart Bannigan on scoring his first senior goal. 90 minutes again for him again. Also, well done Jamie Campbell - first appearance and seems keen to have a go at defences without any fear. Great stuff!
Early days. There is plenty of time to knock some negativity into them and turn them into proper Jags.
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Why not have a top league of 2 teams where they play each other 4 times a season, with no relegation or promotion.
The rest can have 2 leagues of 16. Works for me.
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It showed Dundee in the league table as if they'd had no points docked.
It showed the Bolton vs. Spurs result the wrong way round in their report.
It didn't even show the Bolton vs. Spurs result in its Premiership summary table.
Don't newspapers have sub-editors/proofreaders any more?
And as for the BBC.........
Don't want to defend the press, but this is actually correct. Because Dundee have appealed, the points have not yet been deducted. Look at the official Scottish Football League webite if you want confirmation
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Shame, I think he might have done something against the Stirling defense, although McCall would probably start him from the bench until he's had a couple of reserve games to settle in.
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Not paying the tax-man / neglecting N.I. contributions is cheating and not what's highlighted!
The point I'm trying to make is that had they got the promotion, they would have had the money to pay the tax man. It was only because they failed so spectacularly that they are in the shit. Don't get me wrong, I have little sympathy, I'm just saying that they were not cheating. They knew the rules and played by the rules and are now suffering the consequence of the rules.
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They have blatantly cheated to gain an unfair advantage on the rest of the league.
I would actually disagree that they cheated. Had they got promotion to the SPL, they would have easily been able to pay off the debts. What they did was set up a business model based on a gamble. It was a valid business model, but they lost the gamble, now they have to pay the consequences.
The situation with our stadium is totally different and I would argue that Inverness were bigger cheats than Dundee.They spent money on the squad rather than the stadium in full knowledge of the rules, then argued about the rules after they had won. However that is an old wound that is probably best left untouched for now.
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True. Additionally, he'll now be able to concentrate on his main 'day job' as Chesney Battersby-Brown in Corrie which, according to my sources at Granada, pays rather well.
Is it his wife that plays Schmeichel
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Shimmin ain't that good...
True, but people think he is.
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Shimmin will go to a struggling SPL club - St.Mirren, Kilmarnock, Aberdeen.
Kuqi will head back down south to a League 1 or League 2 side.
I don't want any of them as we can't afford them.
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I'm going to be controvertial here and suggest that the SFA/SFL would be right to do nothing until the Dundee situation is sorted out. Much as I dislike Dundee, the governing bodies should be doing what is right for Scottish Football and I would argue that Scottish football is better with Dundee FC in some form rather than Beith or Spartans or Teuchter Utd. Penalising Dundee now would make it very hard to find the new buyer that the club needs to survive and the survival of Dundee FC should, rightly be the priority of the SFA/SFL.
A statement that they will review the situation in January would give the club a fighting chance.
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Add Shimmin, McMenamin and Antoine-Curier to our bunch and we'd be laughing.
Not with their wages we wouldn't. Recruit them and we would be as dead as Dundee.
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It also appears Dundee's chiefe executive has been in contact with a few fans to confirm the following are being retained:
Douglas, Irvine, Weston, Harkins, Griffiths, Benedictus, Riley, Higgins, Forsyth, O'Donnell McKeown and Witeveen.
Smith must be staying as he is assistant
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It depends on whether they end up in Admin or Liquidation. If Admin, Dundee can't come out until football debts are settled in full (ie pay the lot or come to an agreement with us). If it is Liquidation, we become just one of the creditors
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What cost cutting? Looks like they want to keep all the high earners.
saleable assets
The club need cash, and it will cost them to get rid of Harkins, Griffiths etc, assets that they can sell in January. If the administrator was to get rid of them he would not be doing his job. He has to get rid of stuff that he can't get any money for and keep the stuff he can sell.
Rumour Mill
in Main Jags forum
Posted
I'll say it quietly ....Jorge Cadette.
Bertie Auld didn't do bad for a former old firm player. Also, Sid from the current squad.