kni Posted July 29, 2013 Report Share Posted July 29, 2013 Employees who are owed wages to be offered dividend. "Dunfermline Athletic will go into liquidation - unless creditors agree on Tuesday to accept no return on debts owed to them by the League One club... "Dunfermline's situation is complicated by their stadium being owned by a separate company, East End Park Ltd, which is being handled by a different administrator, KPMG." "The Pars United Community Group is the preferred bidder for both, but Jackson told BBC Scotland that there was no money left for any other creditors as he and BDO sought a company voluntary arrangement for the football club." Are there any football-related creditors who are owed money? I thought that they had to be paid to allow a club to come out of administration. The club's creditors could reject the deal as Pars United must have money to buy East End Park. Quote Link to comment Share on other sites More sharing options...
yoda-jag Posted July 30, 2013 Report Share Posted July 30, 2013 bit of a joke really. so dunfermline are going for zero pennies in the pound cva. i believe most creditors are local businesses, and they are being asked to write off whatever they are owed (and either see these businesses balance sheets badly affected, or possibly face potentially some businesses going out of business themselves). but using the "if you don't accept nothing, there will be no local football club" line. nice. Quote Link to comment Share on other sites More sharing options...
ian_mac Posted July 30, 2013 Report Share Posted July 30, 2013 Absolutely shocking and just shows you how flawed the administration process is. The creditors are expected to accept nothing while Mr Jackson and his company are making an absolute fortune from the administration process. An impossible situation for the creditors and a tough decision for them. That being said, I can't see all of them accepting this so it looks like curtains for the pars. Quote Link to comment Share on other sites More sharing options...
potty trained Posted July 30, 2013 Report Share Posted July 30, 2013 Oh well, if they die, they die. The competition is not just to win trophies. Part of the competition to be the best, is the battle for survival. only the fittest will survive. or as my old pal Rick Ross used to say.... Fck 'em. Quote Link to comment Share on other sites More sharing options...
Scamps Posted July 30, 2013 Report Share Posted July 30, 2013 Absolutely shocking and just shows you how flawed the administration process is. The creditors are expected to accept nothing while Mr Jackson and his company are making an absolute fortune from the administration process. An impossible situation for the creditors and a tough decision for them. That being said, I can't see all of them accepting this so it looks like curtains for the pars. Depends who the creditors are I guess, if someone provided soft loans which is 75% or more of the total money owed then he/she/they may accept it. Then it won't matter if the others accept it, it goes through. Highly unlikely that this is the case but also shows another huge flaw in the administration process. Quote Link to comment Share on other sites More sharing options...
lady-isobel-barnett Posted July 30, 2013 Report Share Posted July 30, 2013 I've sympathy for the Pars fans to the extent there was little they could do to get their club back from Masterton. The real villain of the peace tho' is Yorkston. He's the one guy that could've alerted the supporters years ago to just how they were in danger to being exposed to what is now happening. Instead Yorkston allowed the fanbase to accept their debt as benign, completely manageable and in no danger of ever being called in. It's easy to say the supporters went along for the ride, lorded it up etc but I'm far from sure there was ever a time they could have stepped in to prevent it. Remember just who GM is and was and then imagine ordinary supporters trying to wrestle their club from him. There lies my sympathy. btw I was under the impression that the CVA will be passed and the administrators are reasonably certain the Pars won't face liquidation. If I'm wrong then there's going to be a lot of Pars fans in complete shock this week Quote Link to comment Share on other sites More sharing options...
potty trained Posted July 30, 2013 Report Share Posted July 30, 2013 The real villain of the peace tho' is Yorkston. He's the one guy that could've alerted the supporters years ago to just how they were in danger to being exposed to what is now happening. Instead Yorkston allowed the fanbase to accept their debt as benign, completely manageable and in no danger of ever being called in. And the poet Leishman, he sat for years, fully aware of the sh!te they were in, infact being instrumental in a lot of the decisions to bring in players they couldn't afford. but the press love the old jake, so there's no way he's getting the blame. Quote Link to comment Share on other sites More sharing options...
Trotter Posted July 30, 2013 Report Share Posted July 30, 2013 (edited) I think they'll survive. I've a funny feeling that Masterton is owed 75% of the monies owed, & if not very close to it. Why else would the administrators go with a CVA of 0p in the £ unless they knew it was likely to be accepted. Masterton happy to write of that debt as he still owns East End Park & will charge over the odds to sell or rent. Ether that or wait a couple of years & speak to his friends in the council about it getting rezoned. Plenty of houses either side of EEP & with a derelict football stadium in the middle why wouldn't the council rezone? *conspiracy theory* Edited July 30, 2013 by Trotter Quote Link to comment Share on other sites More sharing options...
lady-isobel-barnett Posted July 30, 2013 Report Share Posted July 30, 2013 And the poet Leishman, he sat for years, fully aware of the sh!te they were in, infact being instrumental in a lot of the decisions to bring in players they couldn't afford. but the press love the old jake, so there's no way he's getting the blame. Potty Trained, you're being unfair Of the situation, I was unaware Maybe you find that strangely funny But I'm the one Fifer wi nae clue 'bout money JL 2013 Quote Link to comment Share on other sites More sharing options...
yoda-jag Posted July 30, 2013 Report Share Posted July 30, 2013 And the poet Leishman, he sat for years, fully aware of the sh!te they were in, infact being instrumental in a lot of the decisions to bring in players they couldn't afford. but the press love the old jake, so there's no way he's getting the blame. and for the majority of last 10 years, he has been general manager of the club, taking a sizeable wage out the club yearly. but as potty suggests, blameless he is in eyes of media and most blinkered pars fans, he knew nothing. Quote Link to comment Share on other sites More sharing options...
jags365 Posted July 30, 2013 Report Share Posted July 30, 2013 CVA passed according to twitter. Quote Link to comment Share on other sites More sharing options...
The Cup Posted July 30, 2013 Report Share Posted July 30, 2013 Dunfermline AFC @DunfermlineAFC15m CVA carried. Vote was overwhelmingly for and Bryan Jackson thanked creditors for their support Quote Link to comment Share on other sites More sharing options...
kni Posted July 30, 2013 Author Report Share Posted July 30, 2013 I would hope that the SFA will now impose further sanctions. Quote Link to comment Share on other sites More sharing options...
Garscube Road End Posted July 30, 2013 Report Share Posted July 30, 2013 I would hope that the SFA will now impose further sanctions. Agree! Another club walking away from their debts. Time for a tougher regime over debts that are unserviceable! Quote Link to comment Share on other sites More sharing options...
lady-isobel-barnett Posted July 30, 2013 Report Share Posted July 30, 2013 Agree! Another club walking away from their debts. Time for a tougher regime over debts that are unserviceable! So if Masterton had gifted DAFC £8m that would've been OK? Masterton's company loans £8m and accepts £0 in return and they're walking away from their debts, I realise it's not as simplistic as that and there are other debtors, including ironically I believe their club poet. Even so tho' DAFC have cheated they don't come close, in terms of financial doping at least, to the crimes that many other clubs who have gone down the administration route.have committed. I don't no how Dunfermline are going to compete in the future given that they'll have to rent East End Pk at I presume a realistic rental. I imagine they're facing many years in the doldrums. Deservedly so for their previous mismanagement and that should be seen as their real punishment. Quote Link to comment Share on other sites More sharing options...
Garscube Road End Posted July 30, 2013 Report Share Posted July 30, 2013 So if Masterton had gifted DAFC £8m that would've been OK? Masterton's company loans £8m and accepts £0 in return and they're walking away from their debts, I realise it's not as simplistic as that and there are other debtors, including ironically I believe their club poet. Even so tho' DAFC have cheated they don't come close, in terms of financial doping at least, to the crimes that many other clubs who have gone down the administration route.have committed. I don't no how Dunfermline are going to compete in the future given that they'll have to rent East End Pk at I presume a realistic rental. I imagine they're facing many years in the doldrums. Deservedly so for their previous mismanagement and that should be seen as their real punishment. Considering that the £8 million wasn't ANY of Masterton's money! It came from the banks on loans on which re-paid nothing. Remember he was up to the same thing as David Murray was at Rangers on a smaller scale. Masterton was a bigwig with HBOS when they gave money to Rangers. In effect that money that he LOANED was the banks, NOT his, So he lost NOTHING, but created the mess that Dunfermline got into. Quote Link to comment Share on other sites More sharing options...
lady-isobel-barnett Posted July 30, 2013 Report Share Posted July 30, 2013 Considering that the £8 million wasn't ANY of Masterton's money! It came from the banks on loans on which re-paid nothing. Remember he was up to the same thing as David Murray was at Rangers on a smaller scale. Masterton was a bigwig with HBOS when they gave money to Rangers. In effect that money that he LOANED was the banks, NOT his, So he lost NOTHING, but created the mess that Dunfermline got into. I know a few more unsavoury things about Masterton. This tho' is about as damning as it gets http://scottishlaw.b...ls-bank-of.html I'm still unsure as to how DAFC were ever able to get out of his clutches and thus why I rate Yorkston so lowly. He was the one guy that could have dampened expectations and seen that the Pars expenditure was well within turnover. I seem to mind that only Dundee circa 2002 had a higher wage bill to turnover than Dunfermline. Yorkston was sanctioning something I believe in the region of an incredible 130% wages over turnover. 1 Quote Link to comment Share on other sites More sharing options...
northernsoul Posted July 31, 2013 Report Share Posted July 31, 2013 Jammy ******** getting away with cheating away for years. Not even a further points punishment to start the season. Absolute joke. And we continue to pay off our bank debt year after year, which has stifled us for years and held us back. I'm sick of Scottish football. 1 Quote Link to comment Share on other sites More sharing options...
kni Posted July 31, 2013 Author Report Share Posted July 31, 2013 With the Pars not owning EEP, they will have to pay a substantial rental to enable the ground to be sold for a reasonable sum. The SFA could ask them to cough up a bond like Livingston. Quote Link to comment Share on other sites More sharing options...
Norgethistle Posted July 31, 2013 Report Share Posted July 31, 2013 Why didn't masterton write of his (or the banks) £8million earlier allowing them to trade their way out and pay the creditors back. Total corrupt how this can happen and creditors end up with nothing whilst the company carries on with no debt as if nothing has happened. Total scam 1 Quote Link to comment Share on other sites More sharing options...
yoda-jag Posted July 31, 2013 Report Share Posted July 31, 2013 I know a few more unsavoury things about Masterton. he even looks unsavoury and sleazy. you know the type. long rainjacket on a dry day in a park. or the kerbcrawler who can only get his leg over by paying for it. Quote Link to comment Share on other sites More sharing options...
kni Posted July 31, 2013 Author Report Share Posted July 31, 2013 Why didn't masterton write of his (or the banks) £8million earlier allowing them to trade their way out and pay the creditors back. Total corrupt how this can happen and creditors end up with nothing whilst the company carries on with no debt as if nothing has happened. Total scam Something has happened, the Pars don't own EEP on which a lot of the debt was secured. Quote Link to comment Share on other sites More sharing options...
Norgethistle Posted July 31, 2013 Report Share Posted July 31, 2013 The pars haven't owned EEP for a long time, that company is also in administration Quote Link to comment Share on other sites More sharing options...
kni Posted July 31, 2013 Author Report Share Posted July 31, 2013 The pars haven't owned EEP for a long time, that company is also in administration Isn't that the company that the DAFC owed the money to? The creditors will demand that EEP to be sold with a significant rental income from the Pars. It's still possible that they will end up sharing with Rovers or Cowdenbeath. Quote Link to comment Share on other sites More sharing options...
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