The Poolie Bunker

even better the goat story at the bottom of the page lol

Once again a team manipulates the rule to suit their position - ie relegation already assured, let's get the deduction over now when it makes no difference.....

I think the only team that's taken a deduction which has really cost them was Wrexham - only then because the Hamilton fiasco left them with no choice.

Maybe they ought to tweak the rule somewhat so that instead of a points deduction that can be manipulated the team in question can't win promotion for two seasons following admin or CVA. Teams that really need admin probably won't care too much as it will give them time to get on an even keel, and it would have sorted the Leicester Situation which is what this was all brought in for in any case.....

This is a disgrace. KPMG have already agreed the sale of the club - to a new Ken Bates company.

http://news.bbc.co.uk/sport1/hi/footbal ... 625751.stm

Surely the administrators have to try and sell the club to the highest bidder to get the maximum back for the creditors. So where are the sale documents and bidding process. Why the haste to sell to Ken Bates who took the decisions to put the club in administration in the first place.

If only they could work out a wheeze I'm sure they could have sorted out an agreement to pay West Ham's £5.5 million fine before they went into Administration. That way both sets of cheats would have got away with it.

KPMG should be charged with bringing the game into disripute. I hope one of the creditors has the balls to sue the socks off them.

'Fraid it doesn't work like that Splod. Bates will have agreed with the creditors to go in to Administration. It's called a CVA, a Creditors Voluntary Arrangement. Bates says, 'right lads we're skint. You can agree to take 30p in the pound or you get SFA if we liquidate the company.' Also, the creditors get to reclaim the VAT and tax on the amount they're owed, so in effect, and I'm guessing at 30p, it's just a number I pulled out of the air, they get something like 50-60% of what they're owed back through their books. In short they get their money back but don't get the profit on whatever they've supplied. Might make a small loss.

Of course this applies only to the creditors owed the big money, the ones at the bottom of the list owed maybe 2K for say maintaining the bogs largely walk away empty handed but such is the nature of business.

As for selling to himself, well, it's not quite like that either, this is an arrangement he'll have made with KPMG. They are duty bound (and closely observed by the DTI) to get the maximum amount they can for the creditors, less of course their astronomical fees, which again are agreed by the creditors with their arms firmly up their backs. The job is half done when he says that he'll get the creditors my fictional 30p in the pound then KPMG do a simple sum, take Bates money to the value of 30% of the outstanding debts (including any 'liquid assets' i.e. cash in the bank available) and give him his company back with a clean slate. In a CVA the ownership of the company doesn't change hands, they just sort the debt out. If it was a worse case they'd go for Receivership, where they WOULD sell on the company if it wasn't too fuc ked, or Liquidation, where they disband the company and walk away.

The reason it'll have gone to another Bates company instead of the one currently owning Leeds is because of the deplorable debt record.

All the above is just an overview of what usually happens I've got no personal knowledge of Leeds plight or Bates's circumstances.

to cut a long story short....Cheating Kunts!!!!

That's it in a nutshell Muts, yeah.


Like the story goes, if you owe the bank a ton, you're a bad risk, owe the bank a million, you're a good customer.

right then I'm off to increase my debt considerably