theshaymen.net

Alty to escape yet again.
Have just received a rather long document from the administrators which I have started to read. (and only just started it)

However, thought I would just mention something early in the document.

"Unless the approval of creditors and members can be achieved by 10th May 2008, with or without modification, the club faces the prospect of being expelled from the Conference.

Even the administrators state that this is "clearly a tall order"

Any comment from the Trust members?

What document is this, Steve?

More news

Have just seen the P&L which is obviously the detail since the administrators took over

Income 113231
Payments 98719

This might look quite good except included in the income is an amount of £55k being "third party contribution" - from B&H I assume. So without that you can see the loss we are running at.

Still, the good news ( ) is that in this period match sponsorships were a massive £600 and raffles £891.

Can it get any worse????

What sort of comment do you want Steve? We are treat as the same as all other creditors and I have only just this minute got my letter.

I assume it has been sent to all the shareholders - if you joined the Shaymen500 scheme, I assume yours is on its way.

Are you on strike today?

I suppose I assumed that B&H may have kept the Trust informed - silly me

Its a depressing read.

Weren't we told that the club had been in touch with the conference prior to administration and had been assured that all that would happen was the 10 point deduction?

Would like to know what rule the conference has that states if you go into a cva and don't have the creditors agreement sorted by the agm then you get relegated... I'm not convinced by this at all. Sounds like its the administrator trying to speed the process along to me.

More info

Creditors to be offered 2.5p in the pound

The consortium members do not own any shares, just have purchase agreements in principal

No real income other than gate receipts and programme sales

Relies on benefactors and fans generosity

Losing between £20k-£30k per month

However, the consortium are prepared to support the club in the belief that it is possible, given time, for the football club to achieve sufficient annual income to break even

After the advert there was some initial interest but most parties only interested in whether the company owned the stadium. Only one party signed a confidentiality agreement but they decided not to pursue

The consortium's members are prepared to support the football club in the future whilst exploring alternative sources of income to reduce the monthly deficiency, which they will be required to fund for the foreseeable future.

There is a fascinating list of ALL the creditors, from the previous CVA to the current ones - the total is only just over £2m so nothing to worry about chaps.

I have to say I've learned more about what's going on in the last hour, than I have over the previous 10 years!!!!!

Will the creditors agree - if not we'll be wound up, but then they'd get nothing - the danger is that some of them might prefer that!

Do you believe what the club tells you??????

These administrators seem on the ball to me

Its depressing reading what companies have been shat on again.

name some?

there did seem to be a few in there who didn't finish the East Stand, so little sympathy with them - along with some substantial amounts for previous directors, no sympathy for them either. But agree Bubba, some of the other names in there have been had yet again

If you were a shareholder, you'd know what we know - serves you right

I'm sure it was the administrators who said it....!