View Full Version : Out of Examinership
micls
16/10/2008, 11:42 AM
We are debt free and out of examinership as of 5 o clock today.
Judge sided with us :D
Where are the happy dance smilies...
Dodge
16/10/2008, 11:43 AM
Debt free?
micls
16/10/2008, 11:44 AM
Sorry meant to post in teh City section
micls
16/10/2008, 11:45 AM
Debt free?
Yeah. Tax man had to accept the 15% by ruling of the judge.
Sorry should have made clear players wages ar being backpayed of course, but the debts that got us into examinership have been cleared
sligoman
16/10/2008, 11:45 AM
Does this mean it's likely ye'll get a Premier licence next season?
jebus
16/10/2008, 11:46 AM
Are players getting all their money or just a percentage?
micls
16/10/2008, 11:46 AM
Are players getting all their money or just a percentage?
Full thing afaik
jebus
16/10/2008, 11:50 AM
Full thing afaik
Good to hear. I expect that this means that Cobh won't be Cork County's premier football side next year, I don't think any of us wanted to see that :D
micls
16/10/2008, 11:51 AM
Good to hear. I expect that this means that Cobh won't be Cork County's premier football side next year, I don't think any of us wanted to see that :D
Lol. Im still expecting relegation tbh but I couldnt care less.
We have a club!!!!!!!!!!!!!!!
Dodge
16/10/2008, 12:01 PM
Full thing afaik
Very strange that the judge would force revenue to accept only 15% while staff receive 100%
micls
16/10/2008, 12:03 PM
Very strange that the judge would force revenue to accept only 15% while staff receive 100%
No idea what the precedents etc are for this type of case so cant comment. Happy he did though
SunderlandBohs
16/10/2008, 12:08 PM
Well Done lads. At last some good news for a club of the pitch. Hopefully we get the same judge tomorrow!
A face
16/10/2008, 12:09 PM
Thanks be to god, i swear .... i will say prayers. Unreal weight off the shoulders there.
There is a long way to go yet though.
A face
16/10/2008, 12:10 PM
Well Done lads. At last some good news for a club of the pitch. Hopefully we get the same judge tomorrow!
Best of luck SB, hopefully people will see sense.
SUB of the day
16/10/2008, 12:21 PM
We have a club!....the buzz at the Glens game will be unreal..:)
Dodge
16/10/2008, 12:21 PM
Best of luck SB, hopefully people will see sense.
Its hardly the same thing, now is it?
finnpark
16/10/2008, 12:22 PM
Great news for the league and Cork City. Hopefully this story will fill the back pages of all the newspapers where the bad stories were ;)
A face
16/10/2008, 12:43 PM
Its hardly the same thing, now is it?
I know, totally not the right thing to say but Dodge i'm too delighted to edit it. We have a club ..... that does it for me !!! :p
pineapple stu
16/10/2008, 12:44 PM
So what happens now? (And by now, I mean next season...)
Dodge
16/10/2008, 12:46 PM
We have a club ..... that does it for me !!! :p
Thats fair enough ;)
micls
16/10/2008, 12:54 PM
So what happens now? (And by now, I mean next season...)
Get rid of most of the players, restructure to make the club selfsustaining.
Long hard road ahead........delighted :D
holidaysong
16/10/2008, 1:03 PM
Will you be able to pay what is owed to the players by the end of the season or is it first division football next season?
Will you be able to pay what is owed to the players by the end of the season or is it first division football next season?
Not certain but think we'l be paying in.We'll see I suppose-Setanta final could make a difference
That doesnt ensure us premier football though.
Will you be able to pay what is owed to the players by the end of the season or is it first division football next season?
If they have an agreement i place, thats all the licensing crowd need.
Magicme
16/10/2008, 1:10 PM
Good news Cork. Lets hope Drogs can pull off a similar success.
placid casual
16/10/2008, 1:37 PM
good to hear your not going bust.
whats your plan for the future.
Are Foras/ fans gonna fund the club or are you about to be taken over by another "investor".
frying pan and fire comes to mind if its the latter
best of luck anyways and see youse in tallaght next season.
higgins
16/10/2008, 2:05 PM
Hopefully this doesn't hit the neswpapers..
LOI club pays 7.5% of it's debts and starts to party is not something we should be proud of really.
As you have failed to pay tax 100% I think you should be demoted to the First division at the very least.
There are plenty of teams that will finish below you in the league that could have done with the few hundred thousand you won't be paying. From a sporting point of view it's very unfair.
It's also unfair that you will be debt free going into next season. A lot of club will have to work off what they paid through this season well into next year and don't have the chance to just wipe out 1 million from their books!
Best of luck with the future all the same.
Hopefully this doesn't hit the neswpapers..
LOI club pays 7.5% of it's debts and starts to party is not something we should be proud of really
Club hangs its head in shame
Fans celebrate there's still a club.
Not too hard to seethe distinction
WoodquayBoy
16/10/2008, 2:15 PM
Well done, would have hated to have seen the demise of City. See ye in the First Division next year!
higgins
16/10/2008, 2:22 PM
Not too hard to seethe distinction
Post number 17 Dodge...
Read it.
Not too hard to see what I was replying to.
A face
16/10/2008, 2:32 PM
Hopefully this doesn't hit the neswpapers..
LOI club pays 7.5% of it's debts and starts to party is not something we should be proud of really.
As you have failed to pay tax 100% I think you should be demoted to the First division at the very least.
There are plenty of teams that will finish below you in the league that could have done with the few hundred thousand you won't be paying. From a sporting point of view it's very unfair.
It's also unfair that you will be debt free going into next season. A lot of club will have to work off what they paid through this season well into next year and don't have the chance to just wipe out 1 million from their books!
Best of luck with the future all the same.
It doesn't matter now really higgins .... its done, all parties have accepted the terms. You my feel we deserve to go down to the first but it wont be your decision, but i think that most City fans know that if we escape the first we'll have seen magic or miracles and like at play. We are just delighted we still exist.
Glad to see Cork have it sorted out. The league needs teams like Cork.
Post number 17 Dodge...
Read it.
Not too hard to see what I was replying to.
Fair enough, I have certain users blocked...
mypost
16/10/2008, 2:58 PM
You my feel we deserve to go down to the first but it wont be your decision, but i think that most City fans know that if we escape the first we'll have seen magic or miracles and like at play.
If they are relegated, it'll be a different tune. "The league's a joke", and "Ridden rock solid by them jackeens" among some of the more printable phrases instead. :o:rolleyes:
Personally, I don't think any action will be taken against them, and Cork will be free to carry on as before this crisis erupted.
headtheball
16/10/2008, 3:14 PM
That's excellent news. Delighted for the Cork fan's, as they are fantastic supporters.
If they are relegated, it'll be a different tune. "The league's a joke", and "Ridden rock solid by them jackeens" among some of the more printable phrases instead. :o:rolleyes:
Most city fans I know have fully expected relegation since the start...this changes nothing, just happy to have a club to relegate.
Personally, I don't think any action will be taken against them, and Cork will be free to carry on as before this crisis erupted.
Whether action is taken or not(I think the FAI ahve to do something because of the cases following) we wont be run as before
El-Pietro
16/10/2008, 4:18 PM
not me, i always knew it would work out
and were gonna sign loads of players and george will come back and were gonna be in the UEFA cup and well get into the group stages and we'll win everythign in sight next year
its good to have a club
pineapple stu
16/10/2008, 4:23 PM
Get rid of most of the players, restructure to make the club selfsustaining.
That's what we want to hear. ;) Great news for Cork.
What was the deal then? 15% plus 50% of any sell on clauses? I assume the possibility of Kevin Doyle being sold for a lot of money was a big sweetener for the creditors? This would leave Drogheda a lot more exposed, it seems.
Also, what practical implications does it have for the club? Do you have to promise to be good or make future reports or anything? Is there any feeling as to how the business community in Cork (i.e. the creditors) have taken it? (I'm assuming FORAS would have some idea of the answers; I don't expect you to have a guage of that off hand!!)
That's what we want to hear. ;) Great news for Cork.
What was the deal then? 15% plus 50% of any sell on clauses? I assume the possibility of Kevin Doyle being sold for a lot of money was a big sweetener for the creditors? This would leave Drogheda a lot more exposed, it seems.
7.5% for all creditors but revenue who were 15.Someone on out forum mentioned 50% of all prize money til teh end of the year is part of the deal too
Also, what practical implications does it have for the club? Do you have to promise to be good or make future reports or anything? Is there any feeling as to how the business community in Cork (i.e. the creditors) have taken it? (I'm assuming FORAS would have some idea of the answers; I don't expect you to have a guage of that off hand!!)
I dunno. Not on the FORAs committee myself. I imagine our standing with business' will take a long time to repair and there'l be plenty of cash up front deals but its to be expected.
A face
16/10/2008, 5:43 PM
If they are relegated, it'll be a different tune. "The league's a joke", and "Ridden rock solid by them jackeens" among some of the more printable phrases instead. :o:rolleyes:
mypost, ye had already been through it. We were pretty much in the exact same situation as ye so you know how close we were. If you ever needed to apply the phrase 'got out of jail' then its now. I think most City fans know we were very very nearly no more, so if we are relegated or not is a small price to pay compared to not actually having a club.
But yeah, i blame them jackeens alright .... guilty as sin most of them ;)
Personally, I don't think any action will be taken against them, and Cork will be free to carry on as before this crisis erupted.
It wont carry on as before, i can guarantee you that.
mypost
16/10/2008, 6:49 PM
mypost, ye had already been through it. We were pretty much in the exact same situation as ye so you know how close we were. if we are relegated or not is a small price to pay compared to not actually having a club.
We were relegated from a points deduction (albeit not examinership), and the day we were relegated felt as bad a day for us, as any of the off-field battles we've had down through the years. It isn't until the following year though, that the pain of the punishment kicks in.
A face
16/10/2008, 7:04 PM
We were relegated from a points deduction (albeit not examinership), and the day we were relegated felt as bad a day for us, as any of the off-field battles we've had down through the years. It isn't until the following year though, that the pain of the punishment kicks in.
City have been put through the ringer in the last year. Its been a massive wake up call for most of us, i know that i had rose tinted glasses on for a long while but when the penny dropped and reality of the situation became clear it all seemed to nose dive. Getting away with this is an ascent back if only only for a brief while.
I think alot of fans are hoping there is a hope of a slim chance we stay up but i'm fully prepared to trek around the country to all the grounds we haven't seen in a while. I am recalling the brutal Sunday mornings in the middle of January, sleet rain and no cover eating a lukewarm burger if you're lucky. Bring it on !! :ball:
tiktok
16/10/2008, 8:11 PM
Next target is November 30th.
Players have to be fully paid or have agreed to a deal to recoup their wages over time in order to give us a chance of any licence next season, be that a premier or first division one.
I'm fully prepared for a stint in the first division, anyone who isn't readying themselves for that could well be very surprised. All that mattered today was that we still have our club.
Buile Shuibhne
16/10/2008, 9:23 PM
It doesn't matter now really higgins .... its done, all parties have accepted the terms. You my feel we deserve to go down to the first but it wont be your decision, but i think that most City fans know that if we escape the first we'll have seen magic or miracles and like at play. We are just delighted we still exist.
Shelbourne fans were equally delighted in March 2007 that we still existed, had a team still playing, albeit in the First Division.
However, we didn't - or weren't allowed - walk away from 85%+ of our debts.
We are still struggling - and will be for a long time - to pay off ALL our debts in FULL.
Shelbourne fans were equally delighted in March 2007 that we still existed, had a team still playing, albeit in the First Division.
However, we didn't - or weren't allowed - walk away from 87.5%+ of our debts.
We are still struggling - and will be for a long time - to pay off ALL our debts in FULL.
And?...
However, we didn't - or weren't allowed - walk away from 85%+ of our debts.
You are deliberately ignoring 50% of prize money & sell on clauses from that figure. :rolleyes:
It was your choice not to enter Examinership.
CCFC paid 250k to Examiner
50% of 2008 prize money will be half of 100-200k
50% of Doyle transfer alone would be a conservative 500k sterling.
Players to be paid in full.
I think by any conservative estimate we will eventually pay at least 50% of the debt excluding Examiner fees.
A face
16/10/2008, 9:40 PM
You are deliberately ignoring 50% of prize money & sell on clauses from that figure. :rolleyes:
Sure why would you let detail and facts get in the way when you can make stuff up to suit your argument, it is the internet y'know !!
Buile Shuibhne
16/10/2008, 9:49 PM
You are deliberately ignoring 50% of prize money & sell on clauses from that figure. :rolleyes:
It was your choice not to enter Examinership.
CCFC paid 250k to Examiner
50% of 2008 prize money will be half of 100-200k
50% of Doyle transfer alone would be a conservative 500k sterling.
Players to be paid in full.
I think by any conservative estimate we will eventually pay at least 50% of the debt excluding Examiner fees.
Preferential creditors such as Revenue get 15%
Other creditors get 7.5%.
Where does the 50% of 2008 prize money and the Doyle transfer money go to.
What prize money has been won yet?
Does this fund the 15% and 7.5%?
The players haven't been paid yet - where will that money come from?
Buile Shuibhne
16/10/2008, 9:51 PM
Sure why would you let detail and facts get in the way when you can make stuff up to suit your argument, it is the internet y'know !!
You should know :!:
Preferential creditors such as Revenue get 15%
Other creditors get 7.5%.
Where does the 50% of 2008 prize money and the Doyle transfer money go to.
Divided between all creditors
What prize money has been won yet?
At least 80k from Setanta
Does this fund the 15% and 7.5%?
No
The players haven't been paid yet - where will that money come from?
Tom Coughlan. Or else we wont get a license.
Fact is Fintan we were not in a position where we could even pay our debts over time, we had no asset as a guarantee unlike yourselves. It was a case of examinership and work out a deal or the creditors were taking us into receivership.
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