Interesting Drogheda News

[SMorgan]

The money is apparently in a Trust's name, which means that the examiner can see it but can't touch unless they get an extension of the examinership. If they get wound up, all money gets refunded, which will be fun.

I read that somewhere else and I have to say I am absolutely amazed. I am sure this is really ****ing off the Examiner and I wonder will he just throw in the towel in the High Court tomorrow? Like, has the club paid the Examiner's fees?

Anyway, good luck to them tomorrow.

[Schumi]

I read that somewhere else and I have to say I am absolutely amazed. I am sure this is really ****ing off the Examiner and I wonder will he just throw in the towel in the High Court tomorrow? Like, has the club paid the Examiner's fees?Someone would have to have given a binding guarantee to pay the fees or they wouldn't have been granted examinership in the first place surely.

[pete]

Remember that Cork only where appointed an examiner on the basis that dave mooney was sold

We were told the Examiner had to be paid up front which is why Mooney money was same as his fee.

[tiktok]

I read that somewhere else and I have to say I am absolutely amazed. I am sure this is really ****ing off the Examiner and I wonder will he just throw in the towel in the High Court tomorrow? Like, has the club paid the Examiner's fees?

Anyway, good luck to them tomorrow.

I'm not sure, but I've gotten the impression that Vincent Hoey has guaranteed the Examiner will be paid. They would need to see that money was available to cover their costs, so I'd guess Hoey wrote a cheque which may not be cashed yet.

It seems that Supporters who donated the 100,000 will be given the option to have their money refunded or pay off the examiner should they fail.

[Drogman.]

I'm not sure, but I've gotten the impression that Vincent Hoey has guaranteed the Examiner will be paid. They would need to see that money was available to cover their costs, so I'd guess Hoey wrote a cheque which may not be cashed yet.

It seems that Supporters who donated the 100,000 will be given the option to have their money refunded or pay off the examiner should they fail.

The 3 directors, Hoey, Byrne and O'Connor have given the written guarantee to pay the Examiner.

At the end of the day lads, the Examiner's fee's are part of the debt that we're raising money to clear. I believe that we will get out of examinership, so I'm not thinking (just yet) on whether I'll get my money back that I've donated.

I'm meeting with the club on Monday, so I should have more of an update then as regards where we stand.

[brianw82]

It's also mentioned that people who donate will get a season ticket for every 1000 they give.

Surely, if the club survives, this is eating into their potential revenue for years to come? A bit like our '10 year ticket' thing at the start of the year.

[pineapple stu]

I believe that we will get out of examinership
What do you base that on (seriously)?

When do you get any word back from court today?

[Drogman.]

What do you base that on (seriously)?

When do you get any word back from court today?

I'm basing my assumptions from working closely with the club and seeing the actual figures and activities. I'm not just making this up and going ahead with blind optimism.

Perhaps I'm being optimistic however I feel that the club will manage to get over the hurdle, just about.

Nothing from the court as yet. I'll probably hear later anyway on what the story is.

Also the €1,000 + season tickets mentioned earlier is not designed a quick money making scheme. This is something that the Supporters club have agreed with the club, in that any supporters signing up to this scheme the money will be held by the supporters club and then handed over to the club when at an agreed time.

[pineapple stu]

I'm not just making this up
I don't doubt that you are. However, there still appears to be no plan for the future, which by all accounts (well, Cork and Rovers anyway) is essential, and the letter from the examiner stated that E500k was needed by today to survive, but that seems to have fallen by the wayside once Hoey said that E100k would do?

[Drogman.]

I don't doubt that you are. However, there still appears to be no plan for the future, which by all accounts (well, Cork and Rovers anyway) is essential, and the letter from the examiner stated that E500k was needed by today to survive, but that seems to have fallen by the wayside once Hoey said that E100k would do?

No, the letter said that we had to have in place by today or by Wednesday actually, a "scheme of arrangement" as he put it, to which we would be able to come up with the E500K, so along with the E100K raised there is also a number of different income schemes put back in place, IE. 500 club, Silver, Gold, Platinum scheme, and also the Supporters club whom we've already advised that we will contribute to the finances of the club going forward.

The E500K is as you know made up of different debt, from the players to creditors etc. Next week a meeting is scheduled for the creditors in which they will be offered an amount and then it goes to a vote. If the majority accepts then that's another hurdle overcome and then all that's left is the players and revenue.

[Drogman.]

BTW, court extension granted.

[SMorgan]

The 3 directors, Hoey, Byrne and O'Connor have given the written guarantee to pay the Examiner.



Did the same people not also give a guarantee to the FAI stating that all that clubs debts up to 31 January 2009 would be met?

I think you're right in saying that the club will come out of examinership. Some deal will be coupled together.

However, if the club get a Premier Licence for 2009 that the FAI may just scrap the Licensing system, as it would just be meaningless nonsense. There also has to be stricter controls relating to clubs going into examinership. It should be automatic relegation with a 15 point penalty at the start of the following system.

[Cosmo]

I don't doubt that you are. However, there still appears to be no plan for the future, which by all accounts (well, Cork and Rovers anyway) is essential


Agree with ye on rovers - but cork??? Jaysus man, they seem to be in a right aul mess already again

[pete]

How much of the debt do Drogs fans think will need to be paid? What total figure are ye looking at including the 100k?

[Cosmo]

How much of the debt do Drogs fans think will need to be paid? What total figure are ye looking at including the 100k?

Dont have a clue

Was thinking about all the figures bashed about over the last couple of days. The way i see it

120k owed to examiner
80k to the players (if they accept)
50k minimum (isnt that what cork paid??) to revenue (if they accept).

Thats a minimum of 250k required on just those 3 things (again depending on if 2 of them accept it which mightnt be likely with revenue) - then we'll have to make arrangements with the other creditors so who knows!

[DmanDmythDledge]

50k minimum (isnt that what cork paid??) to revenue (if they accept).
Don't you owe a lot more than Cork to the revenue? I'd imagine they would want at least the same percentage of debt that Cork paid.

[Cosmo]

Don't you owe a lot more than Cork to the revenue? I'd imagine they would want at least the same percentage of debt that Cork paid.


Thats why I said minimum!!

[micls]

Thats why I said minimum!!

We payed 15% but they rejected it and challenged in court. We just got lucky. I think theyl do the same with Drogs unless theyre offered a lot more

[pete]

120k owed to examiner
80k to the players (if they accept)
50k minimum (isnt that what cork paid??) to revenue (if they accept).


We were told the 250k from Mooney sale was used for the Examiner. I assumed at the time the entire 250k.

I think I saw ye owed Revenue 580k? 15% would be 87k. The Revenue rejected our 15% but the Courts accepted. The Courts may not be so favourable when same people are running the company/club?

[Cosmo]

We were told the 250k from Mooney sale was used for the Examiner. I assumed at the time the entire 250k.

I think I saw ye owed Revenue 580k? 15% would be 87k. The Revenue rejected our 15% but the Courts accepted. The Courts may not be so favourable when same people are running the company/club?


Well everyones just speculating on various figures on what is needed!! We'll all see next month if any sort of compromise will be reached!!

[pineapple stu]

Agree with ye on rovers - but cork??? Jaysus man, they seem to be in a right aul mess already again
Meant that the Corkies were saying that a plan was needed, and they've just been through examinership. Agree they seem to have had less of a plan than was thought a few weeks ago.

[SMorgan]

Well everyones just speculating on various figures on what is needed!! We'll all see next month if any sort of compromise will be reached!!

After the 30 days is up, can Drogheda get another extention? Or is the next month the end game?

[pineapple stu]

I think they're at the 70 day stage now? 100 days is live or die, I think.

[holidaysong]

However, despite a magnificent response to the appeal for assistance that has seen more than € 200,000 flow into the coffers in two weeks, there is no guarantee Drogheda United will continue in business. The reality is that unless double this amount is forthcoming before January 12th, the day the club appears in the High Court for the final time seeking to exit examinership, the show is over.

No more Friday nights at United Park, away days home and abroad, dreams of success or hope of a new stadium. Time is running out for the grand old club and at this point it appears that liquidation is the likely outcome.

Sorry to be the party pooper in the season of goodwill, but despite Trojan efforts by so many and that newfound Drogheda spirit, it looks as if it is all going to be in vain.



http://www.drogheda-independent.ie/sport/soccer/time-running-out-for-drogs-1585360.html

[SMorgan]

That doesn't sound good.

Arr well, I'll try not to let it spoil the New Year.

[ShnaeGuevara715]

So whats that, 200k of the 500k needed or that include the original 100k and still 400k away? Vincent Hoey said that he thinks a deal can be struck so they only have to pay about half so... does that twisted logic mean youre almost there? lol

Saw on Kildare County website that the Licensing Committee meet on Feb 18

http://www.kildarecountyfc.com/news/news-details.asp?NewsID=1120

Thats good news license wise for Drogs, preliminary date of Nov 30th, when the REAL deadline isn't for nearly 3 months later lol

[gufct]

you have to have all our football related debts cleared by the end of January plus have a repayment schedule agreed with players for wages due.Id say the february date is the one where the results get sent to the clubs.