View Full Version : Petition to wind up: Cork City Investment FC Ltd
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Shels like to play the martyr...
Agreed, the 'we paid back everyone line' is getting tiring now.
Real ale Madrid
19/06/2009, 10:31 AM
Gives them a hell of a lot more credibility than any of the clubs who hide behind administration.
pineapple stu
19/06/2009, 10:34 AM
Don't think they wouldn't have hidden behind it if they had a chance.
dcfcsteve
19/06/2009, 10:58 AM
Good piece on it in todays indo
http://www.independent.ie/sport/soccer/league-of-ireland/leesiders-given-four-weeks--to-pay-up-1774574.html
Some very interesting quotes - Coughlan stating he does'nt understand the examinership process, then he states that he has a figure in his head but its a different figure than the revenue has in his head and indicates that he will sort them out !!!! if I were revenue and read this , it would certainly get my back up and give me a very bad impression of this guy.
"It is a complex process," said Coughlan. "I don't understand the examinership process but the difference has to be agreed by both parties. We have a month but hopefully we can get it wrapped up in the next couple of days.
FIGURE
"There's a (settlement) figure in my head, but I don't think it's the same figure that's in the Revenue's head. I'll get our guys to sit down with them and say, 'look, this is what it is'."
The above doesn't add up, he is making out that it is all still up for negotiation but if this is the case then why are they making 102k payments an the judge looking for the remaining payment? To me (and its just my opinion) he is tying to pay off a limited amount hoping to appease the revenue but avoid paying all that is owed but it appears that the revenue are having none of it.
Two things leap out from that :
1) Coughlan is 'politically' naive.
Even if you don't understand the Examiner process - don't be stupid enouhg to tell the whole feckin world that you're clueless....!!
2) Coughlan is financially naive
He admits he doesn't understand the whole process, thinks that he can just sit down with the Examiners and tell THEM how much is owed.
I'm not sure where this guy came from, but on the basis of that interview there's only one place he should be going.......
passinginterest
19/06/2009, 11:35 AM
I'm not sure where this guy came from, but on the basis of that interview there's only one place he should be going.......
Presumably into Government or head of Anglo Irish Bank?
John83
19/06/2009, 12:05 PM
Presumably into Government or head of Anglo Irish Bank?
Coughlan for NAMA!
Gives them a hell of a lot more credibility than any of the clubs who hide behind administration.
No it doesn't - as has been said, they would've if that was an option. Examinership isn't an option for clubs that own assets, since those can be sold. It wasn't because of some moral obligation they paid a 100% back - if they were so ethically minded they wouldn't have run up the debts in the first place.
in fairness, "they" was one man, Ollie Byrne. Moral? Ethical?
They've paid the price for his stupidity, time to let the Shels issue lie, i think.
in fairness, "they" was one man, Ollie Byrne. Moral? Ethical?
They've paid the price for his stupidity, time to let the Shels issue lie, i think.
It was Shels fan who brought it back up...
It was Shels fan who brought it back up...
then my post applies to him too.... :o
Real ale Madrid
19/06/2009, 7:36 PM
No it doesn't - as has been said, they would've if that was an option. Examinership isn't an option for clubs that own assets, since those can be sold. It wasn't because of some moral obligation they paid a 100% back - if they were so ethically minded they wouldn't have run up the debts in the first place.
Shels fans are in the knowledge that all thier debts are fully paid while cork City for instance my club ran up debts which it will never pay back - a fact that - regardless of how it came to pass - is a difficult for some people involved in football in Cork to reconcile with - no effort since has been made since to pay that back - not that there is any money there anyway or will it eveer likely to be paid back , i feel that administration is something in which all businesses hide behind, but especially in football these days. Not making Shels to be holier than tho or anything - more of an observation on ourselves. When you bring it up with the majority of City fans the reaction is thats business, thats life - tough luck etc etc...personally i don't think thats right.
Dodge
20/06/2009, 10:08 AM
When you bring it up with the majority of City fans the reaction is thats business, thats life - tough luck etc etc...personally i don't think thats right.
But again, the counter argument was that when fans of other clubs were pointing out that Shels buying the league wasn't a good development, the reply of EVERY shels fan was "tough, its business, we have the money and we're spending it"
So you'll have to excuse us if we don't feel any sympathy for you having to pay back money you didn't have now...
higgins
22/06/2009, 1:46 AM
They probably would have liked to go into administration and wipe a load of their debts
What are you on about !
You have no idea how anyone at Shels is thinking regarding the current debts. Really Stu you'd be better off keeping out of it and not making up silly comments based on your own hatred of Shels.
Another comment that proves you know feck all about what is going on at Shelbourne.
pineapple stu
22/06/2009, 8:48 AM
So you'd rather be paying off the debts instead of having them all wiped clean?
Yeah, right.
higgins
24/06/2009, 1:56 AM
So you'd rather be paying off the debts instead of having them all wiped clean?
Yeah, right.
If that question is directed at me then the answer is Yes I'd rather pay the debts in full.
A face
24/06/2009, 1:40 PM
If that question is directed at me then the answer is Yes I'd rather pay the debts in full.
Well seeing as you put it like that then fair play to ya !! :eek:
tippex
01/07/2009, 1:25 PM
Monday week is groundhog day.
Any rumblings of being able to pay what is owed or is there still complete silence?
Umberside
01/07/2009, 5:23 PM
Monday week is groundhog day.
Any rumblings of being able to pay what is owed or is there still complete silence?
Complete silence.
Youths4Ever
01/07/2009, 6:20 PM
do Cork City receive any money from the sale of Kevin Doyle?
sorry if has been asked already.
No, they sold their sell-on clause back to Reading.
Martinho II
01/07/2009, 8:30 PM
do Cork City receive any money from the sale of Kevin Doyle?
sorry if has been asked already.
think cork city made a big loss on it. didnt they sell for 200k and they could have received 750k?
OneRedArmy
01/07/2009, 9:58 PM
think cork city made a big loss on it. didnt they sell for 200k and they could have received 750k?Time value of money.
Offer most EL clubs €200k now or €750 later and they'll bite your hand off for the money now.
When you're time horizon is limited to a couple of weeks decisions like make themselves.
De Town
01/07/2009, 10:24 PM
Offer most EL clubs €200k now or €750 later and they'll bite your hand off for the money now.
Well who would take €750 over €200,000?;)
eamo1
01/07/2009, 10:28 PM
So in 2 weeks time they'll get another 2 or 3 weeks and so on......
In the papers today saying Cork players ready to go on strike as they have not recieved wages.
Also a piece on Doolìn being in the frame for the Stockport job.
fionnsci
02/07/2009, 9:03 AM
In the papers today saying Cork players ready to go on strike as they have not recieved wages.
Cork are really psising me off, could they not just learn ther funkcig lesson.
Cork are really psising me off, could they not just learn ther funkcig lesson.
Oh they've learnt the lesson.
They just have no money
In the papers today saying Cork players ready to go on strike as they have not recieved wages.
Also a piece on Doolìn being in the frame for the Stockport job.
What papers is this mentioned in ? TNB seems to have YET caused another problem.
What papers is this mentioned in ? TNB seems to have YET caused another problem.
I know they are not the most reliable tabloid...but i read it in the sun this morning on the back page.
There is no smoke without fire though.
I know they are not the most reliable tabloid...but i read it in the sun this morning on the back page.
There is no smoke without fire though.
Do you realise that contraction? Do you aspire to work for the Evening Herald?
The point i was trying to make was that although i dont buy the Sun myself and am aware that they have been known to tell the odd porkie pie,was that i happened to pick one up on a seat beside me in the train this moning and there was a story on Cork.
Now being a forum of discussion i thought that i would put this on Foot.ie on the topic "petition to wind up Cork City"
Hope this puts your mind at ease Pete....sorry for the inconvenience caused.
Dodge
02/07/2009, 10:03 AM
Can anyone remember a finacial story appearing in any tabloid here that wasn't true...
tiktok
02/07/2009, 10:08 AM
Can anyone remember a finacial story appearing in any tabloid here that wasn't true...
There was one false story about how the league was financially secure and every club could meet it's bills with money to spare.
Though that was in the Sunday Independent, which is only 80% tabloid.
If this story is in any way true, they'd be right to strike.
As a group of players, it's around the one year anniversary of when the nonsense started, there really hasn't been any let up.
I assume that if players haven't been paid, then off field staff are waiting for cash too?
pineapple stu
02/07/2009, 10:11 AM
Can anyone remember a finacial story appearing in any tabloid here that wasn't true...
Did a tabloid ever quote Ollie Byrne?
Schumi
02/07/2009, 10:33 AM
Can anyone remember a finacial story appearing in any tabloid here that wasn't true...
Plenty of FAI press releases have been carried in tabloids I'm sure.
One week til the next court date now.. any indications on how this is likely to go? The CCFC forum seems pretty silent on the matter.
Dodge
13/07/2009, 10:31 AM
Cork in court this morning. They offered to pay Revenue with profits of upcoming ipswich friendly (didn't realise they had one), but Revenue didn't agree and are pressing ahead with the case to wind them up
Doesn't look good for Cork
Source is a lawyer friend who happened to be in the four courts today
Wow.. I thought this was put back an extra week.. saw a post on the Cork forums that seemed to have a listing for the 20th.
Bloody hell, brown trousers time once more on Leeside.
tiktok
13/07/2009, 11:57 AM
I'm going to rip someone's head clean off their shoulders.
I have never been so angry.
tippex
13/07/2009, 12:03 PM
any more word on this yet?
not looking good.
Dodge
13/07/2009, 12:13 PM
posted on ccfcforum by the same source I quoted above
I was in court earlier. It has gone back to second call, most likely after lunch if anybody is in Dublin and wants to have a look. It's in Court 9 on the first floor in the Four Courts before Judge Mary Laffoy.
The 'money from the Ipswich game' offer seemed to be informed speculation rather than fact but Counsel for the petitioner said that the matter was going ahead today.
This means that unless Mary Laffoy is generous to Cork City Investments and gives them more time (which she has been known to do) then it looks like the company will be wound up and a liquidator appointed.
sheao
13/07/2009, 12:14 PM
Looks like Ipswich won't be coming .This does not look go for us :( .
Dunny
13/07/2009, 12:15 PM
Poor Roy...:(
SeanDrog
13/07/2009, 12:57 PM
posted on ccfcforum by the same source I quoted above
ahhh - I have a lot of cork buddies from my time in UCC and I know the passion they have followed the club with for years and it is the likes of them that really makes my heart bleed on this issue. Due to muppets such as their current chairman their club is looking like its going to the wall.
I know Cork shouldnt get away with overspending and they should have cut their cloth like the drogs but at the same time I do not want them to go out of business for the sake of the supporters I outlined above. Relegetion yes but extinction - hell no.
Despressing time to say the least.
Would it help their case if they told the judge they would have the money needed by the end of this season, as they might win the league the FAI Cup, the Setanta Cup and the new Europa league. It works for others.
Would it help their case if they told the judge they would have the money needed by the end of this season, as they might win the league the FAI Cup, the Setanta Cup and the new Europa league. It works for others.
Maybe, if we weren't out of the FAI, not it Europa and the Setanta probably not going ahead......
John83
13/07/2009, 2:43 PM
Maybe, if we weren't out of the FAI, not it Europa and the Setanta probably not going ahead......
And still, it seems about as likely as Bohs meeting the 65% wage cap.
Just got word from my man in the courts.
Cork have been giving a further 2 weeks to reach agreement with Revenue.
400k owed. No tax has been paid by Cork since they came out of examinership (Judge stated that this was the most worrying fact). Cork offered to pay €65k now and €20k per month, but seeing as no payments have been made this year, it doesn't look likely that revenue will be too flexible with Cork.
If an agreement isn't reached within the two weeks, a winding up order will be issued
Methinks it'll take more than the Ipswich game to clear €400k. Hard to see CCFC getting out of this but they've always found away to avoid the axe so far.
Steve Bruce
13/07/2009, 2:57 PM
Methinks it'll take more than the Ipswich game to clear €400k. Hard to see CCFC getting out of this but they've always found away to avoid the axe so far.
If only Cork City had a John Hume as their MP. Cork would be out of trouble in no time.
I've very little love for Cork but it wouldn't do the LOI any good if they went out of existance (although history shows they'll reform again as another team)
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