Cork City denied a licence; club to be wound up; FORAS to enter First Division [Archive] - Page 4

redgav

29/07/2009, 9:08 PM

Let me see if this is right: Cork City Investments Ltd. will be wound up by order of Ms. Justice LaFoy on Friday morning if it - effectively Tom Coughlan - can't come up with 440k to pay the revenue. In that case, presumably a court appointed liquidator will move in and try and recover whatever assets it can in order to pay the company's creditors, with Revenue at the head of the list. At a guess, the company won't have anything like the requisite amount, and the revenue will go away with a small percentage of what is rightfully theirs (and therefore, ours).

Nevertheless, in the meantime, Coughlan is perfectly entitled to turn down an offer to take over the club, pay off the taxman and keep the thing going? Can the court order him to sell to a viable bidder? can the liquidator do the same?

turned down 2 offers this week and 3 definate offers in his tenure turned down so far ,John Caulfield Consortium were also rejected ..He wouldnt open the books ,wanted to keep a stake in the club and a large cheque for his bookies fund

James

29/07/2009, 9:10 PM

just back from the meeting
the whole thing was totally surreal listening to the FORAS bom walk us through whats happened over literally the last 2-3 days

cant believe the gaul of Coughlan.

blantantly lying on the radio / tv / media saying the club is for the fans the people of cork

then refusing to talk to danny drew
refusing the FORAS offer to sit down and look at a deal

grrrrrr... im ****ing fuming here like

sonofstan

29/07/2009, 9:17 PM

James

29/07/2009, 9:27 PM

afaik the deal is to be done between cork city investments and the revenue who are owed money from them.. Tom Coughlan as chairman of cork city investments ltd is the person then representing the company..

i guess in the normal run of the mill events .. an organisation like FORAS shud have no place or dealing in the high court or anything judge lafoy needs to consider..

but this is football its emotional it not only representing the city its the jobs of alot of people direclty and indirectly effected

at this point fans are ready to try anything almost to save the club by friday

redgav

29/07/2009, 9:28 PM

Thanks.
I guess what I'm getting at is this: the best solution for everyone is that the revenue get paid, the club stays alive and 30 odd people stay in employment (and keep paying tax). So if someone - FORAS, whoever - could convince the court that they could achieve this, has the court (or the liquidator) any scope to do something? or is she simply limited to winding up the company on non-production of the right sized cheque?

He bought the club outright after examinership thanks to the examiner,its his to do as he sees fit ...if he doesnt pay the bill,we are gone .The best thing about tonight it that there was a lot of media in attendance ,so with a bit of luck all his lies will also get media attention,especially the 700k bull****

James

29/07/2009, 9:32 PM

yeah and quite a few times FORAS board of management and fans were asked to clarify direct quotes and restate facts and difference between what Tom had spouted and what has actually occured..

we've probably no more then 36 hrs to save the club as it exists now

need to raise this everywhere in every media outlet and get Tom on the radio and get him to stand aside as he has promised to do to a FORAS grouping or this other consortium who by all accounts have not only the money to clear the 439k debt but also upwards of 700k to run the club and pay future debts too

what is coughlans problem..

he needs to be asked the hards questions by rte / newstalk / the irish examiner

EVERYONE who will listen

sheao

29/07/2009, 9:47 PM

FORAS held a fans meeting down here in Cork tonight. What came out of this was that FORAS contacted TNB 3 times with regards to money being available.All 3 times he turned the money down. A consortium leaded by Danny drew has contacted FORAS saying that it would be able to cover all the clubs debts and be able to work with FORAS going foward. Most of the City squad were present along with ex chairman Brian Lennox.

James

29/07/2009, 9:50 PM

some quite emotional accounts from fans as to what cork city means to them and their family over the last 5,10,15 years going right back to 84

Tommy has no ****ing idea what he's destroying

OneRedArmy

29/07/2009, 10:34 PM

I'm not a Cork fan so obviously lack the emotional attachment, but surely starting again in the A League is a better option at this stage? The Danny Drew thing will never be the same as the fans running the club. Phrases like "willing to work with...." aren't worth a cent. What shareholding will you have, how many seats on the Board?

Not to mention the fact Drew has a bit of a reputation and not a good one at that.

Mr A

30/07/2009, 8:39 AM

I think I'd rather restart in the A league with a fan-owned club than have Drew in charge.

osborne

30/07/2009, 8:53 AM

Can someone explain to me what I'm missing here. Why would Coughlan want to close the club down rather than hand it over to anybody at this stage. What's in it for him either way?

eamo1

30/07/2009, 11:14 AM

What a complete wan*er.Surely the important social and community aspect of the club can be used to get a judge to make him hand over control.He's not allowed to control a company for 5 years anyway(after tomorrow) so would leaving a couple of days early make much difference.
Seen a report on SkySports News last night about Livingston fans giving their Chairman abuse when he was making his way into the stadium.They are out of business today i think if that guy doesnt sell and they were letting him know how they felt.
I CANNOT believe Coughlan though,he will be publicly hanged for this if he's spotted in Cork anytime.:mad::mad:
Shows how desperate FORAS are to go on board with Drew as his reputation preceeds him.

razor

30/07/2009, 11:21 AM

Shows how desperate FORAS are to go on board with Drew as his reputation preceeds him.I'd take a few bob off Osama Bin Laden at this stage to save the club.

eamo1

30/07/2009, 11:25 AM

I'd do the same for Galway Utd too actually.

Longfordian

30/07/2009, 11:41 AM

I don't know if Danny Drew wouldnt be exactly the same as Coughlan in a short while. He was offering to put 900k into LTFC one time a few years ago, they were stuck for cash and asked him to cover a week's wages as an initial gesture of goodwill, he agreed but then didn't come up with any money. No more was heard from him then.

sadloserkid

30/07/2009, 12:22 PM

In addition to his eventful tenure as Limerick charman/manager/security guy/PR mastermind Drew has also been linked with Cork, Kildare, Kilkenny and now apparently Longford too. Anyone else?

jinxy lilywhite

30/07/2009, 12:23 PM

forgive my ignorance but what is so bad about Danny Drew.

got to be better than Couglan at this point?

tallaghtfornia

30/07/2009, 12:24 PM

FORAS should stay on their own and pick up the pieces on monday, dont let Drew near your club!!!!

eamo1

30/07/2009, 1:48 PM

I know he helped them out by bringing Ipswich over but could Cork's beloved Roy not dip into his large pockets and contribute some money to FORAS??Or im sure he's not the only Millionaire around there,im sure some have been approached.
Time is running out for someone to pull 300k out of their ass.I REALLY hope Cork pull through.

jebus

30/07/2009, 1:55 PM

forgive my ignorance but what is so bad about Danny Drew.

got to be better than Couglan at this point?

You're joking right?

Apart from Danny coming in to give half time team talks which amounted to him bollocking out the players for only drawing at that minute and threatening to not pay their wages unless they win he also did things like withhold the Limerick FC name after the FAI (unfairly, but thats another matter) got rid of him and our club as well.

Oh and he once went around the ground looking for me personal ('Who's this Jebus character?') to throw me out of Hogan Park and bar me from home games. Why? Because I didn't agree with his methods as our chairman and said so on this very site (he was signed up here for a while, pretending not to be Danny Drew even though we all knew who he was). I wasn't alone in having that happen to me either.

Cork should let the club fold, start up again with FORAS next year and move up from the A Championship over time. With Drew you'd be postponing this charade until next year when it all goes tits up again

bigmac

30/07/2009, 1:59 PM

Oh and he once went around the ground looking for me personal ('Who's this Jebus character?') to throw me out of Hogan Park and bar me from home games.

For some reason, I find that hilarious! I have a mental image of a Bull McCabe type figure roaring around Hogan Park smacking a blackthorn stick off his hand roaring for Jebus to come down and face him like a man!! :D

jebus

30/07/2009, 2:02 PM

For some reason, I find that hilarious! I have a mental image of a Bull McCabe type figure roaring around Hogan Park smacking a blackthorn stick off his hand roaring for Jebus to come down and face him like a man!! :D

:D:D

It's a measure of the man as a chairman though that he'd do something like that

FORAS Be Warned

dcfcsteve

30/07/2009, 2:12 PM

I'd say he was referring to the country rather than the island.

Is "Ireland" a country......?

Bloody Free-State partitionists....;)

dcfcsteve

30/07/2009, 2:15 PM

And when I saw that Belfast is around twice as big, it then struck me as curious how Cork has struggled down the years to maintain even one senior club, whilst Belfast has so many*.

* - Late Edit: I forgot to mention Belfast Celtic, who were pretty massive in the day,

As you know, Belfast Celtic's demise had nothing to do with a lack of support. Quite the contrary - they were a very viable club when they withdrew (as were Derry City before being forced to play out of Coleraine, despite the Troubles).

OneRedArmy

30/07/2009, 2:34 PM

FORAS should stay on their own and pick up the pieces on monday, dont let Drew near your club!!!!Amen to that.

The club doesn't die with the legal company if you have the will to start again.

It sounds like some Cork fans will do anything to avoid taking their medicine.

Short-sighted IMO.

micls

30/07/2009, 3:36 PM

Amen to that.

The club doesn't die with the legal company if you have the will to start again.

You're dead right. Whatever happens on Friday there will be a CCFC Saturday next month, next year.

We don't sing Cork City Investments FC Limited til we die.

It sounds like some Cork fans will do anything to avoid taking their medicine.

Short-sighted IMO.
But this comment is ill-informed and unfair.

We are doing everything possible to save the company before tomorrow because there are over 40 jobs on the line, these are our friends, our heros, and while it would be much easier to leave it off and pick up the pieces, if there's anyway we can stop this, and have a bit more time to sort it out properly then we're going to go for it.

It would be easy for FORAS to say screw it, wind up the company the debts etc, but we want to show support for these staff, to the creditors who've already been screwed over last year, to the people who hav stuck by us through thick and thin, including the players.

There's more to this than 'not wanting to take our medicine'. In fact it's a lot harsher medicine for us to try to repay all that's owed, and probably end up in the first division anyway. It's very far from short-sighted, we know exactly what we're letting ourselves in for.

We'll do whatever we can to try to save the company for the next 24 hours, then we can look at ways to ensure this stops once and for all.

If it doesnt come off, then Saturday is time enough to start the process of getting the club back on it's feet.

Longfordian

30/07/2009, 3:47 PM

micls

30/07/2009, 3:48 PM

It sounds like Coughlan isnt willing to accept any help though, so what can you do?. I don't mean that to sound like ye should give up, I was just curious as to what steps you can take to save the current entity without his cooperation?.

Without his co-operation, none.

But we can't give up on hounding him about that til the last minute either.

Longfordian

30/07/2009, 3:50 PM

True of course. He may show some decency for once.

Schumi

30/07/2009, 4:53 PM

micls

30/07/2009, 4:56 PM

How would Foras be able to pay off the debts if Coughlan does give/sell the club to them? Is the idea that Danny Drew and his mates would pay them? If so, are you not just getting into the same situation again?

No.

We had worked out a possible way to pay it. I stress possible as it was based on our figures and it would have meant looking at the books beforehand to see if we were missing any liabilities.

It certainly wouldn't have been easy but we felt there was a possibility that it was doable.

The club have just announced a friendly with Celtic http://corkcityfc.ie/main.php?action=newsLink&headlineID=1049

tiktok

30/07/2009, 5:01 PM

The club have just announced a friendly with Celtic http://corkcityfc.ie/main.php?action=newsLink&headlineID=1049

So that's the masterplan going into the High Court this morning.

Longfordian

30/07/2009, 5:02 PM

I can't see the friendly influencing things too much in terms of the Revenue's attitude, it's such a variable in terms of who they send over which in turn would affect the crowd etc and the Revenue don't like variables as you all well know.

micls

30/07/2009, 5:02 PM

So that's the masterplan going into the High Court this morning.

It seems so.

Offer them a percentage plus the friendly?

jebus

30/07/2009, 5:05 PM

Celtic charge a fair amount as well so not sure how much money in total that would bring into the club

sligoman

30/07/2009, 5:57 PM

What time is the court case/decision made tomorrow?

micls

30/07/2009, 5:59 PM

What time is the court case/decision made tomorrow?

We are 11 in a list of 20 that starts at 10.30 apparently.Hard to judge how long any of the other will take though.

Some saying we should be about 11.30

CSFShels

30/07/2009, 7:28 PM

It'll be bad for the league longterm if City get out of this tomorrow. The problems clearly aren't solved, and its just a matter of doing enough to get them out of the **** temporarily.

ger121

30/07/2009, 7:53 PM

We are 11 in a list of 20 that starts at 10.30 apparently.Hard to judge how long any of the other will take though.

Some saying we should be about 11.30

Any chance it won't be heard tomorrow if the 10 cases ahead of it take a long time to go through and the Court finishes fot the day before the case can be heard? Long shot I know but if that did happen persume the next earliest date would be Tuesday with Monday being a BH. Would give you a few extra days to raise additional money.

Martinho II

30/07/2009, 7:54 PM

No.

We had worked out a possible way to pay it. I stress possible as it was based on our figures and it would have meant looking at the books beforehand to see if we were missing any liabilities.

It certainly wouldn't have been easy but we felt there was a possibility that it was doable.

The club have just announced a friendly with Celtic http://corkcityfc.ie/main.php?action=newsLink&headlineID=1049

thats all and good announcing a friendly with celtic but what happens if city go bust tomorrow?

roinuj

30/07/2009, 7:58 PM

thats all and good announcing a friendly with celtic but what happens if city go bust tomorrow?

just tell celtic to take a short 75 mile trip to waterford and we will give them a game :cool:

Umberside

30/07/2009, 8:00 PM

Word has it on 96fm that the FAI have intervened in some way.

Mr_Parker

30/07/2009, 8:03 PM

Looking more like Cork are going to pull this one out of the fire with Quintas coming in to help with a deal with the revenue.

jebus

30/07/2009, 8:03 PM

Word has it on 96fm that the FAI have intervened in some way.

Bad move if they have.

Sets a precedent for them bailing us, Galway, Bohs and whoever else is close to the buffers out

SMorgan

30/07/2009, 8:26 PM

Bad move if they have.

Sets a precedent for them bailing us, Galway, Bohs and whoever else is close to the buffers out

Cork City are probably saying to the FAI you looked after Drogheda United big time, why aren't you doing the same for us!! And they'd have a point.

brianw82

30/07/2009, 8:27 PM

Looking more like Cork are going to pull this one out of the fire with Quintas coming in to help with a deal with the revenue.

Who's Quintas?

stann

30/07/2009, 8:27 PM

Bad move if they have.

Sets a precedent for them bailing us, Galway, Bohs and whoever else is close to the buffers out

They might not have intervened as such, just facilitated a meeting of the two parties like with yereselves and Jack (which was a good thing that I was glad to see them do by the way!).
Hope this works out anyway, even if only to buy a little more time.

Quintas are some kind of financial management group, based in Cork Brian. Website here (http://www.quintas.ie/). I found it on that internet thingy. :p