The thought just occurred to me that since at least one of the lads in the consortium with FORAS are creditors too, they could actually object in order to increase the pressure on Coughlan.
The thought just occurred to me that since at least one of the lads in the consortium with FORAS are creditors too, they could actually object in order to increase the pressure on Coughlan.
It would seem that despite being paid the revenue are still very unhappy.... I guess having to get winding up orders every time to get money is getting up their noses.
Prsumably there's a cost to issuing a request for winding up orders (and costs associated with nmot getting payments regularly)
Id imagine that the revenue would be of the opinion that they will be back here in 3 months time looking for their money owed so would be better off winding them up and letting foras start from scratch.Quote:
Originally Posted by Mr A
I wouldnt be surprised if the 2 lads in the consortium also objected as if they get wound up then foras get the license in the first. However if they dont get wound up there is still a good possibilty that TNB would get a license and everyone loses.
Could be pressure being put on him by the consortium indirectly, if he does the deal the objections may be withdrawn.
The primary and noteworthy objection has not come from a member of the consortium.
Mr. ex-manager? knowing it would be better having Bray in the premier than Cork for his own current clubs chances of staying up?Quote:
Originally Posted by tiktok
one of the No Bobs has hardly objected to the revenue being paid ahead of him / her non as a "creditor"
surely thats not possible is it
Its been put back to the second call, we wont know until after lunch. Theres something about the money that was paid to the revenue was owed to someone else. Its a bit vague i know, will post more if i hear it.
Jeepers.. TNB sure can screw things up!Quote:
O'Keeffe is claiming that the Long money should have gone to him, not the Revenue, on foot of a loan given to TNB by him, thats why the Revenue are so upset apparently!
Just on the new chairman, the lawyer. If TNB survives today in court, he'll presumably be denied a licence. Will the lawyer then start suing the FAI on behalf of CCIFL, holding up the start of the season? I don't see any real reason for bringing in a temporary head man, given they already have that Meaney chap?
Best case scenario has to be the courts end it all rather than the FAI.
Edit - if that O'Keeffe stuff is true, it has to be the end in the next hour or so.
If nothing comes of this, at the very least, Cork fans will be able to all pass their accountancy and legal exams without years of study like the rest of us ;)
honourary degrees for the FORAS BOM anyways..Quote:
Originally Posted by Dodge
Dr Ticktok :D
A case of chickens coming home to roost more like.Quote:
Originally Posted by Mr A
Just out of curiosity this O'Keefe loan, was it ever declared to the consortium or uncovered during the due diligence? Would it be even more debt in the unlikely event Tom were to do the deal?.
hahahaQuote:
Originally Posted by Dodge
I hope someone has been writiing a script for all the goings on coz it could well be a blockbuster at this stage.
no one would believe itQuote:
Originally Posted by tippex
If it's a blockbuster, will it have a happy but devastating ending (a la 2012 or The Day After Tomorrow), or like Titanic will it slowly slip into the Lee. I had a vision that would be great to do - the final scene when they're counting bullets from Butch Cassidy and the Sundance Kid, photo shop in Tom and Liam and you've a brilliant post!
BTW revenue are ALWAYS no 1 creditor. Your man, won't be getting a penny from them
Now if he wants the money from TNB, thats a different story
I assume it's TNB he wants his money from. The FORAS people seemed to be aware that this was going to happen at their meeting last night and I think they're still looking to get the deal done today.
Exact same thing was said at the FORAS meeting yesterday! - although the BoM looked decidedly sheepish about gaining degrees in Business from the Tom Coughlan Business school.Quote:
Originally Posted by Dodge
166 pages, 3,302 posts gonig back to July last year and Coughlan still is intent of pushing it down to the last minute.
The club is and always has been a plaything to the man. Heartbreaking for those of us who care about it to put up with all this.
I do hope for the fans and the league this sorry saga gets closed today and the fans have a club that they are totally involved in.Quote:
Originally Posted by tiktok
Michael O'Connell has apparently said in the paper that the debts stand at €1.2m and they're prepared to take them on but Tom wants a pay off. I think he won't give a toss if the club gets wound up if he's not going to be getting anything out of the takeover.
That's what we all want down here in Cork anyway . Really hope this will all come to an end today, Tommy came into the club with a business reputation and he's only enhanced that since .Quote:
Originally Posted by tippex
Debts of 1.2m and they are prepared to take them on. They must be nuts considering they can back Foras in the first and with that level of investment they would be well on there way.Quote:
Originally Posted by Longfordian
€1.2 mill debt run up in a year? Jesus....Quote:
Originally Posted by Longfordian
TNB must've been paying himself €15k a week
It does seem really strange. I know they were talking about having Tom indemnify the debt over a certain level but sure why would he do that?. If he did agree to it, I can only imagine the hassle he'd cause when trying to enforce it. Dodge, I think some of that is relating back to examinership time, he didn't pay what he was supposed to pay by all accounts.
I think thats even worse Longfordian> Not sure why i think that...
Only 9% of what - E1.5m? That's E150k, give or take. He's done some job down there.Quote:
Originally Posted by Longfordian
Agreed, it just shows how little he's actually put in to the club in any shape or form. He must actually have been taking money out for it to get so bad.Quote:
Originally Posted by Dodge
The debts, while obviously very large, are not beyond management if the creditors are willing to wait. Plenty of LOI clubs (including us) have large debts but are working towards addressing them.
When you consider it the debt is not very large. With a concentrated effort, good management and a little bit of luck on the field it can be taken care of within a couple of years, especially the way Cork seem to be able to sell 1 or 2 players each year. What is the latest from the courts?
E1.2m isn't very large? Their annual turnover would be less than that. The debts are massive.
In the overall scale of things it's not a massive amount and can be cleared with good management. Once there is a concerted supporters effort covering the daily running costs of the club it be moved bit by bit.Quote:
Originally Posted by pineapple stu
OK.. I was making that statement based on smaller numbers than that... if say the consortium are investing 500k and the total is 900k I feel that a club the size of Cork City should be able to deal with 400k by negotiating with creditors and spreading it over a few years. 700k is pretty daunting though.
CCFC Forum again:
All getting very circular... this is a big test for the FAI now.Quote:
A barrister for the consortium has told the judge that a conditional deal has been done, condition being a Premier Division licence. The judge has told the consortium that there are to be no conditions attached to the takeover and a proper deal must be done by 4pm.
So now the consortium must decide on taking the club on without a Premier Division licence.
It just goes onnnn an on...
40 mins so for consortium to decide if they want to take the club without the premier licence.
Good stuff from the judge in fairness to her, that's the way it should be. It'd be very interesting to see what the FAI/Licensing Committee would do if they didn't have to give a Premier Licence..