Out of Examinership

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16/10/2008, 11:42 AM
micls

Out of Examinership

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...
16/10/2008, 11:43 AM
Dodge

Debt free?
16/10/2008, 11:44 AM
micls

Sorry meant to post in teh City section
16/10/2008, 11:45 AM
micls

Quote:

Originally Posted by Dodge

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
16/10/2008, 11:45 AM
sligoman

Does this mean it's likely ye'll get a Premier licence next season?
16/10/2008, 11:46 AM
jebus

Are players getting all their money or just a percentage?
16/10/2008, 11:46 AM
micls

Quote:

Originally Posted by jebus

Are players getting all their money or just a percentage?

Full thing afaik
16/10/2008, 11:50 AM
jebus

Quote:

Originally Posted by micls

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
16/10/2008, 11:51 AM
micls

Quote:

Originally Posted by jebus

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!!!!!!!!!!!!!!!
16/10/2008, 12:01 PM
Dodge

Quote:

Originally Posted by micls

Full thing afaik

Very strange that the judge would force revenue to accept only 15% while staff receive 100%
16/10/2008, 12:03 PM
micls

Quote:

Originally Posted by Dodge

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
16/10/2008, 12:08 PM
SunderlandBohs

Well Done lads. At last some good news for a club of the pitch. Hopefully we get the same judge tomorrow!
16/10/2008, 12:09 PM
A face

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.
16/10/2008, 12:10 PM
A face

Quote:

Originally Posted by SunderlandBohs

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.
16/10/2008, 12:21 PM
SUB of the day

Happy days!!

We have a club!....the buzz at the Glens game will be unreal..:)
16/10/2008, 12:21 PM
Dodge

Quote:

Originally Posted by A face

Best of luck SB, hopefully people will see sense.

Its hardly the same thing, now is it?
16/10/2008, 12:22 PM
finnpark

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 ;)
16/10/2008, 12:43 PM
A face

Quote:

Originally Posted by Dodge

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
16/10/2008, 12:44 PM
pineapple stu

So what happens now? (And by now, I mean next season...)
16/10/2008, 12:46 PM
Dodge

Quote:

Originally Posted by A face

We have a club ..... that does it for me !!! :p

Thats fair enough ;)
16/10/2008, 12:54 PM
micls

Quote:

Originally Posted by pineapple stu

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
16/10/2008, 1:03 PM
holidaysong

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?
16/10/2008, 1:05 PM
micls

Quote:

Originally Posted by holidaysong

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.
16/10/2008, 1:06 PM
Dodge

Quote:

Originally Posted by holidaysong

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.
16/10/2008, 1:10 PM
Magicme

Good news Cork. Lets hope Drogs can pull off a similar success.
16/10/2008, 1:37 PM
placid casual

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.
16/10/2008, 2:05 PM
higgins

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.
16/10/2008, 2:13 PM
Dodge

Quote:

Originally Posted by higgins

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
16/10/2008, 2:15 PM
WoodquayBoy

Well done, would have hated to have seen the demise of City. See ye in the First Division next year!
16/10/2008, 2:22 PM
higgins

Quote:

Originally Posted by Dodge

Not too hard to seethe distinction

Post number 17 Dodge...

Read it.

Not too hard to see what I was replying to.
16/10/2008, 2:32 PM
A face

Quote:

Originally Posted by higgins

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.
16/10/2008, 2:34 PM
Derry

Glad to see Cork have it sorted out. The league needs teams like Cork.
16/10/2008, 2:53 PM
Dodge

Quote:

Originally Posted by higgins

Post number 17 Dodge...

Read it.

Not too hard to see what I was replying to.

Fair enough, I have certain users blocked...
16/10/2008, 2:58 PM
mypost

Quote:

Originally Posted by A face

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.
16/10/2008, 3:14 PM
headtheball

That's excellent news. Delighted for the Cork fan's, as they are fantastic supporters.
16/10/2008, 3:16 PM
micls

Quote:

Originally Posted by mypost

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.

Quote:

Originally Posted by mypost

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
16/10/2008, 4:18 PM
El-Pietro

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
16/10/2008, 4:23 PM
pineapple stu

Quote:

Originally Posted by micls

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!!)
16/10/2008, 4:26 PM
micls

Quote:

Originally Posted by pineapple stu

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

Quote:

Originally Posted by pineapple stu

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.
16/10/2008, 5:43 PM
A face

Quote:

Originally Posted by mypost

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 ;)

Quote:

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.

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