Cork City Examinership

[Candystripe]

Thats a bold post. Its not long since Derry had their cap in hand around the city and were only short of Jim Roddy busking outside the Brandywell or am I wrong!!

Long time browser, first time poster

I agree with you.

Some people have short memories.I would not want to go through that again and with our new board this season giving us Derry fans a reality check about what the future holds for us next season ie part-time/full-time as we can't sustain the wages players are being paid and ours are being paid a lot lot less than Cork, Pats, Bohs and Drogs.

With only Cork getting higher crowds than us I cant see how the other 3 clubs can sustain there outgoings on players wages.

Looks like the players in the LOI will all be getting pay cuts and we will only lose maybe ten percent of the better ones as they will have no choice but to stay in Ireland as across the water things ain't much better.

[micls]

Examiner was on the Derek Mooney show saying there has been a lot of interest in the club since yesterday and that the future of the club looks good. He said he hopes to be finished here long before teh 100 days is up

More here:
http://www.ccfcforum.com/forum/City-...-R-t26888.html

[derm]

Examiner was on the Derek Mooney show saying there has been a lot of interest in the club since yesterday and that the future of the club looks good. He said he hopes to be finished here long before teh 100 days is up

Sounds more promising for the survival of the club. I do believe there is a lot of goodwill in the city for the club, even if people don't go to games. I'm nearly always asked what the score was when I'm leaving the X by people driving by, or in pubs etc.

However I hope that FORAS gets in contact with the examiner pronto to claim a stake in the club.

[CMcC]

Sounds more promising for the survival of the club. I do believe there is a lot of goodwill in the city for the club, even if people don't go to games. I'm nearly always asked what the score was when I'm leaving the X by people driving by, or in pubs etc.

However I hope that FORAS gets in contact with the examiner pronto to claim a stake in the club.

I bloody hate that. Going into the pub after a game and people asking you the score. I always think why couldnt you be arsed going yourself.

[jinxy lilywhite]

Thank **** for that, I know my brain is frazzled right now but I couldn't make head nor tail of it and thought it was legalese

That precedent that you mentioned, Birmingham Council v a.n.other, would that apply or is it a different juristiction? Seeing as a company owned by Arkaga, which itself may or may not be profitable, guaranteed the debts and not Arkaga itself, does this protect Arkaga? I mean does it matter how manner layers of abstraction are between Arkaga and the club?

Sorry for asking you to hit the books ...

The Irish Judicial system and the British one are quite similar and sometimes the High court or supreme ct will reference UK, Canadian, Australian cases as a precedence in Ireland if there is no previous relevant Irish case.
This is the thing I think is that if arkaga wound up CCFc then they could need to wind everything else up. Once they go into liquidation then the courts can raise the "veil of incorporation" to see exactly who is in control and what links there is. The Director of Corporate enforcement would be looking into this.
I think Arkaga are looking for a sucker CC nut who will take the club off them no questions asked

It will be fun to hit the books again. At last I can put it to some football use

[Longfordian]

Mooney's been sold to Reading for €250,000 with no sell on fees.Doing a medical today apparently. Keeps the club going short term I suppose but I think they should have at least got a sell on clause in there.

[pete]

I bloody hate that. Going into the pub after a game and people asking you the score. I always think why couldnt you be arsed going yourself.

True. Best is when you are walking away from the ground & people who live within sight of the ground ask the result. If they had any interest they would not need to ask.

[micls]

Not everyone is a football fan, as in likes to actually watch games, or a sports fan. But they may like to see Cork teams doing well. Or maybe they go to some games and not all, maybe they couldnt afford it etc etc.

Anyway, Id much ratehr encounter those hoping the club do well,even if they dont go, than those with nothing but contempt for us.

This was typified the other day on 96fm when there was a discussion about the current situation. One fella rang in. He said 'Im a Liverpool fan but we can't let Cork City die. A city like Cork needs a football club'. Another person text in 'Cork City are ****, ye should just get over it'.

i know which is better for the club in the long term. Goodwill of the people of the city will go far in deciding the future of our club, even those who dont go to games. With someone like the Liverpool fan above you ahve some hope. If you gt them to a particularly good game etc they might get interested. The other clown is a lost cause

[derm]

True. Best is when you are walking away from the ground & people who live within sight of the ground ask the result. If they had any interest they would not need to ask.

That's the great Irish sporting public for ya. But look at Rovers, feck all turning up for games yet thousands protest the sale of Milltown. There is goodwill there that can hopefully can be tapped when the club is in crisis, getting them to go to games is another battle for another day.

[derm]

The Irish Judicial system and the British one are quite similar and sometimes the High court or supreme ct will reference UK, Canadian, Australian cases as a precedence in Ireland if there is no previous relevant Irish case.
This is the thing I think is that if arkaga wound up CCFc then they could need to wind everything else up. Once they go into liquidation then the courts can raise the "veil of incorporation" to see exactly who is in control and what links there is. The Director of Corporate enforcement would be looking into this.

eek!

I think Arkaga are looking for a sucker CC nut who will take the club off them no questions asked

I'd imagine and hope so. I just want them gone tbh. Second worst case scenario is the club surviving and Arkaga still involved. (I don't want to think of worst case scenario)

It will be fun to hit the books again. At last I can put it to some football use

You're welcome

[micls]

Mooney has signed for Reading. 3 year deal, undisclosed fee.

On their website

[Longfordian]

Undisclosed by them, but hasn't your CEO already said it's €250k with no sell ons?. Strange.

[Rocky77]

Speakin of sell-ons, do we get a few bob? I think I'm correct in saying we did for Sean Dillon and we lost him the same way as Mooney.

[micls]

Speakin of sell-ons, do we get a few bob? I think I'm correct in saying we did for Sean Dillon and we lost him the same way as Mooney.

Post from a Longford fan on our forum :
Longford get 1.5% of the fee by my calculations, it's compensation for training up to 23 not 21 according to the regulations. If the fee is €250,000 as stated by your CEO then we'd get €3,750. Not a huge amount but it's all welcome here. Rovers and some other schoolboy clubs would get the rest of the €12,500.

[Longfordian]

That wise Longford fan is correct .

[Sheridan]

Transfer fees aren't often paid in a single block so maybe Cork held out for as much as they could get in a lump sum.

[ramsfan]

no sell on clause is a kick in the arse though

[Celdrog]

I think higgins kinda answered this. I'm not 100% sure but I think there's no penalty for going into examniership per se, the penalties apply to licence breaches.

According to the licensing
"The FAI Club Licensing Committee has the power to withdraw any licence or apply any sanction during a season if the Licensee:
o no longer satisfies any single criteria for issuing the licence;
o violates any of its obligations, duties, confirmations or undertakings under thisManual, Contract or Confidentiality Agreement
o Is involved in a bankruptcy, receivership, examinership or liquidation process, or is struck off the Companies' Register"

I seem to remember five years ago the FAI told Drogheda they had 24 hours to pay the creditors all they were owed or we were out of the league. We also had to lodge €100k with the FAI in case of future liabilities.

They fairly shafted Longford last season for nothing compared to what has happened Cork

[eamo1]

I remember the drogheda thing a few years ago,think it was 7 years ago actually.The time we(g.u) played them in the playoff final.They had to pay money into an account by the Thursday and said they had done it.A month later it turned out they STILL hadnt it paid into the account but they just found a Des Kelly store and a sweeping brush and it was ok.

[Celdrog]

I remember the drogheda thing a few years ago,think it was 7 years ago actually.The time we(g.u) played them in the playoff final.They had to pay money into an account by the Thursday and said they had done it.A month later it turned out they STILL hadnt it paid into the account but they just found a Des Kelly store and a sweeping brush and it was ok.

I think you will will find the money was given to the FAI the next day. The FAI wanted the holding company re-instated, there was difficulty doing this.
Anyway the point I'm making is that the FAI can be fairly brutal when they want, but sure Galway know that.