Creditors deal

[Dodge]

To be honest I think you could work at paying those debts off over the next X amount of years. I don't see why they should be wiped

Again, the people who are owed money have accepted this, how have you a problem with it, and they don't?

[higgins]

Coughlan isnt interested in pumping money into the club. Basically from what I can make out he's willing to come in to help steady the ship, get things in order and make the club a self sustaining entity beofre handing it over to FORAS. Or course this could all be bull but thats what he has proposed.

AFAIK we will have a share in the club(FORAS) We have been helping pay the wages and have money aside to buy shares also.

The high court said our debts were 1.3million afaik.

So Tom has your club for a couple of hundred thousand max ?
If most are accepting 7.5% then he can't have forked out much more. You're still bringing in money too from gates and what FORAS are adding.

Seems like a great deal for Tom

He's also got himself a pub now beside the ground ?
I take it proceeds from there are in his name and NOT Cork City!!

What will FORAS be part of and what will you buy shares in ? Considering what Tom has paid for these shares I couldn't seeing him charging you too much if he is in this just for Cork City.

[micls]

So Tom has your club for a couple of hundred thousand max ?
If most are accepting 7.5% then he can't have forked out much more. You're still bringing in money too from gates and what FORAS are adding.

From what ic an see, he's not 'buying' the club as such.He's simply taking over AFTER examinership is sorted(part of it being to have someone in line to take over).

Seems like a great deal for Tom

What...cos he's gonna make so much money out of it.....

If he hadnt come in we woudlnt have a club. FORAS doesnt have enough money yet

He's also got himself a pub now beside the ground ?
I take it proceeds from there are in his name and NOT Cork City!!

Well given that he bought it out of his own money then I presume ya.....

What will FORAS be part of and what will you buy shares in ? Considering what Tom has paid for these shares I couldn't seeing him charging you too much if he is in this just for Cork City.

Eh...teh company. Cork city Investments ltd.

No idea what he'l charge but he does not intend to stay in charge of city in teh long term.

[higgins]

Again, the people who are owed money have accepted this, how have you a problem with it, and they don't?

From a business point of view I don't.

It's the sporting side that I do have a problem with.
For example, Cork will have spent 2million this year lets say. They are where they are due to spending 2 million. If 1 million is just wiped off then they have gained an unfair advantage, in two ways.

Firstly the league table would be very different if all clubs below Cork were given a million extra that they could wipe off at the end of the season.

Secondly some clubs will have overspent to different extents in order to achieve certain goals. This debt is not wiped clear. These clubs will spend the next couple of years paying back what they owe. They won't go into the 2009 season with a clean slate as maybe Cork will.

Cork will have gained one way or the other if creditors are paid less than 100%

[micls]

Firstly the league table would be very different if all clubs below Cork were given a million extra that they could wipe off ot the end of the season.

Yeah there'd be 11 extra asterix....

[micls]

Secondly some clubs will have overspent to different extents in order to achieve certain goals. This debt is not wiped clear.

If they chose to take the risk of going into examinership it may be...of course tehy coudl just be liquidated on the spot.

All have the option though

[pete]

I would suggest that the only reason creditors (excluding the Revenue) have accepted 7.5% is they are maybe feel they will get good will from supporters - pubs owed money will get business down the line & no huge sums of money. I assume separate deal done with players wages & maybe Hummel debt exchanged with sponsorship money due next season.

[higgins]

If he hadnt come in we woudlnt have a club. FORAS doesnt have enough money yet

How much money do you need to have to run a club ?

Who do you think is running Shels after Ollie ???
Nobody is putting their hands in their pockets to keep the show on the road. What comes in is what goes out and we survive that way.

I don't see why supporters were not an option seen as the majority of debt is about to be cleared.

[micls]

How much money do you need to have to run a club ?

Who do you think is running Shels after Ollie ???
Nobody is putting their hands in their pockets to keep the show on the road. What comes in is what goes out and we survive that way.

I don't see why supporters were not an option seen as the majority of debt is about to be cleared.

To get out of examinership we would have had to been picked as the preferential candidate by the examiner and prove we could cover whatever part of the debt the creditors agreed to as well as covering contracts til they run out(or renegotiating) and have a solid base for a business plan from then on.

Toim Coughlan was picked, with FORAS as part) as the preferential creditor by the examiner. This was done BEFORE the meeting with the creditors and before it was known ho much they woudl accept.

[razor]

Case adjourned til October 16th

[Dodge]

Case adjourned til October 16th

Judge unavailable or did one of the sides request that?

[higgins]

This was done BEFORE the meeting with the creditors and before it was known ho much they woudl accept.

That's a good point...

I do hope he does what's best for Cork City.
Just all sounds very strange to me at present. The money he's putting in doesn't add up to much and if all the deals come through with creditors and he then has a pub on the side of the ground etc I think Tom is after getting himself something for next to nothing!

You will more or less be debt free and have one of the biggest if not the biggest home support in the country.

Looks like a good deal from where I'm sitting.
Hope he comes through on everything else he has said.