Out of Examinership

[mypost]

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 we are relegated or not is a small price to pay compared to not actually having a club.

We were relegated from a points deduction (albeit not examinership), and the day we were relegated felt as bad a day for us, as any of the off-field battles we've had down through the years. It isn't until the following year though, that the pain of the punishment kicks in.

[A face]

We were relegated from a points deduction (albeit not examinership), and the day we were relegated felt as bad a day for us, as any of the off-field battles we've had down through the years. It isn't until the following year though, that the pain of the punishment kicks in.

City have been put through the ringer in the last year. Its been a massive wake up call for most of us, i know that i had rose tinted glasses on for a long while but when the penny dropped and reality of the situation became clear it all seemed to nose dive. Getting away with this is an ascent back if only only for a brief while.

I think alot of fans are hoping there is a hope of a slim chance we stay up but i'm fully prepared to trek around the country to all the grounds we haven't seen in a while. I am recalling the brutal Sunday mornings in the middle of January, sleet rain and no cover eating a lukewarm burger if you're lucky. Bring it on !!

[tiktok]

Next target is November 30th.

Players have to be fully paid or have agreed to a deal to recoup their wages over time in order to give us a chance of any licence next season, be that a premier or first division one.

I'm fully prepared for a stint in the first division, anyone who isn't readying themselves for that could well be very surprised. All that mattered today was that we still have our club.

[Buile Shuibhne]

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.

Shelbourne fans were equally delighted in March 2007 that we still existed, had a team still playing, albeit in the First Division.

However, we didn't - or weren't allowed - walk away from 85%+ of our debts.

We are still struggling - and will be for a long time - to pay off ALL our debts in FULL.

[micls]

Shelbourne fans were equally delighted in March 2007 that we still existed, had a team still playing, albeit in the First Division.

However, we didn't - or weren't allowed - walk away from 87.5%+ of our debts.

We are still struggling - and will be for a long time - to pay off ALL our debts in FULL.

And?...

[pete]

However, we didn't - or weren't allowed - walk away from 85%+ of our debts.

You are deliberately ignoring 50% of prize money & sell on clauses from that figure.

It was your choice not to enter Examinership.

CCFC paid 250k to Examiner
50% of 2008 prize money will be half of 100-200k
50% of Doyle transfer alone would be a conservative 500k sterling.
Players to be paid in full.

I think by any conservative estimate we will eventually pay at least 50% of the debt excluding Examiner fees.

[A face]

You are deliberately ignoring 50% of prize money & sell on clauses from that figure.

Sure why would you let detail and facts get in the way when you can make stuff up to suit your argument, it is the internet y'know !!

[Buile Shuibhne]

You are deliberately ignoring 50% of prize money & sell on clauses from that figure.

It was your choice not to enter Examinership.

CCFC paid 250k to Examiner
50% of 2008 prize money will be half of 100-200k
50% of Doyle transfer alone would be a conservative 500k sterling.
Players to be paid in full.

I think by any conservative estimate we will eventually pay at least 50% of the debt excluding Examiner fees.

Preferential creditors such as Revenue get 15%

Other creditors get 7.5%.

Where does the 50% of 2008 prize money and the Doyle transfer money go to.

What prize money has been won yet?


Does this fund the 15% and 7.5%?


The players haven't been paid yet - where will that money come from?

[Buile Shuibhne]

Sure why would you let detail and facts get in the way when you can make stuff up to suit your argument, it is the internet y'know !!

You should know :!:

[micls]

Preferential creditors such as Revenue get 15%

Other creditors get 7.5%.

Where does the 50% of 2008 prize money and the Doyle transfer money go to.

Divided between all creditors

What prize money has been won yet?

At least 80k from Setanta

Does this fund the 15% and 7.5%?

No

The players haven't been paid yet - where will that money come from?

Tom Coughlan. Or else we wont get a license.

Fact is Fintan we were not in a position where we could even pay our debts over time, we had no asset as a guarantee unlike yourselves. It was a case of examinership and work out a deal or the creditors were taking us into receivership.

[tiktok]

Shelbourne fans were equally delighted in March 2007 that we still existed, had a team still playing, albeit in the First Division.

However, we didn't - or weren't allowed - walk away from 85%+ of our debts.

We are still struggling - and will be for a long time - to pay off ALL our debts in FULL.

You chose not to go into examinership because you'd have lost Tolka if you had.
That was your choice.

Our creditors have AGREED to the terms offered, the high court have ruled on it, if the creditors and justice Kenny are happy with the situation and offer, who are you to have your nose out of joint? Depending on the money that results from the transfers could potentially see them all paid off in full, which is something most Cork City fans would love to see.

The only ones who walked away from debts were arkaga. The FAI still owe us answers on the agreement they are chosing not to pursue and the questions surrounding Liam Brady's involvement with Arkaga while an employee of the FAI.

[HarpoJoyce]

You chose not to go into examinership because you'd have lost Tolka if you had.
That was your choice.

Our creditors have AGREED to the terms offered, the high court have ruled on it, if the creditors and justice Kenny are happy with the situation and offer, who are you to have your nose out of joint? Depending on the money that results from the transfers could potentially see them all paid off in full, which is something most Cork City fans would love to see.

The only ones who walked away from debts were arkaga. The FAI still owe us answers on the agreement they are chosing not to pursue and the questions surrounding Liam Brady's involvement with Arkaga while an employee of the FAI.

Day One and the abuse of other fans asking questions of Cork City FC begins.

Regarding the contract/deal/understanding between FAI and Arkaga, this was over-Ridden by Cork City FC (or holding company) going to The Irish High Court to request a period of protection. There are no questions for the FAI to answer as the Irish High Court has prevented that agreement from taken a more natural course of negotiation and discussion.
(Injunctions would need to be applied for, to prevent the current 'agreed' situation to change.)

Regarding employees of the FAI being involved with League of Ireland clubs......yeah! that's right.

tiktok, I respect you, but you sound like a Mafia boss who has just extorted money from somebody and is justifying it as an amicable arrangement.

[micls]

Regarding the contract/deal/understanding between FAI and Arkaga, this was over-Ridden by Cork City FC (or holding company) going to The Irish High Court to request a period of protection. There are no questions for the FAI to answer as the Irish High Court has prevented that agreement from taken a more natural course of negotiation and discussion.

Em.. no it wasnt. The FAI accepted an agreement from arkaga and BEFORE we went into examinership their statement ont he issue was 'we are disappointed that they have reneged on tehir agreement'. They chos not to go after them for whatever reason(probably that what they wrote was not legally binding) before we entered examinership after the story broke first.

[tiktok]

Day One and the abuse of other fans asking questions of Cork City FC begins.

I didn't abuse Fintan (I certainly didn't compare him to an extortionist mafia boss) , I have a lot of time for him as it happens from a time when I was a regular visit to shelsweb (higgins too) I just questioned why his/their nose(s) was out of joint over this, we followed the precedent set by Rovers, Shels was a completely different situation.

If the situation with the contract is as simple as you say it's a shame that the FAI haven't clarified that

As for Brady's relationship with Arkaga, If you say different I guess that Alan Mathews lied to me and 40 other people at a CCOSC fans forum when I asked him that question directly.

[Bohemian1890]

Good news,well done.

[Buile Shuibhne]

Thanks for answering my questions
.

Shels didn't really have much choice about going into examinership though, because of Tolka.



One other point - I doubt very much that the creditors were happy to accept just 15% or 7.5% of what they were owed. They accepted it because they also had no choice and it was all they were only going to get.

[noby]

i'm fully prepared to trek around the country to all the grounds we haven't seen in a while. I am recalling the brutal Sunday mornings in the middle of January, sleet rain and no cover

Jeez Face, are you expecting to be relegated to the junior league?
I know it's the first division, but it's not quite that bad still.

Anyway well done. Hopefully we won't meet next year in the league!

[micls]

One other point - I doubt very much that the creditors were happy to accept just 15% or 7.5% of what they were owed. They accepted it because they also had no choice and it was all they were only going to get.

Fact is that most of the creditors are City fans, and therefore happy in some way to take the money and do their bit to keep the club alive rather than have it fold.

No City fan is happy our creditors got caught like this, and Id hope most of us will try to support these business' who have helped us through this.

Also theres still a chance they'l get a lot if not all of their money in the future, and most of us hope this happens.

[tiktok]

One other point - I doubt very much that the creditors were happy to accept just 15% or 7.5% of what they were owed. They accepted it because they also had no choice and it was all they were only going to get.

We're not happy about it either Fintan, as micls said, a lot of City supporters who trusted arkaga to honour their debts continued to provide services to the club long after they probably should have and are now those creditors, the same goes for many companies who've had a long and amicable relationship with the club up to the Arkaga era.

Don't forget though, that 50% of any sell-on clause CCFC currently hold goes to a pool the examiner will hold for distribution among the creditors. Should we receive add-ons from the sale of O'Donovan, Mooney, Long, Bennett and most importantly Doyle from their current clubs, our creditors will benefit.

If Doyle makes the rumoured £8million move to Villa in the january transfer window, the examiner will receive approximately €500k to divide amongst the creditors who took the deal, which would go a very long way towards the total debt owed.

The other side of the coin is that since the list of creditors was published, CCFC fans can try to do their bit by favouring those businesses that got caught.

[BulmersKid]

For how long will this 50% of sell on fees be going for?

Is there a set period or untill of the debt is cleared?

My understanding of "Debt Free" in this instance is that the creditors take on intial 7.5% of monies owed now and the rest is made up from taking 50% of sell on fees for however long it takes.

The money still meed to be paid back. All 100% of it. Not just 7.5%

Or am i misundestanding something