Interesting Drogheda News

**SMorgan** · 11/12/2008, 7:19 PM

Originally Posted by pineapple stu

The money is apparently in a Trust's name, which means that the examiner can see it but can't touch unless they get an extension of the examinership. If they get wound up, all money gets refunded, which will be fun.

I read that somewhere else and I have to say I am absolutely amazed. I am sure this is really ****ing off the Examiner and I wonder will he just throw in the towel in the High Court tomorrow? Like, has the club paid the Examiner's fees?

Anyway, good luck to them tomorrow.

**Schumi** · 11/12/2008, 7:49 PM

Originally Posted by SMorgan

I read that somewhere else and I have to say I am absolutely amazed. I am sure this is really ****ing off the Examiner and I wonder will he just throw in the towel in the High Court tomorrow? Like, has the club paid the Examiner's fees?

Someone would have to have given a binding guarantee to pay the fees or they wouldn't have been granted examinership in the first place surely.

**pete** · 11/12/2008, 9:09 PM

Originally Posted by jinxy lilywhite

Remember that Cork only where appointed an examiner on the basis that dave mooney was sold

We were told the Examiner had to be paid up front which is why Mooney money was same as his fee.

**tiktok** · 11/12/2008, 10:08 PM

Originally Posted by SMorgan

I read that somewhere else and I have to say I am absolutely amazed. I am sure this is really ****ing off the Examiner and I wonder will he just throw in the towel in the High Court tomorrow? Like, has the club paid the Examiner's fees?

Anyway, good luck to them tomorrow.

I'm not sure, but I've gotten the impression that Vincent Hoey has guaranteed the Examiner will be paid. They would need to see that money was available to cover their costs, so I'd guess Hoey wrote a cheque which may not be cashed yet.

It seems that Supporters who donated the 100,000 will be given the option to have their money refunded or pay off the examiner should they fail.

**Drogman.** · 12/12/2008, 10:06 AM

Originally Posted by tiktok

I'm not sure, but I've gotten the impression that Vincent Hoey has guaranteed the Examiner will be paid. They would need to see that money was available to cover their costs, so I'd guess Hoey wrote a cheque which may not be cashed yet.

It seems that Supporters who donated the 100,000 will be given the option to have their money refunded or pay off the examiner should they fail.

The 3 directors, Hoey, Byrne and O'Connor have given the written guarantee to pay the Examiner.

At the end of the day lads, the Examiner's fee's are part of the debt that we're raising money to clear. I believe that we will get out of examinership, so I'm not thinking (just yet) on whether I'll get my money back that I've donated.

I'm meeting with the club on Monday, so I should have more of an update then as regards where we stand.

**brianw82** · 12/12/2008, 10:19 AM

It's also mentioned that people who donate will get a season ticket for every 1000 they give.

Surely, if the club survives, this is eating into their potential revenue for years to come? A bit like our '10 year ticket' thing at the start of the year.

**pineapple stu** · 12/12/2008, 11:01 AM

Originally Posted by Drogman.

I believe that we will get out of examinership

What do you base that on (seriously)?

When do you get any word back from court today?

**Drogman.** · 12/12/2008, 3:18 PM

Originally Posted by pineapple stu

What do you base that on (seriously)?

When do you get any word back from court today?

I'm basing my assumptions from working closely with the club and seeing the actual figures and activities. I'm not just making this up and going ahead with blind optimism.

Perhaps I'm being optimistic however I feel that the club will manage to get over the hurdle, just about.

Nothing from the court as yet. I'll probably hear later anyway on what the story is.

Also the �1,000 + season tickets mentioned earlier is not designed a quick money making scheme. This is something that the Supporters club have agreed with the club, in that any supporters signing up to this scheme the money will be held by the supporters club and then handed over to the club when at an agreed time.

**pineapple stu** · 12/12/2008, 3:24 PM

Originally Posted by Drogman.

I'm not just making this up

I don't doubt that you are. However, there still appears to be no plan for the future, which by all accounts (well, Cork and Rovers anyway) is essential, and the letter from the examiner stated that E500k was needed by today to survive, but that seems to have fallen by the wayside once Hoey said that E100k would do?

**Drogman.** · 12/12/2008, 5:23 PM

Originally Posted by pineapple stu

I don't doubt that you are. However, there still appears to be no plan for the future, which by all accounts (well, Cork and Rovers anyway) is essential, and the letter from the examiner stated that E500k was needed by today to survive, but that seems to have fallen by the wayside once Hoey said that E100k would do?

No, the letter said that we had to have in place by today or by Wednesday actually, a "scheme of arrangement" as he put it, to which we would be able to come up with the E500K, so along with the E100K raised there is also a number of different income schemes put back in place, IE. 500 club, Silver, Gold, Platinum scheme, and also the Supporters club whom we've already advised that we will contribute to the finances of the club going forward.

The E500K is as you know made up of different debt, from the players to creditors etc. Next week a meeting is scheduled for the creditors in which they will be offered an amount and then it goes to a vote. If the majority accepts then that's another hurdle overcome and then all that's left is the players and revenue.

**Drogman.** · 12/12/2008, 5:24 PM

BTW, court extension granted.

**SMorgan** · 12/12/2008, 8:23 PM

Originally Posted by Drogman.

The 3 directors, Hoey, Byrne and O'Connor have given the written guarantee to pay the Examiner.

Did the same people not also give a guarantee to the FAI stating that all that clubs debts up to 31 January 2009 would be met?

I think you're right in saying that the club will come out of examinership. Some deal will be coupled together.

However, if the club get a Premier Licence for 2009 that the FAI may just scrap the Licensing system, as it would just be meaningless nonsense. There also has to be stricter controls relating to clubs going into examinership. It should be automatic relegation with a 15 point penalty at the start of the following system.

**Cosmo** · 13/12/2008, 8:32 AM

Originally Posted by pineapple stu

I don't doubt that you are. However, there still appears to be no plan for the future, which by all accounts (well, Cork and Rovers anyway) is essential

Agree with ye on rovers - but cork??? Jaysus man, they seem to be in a right aul mess already again

**pete** · 13/12/2008, 11:20 AM

How much of the debt do Drogs fans think will need to be paid? What total figure are ye looking at including the 100k?

**Cosmo** · 13/12/2008, 11:40 AM

Originally Posted by pete

How much of the debt do Drogs fans think will need to be paid? What total figure are ye looking at including the 100k?

Dont have a clue

Was thinking about all the figures bashed about over the last couple of days. The way i see it

120k owed to examiner
80k to the players (if they accept)
50k minimum (isnt that what cork paid??) to revenue (if they accept).

Thats a minimum of 250k required on just those 3 things (again depending on if 2 of them accept it which mightnt be likely with revenue) - then we'll have to make arrangements with the other creditors so who knows!

**DmanDmythDledge** · 13/12/2008, 11:43 AM

Originally Posted by Cosmo

50k minimum (isnt that what cork paid??) to revenue (if they accept).

Don't you owe a lot more than Cork to the revenue? I'd imagine they would want at least the same percentage of debt that Cork paid.

**Cosmo** · 13/12/2008, 12:24 PM

Originally Posted by DmanDmythDledge

Don't you owe a lot more than Cork to the revenue? I'd imagine they would want at least the same percentage of debt that Cork paid.

Thats why I said minimum!!

**micls** · 13/12/2008, 2:14 PM

Originally Posted by Cosmo

Thats why I said minimum!!

We payed 15% but they rejected it and challenged in court. We just got lucky. I think theyl do the same with Drogs unless theyre offered a lot more

**pete** · 14/12/2008, 11:34 AM

Originally Posted by Cosmo

120k owed to examiner
80k to the players (if they accept)
50k minimum (isnt that what cork paid??) to revenue (if they accept).

We were told the 250k from Mooney sale was used for the Examiner. I assumed at the time the entire 250k.

I think I saw ye owed Revenue 580k? 15% would be 87k. The Revenue rejected our 15% but the Courts accepted. The Courts may not be so favourable when same people are running the company/club?

**Cosmo** · 14/12/2008, 1:53 PM

Originally Posted by pete

We were told the 250k from Mooney sale was used for the Examiner. I assumed at the time the entire 250k.

I think I saw ye owed Revenue 580k? 15% would be 87k. The Revenue rejected our 15% but the Courts accepted. The Courts may not be so favourable when same people are running the company/club?

Well everyones just speculating on various figures on what is needed!! We'll all see next month if any sort of compromise will be reached!!