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CVA offer will be 'better than Leeds'
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| PROPOSAL: Gerald Krasner |
CREDITORS will be given a better corporate voluntary arrangement (CVA) offer than the one penny in the pound proposed by Leeds United administrators KPMG, Gerald Krasner has promised.
Krasner, the former Leeds chairman, was so disgusted with the dividend offer made to the Elland Road creditors last year, that he launched a scathing attack on chairman Ken Bates and even offered his insolvency services free of charge to the creditors.
But Krasner, speaking to the press at Dean Court yesterday, insisted those with money on the books of AFC Bournemouth could expect a "better" proposal than FIVE pence in the pound.
When asked by the Echo if he had any idea what the dividend offer was likely to be, Krasner replied: "I've a fair idea. It's better than the Leeds United offer of a penny in the pound.
"Most football clubs have got away with three, four or five pence dividends in CVAs, but it's better than that.
"The creditors will come in distinct types, the Revenue and Customs who have their own agenda, the Football League who have their own agenda and then, stuck in the centre, are what I call the creditors who are the true fans of the club. They want to see the club survive and it's not about money for them necessarily."
Krasner will need 75 per cent creditor approval to pass a successful CVA.
But he described any attempt to convince the taxman to back the CVA as "a waste of a phone call".
Mostyn and Sly, meanwhile, will waive their right to make a claim in the CVA should it be approved - potentially writing-off around £1 million owed by way of loans.
Krasner added: "Whatever you think about him (Mostyn), and I know he's not everyone's favourite person in Bournemouth, he did put up a substantial six-figure sum that has enabled the joint administrators to trade from February to today, throughout March and into April, while we sort this out."
7:00am Friday 14th March 2008
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CommentPosted by: Nick71, Poole on 7:39am Fri 14 Mar 08
But under the CVA they are only waiving rights to £60,000 anyway (assuming more than 5 p in the pound means 6p in the pound). How much will they make from selling Sam Vokes? Then they get 100p in the pound back on their 'investment.' Mosytn is a proven liar and cannot be trusted with our football club.
But under the CVA they are only waiving rights to £60,000 anyway (assuming more than 5 p in the pound means 6p in the pound). How much will they make from selling Sam Vokes? Then they get 100p in the pound back on their 'investment.' Mosytn is a proven liar and cannot be trusted with our football club.
Posted by: kevvo, The dog house again on 7:49am Fri 14 Mar 08
Better than Ledds eh Well I suppose we have to be better than them at something
Better than Ledds eh Well I suppose we have to be better than them at something
Posted by: Bimht, sherborne on 8:29am Fri 14 Mar 08
...I fear that it is too late though Nick71..AFCB have been done like a kipper!
...I fear that it is too late though Nick71..AFCB have been done like a kipper!
Posted by: stuart a lewis, bournemouth on 9:49am Fri 14 Mar 08
leeds payed 11 pence in the pound in the end i bet you wont be paying that much krasner and i hope for the sake of afcb that the cva gets voted out and you have to sell the club to people who TELL THE TRUTH not the two liers you got now.
leeds payed 11 pence in the pound in the end i bet you wont be paying that much krasner and i hope for the sake of afcb that the cva gets voted out and you have to sell the club to people who TELL THE TRUTH not the two liers you got now.
Posted by: NewForestPhil, New Forest on 9:58am Fri 14 Mar 08
Nick71 - AFCB is not a profitable business - just how do you expect the club to be funded short term following the admin if not by selling Vokes and/or M&S putting further money in.
Until it is turned into a profitable business only fools will loan further funds to the club given two admins in 10 years so I fail to see where M&S will be lining their own pockets from.
Nick71 - AFCB is not a profitable business - just how do you expect the club to be funded short term following the admin if not by selling Vokes and/or M&S putting further money in.
Until it is turned into a profitable business only fools will loan further funds to the club given two admins in 10 years so I fail to see where M&S will be lining their own pockets from.
Posted by: avant-provocateur, LOCAL on 10:07am Fri 14 Mar 08
Do any of us know if the people we comment on read this?
If they do I hope the ones who have a vote NOT to accept Krasner's proposals. There is a lot of bitterness between Mostyn and former directors and I hope they show Mostyn the door and the creditors meeting.
If you read between the lines on all Krasner statements, he tries and put the fear that the club will close if the creditors turn down his offer, this is just sabre rattling as far as I am concerned. I have no absolute proof that I could reveal anyway, but should the creditors reject Krasner and the club are at the point of liquidation there is a purchaser waiting in the wings to buy the club, the ground and bring in a new team manager upwards.
Despite all of this there is going to be a football league inquiry over the AFCB accounts and subsidiary matters so the club could still be thrown out of the league. This is what the "buyer in the wings" is concerned about.
It would also be good publicity this Saturday if all AFCB supporters were to show their distrust of the 'Mostyn Mafia'.
AFCB will be saved but not by Mostyn.
Do any of us know if the people we comment on read this?
If they do I hope the ones who have a vote NOT to accept Krasner's proposals. There is a lot of bitterness between Mostyn and former directors and I hope they show Mostyn the door and the creditors meeting.
If you read between the lines on all Krasner statements, he tries and put the fear that the club will close if the creditors turn down his offer, this is just sabre rattling as far as I am concerned. I have no absolute proof that I could reveal anyway, but should the creditors reject Krasner and the club are at the point of liquidation there is a purchaser waiting in the wings to buy the club, the ground and bring in a new team manager upwards.
Despite all of this there is going to be a football league inquiry over the AFCB accounts and subsidiary matters so the club could still be thrown out of the league. This is what the "buyer in the wings" is concerned about.
It would also be good publicity this Saturday if all AFCB supporters were to show their distrust of the 'Mostyn Mafia'.
AFCB will be saved but not by Mostyn.
Posted by: Somerset Bash, Somerset on 10:48am Fri 14 Mar 08
[quote][bold]Nick71[/bold] wrote:
But under the CVA they are only waiving rights to £60,000 anyway (assuming more than 5 p in the pound means 6p in the pound). How much will they make from selling Sam Vokes? Then they get 100p in the pound back on their 'investment.' Mosytn is a proven liar and cannot be trusted with our football club.[/quote] Nick - you're spot on with that assessment. The PR machine is in full flow now - Vokes won't be sold, creditors will get more than Leeds (wow) and even the Echo apparently backing the deal. As a neutral I can't see the problem of a 15 point deduction next season. There's clearly a risk of dropping to the Conference but I would suggest that a successful team would attract more customers anyway. Better to get back to Div 1 in 2 or 3 years with a balanced set of books than to yo-yo back and forward with another crisis in 5 years. The current board have failed big time - does everybody want more of the same?
Nick71 wrote:
But under the CVA they are only waiving rights to £60,000 anyway (assuming more than 5 p in the pound means 6p in the pound). How much will they make from selling Sam Vokes? Then they get 100p in the pound back on their 'investment.' Mosytn is a proven liar and cannot be trusted with our football club.
Nick - you're spot on with that assessment. The PR machine is in full flow now - Vokes won't be sold, creditors will get more than Leeds (wow) and even the Echo apparently backing the deal. As a neutral I can't see the problem of a 15 point deduction next season. There's clearly a risk of dropping to the Conference but I would suggest that a successful team would attract more customers anyway. Better to get back to Div 1 in 2 or 3 years with a balanced set of books than to yo-yo back and forward with another crisis in 5 years. The current board have failed big time - does everybody want more of the same?
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