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Creditors must think with their heads for the sake of the club
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| PLANS: Jeff Mostyn and Steve Sly |
WHILE the outcome was far from unexpected, the underlying details behind the Jeff Mostyn consortium's bid to take Cherries out of administration were both revealing and, some might say, potent in their nature.
Mostyn and vice-chairman Steve Sly could be described as holding a gun to the heads of the club's creditors - many of whom are genuine supporters.
While the duo have wiped the slate clean with regard to their initial loan investment and agreed to waive their rights to any dividend in a successful CVA, they retain their voting rights at the creditors' meeting and, according to Gerald Krasner, will pay far less for the club in the event of a failed CVA due to the nature of their offer.
If ever there were a powerful message to those owed, it was yesterday: "Back the CVA proposal, or we pay less for the club and you get less back."
And, unlike this time last week, there is a genuine feeling that, HM Revenue and Customs aside, a fair number of AFC
Bournemouth's many creditors may just put the gripes and unquestionable frustration to one side and hold their hands up in favour on April 7. But will it be enough to reach the magical 75 per cent?
There is no doubt Mostyn and Sly's share of the CVA vote will be absolutely crucial to passing the proposal and, even then, the owners-in-waiting could have to rely on the big creditors like Stanley Cohen. And there's no love lost there.
But, throughout this whole process, the power of the season ticket holder and bottom-of-the-rung loan note holder has probably been underestimated and overwhelmed by those owed the really big money.
If every one of the dedicated supporters with season tickets casts a vote next month, it could be the difference between success and failure - regardless of HMRC's almost-certain No'.
The question that remains is: How many of these loyal fans will put a cross in one of the boxes?
In Leeds United's recent CVA, which eventually fell foul of a legal challenge by HMRC, Ken Bates's initial offer scraped through by a threadbare margin.
It could be that close again when Dean Court goes to the vote - and there's no pressure. Just potential non-league football by 2010, the writing-off of millions of pounds and a vastly reduced dividend in any administrator's sale.
As hard as it may be for those who stand to lose whatever the outcome, for the sake of the football club, everyone, deep down, has a lot of soul-searching to do.
7:00am Friday 14th March 2008
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CommentPosted by: Nick71, Poole on 7:27am Fri 14 Mar 08
Why should any creditor vote yes? This gives Mostyn and Sly the satisfaction of knowing that they have stolen more than 90% of the money owed to them. Of course S&M can happily say they won't take their share of the CVA money, because they have control of the club. They can get their money back the moment they put Sam Vokes on the market. Through lies and deception they have acquired AFC Bournemouth on the very, very cheap. I urge everyone to vote no and save the club in the process.
Why should any creditor vote yes? This gives Mostyn and Sly the satisfaction of knowing that they have stolen more than 90% of the money owed to them. Of course S&M can happily say they won't take their share of the CVA money, because they have control of the club. They can get their money back the moment they put Sam Vokes on the market. Through lies and deception they have acquired AFC Bournemouth on the very, very cheap. I urge everyone to vote no and save the club in the process.
Posted by: Whodidyounickabolloc
kov, Bmth on 7:40am Fri 14 Mar 08
If they dont vote YES now then they will get even less back, because if the CVA is declined and the football league decide to dock another 15 points from the start of next season then the club will be worth alot less than it is now. So if they don't vote YES they will get hardly anything back. Best to cut their losses now and get what they can.
If they dont vote YES now then they will get even less back, because if the CVA is declined and the football league decide to dock another 15 points from the start of next season then the club will be worth alot less than it is now. So if they don't vote YES they will get hardly anything back. Best to cut their losses now and get what they can.
Posted by: Nick71, Poole on 7:46am Fri 14 Mar 08
If someone has cheated you out of 94% of what you are owed, you have to write it off. Why then gift Sly, Mostyn and the saints-supporting photocopier salesman the other 6% as a reward for hiding behind administration ?
If someone has cheated you out of 94% of what you are owed, you have to write it off. Why then gift Sly, Mostyn and the saints-supporting photocopier salesman the other 6% as a reward for hiding behind administration ?
Posted by: Bimht, sherborne on 8:27am Fri 14 Mar 08
...the creditors have little hope but to accept any deal..as the club has so few assets they would get much more from hanging on...personally I feel that the club needs to be put out of it's misery..rather than be used by the heirs apparent just to fill their bank accounts whilst robbing others of their genuine rights to payment of debts...
...the creditors have little hope but to accept any deal..as the club has so few assets they would get much more from hanging on...personally I feel that the club needs to be put out of it's misery..rather than be used by the heirs apparent just to fill their bank accounts whilst robbing others of their genuine rights to payment of debts...
Posted by: Bimht, sherborne on 8:28am Fri 14 Mar 08
..I obviously meant wouldn't get much more!
..I obviously meant wouldn't get much more!
Posted by: avant-provocateur, LOCAL on 10:08am 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: Big Rich, Ferndown on 10:58am Fri 14 Mar 08
[quote][bold]Nick71[/bold] wrote:
If someone has cheated you out of 94% of what you are owed, you have to write it off. Why then gift Sly, Mostyn and the saints-supporting photocopier salesman the other 6% as a reward for hiding behind administration ?[/quote] I know what you are saying Nick. But reality is its gun to head time and it will be 6% or nothing.
They've been very very clever the way they have done this and seems a set-up from the start. Big task is are they clever enough to stop the minus 15 points which may happen next season
Nick71 wrote:
If someone has cheated you out of 94% of what you are owed, you have to write it off. Why then gift Sly, Mostyn and the saints-supporting photocopier salesman the other 6% as a reward for hiding behind administration ?
I know what you are saying Nick. But reality is its gun to head time and it will be 6% or nothing.
They've been very very clever the way they have done this and seems a set-up from the start. Big task is are they clever enough to stop the minus 15 points which may happen next season
Posted by: Nixtrix_afcb, Sheffield on 12:41pm Fri 14 Mar 08
Choice: 15 pts deduction in League 2 and have a club owned by someone with the club's fortunes at heart (possibly). Or accept the offer and have a club owned by liers, bullies and cheats, where the only interest in the club is as a business venture (which probably means a tax write-off against another business interest, hence registering the club in a different name!) I don't have a vote but I know which one I'd chose.
Choice: 15 pts deduction in League 2 and have a club owned by someone with the club's fortunes at heart (possibly). Or accept the offer and have a club owned by liers, bullies and cheats, where the only interest in the club is as a business venture (which probably means a tax write-off against another business interest, hence registering the club in a different name!) I don't have a vote but I know which one I'd chose.
Posted by: hba1, Southampton on 1:56pm Fri 14 Mar 08
If the Administrator includes Bond going Deal or no deal?
If the Administrator includes Bond going Deal or no deal?
Posted by: RichardC, Poole on 7:43am Sat 15 Mar 08
This is an ECHO political broadcast on behalf of the Mostyn and Sly party.
This is an ECHO political broadcast on behalf of the Mostyn and Sly party.
Posted by: kevvo, The dog house again on 6:22pm Sun 16 Mar 08
This ai an absolute discrace The Echo should be ashamed of themselves for allowing this blackmail story to be printed. They have backed this all along
This ai an absolute discrace The Echo should be ashamed of themselves for allowing this blackmail story to be printed. They have backed this all along
Posted by: kevvo, The dog house again on 6:26pm Sun 16 Mar 08
[quote][bold]Big Rich[/bold] wrote:
[quote][bold]Nick71[/bold] wrote: If someone has cheated you out of 94% of what you are owed, you have to write it off. Why then gift Sly, Mostyn and the saints-supporting photocopier salesman the other 6% as a reward for hiding behind administration ?[/quote] I know what you are saying Nick. But reality is its gun to head time and it will be 6% or nothing. They've been very very clever the way they have done this and seems a set-up from the start. Big task is are they clever enough to stop the minus 15 points which may happen next season[/quote] Depends what the real motive is and only good old Jeff knows that but we must not asume that they are even bothered about the 15 point deduction at this stage I dont think we should asume that they are doing it for the Club until we see something good being done. I dont doubt that they are clever enough to stop it though if they want to
Big Rich wrote:
Nick71 wrote: If someone has cheated you out of 94% of what you are owed, you have to write it off. Why then gift Sly, Mostyn and the saints-supporting photocopier salesman the other 6% as a reward for hiding behind administration ?
I know what you are saying Nick. But reality is its gun to head time and it will be 6% or nothing. They've been very very clever the way they have done this and seems a set-up from the start. Big task is are they clever enough to stop the minus 15 points which may happen next season
Depends what the real motive is and only good old Jeff knows that but we must not asume that they are even bothered about the 15 point deduction at this stage I dont think we should asume that they are doing it for the Club until we see something good being done. I dont doubt that they are clever enough to stop it though if they want to
Posted by: kevvo, The dog house again on 8:33pm Sun 16 Mar 08
Mostyn must be hoping that the People who love the Club and want it to get through this will be fooled into thinking this is the best thing for the Club and vote with there Heart because if they vote with there Heads Good old Jeff and his Lifelong fan sidekick will be shown the Door
Mostyn must be hoping that the People who love the Club and want it to get through this will be fooled into thinking this is the best thing for the Club and vote with there Heart because if they vote with there Heads Good old Jeff and his Lifelong fan sidekick will be shown the Door
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