Re: Peter Hood says Bulls on brink of going bust. : Sat Apr 07, 2012 5:49 am  

Blotto wrote: Spotted this http://www.sportinglife.com/rugbyleague ... ml&BID=480 Direct quote from Hoods Programme notes. They should have the decency to tip up some Lineage Fees for using it!

Blotto wrote: Spotted this http://www.sportinglife.com/rugbyleague ... ml&BID=480 Direct quote from Hoods Programme notes. They should have the decency to tip up some Lineage Fees for using it!

Re: Peter Hood says Bulls on brink of going bust. : Sat Apr 07, 2012 5:56 am  

Did anyone else notice that Steve Parkin's company Clipper suddenly had a posh Tea stall behind the stand last night? At the very least we won't be able to use him for 3rd party payments in the future....

Re: Peter Hood says Bulls on brink of going bust. : Sat Apr 07, 2012 6:06 am  

Saw stall did not know Parkin owned it.

If so, interesting...

Re: Peter Hood says Bulls on brink of going bust. : Sat Apr 07, 2012 6:33 am  

Sorry - was assured that was correct, but now trying to do my own verification & not so sure anymore. Note to self, verify first.

Re: Peter Hood says Bulls on brink of going bust. : Sat Apr 07, 2012 7:30 am  

Its gonna be a long 3 hrs!

Re: Peter Hood says Bulls on brink of going bust. : Sat Apr 07, 2012 7:40 am  

Adeybull wrote:

The BOD would have to satisfy themselves that the club was solvent first, to escape the risk of personal liabilities for trading whilst insolvent. But once that is done, not a bad thought at all I'd say?

Do you know if the law on trading whilst insovent also applies to seeking donations? Does "The Pledge" constitute "trading"? I've tended to believe Peter Hood when he's said that the club wouldn't ask pledgers to pay up unless they were sure that they could reach the £1m target but I'm curious as to what the legal position would be if they took the money and we went bust in a few months.

Re: Peter Hood says Bulls on brink of going bust. : Sat Apr 07, 2012 8:08 am  

I think that if they get enough to keep the wolf from the door now, it opens up various options and opportunities going forward some of which we got an idea of at our meeting. It was clear they were very aware of their responsibilities regarding trading whilst insolvent.

I guess they made everyone aware of the financial position and therefore the risks, and in any case all the money raised is reducing the amount owing to creditors so they could not really be attacked for not taking all practicable steps for minimising loss to creditors? And if it fell over in a few months, they could point to at least having settled the main creditors and bought time to try and find a long term solution? Caisley might try and create a load of trouble for Hood but I am not sure they would be that exposed in such circumstances?

Re: Peter Hood says Bulls on brink of going bust. : Sat Apr 07, 2012 8:13 am  

Adeybull wrote:

I think that if they get enough to keep the wolf from the door now, it opens up various options and opportunities going forward some of which we got an idea of at our meeting. It was clear they were very aware of their responsibilities regarding trading whilst insolvent.

I guess they made everyone aware of the financial position and therefore the risks, and in any case all the money raised is reducing the amount owing to creditors so they could not really be attacked for not taking all practicable steps for minimising loss to creditors? And if it fell over in a few months, they could point to at least having settled the main creditors and bought time to try and find a long term solution? Caisley might try and create a load of trouble for Hood but I am not sure they would be that exposed in such circumstances?

I think that's probably right in the sense that pledge doesnt create additional creditors. I just wondered if the situation could be complicated by the existence of their personnal guarantees to RBS. I'm not for a moment suggesting that they would exploit the situation to avoid those potential liabilities, just wondered if they could be challenged on that basis.

Re: Peter Hood says Bulls on brink of going bust. : Sat Apr 07, 2012 8:17 am  

why are some people so against steve parkin.he certainly knows how to succeed in business and is a very wealthy man because of that.lets get him on board and see where he takes us.

Re: Peter Hood says Bulls on brink of going bust. : Sat Apr 07, 2012 8:31 am  

Cibaman wrote:

I think that's probably right in the sense that pledge doesnt create additional creditors. I just wondered if the situation could be complicated by the existence of their personnal guarantees to RBS. I'm not for a moment suggesting that they would exploit the situation to avoid those potential liabilities, just wondered if they could be challenged on that basis.

Given that the alternative was to call in the administrators anyway, and that they had no option but to repay RBS because the latter reduced the facility pound for pound for every pound banked, and given they have made the situation clear throughout, My view would be that there was little chance of fraudulent preference to the bank tbh. I thought that a while ago and nothing since has given me concern to the contrary. If they DO call in the pledges then they will have reduced the potential loss to creditors by twice what they owed the bank. Other than Caisley for mischief, can,t see any creditor objecting to that, and Caisley is not a creditor any more anyway as I understand it.