[Bulliac]

Re: Ownership and twists : Fri Apr 04, 2014 4:36 pm  

Well, you'd think it would be a creditor who wasn't going to kick off about it.....

Re: Ownership and twists : Fri Apr 04, 2014 4:54 pm  

debaser wrote:

Excuse me if I am being thick, but if Marc Green is one of the main creditors then surely that is one of the creditors settled?

Wouldn't all the season ticket holders also be unsecured creditors of some sort? Could honoring season tickets be classed as paying of a portion of creditors too..

Re: Ownership and twists : Fri Apr 04, 2014 4:59 pm  

If it get's us points back consider my two paid in full...

Re: Ownership and twists : Fri Apr 04, 2014 5:25 pm  

debaser wrote:

Excuse me if I am being thick, but if Marc Green is one of the main creditors then surely that is one of the creditors settled?

Doubt it. The company which owns the Bulls is BBN2014. Only if it could prove it paid off, from its funds, Green's debenture, do I expect that would "count" as a repayment to creditors.

But then, if MG introduced 150k capital into BBN2014, which then used that money to repay the SSG debenture, that would on the face of it seem to work. Hmm. Anybody got any paracetamol?

Re: Ownership and twists : Fri Apr 04, 2014 5:28 pm  

mat wrote:

Wouldn't all the season ticket holders also be unsecured creditors of some sort? Could honoring season tickets be classed as paying of a portion of creditors too..

I didn't think so, but am no accountant and bow to the knowledge of Adeybull who assured us that yes, season ticket holders are unsecured creditors, as they were owed a future service when the old company went tits. In Adey's absence, I speculate that honouring season tickets MUST therefore count as repaying some of the old company's debt. At any rate, I can't see any logical reason why it shouldn't.

Re: Ownership and twists : Fri Apr 04, 2014 5:43 pm  

Ferocious Aardvark wrote:

I didn't think so, but am no accountant and bow to the knowledge of Adeybull who assured us that yes, season ticket holders are unsecured creditors, as they were owed a future service when the old company went tits. In Adey's absence, I speculate that honouring season tickets MUST therefore count as repaying some of the old company's debt. At any rate, I can't see any logical reason why it shouldn't.

Thought I remembered something along those lines. So assuming 3.5k season tickets ( which is lowest figure I've heard claimed for sold ticket,think official figure was closer to 5.5k but will have included under 12s and other freebies) at average £180. Then by honoring them for remaining 10 home games ( 76% of value of ticket) green is effectively paying off creditors to tune off 478k. Must be worth something in terms of reducing points deduction on appeal I'd have thought.

Re: Ownership and twists : Fri Apr 04, 2014 7:28 pm  

With goings on at Salford at the moment, chance of our 5th director being a director of rugby? Nobby perhaps?

Re: Ownership and twists : Fri Apr 04, 2014 9:03 pm  

Ferocious Aardvark wrote:

I didn't think so, but am no accountant and bow to the knowledge of Adeybull who assured us that yes, season ticket holders are unsecured creditors, as they were owed a future service when the old company went tits. In Adey's absence, I speculate that honouring season tickets MUST therefore count as repaying some of the old company's debt. At any rate, I can't see any logical reason why it shouldn't.

Season tickets are a balance sheet liability but not to be confused with creditors. Usually, season tickets are accounted for as Deferred Income which is drawn down to the P&L account as the service is delivered. They are not recognised as a cash liability, but an obligation to provide goods or services to that value. Therefore, honouring season tickets in no way diminishes the company's cash creditors position as they are not counted as such in the first place.

Re: Ownership and twists : Fri Apr 04, 2014 10:23 pm  

Spoilsport. Boo, hiss.

[Bulliac]

Re: Ownership and twists : Sat Apr 05, 2014 8:37 am  

Surely, the provision of our future service [watching the games] has a monetary value? If not, how can they get away with charging on the gate?