[Pemps]

Re: Latics in administration - Lenagan leading bid : Sun Jan 24, 2021 4:35 pm  

Wigan6/Leeds1 Andy wrote:

I would have to ban myself if I wrote the rest.

Do it and I'll un-ban you

Re: Latics in administration - Lenagan leading bid : Sun Jan 24, 2021 5:25 pm  

Wigan6/Leeds1 Andy wrote:

I know someone who operates in the same circles as Krasner and that last statement on Friday has his fingers all over it. It was embarrassing, especially the use of the term "Fake News" (capitalised which tells you the person who wrote it is a huge backside).

"He absolutely loves the limelight and has by far the biggest ego of anyone I have every known" are the nicest things my friend mentioned. I would have to ban myself if I wrote the rest.

Krasner's mobile number was bandied about on social media a few days ago, bet that went down well. As been said, it's one car crash after another.

Re: Latics in administration - Lenagan leading bid : Sun Jan 24, 2021 5:36 pm  

Jukesays wrote:

The argument here is whether you believe the admins are doing the right things on behalf of the football club, or, they're doing the right things on behalf of the creditors and in turn themselves.
Now legally their only interest should be to recoup as.much money as possible on behalf of the creditors.

I know that if I was a creditor who was looking to get my pence in the pound back, I'd be livid that he turned down the cash offered by IL for the stadium.

The admins have taken a gamble on a future sale, but it's a very uncertain world. An offer was on the table and it should have been taken imo.

Re: Latics in administration - Lenagan leading bid : Sun Jan 24, 2021 5:57 pm  

Jukesays wrote:

I think (in fact I know) hes beig sarcastic
1/5th of a nothing is the same as a whole of nothing etc.

The argument here is whether you believe the admins are doing the right things on behalf of the football club, or, they're doing the right things on behalf of the creditors and in turn themselves.
Now legally their only interest should be to recoup as.much money as possible on behalf of the creditors.
I think (and in a lot of ways I know) the issue here is the way the admin have gone about it.
"No Firesale" - followed by firesale
Back in August/Sept "loads of interested parties, but give exclusivity to a Spanish bid that always seemed doomed to failure whilst proclaiming no other bidders (when in fact there were).
"Its the Spanish or liquidation", with repeated extensions of exclusivity, followed by we now have dozens of interested parties (so why go all in on Spanish who had numerous issues including providing POF) which is it?
"Exclusivity extended in December" with Spanish, followed by "exclusivity ended 6 weeks ago" when the Spanish deal fell through, which is it?
"Were not earning any more fees and in effect working for nothing" in November (and removing all admin staff from the stadium, followed by news that they're earning a 1/3rd uplift and have now applied for between 300k plus and 600kplus more fees, again which is it?

Theres a lot more involved in this, but the 2 car crash interviews this week give an insght into the admins minds/workings.
And don't forget I'm led to believe the admins advised the previous owners to do it this way (I'm sure someone will cllarify this)

People can laugh and joke, wind people up etc, but reality is the admin process is awful, and not really fit for sporting purposes.
The last 2 comms theyve released have been awful
Theres a lot more we could go into, But there for the grace of God and all that

I don't feel I understand it well enough to criticise or praise them to be honest. It seems like they take a hell of a lot of ill-informed abuse and probably have their hands tied to some extent in terms of being able to explain why they have done certain things whilst respecting confidentiality of ongoing sensitive discussions. If the Spanish deal was obviously doomed, why did the Spanish people invest significant money in it?

Re: Latics in administration - Lenagan leading bid : Sun Jan 24, 2021 6:34 pm  

Wigan6/Leeds1 Andy wrote:

I know someone who operates in the same circles as Krasner and that last statement on Friday has his fingers all over it. It was embarrassing, especially the use of the term "Fake News" (capitalised which tells you the person who wrote it is a huge backside).

"He absolutely loves the limelight and has by far the biggest ego of anyone I have every known" are the nicest things my friend mentioned. I would have to ban myself if I wrote the rest.

And Stanley is worse than him.

Re: Latics in administration - Lenagan leading bid : Sun Jan 24, 2021 6:43 pm  

Jukesays wrote:

I think (in fact I know) hes beig sarcastic
1/5th of a nothing is the same as a whole of nothing etc.

The argument here is whether you believe the admins are doing the right things on behalf of the football club, or, they're doing the right things on behalf of the creditors and in turn themselves.
Now legally their only interest should be to recoup as.much money as possible on behalf of the creditors.
I think (and in a lot of ways I know) the issue here is the way the admin have gone about it.
"No Firesale" - followed by firesale
Back in August/Sept "loads of interested parties, but give exclusivity to a Spanish bid that always seemed doomed to failure whilst proclaiming no other bidders (when in fact there were).
"Its the Spanish or liquidation", with repeated extensions of exclusivity, followed by we now have dozens of interested parties (so why go all in on Spanish who had numerous issues including providing POF) which is it?
"Exclusivity extended in December" with Spanish, followed by "exclusivity ended 6 weeks ago" when the Spanish deal fell through, which is it?
"Were not earning any more fees and in effect working for nothing" in November (and removing all admin staff from the stadium, followed by news that they're earning a 1/3rd uplift and have now applied for between 300k plus and 600kplus more fees, again which is it?

Theres a lot more involved in this, but the 2 car crash interviews this week give an insght into the admins minds/workings.
And don't forget I'm led to believe the admins advised the previous owners to do it this way (I'm sure someone will cllarify this)

People can laugh and joke, wind people up etc, but reality is the admin process is awful, and not really fit for sporting purposes.
The last 2 comms theyve released have been awful
Theres a lot more we could go into, But there for the grace of God and all that

Never did get chance give you that call pal, will try catch up with you!

Re: Latics in administration - Lenagan leading bid : Mon Jan 25, 2021 7:34 am  

Egg Chasing wrote:

Did DW lose interest or is the fact he is going a bit potty the reason why he sold?

From what I understand, Whelan is suffering from a serious medical problem which is not the same as going "potty" as you seemed to think.

I may be critical of him over his ownership of the Stadium, but I have also have respect for anyone suffering from a serious medical problem.

Re: Latics in administration - Lenagan leading bid : Mon Jan 25, 2021 7:43 am  

JonnyBroad wrote: He knew exactly what he was doing, the parachute payments stopped and dw was out the door, sold the club and took the millions he made out of the club off to sunny climates. Thats BS. Over the period 2000-2018 whilst the Whelan family owned the latics, the club LOST over £59m. Who do you think funded those losses? https://find-and-update.company-informa ... ng-history

JonnyBroad wrote: He knew exactly what he was doing, the parachute payments stopped and dw was out the door, sold the club and took the millions he made out of the club off to sunny climates. Thats BS. Over the period 2000-2018 whilst the Whelan family owned the latics, the club LOST over £59m. Who do you think funded those losses? https://find-and-update.company-informa ... ng-history

Re: Latics in administration - Lenagan leading bid : Mon Jan 25, 2021 7:47 am  

sergeant pepper wrote:

I know that if I was a creditor who was looking to get my pence in the pound back, I'd be livid that he turned down the cash offered by IL for the stadium.

The club itself (players) is a money pit that never makes money. No investor would buy them, even at the nominal £1, as they'd be funding losses for a long time.

The stadium however, whilst losing a bit, has a potential to make a profit much sooner - hence why its being kept as part of the overall package. Without the stadium as part of the deal, the Latics would be liquidated.

Re: Latics in administration - Lenagan leading bid : Mon Jan 25, 2021 7:55 am  

Grimmy wrote:

I don't feel I understand it well enough to criticise or praise them to be honest. It seems like they take a hell of a lot of ill-informed abuse and probably have their hands tied to some extent in terms of being able to explain why they have done certain things whilst respecting confidentiality of ongoing sensitive discussions. If the Spanish deal was obviously doomed, why did the Spanish people invest significant money in it?

It fell because the well known person who was remaining in the background but investing most of the money withdrew his backing after the administrators had accepted the spanish consortium offer which resulted in the football authorities not accepting the sale as they were then left in the position of not having enough money to complete the purchase.

What criticism this administration company has received has been jusitified with the way they have handled or should I say mis-handled the sale.