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The Magnificent Dab Admin Thread

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6 minutes ago, Boba Fett said:

If they are defaulting on loan payments to "united minded lender(s)".. said lender(s) could see it as an opportunity to enforce some change at the sticklebrick by calling them in. 

Lots and lots of companies enter administration without any monies owed to HMRC. Inabilty to pay creditors is reason enough. 

If they call them in, United could do what we did in Admin 2 and just increase the amount of debt so they can offer a CVA which takes them below the 25% needed to assert real influence in the process. In our case, HMRC lost massively financially and could have likely got more out of us with a different approach.

Someone could threaten admin but it's a dangerous game to them and they could end up with nothing if they push it too far.

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19 minutes ago, GregTeamDee said:

Apparently there is a club that are wanting the dosh too. All speculation though..... There in a bad way though.  Thompson admitted last year that they have been close a couple of times to admin.  

A club? 

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23 minutes ago, GregTeamDee said:

Apparently there is a club that are wanting the dosh too. All speculation though..... There in a bad way though.  Thompson admitted last year that they have been close a couple of times to admin.  

Raith for Toshney? Killie for Muirhead?

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People ask, how on earth could they be in difficulty after selling so many players for the reported millions....Dundee United never confirmed any fee that they got, most of it was the media. Majority of the fees weren't upfront and were based on appearances, international call ups etc...Their management team got a good slice of the deal, and their chairman has apparently taken his wedge. They then had debts, and a lot of it. They moved their 'bank' debt over to individuals then claimed they are debt free....which isn't true. They are bank debt free, but not debt free. 

-Apparently the deal with Raith wasn't upfront, it was through instalments. 

-25th Nov 2016, their auditors resign. Why?

-Spency resigns  - few days later writes about merger....

-Apparently Losing tens of thousand per week. 

-The 'Fed' issues statement  stating they are 'deeply concerned about the financial stability' of United on 2nd Feb 17. 

-Cant be missing a payment to Hugh Drummond either 

 

(Info from Companies House). 

 

 

 

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The loan from Hugh Drummond Duncan was for £1.6m, to be paid back in annual instalments with 6% interest. First instalment of £370k or so was paid last February, second instalment of around £400k is due this month. If they default on this particular loan, Drummond Duncan takes control of the sticklebrick and can lock them out. 

Interestingly, their accountants Deloitte apparently resigned recently and a new security order was taken out over Gussie by a Glasgow solicitors firm.

I also heard that they were to be making a major statement in the very near future and the way it was put to me, didn't sound like it was going to be good news for them.

When you take all this into account, Spence leaving (he claims his contract ended after 9mths, strange length of contract) and their board's point-blank refusal to answer fans' questions, you get the feeling something is definitely not right there.

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I'd prefer they remain on the financial precipe and spend a good few more seasons in the lower tier(s). Actually, not 'they' as in the people (most anyway) but 'they' as in the club. 

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27 minutes ago, HK Blues said:

I'd prefer they remain on the financial precipe and spend a good few more seasons in the lower tier(s). Actually, not 'they' as in the people (most anyway) but 'they' as in the club. 

That's a very fair-minded "considered" statement there HK'...And I think I'd probably go along with that.

Certainly the last thing they'll want, is a few seasons DOON. Wis tempted tae pit in :lol2:.(But refrained)

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1 hour ago, HK Blues said:

I'd prefer they remain on the financial precipe and spend a good few more seasons in the lower tier(s). Actually, not 'they' as in the people (most anyway) but 'they' as in the club. 

I reckon that's the way it'll play out. I reckon they are in a bit of a state financially and failure to come up this season will lead to major cost-cutting. Think the majority of their squad are on 1yr deals or out of contract in the summer, so a squad overhaul would probably be on the cards, replacing dross with even drossier dross, leading to several years at least in the fundesliga. 

Don't think admin will happen, can't see any benefit to the grocer's son in that event due to his biggest asset, the sticklebrick, being under a security order.

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