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The Magnificent Dab Admin Thread

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12 hours ago, HK Blues said:

Profit of £3.9m is healthy - until you consider £4.8m came in via player sales. That's not a sustainable business model as we know. The conveyor belt of talent dries up and so does the income stream.

As for paying 6% to a creditor rather than presumeably less to a bank - perhaps the bank's terms were too onerous in terms of repayments or securities? Or maybe the creditor is a good pal who deserves to make a tidy sum in interest!

Note 16 in their annual accounts for year ended 30th June 2015 is interesting as it states that the Thompson family loans had all been repaid in full by 20th August 2015. If United go into administration and they are able to exit administration the Thompson family will still own their shareholding in Dundee United albeit with a reduced value.

Note 23 is also interesting. David McGrory who is a Dundee United director is also a partner at solicitors Maclay, Murray and Spens LLP who carried out the exiting of the banking facilities. Maclay, Murray and Spens were also involved in the Standard Security by The Dundee United Football Company Limited in favour of Hugh Drummond Duncan. https://beta.companieshouse.gov.uk/company/SC013690/filing-history

See Registration of Charge created on 26th March 2015, dated 7th April 2015. 

According to the enclosed Companies House website United directors Stephen Thompson and James Martin formed a company called Thommar with a share capital of 40p on 19th March 2015 one week before the Standard Security of Tannadice was handed over to Hugh Drummond Duncan.https://beta.companieshouse.gov.uk/company/SC500974/filing-history

It will be interesting to see how things develop over the next few weeks especially if there is a points deduction for a club going into administration.

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I have merged two topics regarding the DABS into one topic, as they were basically discussing the KARMA that is about to slap them in the face.

25 points is what they should be hit with if this happens, they set a precedent with us that should be maintained especially with these gloating bunch!

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2 hours ago, mainstand said:

John james reporting the yenited players were informed last week that administration is imminent.

Interesting!!!

 

 

Losing nearly £100 each month with further 'loans' from outside sources.  The Thompson bailout is non existant.

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14 minutes ago, Attilio said:

Losing nearly £100 each month with further 'loans' from outside sources.  The Thompson bailout is non existant.

£100? Should it be £1000000000000000000? 

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1 minute ago, Boba Fett said:

£100? Should it be £100,000.0000000000000

Aye 100 grand.  Forgot where the k button was :D.  Either way, Stevie T is not of a mind to bail them out even if it was just a ton.

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They just managed to pay their payments this month and last month. But by the very skin of their teeth/taking out 'soft loans'. There is no question that they are in a mess, and eventually they will go into admin.Be interesting to see if the creditors see 'admin' as a way to takeover the club.  They know they are never going to get their money back, its just going into a black hole to literally keep the lights on.  Selling your assets before you go into admin, isn't the best........

Its a matter of when, not if.  

 

If it was this quick (i.e.: this week), they must have missed payments to HMRC or someone like that. Or they have weighed up the options, realised they aren't going up, take the hit this season, clear the debts etc.... start fresh in the summer. (Massive gamble though, need CVA to be passed, Could get plenty of houses on that land). 

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Was a wee bit concerned Admin John when you decided to bring this topic under ONE threed.

But thankfully, the guid posters of TDBF ,have rallied roond & doubled the post output :lol2:

WE KEN ... AND THEY KEN ...  THE CLOCK IS GOIN' TICK, TICK, TICK TICK TICK TICK:chaplin:

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