|
DrillingCobbler
|
 |
« on: October 20, 2015, 11:10:20 am » |
|
Thought this deserved its own topic, a pivotal date in the grand scheme of things.
For what its worth, it wouldn't surprise me one bit if Buckingham buy CDNL off of DC, and with it acquire the land.
This would mean that DC would get shot of the debt to Bucks and the loan, and Buckingham would then have a realistic chance of getting their money back.
Has this got legs?
|
|
|
|
« Last Edit: October 20, 2015, 11:23:28 am by DrillingCobbler »
|
Report Spam
Logged
|
|
|
|
|
|
|
Iest_ntfc
|
|
« Reply #1 on: October 20, 2015, 11:13:13 am » |
|
Thought this deserved its own topic, a pivotal date in the grand scheme of things.
For what its worth, it wouldn't surprise me one bit if Buckingham buy CCD off of DC, and with it acquire the land.
This would mean that DC would get shot of the debt to Bucks and the loan, and Buckingham would then have a realistic chance of getting their money back.
Has this got legs?
Get the name right, it's CDNL (county developments Northampton ltd) |
I can't think of anything funny to write here
|
|
|
|
guest2677
|
|
« Reply #2 on: October 20, 2015, 11:13:37 am » |
|
Thought this deserved its own topic, a pivotal date in the grand scheme of things.
For what its worth, it wouldn't surprise me one bit if Buckingham buy CCD off of DC, and with it acquire the land.
This would mean that DC would get shot of the debt to Bucks and the loan, and Buckingham would then have a realistic chance of getting their money back.
Has this got legs?
CCD or CDNL? |
|
|
|
|
|
guest2677
|
|
« Reply #3 on: October 20, 2015, 11:14:16 am » |
|
Got it!
|
|
|
|
|
|
|
|
FezNTFC
|
|
« Reply #5 on: October 20, 2015, 11:26:01 am » |
|
I am hoping to be heading along to this - so will obviously feed back as much information as I can.
|
|
|
|
|
|
STEVIEG
|
|
« Reply #6 on: October 20, 2015, 11:30:48 am » |
|
So what do people think would be the best result for the club from this hearing?
I have no real understanding of how all this works so am continuing to rely on you guys to make it as easy as possible for people like me to understand!
|
|
|
|
|
|
JollyCobbler
|
|
« Reply #7 on: October 20, 2015, 11:33:15 am » |
|
Thought this deserved its own topic, a pivotal date in the grand scheme of things.
For what its worth, it wouldn't surprise me one bit if Buckingham buy CDNL off of DC, and with it acquire the land.
This would mean that DC would get shot of the debt to Bucks and the loan, and Buckingham would then have a realistic chance of getting their money back.
Has this got legs?
It's an interesting proposal. Does it have legs, no idea? But it's an idea. |
|
|
|
|
|
Iest_ntfc
|
|
« Reply #8 on: October 20, 2015, 11:36:00 am » |
|
It's an interesting proposal. Does it have legs, no idea? But it's an idea.
For what it's worth, I heard a few weeks ago from a source close to NBC that Buckinghams were going to buy the land. At the time I just thought it was another roumour and didn't think much to it but it actually has lags and could be a good thing as long as DC isn't involved in the negotiations |
I can't think of anything funny to write here
|
|
|
|
DrillingCobbler
|
|
« Reply #9 on: October 20, 2015, 11:45:47 am » |
|
Im totally putting two and two together here but Oglethorpe apparently said something along the lines of (during Saturdays commentary which I didn't hear as was at the game) that 1 deal has to be done this week before the other deal...
So could it be that DC gets shot of this company (and the land), effectively freeing himself of around 13.5million of debt (3 million to Bucks plus the council loan) and then he could sell the club for a £1 with around 1.5 million debts (overdraft, catering company liabilities, HM and whoever else he/we owe money to) to a local consortium?
Obviously he wouldn't do the latter part before he did the former part IF this is a likely scenario. He was obviously (beforehand) trying to flog the two as a package but is that viable to a buyer given the numbers involved? Even for £1 it would be tight to make the cash back and get us on an even keel.
Id be very interested to hear from some of the number crunchers with a better understanding of the legalities as to whether this could be a possible (insider?)
|
|
|
|
|
|
Phigar
|
|
« Reply #10 on: October 20, 2015, 12:04:03 pm » |
|
Am I right in thinking that the outcome of CDNL will directly affect the Administration of 1st Land?
If DC allows CDNL to be liquidated then I'm guessing it will not have sufficient assets to settle the 1st Land Administration, as it has agreed to do by 31.12.15. This will mean that the Administrator in 1st Land is going to have to look elsewhere for funds. 1st Land identified NTFC and DC as Assets so the Administrator may then pursue the club and DC for contributions including the infamous £2.65m fee/loan.
I would also therefore expect the Administrator in 1st Land to jump on the HMRC winding up.
|
|
|
|
|
|
MD
|
|
« Reply #11 on: October 20, 2015, 12:04:31 pm » |
|
I don't quite follow... How would this free NTFC of the £10m debt? (Or are we assuming Buckinghamshire buy it for a hefty enough price to do so?)
|
|
|
|
|
|
MD
|
|
« Reply #12 on: October 20, 2015, 12:05:53 pm » |
|
I don't quite follow... How would this free NTFC of the £10m debt? (Or are we assuming Buckinghamshire buy it for a hefty enough price to do so?)
And if DC netted himself a hefty sum for selling CDNL, why would he invest this back into NTFC rather than just pocket it himself and walk away (letting NTFC fold)? |
|
|
|
|
|
GrangeParkCobbler
|
|
« Reply #13 on: October 20, 2015, 12:09:58 pm » |
|
And if DC netted himself a hefty sum for selling CDNL, why would he invest this back into NTFC rather than just pocket it himself and walk away (letting NTFC fold)?
Was just going to say something along those lines myself. I would guess that the point in the loan documents would still hold true, namely that £5m (at least) from the development of the land had to come back to the club to satisfy (in full or in part) the original loan monies drawn down. Can't see how A Buckingham or whoever would be able to circumvent that issue. Surely the council would need to be assured that the money would be coming back, their "freeholding" is their security for the loan. Just selling the land off and letting someone walk away with the proceeds would not satisfy the council. |
The Hotel End GTA Champion 2006/07, 2007/08, 2011/12, 2012/13, 2018/19 and 2023/24
|
|
|
|
MD
|
|
« Reply #14 on: October 20, 2015, 12:31:07 pm » |
|
So I'm clear in my understanding then... CDNL hold a conditional purchase option over land to which NBC is the freeholder? And this we assume is an option to acquire the freehold interest rather than a long lease?
So Buckingham could acquire the ownership of CDNL from DC, but at this point couldn't acquire the land given it doesn't get belong to CDNL given presumably all the conditions are not yet met? You'd assume the conditional purchase option may have some clause regarding 'change of ownership' that prevents this option being of any benefit to Buckingham but I guess that's just an assumption (and not sure the evidence points towards NBC being switched on enough to do this!)
If all CDNL holds is a land option that can't be exercised under new ownership (may not be the case as above) then there would be no reason for them to seek to acquire CDNL. But if it does, then I guess that's the obvious way that they'd try to recoup some of their shortfall... only query is, why would you do this via a WUP rather than negotiate (but under the threat of a WUP to force the issue)...?
All very complex!
|
|
|
|
|
|
Insider
|
|
« Reply #15 on: October 20, 2015, 13:31:50 pm » |
|
The exact status of the contractual arrangements between "County Group", CDNL and NBC is something of a mystery. I submitted a FoI request three weeks ago asking for copies of the contracts between either of County and/or CDNL, and was told that none could be found. I was asked to provide further information which I have now done.
If one trawls back through the Council records and published articles and documents, there is reference to a Collaboration Agreement, but that refers only to NTFC (and the Saints), and I have not been able to find such a final signed agreement. CDNL were granted conditional outline planning permission, but here I could find no reference to a legally binding commitment by NBC to sell the land, nor could I find that CDNL have actually fulfilled all the outstanding obligations that form the conditional approval.
If anyone can find such documents please PM me with the details.
|
|
|
|
|
|
LeeleeSTAR
|
|
« Reply #16 on: October 20, 2015, 19:46:19 pm » |
|
I am hoping to be heading along to this - so will obviously feed back as much information as I can.
j Thanks fez that will be appreciated massively. Think some people under estimate how important this court hearing is. |
|
|
|
|
|
clarkeysntfc
|
|
« Reply #17 on: October 21, 2015, 08:18:07 am » |
|
I'm pretty certain that this hearing is a critical phase in resolving/worsening of the issues we face. Not sure I can understand what each outcome would mean for NTFC at the moment but I'm sure we'll be clearer on Thursday/Friday.
|
|
|
|
|
|
Shoemaker
|
|
« Reply #18 on: October 21, 2015, 08:27:48 am » |
|
I'm pretty certain that this hearing is a critical phase in resolving/worsening of the issues we face. Not sure I can understand what each outcome would mean for NTFC at the moment but I'm sure we'll be clearer on Thursday/Friday.
DC said everything will be clearer this week' |
|
|
|
|
|
super-si
|
|
« Reply #19 on: October 21, 2015, 09:04:58 am » |
|
Agreed - the winning hand on Thursday is pivotal. How it will pan out I have no idea - and I need to avoid trying to work it out for my own sanity!  |
|
|
|
|
|
