johnthebrief

No, that would depend on the outcome of administration. But they are free to walk away for £0 aren't they? No, in administration the company's contractual rights are unaffected If the club went into liquidation then the contracts would be terminated and the players could walk

A long lease has value in itself. Most commercial property is leasehold. It's not the same as warehouse though. I'd guess the land at Darsley Park etc. has to be used for sport so it's not like you can flog it to Tesco. Land always has value. It's the only commodity that they don't make any more

Agreed The sooner Manure, Chavski and co fuck off to form their euro super wankfest the better Then the rest of us can get on with a competitive competition that's actually entertaining to watch

A long lease has value in itself. Most commercial property is leasehold.

Only if the administrator sells the club to someone else Which he can just as easily do himself, without the costs of administration or the reduction in price caused by the points deduction Whoever owns the club has got to fund it to keep it trading as a going concern, or else see it go into liquidation and lose all their money The problem with all this logic is that the club is actually worth jack shit. In fact it seems more in the toxic debt territory. I don't really know but I have a bad feeling about this. Nah there's definitely some value in there... - player contracts - intellectual property and image rights - goodwill (future ticket sales) - the land and stadium It's a valuable collection of assets, just a bit distressed at the present time

Only if the administrator sells the club to someone else Which he can just as easily do himself, without the costs of administration or the reduction in price caused by the points deduction Whoever owns the club has got to fund it to keep it trading as a going concern, or else see it go into liquidation and lose all their money

OK, as an alleged insolvency specialist I'll try and explain Administration is often compared with Chapter 11 in the US, in that they are both primarily about giving the company protection from action by its creditors while they reorganise themselves but there are some major differences. Principally, it's the difference between who controls the process. In Chapter 11, the company retains control of its own affairs subject to oversight by the Court, in administration control of the company passes to the administrator who is an independent licensed insolvency practitioner. The choice of who gets to be appointed as administrator ultimately lies with the creditors, particularly any creditor with a floating charge over the business (a kind of mortgage) The job of an administrator once appointed is - in order of priority - first to try and save the business as a going concern, second to achieve a better realisation for creditors than would be likely in liquidation, or third to realise charged assets for the benefit of secured creditors. What that boils down to is that the administrator displaces the existing shareholders/directors and works out what's the best course with the interests of the creditors in mind. It is primarily a means of taking control of the company away from management. Administration is often used, through what's known as a "pre-pack" sale, as a means of ridding a company of unmanageable debt. The idea is the owner puts the company into administration, and buys it back from the administrator for its true net value. The creditors get the sale proceeds and the company carries on free of debt, and everyone lives happily ever after. That therefore begs the question, what would be in it for Ashley? Answer, nothing. If the club were sold as a going concern or broken up by an administrator, the sale proceeds would still be subject to all the same creditor claims as they are now. In this case, because most of the debt is owed to Ashley himself, there'd be no benefit in his taking this route. His net position would be just the same at the end of it. There is of course the bank overdraft (reputed to be about £40m) but it is likely that the bank has the first ranked security and so would clean up on whatever asset value there was on an administration sale - ie the bank would get first dibs on whatever was paid to buy the club. Thorw in the league rules about payment of "football creditors" and there is simply no benefit to anyone in administration of NUFC. The alternative insolvency process to administration is liquidation (also known as winding up). This is a terminal process in which the insolvency practitioner (the liquidator) just converts all the assets into cash and divides it up among the creditors according to security and priority rights. All of a company's contracts terminate on liquidation so player values would vanish.

I can't see him deliberately putting the club down - most of the value in the club, the goodwill, is in the future season and match ticket sales

Cruel to be kind, so to speak

A misapprehension shared by too many of us for too long It was tongue in cheek. One thing I've learned over the course of my career is that you meet some very rich very stupid people

Transformers 2, good mindless fun

A misapprehension shared by too many of us for too long

The only thing that will make an impact on Ashley is to reduce his income from the club That means not buying food and drink at the ground, not buying any merchandise, and ultimately staying away from matches The last one is tough but it's the only one which as well as hitting his wallet would be guaranteed to be visible and so raise some profile. News of trouble with the fans and visible empty seats on a large scale will impact on saleability so may force Ashley's hand I should add - any match boycott should apply only to home games

Are Man City after them both like? You'd be lucky to get half that for Martins. Whatever we sell him for I hope they ask for cash on the nail, not over 3 years interest free

I'll be in Geneva instead

To get their P45's, no doubt

In post-Adebayor market I'd value Martins at least £15m, Bassong the same

I think he's relying on the Ken Dodd effect A jury of scousers will never convict

1,654 according to the tannoy announcer, out of a total crowd of 9,000 (including 1 mackem ) Loads of possession, bugger all penetration. Same old same old, to be honest Beye, Enrique and (!!!) Collocini were the stand out players

Call me a softie but I'd have liked Niall Quinn in just to show some of our wankers how to behave properly I met him a couple of times, proper gentleman

Someone who finds hidden/lost money I'd have thought Ashley was more in need of their services than the potential buyers are

I'll have to think about the first three, but number four would definitely be "I'll be on my way" by the Saw Doctors

I've not heard anything else since this morning, when it was still on

Is it me or does "UCLAN" sound like a treatment for a social infection ?