The views of the creditors are taken in order/weighted on the amounts owed.
Biggest say goes to the biggest creditor = Ken Bates HMCE/IR deal with this all the time so they will be ok with it. And Im sure other significant creditors will have been sounded out too. From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED] Sent: 04 May 2007 16:06 To: Mark Humphries; 'Simon Hart'; [EMAIL PROTECTED]; [email protected] Subject: Re: [LU] Admin But it does state 'on approval of the creditors'...what exactly does that mean? Why would they approve of Bates being the new owner? Or are the creditors (to the tune of 35 million?) bates and co? Nick -------------- Original message -------------- From: "Mark Humphries" <[EMAIL PROTECTED]> > Not really. We had less than 24 hours to go into admin. Bates, as the > major creditor, only had to convince the administrator that, following > relegation, the debts over the company could wipe it out, as might a -10pt > deduction next season. It would be in the best interests of all the > creditors to do this now and not risk -10pts next season. > > Im sure if the administrator had a bit more time to investigate if anything > better would turn up then he would have. > > This is good news for LUFC (yes, and Bates too) because it now means, once > and for all, our debts will be cleared and anyone wanting to take over the > club can see their cash being used to improve things, not just service > existing debts. > > Im sure others will disagree with me though, but at least I have given the > reasons I think its a good thing! > > -----Original Message----- > From: [EMAIL PROTECTED] > [mailto:[EMAIL PROTECTED] On Behalf Of Simon Hart > Sent: 04 May 2007 15:51 > To: [EMAIL PROTECTED]; [email protected] > Subject: Re: [LU] Admin > > > Seems to me it has allowed Bates to shake off / screw over certain ex > directors, lose the debt and come up smelling of roses. > > How it can be allowed beggars belief. Surely as a creditor Bates should be > told to stand in line with his cap in his hand whilst the club is auctioned > off to the highest bidder. It sounds as though they are just selling it > straight back to bates without even trying to get a better price. > > Of course I know **** all about finances so that is undoubtedly all > bollocks. > > Si. > > > >-----Original Message----- > >From: [EMAIL PROTECTED] > >[mailto:[EMAIL PROTECTED] On Behalf Of > >[EMAIL PROTECTED] > >Sent: 04 May 2007 15:40 > >To: [email protected] > >Subject: Re: [LU] Admin > > > > > >Excuse my financial and business ignorance, but exactly what has this > >achieved, and what does it mean for the club? > > > >Gaffer > > > > > >----------------------------------------- > >This communication is for informational purposes only. It is not > >intended as an offer or solicitation for the purchase or sale of > >any financial instrument or as an official confirmation of any > >transaction. 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