Bates has implied he has the support of enough other creditors to get to 75% - would mean he has about another £4m of the debt lined up to vote for him. Looking at it the other way - any other bid would also need 75% to suceed, if Bates controls around 62% then no other bid will suceed either. As the alternative is the club goes into liquidation and most people will get nothing then Bates' offer is likely to prevail. Matt
Tim Whelan <[EMAIL PROTECTED]> wrote: OK, so 75% of Creditors need to agree to a CVA. The official site reported that £22m of the £35m debt consists of amounts loaned to the club by Astor Investment Holdings, Krato Trust and Forward Sports Fund. All three of these companies are believed to be controlled by Bates, but £22m is only 62.9% of £35m. So am I right in thinking that Bates won't be in a position to manipulate the forthcoming creditors meeting and insist he keeps control of the club? Presumably this leaves the way open for any other consortium, provided they can offer the administrator a higher bid to buy the club. I do hope Ive got this right. Tim W. Brian Hamilton wrote: Under a CVA (Company Voluntary Arrangement) it needs 75% of creditors to agree to the arrangement being put in place. If 75% dont agree then the CVA is more likely to result in liquidation which is forced through when a winding up order is granted by a court when a petition is presented by a creditor. --------------------------------- Now you can scan emails quickly with a reading pane. Get the new Yahoo! Mail. _______________________________________________ the Leeds List is an unmoderated mailing list and the list administrators accept no liability for the personal views and opinions of contributors. Leedslist mailing list [email protected] http://list.zetnet.co.uk/mailman/listinfo/leedslist The Leeds List - "where never is heard a discouraging word..." _______________________________________________ the Leeds List is an unmoderated mailing list and the list administrators accept no liability for the personal views and opinions of contributors. Leedslist mailing list [email protected] http://list.zetnet.co.uk/mailman/listinfo/leedslist The Leeds List - "where never is heard a discouraging word..."
