>>The whole agreement looks like it is a done deal One para says "creditors should note that the Prospective Purchaser (Bates \ LUFC) already has the unqualified suuport of Astor Investment Holdings Ltd, the Forward Sport Fund and Krato Trust Ltd who claim to account for c £17.7m of creditors by value " Astor are owed £12m, Forward Sport c£2,500,000 and Krato c£2,500,000 and all 3 of these have agreed to waive the whole* of their claim for divindend purposes only if the CVA is accepted. *sorry Astor agreed to waive 50%<< So Bates-controlled businesses represent 46.5% of the £38m owed to unsecured creditors. (Where does the 62% figure come from? Fooball debts (c£9m) make up around 24% of the creditors- and as they have to be paid in full, there is no way they would object to the Bates deal. The tax man's £5m represents 13% of the £38m so cannot block the deal. 46.5+24 = 70.5 (Bates-controled + paid in full) so Bates only needs a further 4.5% of creditors to approve the deal. I'm sure he'll have that (Petchey?) So yes, it's a done deal. Mark _______________________________________________ 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..."
