777 Partners / Whatever the hell you like

[bernie inn]

How did the RS get rid of Gillette & Hicks; why can't we do the same?

The bank took control and kicked them out, like erm bankruptcy

 

[micknick]

Everything points to these guys being terrible for us but the one thing I cant get my head round is that they must be fairly successful in what they do so why would they go near us with all our debt, all our problems on the pitch and unsustainable overheads.

Surely they arent going to chunder 100's of millions to buy us to just let it fail completely and lose all that money for us to be a championship or even league one team.

It all feels very weird.

 

[Dixieslaces]

This is how I read it

This is Le Ev, so anything - the dafter the better is not to be ruled out
or
Nobody actual knows.

It could all get quantum...in the box, a cat can be (technically) In potential administration situation yet at the same time ( ask me no questions and I'll tell you no lies) Not - unless the PL opens the box and lets the cat out to 'officially' Declare one way or the other.

Not being in Administration / -9pts must be a better deal for all concerned

As always with EFC - more questions than answers

Thanks Degsy,

As you say, seems like a multitude of possibilities but all told, them having control seems the best way forward for all concerned and keeps those charlatans 777 away from us.

will the "cat" ever be let out out lol, like the analogy tho but having to rely on anything the PL deem us worthy of is quite the scary prospect.

Avoiding admin and -9 simply has to be best outcome and we deal with the other stuff re PSR on the field(lol, if only!)

UTFT

 

[Exeter_Gently]

Why is the MSP payback date ambiguously referred to as mid-April? If the information has come from official documentation, then surely the official documentation being referred to is more specific than ‘mid April’?

I've been thinking this.

 

[pfim]

Everything points to these guys being terrible for us but the one thing I cant get my head round is that they must be fairly successful in what they do so why would they go near us with all our debt, all our problems on the pitch and unsustainable overheads.

Surely they arent going to chunder 100's of millions to buy us to just let it fail completely and lose all that money for us to be a championship or even league one team.

It all feels very weird.

You've answered your own question. It's one thing to buy a distressed asset and turn it around. It's another to pay much more than others to buy that distressed asset.

The recent downgrade of one of their core cash sources, 777re, tells you they may not be as successful as they claim. A ccc- credit rating for a re-insurer is a death sentence.

 

[Dymak]

The official documentation is companies house filings won't include the individual payment schedules for loans.

Where does the supposed deadline of ‘mid-April’ come from then, if the companies house filings don’t include payment schedules for loans?

 

[micknick]

You've answered your own question. It's one thing to buy a distressed asset and turn it around. It's another to pay much more than others to buy that distressed asset.

The recent downgrade of one of their core cash sources, 777re, tells you they may not be as successful as they claim. A ccc- credit rating for a re-insurer is a death sentence.

So owning us would give them access to more capital? As in they need us more than we need them. But surely we become a noose around their neck if we fail...

 

[allen]

So owning us would give them access to more capital? As in they need us more than we need them. But surely we become a noose around their neck if we fail...

Cowboys gonna cowboy.

Everything is about plate spinning with these guys.

 

[pfim]

So owning us would give them access to more capital? As in they need us more than we need them. But surely we become a noose around their neck if we fail...

It gives them a larger revenue stream than what they have now in their football portfolio. They believe, through their management and the economies of scale they share with the group, that they can make Everton a profitable enterprise. Their track record is incomplete, at best.

The last sentence is just normal risk. Again, many of their other businesses including their largest are not successful. Assuming they're a group of successful businessmen with lots of cash is wrong, as evidence by the hold up in the sale.

 

[trueblue84]

Where does the supposed deadline of ‘mid-April’ come from then, if the companies house filings don’t include payment schedules for loans?

I think it's just an assumption that we have to pay them by middle of the month. Reality is it's just people guessing.

 

[stamullenblue]

I think at this stage we don’t have other options than 777. Moshiri has opted out and as other posters have said why are they paying over the odds and still want in despite all the issues. very strange indeed !

 

[Tony’s Carp]

Where does the supposed deadline of ‘mid-April’ come from then, if the companies house filings don’t include payment schedules for loans?

I think the way it works is that the charge is registered publicly but the loan agreement is a private document. So we know what is secured against a charge but we don’t know the specifics of the loan that relates to it or what events result in a default.

It’s the same as a mortgage: the charge is in the public register but the terms of the loan are not. The existence of the charge is necessary public information so that other potential charge holders can be aware of it, and can investigate the specifics but those specifics don’t need to make public.

So we know there is a charge over Moshiri’s shares to Blythe, not the specifics of the loan. The mid-April date mooted seems to be a matter of logical deduction from the deadline the PL are setting, or maybe some inside info on the part of Esk, who wrote about it.

 

[Eggsyblueskin]

One thing is certain 777 , who are still confident of completion , have to find a lot of hard cash to satisfy the PL .
They haven’t found proof of such sums in 7months do its intriguing where they expect to find them now. I mean this is an organisation that withdraw its basketball team from European competition because it was too expensive.
They are a high risk company who offer investors higher profits than comparable organisations.
They seem to be forever teetering on the edge of a financial precipice.
Definitely not what we need at this point in our history.

 

[Tony’s Carp]

One thing is certain 777 , who are still confident of completion , have to find a lot of hard cash to satisfy the PL .
They haven’t found proof of such sums in 7months do its intriguing where they expect to find them now. I mean this is an organisation that withdraw its basketball team from European competition because it was too expensive.
They are a high risk company who offer investors higher profits than comparable organisations.
They seem to be forever teetering on the edge of a financial precipice.
Definitely not what we need at this point in our history.

I had the dark thought earlier that maybe they are well aware they won't satisfy the PL test but are now holding out in case they get a crack at the EFL test instead.

 

[pfim]

I had the dark thought earlier that maybe they are well aware they won't satisfy the PL test but are now holding out in case they get a crack at the EFL test instead.

The club will be in Administration if they have an opportunity to pass the EFL test. The money they put in will be gone and they'll no longer be the preferred bidders.