In an ideal world Moshiri would be made to pay back that debt out of his own pocket but I realise this isn’t an ideal world and the snake has probably covered his tracks in that regard.
The Friedkin Group - Dan & Ryan Friedkin [19/07/2024] Purchase Talks Over.
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In an ideal world Moshiri would be made to pay back that debt out of his own pocket but I realise this isn’t an ideal world and the snake has probably covered his tracks in that regard.
chippy1722
Player Valuation: £35m
I think he done a good job making the outside of the ground look half decent, Bill would have left it with the corrugated iron.
OK so I think people don't understand how debts work.
777 lent us money. IF they lent the money from ACap, they will then be creditors of 777 in any administration..its up to the administrators to recover as much debt for 777 as they can. Debts don't automatically pass onto to someone else unless that was in the original signed agreement. Most administrations never recover 100% of money for creditors. It's usually less than 50%.
This is why I said before this debt wouldn't be a priority for any new owners as they can probably get away with only paying back a portion of this debt should 777 go into administration.
777 lent us money. IF they lent the money from ACap, they will then be creditors of 777 in any administration..its up to the administrators to recover as much debt for 777 as they can. Debts don't automatically pass onto to someone else unless that was in the original signed agreement. Most administrations never recover 100% of money for creditors. It's usually less than 50%.
This is why I said before this debt wouldn't be a priority for any new owners as they can probably get away with only paying back a portion of this debt should 777 go into administration.
Infernus
Player Valuation: £8m
This is pretty much it. I know this is a terrible example, but I once bought a car on finance. Very shortly into the term, the company who gave me the finance went bust. No money was recovered as it was not in the contract. I was only about 6 months into the contract so I basically got a car for 1/4 of it's worth. A-Cap may not be able to recover the whole 200million for similar reasons
pfim
Player Valuation: £35m
I don’t believe 777 is in a formal insolvency, which is what you’re describing.
What is more likely to have happened is that ACap had security against whatever entity 777 used to lend us the money. With that security they’re able to assume control of the 777 and collect the debt. Effectively, they are 777 now.
Of course that's what I am describing because that's what people are discussing.
What you describe isn't easy. It's nowhere near as simple as that in a corporate business world.
pfim
Player Valuation: £35m
A formal insolvency is a court action in the US, federal (bankruptcy) or state (receivership). There are records online and that would have been reported.
Read the Josimar article, it describes what has happened pretty well and Leadenhalls objections to ACaps actions.
Infernus
Player Valuation: £8m
PeregrineT
Player Valuation: £35m
Maybe they have some agreement where they can assume control, but they dont get to collect any debt. Thats why the article SPECIFICALLY says they have instructed them to explore selling their clubs(assets). They are still bound by all the same agreements, thats the entire point of agreements. They can sell assets, they cant collect debt unless their prior signed agreements already said 777 could.
summerisle
The rain, it raineth every day
How do you join these intellectual heavyweights, does it involve a jigsaw ?
The binman chronicles
Player Valuation: £80m
It's amazing how long it takes to post a message to say they've pulled out of buying Everton...
If they were pulling out the first you would hear about it would be a press release from them.
BainesontoastNEW
Player Valuation: £40m
Mum's. Basement.
Marius57
Player Valuation: £50m
can’t see it?
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