Monday, April 04, 2011

5 April 2011: Lifted

Just past midnight in the UK, and the embargo is lifted.

Not that there's much to say. Matt Slater on the BBC website for the first time names James Brent as the front-running bidder for Plymouth Argyle, and a statement released to Pasoti via the Argyle Trust puts a little more detail on it, including their plans to 'run the club within its means' which is what they were doing, with astonishing success, some seven years ago. Still no agreement with the Mastpoint people who are holding up proceedings while trying to get their money back from the stadium mortgage, but it appears that agreement is the only thing holding proceedings up.

In other news, the first CVA offer to creditors has been put together by the administrator - 1p in the pound. A darn fine way to cut the debt, I'm sure you'll agree, but I doubt the creditors will be happy with that. Story seems to be that it's this administrator's way of making the actual offer (probably closer to 5p in the pound) a little less disastrous-sounding when it comes out.

Still, worst that can happen there is Argyle fail to exit administration via a CVA and get a further points deduction of 17 or so and end up in the Blue Square Home For Former Football League Clubs, before bouncing back a season or so later and preparing for another one hundred and twenty-five years of mid-league obscurity.

The worst that will happen if Mastpoint fail to renegotiate the debt, conversely, is that Argyle cease to exist. But as of right now that's looking a little less certain that a while back.


Kevin Sawers said...

'Blue Square Home For Former Football League Clubs'; very funny, Duncan! Looking on the bright side, though, Saints are still well in the scrap for an automatic promotion spot. They had an epic comeback against MK Dons over the weekend, recovering from 2-0 down to win 3-2.

DuncMcRae said...

Saw that (well, heard it over the internet on the Saints Player), very impressive. Just wish Saints were more consistent... if they were showing the form they had this time last year there would be no doubt about auto-promotion, but right now I just get the feeling Huddersfield will pip Saints and the inconsistencies will mean a playoff semi-final defeat rather like they lost to Derby a few years ago.

On the other hand, a little run of form will do the business, so Lambert needs to get his scoring boots back on and we're there.

I fear for Adkins though if Saints don't go up.

Becky S said...

Isn't it about time for your monthly blog? Or are you waiting until Argyle v Saints has taken place later?