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Old 29-04-2010, 09:48
Sattrega
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Apparently The Trust's last email from Guilfoyle (received yesterday)stated that negotiations were ongoing and confidential and that he expects to have proposals to put to the creditors in the next few days.
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Old 29-04-2010, 18:28
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Apparently The Trust's last email from Guilfoyle (received yesterday)stated that negotiations were ongoing and confidential and that he expects to have proposals to put to the creditors in the next few days.
seems that long-term season ticket holders have all been sent a letter today stating that the administrator's proposals will be placed on their website tomorrow (friday 30th) - and that a creditors' meeting to consider the proposals will be held on monday may 17th.
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Old 29-04-2010, 19:24
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seems that long-term season ticket holders have all been sent a letter today stating that the administrator's proposals will be placed on their website tomorrow (friday 30th) - and that a creditors' meeting to consider the proposals will be held on monday may 17th.
Can't wait to see what those are. Is this going to be a step in the right direction?
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Old 29-04-2010, 19:58
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Is this going to be a step in the right direction?
no idea lol. s'pose its the usual wait & see. 17th may is another long wait though.

no mention about the negotiations concerning the ground.
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Old 30-04-2010, 09:40
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More news: And Agilo have raised their ugly head again.

Agilo, the hedge fund that placed Crystal Palace into administration in January, will look to recover some of the £5.5m it is owed from player sales in the summer. That will alarm fans but could make it easier for the consortium that wants to buy Palace, led by the local businessman Steve Parish, to fund its takeover because the non-negotiable sum payable to Agilo would be reduced.

After Sunday's game at Sheffield Wednesday, which will decide which of the clubs is relegated, representatives of Agilo are expected meet Brendan Guilfoyle, the club's administrator, and consult the Football League over a way forward. Negotiations over the complex sale of the club and Selhurst Park, which is separately in administration, continue. But, with the list of saleable players not a long one and money running out, the picture remains blurred and gloomy. A meeting between all parties on Wednesday failed to break the deadlock. PricewaterhouseCoopers, the ground's administrator, is willing to sell to the consortium at a price below its open market value but only if a deal is agreed for the club first and approved by the Football League. But the consortium sees a deal for the ground as a prerequisite to one for the club.
Link
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Old 30-04-2010, 19:01
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seems that long-term season ticket holders have all been sent a letter today stating that the administrator's proposals will be placed on their website tomorrow (friday 30th) - and that a creditors' meeting to consider the proposals will be held on monday may 17th.
that proposal is now available online and it doesn't make for good reading. somehow agilo have taken control of some of simon jordan's unsecured debt which means they are now able to vote on any cva put forward. along with hrmc they are unlikely to do this. seeing as we would need 75% value of the creditors in total to agree and 50% by value of the creditors who are not connected to the company to agree as well a cva won't happen and we will be virtually dead and buried.
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Old 30-04-2010, 20:19
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that proposal is now available online and it doesn't make for good reading. somehow agilo have taken control of some of simon jordan's unsecured debt which means they are now able to vote on any cva put forward. along with hrmc they are unlikely to do this. seeing as we would need 75% value of the creditors in total to agree and 50% by value of the creditors who are not connected to the company to agree as well a cva won't happen and we will be virtually dead and buried.
i downloaded it and still making my way through it
but it makes for very disturbing reading.
Simon Jordan has all but killed our beloved club.
i will keep hoping and praying that all is nor lost
and we still have a chance of the club surviving but
right now i am crestfallen.
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Old 30-04-2010, 22:54
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http://www.cpfc.co.uk/page/News/0,,1...039840,00.html

http://www.cpfc.pandareports.com/
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Old 01-05-2010, 10:49
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Words fail me. Simon Jordan has effectively destroyed this football club. With Agilo now manouvering themselves into a stronger position I just don't see any other end result apart from liquidation, now. We need an absolute miracle.
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Old 01-05-2010, 11:28
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With Agilo now manouvering themselves into a stronger position I just don't see any other end result apart from liquidation, now. We need an absolute miracle.
it's looking more and more likely. one tiny glimmer of hope is that a lawyer who posts on bbs has said that agilo will still have nothing to do with any cva put forward. i hope he is right because if he isn't it's all over for us.
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Old 01-05-2010, 11:49
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I'm think I'm going into denial over this. It's heartbreaking.
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Old 01-05-2010, 12:09
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it's looking more and more likely. one tiny glimmer of hope is that a lawyer who posts on bbs has said that agilo will still have nothing to do with any cva put forward. i hope he is right because if he isn't it's all over for us.
Another glimmer of hope is that as long as we pay Agilo in full CPFC2010 could take over the club and we could theoretically exit administration without a CVA. However, PWC would unlikely sell them the ground, then, and even if they did we would have to take a 17 point penalty (minimum) for next season.

I'm think I'm going into denial over this. It's heartbreaking.
Yeah, I'm the same. I keep thinking this can't be really happening.
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Old 01-05-2010, 13:40
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It makes tomorrow even bigger. It's a horrible thought, but potentially our last ever game.
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Old 01-05-2010, 17:39
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one tiny glimmer of hope is that a lawyer who posts on bbs has said that agilo will still have nothing to do with any cva put forward. i hope he is right because if he isn't it's all over for us.
the glimmer of hope is CPFC2010. the figures that were
released in that document are extremely worrying but as
has been pointed out to me CPFC2010 would have known
about these anyway.
if they decide to pull out then we are dead. if they stick with
it (even if we get relegated) then there is still a chance
they can save the club.

right now there is no-one i despise more than Simon Jordan.
he is scum, the lowest of the low, and has abused his
chairmanship to no end at the detriment of our beloved
club. and the sickener is when this is all over one way or
another he still walks away from it all as a millionaire.
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Old 01-05-2010, 17:50
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Are Palace really that close to going under?

Honestly speaking what odds would give for Palace to be around next season?
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Old 01-05-2010, 18:10
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Are Palace really that close to going under?

Honestly speaking what odds would give for Palace to be around next season?
unfortunately yes. we are a matter of weeks away from extinction. there is still a chance a consortium called CPFC2010 can pull off the miracle and save us but loads of diiferent factors have to fall into place for that to happen & that has to happen in the next 2 or 3 weeks as from monday we no longer have any money coming it to maintain the club through the summer. there will be a fire-sale of assets starting with the players and even then that probably won't be enough.

as things stand everything is looking very bleak and the odds are heavily against us having a club for next season.
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Old 01-05-2010, 18:17
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That is s**t. Palace have such a big fanbase and the club and ground are a big part of the local area.

How did this happen anyway, was it big wages after the Premier League relegation eating away at the club? Was it the lack of fans in stadium due to Jordan not reducing the prices?

I remember when Palace were in administration before and I would have thought the club would be very careful to make sure it doesn't happen again.
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Old 01-05-2010, 19:26
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That is s**t. Palace have such a big fanbase and the club and ground are a big part of the local area.

How did this happen anyway, was it big wages after the Premier League relegation eating away at the club? Was it the lack of fans in stadium due to Jordan not reducing the prices?

I remember when Palace were in administration before and I would have thought the club would be very careful to make sure it doesn't happen again.
Lots of factors have contributed to it. One was that the club and ground are seperate entities. Jordan has been paying a ridiculous amount of rent for it for years.

Not long ago he turned to a hedge fund company (a fancy way of saying loan-shark) called Agilo and ran up a bill of £4.5m. They wanted their money back and panicked when they thought HMRC were going to wind us up with an outstanding bill. So they got hostile and forced Palace into administration in order to get their money.

Recent revelations have shown that Jordan has been basically abusing his position for years by shafting virtually everyone from small local businesses to the St John Ambulance service. But he chose the wrong company to try & shaft in Agilo. And now it's all back-fired and gone pear-shaped but the one who will suffer is the club itself.

Unless CPFC2010 can negotiate not only a deal for the club (and it's creditors) but also the ground in the next couple of weeks or so then with the impending fire-sale of all assets the administrator may have no option but to hand over the club to a liquidator.

We are on borowed time and from Monday, once the season has ended and no more money is coming into the club, that time starts to rapidly run out.
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Old 01-05-2010, 23:40
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unfortunately yes. we are a matter of weeks away from extinction. there is still a chance a consortium called CPFC2010 can pull off the miracle and save us but loads of diiferent factors have to fall into place for that to happen & that has to happen in the next 2 or 3 weeks as from monday we no longer have any money coming it to maintain the club through the summer. there will be a fire-sale of assets starting with the players and even then that probably won't be enough.

as things stand everything is looking very bleak and the odds are heavily against us having a club for next season.
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Old 02-05-2010, 00:45
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What you need is a millionaire investor to come in and fund you, like Lord Ashcroft
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Old 02-05-2010, 06:37
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Gonna be leaving in a bit.

Can’t believe after everything that’s happened, it’s come down to this.

I'm scared.

COME ON YOU PALACE!!
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Old 02-05-2010, 09:23
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Gonna be leaving in a bit.

Can’t believe after everything that’s happened, it’s come down to this.

I'm scared.

COME ON YOU PALACE!!
Enjoy the day Joooe. If it is our final ever game lets hope the boys go out there all guns blazing. Unfortunately I have other commitments today so couldn't make the game so will have to make do with the TV.

Found out that the meeting on May17th is just a creditor's meeting and it's unlikely any CVA will be proposed as this meeting was supposed to have been held 2 months ago.
If no CVA is proposed then it would be at least another 2 weeks (there has to be a minimum of 14 days between meetings) until another could be set up. That would take us to May 31st (maybe even into June)
The problem there is as every week now passes more assets will have to be sold. We may not even have anything of a club left by the time a late May/early June meeting comes around.
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Old 02-05-2010, 15:47
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so pleased about the result just hope we have a club to keep going for next season now.

We made it hard work but got the result we deserved
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Old 02-05-2010, 15:50
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Well done Eagles from a Saints fan
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Old 02-05-2010, 20:25
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Been out all day and just got back. Absolutely delighted with the result. Players worked so hard throughout. It was an incredibly agonising 90 minutes but I am so relieved. I just hope we can get the rest of our miracle and the club can be saved because if it is we have such a bright future. Up the Eagles!
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