CONFRIMED: Latest rumours Confrimed as Unconfrimed

[WestYorksRoyal]

https://www.readingfc.co.uk/news/2024/m ... m-funding/

Bearwood for sale. There's been lots of opinions on whether property developers could extract any value from it. I guess we'll see.

The end is nigh anyhow. The stated intent of short term funding is laughable. Even if it is viable for a property developer, it'll take months to do the due dilligence and confirm that

[tmesis]

https://www.readingfc.co.uk/news/2024/march/10/statement-short-term-funding/

Bearwood for sale. There's been lots of opinions on whether property developers could extract any value from it. I guess we'll see.

The end is nigh anyhow. The stated intent of short term funding is laughable. Even if it is viable for a property developer, it'll take months to do the due dilligence and confirm that

Wasn't Bearwood always up for sale anyway?

The strange part is the implication that's it's up for sale as we need money to finance the club until a sale goes through. It would seem a very large sale to meet what presumably be a much smaller shortfall.

[WestYorksRoyal]

The only way it could be quick is a sale and leaseback. Gives us cash and the purchaser income. A long term property developer would really have to give it a lot more thought. A couple of journos reporting that it's historical land with listed buildings, so not something a developer will buy on a whim.

But who would sign up for a simple sale and leaseback deal when the club you're leasing to may not exist in 3 months?

This is a complete non starter of an idea.

[blythspartan]

https://www.readingfc.co.uk/news/2024/march/10/statement-short-term-funding/

Bearwood for sale. There's been lots of opinions on whether property developers could extract any value from it. I guess we'll see.

The end is nigh anyhow. The stated intent of short term funding is laughable. Even if it is viable for a property developer, it'll take months to do the due dilligence and confirm that

This is one step closer to liquidation. Dai wants to sell off everything piecemeal until the club folds. It would suggest that exclusivity is nowhere near and maybe Howe has been spinning us a yarn.

[WestYorksRoyal]

They're testing the water. Presumably they're underwhelmed with offers to buy the club and are trying to spin another way of extracting value. It won't work, so what happens next? They finally accept what's on offer? But it's more delay. The takeover can't be close.

[WestYorksRoyal]

Howe's optimistic interview last Monday is a hell of a long time ago.

[NathStPaul]

No need to panic. Sure it will all work out in the end.

[Mid Sussex Royal]

They're testing the water. Presumably they're underwhelmed with offers to buy the club and are trying to spin another way of extracting value. It won't work, so what happens next? They finally accept what's on offer? But it's more delay. The takeover can't be close.

No it can't be, but didn't Howe tell STAR 3 weeks ago there were offers in the ballpark that was felt acceptable to Dai and the next stage was proof of funds etc?

I don't get the statement, how does this provide short term funding like for the rest of the season? These things take weeks to go through to completion.

[The Prisoner]

Knowing a little bit about insolvency protocol one massive no no is hiving off assets prior to any form of insolvency process beginning.

If D*I thinks he can flog Bearwood for mega money (or any money!) and then he walk away HMRC take the dimmest view known to man on people who do that. They will perceive that as having removed cash from an insolvent business that should first and foremost have been ring fenced to meet HMRC obligations.

HMRC post pandemic have taken on a whole new mr nasty persona - there are thousands of companies who owe them money but during and after Covid there was a moratorium on winding companies up. That period of grace has now finished and they are going hard after debts, directors who fraudulently got bounce back loans etc. who fobbed them off for years during Covid.

Time was HMRC would work with companies and agree to administration as a solution for a company to try and trade through problems. Now they go straight for liquidation as it’s the most transparent way of seeing what assets are there for them.

You can sell an asset for market value as long as the proceeds are used legitimately. You can’t just sell it to a mate for less than it’s worth or even sell it for market value and grab the money unless you can continue to trade solvently.

If he was to sell it for millions and then liquidate HMRC would pursue him personally for that money plus and overdrawn directors loan (if he has taken anything it).

There is a lot of protective legislation to prevent assets being raided.

[Elm Park Kid]

The club has gone out of its way to make it clear that this is a statement specifically from Dai and Pang. My understanding is that they're aware that this is a dumb idea and is highly unlikely to go anywhere.

[Stranded]

Hey maybe Madjeski was being shown around as he's about to buy it.

No? Me neither...

[Royal_jimmy]

Dai just needs to sell the club and fcuk off. Need to get Bearwood as an asset of community value so Dai can't do much with that land at all.

[Dirk Gently]

Knowing a little bit about insolvency protocol one massive no no is hiving off assets prior to any form of insolvency process beginning.

If D*I thinks he can flog Bearwood for mega money (or any money!) and then he walk away HMRC take the dimmest view known to man on people who do that. They will perceive that as having removed cash from an insolvent business that should first and foremost have been ring fenced to meet HMRC obligations.

HMRC post pandemic have taken on a whole new mr nasty persona - there are thousands of companies who owe them money but during and after Covid there was a moratorium on winding companies up. That period of grace has now finished and they are going hard after debts, directors who fraudulently got bounce back loans etc. who fobbed them off for years during Covid.

Time was HMRC would work with companies and agree to administration as a solution for a company to try and trade through problems. Now they go straight for liquidation as it’s the most transparent way of seeing what assets are there for them.

You can sell an asset for market value as long as the proceeds are used legitimately. You can’t just sell it to a mate for less than it’s worth or even sell it for market value and grab the money unless you can continue to trade solvently.

If he was to sell it for millions and then liquidate HMRC would pursue him personally for that money plus and overdrawn directors loan (if he has taken anything it).

There is a lot of protective legislation to prevent assets being raided.

No arguments with any of that - but perhaps Dai thinks he's outside the jurisdiction of HMRC?

[Greatwesternline]

Knowing a little bit about insolvency protocol one massive no no is hiving off assets prior to any form of insolvency process beginning.

If D*I thinks he can flog Bearwood for mega money (or any money!) and then he walk away HMRC take the dimmest view known to man on people who do that. They will perceive that as having removed cash from an insolvent business that should first and foremost have been ring fenced to meet HMRC obligations.

HMRC post pandemic have taken on a whole new mr nasty persona - there are thousands of companies who owe them money but during and after Covid there was a moratorium on winding companies up. That period of grace has now finished and they are going hard after debts, directors who fraudulently got bounce back loans etc. who fobbed them off for years during Covid.

Time was HMRC would work with companies and agree to administration as a solution for a company to try and trade through problems. Now they go straight for liquidation as it’s the most transparent way of seeing what assets are there for them.

You can sell an asset for market value as long as the proceeds are used legitimately. You can’t just sell it to a mate for less than it’s worth or even sell it for market value and grab the money unless you can continue to trade solvently.

If he was to sell it for millions and then liquidate HMRC would pursue him personally for that money plus and overdrawn directors loan (if he has taken anything it).

There is a lot of protective legislation to prevent assets being raided.

This is all true in a scenario where a company owes HMRC money but as it stands at the moment we don't.

A charitable way of looking at this statement is they are looking for a sale and leaseback to realise some working capital to keep the club alive until the takeover.

A less charitable one is he is trying to get a bit of negotiating power with potential buyers if a good offer does come in for Bearwood.

The least charitable view is he is asset stripping for his own funds.

[rabidbee]

A couple of journos reporting that it's historical land with listed buildings, so not something a developer will buy on a whim.

Not only are the buildings listed but the grounds are in a scheduled park, which is within the confines of an ancient deer park of the royal forest. I’d be surprised if there’s any potential for housing.

https://historicengland.org.uk/listing/ ... ry/1000414

[PieEater]

Knowing a little bit about insolvency protocol one massive no no is hiving off assets prior to any form of insolvency process beginning.

If D*I thinks he can flog Bearwood for mega money (or any money!) and then he walk away HMRC take the dimmest view known to man on people who do that. They will perceive that as having removed cash from an insolvent business that should first and foremost have been ring fenced to meet HMRC obligations.

HMRC post pandemic have taken on a whole new mr nasty persona - there are thousands of companies who owe them money but during and after Covid there was a moratorium on winding companies up. That period of grace has now finished and they are going hard after debts, directors who fraudulently got bounce back loans etc. who fobbed them off for years during Covid.

Time was HMRC would work with companies and agree to administration as a solution for a company to try and trade through problems. Now they go straight for liquidation as it’s the most transparent way of seeing what assets are there for them.

You can sell an asset for market value as long as the proceeds are used legitimately. You can’t just sell it to a mate for less than it’s worth or even sell it for market value and grab the money unless you can continue to trade solvently.

If he was to sell it for millions and then liquidate HMRC would pursue him personally for that money plus and overdrawn directors loan (if he has taken anything it).

There is a lot of protective legislation to prevent assets being raided.

He probably thinks they can't touch him in China.

[Pepe the Horseman]

Hey maybe Madjeski was being shown around as he's about to buy it.

No? Me neither...

I mean he's got nothing else to spend his money on.

[WestYorksRoyal]

Knowing a little bit about insolvency protocol one massive no no is hiving off assets prior to any form of insolvency process beginning.

If D*I thinks he can flog Bearwood for mega money (or any money!) and then he walk away HMRC take the dimmest view known to man on people who do that. They will perceive that as having removed cash from an insolvent business that should first and foremost have been ring fenced to meet HMRC obligations.

HMRC post pandemic have taken on a whole new mr nasty persona - there are thousands of companies who owe them money but during and after Covid there was a moratorium on winding companies up. That period of grace has now finished and they are going hard after debts, directors who fraudulently got bounce back loans etc. who fobbed them off for years during Covid.

Time was HMRC would work with companies and agree to administration as a solution for a company to try and trade through problems. Now they go straight for liquidation as it’s the most transparent way of seeing what assets are there for them.

You can sell an asset for market value as long as the proceeds are used legitimately. You can’t just sell it to a mate for less than it’s worth or even sell it for market value and grab the money unless you can continue to trade solvently.

If he was to sell it for millions and then liquidate HMRC would pursue him personally for that money plus and overdrawn directors loan (if he has taken anything it).

There is a lot of protective legislation to prevent assets being raided.

He probably thinks they can't touch him in China.

He likes his Mayfair lifestyle, could kiss that goodbye.

[windermereROYAL]

Dai just needs to sell the club and fcuk off. Need to get Bearwood as an asset of community value so Dai can't do much with that land at all.

Can`t do that if it`s not open for public use.

[Snowflake Royal]

The signs of doom keep on stacking up.