It has nothing to do with the financial climate

Norwich Union realised that the only way they could get any money back was to sell the debt for a fraction of its value.

The only assets our creditors could lay claim to are the stadium and training ground.

Not a very attractive option given the state of the property market so they would be better simply renegotiating new terms.

Posted By: Ben on March 1st 2009 at 19:02:50

Message Thread

Right I agree that in an ideal world now is the time to replace the board (NCFC) - grimsbycanary3, Mar 1, 18:44:32
- That is all bullshit (NCFC) - fond, Mar 1, 19:10:54
  - Can't agree (NCFC) - Sir Lurkalot, Mar 1, 19:15:52
    - You miss the point. (NCFC) - fond, Mar 1, 19:20:57
      - Maybe, but if that had happened (NCFC) - Sir Lurkalot, Mar 1, 19:25:05
        
        Actually, even last summer I'm pretty sure (NCFC) - Sir Lurkalot, Mar 1, 19:27:45
  - well sounds like he is struggling with his own billion pound business (NCFC) - grimsbycanary3, Mar 1, 19:14:30
    - And that is why failing to conclude the deal when he did have the finance (NCFC) - fond, Mar 1, 19:18:11
      - even at the time it was said that the problem was with the debt (n/m) (NCFC) - grimsbycanary3, Mar 1, 19:22:50
    - You say that... (NCFC) - Dog, Mar 1, 19:15:24
      - and we are still tryiing to sign new players (NCFC) - grimsbycanary3, Mar 1, 19:18:34
      - See my post above (NCFC) - Sir Lurkalot, Mar 1, 19:18:32
- what's to say a new board improves things anyway? (NCFC) - Charles21, Mar 1, 19:01:12
  - That's precisely the point. (NCFC) - Dog, Mar 1, 19:04:44
  - a new board will bring new ideas a change of policy ... (NCFC) - ghostof barry butler, Mar 1, 19:04:02
    - isn't that a new policy though? (NCFC) - Charles21, Mar 1, 19:10:38
- Hits the nail on the head. (NCFC) - Sir Lurkalot, Mar 1, 18:49:32
  - I've been told loads of times that rationality doesn't come into it (NCFC) - pants, Mar 1, 18:52:48
  - So because it's the easy option, basically? (NCFC) - Dog, Mar 1, 18:51:08
    - I don't think it's a case of a soft option, (NCFC) - Sir Lurkalot, Mar 1, 18:57:59
      - Wide of the mark now, maybe. (NCFC) - Dog, Mar 1, 18:59:21
        
        You mean Cullum (NCFC) - Sir Lurkalot, Mar 1, 19:05:08
        
        And we're not mortgaged to the hilt ourselves? (NCFC) - Dog, Mar 1, 19:06:28
        
        Agreed - just saying Cullum's not interested (NCFC) - Sir Lurkalot, Mar 1, 19:10:40
        
        Here we go again (NCFC) - Bryan Salad Surgery, Mar 1, 19:10:04
        
        The same as the club did. (NCFC) - Dog, Mar 1, 19:11:37
        
        Well they declared the value of the assets (NCFC) - Bryan Salad Surgery, Mar 1, 19:14:58
        
        I remember our debt being declared as ?20m (NCFC) - Dog, Mar 1, 19:16:34
        
        You have got it completely wrong (NCFC) - Bryan Salad Surgery, Mar 1, 19:20:10
        
        Ok... (NCFC) - Dog, Mar 1, 19:21:58
        
        Because the debt has to be repaid on a change of control (NCFC) - Bryan Salad Surgery, Mar 1, 19:32:46
    - ok not wanting to be funny but how does delia actually leave? (NCFC) - grimsbycanary3, Mar 1, 18:53:17
      - We had someone willing to do it. (NCFC) - Dog, Mar 1, 18:56:56
        
        we didnt though did we (NCFC) - grimsbycanary3, Mar 1, 19:00:22
        
        Is our current board willing to pay off ?20m debt in one fail swoop? (NCFC) - Dog, Mar 1, 19:03:26
        
        sorry i dont get your point? (NCFC) - grimsbycanary3, Mar 1, 19:05:54
        
        Well if our current board won't/can't pay off our debt in one instances... (NCFC) - Dog, Mar 1, 19:08:05
        
        Because those are the terms of the loans (n/m) (NCFC) - Bryan Salad Surgery, Mar 1, 19:13:37
        
        So just another thing the board has cocked up... (NCFC) - Dog, Mar 1, 19:14:51
        
        yep it is but not sure thats the arguement here (n/m) (NCFC) - grimsbycanary3, Mar 1, 19:19:12
        
        We're all allowed to be facetious. (n/m) (NCFC) - Dog, Mar 1, 19:20:02
        
        because the accounts say that the debt will be called in in full (NCFC) - grimsbycanary3, Mar 1, 19:10:51
        
        fell* sorry. (n/m) (NCFC) - Dog, Mar 1, 19:03:36
      - Be interesting to see if you get an answer to that (NCFC) - Bryan Salad Surgery, Mar 1, 18:54:51
        
        Well I used to say things like this about Roeder, and who would come in and do better (NCFC) - pants, Mar 1, 18:58:04
        
        The difference is... (NCFC) - Dog, Mar 1, 19:02:21
        
        the managers have been pretty well backed with money (NCFC) - Charles21, Mar 1, 19:12:05
        
        Chicken or Egg (NCFC) - Dog, Mar 1, 19:13:48
        
        All clubs appoint managers who fail (NCFC) - Charles21, Mar 1, 19:22:16
        
        I know that. (NCFC) - Dog, Mar 1, 19:24:56
        
        agreed (n/m) (NCFC) - Charles21, Mar 1, 19:27:51
        
        What the fuck has that got to do with anything? (n/m) (NCFC) - Bryan Salad Surgery, Mar 1, 19:00:56
        
        Cos all I got was bleating (NCFC) - pants, Mar 1, 19:06:14
        
        It was a rhetorical question (NCFC) - Bryan Salad Surgery, Mar 1, 19:11:18
- someone is going to* (n/m) (NCFC) - grimsbycanary3, Mar 1, 18:45:35
  - Debt can be renegotiated as proven by Ipswich (NCFC) - Ben, Mar 1, 18:55:00
    - Not now - AXA would take the opportunity to get their mioney back. (NCFC) - Sir Lurkalot, Mar 1, 19:07:50
    - well we dont actually know the exact position of the clubs finances (NCFC) - grimsbycanary3, Mar 1, 18:58:41
    - Can it? (NCFC) - Bryan Salad Surgery, Mar 1, 18:56:54
      - It has nothing to do with the financial climate (NCFC) - Ben, Mar 1, 19:02:50
        
        The ONLY assets? (NCFC) - dublinspants, Mar 1, 19:53:43
        
        What it has to do with (NCFC) - Bryan Salad Surgery, Mar 1, 19:06:48

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