April 18th - D-Day

I'm in the same boat, or until mid-march when the deal is announced.

Could be some good news for a change.

Telfer had a journo from the Sydney Morning Herald on this morning, a woman called Kate McClymont, and she pretty much reaffirmed everything Nippert has been saying.

Said she has investigated a lot of Aussie businesses who have been doing dealings with WGA and can't find one who has ever received money. She said one got his fee back and one 1/2 their fee back, but the rest (she didn't say how many) still don't have their loans nor their payments back which are 1.6% of the loan amount.

Said many of the businesses she has spoken to too don;t want to be named and only one (a large property developer in NSW) will speak publicy on it.

She made a pretty valid point though i thought. Why didn't WGA in a show of good faith forward an early small installment of  3-4m to Terry to allow him to satisfy IRD/ACC?

As much as i'd like to believe TS it's hard to see that he is going to be different from what seems to be dozens of companies world wide.

I very much hope TS isn't putting all his eggs in the WGA basket.

Her answer - WGA don't have the money

I think some here have their (yellow) tinted glasses on. I very much hope what i believe is wrong, but it is difficult to believe journalists from the business section of the BBC and the Sydney Morning Herald (leaving Nippert to one side!) have agenda's against WGA.


Dougie Rydal2011-03-11 10:23:12

Like this?

Ha - that's it, perfect!

I have my yellow tinfoil hat on.. God I hope Terry is right..Azevo2011-03-11 10:41:15

Mine are like this...

Kate McClymont from the SMH and Matt Nippleface from the NBR are in cahoots. Each has been quoting and re-quoting the other all along.

 

Oh right, she didn't mention the NBR or Nippert this morning, and did say the Aussie Fraud squad had started initial investigations, but the problem lay in jurisdiction, ie where did the alledged fraud take place, Aust? Bahrain? Switzerland and there lies the problem.

If no fraud his been committed in Australia, how can they prosecute.

She (or it could have been Telfer) said the BBC found the same issue, and they could only get WGA on a few thousand pounds in some unpaid taxes.

Yeah - the Sponsorship angle does make this even more interesting...

I don't suppose Telfer asked her questions on the timeframe? How long has it been since these guys were expecting to get money and didn't?

Oh god, Terry still thinks he is going to get money from that joker? And this is the only way that liquidation will be avoided?

Now I really do fear for the club.

Not the only way.  There is a plan B according to recent reports.

The IRD are also satisfied that Terry is going to get the money from this joker, or some other joker. I trust them more than I trust Terry.

It could be that they're just being diplomatic.

Tegal2011-03-11 11:37:33

Yeah, but what's another month? They've got bigger issues at the moment (Canty Earthquake).

I really don't understand the note. What did the IRD expect Ali to say?




Do they think it is verifable that it was from WGA?

Don't buy it. If they thought Terry was full of sh*t and out of options, why would they allow him another month to twist?

EDIT: Dougie, for your interpretation to make sense, you'd have to say that the IRD are lying about now having confidence that Terry can get finance from... somewhere in the next month. Why would they do that?Doloras2011-03-11 11:42:28

My personable belief is that the IRD have losely agreed to give terry a month to form plan b, after he made a chunk payment against equity in his private property. The rest is friendly-ish window dressing.

That's what i thought till i read the sponsorship story this morning, anyway. Now i don't have a clue........

Oh great, all my fears are allayed.

Nothing to see here folks.

They have a liquidate in 24 hours option if the debts increase, so what do they have to lose at this juncture?

Might as well dress it up, and hope that he can get plan b- if they liquidate, they will recover less money.

I'm confused that the IRD and ACC have brought a case to liquidate Terry if they don't really want to liquidate him.

They want to realise the maximum fulfilment of the debt. Liquidation is not always the way to do that.

He owes them money. Threatening liquidation makes him hurry up and pay it. If there is even a remote chance that he will pay them all the money, they would prefer to go for that.

No one is going to buy now either. They* will wait for Terry to fold, then get it off the FFA/NZF, and avoid having to pay a single dollar for CCF.

*assuming anyone is interested.
zonknz2011-03-11 12:07:21

So really - we either:

1. Are swimming in money

2. No more Phoenix

I don't agree that Terry looks good if he puts out a "NIX FOR SALE" sign. You forget that the FFA currently trust him (for some reason), and Ricki and the players (with one or two players) trust him. He says "highest bidder" and all that goes out the window and isn't retrievable if no-one buys.

And you forget that his massive throbbing ego - which is what got him into this position in the first place - wouldn't do that even if it was wise.

3. WGA is a crook but plan B is real, so we're as we always were.

IRD don't do diplomatic.

None of us are actually aware of the minute details that surround the payment to the IRD in the days preceeding yesterday's trial so I don't think it wise to speculate until we are made more aware as to how much of the debt still remains and whether the remaining percentage has a realistic chance of being cleared by the extended due date next month.

So what have IRD got to do in Canterbury that makes them less able to do their core business like every other government department? I'd have thought a simple winding up wouldn't involve too much work, certainly less than chasing up owed money from Terry.