IR challenge the White Shyte Admin

[Rick]

http://www.leedsunited.com/page/NewsroomDetail/0,,10273~1066701,00.html

And after Master Bates asked for people not to.

I think this means they can't sign anyone and are only allowed a maximum squad of 18 until it's sorted.

[Devil's Advocate]

"Disappointing news". You could see this coming a mile off.

[Rick]

Chance to get Parker for peanuts? The club is in the hands of administrators and to them cash is king.

[Parrot]

Im sure Ken "Teflon" Bates will come a cropper one day tup:

Maybe Its now, you dont ever want to piss the Inland Revenue off....once they get their teeth into something they are like a pack of frenzied sharks...jump:

Poor L**ds.....roflmao:

[meelin]

One of the lads I work with has been checking on the L***s web-site every five minutes, I was telling him that the Inland Revenue would score a last minute winner, he said no chance.

He is absolutely gutted now, and I am doing my best not to laugh at him, but:D :D :D :D

[wellers]

Bates turning round and increasing his offer by 800% at the last minute was a huge sign of desperation from him. But surely like a red rag to a bull for the inland revenue. If he had that extra to offer why didn't he do it in the first place.

Oh dear L***s, how my heart bleeds.

Interestingly, according to their vital page they've sold 14,000 season tickets already! Will they be worthless if the club fails the CVA and its challenge?

[Jamaica Love]

Chance to get Parker for peanuts? The club is in the hands of administrators and to them cash is king.

Maybe, but that would suggest we had some cash, and that therre would be NO other interested parties!! Im sure there would be a few more who would take him for L1

[Devil's Advocate]

Isn't the issue whether there was a better offer available for the taxpayer? I know there was at least one other offer made to the administrators but am not aware on what terms. If it emerges that the administrators did not consider options that would have secured a better return for the taxpayer then the revenue have a real solid case. if Bates was the only offer then it might not be as straightforward, but presumably they will push for a better return than 8p in the £.

[Jantje]

Didn't one lot offer 30p in the £ but KPMG only considered the Bates offer cos he was involved with the major creditors and swayed their vote?

[Jamaica Love]

Isn't the issue whether there was a better offer available for the taxpayer? I know there was at least one other offer made to the administrators but am not aware on what terms. If it emerges that the administrators did not consider options that would have secured a better return for the taxpayer then the revenue have a real solid case. if Bates was the only offer then it might not be as straightforward, but presumably they will push for a better return than 8p in the £.

That argument would not wash though because a major creditor, would only accept an offer from the Bates consortium...meaning no other offer could garner the 75% needed. So they (The IR) must be saying that the process was flawed or that Bates was involved with the major creditor who refused to accept any other offer (Which is blatantly what happened)...

[Devil's Advocate]

That argument would not wash though because a major creditor, would only accept an offer from the Bates consortium...meaning no other offer could garner the 75% needed. So they (The IR) must be saying that the process was flawed or that Bates was involved with the major creditor who refused to accept any other offer (Which is blatantly what happened)...

That may be so but no other offers were proposed by the administrators. now I definitely know that at least one other offer ws received by KPMG before the deadline and they didn't put it to creditors. If that offer represented a better deal then the revenue have a case. KPMG could be hung drawn and quartered here. The assumption that no other offer would be accepted by 75% was of Bates' making - it wasn't tested and one could argue therefore that the whole process was flawed and was a staged takeover at best possible terms by Bates.

[Jamaica Love]

So they (The IR) must be saying that the process was flawed or that..... [quote]

[quote=Superfatbantam;167232]That may be so but no other offers were proposed by the administrators. now I definitely know that at least one other offer ws received by KPMG before the deadline and they didn't put it to creditors. If that offer represented a better deal then the revenue have a case. KPMG could be hung drawn and quartered here. The assumption that no other offer would be accepted by 75% was of Bates' making - it wasn't tested and one could argue therefore that the whole process was flawed and was a staged takeover at best possible terms by Bates.

I completely agree with you. They can only ,make two complaints either the process like i said:rolleyes: :rolleyes: :rolleyes: or the fact that Bates was in cahoots with the major creditor which they will never be able to prove! Personally i dont think the IR will win because i think KPMG will have covered their backs very well..i suspect Bates and Leeds will win this round. The IR have to appeal, as it is stated by law that the taxman must do everything in his power to reclaim as much tax as possible.

[Jantje]

Theres the other matter that 2 creditors weren't named in the initial list of creditors but then appeared at voting time, one of which was Yorkshire Radio , one of whoms major shareholders was a certain K. Bates!!!!! Total stitch up if you ask me

[Devil's Advocate]

Theres the other matter that 2 creditors weren't named in the initial list of creditors but then appeared at voting time, one of which was Yorkshire Radio , one of whoms major shareholders was a certain K. Bates!!!!! Total stitch up if you ask me

Bugger, I did an interview for them on City a few weeks back. I never knew Bates was involved!

[Rick]

As far as I'm aware the 3 companies who were owed the most money all refused better offers but accepted 1p in the £1 from Bates. It was obvious from that there was some kind of con job in operation.

[Herr Doktor]

Theres the other matter that 2 creditors weren't named in the initial list of creditors but then appeared at voting time, one of which was Yorkshire Radio , one of whoms major shareholders was a certain K. Bates!!!!! Total stitch up if you ask me

Radio L***s interviewed someone form KPMG about this the other week. They said that the people who owe money to a business in administration will change week to week just like it does in any other business.

I can't see the logic in that myself as I'd be surprised if either of these started any business deals after they went into administration. Assuming they were existing debts, why weren't they included in the original list?

KMPG are one of the big 5 accountants in the country so i can't see them making such an error and this to my mind suggests the same as many have already said, Ken Bates is trying to pull a fast one.

[thacklybantam]

Chance to get Parker for peanuts? The club is in the hands of administrators and to them cash is king.


Sounds good in theory

[Tarty]

They are now hoping that the courts will be nice to them on Friday otherwise they won't be able to start the season

[Devil's Advocate]

Redbus have retabled their original offer which could cause a few problems for the administrators.

BTW this isn't the offer that had been tabled that I was aware of.