Reply To: Sharpe and Co Bid

Iron Bru Forums Blast Furnace Sharpe and Co Bid Reply To: Sharpe and Co Bid

#253523
DesertironDesertiron
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Registered On: September 3, 2022
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With the stadium being an asset of community value. If anyone knows someone with legal expertise, it would be worth finding out if it was even legal for Swann to take a mortgage on it. A mortgage puts a claim on it and that doesn’t seem to me as something that would be. It’s important to be pragmatic. If the club went into administration but owned its own stadium they would almost certainly find a very good solution to get out of this mess. The last thing administrators want to do is liquidate. Look at how long they gave Derby etc. The key is to have assets. Usually non secured creditors get a rough deal of 20 p on the ¬£ or something similar but Swann caused that and then suddenly you have a 600k debt to find instead of 3m and if the stadium mortgage was illegal a much more valuable asset than the debt. Then it’s off to the races.

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