The unofficial AFC Rushden & Diamonds messageboard

Stalin wrote:Football clubs shouldn't be allowed to enter CVA's without totally dropping out of the football pyramid and starting right at the bottom regardless of how big the club.

Weymouth-thistle wrote:

weymouthpoppy wrote:Maybe they should rename the CVA "The Madness of King George" :lol: :lol: ;) ;)

It is very far from mad. It is thoroughly thought through.

The corrupt CVA is now a tried and tested formula.

I am afraid I cannot agree with those who say the end justifies the means. There is another way, namely administration; can you seriously say that your club would find no buyers, at any price?

How much has your trust put in to the club? Would that not have been better spent buying the club outright?

The really pathetic thing is that the football authorities and, apparently, HMRC, just sit and watch this happening time and time again and do nothing.

Trek wrote:KTFC now officially a laughing stock.
http://www.poppynet.co.uk/viewtopic.php?f=2&t=13872
First 100 free, now when was that last tried?

Posted: Fri Jun 08, 2012 10:35 pm
big ace wrote:
As time moves on I am becoming increasingly worried that we will not be starting next season in your league.

Nobody seems confident anymore and the failure to be open about the contents of the CVA is really concerning.


Okay. In what follows, I confess I'm only guessing, it's only my opinion, and everything I say is only "allegedly", but for what it's worth here's my take:

For the CVA to go through the majority of the debtors (I think it's 75%) must agree to it. Sounds democratic on the face of it till you discover that votes are weighted by the amount of each individual debt, so someone like Rolls who makes a whacking 'loan' to the club has a massive debt on paper, whereas local businesses and other personal debtors have relatively small debts in comparison. This enables Rolls to steamroller through the CVA no matter what the smaller, genuine debtors think about it. Effectively, they are forced to agree to getting 10% of their money back whether they like it or not.

Now Rolls's so-called debt probably consists of a huge loan that he claims to have made to the club. There may well be no proof anywhere that this loan has ever actually been made, since (if he's following his Weymouth MO) there will be no published accounts to prove it one way or the other. The CVA hearing will just have to take his word for it. (Gotta lol at that last bit, BTW).

So the CVA is steamrollered through. Local people, businesses and players lose 90% of their genuine debts. Rolls loses 90% of a paper debt that is almost certainly imaginary.

See what happens? Rolls winds up owning a club that now has much lower debt levels than it had before, so his shares in the club are worth much more than they were. In common parlance (but not in law), he has stolen from the other debtors of the club who lost relatively small amounts individually, but a large amount collectively.

When this is done and dusted, he will sell out for a profit and move on to his next victim. He's done it before. He'll keep on doing it until everyone in football knows all about him.

So, for Rolls to succeed and make his killing, the CVA has to go through - will go through. The problem for KTFC is that they would really be much better off in the long run if the CVA were allowed to fail and a phoenix club started again at a lower level of the pyramid. What I'm saying is, for supporters of KTFC the outcome that Rolls wants is not the one that you should be in favour of. You shouldn't be concerned about the CVA failing, you should be praying it does fail.

All of this, as I say, allegedly and IMHO only.