Hmmm... I still think there is some confusion about the additional 15 point penalty and the HMRC thing. The prospects for Luton appear to be:
1. Administration - potentially an unfair advantage, therefore standard 10 point penalty (already happened). Then depending on what happens next: Option 1: Club is bought, all footballing debts are paid and HMRC are paid, golden share was never removed so life continues as normal, no further penalty. Option 2: Club folds, we all laugh, no further action required. Option 3: Club agrees CVA with 75% of creditors (assuming all creditors are equal). HMRC will oppose the CVA if (as must happen) footballing debts are paid in full. If they don't own >24.9% of the debt, the CVA can still be passed without their consent. If CVA passed, golden share handed to new club. Option 4: As option 3, but CVA fails, due to HMRC owning more that 24.9% debt (or other creditors refusing to agree). Unless CVA can be renegotiated, they cannot transfer the golden share automatically and presumably will face the -15 point like Leeds, or HMRC will force them into receivership. Not sure this has happened to anyone yet. Option 5: As option 3 but HMRC don't believe the Creditors vote should stand for technical reasons (ie they think Ken rigged the debt with debenture mortgages and other "connected debt") then they'll challenge it in court. Again the CVA is failed (for time pressure reasons before the court challenge could be heard). Golden share is not transferred automatically but with a 15 point additional penalty. Exactly what happened to us. Open to be corrected on any of the above. I personally favour option 2 but I'll be equally happy with anything that results in more miserable southerners... Cheers, -- Steve Mosley http://www.darckense.com [EMAIL PROTECTED] -----Original Message----- Subject: Re: [LU] Luton and HMRC (was The Blackwell of Calculta) Loads of stuff about 10 points and 15 points. Some people weren't paying attention to the List's taxation & accounting lessons from earlier this year were they... ;-) _______________________________________________ the Leeds List is an unmoderated mailing list and the list administrators accept no liability for the personal views and opinions of contributors. Leedslist mailing list [email protected] http://list.zetnet.co.uk/mailman/listinfo/leedslist DELETE THE FOOTERS WHEN REPLYING YOU LAZY SODS!!!! DELETE THE FOOTERS WHEN REPLYING YOU LAZY SODS!!!!
