Bulls finances 'considerably worse than originally thought' : Thu May 17, 2012 6:42 am  

Direct quote from todays T&A It is understood the Bulls’ financial position is considerably worse than was originally thought. http://www.thetelegraphandargus.co.uk/s ... ord_Bulls/ Rather worrying

Direct quote from todays T&A It is understood the Bulls’ financial position is considerably worse than was originally thought. http://www.thetelegraphandargus.co.uk/s ... ord_Bulls/ Rather worrying

Re: Bulls finances 'considerably worse than originally thoug : Thu May 17, 2012 7:21 am  

paulwalker71 wrote: Direct quote from todays T&A http://www.thetelegraphandargus.co.uk/s ... ord_Bulls/ Rather worrying Totally expected. New board are just paving way for admin.

paulwalker71 wrote: Direct quote from todays T&A http://www.thetelegraphandargus.co.uk/s ... ord_Bulls/ Rather worrying Totally expected. New board are just paving way for admin.

Re: Bulls finances 'considerably worse than originally thoug : Thu May 17, 2012 7:21 am  

Or alternatively, "they would say that, wouldn't they?"

Expect more "it is understood that..." comment to pave the way, as Mat says.

I think you all know what I expect the outcome of this review to be, and that I suspect it was pre-ordained. But I live in hope that I am wrong.

Re: Bulls finances 'considerably worse than originally thoug : Thu May 17, 2012 7:23 am  

We need to wait till the review is over before we all start cutting into veins, however, if this report in the T&A has any substance it is worrying news indeed.

Re: Bulls finances 'considerably worse than originally thoug : Thu May 17, 2012 7:30 am  

So our £500k been taken under false pretences then? So not only, no investment lined up, also far deeper in the sh11te then previously told.

Re: Bulls finances 'considerably worse than originally thoug : Thu May 17, 2012 7:42 am  

Apart from the fact that administration has been inevitable for a minimum of 3 years.

Re: Bulls finances 'considerably worse than originally thoug : Thu May 17, 2012 7:50 am  

Adeybull wrote:

Or alternatively, "they would say that, wouldn't they?

I would go further and say "They have to say that" I would have been shocked if they hadn't.

There is no way the new people would have said - "Actually we are in better shape than thought" as that would imply the previous board were dealing with the problem and would cast doubt on the moral legitimacy of the new guys.

This way they imply that the old board were worse than the public know and they therefore have legal & moral authority to make the decision which we all expect and can blame it on the old board.

The only odd thing is the new guys are currently getting their info from Ryan. Their previous info was either through the media (which is suspect at the best of times) or from Ryan.

Re: Bulls finances 'considerably worse than originally thoug : Thu May 17, 2012 7:53 am  

If our problems all lie in cash flow then how will administration help?
Or are they trying to claim that Hood has failed to disclose additional creditors, in which case the last set of financial statements would be deliberately mis-stated wouldn't they?

Re: Bulls finances 'considerably worse than originally thoug : Thu May 17, 2012 7:54 am  

M@islebugs wrote:

Apart from the fact that administration has been inevitable for a minimum of 3 years.

Maybe true. And doing it now when we could potentially make up the 6pt deduction and still make playoffs is maybe a better option than going into next yr with a pts deduction. There are good arguments in favor of admin in terms of sorting shares longterm.
But it seems obvious, while new board are making right noises about avoiding admin, it's in their interests to go into admin. The review IMO is mainly a PR exercise with a pre-determined outcome and as part of it they will put as much blame on previous board as possible. Don't blame new board on a sense as it's best to start with as clean a slate as possible.

Re: Bulls finances 'considerably worse than originally thoug : Thu May 17, 2012 8:02 am  

Anyone else want to go knock on Hoods door and ask for their money back?