TOPIC:

cheers mate. I also vaguely remember it might have been to help fund the building of chunder's new premises but once again I could be wrong. if it was to pull them out of the financial shit then it's only fair the WAFC do likewise for WP with a heap of undertakings and conditions to make sure it doesn't happen again.

Just had a read of how to help WP on their website. Seems to be if you have some money great but whatever you do don't give it to us as it might end up in the hands of those who earned it, creditors etc. Give it to the Past Players or the other separate entity instead.

Stand the Test if all money received by the club from supporters in the last week since the request for help was made public will simply be used to pay existing creditors then there is absolutely no point in the club soliciting ANY financial assistance until a resolution of creditors occurs or worse still it goes into receivership.

All money should be donated to assist the clubs future existence not its past debts

The club is not pro active enough for my liking, they need to be more forceful in your face.

Send each member a $500-00 one off levy, for 1500 members that's $750K...ok not all members are going to pay it but I think a lot will like myself, and some will pay more, just ramp up the pressure on members , this donation bullshit is a bit light on I think, giving $50, $10, $20 bucks what the fark is that going to do?
Send each member a bill for $500-00 here pay this or we won't be around next year, that's how you do it!

DOES YOUR HEART BEAT TRUE?

Dempsey wrote: I hope I am wrong but expect the debt to increase substantially merely with the appointment of an Administrator.

The cost of such an appoitnment can vary of course, but the top guys charge $400 to $500 per hour.

That can suck out another hundred grand in a heart beat.

Mate the $250,000 on loan from WAFC is to help also finance the Admistrators.

Dempsey wrote: Stand the Test if all money received by the club from supporters in the last week since the request for help was made public will simply be used to pay existing creditors then there is absolutely no point in the club soliciting ANY financial assistance until a resolution of creditors occurs or worse still it goes into receivership.

All money should be donated to assist the clubs future existence not its past debts

Mate, I think you are putting the cart before the horse a bit there.

The most urgent need is to find funds to satisfy the creditors at the final meeting, as they are the only ones that control the clubs future now, they will vote on whether to accept the WPFC offer to settle debts or go to Liquidation.
The ATO are owed $200,000.00 it doesn't matter what happens but if there is any money at all raised they get first pick. Then will come Venues West at $200,000.00 , that make 400,000 you need to raise ASAP to get these guys to go away so they don't vote on winding up WPFC, there is no point donating money to past players or anyone else, because if WPFC get wound up, its over.

Once the creditors are happy, the Admin is over the board resumes control.

The salient point to remember is if the largest owed creditors (ie ATO and Venues West) don’t get their debts cleared prior to the creditors vote then all the rhetoric in the world won’t save WP as if those two vote to liquidate then it’s all over.

The_Duck wrote: The salient point to remember is if the largest owed creditors (ie ATO and Venues West) don’t get their debts cleared prior to the creditors vote then all the rhetoric in the world won’t save WP as if those two vote to liquidate then it’s all over.

Trouble is there is not much to liquidate.....they don't own anything.

Falcon wrote:

The_Duck wrote: The salient point to remember is if the largest owed creditors (ie ATO and Venues West) don’t get their debts cleared prior to the creditors vote then all the rhetoric in the world won’t save WP as if those two vote to liquidate then it’s all over.

Trouble is there is not much to liquidate.....they don't own anything.

Which came be the reason why creditors may vote to give the administrators a chance to turn things around. It won't be because they are sentimental, it will be because if they survive and thrive they may get all their money back. Or they may say lets cut our losses and take however many cents in the $ are on offer now. They will probably look at whatever plan is put forward by KordaMentha and whether its in their best financial interests to cut now or hold out if they think the plan warrants it.

According to Dempsey the idea of raising money to pay your debts is just too hilarious. Moral bankruptcy may precede financial bankruptcy in Joondy.