Promotion for Argyle?

[Glostergull]

Actually guys, there is a little more to it than that.
If you or I or any business you built up gets into financial difficulty and you end up where you risk losing everyting. You hav e an option of applying for administration. In the case of a small company or private person it's known as an IVA. Argyle went into administration just like we can. It's near anough the same thing. But where they seem to have come out of it shamefully. We would be hammered.
Unlike bankruptcy. Administration allows for a company to keep on trading. or the private guy to keep on working and keep his possessions. But where argyles then differed and in my eyes they decieved the common working man is that most of thier debt was written off with no further come back on the club.

If you or I or a small company like mine ran into the same trouble. The creditors would look to see if there was any realistic chance of gaining what cash was avaiable straight away. In the case of private man having to sign his life away just to have got the loans in the first place it would eventually mean that they would apply for a charge over our property to extract the equity in the future. So where we would never ever really get away with it. Argyle have done the dirty on the small company's.
They didn't form a new company. they were not made to sell assetts and there is no charge over the stadium. So therefore where they could have made some reparation in the future. That has now gone.
Do not beleive the adverts that suck you in with wiping 80% of debt away and start again. with no fees. it's a con. a scam. The typical size of fee is 15 to 20 thouand pounds. This is usually added to what is left.Don't forget, they are taking control of your finances for 5 years at least. This work is not free.
Then at the end of 5 years the creditors will look to see what assets you have and whether they have gained value and equity. if so they can either force a sale of put a charge on the proprty untill it's sold. Wonder if Argyle have a charge on Home Park. I bet they don't

[ferrarilover]

I know, it's the same argument again, but this article gets on my **** tits.
http://www.bbc.co.uk/sport/0/football/27338885

The premise of the article is to allow Argyle to whinge that they're being held back by a lack of movement on their £50m development project. How about making it a £49m development project and paying back the money you owe, you robbing ****?

They went into administration in March 2011 and had the £50m plan approved (without a single clause compelling them to compensate the small businesses they killed off) in August 2013. That's like me going bankrupt tomorrow, losing my folks their home in the process, then, by 2016, finding myself down the Exeter Ferrari garage. Meanwhile, my dear old Mum is living in a doorway in Paignton.

Absolute bloody sham.

Matt.

[Gullscorer]

People appear to disregard the fact that after Argyle went into administration the club was sold to a new owner, who presumably paid exactly what the club was worth at the time he bought it. In no way was he responsible for the misdeeds of the previous owners. To blame the new owner for not paying the previous owners' creditors is like blaming the buyer of a house for the previous owners' non-payment of their mortgage. You cannot blame the new owner for wanting the best possible deal for himself.

If anyone is to blame, it should probably be the administrator, who set up the deal. But this may well have been the only deal possible to ensure continuation of football at Home Park, albeit at the expense of the club's small creditors.

It may also be that even if the club had gone under completely and gone into liquidation, those small creditors still would not have been paid. Some might argue, understandably and with no little justification, that this should have been the club's deserved fate. It would have been hard on the Argyle fans, who would have had to see a new Plymouth club attempt to rise again from the bottom of the soccer pyramid, though soccer fans know that life can be hard and not always fair. But it would also have been of little comfort to those hard-done-by creditors. As always, it's the little people who are the worst affected..

[ferrarilover]

But the club reaped the rewards of the ill gotten gains, the club now reap the rewards of new investment. The old owners walk away having paid barely a scrap of their debts. The new owners obtain an asset on th be cheap for no effort on their part and the club goes back to enjoying the good times. The only people to suffer are the hard working sods unfortunate enough to be caught in the middle.
Everyone else makes a handsome profit (in money, assets or joy) for absolutely no effort, all at the expense of others.

Appallingly unfair. If there was a proper punishment for the fans and the club, they'd be much more interested in affordability and much less driven by the prevalent "success at any price" mentality which is presently destroying the game one club at a time. If the punishment wasn't merely a couple of years in L2, but a loss of absolutely everything, forever, then fans would stop chasing the dream and demanding instant success. It would create a sustainable model, it would stop this boom and bust culture which only seems to hurt the innocent parties and it would give fans greater incentive to become involved in their club (Trust ownership/interest and the reintroduction of the supporters association principle).
A lowering of expectations back to reasonable levels would mean young English talent being allowed to flourish in a pressure free environment, obviating the need for the proposed League 3.
It would give local businesses greater confidence in investing in their local clubs, which is good for those of a Green Party persuasion as well as the local economy (which would be especially beneficial somewhere like Torquay, which needs all the investment it can get, the **** shithole!)

If a cowboy builder turns up, takes your money and **** off, everyone calls that Dom wotsit bloke to make a documentary about how terrible it is. If a football chairman does it, people yack on as it is somehow different because 1000s of selfish, greedy people were too selfish and greedy to see that it was all a house of cards.

New owners be damned. Argyle haven't paid what they owe for the harm they caused, and it looks like they never will and that's an appalling injustice which serves to disrespect and belittle the enormous harm their actions caused to a great many people.

Shame on them.

Matt