West Ham's Financial Crisis Deepens
Bjorgolfur Gudmundsson's Samson Holdings, the company that I think holds Gudmundsson's West Ham stock, has apparently filed for bankruptcy.
The Daily Mail are suggesting that this means the noises coming out of West Ham are no longer so confident about Gudmundsson not selling the club.
Didn't Samson Holdings lend West Ham millions of pounds (obviously at a high interest rate)? Do the club have to pay back money borrowed from a company that goes bankrupt?
Damn, it seems that you do still have to pay off a debt even to a company that has gone bankrupt.
posted by Keir Clarke @ 2:26 AM
4 comments
4 Comments:
This financial crisis is brutal, and it's really hitting West Ham hard. First XL and now this.
I wouldn't be too gutted if Gudmunsson sold though, I'm not overly happy with the direction the club seems to be heading at the moment...
I hope its not to late to sell the club ! we could be looking at pionts deduction and god knows what ! time for the chairman to talk to the fans before he ruins our club !
Morning
few points:
1. Daily mail talks rubbish
2. a company cannot go bankrupt. Either administration or liquidation are the normal procedures
3. We are not sure and nor are the daily mail what the set up of companies is. It does not seem that West Ham will be in adminstration but simply that the company that holds the shares MAY be in an insolvent situation. If that is the case then the assetts of that company, being the shares and other stuff, would be sold for th best possible price to allow the insolvent company to pay off some debts.
It is corret if moneis are owed to an insolvent company, then these debts are paid to the liquidator or administrator. Sometimes deals can be done to reduce the sums paid.
The whole thing is a mess i agree, and it does have to be dealt with very carefully. I would hope that the board know all of this and would do something to force the sale if admiistration was looming.
Kenny
Thanks Kenny,
That clears things up a little. I know The Mail is hardly the most reliable of sources but The Telegraph today also say Samson Holdings are on the verge of bankruptcy.
http://www.telegraph.co.uk/sport/football/leagues/premierleague/westham/3389561/West-Ham-owner-Bjorgofur-Gudmundsson-hit-by-new-Icelandic-setback-Football.html
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