Kia, Sheff Utd, Duxbury, McCabe and arbitration

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beckton
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Re: Kia, Sheff Utd, Duxbury, McCabe and arbitration

Post by beckton »

munichhammer wrote:
I cant believe that our auditers could force us into settling in this fiscal year. Sounds to me like we knew that we were f***ed and in order to save face are blaming the auditers.
Thats why I asked the question, shirley these accounts are for the 2007/2008 financial year?

The auditors were behaving as Mystic Megs and predicting about something that might or might not have been happening in the future.
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Re: Kia, Sheff Utd, Duxbury, McCabe and arbitration

Post by Paddy O'Hammer »

Can we sue the auditors and they forced our hand to settle out of court, thus implying guilt to each moron on the block....and now these morons are suing us. We need to re-sue-ulate the ****ing auditors.

Anyway...these auditors were probably all prawn brigade fans or rugger buggers or gay!
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Re: Kia, Sheff Utd, Duxbury, McCabe and arbitration

Post by QuintonNimoy »

beckton wrote:Thats why I asked the question, shirley these accounts are for the 2007/2008 financial year?

The auditors were behaving as Mystic Megs and predicting about something that might or might not have been happening in the future.
I think Monkey Mike gave the best answer above. The accounts probably contain something marked down as provision for the Sheffield United situation, and it was that section that needed to be confirmed. So in essence the club playing mystic meg, and the accountants saying they couldn't.

If true, it might explain why they've been delayed again with the next round of claims in the offing, which raises the horrible prospect of paying off anyone who opens their gob! Let's hope it doesn't come to that.
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Re: Kia, Sheff Utd, Duxbury, McCabe and arbitration

Post by Devils Advocate »

munichhammer wrote:I cant believe that our auditers could force us into settling in this fiscal year. Sounds to me like we knew that we were f***ed and in order to save face are blaming the auditers.
The auditors haven't forced us into settling, they've asked us to ensure we had a provision put aside to cover the payout. That's not the same as actually parting with the cash. It seems a perfectly reasonable thing for the auditors to do, as in order for the accounts to be signed off, they have to be declared as a true and fair reflection of the business. If the balance sheet ignored the potential liability of the SU payout, it could not be considered as either true or fair.
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beckton
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Re: Kia, Sheff Utd, Duxbury, McCabe and arbitration

Post by beckton »

QuintonNimoy wrote:
If true, it might explain why they've been delayed again with the next round of claims in the offing, which raises the horrible prospect of paying off anyone who opens their gob! Let's hope it doesn't come to that.

and there are people posting on this forum saying that our current board are doing a great job, shakes head in disbelief. :?
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Re: Kia, Sheff Utd, Duxbury, McCabe and arbitration

Post by Duff »

beckton wrote:Can someone explain to me why an auditor wouldn't sign off last years accounts over a potential future liability?
Medoc wrote:Very simple; part of the auditors remit is to declare that the company is "viable as a going concern". Future liabilities have a material bearing.
A provision can only be made if a transaction meets all three of the following criteria (IAS 37):

There is an obligation to transfer economic benefit as a result of past transactions/events
It's probable (more likely than not) an outflow of resources will be required to settle the obligation
A reliable estimate can be made of the amount of the obligation

So we wouldn't be able to make a provision in the accounts and the auditors could sign off the rest of the accounts except for the outstanding issue with SU.

They couldn't put us into administration because of this.
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beckton
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Re: Kia, Sheff Utd, Duxbury, McCabe and arbitration

Post by beckton »

Duff wrote:
They couldn't put us into administration because of this.

I dont understand that bit.
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Re: Kia, Sheff Utd, Duxbury, McCabe and arbitration

Post by Duff »

Duff wrote:
They couldn't put us into administration because of this.
beckton wrote:I dont understand that bit.
Auditors can't put you into administration, they only state an opinion on your accounts.

In this case it should have been an unqualified (signed) opinion except for the ongoig case with SU.

So although not good it wouldn't affect our cashflow or ability to pay our creditors.
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Re: Kia, Sheff Utd, Duxbury, McCabe and arbitration

Post by beckton »

Cheers. :thup:
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Re: Kia, Sh*ff Utd, Duxbury, McCabe and arbitration

Post by HamburgHammer »

And idea why we haven't heard anything about the outcome of the joint FA/Premier League investigation ?
What's taking them so bloody long ?

Or are they waiting for us to get a new (rich) owner in so they can punish us accordingly and get some more million out of us ?
Are they probably waiting for the end of the season to determine how many points they can deduct without us being relegated ?

I just don't understand why nothing has been announced shortly after or around the same time as our compo deal with the Blunts...
Last edited by HamburgHammer on Mon Apr 13, 2009 7:45 pm, edited 1 time in total.
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Re: Kia, Sh*ff Utd, Duxbury, McCabe and arbitration

Post by Bedshammer »

I read somewhere that the FA/PL aren't expected to annouce their findings till after the end of the season, and that they are unlikely to enforce further punishment.

In other words, they're just making the right noises.
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Re: Kia, Sh*ff Utd, Duxbury, McCabe and arbitration

Post by whizzer »

Well well well, looks like the blunts may have a legal challenge to defend..........

Take it all the way Barnsley!!!

http://www.eatsleepsport.com/football/c ... 96623.html" onclick="window.open(this.href);return false;
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Re: Kia, Sh*ff Utd, Duxbury, McCabe and arbitration

Post by paulo79 »

Whoever wrote that artice on the main site needs to check his facts out
Meanwhile Barnsley, having been without their main target man all season have slumped to 21st spot in the Championship and will be relegated if they lose at Plymouth this weekend and Norwich win by two clear goals at already relegated Chalrton.
That is rubbish, Norwich have a better goal difference than Barnsley so if Barnsley lose adn Norwich win, Barnsley will be relegated, which I hope happens as a season ticket holder at Carrow Road and I will be at Charlton on Sun.
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Re: Kia, Sh*ff Utd, Duxbury, McCabe and arbitration

Post by davids cross »

paulo79 wrote: That is rubbish, Norwich have a better goal difference than Barnsley so if Barnsley lose adn Norwich win, Barnsley will be relegated, which I hope happens as a season ticket holder at Carrow Road and I will be at Charlton on Sun.
You've said that with real feeling. I recognise the symptoms of someone who has been studying the table for many weeks and knows the finer details off by heart.

:lol:
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Re: Kia, Sh*ff Utd, Duxbury, McCabe and arbitration

Post by prophet:marginal »

My Charlton mate is desperate to take you lot down with them. Not quite sure, why, but he's of the view that there's no love lost between the two teams.

I've personally got a soft spot for Norwich and I hope they stay up....

...especially if it means that Barnsley's claim against The Blunts will look better...
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Re: Kia, Sh*ff Utd, Duxbury, McCabe and arbitration

Post by paulo79 »

I dunno why Charlton don't like us, it's only scummy Ipshit we hate.

Yeah we are going down I can see Barnsley losing and Norwich not winning. I am a hammer first but lived in Norwich for 7 years and got a season ticket when they were in the premiership.

I am going on Sunday and went to Ipshit 2 weeks ago and even more depressing was Reading on Monday all that way on a school night, left as soon as the second goal went in for a long lonly drive back down the M11 lol.

Should be used to relegation supporting West Ham and now Norwich as my second team lol.

The thing that has made me laugh is that if we go down we get 15% back on season tickets, my 3 come to £400 (me and 2 under 16's) and the club are going to write to fans to ask to keep it, ****ing cheek, I want my £60 back for all the petrol money i have spent.
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Re: Kia, Sh*ff Utd, Duxbury, McCabe and arbitration

Post by Hammer_atown »

It'll be interesting to see how it plays out if it makes it to court.

The blunts have set the precedent for a single player being responsible for a team's results, and I’d like to see them argue against that.

I don’t know the ins and outs of the law, but if it went to court I can see them having to pay out.

If they argue against the single player being responsible would that mean that we’d be entitled to some of our money back, since we’re paying out for the whole “A player, not the team were responsible for West ham’s survival”

Alternatively, if they stick by the precedent they set, then they would probably have to pay out to Barnsley.

Although, if we’re paying them, but they’ve got to pay Barnsley it wouldn’t surprise me in the slightest if they find a fresh reason to sue us in order to recoup some of the money.

It would be cool to know from you legal-eagles out there, if I’m going down the right path with any of this, I suspect the way I’ve tried to rationalize this in my head has been completely wrong, but it would be interesting to know.

COYI
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Re: Kia, Sh*ff Utd, Duxbury, McCabe and arbitration

Post by rendog2 »

Would this be a bad point at which to say that I quite like Ipswich, but dislike Norwich?
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Re: Kia, Sh*ff Utd, Duxbury, McCabe and arbitration

Post by Kialos »

I don't think there should be any suing full stop but unfortuantely thanks to the actions of Sheffield Utd and their FA lapdogs that pandoras box has been well and truely opened. In a season or twos time fans of other clubs will come to realise just why the Griffiths ruling was so moronic.
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Re: Kia, Sh*ff Utd, Duxbury, McCabe and arbitration

Post by Heysel76 »

Hammer_atown wrote:
Although, if we’re paying them, but they’ve got to pay Barnsley it wouldn’t surprise me in the slightest if they find a fresh reason to sue us in order to recoup some of the money.
Well of course, after all they were only playing against Barnsley due to us, so we must be responsible. Headbanger
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