As much as I hate to say this the Millwall lackey has a point tho, when TC says they have mortgaged the club, he means GFH not the consortium, as surely some form of guarantee/security would have been required by the consortium, before they lent the club however many millions it is. Now if that consortium are unsuccessful with their takeover, you would expect there to be some form of agreement made about how it was to repaid. Now if the club/GFH don't have the ability to repay those monies, then the consortium will no doubt begin court proceedings, which could ultimately lead to receivership proceedings and administration. Now of course all this is total conjecture on the basis of an unsubstantiated rumour that we dont even have the money to pay the wages, but its not just a case of tough luck consortium you've lost your money, the club have received the benefit of those monies, and obviously dependent upon the terms of whatever pre takeover contract was agreed, between both the club and the consortium, you would expect that for such a large sum of money, this would have been provided to the club as a LOAN, and thus the club would be required to pay it back at some stage. In addition thats something the Italian guy will also have to consider with his bid, in that the club has this consortium debt that needs to be repaid. So if all the supposed doom and gloom actually came to fruition, then it would be our problem, as its an extra £ xxx million that the club/GFH have to pay. No doubt however Haigh and his consortium buddies would quite happily forget about the debt, when they put their bid in via the administrator, and probably end up with the club cheaper than their actually bid (That should go some way to answering your point to RCDM, as to why the consortium would do such a thing. How did we end up in administration last time, because someone wanted what was owed to them, and old white beard wouldnt pay, so he put the club into adminstration. If the consortium want their money back and GFH cant/wont repay, and it goes to court, then GFH or the court could decide administration is required, then the failed consortium come in with a bid say £4 million lower than the best offer, but say we will forget about the £6 million we are owed)
As the planers and bidders are not telling us whats happening I will speculate that there might be a cash shortfall, if I recall the bidders found something out unexpectedly so maybe that's it. They also used the expression ' breached their covenants with us' which is a term usually used when a borrower has made undertakings to the lender and not kept to them - maybe they lent the cash expecting the position was better, maybe to spend more on players Pure speculation on my part of course as they are not saying but I could see how this might be distorted into being in danger financially
