Should this be a concern for Knight's fans?

[Frederick]

Wasn't the bank guarantee signed last year? :?

 

[Caesar]

Hmmmm it appears so. I thought it was renewed in March, but I am getting confused methinks.

Oh well. That is good news. Although you can apply the same thing to the extension that was signed last week, if the company doesn't formally file for liquidation and trigger the agreement before the new year.

Either way, ATO will get first crack at any available cash.

 

[Ulysseus]

Well that's just great.

I distinctly remember telling you guys the bank guarantee may be f**king useless in the main forum and then some financial genius told me I was wrong.

Happy to be wrong............................ but unless its money deposited and held in trust then there are never any solid guarantees.

 

[Ulysseus]

Either way, ATO will get first crack at any available cash.

Regrettably.

They are the ones that can most afford to take a hit, but instead will sell off shit for two bob and a lollipop to get most of their cut and f**k everyone else.
No different to f**king banks.

Take the time to sell something for what its worth?
Nah, f**k that - we will just look after ourselves.

 

[Chicken_Hunter]

so can the ato take the money that is owing from the jets and hsg? Or just the knights? The jets shouldn't get a cent of it, this agreement was made by the knights nt the jets.

 

[Silent Knight]

Regrettably.

They are the ones that can most afford to take a hit, but instead will sell off shit for two bob and a lollipop to get most of their cut and f**k everyone else.
No different to f**king banks.

Take the time to sell something for what its worth?
Nah, f**k that - we will just look after ourselves.

No surprises there. Newcastle and the Hunter generates significant tax revenue from coal production and what do we have to show for it? A run down old city and an NRL team that has struggled to exist over its 25 year existence. Governments don't give a damn about Newcastle, least of all the ATO. I've known that for a long time.

 

[Caesar]

I distinctly remember telling you guys the bank guarantee may be f**king useless in the main forum and then some financial genius told me I was wrong.

Happy to be wrong............................ but unless its money deposited and held in trust then there are never any solid guarantees.

Naw. As long as the contract is all legit, it doesn't matter if HSG goes belly up. The bank has to pay the money, then it's their business about whether they can get it back from Tinky.

Only issue is whether the contract is legit. Maybe Tinky told fibs to the bank about their financial situation during the initial contract (unlikely) or maybe they were insolvent last week when they signed the extension (more likely) which is naughty and you're not allowed to do it.

If the contract is dodgy then it might affect whether the bank pays up. But other than that, should be sweet.

 

[perverse]

The Jets won't get a cent of the bank guarantee, if that's what you're referring to... not unless the Knights themselves decide to be compassionate, or buy the Jets, or some other such bizarre course of events.

 

[Caesar]

No surprises there. Newcastle and the Hunter generates significant tax revenue from coal production and what do we have to show for it? A run down old city and an NRL team that has struggled to exist over its 25 year existence. Governments don't give a damn about Newcastle, least of all the ATO. I've known that for a long time.

dood its not anti-newcastle. the ATO dont give a shit about anyone. they are equal opportunity assholes

 

[Caesar]

http://www.theaustralian.com.au/spo...ld-secyre-future/story-e6frg7mf-1226536061879

sounds promising.

although i'm not sure how much stock I put in "received assurances from the club" after today's revelations.

 

[Chicken_Hunter]

Bring on season 2014. 2013 already sucks.

 

[perverse]

Unless otherwise revealed, we can only assume that all the safeguards put in place to avoid being hurt by exactly this situation still stand and are valid. Don't throw 2013 out the window just yet - we haven't had Bennett in a crisis before.

 

[9701]

Seriously I for one won't worry untill Round 1 next year. If the Knights don't run out then there is cause for concern, untill then the Knights are the Knights and life goes on.

 

[Caesar]

Unless otherwise revealed, we can only assume that all the safeguards put in place to avoid being hurt by exactly this situation still stand and are valid. Don't throw 2013 out the window just yet - we haven't had Bennett in a crisis before.

We possibly won't have him now.

There is a massive difference between the club being in financial crisis and the club being in liquidation. If HSG is liquidated, all the contracts with players and coaching staff will be null and void. Wages will be stopped and everybody will lose their accrued benefits.

Even best case scenario - we get the $20m and the club back - there will be months of uncertainty, during which any player with two ounces of sense and some options will jump ship to whichever club will take them.

I am hoping that something gets sorted that means the club doesn't actually have to be wound up, because if it is it will ruin this season and probably the next one as well.

 

[Joker's Wild]

Player contracts are held with the club and NRL are they not? Id be surprised if they are held with HSG and HSG only. Same with Waynes contract

 

[Alex28]

I distinctly remember telling you guys the bank guarantee may be f**king useless in the main forum and then some financial genius told me I was wrong.

Happy to be wrong............................ but unless its money deposited and held in trust then there are never any solid guarantees.

Did you not read the bit where it said "within 6 months of becoming liquidated"? Did HSG take over the Knights and issue the Bank Guarantee less than 6 months ago?

Good try at trolling though.

 

[Caesar]

NRL is a party to the contracts for salary cap reasons but have no responsibility for paying players.

Dunno what the deal is with Bennett but doubt they are gonna pick up the tab.

 

[Chicken_Hunter]

Bennett is contracted to hsg, the players are contracted to the knights. If hsg falls, the only contract renegotiation would be with Bennett.

 

[perverse]

I don't think Bennett will abandon us, but stranger things have happened. I'm happy enough for Stoney to take over again and have another crack if it comes to that. It will be disappointing, but I still feel Stone is capable of quite a bit.

 

[IanG]

Apparently Tinkler will pay the ATO in full next week as he wasn't advised of this debt. It probably has more to do with the fact he owes a lot of people a lot of money and has forgotten who he needs to pay.

That's the ATO for you. They'll chase people to the end of the world and it'd probably end up costing them more that what's owed to them. After all they chased Paul Hogan to the end of the earth