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Straumur moratorium extended

Filed: Wednesday, 16th December 2009
By: Staff Writer

Straumur have, as expected, been granted a moratorium extension.

A brief statement posted on straumur.net this lunchtime read simply:

"The District Court of Reykjavk has today granted Straumur-Burdaras Investment bank hf. an extension of moratorium until 10 September 2010."

The news should make little difference to those planning bids for control of West Ham United however it means that Straumur now have no immediate need to sell the club, given their nine-month stay of execution.

Rothschild, the bankers instructed by West Ham's owners CB Holdings (in whom Straumur have a 70% stake) are continuing to talk with parties interested in purchasing the club - most notably, David Sullivan and David Gold whose 50million offer remains on the table.

Although CB Holdings are now under no pressure to sell until next September should the unthinkable happen and West Ham be relegated next May it is widely thought that the club would be lucky to survive - let alone command the kind of fee offered by the two Davids.

Meanwhile Irons fans, who have seen the first team squad dismantled over the last 15 months are planning to voice their disapproval at CB Holdings/Straumur during this weekend's live TV clash with Chelsea.

A number of supporters have already aired the idea of organising a protest against the Icelandic's continued unwelcome presence at the club although that has come too early for this weekend's game, where sporadic outbursts of dissent are more likely.

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by CelticHammer
11:28PM 16th Dec 2009
''Given that this site is no stranger to editorializing its surprising how you have never raised questions about the Gollivan bid!

Why have you not asked how they expect their miserly 50M bid is supposed to pay money to Straumur, buy new players to keep us up AND go to service debts that according to themselves are so massive and immediate that they are on the verge of putting the club under?
Or how they think that a club the size of WestHam is worth 50M when they trousered 82M from the sale of a yo-yo club like Birmingham (not to mention the 12M debt they walked away from and left as a nasty welcome surprise for Carson Yeung).

Or most imporantly why not as the question that what in the 16 years of their ownership during which Birmingham were little more than a yo-yo club spending more time in the championship than in the top flight makes them think they have the ability or the cash to help us compete in the top half of the most expensive league in the world when they couldnt manage to find the cash to keep their last club in the league when they only paid 1 to buy it in the first place?

Would all seem important questions to me.''

by andy
08:46PM 16th Dec 2009
''I think if the Intermarket group are West Ham fans they should come out of the closet and let the rest of us whufc fans know one way or the other. Are they still buying or not? I feel another disaster coming on, Premier League side landing up Divison One.''

by Staff Writer
04:51PM 16th Dec 2009
''Celtic Hammer,

The only reason Gold & Sullivan have cropped up on KUMB so often recently is simply because they are currently the only bidders going public. It would be difficult to report on any other interested parties as they are not talking to the media at this moment in time. The only party that has is Intermarket on whom we reported, extensively, at the time. Perhaps you failed to notice those posts (they're in the news archive if you're interested).

It's therefore unclear how you've reached the concluson that KUMB.com is 'a mouth piece for Gollivan' - we have never endorsed the Gold/Sullivan bid (I presume that's what you're referring to) or any other bid - nor would we ever do so.

Your comments say more about your own prejudices than anybody else's.''

by CelticHammer
03:01PM 16th Dec 2009
''You lot really are just a mouth piece for Gollivan!

The only reason they were clamoring to get the club on the cheap was they knew once the moratorium was approved they would have no chance of getting the club on the cheap. Their entire plan was based on sacremongering to the point that the fans would rise up and demand the club be sold to them.

Luckily WestHam fans have more sense than the average reader of the red tops or writer for KUMB.''

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