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[markecky]

Their local paper is following things closely...

11.35am
Sponsorship in lieu of cash was turned down by creditors holding out for 10p in the pound, reports Brian Coates.
Businessman Gary Pearson was contacted by an intermediary on behalf of administrators this morning.
He runs Jacamast Ltd, of Huddersfield, and is owed £193,000 following work on the half-finished east stand.
"They were hoping to get something in place and I've been asked if I would accept sponsorship but I won't for that money," he said.
"We feel 10p is still a poor offer. We have to draw the line and that is where we are drawing the line."
Mr Pearson's stance is backed by Roy Barnett who is owned a similar sum for work on the stand.
"Sponsorship might not be worth anything," said Mr Pearson.

11.30am
Geoff Ralph, who left the meeting at 11.30am, told the Courier's Dave Fletcher talks were progressing but could take some time. A sticking point is understood to be how much was owed to the Inland Revenue.
It is thought two votes will be taken on any rescue package proposed - the first where 75 per cent of creditors need to agree and the second where a simple majority was required but only among creditors not directly involved with the club.

10.40am
As administrators frantically try to save Halifax Town this morning a major creditor refuses to compromise, reports Brian Coates.
Roy Barnett is owed nearly £200,000 and insisted he receives 10p in the pound rather than the 2.5p offered on Wednesday.
Speaking to the Courier 30 minutes into the 10am meeting he said: "The last I heard was there might be a short adjournment for a couple of hours to try and get the dividend increased.
"My position has not changed.
"I get £20,000 or I don't get anything. There is no room for negotiation.
"However they want to do it is up to them but at the end of it I get my £20,000.
"I believe they are still trying to do it."
His company R. M. Barnett Ltd, of Huddersfield, was involved in the building of the half finished Shay east stand.

10.15am
The meeting has now begun, reports Dave Fletcher from the Begbies Traynor offices in Leeds.
Halifax Town general manager Angie Firth, former commercial manager Andrew Pinfield, advisor Chris Yewdall and former chairman Geoff Ralph turned up and it is understood much of the negotiations with creditors may be carried out on the telephone.
Major creditors including Jacamast Ltd and R. M. Barnett Ltd were not present.
Halifax Town manager Chris Wilder was understood to be holding talks with players at the Shay at the same time.

Friday May 9 - 9.00am
Halifax Town officials and creditors are making their way along the M62 to the Leeds offices of administrators Begbies Traynor for the adjourned creditors' meeting.

Proceedings are due to start at 10am with the future of the club in the balance.

The first meeting on Wednesday had to be abandoned when major creditors refused to accept 2.5p in the pound in settlement of debts.

Instead, they demanded a minimum of 10p.

Administrator Rob Sadler now has to persuade potential new owners to increase the offer which would take their total outlay for taking control of the club to around £800,000.

Without an agreement, the club will fail to gain membership of the Blue Square Premier League for the 2008/09 season, and could face liquidation.

Keep up to date with the day's developments right here.

[im not really here]

12.10pm
Talks are continuing into the afternoon which is pushing time limits to the brink.
Earlier indications from administrators suggested a decision either way would be known by lunchtime.
If a deal is struck the necessary paperwork has to be completed today to meet deadlines set by the football authorities.

[Saughall Robin]

You've got to admire the brinksmanship!

However I'm still depressingly confident that a deal will be struck 

[Narcissist]

12.40pm
The meeting has now broken up for lunch. Due to resume at 1pm.


Talk about a quick lunch! We get 2 hours here in France!

[im not really here]

I bet that will be an interesting lunch, I bet many a deal has been brokered over an egg mayo buttie and a packet of crisps. And there was me thinking they were pushed for time!

[Jenga]

I bet that will be an interesting lunch, I bet many a deal has been brokered over an egg mayo buttie and a packet of crisps. And there was me thinking they were pushed for time!

Who needs golf courses when you have egg mayo butties, incidentally who has paid for these butties, another creditor to the list?

[samba]

I'm really feeling a deal will be struck.  An interesting Friday ahead of us!

[Longman]

I bet that will be an interesting lunch, I bet many a deal has been brokered over an egg mayo buttie and a packet of crisps. And there was me thinking they were pushed for time!

Who needs golf courses when you have egg mayo butties, incidentally who has paid for these butties, another creditor to the list?

Sheila of Hebden Bridge based catering firm 'Brilliant Butties' is owed a sum of £72.50 by Halifax and is steadfast in her refusal to accept the 2.5p offer, she is holding out for 10p in the pound.

[RedWhiteRedWhite]

Why do i get the feeling, that no matter when they set the deadline as...it would have run right up to (if not over!) the proverbial "wire".

[markecky]

Its  worth remembering (and I get the impression Halifax fans on here won't) that even they agree the cva, they still have to satisfy the conference of future plans, ground stuff etc.

[gazwarrington]

I am still sure its the ground development that will hinder them staying in this league. I have always thought they'd get the finances sorted but now having to pay more, and the time this is taken up will I feel it will have stopped the plans that they have to have in place.

I cant eveny imagine how Halifax fans are doing right now cos I'm a wreck .. Yet again in May/June

[gazwarrington]

1.35pm
Former chairman Geoff Ralph has just been called back to the meeting.

1.05pm
The meeting has resumed.
A progress report is thought to be underway with the club's situation over the Inland Revenue.

[shaymen down under]

sorry gaz, but ground has nothing to do with the football or rugby club. The Ground is essentially owend by the Council, and is administered by the Shay Stadium Trust.

The Council has agreed(finally) to spend 2.7million to complete the stand, While the Shay Stadium trust(which is made up of several groups of ppl including reps from the football and rugby clubs) is looking to raise 1million to kit out the new stand i.e. club shops, bars, etc, etc.

Work is to begin at end of June and finish by end of december.

hence why us town fans are so desperate from the takeover to happen, as with the stan dfinailly finished we will be able to make money from it.

[gazwarrington]

Thanks for clearing that up but don't the Conference want written proof from the council then ? As this ground development has been going on for sometime hasn't it?

I honestly wish your club well but am obviously watching this from our point of view, as I'm sure you would if the other way round ?

My honest opinion when you are losing £30,000 a week is to reform at a lower level but maybe these takeover people will sort it out ?

[baldrick]

So they want to write off 90% of their debt then spend £1million on the stadium. Relegate the pisstakers now.