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Supporters opposed to the Glazers have always claimed that such talk was false, with the money being earmarked for the PIK loans, which are now attracting interest at an eye-bulging 16.25%
Last month United reported losses of Au83.6 million, with more than Au40 million attributable to interest payments on the Au500 million bond issue, and accrued interest on the PIK loans.
Green, a United fan, said: "This is not meant to be scaremongering - the Glazers have a stark choice - they can either pay off the PIKs or risk losing the club.
"The money the Glazers make from First Allied and the Buccaneers is totally inadequate to deal with the PIKs - only Manchester United can provide the money to deal with those."
The major grandfather exceptions are for (i) obligations to issue PIK bonds, (ii) refinancings, (iii) binding contracts, and (iv) convertible preferred stock.
Specifically, the rules do not apply in respect of PIK bonds issued pursuant to the terms of a debt instrument issued on or before July 10, 1989.
(1) A bond received as payment of interest is known as a "baby bond" or a "pay-in-kind" (PIK) bond.
The government's mistake was letting farmers use PiK certificates to pay back their government loans.
The simplest PiK scheme, the PiK and Roll (named for a basketball play) works like this.