As satisfying as it would be, it’s purely wishful thinking. The EFL *could* waive the 25% rule though that would then apply to any unsecured creditor.
Like a divorce, it’s better to pay up and not be the bitter ex. If we either didn’t pay him as an unsecured creditor or the EFL agreed that we didn’t have to pay all unsecured creditors 25% all that would achieve is having legal liabilities hanging over us for months if not years.
He’s in for almost £120m in unsecured loans across the two companies and he paid £35m for us in the first place. Whatever the outcome, he’ll be substantially worse off.
Meanwhile, for us, the future’s bright. The future’s blue and white.