Leeds United - what was the deal with those creditors?

So not so cuddly Ken Bates pulled off something of a masterstroke by writing off Leeeds United's reported debts of £35m by offering 1p in pound to the clubs creditors, this when other interested parties were offering an awful lot more. It's mind boggling, it really is, apparently the creditors will receive a lot more if the club gets promoted to the Premiership.

I for one fully expect Leeds to be sold and soon....