Fair enough Dongonzalos
thanks for putting it up as a thread........ the more good proven information the fans have the better
Given things a little thought..... and come up with what i think some of what is going on (a guess obviously).....
ARVO are part of the SISU set up..... its one of their funds..... who invests in those funds i do not know. It would seem to me that it is seperate to the Sconset set up. I am guessing but perhaps ARVO have provided some funding or expertise (at a cost) to CCFC and CCFC Holdings, this created a creditor that has not been paid. In order to leave it as an unpaid loan then it is secured on all the assets of CCFC & CCFC H ........ to the extent that player heart monitors the ice machine even the website, the 1960's badge and the trademarks have been taken as security but more importantly the Ryton ground. What bothered me is that the list of assets read like a list a bailiff would have when they levy distraint on a defaulting client. I think this is seperate to the £30m put in by SISU investors. It means effectively that ARVO own the trading essentials of CCFC and CCFC H and require payment for them before someone else can acquire but what ARVO dont have are any of the other creditors of CCFC and CCFC H
I am still puzzled as to where all this funding has gone to and why it was needed considering the cost savings and player sales. It just doesnt fit right somehow
Sconset - set up to attract other investment we are told. What I think they have done is to transfer the monies put into SBS&L out of the SISU funds which are probably open with lots of other investments and put that debt into Sconset. The Sconset fund has then been closed isolating the debt there..... this will improve the value of the SISU A,B,C,D & E funds .... but is also probably the reason why no further money is available to draw down. Sconset is a closed isolated fund simply holding "toxic debt"
What they have done is to seperate the assets of CCFC and CCFC H from the liabilities.
If they let CCFC and CCFC H go into administration or liquidation then ARVO will have all of the assets but none of the debt ..... there would be no value at all in CCFC or CCFC H and ARVO could buy the club back for £1 but debt free (just my guess). They need to do that to retain the League registration and the players. The only "asset" that CCFC will retain is the option on the Higgs Charity shares which if ARVO buy back the shares of CCFC may remain (to retain that option at all then CCFC has to survive - I am certain the Charity will not allow the option to transfer to any other company or organisation). Perhaps they might even retain the Sconset debt just in case better things happen after "restructuring"...... but other creditors get shafted.
I am no insolvency expert so this is all guess work
This will be bad news for a lot of traders, employees etc ...... you know the little people who always get dumped on. But you know who will get the best out of a poor outcome - SISU and its investors
btw and this is not a dig at him...... when AT goes on about "restructurng" then this is not what TF and SISU are referring to when they use the same word. AT should call it "team building" because the "restructuring" is something far more devious
