Latest CCFC letter on planning application - Planning Meeting (5 Viewers)

[skybluetony176]

I would say looking at the guidelines they can and do

Like someone has already pointed out. Put in an FOI. If you can put in an FOI to find out how many paper clips the council use in a year I can't imagine that this isn't covered.

 

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[Captain Dart]

Like someone has already pointed out. Put in an FOI. If you can put in an FOI to find out how many paper clips the council use in a year I can't imagine that this isn't covered.

I think he knows the answer is they haven't invested and prefers to leave it at that and allude to some collusion going on because it supports his SISU love in rather than to get off his ass and seek out the facts.

 

[Grendel]

Like someone has already pointed out. Put in an FOI. If you can put in an FOI to find out how many paper clips the council use in a year I can't imagine that this isn't covered.

What is covered is anything that is not commercially sensitive. So its possible that any investor may want to ensure investments remain anonymous. So looking through the guidelines I think its not available - anything with commercial confidentiality isn't

 

[Grendel]

I think he knows the answer is they haven't invested and prefers to leave it at that and allude to some collusion going on because it supports his SISU love in rather than to get off his ass and seek out the facts.

Tony started the "who invested where" discussion

 

[skybluetony176]

What is covered is anything that is not commercially sensitive. So its possible that any investor may want to ensure investments remain anonymous. So looking through the guidelines I think its not available - anything with commercial confidentiality isn't

You won't know unless you put one in will you? Is there actually a technical definition of commercial confidentiality? You can always challenge it if the that does come back as an answer? Whats the worst that could happen?

 

[fernandopartridge]

I think he knows the answer is they haven't invested and prefers to leave it at that and allude to some collusion going on because it supports his SISU love in rather than to get off his ass and seek out the facts.

Because it would be unthinkable that there is any evidence of any collusion between the council and Wasps in anything that has happened to date. No siree! (I don't believe that the council have invested in the Wasps bond issue personally).

However, I am surprised that the council as freeholder are happy for the Arena to be used as security against debt to many unknown investors. Isn't that kind of thing why they were so nervous about SISU's intentions?

Risks relating the head lease of the Arena granted to ACL2006
Under the terms of the head lease granted by Coventry City Council (“CCC”) to Arena Coventry (2006) Limited (“ACL2006”) in respect of the Arena (the “Head Lease”), CCC have reserved the right to forfeit the Head Lease if ACL2006 becomes insolvent. Insolvency in this scenario means a situation where ACL2006 becomes unable to pay its debts, has a receiver/administrator/provisional liquidator appointed over its assets, has assets seized in order to pay debts of ACL2006 or has a winding-up order made against it. The effect of forfeiture would be that the 250 year Head Lease would fall away and that ACL would then become the tenant of CCC at the Arena for the remaining 38 years of its existing lease. However, the right of CCC to claim forfeiture of the Head Lease is not an automatic right. If CCC made a claim for such forfeiture, this could be contested by ACL2006, any third party that held security over ACL2006 and any subtenants of ACL2006 by making application to a court in England. Further, if an administrator was to be appointed over the assets of ACL2006, then CCC would not be able to forfeit the Head Lease without the consent of the appointed administrator or with the leave of the courts.

Then again, knowing the above, it's in the council's interests as much as anybody's to make sure Wasps can build their training centre for the best possible price. I would not be surprised to see some form of public investment in the new training centre, especially as it is common land.

It looks like the bonds are doing OK for the minute mind you.

 

[skybluetony176]

Tony started the "who invested where" discussion

Where are you getting that councils are allowed to invest in bond's from? I'm looking and can't find anything.

 

[Grendel]

Where are you getting that councils are allowed to invest in bond's from? I'm looking and can't find anything.

The Powers of Investment allows risk investments as well as secure investments - given the exposure councils faced when investing in Iceland Banks a few years ago its a perfectly legitimate source of investment as potentially the returns on reserves are high

 

[skybluetony176]

The Powers of Investment allows risk investments as well as secure investments - given the exposure councils faced when investing in Iceland Banks a few years ago its a perfectly legitimate source of investment as potentially the returns on reserves are high

What's that? An opinion or are you quoting something?

 

[Grendel]

What's that? An opinion or are you quoting something?

I'm quoting the Guidance on Local Government Investments issued in March 2010

 

[skybluetony176]

I'm quoting the Guidance on Local Government Investments issued in March 2010

It also say's this

"The guidance defines a prudent investment policy as having two objectives: achieving first of all security (protecting the capital sum from loss) and then liquidity (keeping the money readily available for expenditure when needed) "

Doesn't that rule out bonds as it's a 10 year (in the case of wasps) commitment?

It also say's this

"The Strategy should be approved by the full council"

Doesn't that mean that there will be a record available to an FOI if one is requested?

Full document here for clarity https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/320206/1501971.pdf

It is an interesting question though, I'll give you that. If CCC can invest in bonds have they invested in Wasp bonds.

 

[sbadey]

Councils can invest reserves in Bonds can't they?

Interesting concept Grendell, maybe the pension fund is split between dodgy weapons traders and now Wasps too......would answer a few mysteries wouldn't it

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