chiefdave
Well-Known Member
That's how the Pompey trust took over. There was another bid that would have got those owed money more back but the FL said they'd only consider issuing the golden share to the trust.
CCFC, Otium & JR2 (9 Viewers)
- Thread starter oldskyblue58
- Start date
thekidfromstrettoncamp
Well-Known Member
Not being well versed in the legal side of things could someone please tell me the first J R has been completed has it not? Has any side been awarded costs to cover their legal expenses . If so I would presume that would be C C C is there a time limit for payment if so how long and what action can be taken and were Sisu the only name on the papers ? As for the 2nd J R are Otium named on this so that it is the one that would be liquidated to try and cover costs.
skybluetony176
Well-Known Member
The deal with the trust was done and they were on route to sign it when they got the call from the administrator that they were being gazumped. It was the only time that they feel the FL helped them when they refused to give the golden share to the other party. When you see the chancers they’d previously issued it to it was the least that the FL could do.
oldskyblue58
CCFC Finance Director
JR1 is concluded. CCC etc were awarded their costs to be paid by the applicants ARVO & SBS&L. Usually the court sets the date for costs to be paid. Full costs are "taxed" (assessed by the court as to whether chargeable on the loser it doesn't mean CCC etc will get all their costs back) and often a payment on account is set by the court to be paid whilst it is all sorted out. As to the current amounts outstanding and the dates for payment i do not know.
SISU were not named as an applicant on either the JR1 or JR2 and are not directly liable for any costs
names on the court actions
JR1 - ARVO, SBS&L (CCFCH until liquidated) vs CCC, with interested parties ACL & AEHC
JR2 - SBS&L, ARVO, Otium Entertainment Group vs CCC, with interested parties ACL,Wasps Holdings & AEHC
Apparently Otium has been assured that it wont have to pay any of the legal costs. No evidence of that assurance has ever been produced. SBS&L doesn't trade and has no surplus funds, its only "asset" are its shares in Otium. ARVO is not based in this country. Otium is the only entity that trades based in England.
COVKIDSNEVERQUIT
Well-Known Member
All these companies before you get to Sisu, we know it's not illegal ( but it should be ) bastards.
Needs reporting to the BBC rogue traders on Watchdog.
fernandopartridge
Well-Known Member
Why? It's the whole foundation of company law.
Broken Hearted Sky Blue
Well-Known Member
OSB just a question can CCFC just be liquidated without going through administration? Or I there a process
Captain Dart
Well-Known Member
e.g. COVENTRY CITY FOOTBALL CLUB LIMITED was liquidated in 2015.
COVENTRY CITY FOOTBALL CLUB LIMITED - Filing history (free information from Companies House)
Closing a limited company
Nick
Administrator
Pretty sure you knew what he meant?
thekidfromstrettoncamp
Well-Known Member
Thanks oldskyblues 58. So how I read it the Council and AEHC have already lost out twice with A C L when Sisu liquidated us so as not to pay the rent . The settlement for J R 1 will leave them short . The J R 2 will sure as hell leave them short . The law is definitely an ass.
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oldskyblue58
CCFC Finance Director
You don't need administration first to liquidate a company. The directors can go straight to liquidation process
thekidfromstrettoncamp
Well-Known Member
Every turn our owners make cost the Council ( the ratepayers of Coventry) precious money . If I was a citizen of Coventry and not a city fan I wouldn't be bothered whether they got anymore years at the Ricoh or not.
chiefdave
Well-Known Member
If you were a citizen of Coventry and not a city fan would you not be concerned about the loss of the millions in economic benefits having a professional football club brings to the city each year? Or the loss of all the work Sky Blues in the Community does?
thekidfromstrettoncamp
Well-Known Member
You might be better versed as to how the millions stacks up I see few fans anywhere other than the Ricoh . There probably are more but millions?
thekidfromstrettoncamp
Well-Known Member
Never said it was ,Tesco probably gain most around the Ricoh but the city itself not so sure. People tend to go watch the game and head home not all I know..Having a 1st division club may create some income for the City but millions?
Grendel
Well-Known Member
Portsmouth council estimated a £300 million impact on the economy if their football club went bust - they were averaging the same crowds as us at the time
Warwickhunt
Well-Known Member
If the Council had actually sold the RICOH for what it was worth then we would not be faced with 3% increase again this year!!! FFS some fucker did ok out of this shambles if you ask me?
fatso
Well-Known Member
Totally clutching at straws there Dave, your average Coventrian couldn’t give a shit about the football club.
They would proberbly welcome the reduction in match day traffic, the easier parking in Tesco’s and the reduction in antisocial behaviour, not to mention the reduced demand on police etc.
Sad but the apathy in the city towards ccfc has always surprised me, Sure we could sell out Wembley, but don’t expect non fans to put up any sort of protest if we are evicted.
I’ve spoken to many locals who don’t follow the fortunes of the club, and while they all agree it would be a shame, not one of them would be willing to do anything positive about it. As for the council, I’m sure they would be quietly happy to see an end to their problems. I hope I’m wrong, but I fear the club could die with little more than a whimper from the 350,000 or so soles who live in the catchment area.
Colin Steins Smile
Well-Known Member
Many thanks to OSB for his due diligence in publicising the relationships between the various companies in the SISU group.
I have consistently thought that the club [Otium] was merely a vehicle for litigation to distress various stakeholders & this OSB analysis confirms my view.
There is one aspect that I would like to raise and that is the "conflict of interest" that Tim Fisher has.....as he is a Director of both Otium & sbs&l? Surely, as abs&l have a circa 90% stake in Otium he cannot act in the best interest of both parties? Therefore, he should remove himself from one of those companies.
I have consistently thought that the club [Otium] was merely a vehicle for litigation to distress various stakeholders & this OSB analysis confirms my view.
There is one aspect that I would like to raise and that is the "conflict of interest" that Tim Fisher has.....as he is a Director of both Otium & sbs&l? Surely, as abs&l have a circa 90% stake in Otium he cannot act in the best interest of both parties? Therefore, he should remove himself from one of those companies.
fernandopartridge
Well-Known Member
Yes, parking in one of the four branches of Tesco in Coventry is a big issue, as is the localised traffic issue at the A444. Also based on the assumption that Wasps won't look to utilise the arena for something else 23 times a year
duffer
Well-Known Member
I'll have to let you do the digging, but at the time of the Wasps deal the council claimed that Wasps would bring millions of pounds into the City's economy. Even it they were making it up a bit to justify the deal (they were), then it's obvious that the football club would be worth at least as much, and even more if successful.
Again I love the fact that people here can extrapolate their opinions to cover all of the taxpayers in Coventry. Everyone that went to Wembley has some sort of affection for the club. There are at least 10,000 who'll still pay good money even at the level we're currently at!
All of those people have family and friends. Even if only a small percentage cared enough to protest or kick up about the club folding or moving out of the town, that's still an awful lot of people. I don't really get the 'no one's interested/it's not worth it anyway' claims...
ccfcway
Well-Known Member
and in a similar way, many people are entrenched in their view of who is to blame.
Any chance we can have a vote for confidence / no confidence in our leaders ?
Johnnythespider
Well-Known Member
In what circumstances would this be preferable to administration or selling as a going concern OSB. I'm curious as to how this might play out pending the courts decision on the appeal.
shmmeee
Well-Known Member
We voted Brexit. Do you really think negative economic forecasts affect voting patterns?
chiefdave
Well-Known Member
You can’t even file a complaint against them let alone a vote of no confidence.
Tried getting on to the local government ombudsman about the clear lies from the council only to be told you can’t file a complaint for anything that affects a large number of people in the councils area!
Grendel
Well-Known Member
No. People also voted for Corbyn and McDonnell
fernandopartridge
Well-Known Member
Yes. The same people who argued that the marches from Gosford Green meant the people felt one way now argue they don't care.
fernandopartridge
Well-Known Member
Oh fuck off, what shite you talk honestly
Sorry Fernand but it would, of course we’d be up in arms, local and national media be on the case, MPs etc, other fans sympathetic, demos and marches but what then ? This needs to be resolved and soon. The evidence and history is there, the Northampton issue for one, how many on the march against, MPs talking in the House making speeches did it stop it, no. Could easily have finished the club, for some it did many have never returned. Perhaps you could share your hopes or fears as to what might happen ?
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Nick
Administrator
Still waiting for you to share for the charity bet you made.