Bryan Richardson Speaks! (3 Viewers)
- Thread starter Ccfc1979
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BurbageSkyBlues
New Member
Neutral Citation Number: [2005] EWHC 2321 (Ch)
Case No: 002816 of 2005, 007084 of 2003
Royal Courts of Justice
Strand, London, WC2A 2LL 28th October 2005
B e f o r e :
THE HONOURABLE MR JUSTICE WARREN
____________________
Between:
Case No: 002816 of 2005, 007084 of 2003
Royal Courts of Justice
Strand, London, WC2A 2LL 28th October 2005
B e f o r e :
THE HONOURABLE MR JUSTICE WARREN
____________________
Between:
(1) SISU CAPITAL FUND LTD
(2) SISU CAPITAL FUND LTD II LTD
(3) SISUCAPITAL FUND LIMITED PARTNERSHIP
(4) AVRO MASTER FUND LIMITED PARTNERSHIP
(5) PROVIDENT LIFE AND ACCIDENT INSURANCE COMPANY
(6) THE PAUL REVERE LIFE INSURANCE COMPANY
(7) UNUM LIFE INSURANCE COMPANY OF AMERICA
Applicants - and - (1) JAMES TUCKER
(2) JEREMY SPRATT (the joint liquidators of Energy Holdings (No3) Ltd (in liquidation)) and (1) PHILIP WALLACE
(2) FINBARR O'CONNELL (the joint administrators of Energy Group Overseas BV(in a...</SPAN></SPAN></SPAN></SPAN>
Old news I know (well about 5 months old) but I assume still very valid
http://www.football.co.uk/coventry_..._they_go_in_to_aministration_rss1975215.shtml
http://www.football.co.uk/coventry_..._they_go_in_to_aministration_rss1975215.shtml
Now i'm not defending BR with this comment, but there is a MASSIVE difference between the two figures.
The £60m debt is from the accounts year end 31.05.01. This is not just the bank debt but the total debt owed to all parties i.e loans, HMRC, creditors etc. It dosen't mean the bank sent the club a statement which showed we were £60m overdrawn.
The £7m bank debt is the actual overdraft at the point he left 7 months later, after we had sold Hadji, Bellamy, Hartson, Kirkland etc. The sale of those players is NOT included in the accounts to 31.05.01
The overall debt of the club had been roughly halved by the time we started the following season in August 2001.
Mumford and Daughter
New Member
thats what i mean , figures get threw about but we dont know the exact number so calling someone a liar without actual facts
So looking at it in jas and mumfords theory if richardson would of stayed on as chairman and sealed the deal for the ricoh we would of been around 30mill in debt 7mill overdraft and around 14mill soft loans with the rest being a loan im guessing,aswell as owning all the ricoh and revenue streams from it which could of in turn paid or reduced that 30mill debt within years or around nows time if ran the correct way? (this is a theory/question)
skyblueinBaku
Well-Known Member
OSB, I'm hoping that this is not as sinister as it looks (and can be expected from Sisu). Could this be a way of Sisu raising money to keep us going?
Thats the problem Sparky, its almost impossible to say exactly what position the club was in financially at the point BR left as the accounts are only published for one point in the year (31st May). We have no idea at the point he left what the value of the loans were to the various directors. We don't know how much money went to pay the overdraft and how much went to pay off loans during that summer. I would say given the other figures we've seen over the years £7m as an overdraft figure seems reasonable.
The point I was making is that most people on here are just calling Richardson because they look at £60m to £7m in 7 months and say its not possible he's a liar. We are comparing 2 figures from completely different aspects of the balance sheet.
TBH I think McGinnity and Robinson were as much to blame as Richardson in terms of what went on behind the scenes and with whatever deals were struck during that time.
If I recall the total owed back to GR at the point when SISU took over was about £20m?
The point I was making is that most people on here are just calling Richardson because they look at £60m to £7m in 7 months and say its not possible he's a liar. We are comparing 2 figures from completely different aspects of the balance sheet.
TBH I think McGinnity and Robinson were as much to blame as Richardson in terms of what went on behind the scenes and with whatever deals were struck during that time.
If I recall the total owed back to GR at the point when SISU took over was about £20m?
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Mumford and Daughter
New Member
like yourself im not sticking up for richardson but no one knows the actual facts , lets be honest we heard rumours that richardson part owned the company who we sold that ground to. is this true or just rumours ?
this is where the telegraph back in the early 2000s should be asked and investigated the club in more depth
Completely agree DWH. He's seen an opportunity to pounce and make a quick buck. Don't know the truth of what he's saying and probably never will, but this is all about promoting and advertising his new business.
hadji to villa 3.5m bellamy to newcastle 7.9m kirkland to liverpool 7.2m hartson to celtic 6m all them =24.6m in the summer after the may accounts had been filed! and were these players sold by richardson or had they already gone? so if they say we were 60 mill in debt after these players had gone richardson would of accumalted debt upto 85mill at some point before he left, but if we were in 60mill of debt before these players had gone your looking at around 35mill when richardson left! if he was still in charge during these transfers i cant remember
torchomatic
Well-Known Member
If Richardson said "hello" to me I would think he was lying.
"Hello", he lied.
"Hello", he lied.
Oh dear ... that cannot be good.
You need to explain this for me (and the 2 other guys reading this section):
1) Who hold the shares of CCFC and CCFC Holding? Sisu or the funds?
2) What kind of financial transaction could be involved to place charges on all of those two companies belongings?
3) What kind assets (and their value) does the companies have?
Brighton Sky Blue
Well-Known Member
Let's not forget we signed Hughes for £5 million.
lordsummerisle
Well-Known Member
This a telling comment, who could he be talking about I wonder?
"I feel so strongly that it could have been so much better but you can’t do it if all of a sudden people off the TV say ‘you should have him as a manager’ – you can’t do it.
"I feel so strongly that it could have been so much better but you can’t do it if all of a sudden people off the TV say ‘you should have him as a manager’ – you can’t do it.
coundonskyblue
New Member
Maybe this will prompt McGinity & Robinson to come out and tell their side of the story?
As far as I'm concerned Richardson, McGinity, Robinson, & Sisu are all to blame for what has happened to us.
As far as I'm concerned Richardson, McGinity, Robinson, & Sisu are all to blame for what has happened to us.
BurbageSkyBlues
New Member
You probably have found this already , OSB, but SISU Capital Ltd are the investment fund manager for AVRO Master Fund LTD.
They have acted for/with them in big cases circa 2005, for Liquidation etc. Does this look like they have positioned them to gain from liquidation, should they choose to put the football club in that state?
oldskyblue58
CCFC Finance Director
ccfc holdings holds 100% of CCFC
Sconset owns 100% of CCFC Holdings
Sconset is apparently 100% owned by SBS&L
SISU investors & Brody own SBS&L
............ as far as I know, or we have been told
Apparently the charge is to secure monies lent to CCFC & CCFC Holdings by ARVO ........... didnt know they had or what part ARVO play in this.
All sorts of assets ...... from signs to trademarks to mowers to gym equipment to computers to desks to website to heart monitors to ground & sewer works to ice machine .......... but in particular the ryton ground
And the ARVO address is given as the Cayman Islands (i mis spelt name earlier its ARVO not AVRO- apologies)
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BurbageSkyBlues
New Member
Here is what the Judge had to say about SISU's top dog.....
138. Ms Seppala was the least satisfactory of all the witnesses. In making my general
comments above, I said that no-one was deliberately lying. But I fear Ms Seppala has a
distorted recollection of some events – particularly about what happened at the meetings
in New York in January 2005 – and, with the benefit of hindsight, has introduced a “spin”
(I am sorry not to be able to find a better word) which suits the Applicants’ case. She is
also prone to exaggerate – the Respondents would characterise it as lying, but I give her
the benefit of the doubt on that – for instance her suggestion (eventually withdrawn by
her) that Mr Wallace had “continually” represented to the Applicants that the RCF Banks
had a strong direct claim against TXU Corp when in fact he never said that at all. She also
recollects (and she may well have believed what she was saying) events which did not, as
I conclude, take place (namely a conversation with Mr Wallace “in a small room” and Mr
Olin reading and explaining a position paper in New York on 11 January 2005). She is, I
am quite sure, an astute and effective business woman. I totally reject her description of
herself as naïve. I am quite sure that she was closely involved in developments as the
representative of SISU as a Committee Creditor. But she had many other business
matters on her mind and when it came to producing her witness statement and giving her
oral evidence, her recollection was not, I think, as accurate as she would like to make out
The Witnesses
135. I have no doubt that all of the witnesses who gave oral evidence are honest people,
none of whom is deliberately lying or attempting to mislead the court except that I do
have some reservation in the case of Ms Seppala which I come to in a moment. They do,
however, have different recollections of certain events and have very different
perceptions of the events as they unfolded.none of whom is deliberately lying or attempting to mislead the court except that I do
have some reservation in the case of Ms Seppala which I come to in a moment. They do,
however, have different recollections of certain events and have very different
138. Ms Seppala was the least satisfactory of all the witnesses. In making my general
comments above, I said that no-one was deliberately lying. But I fear Ms Seppala has a
distorted recollection of some events – particularly about what happened at the meetings
in New York in January 2005 – and, with the benefit of hindsight, has introduced a “spin”
(I am sorry not to be able to find a better word) which suits the Applicants’ case. She is
also prone to exaggerate – the Respondents would characterise it as lying, but I give her
the benefit of the doubt on that – for instance her suggestion (eventually withdrawn by
her) that Mr Wallace had “continually” represented to the Applicants that the RCF Banks
had a strong direct claim against TXU Corp when in fact he never said that at all. She also
recollects (and she may well have believed what she was saying) events which did not, as
I conclude, take place (namely a conversation with Mr Wallace “in a small room” and Mr
Olin reading and explaining a position paper in New York on 11 January 2005). She is, I
am quite sure, an astute and effective business woman. I totally reject her description of
herself as naïve. I am quite sure that she was closely involved in developments as the
representative of SISU as a Committee Creditor. But she had many other business
matters on her mind and when it came to producing her witness statement and giving her
oral evidence, her recollection was not, I think, as accurate as she would like to make out
oldskyblue58
CCFC Finance Director
doesnt paint a very professional picture does it BSB :thinking about:
Ok - so the club needed more cash to cover the losses and sisu's funds really aren't putting in another penny.
That is pretty good to know ... ít also showes that sisu actually delivered on their intention to secure funding for this season.
I also think we can safely say, that there probably is nothing left to mortgage.
And finally I think we can conclude that the 'threat' of liquidation is not just another spin or a bargaining position ... the club really is skinned and facing a summer with no influx of cash.
If anyone out there really is looking to take us over, they better hurry. But I fear any takeover negotiation would take more time than there actually is.
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oldskyblue58
CCFC Finance Director
Paxman II
Well-Known Member
Very telling comments from Richardson and Fletcher
No matter your allegiances or whether you believe any of the people ever involved in CCFC over the last decade or so there are telling elements in the remarks made in this article...
http://www.coventrytelegraph.net/co...y-city-says-bryan-richardson-92746-30844065/?
No matter your allegiances or whether you believe any of the people ever involved in CCFC over the last decade or so there are telling elements in the remarks made in this article...
http://www.coventrytelegraph.net/co...y-city-says-bryan-richardson-92746-30844065/?
The value of those transfers depends on where you get your information, according to Soccerbase we sold those 4 players for a total of £20.5m plus Aloisi for £1.2m and bought Hughes for £5m. They were all done during Richardsons time. Only Carsley (£1.9m) was sold after he was removed as chairman.
jackmartin
New Member
And then the whole stability of the club fell apart and it has never, ever come back. If you look at the Geoffrey Robinson and Mike McGinnity era, neither of them knew anything about football.
"I feel so strongly that it could have been so much better but you can’t do it if all of a sudden people off the TV say ‘you should have him as a manager’ – you can’t do it.
who from the tv can he be talking about i wonder lol
"I feel so strongly that it could have been so much better but you can’t do it if all of a sudden people off the TV say ‘you should have him as a manager’ – you can’t do it.
who from the tv can he be talking about i wonder lol
BurbageSkyBlues
New Member
OSB, I think there is some confusion over Avro and arvo.
Do some checks on Avro-you will find links to sisu.
Rather a coincidence in the similar names, and Cayman Islands......hmmm.....
Do some checks on Avro-you will find links to sisu.
Rather a coincidence in the similar names, and Cayman Islands......hmmm.....
BurbageSkyBlues
New Member
If I recall, we did not pay (fully) for Hughes, and that is why he went back.......to cancel the outstanding payments
Grendel
Well-Known Member
Whatever Richardson's shortcomings the ultimate blame for where we are now rests with McGinnity. It was like asking the guy from the burger stand to run the club, we have never recovered and never will.
skybluesteve76
New Member
Seems believable to me! Who am I to say that's not the truth? At least he's a football man that knows how to run a football club
All the best
All the best
Senior Vick from Alicante
Well-Known Member
OSB. According to the website companysintheuk.co.uk CCFC ltd has a debenture levied against it on 22 March 2012. If i am correct is a debenture a vehicle used to secure repayment of any debt held in full from the capital assets before the revenue and any creditors of the club? The company that holds this debenture is ARVO Master Fund Ltd, if thats the case we could be about to be put out of our misery. I also think that it could also be classed as an unsecure loan but how could you tell the difference between the two?
Mumford and Daughter
New Member
good or bad news then ?
oldskyblue58
CCFC Finance Director
Yep it gives ARVO first call on any and all assets of CCFC and CCFC Holdings. It makes any debt owed to ARVO secured on the assets such as they are of the two companies. It would seem to me that they take the assets, let the creditors whistle for it, fold the two companies, they start again as CCFC new co. What they cannot charge I believe is the option on the Higgs charity shares because I doubt they will let it be transferred (quite rightly)
An unsecured loan has no assets attached to it to back it up. A mortgage is secured, but a loan on a handshake is not. Most tradesmen and suppliers will also be unsecured. Secured loans/mortgages or debentures (all the same kind of thing) have a document filed at company house stating the assets that are charged against settlement of the loan.