Terry Gibson's perm
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If you read his response he says wasps had the money from the gigs and spent it and then had to refund. Shambles they are very badly run
Wasps downward spiral... (16 Viewers)
- Thread starter CCFC54321
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The only reason the May interest was paid because it would be an (almost ) uncorrectable default that the Trustee would have to act on
duffer
Well-Known Member
I think my concern would be whether the business will still be running by the time the next interest payment is due, or at least whether it would have sufficient funds to meet the requirement.
If things are heading south there's something to be said for the bondholders recovering what they can now.
MalcSB
Well-Known Member
Richardson is the ultimate guarantor, he could put his hand in his own pocket for the interest payment I suppose, as it would protect the other £18 m he is owed.
Gynnsthetonic
Well-Known Member
If they've only sold 719 season tickets or whatever how the hell are they paying players and staff, its a business which just can't carry on in its current guise for sure. If Richardson is not putting money and with all their overheads and debts it can't be long before something gives surely.
Gynnsthetonic
Well-Known Member
That's been the consensus from people itk
chiefdave
Well-Known Member
think the original comment was someone on the wind up but if you go on their website and try and buy a season ticket, you have to create an account so use a burner email, you can see which seats are taken and the 700 doesn't seem too far out to be honest.
Couldn't be bothered to count but there were not many taken at all.
It you listen to the average wasps ‘fan’ they all think it’s sunshine and rainbows and just because the owner said we have a ‘strong’ business plan and another twonk says a couple of concerts and the debts paid off.
The truth from reality is astonishing with some of them.
They actually think the debt is simply from covid.
chiefdave
Well-Known Member
Are they trying to make the players so embarrassed they all leave and they don't have to pay them?
Gynnsthetonic
Well-Known Member
When is the announcement on the refinancing, is it this week or next, and will it be a likely we're working with our partners for the best outcome for our bondholders.
Nick
Administrator
Where from
Grendel
Well-Known Member
A postal mailer that I assume is some kind of business promotion thing - shows specific matches - I assume they are blasting loads out to companies
Nick
Administrator
Christ, so literally just a random mailshot?
Saddlebrains
Well-Known Member
Yea i made it up on Twitter see how far it went
Better than i could have planned tbf
Terry Gibson's perm
Well-Known Member
MalcSB
Well-Known Member
They are supposed to be issuing a consent solicitation by the end of August which will basically be asking the bondholders to agree to a change to the terms of the bonds. Doesn’t necessarily mean they will have the refinance in place though: if they did presumably they would redeem the bonds. 75% of holders by value have to vote for the change.
Onlyy 4 more working days for them to issue the document.
Scan them and post on DW ?
Terry Gibson's perm
Well-Known Member
Claim the free tickets and obviously don’t go, hopefully it stops somebody getting them and then spending money in the ground, nobody believes their attendance figures anyway.
Grendel
Well-Known Member
In the shape of a rugby ball to be fair
Grendel
Well-Known Member
This is targeted at companies. Its clearly being sent to people off some list and HOB are being invited as "preferred partners"
D
Deleted member 5849
Guest
I'd normally agree, but just atm they can't claim figures if not taken up, and te lower the better to make them look unviable.
Skybluemichael
Well-Known Member
fastcat99: Re bond holdings and votes, see my posts on 30 Oct & 12 Nov 2020 (#139, 144 & 147 above: I was the ONLY Bondholder to ‘attend’ the last Consent Solicitation EGMs, and thus obtain these figures, which were NOT published). First date: a mere 4,065,400 votes were recorded; Stephen Vaughan commented on the ‘broad investor base’ (implying few/no large corporate investors); two weeks later a more significant 11,779,600 - because the Chairman had ‘received instructions in respect of 7,731,600 shares CDIs or in Crest’. Still a massive abstention rate (out of 35million) even on the second, decisive vote. Just putting out these historical facts - obviously there will have been a lot of turnover, possibly concentration, of ownership since then - but we are still a very disparate group, I’m sure Wasps Finance will be ACUTELY aware that if this upcoming CS does not obtain 75% approval, even on an adjourned second count, the pressure on the Trustee to foreclose immediately, and take the Lease out of their hands, will be enormous. That will immediately cost DR millions, and/or force sale of P shares (to our benefit), and quite possibly finish Wasps as a PRL club. So they REALLY have to make every effort to make a case that is more attractive to us than the above scenario (which to me looks equally messy/uncertain/unsatisfactory for Bondholders as everyone else). Anyone who needs to recover capital urgently should realise that relisting is the only likely near-term route (Btw it’s confusing and inaccurate to refer to selling at a loss on the open market as a ‘haircut’; - that’s when bondholders AGREE to a specific devaluation of their Security across the board)
chiefdave
Well-Known Member
is it 75% approval of those who vote or 75% of the total bondholders as that would make a significant difference.
From looking at that board a lot of people who use companies such as interactive investor won't even know this is happening so won't vote at all. Unless of course those companies can vote on the bondholders behalf without instruction but that seems unlikely.
So if you then assume a large percentage won't be aware or just won't vote then getting 25% who don't approve seems far more likely.
From looking at that board a lot of people who use companies such as interactive investor won't even know this is happening so won't vote at all. Unless of course those companies can vote on the bondholders behalf without instruction but that seems unlikely.
So if you then assume a large percentage won't be aware or just won't vote then getting 25% who don't approve seems far more likely.
Skybluemichael
Well-Known Member
Yeah that’s my take on it, whatever wasps offer I don’t think they will get enough votes. Will the trustee act or will they need money from the bond holders first?
BRILLIANT
Terry Gibson's perm
Well-Known Member
I did see that a couple of wasp idiots have given his business a bad review so city fans have been giving him good reviews.
clint van damme
Well-Known Member
Where is it?
Terry Gibson's perm
Well-Known Member
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MalcSB
Well-Known Member
From bondholders Forum
a success fee only solicitor would solve the problem of being organised and providing funds. Yes we would lose part of our claim but I think that would be preferable to being given the runaround by Richardson. Others have posted serious questions about how some of the bond money has been siphoned off, outside the envelope of the Wasps Group, and hence not now available to repay us.
I can't help feeling that insolvency may be the best option for us, unless a very sensible offer is forthcoming. By sensible I mean one that we like and squeezes as much as possible out of the business(es). At the end of the day I don't give a fig about the survival of Wasps rugby or where they play. I want all of my money, and failing that the maximum amount that can be recovered. Everyone else can go to hell. Demolish the stadium and build houses, anything will be considered.
a success fee only solicitor would solve the problem of being organised and providing funds. Yes we would lose part of our claim but I think that would be preferable to being given the runaround by Richardson. Others have posted serious questions about how some of the bond money has been siphoned off, outside the envelope of the Wasps Group, and hence not now available to repay us.
I can't help feeling that insolvency may be the best option for us, unless a very sensible offer is forthcoming. By sensible I mean one that we like and squeezes as much as possible out of the business(es). At the end of the day I don't give a fig about the survival of Wasps rugby or where they play. I want all of my money, and failing that the maximum amount that can be recovered. Everyone else can go to hell. Demolish the stadium and build houses, anything will be considered.
Nick
Administrator
It's exhall by the car dealership and where black horse used to be.