Wasps going into admin & the impact on CCFC (265 Viewers)

[djbooth]

Question; Have wasps got until the end of Wednesday to save their sorry arses ??

 

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[Bad Boy]

Question; Have wasps got until the end of Wednesday to save their sorry arses ??

Don't know, don't care.

 

[skyblueeyesrevisited]

Wasp Wednesday has a nice ring to it

 

[Gynnsthetonic]

So will they go into admin, liqudate the company which owes the bonds and then just carry on as if nothing has happened?

 

[HuckerbyDublinWhelan]

So will they go into admin, liqudate the company which owes the bonds and then just carry on as if nothing has happened?

That’s what I think will happen. I may be wrong but I’m sure the lease sits in the same company, if so I think it reverts back to the council - they can then flounce off to London or the Alexandra stadium or wherever they want as long as it isn’t coventry

 

[Grendel]

So will they go into admin, liqudate the company which owes the bonds and then just carry on as if nothing has happened?

Rumours they now feel they have grounds for a 10 day extension

 

[fernandopartridge]

That’s what I think will happen. I may be wrong but I’m sure the lease sits in the same company, if so I think it reverts back to the council - they can then flounce off to London or the Alexandra stadium or wherever they want as long as it isn’t coventry

I doubt very much they'll be going anywhere

 

[Gynnsthetonic]

I doubt very much they'll be going anywhere

Yes me think that too, they'll still be at the CBS with the holding company owning it, they'll just be called Wasps 2022 or something

 

[Gynnsthetonic]

Rumours they now feel they have grounds for a 10 day extension

What that will get them who knows

 

[Grendel]

What that will get them who knows

Time and delay

 

[oldfiver]

Time and delay

They have to show the extension is part of going into Receivership - not a simple "can we have more time"

 

[Grendel]

They have to show the extension is part of going into Receivership - not a simple "can we have more time"

Im sure they can manage that

 

[Philosoraptor]

I thought it was tomorrow when the shit show starts, the day on which the NOI is issued counts for a day.

 

[duffer]

So will they go into admin, liqudate the company which owes the bonds and then just carry on as if nothing has happened?

I don't think that can happen. The bondholders have a charge on the lease and have both Wasps Holdings and ACL as the guarantors if there's a shortfall.

So there's no way they can get out of it that easily, imho. They've got to settle with the bondholders in some way, either by redemption (possibly with a haircut) or extension. I could be wrong though, I'd certainly be nervous if I was a bondholder...

 

[jordan210]

We all know they will worm themselves out of it. By screwing over the bond holders and anyone they owe money too.

 

[Samo]

We all know they will worm themselves out of it. By screwing over the bond holders and anyone they owe money too.

Probably. But what then? They are losing 10m per year, the business model is fucked and you have to wonder how they can possibly have a future here.

 

[Gynnsthetonic]

Time and delay

For what though, its just putting off the inevitable if they go into administration

 

[Senior Vick from Alicante]

For what though, its just putting off the inevitable if they go into administration

Running through the least painful way for them to move forward. The numbers men will be gaming different scenarios and Richardson will select the one that is most beneficial to him and Wasps.

 

[Mcbean]

a rescheduling currently will cost more money due to some Government fiscal event apparently - they deserve to be fucked off

 

[jordan210]

Never noticed before but Arena 2006 and Arena limited both in May had a notice for compulsory strike off.

31 May 2022

First Gazette notice for compulsory strike-off

Still find it odd that fact that Richardson joined as a director in late August for both companies

 

[oldfiver]

Rumours they now feel they have grounds for a 10 day extension

I'm hearing rumours that Wasps may have asked for a 10 day extension to the NOI? Can anyone confirm this. The Trustee seems to me to have one goal only, and that is to protect their own interests. I have remonstrated with them at length about the fact that the offering circular clearly states that they can act at there own discression, and that the time to do so has well and truly passed. They defaulted on the principle four months ago and have just abandoned the bondholders with no discussion or negotiation. The Trustee is chosing to ignore their ability to act at their own discretion and insists that they are not bound to act unless instructed to do so by the bondholders. I am frankly frustrated that the proceedure to bring about a meeting is on hold as I suspect Wasps will find a way out of administration while continuing to ignore the bondholders. The trustees seem to be picking and choosing on their interpretation of the trust deed. Much of it makes no sense as it does not cover the actions to take in the event of a default on the return of the principal. The whole default section 9, page 111, leads only to an 'Acceleration Notice'. An Acceleration Notice is null and void in this situation as the loan is already 'due and payable' and has been for some time. There is nothing to accelerate. They owe us the money right now, today!

 

[Gynnsthetonic]

On the once a wasp they're not very hopeful

 

[Liquid Gold]

On the once a wasp they're not very hopeful

Given their track record that means that things are probably about to come good for them.

 

[David O'Day]

Given their track record that means that things are probably about to come good for them.

Shugs is about to win the euro millions

 

[jordan210]

Something is up. As I posted in the towards spiral thread. The wasps foundation that was struck off is now back. Wonder if they are going to try and put the rugby equivalent of a golden share in to to it.

 

[Gynnsthetonic]

Given their track record that means that things are probably about to come good for them.

Hopefully not, I won't be getting excited until they move away from Coventry though

 

[SheafIsGod]

I'm still waiting for a valid reason why, as a CCFC fan, I should hate the Wasps and their fans with a burning passion. Fourth time of asking now, this is getting past a joke.

 

[Samo]

I'm still waiting for a valid reason why, as a CCFC fan, I should hate the Wasps and their fans with a burning passion. Fourth time of asking now, this is getting past a joke.

If you don't get it now you never will. You are either a WUM or an idiot, either way I'm not interested.

 

[Moff]

I'm still waiting for a valid reason why, as a CCFC fan, I should hate the Wasps and their fans with a burning passion. Fourth time of asking now, this is getting past a joke.

You do know hating them and just wanting them to fuck off aren’t exclusive.

But you do know, you just want to bang on the same line as you’ve nothing more inventive to say.

 

[skyblu3sk]

I'm still waiting for a valid reason why, as a CCFC fan, I should hate the Wasps and their fans with a burning passion. Fourth time of asking now, this is getting past a joke.

 

[skybluepm2]

I'm still waiting for a valid reason why, as a CCFC fan, I should hate the Wasps and their fans with a burning passion. Fourth time of asking now, this is getting past a joke.

you’re like a fucking wasp

 

[HuckerbyDublinWhelan]

If you don't get it now you never will. You are either a WUM or an idiot, either way I'm not interested.

He’s been given reasons then chose to ignore them

 

[Gynnsthetonic]

Is it 15.29 today or tomorrow for the deadline, some suggesting today.

 

[steve cooper]

Is it 15.29 today or tomorrow for the deadline, some suggesting today.

It's been suggested that the starting time is at the beginning of the first working day and that it ends at the end of 10th day which would be close of business today, but what I have read suggests it's from the actual time of application - 15.29 to the same time 10 working days later, so if correct, 15.29 tomorrow.

 

[duffer]

I'm still waiting for a valid reason why, as a CCFC fan, I should hate the Wasps and their fans with a burning passion. Fourth time of asking now, this is getting past a joke.

Explain in detail which bit of the replies you've already had you don't understand or disagree with, and then maybe people will engage.

Alternatively, accept that most people will just think you're a bit of a twat for endlessly repeating the same inane question.

Personally speaking, I wish you'd just fuck off because you're being a troll but maybe I'm being a bit unfair and it's just that you're a bit slow on the uptake.