Wasps going into admin & the impact on CCFC (141 Viewers)

[Saddlebrains]

Ironically, after my above post, I've just been told something interesting on these apparent 'interested parties' but i usually get abuse on here for my stories so i might divulge might not

 

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[chiefdave]

Ironically, after my above post, I've just been told something interesting on these apparent 'interested parties' but i usually get abuse on here for my stories so i might divulge might not

Is it Vince McMahon?

 

[SHUNT31]

Ironically, after my above post, I've just been told something interesting on these apparent 'interested parties' but i usually get abuse on here for my stories so i might divulge might not

Please say or at least DM me on Twitter


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[mr_monkey]

Is it Vince McMahon?

Richard Overson

 

[oldskyblue58]

does this mean who ever takes on the stadium has that debt ? or the sale of the stadium by the administrator would satisfy that first

No not necessarily. If they the shares in acl yes they would. But if they just buy the company assets they pay the administrators who then distribute funds after deduction of their huge fees, firstly to the bondholders, maybe compass (I can't remember if they have a fixed or floating charge) then hmrc, I doubt that will leave much for anyone else.

 

[Gynnsthetonic]

No not necessarily. If they the shares in acl yes they would. But if they just buy the company assets they pay the administrators who then distribute funds after deduction of their huge fees, firstly to the bondholders, maybe compass (I can't remember if they have a fixed or floating charge) then hmrc, I doubt that will leave much for anyone else.

Is there any way in which CCFC could obtain the stadium debt free after Wasp go out of business and can't pay anybody?

 

[Gynnsthetonic]

Ironically, after my above post, I've just been told something interesting on these apparent 'interested parties' but i usually get abuse on here for my stories so i might divulge might not

 

[oldskyblue58]

Is there any way in which CCFC could obtain the stadium debt free after Wasp go out of business and can't pay anybody?

Yes buy the lease from acl 2006 or the administrators but would require permission from ccc and bondholders (if the bondholders are seen a class creditor not individual)

 

[Saddlebrains]

At the risk of abuse.....

See the recieved Message below....

'Interested buyer??

Live Nation, the huge company that puts on concerts and events etc

Would have both us and the pieheads (unfortunately) on a long agreement

Rest of literally everything else there will be Live Nations, they will put more concerts on, more exhibitions, more indoor sports, so boxing matches, darts tournaments, snooker tournaments etc, and more indoor concerts, your 80s artists, your up and comers, and of course the stadium bowl would be for the big summer concerts.

They feel the exhibition hall is criminally underused for its potential (and they would be right)

Also want to convert the land behind the ground into a mini cathedral lanes place to encourage people to go early or stay after, couple of restaraunts bars etc

Of course only if wasps go into admin, they can pick the place up for pennies in the pound, bondholders are going to end up fucked with the caveat of the lease reverting back to CCC.

Could be bollocks but seems to make sense mate'

 

[Gynnsthetonic]

At the risk of abuse.....

See the recieved Message below....

'Interested buyer??

Live Nation, the huge company that puts on concerts and events etc

Would have both us and the pieheads (unfortunately) on a long agreement

Rest of literally everything else there will be Live Nations, they will put more concerts on, more exhibitions, more indoor sports, so boxing matches, darts tournaments, snooker tournaments etc, and more indoor concerts, your 80s artists, your up and comers, and of course the stadium bowl would be for the big summer concerts.

They feel the exhibition hall is criminally underused for its potential (and they would be right)

Also want to convert the land behind the ground into a mini cathedral lanes place to encourage people to go early or stay after, couple of restaraunts bars etc

Of course only if wasps go into admin, they can pick the place up for pennies in the pound, bondholders are going to end up fucked with the caveat of the lease reverting back to CCC.

Could be bollocks but seems to make sense mate'

A massive company by the look of it (18billion), would they be interested in purchasing the football club too

 

[Sick Boy]

No idea. Couldn't even tell you where they are in the table. Why don't you ask those from here that visited their site well after we last played them last season?

It is idiotic comments like this that keeps me away from commenting on here. As you well know my wife has cancer and when I can't be in France with her and look after my children I am on the phone to her for hours each day trying to keep her together.

But thanks for thinking about me.

Really sorry to hear that, hope you’re doing ok.

 

[SHUNT31]

At the risk of abuse.....

See the recieved Message below....

'Interested buyer??

Live Nation, the huge company that puts on concerts and events etc

Would have both us and the pieheads (unfortunately) on a long agreement

Rest of literally everything else there will be Live Nations, they will put more concerts on, more exhibitions, more indoor sports, so boxing matches, darts tournaments, snooker tournaments etc, and more indoor concerts, your 80s artists, your up and comers, and of course the stadium bowl would be for the big summer concerts.

They feel the exhibition hall is criminally underused for its potential (and they would be right)

Also want to convert the land behind the ground into a mini cathedral lanes place to encourage people to go early or stay after, couple of restaraunts bars etc

Of course only if wasps go into admin, they can pick the place up for pennies in the pound, bondholders are going to end up fucked with the caveat of the lease reverting back to CCC.

Could be bollocks but seems to make sense mate'

Makes sense.

If true then we will 100% need to build a new stadium in my opinion. Not that I think that will happen mind you.


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[Gynnsthetonic]

Makes sense.

If true then we will 100% need to build a new stadium in my opinion. Not that I think that will happen mind you.


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Why, we'll rent that one

 

[SHUNT31]

Why, we'll rent that one

As much as I dislike SISU, they are right about needing to own our own stadium.

In addition to that, I don’t want to be renting and I certainly don’t want to be sharing with those cockney pricks.


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[Razzle Dazzle Dean Gordon]

Is it Vince McMahon?

No chance in Hell

 

[Gynnsthetonic]

As much as I dislike SISU, they are right about needing to own our own stadium.

In addition to that, I don’t want to be renting and I certainly don’t want to be sharing with those cockney pricks.


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As much as I'd love a new proper football ground in Coventry with 4 stands and a pitch, with no lease holds, no freehold owned by somebody else, no franchise owning a sub lease, no hotel complex, just a good old football ground but just can't see it happening

 

[jordan210]

At the risk of abuse.....

See the recieved Message below....

'Interested buyer??

Live Nation, the huge company that puts on concerts and events etc

Would have both us and the pieheads (unfortunately) on a long agreement

Rest of literally everything else there will be Live Nations, they will put more concerts on, more exhibitions, more indoor sports, so boxing matches, darts tournaments, snooker tournaments etc, and more indoor concerts, your 80s artists, your up and comers, and of course the stadium bowl would be for the big summer concerts.

They feel the exhibition hall is criminally underused for its potential (and they would be right)

Also want to convert the land behind the ground into a mini cathedral lanes place to encourage people to go early or stay after, couple of restaraunts bars etc

Of course only if wasps go into admin, they can pick the place up for pennies in the pound, bondholders are going to end up fucked with the caveat of the lease reverting back to CCC.

Could be bollocks but seems to make sense mate'

I can see them wanting the stadium.

But can’t see them wanting to spaff money on a lose making rugby team

 

[Liquid Gold]

Was it Live Nation sisu were on about getting involved before?

 

[Gynnsthetonic]

Was it Live Nation sisu were on about getting involved before?

AEG

 

[better days]

Was it Live Nation sisu were on about getting involved before?

They tried to take the Olympic stadium but a French company made a ridiculously cheap bid so Live Nation withdrew

 

[jordan210]

Probs not best to give out tons of free tickets if its Live nation your trying to impressive. As Ticketmaster who handle wasps tickets are one of their companies.

 

[Gynnsthetonic]

They tried to take the Olympic stadium but a French company made a ridiculously cheap bid so Live Nation withdrew

Why withdraw?

 

[oldskyblue58]

They could be interested I have no idea. Not saying won't happen just have a few initial thoughts

If wasps go in to administration they get relegated how could they afford to play at the cbs arena, not like there would big crowds or premiership distribution.

If they are planning to do it via administration then they are not the present wasps plan which appears to be about avoiding administration? It is the current plan that got the NOI extension

The plan seems to involve huge amounts of investment capital. The lease before wasps got here and without ccfc with no extension had a value of 18m. Then how much to refurbish and development on a site with limited access, parking, no quality hotel accommodation....

Just a few thoughts..... stadium certainly needs a change of ownership..... sorry not convinced

 

[hutch1972]

I don't want to be unfair to Simon Gilbert, but there's definitely a well written post on ADVFN wasps saying that legally the bondholders could step in and stop the lease being surrendered to the Council; this by dint of holding a first charge against it (a point I assumed was supported by legal precedent).

If I had a job at the BBC I'd be looking for someone in the legal department to research and validate this, because that would add some value to the story.

I hope so, but the trustees seem to be looking out for the club rather than the bondholders.

 

[hutch1972]

Lots to be decided before then.

Will anyone make a bid if they can't find a rich idiot? Will CCC try to take back the lease? Will someone like SISU make a bid?

The trustees don't work on behalf of the bondholders. They work on behalf of the leaseholder. That is why the bondholders need to take action to force action on their own behalf.

Even if Wasps go into administration we won't know what will happen next.

I was of the impression that although appointed by the issuer, the trustee is there to look after the interests of the bondholders.

 

[MalcSB]

I was of the impression that although appointed by the issuer, the trustee is there to look after the interests of the bondholders.

The bondholders were under that impression as well.

 

[Astute]

Registered investment advisers have a fiduciary duty to clients. And they are covered by law when things go wrong as long as they don't do anything illegal and they follow their clients wishes. This is why the bondholders need to get a certain amount together to be able to take action.

Or do you see it in a different way Oldskyblue58 ?

 

[SkyblueDad]

A massive company by the look of it (18billion), would they be interested in purchasing the football club too

Who knows but they are as you say a massive American organisation who I’m sure could be interested in the milk and honey Premiership.

 

[oldskyblue58]

Registered investment advisers have a fiduciary duty to clients. And they are covered by law when things go wrong as long as they don't do anything illegal and they follow their clients wishes. This is why the bondholders need to get a certain amount together to be able to take action.

Or do you see it in a different way Oldskyblue58 ?

The trustees are not acting as investment advisors though. They are not acting for wasps either or at least should not be.

Their duty is to ensure the terms of the bond are adhered to by both wasps and the bondholders. Within that they have some discretion in their actions to act on behalf of all the bondholders best interests. What they cannot do is ignore any of the terms if they are met or even not met. They could be held professionally and financially liable if their actions do not comply with the bond rules.

I would think that they have been given some quite detailed information from wasps that they cannot make public which has allowed them legally to hold off taking any action for recovery.

The % rule to call for a meeting for possible action is there to ensure that a material section of bondholders want a meeting. Otherwise you could have a bondholder with 2000 units calling a meeting for the rest. Meetings cost money. The result of such a meeting just now is far from certain. What I don't think the minority of bondholders can do is insist the bond is called in

 

[Nick]

So Wasps would have told them something and said "Dont tell anybody". Where have we heard this before?

 

[duffer]

There's a fair bit about a Trustee's role in the link below, if you're interested. In essence though, OSB is on the ball as usual.

The only place I'd differ, is that I'd have thought at this point the Trustee would be actively organising a meeting of bondholders to share information and gauge opinion, in the same way that they've done in the past when Wasps wanted to change the terms of the bond.

I'm not convinced the trustee here necessarily knows much more than the bondholders, though I accept he may do.

Either way it seems like a remarkably passive approach to a very serious situation, with no information at all being passed to the people whose interests the trustee is supposed to protect. I'd be very unhappy if I was holding a bond.

The role of a trustee in a default scenario | STEP

The role of a trustee in a typical bond issue, the role of a trustee in a restructuring scenario and an innovative application of the trustee’s role.

www.step.org

 

[Nick]

Has the Trustee been given a free scarf and meal at a match?

 

[duffer]

Has the Trustee been given a free scarf and meal at a match?

It was the flag that finally sealed the deal. Every man has his price.

 

[skyblueeyesrevisited]

Will they ever learn. Looks like Coventry City Council wants to invest in more rubbish Coventry council considering 'major investment' in waste company

 

[Danceswithhorses]

AEG

NOT the washing machine company