Wasps going into admin & the impact on CCFC (172 Viewers)

[Sky Blue Pete]

Like actually or as in “the West Midlands Illuminati”?

Reeves behind the scenes and duggins as the owner of the freehold and allegedlytheres a clause that the lease reverts to the ccc in cases of admin or liquidation

 

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[shmmeee]

Just trying to keep the mentalism in the bounds of reality.

 

[shmmeee]

Reeves behind the scenes and duggins as the owner of the freehold and allegedlytheres a clause that the lease reverts to the ccc in cases of admin or liquidation

Sorry again this has nothing to do with who would be accepting bids right now or out of admin. No one is bidding for ACL if they don’t have a lease.

 

[hill83]

Just trying to keep the mentalism in the bounds of reality.

You are right to be fair. The council have absolutely nothing to do with any of this whatsoever at all whatsoever at all, at all.

 

[Liquid Gold]

Just trying to deflect for the council as usual

 

[shmmeee]

You are right to be fair. The council gave absolutely nothing to do with any of this whatsoever at all whatsoever at all, at all.

At least credit me when giving direct quotes of things I’ve definitely said.

 

[CCFCSteve]

Why was everyone saying liquidation was going to happen to get rid of the debt? If you can just fuck the bondholders off along with the rest of the debt in a pre-pack admin what would be the benefit of liquidation?

The bondholders are getting royally screwed aren't they? Think a good chunk of them are wasps supporters

I might be wrong but I only really saw liquidation as an option if there were no viable offers.

Depends what the sales price is. Bondholders will at least get something back, I’d imagine many other creditors in the Wasps shitshow will get nothing.

 

[Nick]

Yeah they’re the freeholders who it would revert to is ACL goes bust. That’s a whole different thing.

Derek Richardson is the only PSC listed on companies house. I dont thunk the council would have any say in who it was sold to?

So they would be involved in getting a football match on but not who is sold to for 240 odd years?

 

[shmmeee]

Sorry lads. Crack on.

I’m sure Lucas, Duggins and Reeves are right now meeting in their secret lair underneath the round Neros in the precinct (built using money stolen from CCFC no less!). Their cunning plan to force ACL to accept a worse bid because of their deep hatred of CCFC on the ropes after Nick of SBT uncovered it.

Silly of me to question it really.

 

[clint van damme]

The bondholders are getting royally screwed aren't they? Think a good chunk of them are wasps supporters

 

[hill83]

At least credit me when giving direct quotes of things I’ve definitely said.

I love the council I.D.S.T 4 eva

Only joking tbf mate. Crack on

 

[Grendel]

At least credit me when giving direct quotes of things I’ve definitely said.

The council will surely have to grant assignment as freehold owners on a commercial lease?

 

[shmmeee]

So they would be involved in getting a football match on but not who is sold to for 240 odd years?

If ACL were liquidated yeah. Who else would it be?

 

[Johnnythespider]

Does anybody know if there is anything in Midlands Today saying the deadline for admin is midnight tonight, and if it is will it be posted then or in the morning

 

[shmmeee]

The council will surely have to grant assignment as freehold owners on a commercial lease?

Lease belongs to ACL. If ACL are bought why would the council have a say?

 

[Nick]

If ACL were liquidated yeah. Who else would it be?

They haven't been but they are involved???

 

[HuckerbyDublinWhelan]

one thing I’m hanging onto is that SISU haven’t started a defensive Pr campaign yet, and that the takeover rumours have not quietened down. Usually it’s shot down if something like the NEC bid was in pole position

 

[Grendel]

Lease belongs to ACL. If ACL are bought why would the council have a say?

They are the freeholders. I’ve got a commercial lease and when I bought it the freeholder - Coventry City Council - had to give assignment even though the seller agreed my terms - I thought you worked in commercial leases - you must know this?

Of c

 

[shmmeee]

They haven't been but they are involved???

Ill go slow.

The only threat to CCFC games is if the arena is not able to continue trading. This would be liquidation. Otherwise the arena can open as usual, that being what trading is.

Therefore when trying to counter that threat you need to talk to the people who would in that eventuality be the only people capable of opening the doors.

Schroedingers Council every time. Powerful enough to change the weather, hold courts in contempt, get away with massive financial crime, control the media, force students not to apply to Uni, yet so shit and weak they can’t collect the bins on time.

 

[shmmeee]

They are the freeholders. I’ve got a commercial lease and when I bought it the freeholder - Coventry City Council - had to give assignment even though the seller agreed my terms - I thought you worked in commercial leases - you must know this?

Of c

Havent for a while but if you’d like to know about supply chain finance I can help?

Did you buy a lease or the company that already had one? Why would a change of ownership require approval if the lease and its parties still stand?

 

[CCFCSteve]

They are the freeholders. I’ve got a commercial lease and when I bought it the freeholder - Coventry City Council - had to give assignment even though the seller agreed my terms - I thought you worked in commercial leases - you must know this?

Of c

I’d imagine this is just procedural in relation to ACL though, as in they don’t really have much power to object/influence

 

[Nick]

Ill go slow.

The only threat to CCFC games is if the arena is not able to continue trading. This would be liquidation. Otherwise the arena can open as usual, that being what trading is.

Therefore when trying to counter that threat you need to talk to the people who would in that eventuality be the only people capable of opening the doors.

Schroedingers Council every time. Powerful enough to change the weather, hold courts in contempt, get away with massive financial crime, control the media, force students not to apply to Uni, yet so shit and weak they can’t collect the bins on time.

So you need to speak to ccc about getting a game on but not who the lease is sold to?

Nonsense.

 

[shmmeee]

So you need to speak to ccc about getting a game on but not who the lease is sold to?

Nonsense.

Feel free to explain your theory. It’s not the lease being sold is it? It’s ACL.

 

[The Philosopher]

Lease belongs to ACL. If ACL are bought why would the council have a say?

I can only guess as a catchback in the case that there is a liquidation at the last minute. Perhaps the Council have agreed they would assume safety (or whatever) responsibility if ACL fails at 18.00 or something tomorrow.

 

[CCFCSteve]

Feel free to explain your theory. It’s not the lease being sold is it? It’s ACL.

If it’s an administration sale its likely to be the business and assets of ACL that would be sold

 

[shmmeee]

To be very clear in my position here: nothing I have seen from the current council suggests the have the capacity for the level of subterfuge and trickery that is being claimed. I imagine they just want it all to go away and stepping in now would be a massive PR blunder with literally no upsides. You don’t get shot if something causing you endless legal and media nightmares then just for a laugh get involved agai.

 

[Nick]

Feel free to explain your theory. It’s not the lease being sold is it? It’s ACL.

It's not the lease at risk of going bust, it's ACL.

Why would the council be involved with ACL and ccfc about getting games on but not with the takeover of acl?

So they are getting involved to make sure ACL doesn't go bust by ccfc not playing games but on the other hand they won't be involved with who takes it over, at all?

 

[shmmeee]

If it’s an administration sale its likely to be the business and assets of ACL that would be sold

Not sure I follow. When Turner says two bids have come in, what are they for?

 

[SBT]

It’s just all round shit journalism.

“Coventry Live understands” means absolutely nothing. He is using what someone on Twitter posted earlier saying they worked there and had been told two bids have gone in.

He knows absolutely fuck all. Shit rag that should be dissolved.

Not quite sure what’s wrong with the article as it’s written to get you so upset. Turner might even have done his job (even if the CET are clearly behind the competition on this story).

 

[jordan210]

CBS Arena bids expected to secure Coventry City home fixtures

Coventry City stadium news from CoventryLive as the CBS Arena is the subject of interest from two firm offers

www.coventrytelegraph.net

Sent from my SM-G991B using Tapatalk

Doesn’t actually say NEC have bid. Just cov live rehashing old info on who was interested

 

[shmmeee]

Not quite sure what’s wrong with the article as it’s written to get you so upset. Turner might even have done his job (even if the CET are clearly behind the competition on this story).

LOL m8 you love Andy Turner

 

[Grendel]

Havent for a while but if you’d like to know about supply chain finance I can help?

Did you buy a lease or the company that already had one? Why would a change of ownership require approval if the lease and its parties still stand?

I don’t need any help I paid cash .

I purchased a partner out of their lease - we had shared ownership - the council approved it as freeholder and had to grant a document of assignment to allow permission. It was a pure paper exercise

Of course the council as freeholder will have - even if it’s procedural - an involvement

I’m not even arguing with you - I think the council will be very guarded about making the same mistake they did last time. I don’t know why your getting so aggressive

 

[Brighton Sky Blue]

To be very clear in my position here: nothing I have seen from the current council suggests the have the capacity for the level of subterfuge and trickery that is being claimed. I imagine they just want it all to go away and stepping in now would be a massive PR blunder with literally no upsides. You don’t get shot if something causing you endless legal and media nightmares then just for a laugh get involved agai.

I don't think you can begrudge anyone the paranoia until the sale is done.

 

[The Philosopher]

Feel free to explain your theory. It’s not the lease being sold is it? It’s ACL.

I agree. If ACL is sold the Lease continues - who owns ACL is highly unlikely to be any concern of CCC (unless there are specific clauses in the lease)

Administration is the next stage but opens issues wider in terms of responsibility.

Liquidation might be a game changer.

 

[Liquid Gold]

Just trying to deflect for the telegraph as usual