Wasps going into admin & the impact on CCFC (132 Viewers)

[HuckerbyDublinWhelan]

The bidding war by the sounds of it was the pre-pack admin, between MA and NEC. Any genuine bidders would have come forward then.

But it stands to reason there would be more bidders whilst in admin. SISU allegedly would have been in and this American with Dawkins (if he’s real)

I assume Ashley has bid a significant sum if they think that’s the best offer

 

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[SkyblueDad]

Let’s wait until Wednesday and see

 

[Nick]

But it stands to reason there would be more bidders whilst in admin. SISU allegedly would have been in and this American with Dawkins (if he’s real)

I assume Ashley has bid a significant sum if they think that’s the best offer

So where is the significant sum going if the debts aren't being paid off?

 

[Nick]

For the trustee to say there's not time to contact bondholders is quite a bold claim when bondholders have for weeks, if not months, been requesting the trustee does something as they watched their investment disappear.

Also looks as if people have been receiving letters saying "get in touch by" but the letters don't turn up until after the date.

It's all very dodgy.

 

[tisza]

But it stands to reason there would be more bidders whilst in admin. SISU allegedly would have been in and this American with Dawkins (if he’s real)

I assume Ashley has bid a significant sum if they think that’s the best offer

Ashley must have offered a sum close to the realistic valuation of the businesses. There's a time factor to getting things done before these businesses run out of money.
Negotiating with one party (rather 4 or more ) means it isn't going to drag on - or pad out admin costs.

 

[SkyblueDad]

So where is the significant sum going if the debts aren't being paid off?

Not sure how it works but isn’t that down to the administrator, so much in the pound I assume, don’t think it’s just bond holders owed money. I think HMRC is one who I assume will get the lions share.

 

[skybluetony176]

But it stands to reason there would be more bidders whilst in admin. SISU allegedly would have been in and this American with Dawkins (if he’s real)

I assume Ashley has bid a significant sum if they think that’s the best offer

Like I said, serious bidders.

 

[skybluetony176]

Let’s wait until Wednesday and see

Thought it was Thursday?

 

[HuckerbyDublinWhelan]

So where is the significant sum going if the debts aren't being paid off?

I’m assuming that Richardson has dumped a lot of debt onto ACL, therefore diluting the actual figure.

pretty much what the council didn’t want SISU to do

 

[MalcSB]

So where is the significant sum going if the debts aren't being paid off?

Enough to pay off half the bonds would be a significant sum. Part of the problem the bondholders have in accepting a reduced pay back is that they believed the valuations in the accounts, which at the very least didn’t take any dilapidations costs in to account. I don’t think that they grasp that there aren’t all that many potential buyers.

I think liquidation is a real possibility if the administrators lose the case - not good for CCFC and not necessarily good for bondholders either.

 

[SkyblueDad]

Thought it was Thursday?

Court case is the 17th, don’t know when the out come will be known

 

[skyblueeyesrevisited]

It will be interesting to see what Compass do !

It will point to magnetic north

 

[SkyblueDad]

I think liquidation is a real possibility if the administrators lose the case - not good for CCFC and not necessarily good for bondholders either.

So what would that mean for those owed money. There would be a stadium sat there up for grabs wouldn’t there, who would grab it.

 

[Nick]

who would win in a fight between Duggins and Reeves?

 

[Deleted member 5849]

who would win in a fight between Duggins and Reeves?

Karate or Judo and my money's on Reeves. A good bit of wrestling though, and Duggins will come into his own.

 

[tisza]

Enough to pay off half the bonds would be a significant sum. Part of the problem the bondholders have in accepting a reduced pay back is that they believed the valuations in the accounts, which at the very least didn’t take any dilapidations costs in to account. I don’t think that they grasp that there aren’t all that many potential buyers.

I think liquidation is a real possibility if the administrators lose the case - not good for CCFC and not necessarily good for bondholders either.

Red flag should have been when the Trustee asked them for money to pay for advertising the arena sale. Implication being there wasn't many interested in buying it.

 

[Nick]

Red flag should have been when the Trustee asked them for money to pay for advertising the arena sale. Implication being there wasn't many interested in buying it.

Or that the trustees were amazing at communicating when they wanted something (changing the terms or trying to get more money) but then non existent when people were trying to find out how they can get their money.

 

[skyblueeyesrevisited]

who would win in a fight between Duggins and Reeves?

You would never know. It would be behind closed doors.

 

[shmmeee]

Listening to Gilbert now, nothing we haven’t discussed on here already really.

 

[SkyblueDad]

Simon Gilbert
Christ more drivel

 

[Sky Blue Pete]

What was said?

 

[The Philosopher]

Karate or Judo and my money's on Reeves. A good bit of wrestling though, and Duggins will come into his own.

Duggins is either a bare faced liar or has so little respect from the senior Council members that they feel they can do as they please.

Either way, it’s not a good look.

 

[shmmeee]

What was said?

Just a repeated of his tweets basically. Council say council didn’t consider it, Reeves did. CWR find it ridiculous Reeves could do it without Duggins knowledge. They’ve asked Reeves for an interview.

 

[SkyblueDad]

Duggins is either a bare faced liar or has so little respect from the senior Council members that they feel they can do as they please.

Either way, it’s not a good look.

Good look for who ?

 

[HuckerbyDublinWhelan]

Just a repeated of his tweets basically. Council say council didn’t consider it, Reeves did. CWR find it ridiculous Reeves could do it without Duggins knowledge. They’ve asked Reeves for an interview.

Who’s pissed on CWRs chips? No way they dig this much publicly 18 months ago

 

[tisza]

Still find it very hard to believe that there was an unawareness of what was going due to the "size" of the issue for the council.
You assume there is regular (if not daily) communication between Reeves and the most senior councillors.
Given the national and local media coverage of the Wasps/ Arena story it has to be an issue on which there is a lot of discussion within "the halls of power".

 

[Nick]

It's a direct contradiction.

Reeves has literally given direct quotes about it as well.

I guess they are just going to try and play on words to deny it / wriggle out of it.

 

[wingy]

I was re reading the Simon Jordan articles last night.
Bothers me those remarks around remodeling of completely moving and building another

 

[SkyblueDad]

It's a direct contradiction.

Reeves has literally given direct quotes about it as well.

I guess they are just going to try and play on words to deny it / wriggle out of it.

Who’s bloody interested ?

 

[shmmeee]

I just can’t believe Reeves thought £30m of funding would get past council. Fair enough it was a very early stage lightweight proposal by all accounts, but he must have known he’d have been laughed out the room. Duggins answers seemed to be very clear the council wouldn’t pump money in.

And all this apparently just to buy time for a proper bidder to come in. Just…what?? Who would pay £60m and not even get the arena? Whole things sounds off.

 

[Nick]

Who’s bloody interested ?

Why are you so eager to keep saying this over and over again?

 

[SkyblueDad]

Only interested in the court result pal nothing else all this Reeves, Duggins, CCC pissing clap trap. Sit back and see what happens Wednesday, might do you good.

 

[Nick]

Only interested in the court result pal nothing else all this Reeves, Duggins, CCC pissing clap trap. Sit back and see what happens Wednesday, might do you good.

You aren't sitting back and seeing what happens though? You are replying to loads of posts saying "Who cares?"

 

[Gynnsthetonic]

Only interested in the court result pal nothing else all this Reeves, Duggins, CCC pissing clap trap. Sit back and see what happens Wednesday, might do you good.

Thursday

 

[SkyblueDad]

You aren't sitting back and seeing what happens though? You are replying to loads of posts saying "Who cares?"

Constant boring talk going on and on about Reeves this, Duggins that Jesus !! Bottom line.
Do you want “big” Mike to be successful in acquiring the stadium ?