Wasps going into admin & the impact on CCFC (260 Viewers)

[tisza]

Who is this guy?

I'm out of touch maybe but who are the Tomes?

 

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[Deleted member 5849]

I'm out of touch maybe but who are the Tomes?

 

[HuckerbyDublinWhelan]

Maybe there's another option for Richardson?

Curveball - maybe SISU are in with Richardson

 

[shmmeee]

I'm out of touch maybe but who are the Tomes?

“A spicy hash of folk, alt-pop, and rock and roll... wisecracking bite and musical ingenuity.” According to the Houston Press

 

[Sky Blue Pete]

Didn’t think Ashley was part of the wasps legends purchase.

He’s not as far as I’m aware. I wasn’t suggesting otherwise

 

[Sky Blue Pete]

Curveball - maybe SISU are in with Richardson

They’re not. Joy and Derek don’t get on is putting things mildly

 

[Philosoraptor]

I'm out of touch maybe but who are the Tomes?

 

[Nick]

Yeah, so it's not £15.8m to the bondholders. It looks like it is to all creditors.

It is also dependant on the charges over ACL being removed? I am guessing this is where they say to the Trustee "Can we remove it" and they say "yes m8".

What are the chances on the courts not agreeing to remove the charge? Isn't there also one for Compass the catering company?

 

[rexo87]

What is Byng trying to say?

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[Nick]

What is Byng trying to say?

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Looks like he's expecting liquidation so has bid to the Council?

Or he is just doing it so IF it happens he can say "I bidded first"

 

[Philosoraptor]

What is Byng trying to say?

Sent from my SM-G991B using Tapatalk

How do I use this wonderful new invention of a fax machine?

 

[shmmeee]

Looks like he's expecting liquidation so has bid to the Council?

Suspect it’s also so Council any claim to have not had a bid from Sisu. Don’t know why he’d have inside info on Ashley’s bid falling through though.

 

[Nick]

Suspect it’s also so Council any claim to have not had a bid from Sisu. Don’t know why he’d have inside info on Ashley’s bid falling through though.

From what the bondholders are saying, it's dependant on the courts removing charges from ACL.

 

[djr8369]

Looks like he's expecting liquidation so has bid to the Council?

Or he is just doing it so IF it happens he can say "I bidded first"

Does that mean MAs bid is not expected to go through or is it just as a matter of course in case it doesn’t get finalised? Or is it just PR, “well we tried to put in a bid but it was all wrapped up before in secret?”

 

[skybluetony176]

I'm out of touch maybe but who are the Tomes?

Assume he means the Times, as in the newspaper given he also mentions the Mail.

 

[Philosoraptor]

The lease is worth a hell of lot more if it is reverted to the council.

Could be a legal challenge, but this is the contract the council signed.

Should have done their due diligence.

 

[shmmeee]

Does that mean MAs bid is not expected to go through or is it just as a matter of course in case it doesn’t get finalised? Or is it just PR, “well we tried to put in a bid but it was all wrapped up before in secret?”

Yes

 

[Nick]

The lease is worth a hell of lot more if it is reverted to the council.

Could be a legal challenge, but this is the contract the council signed.

Should have done their due diligence.

It would then be unencumbered wouldn't it?

 

[Earlsdon_Skyblue1]

If I was Martin Reeves, and I'd come to the conclusion that the council leader was a bit... simple, then I wouldn't be telling him about initial meetings. I'd be thinking that the way to get what I wanted was to dazzle him with figures, presentations, whizzy graphics and everything that Reeves actually does well, to such an extent that Duggins would then be asking where does he sign, without actually having a clue what he was getting behind.

In short, I could well believe Duggins wouldn't know what was going on until a time that a proposal was properly worked up.

I think at this stage 'playing stupid' is exactly what they think they have to do to try and get out of this shit storm, or at the very least use it as a tactic to finish what they're trying to do. It's about their only play, other than perhaps some mental gymnastics and careful wording.

We will see in this interview with Reeves (which as has already been said, will likely raise more questions than it answers), but I think they all know exactly what they are doing, with Duggins almost certainly being involved. He's got previous (see photo), and the way they have been behaving doesn't smack me with complete innocence or ignorance. In fact, it doesn't add up at all. Those who say it is naïve to think Wasps have gone for good are correct in my opinion.

 

[Deleted member 5849]

What is Byng trying to say?

Something people have been asking for many years

 

[Deleted member 5849]

I think at this stage 'playing stupid' is exactly what they think they have to do to try and get out of this shit storm, or at the very least use it as a tactic to finish what they're trying to do. It's about there only play, other than perhaps some mental gymnastics and careful wording.

Is it playing stupid with George Duggins...?

 

[shmmeee]

It would then be unencumbered wouldn't it?

Would it? Does “lease revert to council” mean its cancelled or it literally just moves ownership to the council with sub leases intact?

 

[tisza]

Assume he means the Times, as in the newspaper given he also mentions the Mail.

Ah ok. So given his history with writing things I hope he spell-checked his offer - probably making an offer for something CAL or CAL 2006

 

[Nick]

Would it? Does “lease revert to council” mean its cancelled or it literally just moves ownership to the council with sub leases intact?

I thought the 250 year extension vanished and it just went back to the council with the original one.

Might be wrong but effectively starting from scratch?

 

[shmmeee]

Ah ok. So given his history with writing things I hope he spell-checked his offer - probably making an offer for something CAL or CAL 2006

Michael Byng ends up buying Cal O’Hare for £10m

 

[skybluetony176]

View attachment 27228

Yeah, so it's not £15.8m to the bondholders. It looks like it is to all creditors.

It is also dependant on the charges over ACL being removed? I am guessing this is where they say to the Trustee "Can we remove it" and they say "yes m8".

What are the chances on the courts not agreeing to remove the charge? Isn't there also one for Compass the catering company?

Reads like a few independent investors (probably Wasps fans) who didn’t understand what they were getting into. The fact that they’re trying to crowdfund their legal challenge doesn’t ring like they’re experienced investors with client lawyers in tow. I would suggest that experienced investors are more than happy to take the offer and recuperate the majority of their money chalking this one up to experience.

 

[duffer]

It's only 45p in the pound to the bondholders if they get everything offered, but the deal as quoted on ADVFN is that the payment is split across *all* creditors.

I'm not clear on how much debt there is, but I seriously doubt the bondholders will end up with 45p in the pound if this goes through.

 

[Philosoraptor]

It would then be unencumbered wouldn't it?

The advertising rights alone for the stadium, stands and rooms etc would massively increase the price of it.

And, yes. I believe it would come without debt.

ACL would have the debt, whilst ACL 2006 Ltd would divert into another company to run the Arena.

Could be wrong on that, but it's the way I am seeing it.

 

[Deleted member 5849]

It's only 45p in the pound to the bondholders if they get everything offered, but the deal as quoted on ADVFN is that the payment is split across *all* creditors.

I'm not clear on how much debt there is, but I seriously doubt the bondholders will end up with 45p in the pound if this goes through.

I still think the offer seems more than generous, tbf.

Based on previous comments, I wonder if Tim Fisher does too...?

 

[Nick]

It's only 45p in the pound to the bondholders if they get everything offered, but the deal as quoted on ADVFN is that the payment is split across *all* creditors.

I'm not clear on how much debt there is, but I seriously doubt the bondholders will end up with 45p in the pound if this goes through.

Yeah that's the thing, it doesn't actually say what the bondholders alone would get. Which is a bit weird.

I am guessing it is purposely vague as to lead to confusion and to stop them kicking off too much?

 

[Nick]

I still think the offer seems more than generous, tbf.

Based on previous comments, I wonder if Tim Fisher does too...?

The offer for ACL or to the bondholders?

 

[Grendel]

I still think the offer seems more than generous, tbf.

Based on previous comments, I wonder if Tim Fisher does too...?

If it across all creditors they wont even get 30 pence in fact probably much lower

 

[Deleted member 5849]

If it across all creditors they wont even get 30 pence in fact probably much lower

Still don't think that's bad, given the state of things!

 

[Brighton Sky Blue]

If it across all creditors they wont even get 30 pence in fact probably much lower

Well they have already got 52% of it back across all the interest payments I suppose

 

[jordan210]

..

Yeah that's the thing, it doesn't actually say what the bondholders alone would get. Which is a bit weird.

I am guessing it is purposely vague as to lead to confusion and to stop them kicking off too much?

Funny how threat of legal representative at the meeting on Thursday as fired up an offer.

I agree I beleive its vague so they get bamboozled in to thinking its a good deal for them and removing the charge