Wasps going into admin & the impact on CCFC (149 Viewers)

[Philosoraptor]

Or in their agenda - update on the latest Arena opportunity

At this stage, the mushrooms will be slowly manoeuvring behind those who they believe will be the next council leader. No point in spending your own political points on defending this. Could be some promotions/demotions for anyone who plays the game well/bad.

 

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[Philosoraptor]

I'm wondering if some are already sounding out their colleagues?

 

[Liquid Gold]

Fucking hell lads. That was the toughest 11 pages of my life.

All that was said throughout it all was:

CCC are corrupt as fuck
We shouldn't talk about them being corrupt though

Over and over again

 

[wingy]

It’s a fair musing.

Any asset with potential decent resale value and reliable income streams can usually be financed.

I’m fairly sure they can move / raise money even though atm financial products are all up in the air.

Short answer: SISU could find the money / a backer / partner on this I’m sure. MA has gone straight on the front foot though and his pockets are so deep it’d be a case of how far either party is going to have wanted to bid. MA would always win that one.

Would that co-investor be exposed to Sisu's debt as well?

 

[The Philosopher]

Would that co-investor be exposed to Sisu's debt as well?

We’re into the really hypothetical zone now:

If investor had some kind of security (not like the dodgy Bond type) over the stadium in a non-group newco which held the lease and charged rent then it’s possible to isolate I guess.

 

[shmmeee]

We’re into the really hypothetical zone now:

If investor had some kind of security (not like the dodgy Bond type) over the stadium in a non-group newco which held the lease and charged rent then it’s possible to isolate I guess.

How would they get 51% of the club without taking on its debts? They’d need to own the company that has the golden share wouldn’t they? I’ve long given up trying to follow the ownership structures and charges so apologies if this is a stupid question.

 

[wingy]

How would they get 51% of the club without taking on its debts? They’d need to own the company that has the golden share wouldn’t they? I’ve long given up trying to follow the ownership structures and charges so apologies if this is a stupid question.

Not sure they would

 

[The Philosopher]

How would they get 51% of the club without taking on its debts? They’d need to own the company that has the golden share wouldn’t they? I’ve long given up trying to follow the ownership structures and charges so apologies if this is a stupid question.

Sorry, I wasn’t clear there - I’d missed the context maybe.

I was referring to a backer on buying the Arena with / for / SISU / CCFC.

However, it’s not impossible and to build a company within a company group and park tranches of liability. Commercial warrantees indemnifying investors against certain liabilities are often part of any buy out / buy in. All things are possible.

You are right about the golden share being key and it’s that bit which would be crucial.

 

[Grendel]

How would they get 51% of the club without taking on its debts? They’d need to own the company that has the golden share wouldn’t they? I’ve long given up trying to follow the ownership structures and charges so apologies if this is a stupid question.

It’s nonsense anyone would buy 51% of a debt laden company. Was true also as to why no one would have purchased the Higgs share of ACL of course

 

[Briles]

Helicopter just landed at ricoh on my way past

 

[clint van damme]

Helicopter just landed at ricoh on my way past

I think she's bitten off more than she can chew this time

 

[jordan210]

Helicopter just landed at ricoh on my way past

G-moal does show in that area

 

[Calista]

Everyone keeps hoping for CCFC and the stadium to be ‘united’, which sounds great. If it doesn’t happen we have been ‘fucked over’.

But a) the stadium hasn’t exactly proved to be a cash cow so far, although maybe there are real estate opportunities b) nobody has ever (including now) put forward a credible proposal to own both entities and c) even if they did they would keep them at arms’ length in separate companies. So joint ownership in itself isn’t the answer UNLESS the owner has football ambitions. All that really matters to me as a fan is who owns CCFC and whether they are prepared to fund an improving team on the pitch.

Can only hope that this process will eventually get us there.

 

[shmmeee]

It’s nonsense anyone would buy 51% of a debt laden company. Was true also as to why no one would have purchased the Higgs share of ACL of course

So how would this supposed Sisu deal work then? And why couldn’t Ashley do it if Sisu are being nobs about selling up?

 

[Earlsdon_Skyblue1]

I think she's bitten off more than she can chew this time

View attachment 27249

The helicopter is dressed as a PowerRanger and has those foam swimming pool tube things as feet.

Also, Joy looks trans and about to umpire on centre court.

De-bunked m8

 

[shmmeee]

Everyone keeps hoping for CCFC and the stadium to be ‘united’, which sounds great. If it doesn’t happen we have been ‘fucked over’.

But a) the stadium hasn’t exactly proved to be a cash cow so far, although maybe there are real estate opportunities b) nobody has ever (including now) put forward a credible proposal to own both entities and c) even if they did they would keep them at arms’ length in separate companies. So joint ownership in itself isn’t the answer UNLESS the owner has football ambitions. All that really matters to me as a fan is who owns CCFC and whether they are prepared to fund an improving team on the pitch.

Can only hope that this process will eventually get us there.

I think ultimately everyone’s coming from that position. Just depends what you think will get us there: Sisu having a “sellable package” or Ashley having the upper hand, or just Sisu coming to their senses and selling up because the arena has gone.

 

[SHUNT31]

Gilbert just posted on the bondholders page on FB suggesting the exclusivity clause is preventing higher bids from being accepted. Wonder if he knows anything that hasn’t come to light yet.

 

[Briles]

G-moal does show in that area

Yeah someone's just put a vid on fb too

 

[Nick]

Ohh other bids on the table which are higher than Ashley's?

Looks like it wasn't about the best bid but getting this particular one though

 

[shepardo01]

Gilbert just posted on the bondholders page on FB suggesting the exclusivity clause is preventing higher bids from being accepted. Wonder if he knows anything that hasn’t come to light yet.

Interesting!!!

 

[wingy]

Gilbert just posted on the bondholders page on FB suggesting the exclusivity clause is preventing higher bids from being accepted. Wonder if he knows anything that hasn’t come to light yet.

Implying administrator breaking the law?
Trustee too,?

 

[Nick]

Implying administrator breaking the law?
Trustee too,?

ACL isn't in Administration yet though.

Wonder if it's a lower bid but better for Richardson personally.....

 

[CCFCSteve]

Gilbert just posted on the bondholders page on FB suggesting the exclusivity clause is preventing higher bids from being accepted. Wonder if he knows anything that hasn’t come to light yet.

Ohh other bids on the table which are higher than Ashley's?

Looks like it wasn't about the best bid but getting this particular one though

Not necessarily. I presume there was a deadline for offers linked to when ACL cash was running out. Parties probably had to submit their offers/declare their interest and potentially pay a non refundable deposit by a certain date to stop the arena being closed. In exchange for a non refundable deposit the bidder would want a period of exclusivity to give them time to complete the deal.

Offers may well be coming in now but my question would be are they deliverable and why didn’t they submit them by the deadline. If they were submitted prior to the deadline and ignored that’s a major problem, but I doubt that’s the case

Soon find out on Thursday

 

[shepardo01]

ACL isn't in Administration yet though.

Wonder if it's a lower bid but better for Richardson personally.....

Or one that simply isn't SISU....

 

[HuckerbyDublinWhelan]

If SISU have bid, I’d be intrigued at the timescale. Exclusivity deals are in general common practice.

 

[jordan210]

ACL isn't in Administration yet though.

Wonder if it's a lower bid but better for Richardson personally.....

Isn't the administrator in control of ACL. As isn't running as a normal business.

Sisu gona batter them all in court

 

[Nick]

Are we going to get another "didn'tanswerthephonegate" ?

 

[Nick]

Isn't the administrator in control of ACL. As isn't running as a normal business.

Sisu gona batter them all in court

ACL isn't in Administration.

Richardson is running it.... So it will be interesting to see if these bids exist and if they are better for creditors in general (more for them) compared to more for Richardson...

 

[wingy]

So exclusivity prevented full administration or.liquidation but results in higher bids .
Wouldn't that be odd?

 

[jordan210]

ACL isn't in Administration.

Richardson is running it.... So it will be interesting to see if these bids exist and if they are better for creditors in general (more for them) compared to more for Richardson...

Pretty sure Burges Salmon are running it. As they are like halfway between admin due to exclusivity.

Also not been mentioned before. But on case board shows a liquidator as interested as an applicator.

A really random small company.

 

[tisza]

Gilbert just posted on the bondholders page on FB suggesting the exclusivity clause is preventing higher bids from being accepted. Wonder if he knows anything that hasn’t come to light yet.

Safe to assume the exclusivity payment is what is keeping ACL out of liquidation at the moment?

 

[wingy]

So could a lower bid in liquidation garner more reward for the bondholders or does the charge disappear at that point or does the CCC just take the lease?

 

[Nick]

So in theory it's the exclusivity fee that gets it regardless of bid contents? Doesn't seem right.

 

[TomRad85]

Nothing ever straight forward with this club this is an absolute mess isn't it, you have to laugh... or cry.

Sent from my SM-G973F using Tapatalk

 

[jordan210]

So in theory it's the exclusivity fee that gets it regardless of bid contents? Doesn't seem right.

From the snippets we have seen basically lets you do all the due diligence and fact finding. without the worry of being out bid.

Then its up to the judge on Thursday to decide if thats the best deal or not.