Wasps going into admin & the impact on CCFC (118 Viewers)
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SkyblueDad
Well-Known Member
Can’t see Joy taking the preferred bidder on.
David O'Day
Well-Known Member
So legohead has run out of stories after the council laughed at him and is now peddling utter pish from the master of utter pish Dawkins?
CBS Arena: Coventry City fan John Dawkins upset at administrators' 'silence' over bid
Coventry fan John Dawkins "cannot understand" why administrators have not considered his US-backed bid to buy the CBS Arena.
www.bbc.com
Happy_Martian
Well-Known Member
Clutching at straws, I'm hopeful of your last point, OSB. If SiSu and MA have had discussions, their best opportunity to get the stadium would be to remove any outside bidders i.e.. NEC Group and Dawkins. And SiSu wouldn't go against MA if the likelihood of driving the price up remained. I really don't think they'd foul this land grab up seeing as it is their speciality. The gears have to be working behind the scenes.
David O'Day
Well-Known Member
Lads, Dawkins "consortium" where never going to buy the club or arena. Let's not give him the attention he craves.
fernandopartridge
Well-Known Member
Yes, he didn't present the 3 pager after all
fernandopartridge
Well-Known Member
Indeed, during the pitch debacle it was loud and clear that they knew what the Wasps financial position was. What have they been doing?
skybluetony176
Well-Known Member
I think they were thinking that Wasps would leave it to them in their will when they died.
SkyblueDad
Well-Known Member
I hope that will is soon to be read.
[QUOTE="oldskyblue58, post: 2639799, member: 1
Would be cautious about a Dawkins bid as what is he basing it on? Sisu will have had some inside knowledge of operations from the lease negotiations but how would he? The last acl accounts are for 2020 and out of date
Of course they could all be still in the game come Friday
[/QUOTE]
I asume all the bidders would get access to the dataroom
But some may had seen more than others !
Would be cautious about a Dawkins bid as what is he basing it on? Sisu will have had some inside knowledge of operations from the lease negotiations but how would he? The last acl accounts are for 2020 and out of date
Of course they could all be still in the game come Friday
[/QUOTE]
I asume all the bidders would get access to the dataroom
But some may had seen more than others !
oldskyblue58
CCFC Finance Director
I asume all the bidders would get access to the dataroom
But some may had seen more than others !
[/QUOTE]
They would have to have indicated they wanted to make a serious funded bid before the exclusivity period first I suspect
fernandopartridge
Well-Known Member
Just the relevant data pertaining to buying something but usually subject to an NDA
SkyblueDad
Well-Known Member
I’m not sure how real a Dawkins/American bid is/was but thought when I first read what he said it was more about buying the football club, not the arena too perhaps I was wrong.
Nick
Administrator
They would have to have indicated they wanted to make a serious funded bid before the exclusivity period first I suspect
To get access to the data rooms?
They would have to have indicated they wanted to make a serious funded bid before the exclusivity period first I suspect
[/QUOTE]
Quick toning down of certainty there
fernandopartridge
Well-Known Member
Who let the Dawkins in whoooo whoooo whoooo
The Great Eastern
Well-Known Member
This is beginning to sound like Cluedo.
shmmeee
Well-Known Member
So is the court case Thursday?
If Ashley pulls out, for whatever reason, why would it go straight to liquidation and not give someone else a chance to pay bridge funding while they do due dil? Other than having a bidder willing obviously. Count Sisu/Dawkins say they have an offer and will pay the milly like Ashley did?
If Ashley pulls out, for whatever reason, why would it go straight to liquidation and not give someone else a chance to pay bridge funding while they do due dil? Other than having a bidder willing obviously. Count Sisu/Dawkins say they have an offer and will pay the milly like Ashley did?
shmmeee
Well-Known Member
Michael Byng in the data room with the fax machine.
Senior Vick from Alicante
Well-Known Member
Question for MA is if he is willing to buy the club and it's a big IF, what's it worth? Got told a story today at work that a friend of a friend was part of the Hoffman consortium and was at the meeting with Joy and other SISU members. He apparently knew after 10 minutes it was going no where, as SISU wanted 3 times the market value of the club so closed his book and stopped taking notes. If that was the case what's SISU's price?
shmmeee
Well-Known Member
Whats 3 x 0?
Telfer85
Well-Known Member
Evans in the casino with the poker
Calista
Well-Known Member
You couldn't rule it out given the complexity of the situation and the people involved. Had a sneaking feeling along similar lines for a few weeks now.Clutching at straws, I'm hopeful of your last point, OSB. If SiSu and MA have had discussions, their best opportunity to get the stadium would be to remove any outside bidders i.e.. NEC Group and Dawkins. And SiSu wouldn't go against MA if the likelihood of driving the price up remained. I really don't think they'd foul this land grab up seeing as it is their speciality. The gears have to be working behind the scenes.
But if MA and Sisu haven't yet spoken to each other and come to any kind of understanding, we could be in for a lot of pain.
SkyblueDad
Well-Known Member
[QUOTE="Senior Vick from Alicante, post: 2639913, member: 2496" He apparently knew after 10 minutes it was going no where, as SISU wanted 3 times the market value of the club so closed his book and stopped taking notes. If that was the case what's SISU's price?
[/QUOTE]
It might be what the buyer is willing to pay imo it could become a buyers market once the ground ownership is finalised.
[/QUOTE]
It might be what the buyer is willing to pay imo it could become a buyers market once the ground ownership is finalised.
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Flying Fokker
Well-Known Member
I think SISU playing smart is a bit of a stretch For SISU. Having said that, there are reasons why they made the decision to hold back. Economic downturn, drops in value of individual portfolios?
A point I have made before. They may have funds, they may not. If they do they have to way up CCFC against other investment opportunities. They don’t have the emotional attachment we do. It may be better for them to crystallise their losses here and invest in something else.
On them misjudging the situation so badly that they missed out to MA, how likely is that really? After the length of time they’ve waited and their experience with distressed assets it seems unlikely. Isn’t it more likely they either think it isn’t worth buying or they have reason to believe MA will drop out after due diligence and they can pick it up in admin?
Gynnsthetonic
Well-Known Member
Its in the Tomes
skyblueeyesrevisited
Well-Known Member
Isn’t it that Italian hotel in First Dates?
The Philosopher
Well-Known Member
Having thought about this it strikes me that the best thing that the Bondholders can do is try to enforce that the Trustee holds out for liquidation. The trustee has a fiduciary duty to the Bondholders. However, the Trustee seems to be some kind of US Bank and there are complex looking rules wrt US / U.K. bonds / trustees / laws.
Layman’s terms: it looks well dodgy. Why set up this way?
A liquidator will have a duty to (amongst other things):
a) Get the best return for creditors. At the moment the BH have some level of first charge - why else would the Administrator be going legal to remove it?
b) Investigate the events leading up to the liquidation to recover as much money as possible. It might be just horrible rumours to suggest that Richardson has cosied up to MA to ensure a pre-pack and less scrutiny. I would not suggest that those two gentlemen of unblemished reputation would ever act in any way other than 100% above board. An administrator, some have alleged - not I, can be “Tamed with fees such as exclusivity fees”. A liquidator is a different animal in my experience. They will realise as much as possible and will often go after high net worth individuals to see what they can get. This is under the guise of getting the most for the creditors but in reality the fees charged are enormous and the money goes to the liquidator and their “professional associates”.
If anyone has a better notion or if I’ve got the wrong thought process then of course chip in, this is a discussion forum.
Thoughts?
Layman’s terms: it looks well dodgy. Why set up this way?
A liquidator will have a duty to (amongst other things):
a) Get the best return for creditors. At the moment the BH have some level of first charge - why else would the Administrator be going legal to remove it?
b) Investigate the events leading up to the liquidation to recover as much money as possible. It might be just horrible rumours to suggest that Richardson has cosied up to MA to ensure a pre-pack and less scrutiny. I would not suggest that those two gentlemen of unblemished reputation would ever act in any way other than 100% above board. An administrator, some have alleged - not I, can be “Tamed with fees such as exclusivity fees”. A liquidator is a different animal in my experience. They will realise as much as possible and will often go after high net worth individuals to see what they can get. This is under the guise of getting the most for the creditors but in reality the fees charged are enormous and the money goes to the liquidator and their “professional associates”.
If anyone has a better notion or if I’ve got the wrong thought process then of course chip in, this is a discussion forum.
Thoughts?
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