Wasps going into admin & the impact on CCFC (102 Viewers)

[AFCCOVENTRY]

Whats 3 x 0?

30

 

---

[AFCCOVENTRY]

So who let Dawkins in the data rooms?

Wiki leaks

 

[shepardo01]

This is pretty much what we are thinking isn't it??

 

[HuckerbyDublinWhelan]

This is pretty much what we are thinking isn't it??

Read further on and as expected…. Yeah but look what SISU didn

 

[GIMOC]

Two ways to look at this.

Ashley we were told put the cash up to allow the CBS to continue running. Since then we have gone on this amazing run so we have to be thankful on that note.

same time. all the nonsense behind the scenes with what seems favouritism shows how corrupt the parties involved are.

my personal opinion.Ashley is far shrewder than any other party, is that good or bad, only time will tell.

 

[Esoterica]

This is beginning to sound like Cluedo.

I suspect Mike Ashley, with the carrots, in the dining room fireplace.

 

[Nick]

That will be why Richardson added himself as a director.

He gets to choose who, how and when somebody bought it after it went into Administration.

This is why I keep saying it's very likely he will still be around in some shape or form with a nice debt free stadium and he will "have the local authorities" or whatever the wording was used.

 

[SkyblueDad]

Are you really saying if that’s the case he will have authority of any type over the preferred bidder should he be successful tomorrow.

 

[Grendel]

That will be why Richardson added himself as a director.

He gets to choose who, how and when somebody bought it after it went into Administration.

This is why I keep saying it's very likely he will still be around in some shape or form with a nice debt free stadium and he will "have the local authorities" or whatever the wording was used.

That suggests though that Ashley isn’t the buyer

 

[Nick]

That suggests though that Ashley isn’t the buyer

How does it?

 

[Nick]

Are you really saying if that’s the case he will have authority of any type over the preferred bidder should he be successful tomorrow.

Well yeah of course he will. Unless it wasn't him who picked the preferred bidder?

 

[SkyblueDad]

I think you will be disappointed

 

[Nick]

I think you will be disappointed

How so?

 

[Grendel]

How does it?

Well if he’s around still with a debt free stadium that suggests he’s owning it still

 

[Nick]

Well if he’s around still with a debt free stadium that suggests he’s owning it still

in some shape or form

Didn't say still be around as 100% owner.

 

[Sky Blue Pete]

Two ways to look at this.

Ashley we were told put the cash up to allow the CBS to continue running. Since then we have gone on this amazing run so we have to be thankful on that note.

same time. all the nonsense behind the scenes with what seems favouritism shows how corrupt the parties involved are.

my personal opinion.Ashley is far shrewder than any other party, is that good or bad, only time will tell.

Ccfc paid to keep everything going

 

[shmmeee]

Ccfc paid to keep everything going

Even other events/offices/etc? Who is paying the admin costs?

 

[Sky Blue Pete]

Are you really saying if that’s the case he will have authority of any type over the preferred bidder should he be successful tomorrow.

Ok who has?
Surely the directors of the company??
Who else?

 

[Sky Blue Pete]

Even other events/offices/etc? Who is paying the admin costs?

Not in admin is it?

 

[Grendel]

Ccfc paid to keep everything going

The whole stadium every day for the last two weeks?

 

[Sky Blue Pete]

Even other events/offices/etc? Who is paying the admin costs?

Who knows but company not in admin yet.

 

[Sky Blue Pete]

The whole stadium every day for the last two weeks?

Worth asking that question

 

[shmmeee]

Not in admin is it?

I dunno. Dawkins said he was talking to the administrator

 

[oldfiver]

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?

Secured creditors with a fixed charge

These are generally banks and other asset based lenders that hold a fixed charge over the asset in question – vehicles, for example, property, or land. The lender is entitled to recover possession of the asset on the insolvency of the company, with the fixed charge being registered with Companies House.

 

[Sky Blue Pete]

Worth asking that question

Grendel - do you know how much ccfc paid?
Do you know what the money was used for?
I’d feel that some of that money kept acl from admin while a pre pack deal is received and agreed

 

[Sky Blue Pete]

I dunno. Dawkins said he was talking to the administrator

Yep he does
And there is an administrator involved of course - FRG I think

 

[SkyblueDad]

Ccfc paid to keep everything going

And so they should

 

[Grendel]

Grendel - do you know how much ccfc paid?
Do you know what the money was used for?
I’d feel that some of that money kept acl from admin while a pre pack deal is received and agreed

So ccfc are now funding the whole arena so someone else can buy it?

 

[oldfiver]

I dunno. Dawkins said he was talking to the administrator

The titles are all being cojoined

FRP are (only ) advising ACL Directors
ACL has applied for Administration
That and Administrators may be appointed tomorrow

 

[Sky Blue Pete]

And so they should

As opposed to the individuals involved in the pre pack admin?

I agree if the alternative was Walsall then they did have to

 

[tisza]

Didn't say still be around as 100% owner.

In terms of the Arena itself don't see Ashley wanting Richardson around. No need to pay him. Maybe the carrot is some involvement in the development of the land around the Arena.

 

[Nick]

And so they should

You aren't making any sense at all.

You are saying CCFC should have to pay to keep ACL going while Richardson does a deal with Ashley?

 

[Sky Blue Pete]

So ccfc are now funding the whole arena so someone else can buy it?

That’s an understandable feeling given what was asked on the Tuesday before the game when discussions were taking place about games being played

 

[oldskyblue58]

Any company can agree an exclusivity period with a particular bidder, it doesn't just apply to administration

 

[GIMOC]

Ccfc paid to keep everything going

pete. Your way off the mark there. Ashley paid substantial amount of money to get exclusivity. In turn that meant he has funded the day to day operations of the CBS for a few weeks now.