High Court Match Thread (3 Viewers)

[MusicDating]

.. (2 of 3) Powell: "The FA also confirmed the FA share is with #CCFC Ltd. That co. is in admin, with administratr appointed by Joy Sepalla"

 

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[Sky Blues]

I think ACL believe they can achieve their ambition of a takeover with CCFC Ltd in admin now it has been confirmed CCFC Ltd holds the vital golden share that gives the club entry into the league.
More immediately, it does mean CCFC will get at least a 10 point deduction.

 

[MusicDating]

..(3of3) JP adds:"They (arvo/SISU) as debenture holder with a qualifying floating charge are able to appoint an administrator @covtelegraph

 

[warwickcccfc]

Second half expected to last 90mins to 2 hours, according to CWR tweet.

Bit excessive if just discussing costs?

I'm banking on Pressley making a change between the 63-68th minutes. Could change things....and Sheff still has his shirt to parade if all goes well...

 

[SonofErnie]

"Les Reid ‏@Lesreidpolitics 2m
BREAKING (more)..But he said #ACL would focus on #CCFC's administrator "undertaking their duties", with a view to a takeover @covtelegraph
Expand
BREAKING: #ACL lawyer James Powell tells me it accepts #CCFC #sisu / Arvo appointed administrator P.Appleton should remain"

Is it hoping too much that this means -10pts this season, and both sides can focus on Davis Love III taking over?...

What, so we can turn the Ricoh into a 9 hole golf course !!

 

[SkyBlue_Bear83]

Can someone sum up what this means in English?

 

[MusicDating]

Les Reid ‏@Lesreidpolitics 3m
..more JP: "We held off our application for a few days to get to the bottom of key issues inc. FL shares.We're grateful to FL @covtelegraph

 

[Sky Blues]

Can someone sum up what this means in English?

Guess I've failed in my attempts.

I think it means the club (or at least the bit that matters) is CCFC Ltd, not CCFC Holdings. It also means a -10 point deduction (at least) and ACL will be watching the administrator like a hawk to make sure he plays fair by them. Ideally, they hope he will put the club up for sale to someone other than Sisu.

 

[MusicDating]

https://twitter.com/LesreidpoliticsLes Reid ‏@Lesreidpolitics 1m
.. JP continues: "There were inconsistencies in statements from the club. It's clear to us the whole club is in admin." @covtelegraph ...

 

[Sky Blues]

And bang on cue Music Dating provides a quote which solidifies (from ACL's side) the first bit of my last post.

 

[ashbyjan]

Summary from Trust rep at court:
Lawyer for ACL has said ACL have received written confirmation from Football League that golden share is in CCFC Ltd.
ARVO put CCFC Ltd into administration on Thursday
Due to this ACL are withdrawing their application for admin of CCFC Ltd
Administrator - Paul Appleton - appointed by ARVO/SISU will be administrator for the club

Summary
SISU have effectively put the club into admin as of last Thrusday
We assume that is immediate 10 pt deduction
If FL feel that club has been trying to pull a fast one with location of golden share and player registrations they could throw book at us - could be more points even automatic relegation. Hopefully club can convince FL that its just a mistake by them and FL will be lenient.

Hope that clears things up as they stand

If we hear any more will post

 

[MusicDating]

Les Reid ‏@Lesreidpolitics 1m
... JP adds: "CCFC Ltd is not a non-operating subsidiary as club claims.Club exists where FL & FA shares rest, with CCFC Ltd"

 

[Ccfcsj]

I think it means the club (or at least the bit that matters) is CCFC Ltd, not CCFC Holdings. It also means a -10 point deduction (at least) and ACL will be watching the administrator like a hawk to make sure he plays fair by them. Ideally, they hope he will put the club up for sale to someone other than Sisu.

Wouldn't the FL refuse to allow any sale to SISU (if they can) based on what's happened?

 

[SkyBlue_Bear83]

Guess I've failed in my attempts.

I think it means the club (or at least the bit that matters) is CCFC Ltd, not CCFC Holdings. It also means a -10 point deduction (at least) and ACL will be watching the administrator like a hawk to make sure he plays fair by them. Ideally, they hope he will put the club up for sale to someone other than Sisu.

Ok so are SISU still in control? Does today's events pave the way for a takeover to take place? Also any confirmation on Fridays game venue?

 

[Sky Blues]

Or to put it at it's most basic,, the club we all support is in administration and whatever Sisu think they still control ACL do not think it matters.

 

[MusicDating]

Les Reid ‏@Lesreidpolitics 1m
.. (Cont.).. "The administrator came back with a report which,from #ACL's view,has a number of inaccuracies& inconsistencies"

 

[MusicDating]

Les Reid ‏@Lesreidpolitics 6s
..(Cont) "it's outdated.My understanding is players' registratns should b where where the co with the share rests, #CCFC Ltd"

(let me know if you want me to stop reposting the twitter updates)

 

[Sky Blues]

Wouldn't the FL refuse to allow any sale to SISU (if they can) based on what's happened?

They might study that through the lens of their fit and proper person test. I guess they would have to go through that if they want to buy the club back from the administrator...

 

[Sky Blues]

Ok so are SISU still in control? Does today's events pave the way for a takeover to take place? Also any confirmation on Fridays game venue?

1 ACL think not when it comes to the club that matters to you and I.
2 ACL believe the club is in administration, which places it in the hands of an administrator who will look for the best return for creditors. He might look to sell it, in which case SISU might bid for it, but so to could Haskell IV or anyone else. Potential purchasers may get it for a more reasonable price than if Sisu was the seller.
3 I imagine the answer to the last question will depend on discussions between administrator and ACL.

 

[bamalamafizzfazz]

Les Reid ‏@Lesreidpolitics 6s
..(Cont) "it's outdated.My understanding is players' registratns should b where where the co with the share rests, #CCFC Ltd"

(let me know if you want me to stop reposting the twitter updates)

Keep them coming, can't get on at work

 

[CovLis86]

My question is as it's sisus choice of administrator, does that mean the likelihood is that sisu will remain in control... Or does it just mean they won't be punished quite so severely, but chances are that somebody can still come in to takeover?

 

[MusicDating]

And there's more...

Les Reid ‏@Lesreidpolitics 3m
.. #ACL lawyer Powell Cont.. "we'll keep keen eye on administrator appointed by arvo, which is SISU & Joy Sepalla.Our focus.. @covtelegraph

(more) "..shifts onto this administrator doing good job. Admin gives best opportunity to a prospective purchaser to buy club" @covtelegraph

 

[MusicDating]

and looks like finally for the mo

"Les Reid ‏@Lesreidpolitics 2m
.."That could bring financial stability & future success for Coventry City." END of James Powell #ACL lawyer quotes @covtelegraph"

 

[Baginton]

don't hold your breath, this will take several months to sort.

 

[CCFCDan87]

don't hold your breath, this will take several months to sort.

look at Pompey fiasco, still ongoing. It could still run into next season :/

 

[MusicDating]

Les Reid ‏@Lesreidpolitics 2m

BREAKING: #ACL lawyer Powell wouldn't be drawn on if #SISU now had whiphand as #CCFC main creditor with its chosen adminstrr @covtelegraph
.. He said #ACL would hope any assets wrongly in,or transferred to, #CCFC (holdings) Ltd could be claimed back by adminstatr @covtelegraph

 

[MusicDating]

Les Reid ‏@Lesreidpolitics 1m
#ACL "hoping" #SISU/arvo appointed administror paves way for club takeover for now doesn't rule out other future legal action @covtelegraph

 

[CCFCSteve]

My question is as it's sisus choice of administrator, does that mean the likelihood is that sisu will remain in control... Or does it just mean they won't be punished quite so severely, but chances are that somebody can still come in to takeover?

The Administrator has a duty to all creditors to maximise realisations. It's now the time for any interested parties to step forward asap to show they are willing and able to put the best offer on the table. Hopefully this would dissuade the administrator doing some kind of sneaky deal back to sisu.

Still not sure what they'll be buying other than golden share at the moment. Is it any clearer where the player registrations and other assets lie ?

 

[Sky Blues]

My question is as it's sisus choice of administrator, does that mean the likelihood is that sisu will remain in control... Or does it just mean they won't be punished quite so severely, but chances are that somebody can still come in to takeover?

I don't think it is the role of the administrator to punish Sisu. He will be looking to return maximum value for the creditors (ACL and Sisu (through the ARVO fund)) and that might mean a sale. As I understand it Sisu could bid and so could other parties. Mattylad has suggested on a thread today that Sisu/ARVO as the main creditor may be in a stronger position, but ultimately the administrator has to do what is right in law, not just what Sisu want. The two may align of course, but they might not.

 

[Pete in Portugal]

The Administrator has a duty to all creditors to maximise realisations. It's now the time for any interested parties to step forward asap to show they are willing and able to put the best offer on the table. Hopefully this would dissuade the administrator doing some kind of sneaky deal back to sisu.

Still not sure what they'll be buying other than golden share at the moment. Is it any clearer where the player registrations and other assets lie ?

My understanding is that the player registrations were moved to Holdings. It's up to the FL to decide whether this is in accordance with their rules and the Administrator to decide whether or not he has legal grounds to to claim them back.

In other words, more uncertainty........

 

[chiefdave]

So the next thing to sort out now we know the golden share is with CCFC Ltd (the company in admin) is where the player registrations are. Is it correct that if they aren't in the same company we could have big problems with the FL or is that just an assumption that's been made on here? Looks like -10 this season and then hopefully no problems with the play registrations.

We then move on to admin itself, one point that hasn't been touched on is who is going to fund the losses in admin? I doubt SISU will if they don't think they will reatin control. In Pompey's case they had parachute payments and still had to have large sums put in by local businessmen to cover losses. Even bigger issue being in admin over the close season, doubt they will put season tickets on sale so there will be little or no income.

So what are the options from here? As I see it we have the following:

1) no buyer, SISU walk away and the club is liquidated - hopefully not very likley.

2) SISU retain control - possible, if they want to stay they are in pole position.

3) ACL / Higgs / Council takeover - wouldn't have thought it was likely, and maybe with the council not even legally allowed.

4) a new owner - for most this would be the favoured option, hopefully we don't rush in without being sure they are 'fit and proper'. The issue then would be do SISU / AVRO agree to any CVA, if they do and a takeover goes through quickly enough we should be good to go for the start of next season, if they don't we're looking at a second points deduction next season.

 

[SkyBlueSwiss]

The Administrator has a duty to all creditors to maximise realisations. It's now the time for any interested parties to step forward asap to show they are willing and able to put the best offer on the table. Hopefully this would dissuade the administrator doing some kind of sneaky deal back to sisu.

Still not sure what they'll be buying other than golden share at the moment. Is it any clearer where the player registrations and other assets lie ?

If someone buys the company with the golden share, and SISU have put all of the player's contracts into the holding company, then surely that would mean the new owner of the golden share can just go out and get brand new players on proper and reasonable contracts, and only hire on new sensible contracts any of the old players now owned by the holding company if they indeed want any of them (some of the good players and leave the dross where they belong?)

 

[ashbyjan]

The punishment we should be concerned about is that from the Football League. If they feel that SISU have been playing fast and loose with the golden share, moving it from subsidiary to subsidiary without permission this is against FL rules. They could take a very dim view of such actions and give us more points deductions on top of the ten for admin. The FL take such matters very seriously.

 

[ccfc_Tom]

The punishment we should be concerned about is that from the Football League. If they feel that SISU have been playing fast and loose with the golden share, moving it from subsidiary to subsidiary without permission this is against FL rules. They could take a very dim view of such actions and give us more points deductions on top of the ten for admin. The FL take such matters very seriously.

We could potentially be relegated this season then?

 

[ashbyjan]

If someone buys the company with the golden share, and SISU have put all of the player's contracts into the holding company, then surely that would mean the new owner of the golden share can just go out and get brand new players on proper and reasonable contracts, and only hire on new sensible contracts any of the old players now owned by the holding company if they indeed want any of them (some of the good players and leave the dross where they belong?)

Understanding is that players contracts have to be in same company as golden share so if that is or has been moved back into Ltd the players contracts will follow. It is up to administrator to get these back in the correct company.