Official - we are in administration already (6 Viewers)

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mattylad

mattylad

Member
mattylad said:
ACL lawyer James Powell,

We had a letter from Football League confirming share is with #CCFC Ltd." "The FA also confirmed the FA share is with #CCFC Ltd. That co is in admin, with administrator appointed by Joy Sepalla

ACL to focus on #CCFCs administrator "undertaking their duties", with a view to a takeover adds "They (arvo/SISU) as debenture holder with a qualifying floating charge are able to appoint an administrator

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. There were inconsistencies in statements from the club. It's clear to us the whole club is in admin." CCFC Ltd is not a non-operating subsidiary as club claims. Club exists where FL & FA shares rest, with CCFC Ltd" The administrator came back with a report which, from #ACL's view, has a number of inaccuracies& inconsistencies" "it's outdated. My understanding is players' registrants should be where the co with the share rests, #CCFC Ltd we'll keep keen eye on administrator appointed by arvo, which is SISU & Joy Sepalla. Our focus shifts onto this administrator doing good job.

Admin gives best opportunity to a prospective purchaser to buy club" "That could bring financial stability & future success for Coventry City." END of James Powell

ACL lawyer Powell wouldn't be drawn on if #SISU now had whip hand as #CCFC main creditor with its chosen administrator
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Its 1-0 SISU and they have possesion of the ball. Lets hope they dont decide to pick it up and go home or no one will be playing.
 
grego_gee

grego_gee

New Member
mattylad said:
Its 1-0 SISU and they have possesion of the ball. Lets hope they dont decide to pick it up and go home or no one will be playing.
Click to expand...

Spot on! And I think you could say ACL have got a bloody nose! (its gonna cost them!)
but I don't think SISU will walk out, they seem to be consistently sticking with the ball and defending quite well!
They have woven a complex web and I really can't see anybody buying into that, (without their help).
But - the good news is
  • CCFC will survive
  • 10 pts this year
  • the onerous rent deal will be gone,
  • and maybe the AVRO debt will be gone too....!!!! ???

:pimp:
 
rob9872

rob9872

Well-Known Member
grego_gee said:
Spot on! And I think you could say ACL have got a bloody nose! (its gonna cost them!)
but I don't think SISU will walk out, they seem to be consistently sticking with the ball and defending quite well!
They have woven a complex web and I really can't see anybody buying into that, (without their help).
But - the good news is
  • CCFC will survive
  • 10 pts this year
  • the onerous rent deal will be gone,
  • and maybe the AVRO debt will be gone too....!!!! ???

:pimp:
Click to expand...

IF SISU buy it, they can probably just transfer the debt straight back in? A horrible thought but all I see is that it could be business as usual but we have a points deduction :(
 
J

jas365

Well-Known Member
If they decide that the whole club is to be placed into admin and we get the points deduction, dosen't that mean that the £40+m creditor owed to SISU gets written off in the same way that the rent creditor did?
 
bamalamafizzfazz

bamalamafizzfazz

New Member
mattylad said:
ACL lawyer James Powell,

We had a letter from Football League confirming share is with #CCFC Ltd." "The FA also confirmed the FA share is with #CCFC Ltd. That co is in admin, with administrator appointed by Joy Sepalla

ACL to focus on #CCFCs administrator "undertaking their duties", with a view to a takeover adds "They (arvo/SISU) as debenture holder with a qualifying floating charge are able to appoint an administrator

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. There were inconsistencies in statements from the club. It's clear to us the whole club is in admin." CCFC Ltd is not a non-operating subsidiary as club claims. Club exists where FL & FA shares rest, with CCFC Ltd" The administrator came back with a report which, from #ACL's view, has a number of inaccuracies& inconsistencies" "it's outdated. My understanding is players' registrants should be where the co with the share rests, #CCFC Ltd we'll keep keen eye on administrator appointed by arvo, which is SISU & Joy Sepalla. Our focus shifts onto this administrator doing good job.

Admin gives best opportunity to a prospective purchaser to buy club" "That could bring financial stability & future success for Coventry City." END of James Powell

ACL lawyer Powell wouldn't be drawn on if #SISU now had whip hand as #CCFC main creditor with its chosen administrator
Click to expand...




What on earth does that mean?? :confused:
 
rob9872

rob9872

Well-Known Member
Bennets Afro said:
If SISU rebought the club, would they have to pass the FL fit and proper owner test again
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They managed it last time so be prepared for another group that we have yet to hear from who ultimately turn out to be under their wing too!
 
Delboycov

Delboycov

Active Member
grego_gee said:
Spot on! And I think you could say ACL have got a bloody nose! (its gonna cost them!)
but I don't think SISU will walk out, they seem to be consistently sticking with the ball and defending quite well!
They have woven a complex web and I really can't see anybody buying into that, (without their help).
But - the good news is
  • CCFC will survive
  • 10 pts this year
  • the onerous rent deal will be gone,
  • and maybe the AVRO debt will be gone too....!!!! ???

:pimp:
Click to expand...

You seem to be talking about this outcome as fact.... It's been said by a few on here that SISU's dangerous juggling games regarding registrations,golden share, etc could result in a lot harsher penalties than you talk of here.....Do you know something they don't? If they're right then I think the scoreline is definitely not 1-0 SISU.
 
mattylad

mattylad

Member
Bennets Afro said:
If SISU rebought the club, would they have to pass the FL fit and proper owner test again
Click to expand...

If SISU want to carry on it needs to provide long term funding assurances to the administrator, put forward a suitable agreement for the paying off of debts owed agreeable with the main creditor (ARVO) and then show the football league it has a long term plan with a ground to play in.

From ACL's point of view it will have to accept whatever payout ARVO agree to and presuming no sale of the club is sorted then do a deal with the devil on the rent.
 
H

hamil99

Facebook User
Could sisu and Haskell be in it together? I mean could Haskell buy the stadium then sell it to sisu for a small profit, could this be sisu's devious plan all along?
 
W

warwickcccfc

New Member
hamil99 said:
Could sisu and Haskell be in it together? I mean could Haskell buy the stadium then sell it to sisu for a small profit, could this be sisu's devious plan all along?
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You've just got to love a conspiracy theory!

If so, it'll make Joe Elliott and the SBT look like a right bunch of pricks, eh?
 
S

SkyBlueBlood

Member
@richh87 said:
I am praying that he acts in the interests of the club and doesn't do the deal that is best for SISU.
Click to expand...

He has to do the deal which is most beneficial for the creditors, anything else would be unlawful.

Problem is that AVRO are the majority creditor and they are linked to SISU.
 
H

hamil99

Facebook User
warwickcccfc said:
You've just got to love a conspiracy theory!

If so, it'll make Joe Elliott and the SBT look like a right bunch of pricks, eh?
Click to expand...

Ur absolutely right mate, it is a complete conspiracy theory but Haskell did say he wanted to buy the stadium share and land b4 buying the club. That got alarm bells ringing for me!
 
W

wingy

Well-Known Member
rob9872 said:
They managed it last time so be prepared for another group that we have yet to hear from who ultimately turn out to be under their wing too!
Click to expand...

Maybe we should remind the League while they deal with this that they were warned by some of us about the shady Arvo shennanigins around a year ago .That was tantamount to an ownership change and should have undergone fit and Proper.
While Im on here anyone who thinks Sisu are naive in mistakenly leaving theGolden share un LTD are naive.
 
C

CCFCSteve

Well-Known Member
SkyBlueBlood said:
He has to do the deal which is most beneficial for the creditors, anything else would be unlawful.

Problem is that AVRO are the majority creditor and they are linked to SISU.
Click to expand...

Secured creditor, yes, majority, I'm still not sure. How much have they directly put into the club ? How much have they put in since the debenture ? As far as I'm aware all this is unclear. ACL have a huge claim in this. Basically 1.2m x the remainder of the lease, this is then mitigated by what they are likely to receive going forward ie 400k per annum. On top of this they have the back rent.

Still loads of questions.
 
mattylad

mattylad

Member
CCFCSteve said:
Secured creditor, yes, majority, I'm still not sure. How much have they directly put into the club ? How much have they put in since the debenture ? As far as I'm aware all this is unclear. ACL have a huge claim in this. Basically 1.2m x the remainder of the lease, this is then mitigated by what they are likely to receive going forward ie 400k per annum. On top of this they have the back rent.

Still loads of questions.
Click to expand...

If that were true then ACL would not have withdrawn its earlier request nor admitted that ARVO have the right to place the club into administration. Once again these posts and pages are turning to conjecture, hope and down right bending of facts. Look at what is happening in court today, that is all the information anyone needs to make a reasonable judgement.

Doesn't any landlord have a duty to re rent a property to mitigate losses so I fail to see how you could go into court and claim for 40 plus years into the future?
 
C

CCFCSteve

Well-Known Member
Arvo are a secured creditor so have the right to appoint their own administrator. My point is that acl will be a huge unsecured creditor (which will be relevant when it comes to a cva proposal)

As I mention above they have a duty to mitigate their claim, however, they will never get the 1.2m p.a so there will be a substantial claim.

The court hearing today was regarding acls original application to put the club into administration (adjourned due to confusion over which entity owned which assets). Acl have now accepted arvos appointment as they are comfortable that the golden share lies with this entity (I believe all they want is the ability for someone else to buy the club). There's not much more they can do today.

I'm pretty sure all my comments are factual. Unfortunately I am not sure (nor is anyone else) where all the assets lie, what arvos final debt position is, how much of it can be secured (as the debenture is only 12+ months old) and how that figure was arrived at. These could all be relevant questions so if anyone knows the answers shout up.
 
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ccfcway

ccfcway

Well-Known Member
So Does that mean administrator has 8.4 million of secured debts through Avro and 1.3 million of unsecured debts to acl to consider. Hmm
 
S

SkybluG

New Member
so SISU will be able to vote through the deal they want from administrators as they have more than the 75% of creditor value required

Looks like SISU game is to write of £8 million of their money to get out of the rent deal
 
mattylad

mattylad

Member
I want to know how they get 60 million, even if at its prime the wage bill was 7-8 million it just does not add up.
 
Gray

Gray

Well-Known Member
we were debt free at the fans forum at the start of the season according to fisher...more lies
 
S

SonofErnie

Well-Known Member
Depends on your definition of 'debt free'. Takeover 'costs' are included in the £60m somewhere, even if no money ever changed hands.
 
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