In full: Appleton's report to the High Court (3 Viewers)

[Brighton Sky Blue]

Available to all who want a browse:

ftp://wck2.companieshouse.gov.uk/im...f6/cc/8e/98/blREX+0L0146-92955_9-08928590.pdf

 

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[italiahorse]

Initial response
Iit took me longer to work out the administrators charges than to work out CCFC financial position.

 

[Sky Blues]

if CCFC Ltd owns the players' registrations (and ownership of the Golden Share suggests to me it should) then, if I am reading this correctly, the squad has a book value £466,742.

Not very much is it?

 

[Brighton Sky Blue]

The key bit for me is where it says 'We will likely recommend liquidation or a CVA'.

 

[quinn1971]

Cant open the link bloody phones.grrrrrrr

 

[Sky Blues]

The key bit for me is where it says 'We will likely recommend liquidation or a CVA'.

Yes, I read that bit a couple of times. I guess it comes down to whether someone wants to buy us - and Ltd having the Golden Share helps. Sisu might need to buy the company to obtain it (if their beneficial ownership claim fails) or it gives the administrator an asset someone else might want to buy.

 

[wingy]

It means SISU are exposed to hostile takeover ,admitted unwitingly by Fisher in yesterdays interview ,while attempting to play down any value inLTD.

 

[quinn1971]

It means SISU are exposed to hostile takeover ,admitted unwitingly by Fisher in yesterdays interview ,while attempting to play down any value inLTD.

Thought the same. He was trying too hard to prove there is nothing in ltd.it was the bit when he said" whoever buys it should keep the receipt" they've ran out of ideas...times up fisher

 

[Brighton Sky Blue]

It means SISU are exposed to hostile takeover ,admitted unwitingly by Fisher in yesterdays interview ,while attempting to play down any value inLTD.

The same interview where he said the accounts weren't entirely true?

 

[Otis]

Available to all who want a browse:

ftp://wck2.companieshouse.gov.uk/im...f6/cc/8e/98/blREX+0L0146-92955_9-08928590.pdf

Where's OSB?

 

[wingy]

The same interview where he said the accounts weren't entirely true?

Yeah those accounts.
PWKH seemed to think there is a gaping hole between those presented June 12 and what ADMIN found March13.
Seems somethings missing from the Sisu end .
Could Otium facing being struck off then not being struck off cloud anything here??

 

[jas365]

Who the hell is Walter Bosco??? He's listed as a director who resigned in Feb 2011.

 

[Bluegloucester]

Who the hell is Walter Bosco??? He's listed as a director who resigned in Feb 2011.

I believe he works for SISU

 

[wingy]

Who the hell is Walter Bosco??? He's listed as a director who resigned in Feb 2011.

Sounds like a Cartoon character.

 

[SkyblueBazza]

The same interview where he said the accounts weren't entirely true?

I meant to ask last night...is TF making a public admission that they have falsified accounts? Or just that they have deliberately provided an Officer of Court with false documentation/accounts? Or what? TF please explain!

 

[quinn1971]

Who the hell is Walter Bosco??? He's listed as a director who resigned in Feb 2011.

Wasn't he in dukes of hazard

 

[Brighton Sky Blue]

Yeah those accounts.
PWKH seemed to think there is a gaping hole between those presented June 12 and what ADMIN found March13.
Seems somethings missing from the Sisu end .
Could Otium facing being struck off then not being struck off cloud anything here??

I'd like to know how ARVO is owed £11m for seemingly providing nothing tangible.

 

[Brighton Sky Blue]

I meant to ask last night...is TF making a public admission that they have falsified accounts? Or just that they have deliberately provided an Officer of Court with false documentation/accounts? Or what? TF please explain!

If true there is something very wrong indeed!

 

[SkyblueBazza]

If true there is something very wrong indeed!

Just think he should VERY promptly & very publicly explain what he means. Otherwise he might find himself in the dock.

 

[quinn1971]

Just think he should VERY promptly & very publicly explain what he means. Otherwise he might find himself in the dock.

Has anyone still got the link for the interview. Just want to double check what he said before I raise it as an issue.

 

[Broken Hearted Sky Blue]

O dear o dear o dear Joy I told you my four year old twin nieces were available to run the club too late now theyre going to school suggest you get Timmy to join the class he can play in the sandpit:jerkit:

 

[olderskyblue]

Point 4 could have been written by SISU. The rent was inherited by them, and clearly due diligence didn't see it as a problem, but it seems it now has a highly damaging effect on the long term viability of the company. Nothing about the huge management charges from ARVO then?

Worrying bit is about the rules of the FL confer a wide discretion whether any transfer of the golden share should be registered.

 

[Brighton Sky Blue]

Just think he should VERY promptly & very publicly explain what he means. Otherwise he might find himself in the dock.

If only Linnell wasn't the one interviewing him.

 

[deanocity3]

If only Linnell wasn't the one interviewing him.

wish i was still there

 

[Broken Hearted Sky Blue]

Where's OSB?

Hope hes reading it love to see what he makes of it

 

[Godiva]

Having read that I have to say there is nothing new or extraordinary.
A lot is 'standard legal stuff' which you can find almost word-for-word in similar court statements.

Most significant word is 'ongoing'.

 

[Brighton Sky Blue]

Hope hes reading it love to see what he makes of it

I've only skim read it but there doesn't seem to be much untowards. Probably why I'm not an accountant...

 

[Spionkop]

Here's the link TF & the Higgs Charity chap are later on in the show. http://www.bbc.co.uk/programmes/p018sykg

 

[Spionkop]

Forgot to say - Go in at about 2.15 to avoid the other stuff.

 

[Godiva]

I meant to ask last night...is TF making a public admission that they have falsified accounts? Or just that they have deliberately provided an Officer of Court with false documentation/accounts? Or what? TF please explain!

I would think he meant that most of the balance contains 'intercompany' debts. Which is of no real value.

The 'real' numbers are ACL debts, player registration, prepayments ... and the ARVO debenture.

 

[TheRoyalScam]

So CCFC Ltd have debts of £70m to other Sisu entities (including less than £1m owed to ACL), yet TF says we've 'moved on' from the problems of paying rent at the Ricoh and will groundshare for a minimum 3 years (at least halving income and losing at least c£12m) while building a new stadium (minimum cost £20m) outside the Coventry City boundary.

It doesn't make any sense whatsoever.

SISU were only interested in acquiring the Ricoh on the cheap, and CCCouncil called their bluff.

The next couple of weeks should be very interesting.

 

[sw88]

Who's Walter Bosco? And Tims full name is pretty funny! His parents must hated him too

 

[Skybluesquirrel]

I would think he meant that most of the balance contains 'intercompany' debts. Which is of no real value.

The 'real' numbers are ACL debts, player registration, prepayments ... and the ARVO debenture.

If you take that to the logical conclusion, I think you would have to look at the accounts of the parent company SBSL Ltd for the real numbers...

 

[sw88]

I'm in the wrong job! Check out the hourly rate for administrators and staff!

 

[Jack Griffin]

The key bit for me is where it says 'We will likely recommend liquidation or a CVA'.

What other options are they?

I don't really understand how the escrow can possibly count as payment for rent by CCFC?