Guy on twitter claims to have a reply from league confirming Otium have been rejected (4 Viewers)

[Godiva]

If there actually exist such a letter I wouldn't be surprised if it state that Otium (or sisu or Holdings) has not (yet) been accepted as fit and proper.
I can't see why FL would provide an individual outside the club with sensitive information as 'a failed test' would be.

 

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[Noggin]

He just tweeted again, sounds like an e-mail not a letter and are to fail and have failed are not the same thing.

@CityCoventry @TheSkyBlueTrust I'm at work at moment, basically email says the FL believe Otium are to fail the leagues insolvency procedure

 

[Otis]

Why on earth would this be announced on Twitter?

:thinking about:

 

[RoboCCFC90]

Not too but dampner's on this or to knock the credibility of the Tweeter, but just bare in mind Kurt Drago.

That is all.

 

[_brian_]

Why on earth would this be announced on Twitter?

:thinking about:

Get with the programme, Otis! This is 2013 not 1913, mate! LOL!!!

 

[Evo1883]

Whilst this would be good news, if it is true where would this leave us regarding the new season, don't forget 6 weeks to go.

We would have no owners, no ground to play in, FL hanging onto the golden share, unable to sign players, unable to satisfy FFP rules.
Would the administrator be able to put a deal together with ACL to play for the season & keep us in Coventry for this season minimum & the bidding process have to start over again & keep FL happy so we can at least start the season.

there is no doubt the administrator made the wrong choice to begin with ,the blame should lie at his doorstep

 

[Otis]

Get with the programme, Otis! This is 2013 not 1913, mate! LOL!!!

Don't they do telegrams anymore then? I've heard nothing on the wireless about it.:thinking about:

 

[wingy]

Why on earth would this be announced on Twitter?

:thinking about:

Remember PSGM 1 Put his reply out on here,while others were in the loop but were remaining silent for obvious reasons I can't recall currently ,Cofastreetcity posted something up last night that maybe suggested a bit of inside info along these lines.:wave:

 

[jon92]

We find out today If the football league will give golden share back today

 

[Nick]

We find out today If the football league will give golden share back today

Any idea if it is a court ruling or just a deadline?

 

[Sub]

wonder if this is why the silence has been deafening from all parties ACL, SISU, Council and PH4 :thinking about::thinking about:

 

[Dhinsa's_Millions]

I would love this to be true from a long term club perspective - However,I'm treating the 'news' with caution! Surely Otium haven't passed the fit and proper persons test at present! I hope this isn't just an update on what the current state of play is!

SISU appear to be devious, clever (when it comes to litigation not running a football club) and I'm sure they won't give up. Expect a long winded court wrangle if this is true!

 

[dadgad]

there is no doubt the administrator made the wrong choice to begin with ,the blame should lie at his doorstep

Too TRUE.

He had a responsibility to make the BEST choice for the business going forward.

He clearly failed in this regard.

An abject dereliction of duty.

 

[Perryccfc]

If they do fail and the club is put back up for sale, could they bid again? Maybe even under a different guise again?

 

[RegTheDonk]

I think the football league would make it official before they told just one person and normally les reid would break the news

Or the administrator. And the other bidders. Surely one of them would break this news first?

I don't doubt the guy, and I hope it's all above board - unless someones sent him a fake mail pretending to the FL?

This bloody place has more twists than a whodunnit novel.

 

[Sub]

If they do fail and the club is put back up for sale, could they bid again? Maybe even under a different guise again?

will not make any difference even if they do seen as they still will not have a ground to play at

 

[Noggin]

If they do fail and the club is put back up for sale, could they bid again? Maybe even under a different guise again?

They presumably could bid again but surely Appleton couldn't pick them again not while having any appearance of credibility anyway.

 

[Deleted member 5849]

I don't doubt the guy, and I hope it's all above board - unless someones sent him a fake mail pretending to the FL?

Or it's wishful thinking and he's reading what he wants to read into vague statements.

 

[Warwickhunt]

If Opium are not accepted then if we do come out of administration with anyone else we will get a 15 point deduction for not coming out of administration correctly as there is No way SISU/AVRO etc will come to amicable agreement of the bid.

 

[Noggin]

Or it's wishful thinking and he's reading what he wants to read into vague statements.

It's probably the most likely scenario, which is why we needed to see it. The football league has stringent standards that must be met before we grant the league share, at this point these standards have not yet fully been met. I can see them having said something along those lines.

 

[Sub]

If Opium are not accepted then if we do come out of administration with anyone else we will get a 15 point deduction for not coming out of administration correctly as there is No way SISU/AVRO etc will come to amicable agreement of the bid.

we are still in administration so would the point deduction still apply ??

 

[Noggin]

we are still in administration so would the point deduction still apply ??

the deduction would be for coming out of administration without a cva, so whenever that happens (if it did) we would likely get a further punishment.

 

[mattylad]

If Opium are not accepted then if we do come out of administration with anyone else we will get a 15 point deduction for not coming out of administration correctly as there is No way SISU/AVRO etc will come to amicable agreement of the bid.

Its a price worth paying

 

[Steve.B50]

We all know its only rumours but we need something to happen.

 

[Noggin]

I don't really understand how you can come out of admin without a cva? surely if the creditors don't accept the agreement then you don't leave admin and instead face being liquidated? or am I miss understanding that? if thats the case the sisu probably would accept a cva (I know getting miles ahead of the situation here) as it's likely a bid would give them more money than liquidating would.

 

[Noggin]

he just tweeted it will be uploaded within the hour

 

[chiefdave]

I don't really understand how you can come out of admin without a cva? surely if the creditors don't accept the agreement then you don't leave admin and instead face being liquidated? or am I miss understanding that? if thats the case the sisu probably would accept a cva (I know getting miles ahead of the situation here) as it's likely a bid would give them more money than liquidating would.

A CVA is basically what you're going to pay back. If the only creditor (apart from SISU related companies) is ACL and they are paying them in full I guess that removes the need for a CVA, or maybe there will be a CVA but the only people who need to agree it are SISU.

 

[duffer]

The chap in question is saying he'll have the email uploaded in the next hour... the tension builds

 

[ajsccfc]

Dragging it out a bit isn't he?

 

[Kneeza]

There will be a lot of crossed fingers in (the) Coventry (area) at the moment.
However, should this be true, would Mr Appleton be allowed to carry on as the administrator of the smoking remnants of the Club?
Surely, as someone who can be easily identified as a complete failure in relation to the task that he was set, he too must be seen as 'not fit and proper'?

Or, as someone else said, is there a dire shortage of testes & backbone at the moment?
I think I know the answer....

 

[torchomatic]

While I think we all agree on this. It is probably more important what he in law was correct. PH4 himself said PA had done everything by the book. It just wasn't what we as fans wanted.

Too TRUE.

He had a responsibility to make the BEST choice for the business going forward.

He clearly failed in this regard.

An abject dereliction of duty.

 

[Godiva]

I don't really understand how you can come out of admin without a cva? surely if the creditors don't accept the agreement then you don't leave admin and instead face being liquidated? or am I miss understanding that? if thats the case the sisu probably would accept a cva (I know getting miles ahead of the situation here) as it's likely a bid would give them more money than liquidating would.

In this case there are only two real creditors - ARVO and ACL. The current bid is suggested to pay off ACL in full - all £650k, so that should leave ACL with no grounds for not accepting (there's the compensation on the remaining of the lease to complicate things, but for the argument say there isn't). So the current bid should mean an exit where all creditors accept the terms and conditions. No points penalty.

If Otium is not 'Fit and Proper' and - for the argument - no other sisu companies are acceptable, then the administrator can sell to another bidder like PH4. This is where sisu may get a bit annoyed and refuse to leave the administration with CVA. The sale will still be executed but the club will be 'rewarded' with a 15 point penalty.

 

[Noggin]

A CVA is basically what you're going to pay back. If the only creditor (apart from SISU related companies) is ACL and they are paying them in full I guess that removes the need for a CVA, or maybe there will be a CVA but the only people who need to agree it are SISU.

I'm saying if Otium are not fit and proper, there is another bid and we sell to them, people are saying we will get a 15 point deduction because sisu wouldn't accept a cva, im saying how can you come out of admin without a cva? as that means the creditors don't accept what you are willing to pay and so you would surely be liquidated, which means actually sisu probably would accept a cva or am I misunderstanding?

 

[Kneeza]

He may have done it 'by the book' but he didn't do it RIGHT (if, as the rumour goes, the FL will reject his findings).

 

[skyblueman]

I'd gladly take the 15 pts deduction to get rid of SISU