Administrator plan (4 Viewers)
- Thread starter ccfc92
- Start date
The CVA is likely to be agreed by the other creditors – Sisu-related firms Sky Blue Sports & Leisure Ltd, Arvo Master Fund and Coventry City Football Club (Holdings) Ltd. If a CVA is agreed, the earliest the club could potentially come out of administration is 28 days later – after the start of the new season.
7 New signings Pressley?? bye to that possibilyy....
7 New signings Pressley?? bye to that possibilyy....
Not necessarily, since the transfer window doesn't shut until the end of August. Also, I imagine a number of the proposed signings are free transfers, which can be completed after the deadline.
Another (less likely) possibility is that the football league grant us permission to sign players on short-term deals while still in administration, as they did with Pompey. I agree with you though that it's far from ideal.
Another point, can anyone explain to me the reasoning behind the 28 day delay after the CVA is agreed?
Monkeyface
Well-Known Member
I thought this bit was odd too. I thought I read in the notes from the Trusts meeting with the FL that you can't be in administration for two successive seasons? Does this almost certainly mean another points deduction?
Diehard Si
New Member
They'll never do that. Pompey got special treatment, we'll just get told to jog on.
Moff
Well-Known Member
It seems to me Appleton (the stooge) is setting ACL up on a no winner. Either they get less cash, or look bastards by setting us up for a further 15 point deduction.
I am no great fan of ACL but the smug self serving Appleton is trying to set them up for a fall, and all the talk of liquidation is a little premature as were there not four other bidders?
(Apologies if my view is a bit simplistic, and I am open to being corrected if I am wrong, without having to resort like some to posting pages of bile and several wanker signs
)
I am no great fan of ACL but the smug self serving Appleton is trying to set them up for a fall, and all the talk of liquidation is a little premature as were there not four other bidders?
(Apologies if my view is a bit simplistic, and I am open to being corrected if I am wrong, without having to resort like some to posting pages of bile and several wanker signs
)
ccfc92
Well-Known Member
Exactly :/ so it acl the only creditor other than sisu?
So if everything goes perfectly (creditors all say yes on 22nd July, we come out of admin 4 weeks later and accounts are all signed off and filed so that we're not under an embargo), Pressley will have a maximum of 2 weeks in which to sign all these new players before deadline day, having already played 3 league games and a cup game by then.
A few things spring to mind. By then, a lot of targets will have given up waiting and gone elsewhere and obviously if we do sign anyone, they won't have had much training with their new team mates (and possibly little in the way of a per-season).
And when has everything worked out perfectly for CCFC anyway?
A few things spring to mind. By then, a lot of targets will have given up waiting and gone elsewhere and obviously if we do sign anyone, they won't have had much training with their new team mates (and possibly little in the way of a per-season).
And when has everything worked out perfectly for CCFC anyway?
Broken Hearted Sky Blue
Well-Known Member
And equally disastrous if they dont:thinking about:Or is it disaster if they do?
Broken Hearted Sky Blue
Well-Known Member
28 day cooling off period
Does seem that way. He probably knows that SISU wouldn't accept any of the other bids as creditors.
Surely this all just due process, as mr fisher stated numerous times at the fans forums that they would offer full payment to all creditors as part of their deal.. Someone actually challenged him on this.. Asking " so even ACL will be paid every penny they are owed? )... He replied " yes all creditors and yes that includes ACL"
He went on to say that thu would do this as it will leave them in the strongest position to come out of administration as soon as possible
Simple ...
He went on to say that thu would do this as it will leave them in the strongest position to come out of administration as soon as possible
Simple ...
Obviously If the Cobblers rumour panned out ,I'd say It gives them freedom to make the challenge ,Can they afford It? Time will tell.
Broken Hearted Sky Blue
Well-Known Member
Remember because you have to believe Mr Fisher dont you new ground etc that untill Ltd is liquidated there is the small matter of the 40 odd years of the lease:thinking about:
RegTheDonk
Well-Known Member
Yes Moff, and the reason ACL tried to put the club into admin was to "protect" the club from Fisher's threatened liquidation. Seems that they would be the only ones who now could be blamed if the club is liquidated. SISU: Don't blame us, it was ACL who didn't accept the CVA
johnniericoh
Member
Coventry City administrator tonight notified creditors of his long-awaited financial proposals to bring the club out of administration.
Paul Appleton issued his confidential proposals for a Company Voluntary Arrangement (CVA) to Coventry City Football Club Limited’s four creditors – as an alternative to liquidation.
They would have to agree to his proposals for how much they should receive as a return on their debts from the value of the company’s assets, and money raised by a proposed sale to Otium, a company related to the club’s hedge fund owners Sisu.
The Telegraph has also learned the proposals state the crucial meeting of creditors to discuss the proposals will be on July 22.
Frustrated Sky Blues fans have been awaiting it since we reported last week the Football League would not make any judgment on the proposed Otium ownership of the club until at least after the creditors’ meeting was held.
All eyes will be on whether Arena Coventry Limited – the part-Coventry City Council-owned Ricoh stadium company – will sign off the CVA by accepting the amount Mr Appleton proposes it should get in relation to the £1.3million rent arrears it claims to be owed by CCFC Ltd.
The CVA is likely to be agreed by the other creditors – Sisu-related firms Sky Blue Sports & Leisure Ltd, Arvo Master Fund and Coventry City Football Club (Holdings) Ltd. If a CVA is agreed, the earliest the club could potentially come out of administration is 28 days later – after the start of the new season.
If a CVA is not agreed, Mr Appleton has stated the alternative is liquidation, which would mean a further 15-league-point deduction, and an uncertain Sky Blues future.
ACL had said it was considering a “range of legal options” after Mr Appleton chose Otium as his preferred buyer of CCFC Ltd – the firm put into administration by Arvo in March after ACL had sought an administration order in the High Court.
It remains to be seen if ACL will seek to delay the CVA or even refuse it. ACL directors, lawyers and councillors have favoured removing Sisu, and a club takeover by investors who could bring together the club and stadium. As the only non-connected unsecured creditor, the voting rights enable ACL to block the CVA.
Coming out of administration could enable a transfer embargo to be lifted – if Sisu also signs off its late accounts at Companies House.
Some fans are calling on the League to step in by refusing to grant its “golden share” to Otium – on the grounds of previous financial and accounting performance by Sisu.
Paul Appleton issued his confidential proposals for a Company Voluntary Arrangement (CVA) to Coventry City Football Club Limited’s four creditors – as an alternative to liquidation.
They would have to agree to his proposals for how much they should receive as a return on their debts from the value of the company’s assets, and money raised by a proposed sale to Otium, a company related to the club’s hedge fund owners Sisu.
The Telegraph has also learned the proposals state the crucial meeting of creditors to discuss the proposals will be on July 22.
Frustrated Sky Blues fans have been awaiting it since we reported last week the Football League would not make any judgment on the proposed Otium ownership of the club until at least after the creditors’ meeting was held.
All eyes will be on whether Arena Coventry Limited – the part-Coventry City Council-owned Ricoh stadium company – will sign off the CVA by accepting the amount Mr Appleton proposes it should get in relation to the £1.3million rent arrears it claims to be owed by CCFC Ltd.
The CVA is likely to be agreed by the other creditors – Sisu-related firms Sky Blue Sports & Leisure Ltd, Arvo Master Fund and Coventry City Football Club (Holdings) Ltd. If a CVA is agreed, the earliest the club could potentially come out of administration is 28 days later – after the start of the new season.
If a CVA is not agreed, Mr Appleton has stated the alternative is liquidation, which would mean a further 15-league-point deduction, and an uncertain Sky Blues future.
ACL had said it was considering a “range of legal options” after Mr Appleton chose Otium as his preferred buyer of CCFC Ltd – the firm put into administration by Arvo in March after ACL had sought an administration order in the High Court.
It remains to be seen if ACL will seek to delay the CVA or even refuse it. ACL directors, lawyers and councillors have favoured removing Sisu, and a club takeover by investors who could bring together the club and stadium. As the only non-connected unsecured creditor, the voting rights enable ACL to block the CVA.
Coming out of administration could enable a transfer embargo to be lifted – if Sisu also signs off its late accounts at Companies House.
Some fans are calling on the League to step in by refusing to grant its “golden share” to Otium – on the grounds of previous financial and accounting performance by Sisu.
Broken Hearted Sky Blue
Well-Known Member
But if that happened we would have 28 days to sort it ok it would be 15 points but:thinking about:
cloughie
Well-Known Member
And when have normal people believed a word Fisher has ever said
Sorry but Billy Liar has been caught lying to many times
skybluehugh
New Member
It seems to me Appleton (the stooge) is setting ACL up on a no winner. Either they get less cash, or look bastards by setting us up for a further 15 point deduction.
I am no great fan of ACL but the smug self serving Appleton is trying to set them up for a fall, and all the talk of liquidation is a little premature as were there not four other bidders?
(Apologies if my view is a bit simplistic, and I am open to being corrected if I am wrong, without having to resort like some to posting pages of bile and several wanker signs
No apology required in my view. You have written what I have believed from the outset of choice of buyers. This has been just what our owners have wanted from the start. Put the blame on anyone else but themselves , tossers
Brighton Sky Blue
Well-Known Member
It seems everybody at the club is doing all they can do wreck it.
simple_simon
New Member
I just feel like giving up.
Brighton Sky Blue
Well-Known Member
I've got to be honest if the groundshare is indeed confirmed then Coventry City exists in name only to me. It has barely anything resembling a football club left aside from the manager, Gregor Rioch, and a small squad consisting heavily of youngsters-a far cry from the club I started supporting 15-16 years ago. It's a complete and total disgrace for a city of this size with facilities like the Ricoh to not even have a professional football team within its walls.
simple_simon
New Member
Just want a little bit of good news.
sky blue john
Well-Known Member
i should imagine acl will reject the cva because if they stay in administration there is a greater likelihood that we will be playing at the Ricoh at least whilst we are in administration anyway.
Brighton Sky Blue
Well-Known Member
Then we will come out of admin without a CVA and incur a 15 point penalty.
bigfatronssba
Well-Known Member
But possibly playing at the Ricoh?
My own personal view is if the club are going then I couldn't care less about a points deduction. Not my club anymore.
Like Otis I think.:thinking about:
Brighton Sky Blue
Well-Known Member
Who knows. My wildly optimistic hope is that a CVA being rejected (or even not) gets Ltd liquidated and we then re-enter negotiations on a new lease with ACL but under Holdings' name instead. This being on the premise that Holdings is awarded the GS and contains most of the players' contracts and so on.