If ACL forced the liquidation.. (1 Viewer)
- Thread starter Diehard Si
- Start date
TheRoyalScam
Well-Known Member
No apology needed Godiva, for what could be viewed as a Freudian slip of the mind
However we're not dealing with typical companies here - we're dealing with a hedge fund and the myriad complexities of the multi-company web that is Arvo/Otium/CCFC Ltd/CCFC (Holdings)/SBS&L (that's 5 but I believe there may be more...).
The key issue for me is that they haven't filed accounts on time (again) - don't you think the (Holdings) account might possibly reveal the smoking gun?
(Sorry I have to sign out a while - Dad's Taxi service is at work!)
SkyblueBazza
Well-Known Member
...which brings me back to speculating if the FL would then prefer a ready made solution in a new owner of ACL/Ricoh buying the preferred liquidated stock (as in players) to set up a newly named club that can fulfill fixtures at the Ricoh. If it happened I think te new owners would have a bumper attendance (honeymoon period) of 20-25k for 5 or so home games. Then a reality check would be needed, as we settle into the more familiar 12k in L1 if we are holding our own.
Snozz_is_god
New Member
The beneficial ownership is the real issue and could be their undoing.
The can't have it both ways, if they claim beneficial ownership of the golden share, then ACL could argue they by default they have beneficial ownership of the Ricoh lease and so it goes on. Like I say they surely can't make that rule work one way only, or can they.
Sky Blue Harry H
Well-Known Member
Can't wait for next stage to unfold just so that I can split facts from speculation. What's driving me nuts is that with every development in this saga, people come up with several versions of what might happen next. Even though I consider myself reasonably intelligent (many would disagree), I find it difficult to separate the wheat from the chaff when it comes to guessing likely outcomes. Still praying for a miracle from somewhere. PUSB:blue:
But it's not up to the FL, is it? They have no legal right to interfere in the administration proces. They can only await the decisions of the administrator and then decide where the golden share should go. If ACL decline the CVA and the administrator liquidate the company, there's nothing the FL can do about that. What they - or their management - personally prefer is totally irrelevant. They will be left with the choice of granting Otium the golden share or retain it until they deem Otium fit to receive it.
The lease is irrelevant to the FL. They have already accepted the club can play home games at sixfilds.
stupot07
Well-Known Member
If they liquidate ltd, I reckon the football league will award the golden share to holdings.
ArchieLittle
New Member
Just for a laugh let's pretend the FL statements and rules mean something. Their statement on the ground share had the line
"Nevertheless, the Board's approval remains entirely conditional on the Club ultimately exiting administration in accordance with The Football League's conditions and achieving a successful transfer of its League share.”
Dont think liquidation fits in there.
"Nevertheless, the Board's approval remains entirely conditional on the Club ultimately exiting administration in accordance with The Football League's conditions and achieving a successful transfer of its League share.”
Dont think liquidation fits in there.
SkyblueBazza
Well-Known Member
PREFER being the operative word. No suggestion of interference from anyone. Simply ACL exercising their right to reject the offer...& then the administrator carrying out the threat of liquidation. As in - those of us fearing liquidation might be pleasantly surprised by the result. Or not as the case might be.
SkyblueBazza
Well-Known Member
Btw...I believe I have made no suggestion the FL would prefer this or any other option than keeping their fixture list neat & tidy...fixtures fulfilled as-in. So they may not be so capitulating to SISU/PA after tomorrow if there is a firm contingency plan with an agreement in place having all i's dotted & t's crossed...simply awaiting a few pre-agreed signatories.
And what might that contingency plan be?
If doesn't originate from Appelton or Holdings/Otium it will have no relevans to FL.
If ACL reject the CVA, next move will come from Appelton, and it would likely be liquidation, but only after the cooling off period.
The only real contingency plan I can see would work, would be ACL agreeing to the CVA on the premiss that the club stays at the Ricoh for the next three years at a much reduced rent.
SkyblueBazza
Well-Known Member
I don't even see that contingency plan. Merely suggesting that if Hoff, Joe, PH4 have done their homework well & negotiated quietly behind the scenes with PA - a better & pheasable alternative. It would be preferred by the FL to either liquidation orthe existing Otium option.
skybluebal
New Member
The history is the fans and the players in the team that play in Coventry and represents Coventry. You can't transport history somewhere else and history does not die...ever. Once you accept that the history is that of the City of Coventry then whichever team represents the City in the City carries that history on their shoulders. If owners want to play with this, then they don't care about the fans, the club or its history- which leaves their only motivation of power and money! Bankers come to mind. I am finding it impossible to support a team from Northampton. But with hope in my heart of change to come soon, I'll support CCFC, in its current form, only at away games and if they no longer operate and represent the City of Coventry, I'll support the one that does. Long live our great City, history and resilience.
This is what I've been thinking for some while now. My train of thought is as follows:
ACL will reject the CVA (for several reasons).
Sisu will not accept any other offer and will Ltd will be liquidated.
Any player contracts in Holdings effectively become void (would there be any legal reason to stop the players quitting anyway?)
FL now have the legal cover they need to transfer the share to another party.
CCC/ACL/PH4/etc have a ready solution that keeps all 3rd party contracts in place and possibly could agree to pick up the players on the same contract terms as they had with Holdings.
FL agree knowing that they may face legal challenges.
Sisu sue and fail, given that they initiated administration, didn't appear to follow FL rules via player contracts, and haven't filed any accounts.
Maybe wishful thinking though, because I can't see any other way that this has a positive outcome. While Sisu are owners, in Coventry or anywhere else, I can't bring myself to support the club in the same way as I always have. Feels like I imagine it would to have a family member murder someone - you still love them, but the relationship is never the same.
This is what I've been thinking for some while now. My train of thought is as follows:
ACL will reject the CVA (for several reasons).
Sisu will not accept any other offer and will Ltd will be liquidated.
Any player contracts in Holdings effectively become void (would there be any legal reason to stop the players quitting anyway?)
FL now have the legal cover they need to transfer the share to another party.
CCC/ACL/PH4/etc have a ready solution that keeps all 3rd party contracts in place and possibly could agree to pick up the players on the same contract terms as they had with Holdings.
FL agree knowing that they may face legal challenges.
Sisu sue and fail, given that they initiated administration, didn't appear to follow FL rules via player contracts, and haven't filed any accounts.
Maybe wishful thinking though, because I can't see any other way that this has a positive outcome. While Sisu are owners, in Coventry or anywhere else, I can't bring myself to support the club in the same way as I always have. Feels like I imagine it would to have a family member murder someone - you still love them, but the relationship is never the same.
jesus-wept
New Member
Don't forget one of the sisu groups part of this cva could veto a deal.
letsallsingtogether
Well-Known Member
Why do you need the players Registrations you can bring in your own TF said that there was a surplus of players out there.
We have 6-7 that are not required.
As for keeping the Players registrations what good are they to you without the golden Share?you cold play in the Sunday league..................
Oh I forgot we will be playing on Sundays second fiddle to Northampton Town
We have 6-7 that are not required.
As for keeping the Players registrations what good are they to you without the golden Share?you cold play in the Sunday league..................
Oh I forgot we will be playing on Sundays second fiddle to Northampton Town
mattylad
Member
I am pretty much certain the first question ACL will ask the FL today is what happens if the CVA is rejected or not signed before the season starts. The second question will be about contractsI in Ltd vs Holdings. I hold little hope ACL will help us out, and expect them to take the cash on offer.
The Prefect
Active Member
I don't think that this is the case. Has anyone wondered why only Fisher mentions liquidation? It's another SISU scare tactic.
The only person that can liquidate CCFC Ltd is the administrator. SISU, Fisher and Holdings have no say at all.
If the CVA is rejected then the administrator can force the sale through anyway. Agreement of a CVA is a Football League requirement. The administrator doesn't need a CVA to sell CCFC to Otium.
I recon ACL will reject the CVA to keep the club in administration when the season starts so their 'rent free' offer becomes valid. At that point the lease between the club and ACL is still valid so they have other avenues for legal action against Northampton Town, Holdings and the Administrator.
oldskyblue58
CCFC Finance Director
do they have to reject it out of hand or would they say "we dont have enough info on the CVA" and get it adjourned or not approved subject to getting the info ?
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The Prefect
Active Member
I think ACL have four weeks to consider the offer. I'm sure they will take that just to ensure that the club are in administration when the season starts. After the four weeks I guess they will reject the CVA to continue to keep CCFC Ltd in administration.
There doesn't seem to be any danger of liquidation. The prospect of it is only being mentioned by Fisher and not by the Administrator.