NEWSCoventry City: ACL call for administration to be re-run (20 Viewers)

[RoboCCFC90]

Manchester sky blue is correct. While the FL admit errors they also clearly state it has no effect on their judgement in the case and were fully compliant with their rules.
In short ACL are clutching at straws in a great PR exercise that appears to make them less of an enemy and SISU more so. It's been their stance all along as has SISU's but it changes nothing in reality.
I suppose ACL with the likes of Elliott and Hoffman still ringing in their ears believe they can still find a way of gaining control of the football club by taking whatever distressing action they can. Sounds familiar?!
Both these sides are pretty despicable in continuing with this war of threats and insinuations. What upsets me the most is that all the time they keep spending on this continuance to find a loophole to destroy each other, would be better spent negotiating a solution to the problem of the football club not playing at the Ricoh in Coventry which is what the people of Coventry want.

Finally some sense :claping hands::claping hands:

 

---

[SkyBlue_Bear83]

How do you know ? Are you a clairvoyant ?

I use my brain and common sense

 

[RoboCCFC90]

I use my brain and common sense

Don't worry it's never been seen here before

 

[Voice_of_Reason]

Hoffman is one of the most highly respected bankers in the uk - the then Government trusted Hoffman to get Northern Rock out of the shit - and he did. Elliot is a highly respected successful businessman whilst ACL has a team of professional advisors, including Lawyers -- yet there are STILL some on here posting they are wasting their time in opposing the current administration process following the Football League's admission of serious errors. Sorry guys, you are entitled to your opinions, but I'd rather believe the professionals than you !

 

[fernandopartridge]

Hoffman is one of the most highly respected bankers in the uk - the then Government trusted Hoffman to get Northern Rock out of the shit - and he did. Elliot is a highly respected successful businessman whilst ACL has a team of professional advisors, including Lawyers -- yet there are STILL some on here posting they are wasting their time in opposing the current administration process following the Football League's admission of serious errors. Sorry guys, you are entitled to your opinions, but I'd rather believe the professionals than you !

Did he? All that happened was that Virgin were able to buy the non-toxic assets, the tax payer is lumbered with the rest.

 

[blueflint]

Manchester sky blue is correct. While the FL admit errors they also clearly state it has no effect on their judgement in the case and were fully compliant with their rules.
In short ACL are clutching at straws in a great PR exercise that appears to make them less of an enemy and SISU more so. It's been their stance all along as has SISU's but it changes nothing in reality.
I suppose ACL with the likes of Elliott and Hoffman still ringing in their ears believe they can still find a way of gaining control of the football club by taking whatever distressing action they can. Sounds familiar?!
Both these sides are pretty despicable in continuing with this war of threats and insinuations. What upsets me the most is that all the time they keep spending on this continuance to find a loophole to destroy each other, would be better spent negotiating a solution to the problem of the football club not playing at the Ricoh in Coventry which is what the people of Coventry want.

it may have no effect on the FL but it did effect the bidding therefore it is illegal and should be redone from scratch

 

[Voice_of_Reason]

Did he? All that happened was that Virgin were able to buy the non-toxic assets, the tax payer is lumbered with the rest.

Correct -- after he had turned it around until it was right to sell some of the non toxic assets. Left it in a far better state than before.

 

[Astute]

Yes, they would your right but they were under no pressure to admit their mistake which means they did it to try and re-gain some lost support.

Under no pressure? Ask Greg Dyke if he agrees. The truth came out because of the relentless questioning. Once the CVA was rejected there was no chance of hiding it any more. Which is what a lot of us wanted.

 

[stupot07]

Hoffman is one of the most highly respected bankers in the uk - the then Government trusted Hoffman to get Northern Rock out of the shit - and he did. Elliot is a highly respected successful businessman whilst ACL has a team of professional advisors, including Lawyers -- yet there are STILL some on here posting they are wasting their time in opposing the current administration process following the Football League's admission of serious errors. Sorry guys, you are entitled to your opinions, but I'd rather believe the professionals than you !

ACL have a team of professional advisors and lawyers and yet tried to include clauses in the CVA illegally.

 

[Grappa]

ACL have a team of professional advisors and lawyers and yet tried to include clauses in the CVA illegally.

And weren't they given a week to take them out but didn't? But then I guess all those who go on about the offer of £150k rent wouldn't have any ammo if the lawyers had done what they were told to.

 

[DazzleTommyDazzle]

Did he? All that happened was that Virgin were able to buy the non-toxic assets, the tax payer is lumbered with the rest.

That seems to be a remarkably jaundiced way of saying that he completed the job that the government put him in to do.

 

[Nick]

Elliot is a highly respected successful businessman

The same one who got SISU here in the first place?

 

[thaiskyblue]

The same one who got SISU here in the first place?

May be that's why he's so keen to to see them out the door, he's knows he made a massive mistake, and he's trying to make amends.

 

[fernandopartridge]

Correct -- after he had turned it around until it was right to sell some of the non toxic assets. Left it in a far better state than before.

No - the toxic assets are still there. It's quite easy to offload your debts when you've got a government guarantee.

 

[Astute]

The same one who got SISU here in the first place?

And I suppose you knew how bad they would be for our club?

 

[fernandopartridge]

That seems to be a remarkably jaundiced way of saying that he completed the job that the government put him in to do.

He didn't - the sale to Virgin took place after Hoffman left.

 

[DazzleTommyDazzle]

He didn't - the sale to Virgin took place after Hoffman left.

So, I'm guessing that your point is that during the time he was there he did nothing to improve matters - probably made things worse?

 

[Astute]

So, I'm guessing that your point is that during the time he was there he did nothing to improve matters - probably made things worse?

Correct, but if he had done the same job for SISU Fern would have said he had done a terrific job

 

[fernandopartridge]

Correct, but if he had done the same job for SISU Fern would have said he had done a terrific job

He did work for SISU, not that long ago either. One of his better ideas was to close the Academy.

I don't know what he did whilst on the board at CCFC, in the same way that I don't know what he did on the board of Northern Wreck.

 

[DazzleTommyDazzle]

I don't know what he did on the board of Northern Wreck.

That wasn't the impression given by your earlier comment.

 

[fernandopartridge]

That wasn't the impression given by your earlier comment.

I was only contradicting the assumption that he did great things for NR.

 

[DazzleTommyDazzle]

I was only contradicting the assumption that he did great things for NR.

With another assumption

 

[Paxman II]

VOR you are inclined to believe in the power of a name and ranking position as a means to enhance your opinion and dismiss the opinion of any one on this forum that may be equally as capable or more so than a certain Mr Hoffman or Elliott?

Hoffman may be a banker by trade but I would not trust him or his judgement further than I could throw him frankly. Elliott is a local businessman who also frankly is not in my opinion very good at it. Both were on the board at CCFC and both responsible in part for the demise of our football club. Both still have ambition to be in control of the football club I sense.
Hoffman was the guy who offered £1 and also offered to loan money for the rent by receiving it back from gate receipts, something so absurd it is staggering he is a banker and also miles off the point by offering the deal in the first place.
Elliott and Hoffman seem to have big ego's and I hope I'm wrong but one thing for sure - I don't want either of them back running my football club any more than I want SISU's/Avro running it!

 

[DazzleTommyDazzle]

VOR you are inclined to believe in the power of a name and ranking position as a means to enhance your opinion and dismiss the opinion of any one on this forum that may be equally as capable or more so than a certain Mr Hoffman or Elliott?

Hoffman may be a banker by trade but I would not trust him or his judgement further than I could throw him frankly. Elliott is a local businessman who also frankly is not in my opinion very good at it. Both were on the board at CCFC and both responsible in part for the demise of our football club. Both still have ambition to be in control of the football club I sense.
Hoffman was the guy who offered £1 and also offered to loan money for the rent by receiving it back from gate receipts, something so absurd it is staggering he is a banker and also miles off the point by offering the deal in the first place.
Elliott and Hoffman seem to have big ego's and I hope I'm wrong but one thing for sure - I don't want either of them back running my football club any more than I want SISU's/Avro running it!

Hoffman offered £1 for the shares (effectively the price SISU originally paid to purchase them) together with deferred consideration for SISU dependant on success (effectively the same deal that SISU gave to Robinson, as I recall) together with money to purchase the Higgs share of ACL and (as I recall) £10m to fund losses/investment.

As for the "loan for the rent", I'm not sure if you didn't understand it, or if you're trying to misrepresent it. It was pretty obvious that the whole point of the offer was to highlight the idiocy of SISU's argument that they had to move out of Coventry, at the time when the FL was debating whether or not to approve the groundshare.

Personally, I'm grateful that someone is trying to do something to end this nightmare.

 

[fernandopartridge]

With another assumption

Aye - equilibrium innit?

 

[DazzleTommyDazzle]

Aye - equilibrium innit?

Of a sort

 

[Paxman II]

Hoffman offered £1 for the shares (effectively the price SISU originally paid to purchase them) together with deferred consideration for SISU dependant on success (effectively the same deal that SISU gave to Robinson, as I recall) together with money to purchase the Higgs share of ACL and (as I recall) £10m to fund losses/investment.

As for the "loan for the rent", I'm not sure if you didn't understand it, or if you're trying to misrepresent it. It was pretty obvious that the whole point of the offer was to highlight the idiocy of SISU's argument that they had to move out of Coventry, at the time when the FL was debating whether or not to approve the groundshare.

Personally, I'm grateful that someone is trying to do something to end this nightmare.

Based on that - both stinky deals and if taken screwed by a banker. familiar territory there then!

 

[DazzleTommyDazzle]

Based on that - both stinky deals and if taken screwed by a banker. familiar territory there then!

Well.....

If they'd taken the first deal SISU wouldn't have incurred all the extra losses that have (according to them) so increased the debt since then and

if they'd taken the second deal, we wouldn't be exiled in Northampton playing in front of record breaking (for all the wrong reasons) crowds

so, not sure I follow your conclusions.

 

[chiefdave]

ACL have a team of professional advisors and lawyers and yet tried to include clauses in the CVA illegally.

Are we sure that's actually how it happened? It may well have been agree to this lease at £150K and then we'll sign the CVA not that the new lease offer was part of the CVA. Convenient for Fisher that they legally can't agree to it, but odd as well that he told Sky Sports News that he wasn't expecting the offer and would have to consider. They obviously could have signed a lease before the CVA as they managed to sign one with NTFC.

 

[stupot07]

Are we sure that's actually how it happened? It may well have been agree to this lease at £150K and then we'll sign the CVA not that the new lease offer was part of the CVA. Convenient for Fisher that they legally can't agree to it, but odd as well that he told Sky Sports News that he wasn't expecting the offer and would have to consider. They obviously could have signed a lease before the CVA as they managed to sign one with NTFC.

Administrator Issues CVA Rejection Statement
By Covsupport News Service
Statement Issued

Administrator for Coventry City Football Club Ltd - Paul Appleton has issued the following statement:

STATEMENT FROM PAUL APPLETON, JOINT ADMINISTRATOR FOR COVENTRY CITY FC LIMITED

"At today's reconvened creditors' meeting, all parties except Arena Coventry Limited and HMRC accepted the CVA proposals.

At the meeting held on Tuesday, ACL had put forward modifications that were not compliant with the terms of the Insolvency Act and Rules. This was explained to both them and their legal representatives at the time.

The adjournment provided them with an opportunity to put forward modifications that were compliant with the law in order to make use of the time made available by the adjournment that they themselves proposed.

However, despite being given this further opportunity, they declined. Accordingly, when asked whether they were in favour or not of the Proposals, ACL confirmed their rejection.

Therefore, the CVA has been rejected."

 

[mark82]

I was only contradicting the assumption that he did great things for NR.

He did ok in stabilising them before assets etc were sold off. Normally success would be determined by return for shareholders but difficult to apply that test to his work at Northern Rock.

 

[mark82]

Administrator Issues CVA Rejection Statement
By Covsupport News Service
Statement Issued

Administrator for Coventry City Football Club Ltd - Paul Appleton has issued the following statement:

STATEMENT FROM PAUL APPLETON, JOINT ADMINISTRATOR FOR COVENTRY CITY FC LIMITED

"At today's reconvened creditors' meeting, all parties except Arena Coventry Limited and HMRC accepted the CVA proposals.

At the meeting held on Tuesday, ACL had put forward modifications that were not compliant with the terms of the Insolvency Act and Rules. This was explained to both them and their legal representatives at the time.

The adjournment provided them with an opportunity to put forward modifications that were compliant with the law in order to make use of the time made available by the adjournment that they themselves proposed.

However, despite being given this further opportunity, they declined. Accordingly, when asked whether they were in favour or not of the Proposals, ACL confirmed their rejection.

Therefore, the CVA has been rejected."

Guessing the condition was either that CCFC returned to the Ricoh or that the lease was to remain in place making CCFC liable for costs? Or maybe the judicial review?

 

[ian lollipop]

no change with Appleton
involved sorry need independent administrator

 

[shmmeee]

Administrator Issues CVA Rejection Statement

By Covsupport News Service

Statement Issued



Administrator for Coventry City Football Club Ltd - Paul Appleton has issued the following statement:



STATEMENT FROM PAUL APPLETON, JOINT ADMINISTRATOR FOR COVENTRY CITY FC LIMITED



"At today's reconvened creditors' meeting, all parties except Arena Coventry Limited and HMRC accepted the CVA proposals.



At the meeting held on Tuesday, ACL had put forward modifications that were not compliant with the terms of the Insolvency Act and Rules. This was explained to both them and their legal representatives at the time.



The adjournment provided them with an opportunity to put forward modifications that were compliant with the law in order to make use of the time made available by the adjournment that they themselves proposed.



However, despite being given this further opportunity, they declined. Accordingly, when asked whether they were in favour or not of the Proposals, ACL confirmed their rejection.



Therefore, the CVA has been rejected."

This is disputed by PWKH. Cant find the post, my Google-fu deserts me on SBT.

 

[stupot07]

This is disputed by PWKH. Cant find the post, my Google-fu deserts me on SBT.

If PWKH disputed it, it must be bollocks.