Legal action dropped (6 Viewers)

[dongonzalos]

Joy only comments when she has to!
Don't kid yorself, the recent interview was for the fans!
It was aimed for the legals & at potential investors!

Yep I agree, however ask yourself

why is she sending a message to potential investors

 

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[James Smith]

I don't think you can say protests are proving ineffective

SISU will never turn around and admit that.

They will just start doing things they don't normally do ......

Have said many times before, as have others, that this is a war of attrition. I think we'll really see the effect NOPM is having after the judicial review appeal verdict. Should then become apparent, pending outcome obviously, which of the two parties has the financial ammo to prevail.

In the meantime, it does seem a bit curious that Sisu have suddenly started to engage in a PR campaign. An attempt to belatedly engage the hearts and minds of the fans perhaps, the vast majority of whom can see the Gobshites for what they are...

No I doubt they'd admit that, it would show weakness - but then can we take the increased communication from our club/SISU (not sure I would call what Mr Labovitch said on the radio was good PR) that the financial pressure is building? I do agree that they may be waiting for the outcome of the judicial review application appeal before deciding what their next move is.

 

[No future with SISU]

Lived in Coventry, Wyken for many years before moving. Very anti CCC for not doing enough to bring the team back. They insisted previously that they will not sell the Ricoh to anyone. They along will many other Councils continue to cut funding to numerous areas whilst holding on to a Stadium which is losing money or maybe breaking even if you believe ACL, (I do nt). Selling the Ricoh to anyone will bring funds that the Council could use. I do nt support selling it to SiSu or any one else cheaply but I do nt see how they can justify not selling it. What are they actually getting out of it ? I m pretty sure that an extra 20 ,30, 40 million pounds or more raised by its sale could be put to better use that tied up in a white elephant of a Stadium. Only my opinion of course and a bit political.
SISU/ACL/CCC out.
Pusb

The leader of the council issued a statement in oct 2007 saying they wanted the buyers of ccfc to have the funds to buy ACL. What makes you think they do not want to sell for the market price of ACL?

 

[No future with SISU]

Markets dictate prices. Apart from CCFC, who is in the market to play at the Ricoh?

Northampton saints

 

[No future with SISU]

Didn't Seppala say she wanted set a price on the freehold based on the average of the valuation from both CCC's and sisu's chosen experts?

She did SISU valuation would be a £1 so any vaulation by the council would be cut in half.

 

[Astute]

Yep I agree, however ask yourself

why is she sending a message to potential investors

Because NOPM is working?

 

[SonOfSnoz]

The club was on it's last legs, which is why we got Sisu.
No one will buy the club in it's current state.
It's Sisu till we get own stadium & or promotion.

 

[Stafford_SkBlue]

ACL were trying to bully / scare Northampton.
There was never any chance of it succeeding legally.
Luckily for CCFC, Northampton were not going to fall for it.

 

[SonOfSnoz]

ACL were trying to bully / scare Northampton.
There was never any chance of it succeeding legally.
Luckily for CCFC, Northampton were not going to fall for it.

Probably because ccfc assisted ntfc with legals?

 

[Jack Griffin]

ACL were trying to bully / scare Northampton.
There was never any chance of it succeeding legally.
Luckily for CCFC, Northampton were not going to fall for it.

If it was a frivolous action by ACL as NTFC claims then they are at liberty to initiate a counter action.

 

[James Smith]

ACL were trying to bully / scare Northampton.
There was never any chance of it succeeding legally.
Luckily for CCFC, Northampton were not going to fall for it.

Same could be said of the Judicial review:

SISU were trying to bully / distress ACL
There was never any chance of it succeeding legally.
Luckily for ACL, Coventry Council was not going to fall for it.

 

[SonOfSnoz]

Club should never have signed the shoddy Ricoh deal

 

[italiahorse]

ACL were trying to bully / scare Northampton.
There was never any chance of it succeeding legally.
Luckily for CCFC, Northampton were not going to fall for it.

Always going to happen ....
Once the lease was liquidated with Ltd there was never a case. With a lease the legalilties may have been different .
.... similarly the Judicial Review is also a waste of time and money.

 

[italiahorse]

Club should never have signed the shoddy Ricoh deal

They never had a choice wants CCFC cocked up the finances for it.
Considering that ACL nearly went bust for the sake of £1M owed they were hardly creaming a profit off the club.

 

[SonOfSnoz]

Only the legals benefit!

 

[italiahorse]

Only the legals benefit!

SISU could benefit if JR is restricting ACL from moving on quick enough to rebalance it's books.

 

[SonOfSnoz]

Thought Acl got paid same regardless if they accepted the CVA?

 

[italiahorse]

Thought Acl got paid same regardless if they accepted the CVA?

Only what they are owed, not the value of the lease that the stadium agreement was based on.

 

[Nick]

Only what they are owed, not the value of the lease that the stadium agreement was based on.

Yep which I think is what was offered in the cva

 

[italiahorse]

Yep which I think is what was offered in the cva

Still 10's of millions short of it's value.

 

[Nick]

Still 10's of millions short of it's value.

So you want the club to have to pay it all back? Surely when you say 10s of millions it shows just how over priced it was.

 

[italiahorse]

So you want the club to have to pay it all back? Surely when you say 10s of millions it shows just how over priced it was.

Not directly, but at least buy the stadium or rent it, to contribute to what it cost.
After all CCC/HIGGS were instrumental in getting the club out the mess they created in regards of getting the Ricoh built. Without them we would have been left without a stadium to play in.

If ACL fold and SISU get it on the cheap will you be happy with that?

If ACL fold and CCFC get it on the cheap that would be great, but that option will never happen.

 

[italiahorse]

So you want the club to have to pay it all back? Surely when you say 10s of millions it shows just how over priced it was.

When you commit to put £100M into a project you want to be sure that you will get your money back.
Hence in committing the money they tied the club up with a lease. The club were on the back foot but clearly so were ACL in the early years (based on their books) as they built up the Ricoh income streams. SISU knew this but the lease needed to be broken ........... the rest of the story you know.

 

[Nick]

Not directly, but at least buy the stadium or rent it, to contribute to what it cost.
After all CCC/HIGGS were instrumental in getting the club out the mess they created in regards of getting the Ricoh built. Without them we would have been left without a stadium to play in.

If ACL fold and SISU get it on the cheap will you be happy with that?

If ACL fold and CCFC get it on the cheap that would be great, but that option will never happen.

I guess it would depend on how it would benefit the club. If we were going to be in the same position as before then no, if there were benefits then it is better than nothing isn't it?

It is hard to say until knowing the plans

 

[lordsummerisle]

When you commit to put £100M into a project you want to be sure that you will get your money back.
Hence in committing the money they tied the club up with a lease. The club were on the back foot but clearly so were ACL in the early years (based on their books) as they built up the Ricoh income streams. SISU knew this but the lease needed to be broken ........... the rest of the story you know.

£100million??

The amount goes up day by day.

£10million was the council contribution.

 

[mrtrench]

If ACL fold and CCFC get it on the cheap that would be great.

No it wouldn't. That's the scenario where a bunch of extremely wealthy people get even more wealthy by taking money from taxpayers and a charity to help sick children.

 

[James Smith]

£100million??

The amount goes up day by day.

£10million was the council contribution.

When did the council contribute to our club?

If SISU have put £100M in then to be where we are at the moment is a joke. Personally I think it's just creative accounting and moving money/debt around.

 

[Jack Griffin]

No it wouldn't. That's the scenario where a bunch of extremely wealthy people get even more wealthy by taking money from taxpayers and a charity to help sick children.

Doubt it can pan out that way, ACL have several charges on them. I don't know what they are, but I assume there is the £14M loan and some security for the Higgs Charity & CCC secured against the Arena itself.
Its no different to what ARVO/SISU have done with CCFC current (and future) assets, even OTIUM have a charge now (MR01 10/08/2013 REGISTRATION OF A CHARGE / CHARGE CODE 076124870001).

MR01 29/06/2013 REGISTRATION OF A CHARGE / CHARGE CODE 044406840006
MR01 18/05/2013 REGISTRATION OF A CHARGE / CHARGE CODE 044406840005
MG01 22/01/2013 PARTICULARS OF A MORTGAGE OR CHARGE / CHARGE NO: 4
MG01 22/01/2013 PARTICULARS OF A MORTGAGE OR CHARGE / CHARGE NO: 3

 

[italiahorse]

£100million??

The amount goes up day by day.

£10million was the council contribution.

Don't fully understand where the money came from but the stadium complex cost over 100M and that is a lot of money to tie up with no long term security.

Love to have a idiots guide to how the finances were found. People have tried to explain but I either did not understand or all the 'experts' confused me.

 

[Nick]

Is the higgs charity for sick children?

 

[italiahorse]

Deprived children of Coventry area.

My grandkids are deprived of CCFC.

 

[Jack Griffin]

Is the higgs charity for sick children?

Ostensibly for underprivileged children in the Coventry Area, (they have a website).
I've previously questioned if their reasons for propping up the football club are in accord with their stated aims.. they really need to get out of football & stay out.

 

[mrtrench]

Very much depends Jack on the size of the charges - banks usually take a fairly robust haircut on less liquid collateral (like football stadiums).

You are right Italia Horse - deprived, not sick. My bad.

 

[rondog1973]

Same could be said of the Judicial review:

SISU were trying to bully / distress ACL
There was never any chance of it succeeding legally.
Luckily for ACL, Coventry Council was not going to fall for it.

...or a High Court Judge...

 

[Grendel]

Don't fully understand where the money came from but the stadium complex cost over 100M and that is a lot of money to tie up with no long term security.

Love to have a idiots guide to how the finances were found. People have tried to explain but I either did not understand or all the 'experts' confused me.

You'd certainly need an idiots guide.

You need to hold one fact in that tiny little brain if yours - it cost the council £10 million in terms of investment - a figure they have never disputed.

The only club that is very similar to is is stoke with the Brittania as that was also funded by a regeneration charity in part. It gives without saying the club ended up with a far better deal and in a far better place than ours.

Who cares though. As long as the council can cream off more and more from the club and good old ACL keep bobbing along the likes of you and astute will be happy.