Higgs vs CCFC Court Row (54 Viewers)

[Sub]

Simon Gilbert‏@TheSimonGilbert1 minDeering feels there was a moral obligation for Higgs to continue negotiations in good faith as Sisu continued to fund club on basis of deal

 

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[Sub]

seems to be alot of good faith expected for SISU as well :thinking about:

 

[oldskyblue58]

Simon Gilbert‏@TheSimonGilbert33 secsDeering says discussions with council were still ongoing at same time. She feels Sisu should have been told about bank deal.

There may have been an ethical duty to but I don't believe there was a legal or contractual duty to. They had to have a plan B in case the deal proposed did not happen ...... normal business practice surely?

 

[Mary_Mungo_Midge]

looks like sisu at the victims

humble pie anyone?

'Thinks'. 'Should have'. No contractual obligation. If that's the 'smoking gun', then SISU need better for the JR

 

[stupot07]

When did SISU notify ACL/CCC/Charity of their discussions to buy the Yorkshire Bank debt? as soon as they enquired or much later?

You may have to shout, not sure she can hear you from here!!


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[AJB1983]

Maybe sisu end up 'battering' people in court with loads of expensive lawyers doing their work for them because actually they are pretty shit at business stuff, like due diligence, and seeing the value of their customers...

 

[Grendel]

There may have been an ethical duty to but I don't believe there was a legal or contractual duty to. They had to have a plan B in case the deal proposed did not happen ...... normal business practice surely?

Strange, that could be a quote straight from Ms Seppella herself.

 

[oldskyblue58]

Simon Gilbert‏@TheSimonGilbert1 minDeering feels there was a moral obligation for Higgs to continue negotiations in good faith as Sisu continued to fund club on basis of deal

The Charity is not linked or bound to CCFC though they have to legally protect the interests of the Charity. There was a moral obligation to meet deadlines as well eg exclusivity period and that didn't happen in fact it seems it was just left dangling.

If you play by hard nosed business you have to accept others might have the gall to use it too

 

[Mary_Mungo_Midge]

There may have been an ethical duty to but I don't believe there was a legal or contractual duty to.

'Ethics' in business normally depend on a good working relationship; and a spirit of open, candid discussions.

I think we can now all see that this would have been in very short supply by the time any officer of CCC was expected to make that judgement. Not defending it, but simply saying there's a cause and effect context that cannot be ignored

 

[Hobo]

looks like sisu at the victims

humble pie anyone?

Let's pass SISU a bib so the crumbs don't stain their glorious reputation.

 

[DazzleTommyDazzle]

Simon Gilbert‏@TheSimonGilbert1 minDeering feels there was a moral obligation for Higgs to continue negotiations in good faith as Sisu continued to fund club on basis of deal

SISU.

"moral obligation".

Have we just left satire behind......

 

[chiefdave]

As SISU felt it was only fair that ACL / Higgs / CCC kept them informed of everything that was going on can we assume that SISU were keeping everyone else up to date with what was happening or is this something that just works one way?

 

[Godiva]

There may have been an ethical duty to but I don't believe there was a legal or contractual duty to. They had to have a plan B in case the deal proposed did not happen ...... normal business practice surely?

Liquidate the club?
Which they argue was the only option to not be allowed to buy Higgs shares.

 

[AJB1983]

As SISU felt it was only fair that ACL / Higgs / CCC kept them informed of everything that was going on can we assume that SISU were keeping everyone else up to date with what was happening or is this something that just works one way?

Indeed....

 

[Sub]

Simon Gilbert‏@TheSimonGilbert13sJudge asking questions. Deering says bulk of due diligence completed in October 2012. Judge asks if that's when view formed charity worth 0

 

[The Penguin]

Simon Gilbert‏@TheSimonGilbert1 minDeering feels there was a moral obligation for Higgs to continue negotiations in good faith as Sisu continued to fund club on basis of deal

They should know better than anyone that there are no morals in business.

 

[Sub]

Simon Gilbert‏@TheSimonGilbert7sDeering says due diligence never fully completed. A lot if questions were still unanswered.

 

[Sub]

Simon Gilbert‏@TheSimonGilbert8sEnd of the evidence and witnesses.

 

[chiefdave]

Deering might find herself looking for a new job after this morning!

 

[wes_cov]

you couldn't make this stuff up.

Comedy gold

 

[No future with SISU]

The question is as absurd as the fool who posted it, so OK how many clubs have been promoted from that Division who have had a player called Callum Wilson playing for them? It is an irrelevant remark, no club without full access to revenues has ever succeeded -- clubs who have had periods of instability and been moved away from its base have - as long as they return and get full revenue access -- e.g. Brighton.

There will be no return to the prem while SISU are in charge. All your statements about PIE money and every thing else mean nothing as SISU want the RICOH to make money out of it. They are not going to invest in the team, only sell. Remember their words "RICOH OR WE WILL NOT FUND THE CLUB". Their is no future with SISU.

 

[Hobo]

Deering might find herself looking for a new job after this morning!

Why? Seppala has lost in the box before? She was Seppala's sub after all!

 

[Nick]

Looks like she is a Higgs plant!!

 

[oldskyblue58]

From the 2013 Accounts The funds that SISU control in the 12 months to 31/05/13 (the period that covers this) increased by £312.00 in total. ARVO apparently entirely separate to SISU and its investors invested £5.4m by way of loans. Both the Funds and ARVO started accruing interest on their loans.

In terms of SISU then there wasn't exactly a lot being invested was there £312 (No K or m required) it seems.

I assume as independent lenders ARVO made their own assessment and took suitable security ........

SISU continued to fund the Club ???

 

[dongonzalos]

Quote of the day for me so far :claping hands:

Simon Gilbert‏@TheSimonGilbert21 minsDeering says Sisu never authorised the non-payment of rent. That was football club decision. Club paid ACL £10k per match after rent ceased

Surely offering 2 million as a charity donation is better!!!!

 

[stupot07]

There will be no return to the prem while SISU are in charge. All your statements about PIE money and every thing else mean nothing as SISU want the RICOH to make money out of it. They are not going to invest in the team, only sell. Remember their words "RICOH OR WE WILL NOT FUND THE CLUB". Their is no future with SISU.

Those weren't their words....


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[Sub]

Surely offering 2 million as a charity donation is better!!!!

Both up there i think mate

 

[GaryPendrysEyes]

Yeah the judge seems to have homed in on that valuation as £0 statement....

But specially re 29k Higgs are suing for.... Is there an explicit contract clause around termination of negotiations and costs?? has such a clause been discussed??

 

[dongonzalos]

Simon Gilbert‏@TheSimonGilbert7sDeering says due diligence never fully completed. A lot if questions were still unanswered.

Loads of questions unanswered and if the SCG continue with their 'house clean at the request of SISU' they will remain unanswered. Hope Mr Strange has viewed this thread and us reconsidering his allegiances

 

[duffer]

C'mon seriously, does anyone here think that a decision like a rent strike won't have been approved by SISU?

They're trying to pretend that they're funding the club and didn't agree to the rent strike, that's laughable.

 

[Mary_Mungo_Midge]

Looks like she is a Higgs plant!!

I should say so.

So, in the last day or so, we've learned that Seppala threatened liquidation in 2012 unless SISU got the Higgs share. They then entered into negotiations during which they pulled a series of values for that share seemingly from a tombola barrel, culminating in a zero value. Didn't complete the deal on time; and didn't quite manage Due Diligence either. All this at a time when a rent strike sits as backdrop, for which they're taken to High Court. And found guilty.

Then, complain that some time later, a third party - in this shape CCC - step in to refinance without telling them. So, that's bad manners; and we're all as bad as each other?!?

And use this as a springboard to move the club 35 miles down the road.

Is that really it?!?!?!?

 

[torchomatic]

Something to remember was that the previous owners of our club were mostly if not all Sky Blues supporters. We've no idea if the current owners are as we've got no idea who they are, Joy doesn't appear to be a football fan let alone of our club though.

With friends like that who needs enemies.


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[lewys33]

Funny how Grendel said we shouldn't care about this yet cant help himself ........ Bless his cotton socks!

Does anyone genuinely care less about this case? Its all totally pointless and irrelevant.

 

[dongonzalos]

Simon Gilbert‏@TheSimonGilbert13sJudge asking questions. Deering says bulk of due diligence completed in October 2012. Judge asks if that's when view formed charity worth 0

Judge has already made up his mind IMO

Sounds like he is doing a better job than Higgs' QC in finding the glaring holes in Deering's evidence

 

[Sub]

Simon Gilbert‏@TheSimonGilbert36sSisu QC summing up.