Council and Sky Blues in court tomorrow (10 Viewers)

[Deleted member 5849]

Same with me. I have to provide receipts for all my travel and claims. Does seem strange.

We have minutes for a discussion about buying a pencil sharpener back in 1993.

Riveting stuff.

 

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[The Gentleman]

Unbelievable - you sound like a politician.

What's unbelievable, the fact that I am not bothered that the Council loaned someone money to be re-payed with a bit of profit and no-one loses. Something about ACL/CCC really does seem to bother you though as it is mainly these type of threads that you seem to come out on, you sure you blame all sides?

 

[torchomatic]

This bit is interesting. I always thought that CCC didn't borrow the money but used funds they already had in reserve?

The Council to use its prudential powers to borrow the sum of £14.4 million.

The Council to provide a loan of £14.4 million to Arena Coventry Limited.

 

[fernandopartridge]

Should a meeting talking about borrowing £14m been minuted? Hnmmmmm

 

[torchomatic]

So how much interest do they lose by not having £14M in their account?

£14 million less in cash
£14 million more in debtors (ie an asset), with interest due as extra income.

Think you forgot to mention that

 

[Grendel]

This bit is interesting. I always thought that CCC didn't borrow the money but used funds they already had in reserve?

The Council to use its prudential powers to borrow the sum of £14.4 million.

The Council to provide a loan of £14.4 million to Arena Coventry Limited.

I thought they got it from some central fund or something?

 

[torchomatic]

Me too. Maybe that's what Prudential borrowing is? Someone else may know.

I guess though as long as they get more interest from ACL than they are paying for the loan then all is hunky dory?

I thought they got it from some central fund or something?

 

[Astute]

This bit is interesting. I always thought that CCC didn't borrow the money but used funds they already had in reserve?

The Council to use its prudential powers to borrow the sum of £14.4 million.

The Council to provide a loan of £14.4 million to Arena Coventry Limited.

A fair few and myself said several times that CCC got a loan of 14.4m and then loaned it to ACL. IIRC they also charged a slightly higher interest rate to ACL than they got it for. But yourself and others still said it was taxpayers money.

You would have lost out on a technicality in court

 

[fernandopartridge]

£14 million less in cash
£14 million more in debtors (ie an asset), with interest due as extra income.

Think you forgot to mention that

The council borrowed the money themselves and also have to repay with interest. All cancels each other out if ACL repay.

 

[torchomatic]

Apologies then, missed that. I was always under the impression that they used their own cash.

A fair few and myself said several times that CCC got a loan of 14.4m and then loaned it to ACL. IIRC they also charged a slightly higher interest rate to ACL than they got it for. But yourself and others still said it was taxpayers money.

You would have lost out on a technicality in court

 

[wingy]

Is It over the yet ??


The stats suggest CCFC had 80% of play based on Tweets ,however we're still awaiting the first goal.

Wonder how many pages this thread will run to,I'm f***ing dreading a delay to the JR ,horendous prospect .

When will this stop??

 

[Astute]

Apologies then, missed that. I was always under the impression that they used their own cash.

No problem. So much crap has gone on that us normal supporters will never be able to keep up with everything.

 

[wingy]

Apologies then, missed that. I was always under the impression that they used their own cash.

Must have had the Blinkers on !! :thinking about:

 

[fernandopartridge]

I've stated on here before that prudential borrowing is councils borrowing from the financial markets. It's not like using the public borrowing scheme that gives preferential rates. Not sure what rate the council are paying.

 

[Astute]

Is It over the yet ??


The stats suggest CCFC had 80% of play based on Tweets ,however we're still awaiting the first goal.

Wonder how many pages this thread will run to,I'm f***ing dreading a delay to the JR ,horendous prospect .

When will this stop??

When SISU get the arena or finally give up

 

[The Gentleman]

Is It over the yet ??


The stats suggest CCFC had 80% of play based on Tweets ,however we're still awaiting the first goal.

Wonder how many pages this thread will run to,I'm f***ing dreading a delay to the JR ,horendous prospect .

When will this stop??

Cannot go on 80% of the play though, Chelsea turned Liverpool at Anfield over recently with those sort of possession stats (where Stupot when you need him)

 

[olderskyblue]

I've stated on here before that prudential borrowing is councils borrowing from the financial markets. It's not like using the public borrowing scheme that gives preferential rates. Not sure what rate the council are paying.

So what's this mean FP ? That you were right all along....again..

 

[Astute]

I've stated on here before that prudential borrowing is councils borrowing from the financial markets. It's not like using the public borrowing scheme that gives preferential rates. Not sure what rate the council are paying.

Would be a much lower rate than ACL or ourselves could get. That is why ACL were able to offer a much lower rent to SISU.

 

[chiefdave]

This bit is interesting. I always thought that CCC didn't borrow the money but used funds they already had in reserve?

The Council to use its prudential powers to borrow the sum of £14.4 million.

The Council to provide a loan of £14.4 million to Arena Coventry Limited.

I had an argument with one of the councillors about that. Basically accused them of saying it was coming from central funds when it was actually paid out of their reserves and was told it was an administration thing. It had been decided that it was the most efficient way to carry out the transaction and the money paid out of the reserves would be covered by money coming in from the loan and that as the interest rate ACL were being charged was higher than the interest rate CCC were receiving from the bank CCC would not lose any money on the transaction.

 

[The Gentleman]

I've stated on here before that prudential borrowing is councils borrowing from the financial markets. It's not like using the public borrowing scheme that gives preferential rates. Not sure what rate the council are paying.

So if the Council are getting better rates off ACL than they are paying on the loan there is no problem?

 

[fernandopartridge]

A fair few and myself said several times that CCC got a loan of 14.4m and then loaned it to ACL. IIRC they also charged a slightly higher interest rate to ACL than they got it for. But yourself and others still said it was taxpayers money.

You would have lost out on a technicality in court

Who repays it if ACL go belly up?

 

[Kingokings204]

Judge summing up:

Is it another nil all draw. (WORST PHRASE EVER)

 

[wingy]

When SISU get the arena or finally give up

Maybe this JR will happen after December when all the loans get called In.

 

[fernandopartridge]

So if the Council are getting better rates off ACL than they are paying on the loan there is no problem?

That's possibly distorted competition. ACL have been able to access a rate that other companies haven't.

 

[Kingokings204]

This should of been finished at 4pm. Extra time here folks with sisu a man down. Holding out for the draw now.

 

[Astute]

Who repays it if ACL go belly up?

Big if isn't it. I would say that repayments will be down to about 300k. And ACL have been doing better than that. If that is the case SISU are about to pay them two years worth of payments. Why do you think they are so pissed off with the remortgage?

 

[chiefdave]

Who repays it if ACL go belly up?

I think the idea is that the loan is secured against an asset (the lease) and should SISU default the council gain possession of an asset of greater value than the outstanding balance. They can either put the lease up for sale in the hope of achieving a sale price greater than the amount owed or takeover the running of the arena and hope that profits are higher than repayments.

Of course the flip side is that if no one wants to buy it or the arena doesn't make enough money then they will have to cover repayments, presumably from reserves.

 

[Astute]

That's possibly distorted competition. ACL have been able to access a rate that other companies haven't.

But is loaning money to a company that you own 50% of distorted competition? That is the part I can't get my braincell around.

 

[fernandopartridge]

I think the idea is that the loan is secured against an asset (the lease) and should SISU default the council gain possession of an asset of greater value than the outstanding balance. They can either put the lease up for sale in the hope of achieving a sale price greater than the amount owed or takeover the running of the arena and hope that profits are higher than repayments.

Of course the flip side is that if no one wants to buy it or the arena doesn't make enough money then they will have to cover repayments, presumably from reserves.

The lease reverts to the council if ACL go belly up anyway.

 

[James Smith]

Same with me. I have to provide receipts for all my travel and claims. Does seem strange.

I agree a bit odd.

One place I worked at briefly had moved over to an online system for expenses and it was causing a few headaches. One girl had spent £200+ on a train ticket and hotel room/meals after a day visit to another office up North had resulted in an overnight stay. She got back to claim her expenses complete with receipts etc. to discover her boss was away and was the only person who could authorise her on the system. The firms finance people said they couldn't pay her expenses without her boss okaying everything but could offer her a loan. This loan would be interest free but that would make it a taxable benefit and would therefore probably need to be declared on her P60 etc. She gave up and put everything on the credit cards until her boss got back from holiday to okay it.

 

[torchomatic]

Another big if is people on here state that if SISU got the Ricoh then they would liquidate the club. Doesn't stop them using it as a cast iron fact.

Big if isn't it. I would say that repayments will be down to about 300k. And ACL have been doing better than that. If that is the case SISU are about to pay them two years worth of payments. Why do you think they are so pissed off with the remortgage?

 

[Kingokings204]

Ccc win whoooooohoooooooooooooo

 

[Philosoraptor]

Results out..

 

[Kingokings204]

Simon Gilbert @TheSimonGilbert · 45s CCFC not able to access documents from individual councillors including Mutton and Duggins judge rules.

 

[TheRoyalScam]

I agree a bit odd.

One place I worked at briefly had moved over to an online system for expenses and it was causing a few headaches. One girl had spent £200+ on a train ticket and hotel room/meals after a day visit to another office up North had resulted in an overnight stay. She got back to claim her expenses complete with receipts etc. to discover her boss was away and was the only person who could authorise her on the system. The firms finance people said they couldn't pay her expenses without her boss okaying everything but could offer her a loan. This loan would be interest free but that would make it a taxable benefit and would therefore probably need to be declared on her P60 etc. She gave up and put everything on the credit cards until her boss got back from holiday to okay it.

Was that 'GlobalExpense' by any chance??!