Sky Blue Dal
Well-Known Member
So at what rate???
Judicial Review thread (18 Viewers)
- Thread starter ccfcway
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So at what rate???
AFCCOVENTRY
Well-Known Member
But the interest rate offered by Yorkshire would have been much higher than the council loan. So higher repayments. Council offered a cheaper loan.
James Smith
Well-Known Member
Hardly under that much anonymity given he was 'outed' at one of the forums last year when the club finance guy recognised him from the creditors meeting.
Danceswithhorses
Well-Known Member
ACL not quite as distressed as SISU were making out then ?
sky blue john
Well-Known Member
Scooby Dooby Doo !!!
J
Jack Griffin
Guest
The meaning is crystal clear to me.
Nick
Administrator
Share it then smarty pants.
AFCCOVENTRY
Well-Known Member
Sisu QC arguing that withholding the rent and licence fees (£1.3m) was done in agreement with ACL.
Higgs v Sisu case last month was shown a letter from Higgs Charity trustee to Tim Fisher which showed that Higgs did not agree to that at all.
Higgs v Sisu case last month was shown a letter from Higgs Charity trustee to Tim Fisher which showed that Higgs did not agree to that at all.
Sky Blue Dal
Well-Known Member
Exactly!!
AFCCOVENTRY
Well-Known Member
Sisu QC says size of the £14.4m loan to ACL would render the council’s share of ACL as worthless for the foreseeable future.
Sisu QC outlining Sisu plan with council to pay off ACL’s debt to Yorkshire Bank, buy the Higgs 50% stake in ACL and work with the council to improve the business in return for a longer lease on the stadium for ACL.
Sisu QC outlining Sisu plan with council to pay off ACL’s debt to Yorkshire Bank, buy the Higgs 50% stake in ACL and work with the council to improve the business in return for a longer lease on the stadium for ACL.
AFCCOVENTRY
Well-Known Member
Sisu QC says that in Jan 2013 the council should have known that insolvency for the football club would have had a terrible effect on the future of ACL.
Sisu QC: “Council could have foreclosed on the lease if ACL became insolvent and could have re-leased it to another company, effectively wiping the slate clean.”
Sisu QC: “Council could have foreclosed on the lease if ACL became insolvent and could have re-leased it to another company, effectively wiping the slate clean.”
AFCCOVENTRY
Well-Known Member
Sisu QC says council loan to ACL was an “act of folly” that has driven the club out of the Ricoh and to the brink of insolvency.
Grendel
Well-Known Member
Brilliant. Why do the council offer a cheaper loan to a private company it happens to part own? Would they offer it to all private companies?
AFCCOVENTRY
Well-Known Member
Sisu QC says there was motivation to drive Sisu out of Coventry and force it to sell to a new owner.
sky blue john
Well-Known Member
SkyBlue_Bear83
Well-Known Member
The 500k in the escrow account was put there before SISU arrived and to be withdrawn if the club failed to pay rent. 200k was the match day costs the club paid to run the games so they didn't really pay 700k in 'rent' as they are claiming
I think that is what it is.
Rob S
Well-Known Member
The difference being, I'm not complaining about the spin. We are all trying to put a spin – i.e. our own interpretation – on things. Simon will toe the CT/Alun Thorne party line because – as Nick pointed out – he wants to keep his job and provide for his family. We have no idea what happened to Les Reid but if he was taken off the story (as alleged in Private Eye and not yet denied by Thorne) for getting too far in his investigations, Simon is smart enough not to rock the boat.
I know that all sides are engaged in a major spin battle and I'm more interested in digging beneath that to get to some semblance of the truth no matter which side looks good or bad. The problem is, the PR war has been far too one-sided up until about 6 months ago and with all sides now fully engaged, it's a right old ding-dong.
Ultimately none of this matters. We want the club back at the Ricoh. The issue is to get all of the sides round the table to try and negotiate that and once the dust has (partially settled) on this week that really needs to be the focus and should always be.
covcity4life
Well-Known Member
gilbert did you grow up as a kid hoping to be a real journalist?
be more like les reid!
be more like les reid!
oldskyblue58
CCFC Finance Director
I will try to live with your doubts about my credibility Rob :facepalm:. Somehow I think I will survive. Never worked for Council or been a member of any political party.
Frankly I am more interested in seeing a solution now that is good for the club than raking over coals that can not be changed and that quite possibly puts the solution further away.
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covcity4life
Well-Known Member
also if OSB does work for council i am taking the credit for that one and he can back me up as the original accuser!
AFCCOVENTRY
Well-Known Member
Our man Keith's popped out to write a quick summary of this morning's 'action'. What we can say is that any hopes this would be over within a couple of hours have been well and truly dashed. Unless I'm mistaken, we're going to be in it for the long haul.
Oh, and Sisu definitely think the council was trying to engineer a new owner for the club.
Oh, and Sisu definitely think the council was trying to engineer a new owner for the club.
sky blue john
Well-Known Member
What a sad life you must lead !!
torchomatic
Well-Known Member
oldskyblue58
CCFC Finance Director
Will give you credit where credit is due CC4L but going to have to disappoint on that particular one 
AFCCOVENTRY
Well-Known Member
@TheSimonGilbert: Sisu QC presents evidence club believed rent was unaffordable and made it known to ACL in 2006. Asked for revenue streams in 2007
hill83
Well-Known Member
You live in Luton. Simmer down.
torchomatic
Well-Known Member
oldskyblue58
CCFC Finance Director
so which two of the four claims were dropped prior to the case starting I missed that?
covcity4life
Well-Known Member
i am sure they will offer us revenue streams if clubs in trouble....
AFCCOVENTRY
Well-Known Member
Why didn't sisu think of the unaffordable rent when they purchased the club?
Sisu carried out poor due diligence and now playing the victim.
Sisu carried out poor due diligence and now playing the victim.
sky blue john
Well-Known Member
The council approved the existing owners over the Manhatton Group and look how that has turned out !!
torchomatic
Well-Known Member
Agree. Also why on earth did McGinnity think the rent was affordable in the first place?
Moff
Well-Known Member
Or trying to play the legal system
Nick
Administrator
When did they buy us?
torchomatic
Well-Known Member
Ah, evidence now provided (apparently) that Club believed rent was unaffordable back in '06. As I've mentioned previously, the club asked ACL for a discussion on rent negotiation in December 2005.
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