Higgs statement (4 Viewers)

[Otis]

Haven't heard the statement, but CWR are saying that Higgs have said that the ball is in Sisu's court re the shares.

 

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[Otis]

Basically saying what we already know mind.

They want to offer the shares to Wasps, but as per the agreement, have to offer to Sisu first, albeit to a liquidated company.

Could this possibly be a legal minefield and a wrangle ensuing?

 

[italiahorse]

Basically saying what we already know mind.

They want to offer the shares to Wasps, but as per the agreement, have to offer to Sisu first, albeit to a liquidated company.

Could this possibly be a legal minefield and a wrangle ensuing?

Discussing on CWR in the next hour.

 

[bezzer]

They want to offer the shares to Wasps, but as per the agreement, have to offer to Sisu first, albeit to a liquidated company.

I think that's the telling part of the statement. Just show's how much SISU have done to piss off not just the Council, but also Higgs.

 

[Otis]

On now!!!!!!

 

[Otis]

Can sell the shares to a liquidated company if it benefits the creditor.

 

[Otis]

Sisu need to make a commercial decision as to whether it is in their interest to buy the shares.

Sounds like Sisu can do this.

 

[skybluesam66]

seems nothing stopping sisu getting half of the ricoh for peanuts

 

[bezzer]

Sisu need to make a commercial decision as to whether it is in their interest to buy the shares.

Sounds like Sisu can do this.

Lets hope they do!!

 

[Otis]

Could be of great benefit to Sisu and it would stop Wasps from buying all the shares.

 

[The Lurker]

Ball is certainly in sisu court..

 

[Otis]

Saying Wasps advisors would have been aware of the situation that Higgs had to offer to Sisu first.

 

[Otis]

Time for this company that batter people in court to do what they are best at.

 

[The CableGuy]

I fear that TF is too fixated on Highfield Road 2 to see sense and jump onto this opportunity.

£2.7 million for 50% ownership of a world-class stadium and conference centre. That's a bargain surely.

 

[italiahorse]

seems nothing stopping sisu getting half of the ricoh for peanuts

Not that clear.
I would have thought with 50% share they inherit 50% of the debt/loans.

I texted CWR to ask him the question but it never happened.
Anybody know ?

 

[covcity4life]

just buy itttttttttttttttt

 

[Grendel]

This is not what was said. The liquidator can buy the shares if in their judgement it would benefit the major creditors of the liquidated entity.

That's a very very different scenario I'm afraid.

 

[bezzer]

Not that clear.
I would have thought with 50% share they inherit 50% of the debt/loans.

They're my thoughts too. Surely 50% of ACL means 50% of everything.

 

[skybluesam66]

except sisu are the major creditors
so sisu pay 3m - administrators pay 2,77m
of the other 230k 220k goes back to sisu

so yes it does benefit the major creditors

 

[Grendel]

except sisu are the major creditors
so sisu pay 3m - administrators pay 2,77m
of the other 230k 220k goes back to sisu

so yes it does benefit the major creditors

Isn't the defunct lease in the company? Again your also are missing the point - the decision has to be made by the liquidator it can't be made by anyone else.

 

[The Lurker]

This is not what was said. The liquidator can buy the shares if in their judgement it would benefit the major creditors of the liquidated entity.

That's a very very different scenario I'm afraid.

for me, it would probably cost sisu 4-6 million all in all for share of the ground. Makes sense to me. instad of spending 20 mill on a 'new ground'

 

[Otis]

Isn't the defunct lease in the company? Again your also are missing the point - the decision has to be made by the liquidator it can't be made by anyone else.

Remind who is the liquidator in all this?

 

[covcity4life]

appleton to become a hero?

 

[Otis]

appleton to become a hero?

Appleton? I didn't think he was the liquidator. I thought he was the Terminator.

 

[ccfcway]

please don't show his picture again

 

[ccfcway]

Appleton? I didn't think he was the liquidator. I thought he was the Terminator.

"I'll be back*"



*in about 2 years, when I have final sorted out the liquidation process

 

[hill83]

please don't show his picture again

 

[Otis]

Anyone else think the Golden Share was dildo shaped and in this picture he was actually sitting on it the whole time?

 

[Wheelfass]

But Sisu have always said that they wanted the freehold of the Ricoh and the freehold isn't up for grabs is it. They would be doing a U turn if they make a bid.

 

[italiahorse]

except sisu are the major creditors
so sisu pay 3m - administrators pay 2,77m
of the other 230k 220k goes back to sisu

so yes it does benefit the major creditors

He did say that the offer has a value and someone could buy it possibly.

The question is do you inherit 50% of the debt/loan ?

 

[hill83]

But Sisu have always said that they wanted the freehold of the Ricoh and the freehold isn't up for grabs is it. They would be doing a U turn if they make a bid.

Yes. And?

 

[Otis]

But Sisu have always said that they wanted the freehold of the Ricoh and the freehold isn't up for grabs is it. They would be doing a U turn if they make a bid.

They now have to do the best thing for them though based on the current circumstances.

Do they at least make a play for this or try and conjure up 30m from somewhere to fund a brand new stadium in the middle of nowhere?

 

[Ian1779]

Isn't the defunct lease in the company? Again your also are missing the point - the decision has to be made by the liquidator it can't be made by anyone else.

This is what the CET needs to be telling everyone.

Anything else is just putting spin on it, falsely raising fans hopes and then we all know where the blame will go if they don't secure the stake.

 

[Wheelfass]

And just say that CCFC Ltd make a successful bid for the Higgs 50% and then transfer or sell that 50% to CCFC Holdings, would any debt that CCFC Holdings have then become debt within ACL or whatever it may be renamed?

 

[Jack Griffin]

This is not what was said. The liquidator can buy the shares if in their judgement it would benefit the major creditors of the liquidated entity.

That's a very very different scenario I'm afraid.

The liquidator has to act in the best interests of the creditors, obviously SISU are the major creditor.
What are the best interests, is this a purely money thing, or can the decision include future potential in the equation?
Anyway, from what Tim was saying at the SBT meeting on Monday, they are still looking for a new site & are not interested in the Ricoh because the existing contracts make it an un-worthwhile investment.