Michael Byng returns (2 Viewers)

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SlowerThanPlatt

SlowerThanPlatt

Well-Known Member
@mbpcworldwide: Following my earlier post with everything unfolding today may I suggest everyone stays calm

Isn't this the guy who's computer crashed and couldn't send an offer for the club?
 
shmmeee

shmmeee

Well-Known Member
Oh yay! Just what this undoubtedly positive season needed!

Hangers on and arseholes.

I await the return of Joe and Gary on the scene with bated breath.

On behalf of all CCFC fans:

Can everyone just fuck off for this season and let Tony Mowbray get on with rebuilding the club?
 
chiefdave

chiefdave

Well-Known Member
Oh good, this is getting better and better. Why can we never have nice things?

Before you know it we'll all be meeting Dhinsa for breakfast.
 
Philosoraptor

Philosoraptor

Well-Known Member
The colossus has arrived. I believe there is not much to say on this 'Homer' sailing the seas in the perilous Ancient Greece.

Cometh the Byng, Cometh the hour.

[video=youtube;Ev1aBt-_Zs4]http://www.youtube.com/watch?v=Ev1aBt-_Zs4[/video]
 
SlowerThanPlatt

SlowerThanPlatt

Well-Known Member
Who was the other guy who wanted the fans to give him loads of money to buy the club? I thought it was a wind up. He posted a video on YouTube being genuinely serious
 
skybluetony176

skybluetony176

Well-Known Member
SlowerThanPlatt said:
Who was the other guy who wanted the fans to give him loads of money to buy the club? I thought it was a wind up. He posted a video on YouTube being genuinely serious
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Is that the crowd funding guy who wanted the money to pay the rent and facilitate a return from Sixfields rather than buy the club?
 
J

Jack Griffin

Guest
62603211.jpg
 
oldskyblue58

oldskyblue58

CCFC Finance Director
Taking the tweet at face value you would have to ask what the events are that are unfolding? or is it just SW leaving? Not sure him going is causing any particular panic - CCFC fans have become used to sharp bends in the road

Really do not see Wasps selling all or any of their interest in the Ricoh. Infact it would be harder to do now than it was before because of the details of the bond issue. I don't think Wasps have any interest in selling anything.

As for buying CCFC - there is no value to it. What few assets SBS&L group have are all charged to ARVO, massive debt, no security of tenure, no value in the squad we own and a company structure that blocks outside interest. Yes they have played better in the last three months and are high up in an average at best league. But that's about it. Without considerable investment from any potential investors (which basically would be unsecured and totally at risk) then the future is difficult even if we get promoted

Why would Wasps increase the risk to themselves or the bondholders by buying basically huge debt? For the next couple of years CCFC cant go anywhere else to play in reality - a move away from the Ricoh could possibly terminally damage the club. Why would Wasps take their eye off their core business to turn round a debt laden football club? Yes CCFC are currently averaging good crowds but what are those crowds contributing to Wasps financially day to day match by match - in the scheme of things it isn't a massive amount (ticket income goes to CCFC direct)

Also if Mr Byng is acting for investors seeking to invest in midlands football I would assume he is also looking at clubs like Villa, WBA, Wolves, Birmingham who are all up for sale and are arguably better risks. Surely he has to give these supposed money men best advice and consider what would be in their best interests.

I think we all know why SISU hold the investment in CCFC and it has nothing to do with football imo

Personally I just wish Mr Byng would stay out of it, I have so far seen nothing from him that makes me believe in him.

Just my opinion
 
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italiahorse

italiahorse

Well-Known Member
oldskyblue58 said:
Taking the tweet at face value you would have to ask what the events are that are unfolding? or is it just SW leaving? Not sure him going is causing any particular panic - CCFC fans have become used to sharp bends in the road

Really do not see Wasps selling all or any of their interest in the Ricoh. Infact it would be harder to do now than it was before because of the details of the bond issue. I don't think Wasps have any interest in selling anything.

As for buying CCFC - there is no value to it. What few assets SBS&L group have are all charged to ARVO, massive debt, no security of tenure, no value in the squad we own and a company structure that blocks outside interest. Yes they have played better in the last three months and are high up in an average at best league. But that's about it. Without considerable investment from any potential investors (which basically be would be unsecured and totally at risk) then the future is difficult even if we get promoted

Why would Wasps increase the risk to themselves or the bondholders by buying basically huge debt? For the next couple of years CCFC cant go anywhere else to play in reality - a move away from the Ricoh could possibly terminally damage the club. Why would Wasps take their eye off their core business to turn round a debt laden football club? Yes CCFC are currently averaging good crowds but what are those crowds contributing to Wasps financially day to day match by match - in the scheme of things it isn't a massive amount (ticket income goes to CCFC direct)

Also if Mr Byng is acting for investors seeking to invest in midlands football I would assume he is also looking at clubs like Villa, WBA, Wolves, Birmingham who are all up for sale and are arguably better risks. Surely he has to give these supposed money men best advice and consider what would be in their best interests.

I think we all know why SISU hold the investment in CCFC and it has nothing to do with football imo

Personally I just wish Mr Byng would stay out of it, I have so far seen nothing from him that makes me believe in him.

Just my opinion
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Just trying to understand this.

If CCFC has say £2M worth of assets and £50M of debt does someone have to pay £48M to obtain the club ?
Have Sisu tied up the debt somehow into the club?
If a buyer only wants to pay the £2M its worth what would be required to enable this?

If I have a house worth £100K and debts of £200K I can only sell my house for £100K.

Confused of Coventry
 
oldskyblue58

oldskyblue58

CCFC Finance Director
Don't separate the assets from the liabilities

If someone took over CCFC as it stands then they might pay £1 for the ordinary share capital (ownership)because the overall company has no value to it at all.

In fact the balance sheet value in the accounts of Otium is minus £70m+. Included in that figure there are preference shares issued too that give rights to ARVO and SBS&L (but are not ownership shares) - effectively £64m of debt

In buying the ordinary shares then the purchaser takes over the assets of the company but more importantly the liabilities & preference shares. They don't actually pay up font for the debt but take on going responsibility for servicing the debt. The creditors providing the loans etc might agree to discount those liabilities in the deal but I don't see any way that it would make the balance sheet positive.

Otium is basically worthless, and loaded with liability that makes outside interest very difficult
 
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S

skybluesam66

Well-Known Member
Italia
sisu can sell the club for whatever they want to
They can sell it for £1 debt free - or they can put a price of £1billion on it

You can choose to sell your house above for £150k - but nobody will buy it
Similar situation to CCFC

What are the assets worth (maybe 10m if you take the players and golden share)
What are the debts (maybe 60m)

Now nobody will pay 60m for a 3rd division club
SISu will not accept 10m

So the real price that they would sell would probably be between the 2 - but my guess is closer to 60 than 10
 
skybluetony176

skybluetony176

Well-Known Member
oldskyblue58 said:
Don't separate the assets from the liabilities

If someone took over CCFC as it stands then they might pay £1 for the ordinary share capital (ownership)because the overall company has no value to it at all.

In fact the balance sheet value in the accounts of Otium is minus £70m+. Included in that figure there are preference shares issued too that give rights to ARVO and SBS&L (but are not ownership shares) - effectively £64m of debt

In buying the ordinary shares then the purchaser takes over the assets of the company but more importantly the liabilities & preference shares. They don't actually pay up font for the debt but take on going responsibility for servicing the debt. The creditors providing the loans etc might agree to discount those liabilities in the deal but I don't see any way that it would make the balance sheet positive.

Otium is basically worthless, and loaded with liability that makes outside interest very difficult
Click to expand...

You're forgetting one thing though OSB. It's not real debt ;)
 
Grendel

Grendel

Well-Known Member
It wouldn't be that surprising if Byng finances a takeover and becomes the new CEO
 
W

wingy

Well-Known Member
Maybe about half of It, the rest was historical or wasted through their own failings.
Very odd how It's remained attached through an Insolvency though.
 
chiefdave

chiefdave

Well-Known Member
wingy said:
Maybe about half of It, the rest was historical or wasted through their own failings.
Very odd how It's remained attached through an Insolvency though.
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That's the problem, real or not if its on the books SISU, and the other related companies, either have to write it off or the new owner has to pay it.

I suspect they have a rough idea of a figure they would take to walk away. As bonkers as SISU are they can't possibly imagine they'll ever get it all back.
 
italiahorse

italiahorse

Well-Known Member
wingy said:
Maybe about half of It, the rest was historical or wasted through their own failings.
Very odd how It's remained attached through an Insolvency though.
Click to expand...

I thought the price paid for the club after insolvency finances all the creditors and the debt is effectively zeroed.
Have Sisu who were owed the money by the club just wangled it back onto the club ?
What was the point otherwise of going into administration ?
 
chiefdave

chiefdave

Well-Known Member
italiahorse said:
I thought the price paid for the club after insolvency finances all the creditors and the debt is effectively zeroed.
Have Sisu who were owed the money by the club just wangled it back onto the club ?
What was the point otherwise of going into administration ?
Click to expand...

That's what you would normally expect but somehow we managed to end up with as much debt after administration as before it. Seems to be another thing that is unlikely to ever be properly looked into.

Think the only point of admin was getting in before ACL so they could control the process and breaking the lease.
 
Grendel

Grendel

Well-Known Member
fernandopartridge said:
The only thing I can see that crank taking over and becoming CEO of is a window cleaning round.
Click to expand...

There is something very odd about him and his relationship with the club.
 
oldskyblue58

oldskyblue58

CCFC Finance Director
So was Byng aware of this new appointment as CEO?

If he was you would have to ask why he should be ahead of the announcement
 
J

Jack Griffin

Guest
oldskyblue58 said:
So was Byng aware of this new appointment as CEO?

If he was you would have to ask why he should be ahead of the announcement
Click to expand...

No, his tweet was 23hrs ago, the first news was at 1pm yesterday, so around 4hrs after SW departure was public knowledge.
 
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