simple_simon
New Member
OSB58
What do you think will happen now?
What do you think will happen now?
Just to spell it out as to the point ACL are making
130 years ago the football club was born.It was incorporated in one single company known as "The Coventry City Football Club Ltd"
In 1995 that company was split in to two CCFC Ltd and CCFCH Ltd. CCFC Ltd acquired the trade of being the football club known as CCFC. That included player registrations and the golden share in CCFC Ltd not CCFC H. That is confirmed in the company Memorandum & Articles
19/02/08 SISU took over the club following due diligence by their accountants BDO. The structure and purpose of CCFC Ltd and CCFC H Ltd remained as set up in 1995
The minutes disclosed on 200% blog show that the directors and representatives of SISU reviewed that basis, seemingly agreed to keep that basis and were aware of what assets were where (ie player contracts and golden share in CCFC Ltd), In fact one of the documents clearly states exactly that and not only that indicates that such a set up was how they would continue to operate from 2008 onwards.
Clearly accounts audited by BDO were prepared on exactly that basis until 31/05/11 signed off June 2012. The administrator even indicated that basis in his first report for 2012 figures. In deed if the share or player registrations or contracts were to be in any other company or entity it would require a formal request from the company to and written authority from the Football League (per their regulations). It also implicitly confirms that the directors and owners knew that those items were in CCFC Ltd from 2008 onwards
fast forward to 2013 apparently the contracts are no longer in CCFC Ltd and the golden share is nowhere to be found. Yet the directors and owners knew exactly where they were in 2008, knew that the golden share required the registrations and contracts to rest with it.
the details in 2008 have relevance to to 2013 because unless there was written authority from the FL then the players, trade and golden share should be in CCFC Ltd.
some questions
- is there authority from FL at any time since 2008 to transfer the players to CCFC H ?
- If there was no authority who was complicit intentionally or not in the splitting of the players contracts from golden share (a key to the success of the SISU plan) ?
- if no authority then the Football League could be seen to being part of a scheme that prejudices the rights of the creditors of CCFC so did they know?
- could all this be viewed as a scheme by the owners to remove assets to the detriment of creditors?
- Is the administrator aware of these directors minutes and what was the reasoning of any actions he took or did not take in relation to them?
there are many other questions
In Summary
the 2008 minutes may well be important if they prove the directors of the SBS&L group companies knew in 2008 that the football share, players and trade were in CCFC Ltd and that there was no authority from the FL to trade the Club by another entity since that time. Which could mean that assets have been transferred out and not included in the administration and the administration process is therefore flawed. So yes the minutes could well relate to the events in 2013.
Have SISU relied on a flawed registration system at the Football League? - which could leave the Football League open to some serious questions about their governance and some hefty financial liabilities.
Did the people involved know what they were doing?
Did the administrator follow any of this information through?
If that was the case is the decision to give Otium the share valid?
It could lead to some very serious consequences if the ACL view is correct. Would guess this will need to be decided in court
Just to be clear this is what I understand is the ACL thinking in this. I am not making any allegations against any party involved
OSB58
What do you think will happen now?
What a thick boring person you are.
Page 5 of that document talks about an intention to shut the academy down altogether in the medium term-was Ranson really that incompetent?
Surely this is fraud ??? Creditors will have lost out on a lot of money and the football league couldn't of known about this as their administrator hasn't done his job property as this would of came up ??? Old sky blue do you think the football league will now have to take action of this it's gonna end up a mess on their hands also now ???
Skybluerevolution (Pt2) ACL DID NOT put CCFCltd into Administration.
after a statement like this it seems apaprent ACL dont want city at ricoh anytime soon
Thanks very interesting.
The question is how to get a response from any of these parties.
Who would be taken to court?
Why can't The Telegraph put these questions to Appleton. Alun Thorne, Les Reid are you out here?
Kid, don't bite. No matter what statement was put out the fans of our owners would slag it off. they do not want true debate because when their arguments are challenged they just do not stand up and so they resort to name calling just to stifle any threads that show they are wrong rather than try and win the debate with proof of why their views are right.
Great write up osb58, about sums it all up.
I believe when ACL applied to the High Court to put CCFC Ltd into administration in March, 2013, they did so fully believing the players a registrations, golden share and lease were all in CCFCLtd.
The shifting of the players assets for me is the key piece of information we have never been told about, the football league don't want to answer this question, neither do the football club or the administrator. What are they hiding?
I think this it's the key bringing SISU down and I think the football leagues silence suggest to me negligence.
Hang on a minute........Why is Joy there at the meeting.........She is neither a Director of CCFC Ltd or CCFC (Holdings Ltd) so should have no right to make any type of threat or contribution at any meeting!
I must be missing something because I thought it was a breach of Football League Rules for any 'Third Party Ownership'.
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Hang on a minute........Why is Joy there at the meeting.........She is neither a Director of CCFC Ltd or CCFC (Holdings Ltd) so should have no right to make any type of threat or contribution at any meeting!
I must be missing something because I thought it was a breach of Football League Rules for any 'Third Party Ownership'.
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I agree especially with the 2nd para. When ACL caught SISU out by going for administration, they had to move much faster than they planned and rushed us into admin themselves, so they had control over the Administrator selection. Because they new about the split of players and GS. And they have been caught out by ACL not signing the CVA, after weeks of threats of, and finally having to do it to after all their bluster, moving us to Northampton. If ACL had signed the CVA then none of this would have been revealed, which is what sisu was after in the first place so it has blown up in their faces.
cant and wont make such allegations because i have no evidence, but you could look at it that way. Only a court can judge however. The Football League could end up with bigger problems than CCFC
My biggest concern is ACL having deep enough pockets to escalate this properly! May be this is what SISU is counting on?
Agreed, ACL have already had to lay a small fortune on fighting them. Wonder if that is why they said about City fans asking more questions on certain points. Hope not.
Only just seen this statement. VERY interesting:
"It is interesting to note Mr Fisher’s failure to mention Ms Seppala’s verbal statement during this meeting, made in the presence of her own lawyers that the only circumstance in which the Club would return to the Ricoh would be upon SISU assuming full ownership of the venue without any negotiation on purchase price.
"Ms Seppala also stated at this meeting her intention to continue to threaten ACL and its shareholders with expensive litigation at every possible opportunity. Perhaps the fact that Mr Fisher was not himself present at this meeting has distorted his view of what was really discussed."
As if we needed further proof of this evil bitch's crazy plans.
In fairness - PWKH statements cannot be taken as proof. They are statements to be either believed or not, disputed or not, proven or not.
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