Administrator plan (1 Viewer)

The CVA is likely to be agreed by the other creditors – Sisu-related firms Sky Blue Sports & Leisure Ltd, Arvo Master Fund and Coventry City Football Club (Holdings) Ltd. If a CVA is agreed, the earliest the club could potentially come out of administration is 28 days later – after the start of the new season.

7 New signings Pressley?? bye to that possibilyy....

Pusb1 said:

7 New signings Pressley?? bye to that possibilyy....

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Not necessarily, since the transfer window doesn't shut until the end of August. Also, I imagine a number of the proposed signings are free transfers, which can be completed after the deadline.

Another (less likely) possibility is that the football league grant us permission to sign players on short-term deals while still in administration, as they did with Pompey. I agree with you though that it's far from ideal.

Another point, can anyone explain to me the reasoning behind the 28 day delay after the CVA is agreed?

Pusb1 said:

The CVA is likely to be agreed by the other creditors – Sisu-related firms Sky Blue Sports & Leisure Ltd, Arvo Master Fund and Coventry City Football Club (Holdings) Ltd. If a CVA is agreed, the earliest the club could potentially come out of administration is 28 days later – after the start of the new season.

7 New signings Pressley?? bye to that possibilyy....

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I thought this bit was odd too. I thought I read in the notes from the Trusts meeting with the FL that you can't be in administration for two successive seasons? Does this almost certainly mean another points deduction?

So the Creditors meeting slips another week .

Who'd be ACL ,disastrous PR awaits If they contest the CVA.

They'll never do that. Pompey got special treatment, we'll just get told to jog on.

It seems to me Appleton (the stooge) is setting ACL up on a no winner. Either they get less cash, or look bastards by setting us up for a further 15 point deduction.

I am no great fan of ACL but the smug self serving Appleton is trying to set them up for a fall, and all the talk of liquidation is a little premature as were there not four other bidders?

(Apologies if my view is a bit simplistic, and I am open to being corrected if I am wrong, without having to resort like some to posting pages of bile and several wanker signs )

So if everything goes perfectly (creditors all say yes on 22nd July, we come out of admin 4 weeks later and accounts are all signed off and filed so that we're not under an embargo), Pressley will have a maximum of 2 weeks in which to sign all these new players before deadline day, having already played 3 league games and a cup game by then.
A few things spring to mind. By then, a lot of targets will have given up waiting and gone elsewhere and obviously if we do sign anyone, they won't have had much training with their new team mates (and possibly little in the way of a per-season).
And when has everything worked out perfectly for CCFC anyway?

wingy said:

So the Creditors meeting slips another week .

Who'd be ACL ,disastrous PR awaits If they contest the CVA.

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And equally disastrous if they dont:thinking about:Or is it disaster if they do?

Sutty said:

Not necessarily, since the transfer window doesn't shut until the end of August. Also, I imagine a number of the proposed signings are free transfers, which can be completed after the deadline.

Another (less likely) possibility is that the football league grant us permission to sign players on short-term deals while still in administration, as they did with Pompey. I agree with you though that it's far from ideal.

Another point, can anyone explain to me the reasoning behind the 28 day delay after the CVA is agreed?

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28 day cooling off period

So apparently the administrator does not posture and does not threaten as well then
Liquidate then, bring it on!!

Moff said:

I am no great fan of ACL but the smug self serving Appleton is trying to set them up for a fall, and all the talk of liquidation is a little premature as were there not four other bidders?

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Does seem that way. He probably knows that SISU wouldn't accept any of the other bids as creditors.

Surely this all just due process, as mr fisher stated numerous times at the fans forums that they would offer full payment to all creditors as part of their deal.. Someone actually challenged him on this.. Asking " so even ACL will be paid every penny they are owed? )... He replied " yes all creditors and yes that includes ACL"

He went on to say that thu would do this as it will leave them in the strongest position to come out of administration as soon as possible

Simple ...

Just occurred to me as we'll - if TF is to be believed (!) when he said that he can't announce where the ground share will be until we're out of admin, we will already have played at least one home game by then. Has Appleton been negotiating on the ground share as well?

Would the deduction though mean us remaining at the Ricoh?

If so, I would take that. A City team in Coventry has to be our number one consideration.

Broken Hearted Sky Blue said:

And equally disastrous if they dont:thinking about:Or is it disaster if they do?

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Obviously If the Cobblers rumour panned out ,I'd say It gives them freedom to make the challenge ,Can they afford It? Time will tell.

wingy said:

Obviously If the Cobblers rumour panned out ,I'd say It gives them freedom to make the challenge ,Can they afford It? Time will tell.

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Remember because you have to believe Mr Fisher dont you new ground etc that untill Ltd is liquidated there is the small matter of the 40 odd years of the lease:thinking about:

Moff said:

......I am no great fan of ACL but the smug self serving Appleton is trying to set them up for a fall, and all the talk of liquidation is a little premature as were there not four other bidders? ....

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Yes Moff, and the reason ACL tried to put the club into admin was to "protect" the club from Fisher's threatened liquidation. Seems that they would be the only ones who now could be blamed if the club is liquidated. SISU: Don't blame us, it was ACL who didn't accept the CVA

Coventry City administrator tonight notified creditors of his long-awaited financial proposals to bring the club out of administration.

Paul Appleton issued his confidential proposals for a Company Voluntary Arrangement (CVA) to Coventry City Football Club Limited’s four creditors – as an alternative to liquidation.

They would have to agree to his proposals for how much they should receive as a return on their debts from the value of the company’s assets, and money raised by a proposed sale to Otium, a company related to the club’s hedge fund owners Sisu.

The Telegraph has also learned the proposals state the crucial meeting of creditors to discuss the proposals will be on July 22.

Frustrated Sky Blues fans have been awaiting it since we reported last week the Football League would not make any judgment on the proposed Otium ownership of the club until at least after the creditors’ meeting was held.

All eyes will be on whether Arena Coventry Limited – the part-Coventry City Council-owned Ricoh stadium company – will sign off the CVA by accepting the amount Mr Appleton proposes it should get in relation to the £1.3million rent arrears it claims to be owed by CCFC Ltd.

The CVA is likely to be agreed by the other creditors – Sisu-related firms Sky Blue Sports & Leisure Ltd, Arvo Master Fund and Coventry City Football Club (Holdings) Ltd. If a CVA is agreed, the earliest the club could potentially come out of administration is 28 days later – after the start of the new season.

If a CVA is not agreed, Mr Appleton has stated the alternative is liquidation, which would mean a further 15-league-point deduction, and an uncertain Sky Blues future.

ACL had said it was considering a “range of legal options” after Mr Appleton chose Otium as his preferred buyer of CCFC Ltd – the firm put into administration by Arvo in March after ACL had sought an administration order in the High Court.

It remains to be seen if ACL will seek to delay the CVA or even refuse it. ACL directors, lawyers and councillors have favoured removing Sisu, and a club takeover by investors who could bring together the club and stadium. As the only non-connected unsecured creditor, the voting rights enable ACL to block the CVA.

Coming out of administration could enable a transfer embargo to be lifted – if Sisu also signs off its late accounts at Companies House.

Some fans are calling on the League to step in by refusing to grant its “golden share” to Otium – on the grounds of previous financial and accounting performance by Sisu.

RegTheDonk said:

Yes Moff, and the reason ACL tried to put the club into admin was to "protect" the club from Fisher's threatened liquidation. Seems that they would be the only ones who now could be blamed if the club is liquidated. SISU: Don't blame us, it was ACL who didn't accept the CVA

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But if that happened we would have 28 days to sort it ok it would be 15 points but:thinking about:

luwalla said:

Surely this all just due process, as mr fisher stated numerous times at the fans forums that they would offer full payment to all creditors as part of their deal.. Someone actually challenged him on this.. Asking " so even ACL will be paid every penny they are owed? )... He replied " yes all creditors and yes that includes ACL"

He went on to say that thu would do this as it will leave them in the strongest position to come out of administration as soon as possible

Simple ...

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And when have normal people believed a word Fisher has ever said

Sorry but Billy Liar has been caught lying to many times

The interim administrators report said either CVA or liquidation....other than likely timescales there's nothing particularly new.

Moff said:

It seems to me Appleton (the stooge) is setting ACL up on a no winner. Either they get less cash, or look bastards by setting us up for a further 15 point deduction.

I am no great fan of ACL but the smug self serving Appleton is trying to set them up for a fall, and all the talk of liquidation is a little premature as were there not four other bidders?

(Apologies if my view is a bit simplistic, and I am open to being corrected if I am wrong, without having to resort like some to posting pages of bile and several wanker signs )

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No apology required in my view. You have written what I have believed from the outset of choice of buyers. This has been just what our owners have wanted from the start. Put the blame on anyone else but themselves , tossers

It seems everybody at the club is doing all they can do wreck it.

I just feel like giving up.

simple_simon said:

I just feel like giving up.

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I've got to be honest if the groundshare is indeed confirmed then Coventry City exists in name only to me. It has barely anything resembling a football club left aside from the manager, Gregor Rioch, and a small squad consisting heavily of youngsters-a far cry from the club I started supporting 15-16 years ago. It's a complete and total disgrace for a city of this size with facilities like the Ricoh to not even have a professional football team within its walls.

Just want a little bit of good news.

My next door neighbour's pregnant.

i should imagine acl will reject the cva because if they stay in administration there is a greater likelihood that we will be playing at the Ricoh at least whilst we are in administration anyway.

sky blue john said:

i should imagine acl will reject the cva because if they stay in administration there is a greater likelihood that we will be playing at the Ricoh at least whilst we are in administration anyway.

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Then we will come out of admin without a CVA and incur a 15 point penalty.

Brighton Sky Blue said:

Then we will come out of admin without a CVA and incur a 15 point penalty.

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But possibly playing at the Ricoh?

My own personal view is if the club are going then I couldn't care less about a points deduction. Not my club anymore.

bigfatronssba said:

But possibly playing at the Ricoh?

My own personal view is if the club are going then I couldn't care less about a points deduction. Not my club anymore.

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Like Otis I think.:thinking about:

bigfatronssba said:

But possibly playing at the Ricoh?

My own personal view is if the club are going then I couldn't care less about a points deduction. Not my club anymore.

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Who knows. My wildly optimistic hope is that a CVA being rejected (or even not) gets Ltd liquidated and we then re-enter negotiations on a new lease with ACL but under Holdings' name instead. This being on the premise that Holdings is awarded the GS and contains most of the players' contracts and so on.