They can all get stuffed and take Tim and Appleton with them!
He hasn't sold the football club, he's sold assets out of ltd.
your so hilarious. :facepalm: nontwatleague
That's what he said - and has said on a number of occasions.
So what has changed?
According to the administrator ACL was owed £630k (or something in that neighborhood).
They will receive about £500k.
25p/£ suggests a total debt of £2m. That's doesn't immidiately add up to anything known, so an unknow value must be in there ... maybe a years rent to compensate the break of the lease?
Then the calculation looks like: Owed at date of administration £630k + 1 year rent compensation = approximately £2m. So that could be the answer.
This also suggests that if ACL signs the CVA they accept the lease is broken and the compensation is set to one years rent. Personally I thought it would be more like three years rent as the Ricoh will take some time to find a new anchor tenant ... if it ever happens.
There isn't an unknown value, you are correct with your guess of a years rent.
I personally don't think that is enough at all especially when they are only getting 26% of that. It makes a complete mockery of Appleton saying he took the offer that provided the best deal for the unsecured creditors. The other buyers would have continued in the Ricoh so even an offer of 1p in the pound would have been massively more advantageous to the unsecured creditors (ie ACL), one of a number of very dubious decisions from Appleton but this is the one that really kills the football club.
With all due respect, fuck off.
There isn't an unknown value, you are correct with your guess of a years rent.
I personally don't think that is enough at all especially when they are only getting 26% of that. It makes a complete mockery of Appleton saying he took the offer that provided the best deal for the unsecured creditors. The other buyers would have continued in the Ricoh so even an offer of 1p in the pound would have been massively more advantageous to the unsecured creditors (ie ACL), one of a number of very dubious decisions from Appleton but this is the one that really kills the football club.
He hasn't sold the football club, he's sold assets out of ltd.
Ok, then I assume we now know the extent of the offer and the important content of the CVA.
You say: 1p in the pound would have been massively more advantageous to the unsecured creditors
What is Mr. Appeltons priority here? To achieve the best deal for the secured or the unsecured creditors?
But what assets? ltd doesn't have any of I recall correctly
I don't think the offer is completely in the public domain but the telegraph had seen the offer and wrote an article about it, I think it was 25.9p in the pound and the ammount the administrator said ACL were owed + 1 years rent for compensation x .259.
Regarding your second point sure, we all expected Appleton to chose a SISU related company to do best by the secured connected creditors however he told us his reasons for chosing Otium was that it provided the best deal for the unsecured unconnected creditors and that simply isn't true.
"It was the bid which gave the greatest return to the unsecured, non-connected creditors of CCFC Limited by a considerable margin," To you sir I say BOLLOCKS! I'm positive it was the biggest percentage in the pound but he knows full well that is a million miles away from the full story.
That's what he said - and has said on a number of occasions.
So what has changed?
According to the administrator ACL was owed £630k (or something in that neighborhood).
They will receive about £500k.
25p/£ suggests a total debt of £2m. That's doesn't immidiately add up to anything known, so an unknow value must be in there ... maybe a years rent to compensate the break of the lease?
Then the calculation looks like: Owed at date of administration £630k + 1 year rent compensation = approximately £2m. So that could be the answer.
This also suggests that if ACL signs the CVA they accept the lease is broken and the compensation is set to one years rent. Personally I thought it would be more like three years rent as the Ricoh will take some time to find a new anchor tenant ... if it ever happens.
We don't know the other offers, but if Otiums offer really was the one that paid the biggest percentage, then it surely offered the greatest return.
But it's semantics and I know what you mean ... it may not have been the best overall deal for ACL.
Then lets go a step further. Let's say another offer was at the amount of £5m - which I think would be really OTT for an outside bidder not being sure he would get the Golden Share and even if he did then had to buy the players contracts out of Holdings. That offer would not be the best offer for the secured connected creditors, so even such a bid would not have won.
We don't know the other offers, but if Otiums offer really was the one that paid the biggest percentage, then it surely offered the greatest return.
But it's semantics and I know what you mean ... it may not have been the best overall deal for ACL.
Then lets go a step further. Let's say another offer was at the amount of £5m - which I think would be really OTT for an outside bidder not being sure he would get the Golden Share and even if he did then had to buy the players contracts out of Holdings. That offer would not be the best offer for the secured connected creditors, so even such a bid would not have won.
I believe the admin process is essentially an auction that goes to the highest bidder. Otium in this case. If they have included one years compo in their bid thats what ACL will get. There is no discussion about what the compo should have been. Had a higher bidder included 3yrs compo that would have been the higher bid and would have succeeded.
Now the highest bid has been selected the other bids are dead the is no chance of reverting to one of those or increasing one of those.
ACL have a straight choice of accepting what the chosen preffered bid includes or rejecting it.
If they reject it, they get nothing, CCFCLtd is liquidated (NOT the club) but the club gets a 15 pt deduction.
imp:
grego the club will get a 15point deduction either way acl go. Because ccfc ltd will still be liquidated to dump the lease !!!!
grego the club will get a 15point deduction either way acl go. Because ccfc ltd will still be liquidated to dump the lease !!!!
Grendel, Godiva, Grego_Gee Do you think the CVA should be signed ?
Sorry I'm still confused from your other posts some days ago, I hope you can clear it up here.your so hilarious. :facepalm: nontwatleague
James Smith said:it still is not the same as our situation. were the owners of the club and the stadium in a pitch battle at the time? no .. it seems to me the swansea method was agreed by all parties
So what you're basically saying is that your original statement is incorrect and councils can loan money to companies they are part owners in?
All the parties in our case agreed on the loan (namely ACL & a unanimous Cov Council etc.) and seem perfectly happy.
What about ACL exercising their 28 "cooling off" period pushing this beyond the Bristol game ? As for having no players, apart from the central defender aspect it is much the same squad we finished with last season when we didn't have a fit Leon Clarke
I believe the admin process is essentially an auction that goes to the highest bidder. Otium in this case. If they have included one years compo in their bid thats what ACL will get. There is no discussion about what the compo should have been. Had a higher bidder included 3yrs compo that would have been the higher bid and would have succeeded.
Now the highest bid has been selected the other bids are dead the is no chance of reverting to one of those or increasing one of those.
ACL have a straight choice of accepting what the chosen preffered bid includes or rejecting it.
If they reject it, they get nothing, CCFCLtd is liquidated (NOT the club) but the club gets a 15 pt deduction.
imp:
As for having no players, apart from the central defender aspect it is much the same squad we finished with last season when we didn't have a fit Leon Clarke
Grendel, Godiva, Grego_Gee Do you think the CVA should be signed ?
Can't see that, why have a cooling off period then ? You are massively in the minority, you may think you are not because there are others on here like minded to you and it may seem there is a split but there ain't I would say 90% of fans support the MPs and the ones leading the fight, which I think will intensify after Monday
My parants brought me up to be independent. 'The majority is not always right. The history books are full of mass hysteria cases where the majority certainly wasn't right' they told me over and over.
Is this why you always fight for the underdog? Which just happens to be SISU this time :facepalm:
Is this why you always fight for the underdog? Which just happens to be SISU this time :facepalm:
I was taught right from wrong. It is right to know SISU are wrong for us.
There's a definition on Cooling Off Period on wiki - not entirely related I think, but gives a general idea: http://en.wikipedia.org/wiki/Cooling-off_period
I have absolutely no idea if I am in line with the majority or not.
I am not a follower and never have been. My parants brought me up to be independent. 'The majority is not always right. The history books are full of mass hysteria cases where the majority certainly wasn't right' they told me over and over.
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