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Deleted member 5849
Guest
Amazingly they taught me to read from an early age.
You sure can deduce a lot and make numerous sweeping statements after only being here for less than one month
But no one knows and we will never know. The hysterical have always suggested that if the Club - and I'm talking about SISU - got half the stadium then they would close down Coventry City, etc etc. That scenario only existed in the feverish imaginations of posters on here. Some even wrote to the Council saying "don't let SISU get hold of the one thing that will guarantee it's future", all because of their hate of the owners.
We are in the worst position because many people and organisations including Richardson, McGinnity, SISU and ACL have let the club down and only thought about themselves. And they've been given a helping hand by quite a few City fans along the way.
I can't read anywhere that the documents suggest that the plan was to put ACL out of business. I understand the plan was to distress the mortgage so Yorkshire Bank would sell the mortgage to sisu for £2m-£5m. I think the mortgage was around £16m-£18m so if the plan had gone through ACL would be cutting their debt by a factor of 4 ... or down by 75%.
That would give ACL room to lower the rent to what ccfc want.
But as we know Yorkshire Bank wouldn't play ball and CCC stepped in and bought the mortgage for £14m.
Again - the documents handed to the court is sisu's version. But I would think they know a judge would ask for some kind of evidence, so I expect they have more than just 'he said, they said ...'.
Edit: Had ACL been able to cut the mortgage to £5m it would also justify Higgs valuation on their shares and it would be a sound (value for money) investment for the club.
If this is the best reason for a judicial review that SISU can come up with, then I doubt if the judge will ask for evidence. It will just be tossed, as are the vast majority of requests for judicial review.
As I alluded to earlier maybe this is the meeting where SISU believed that a deal had been done only to discover that ACL were only shaking hands to say goodbye. It'll be interesting to see if they have any evidence to back up their submission to the court or not.I can't read anywhere that the documents suggest that the plan was to put ACL out of business. I understand the plan was to distress the mortgage so Yorkshire Bank would sell the mortgage to sisu for £2m-£5m. I think the mortgage was around £16m-£18m so if the plan had gone through ACL would be cutting their debt by a factor of 4 ... or down by 75%.
That would give ACL room to lower the rent to what ccfc want.
But as we know Yorkshire Bank wouldn't play ball and CCC stepped in and bought the mortgage for £14m.
Again - the documents handed to the court is sisu's version. But I would think they know a judge would ask for some kind of evidence, so I expect they have more than just 'he said, they said ...'.
Edit: Had ACL been able to cut the mortgage to £5m it would also justify Higgs valuation on their shares and it would be a sound (value for money) investment for the club.
@ Torchy.....
When you said about "Your father paying for parking"..........It was during a debate on who gets the revenue from "Parking at the Stadium"
Selective memory kicking in yet Torchy?
Am I wrong in thinking this court case rest on supposed meeting(s) with no joint paperwork.
Does it really say SISU's plan was to screw the Yorkshire Bank with ACL in collaboration?
You were talking to I think Grenduffy and another poster at the time last year cba looking back over the last 12 months..but you definately said it mate, and No I won't feck off!!!:slap:
He never said that once again made up rubbish.
Still waiting for when you saw Malaga play.
The report does seem to read that way.
The report does seem to read that way!
Can you sue for false claims/libel if something's in a court submission? If it's not true then that might be the next day in court?
Papers served by Coventry City Football Club (Holdings) Ltd – signed by its hedge fund owner and Sisu boss Joy Seppala – also allege council executives were last year involved in talks over a joint plan to buy out the Ricoh company’s Yorkshire Bank mortgage for less than the £14million the council eventually paid for it.
Read more: http://www.coventrytelegraph.net/co...oventry-city-fc-92746-33265837/#ixzz2S3XL0pMJ
The High Court “statement of facts” contains lengthy claims about last year’s talks over rent; plans for Sisu to acquire Higgs’ half-share in ACL; and an alleged joint plan for Sisu to buy out the Yorkshire Bank mortgage as distressed debt.
Read more: http://www.coventrytelegraph.net/co...oventry-city-fc-92746-33265837/#ixzz2S3Y2V0Za
Not sure much is logical in the world of SISU.What I find interesting in all this is that the club is going for a judicial review for the judge to rule unlawful an action by the council that enabled ACL to offer a reduced rent to ... errr ... the club.
All very logical ain't it?
This is the collaboration to pay back Yorkshire bank less than owed, that only arises if ACL is under stress & can't make the payments.
And we only have the SISU side of things reported to make our minds up about what actually happened in these meetings. On a serious note given the YB sponsor a lounge, are a tenant etc at the Ricoh would ACL really risk annoying them?I'd have thought that it would place both Sisu and ACL/CCC in trouble with the Yorkshire Bank as well really.
Deliberately colluding to distress ACL in order to artificially reduce the amount that Yorkshire Bank would take to get a bad debt off their hands wouldn't go down too well with them I expect.
And we only have the SISU side of things reported to make our minds up about what actually happened in these meetings. On a serious note given the YB sponsor a lounge, are a tenant etc at the Ricoh would ACL really risk annoying them?
I'd have thought that it would place both Sisu and ACL/CCC in trouble with the Yorkshire Bank as well really.
Deliberately colluding to distress ACL in order to artificially reduce the amount that Yorkshire Bank would take to get a bad debt off their hands wouldn't go down too well with them I expect.
Corrected for you.
This is one of many reasons during the banking crisis in 2008 that hedge fund companies were heavily criticises for playing a part in the crisis. I'm sure Yorkshire bank and many other banking organisations will be critical of SISU if this does go to court.
Don't forget the "whiter than white" ACL.
Don't be so racist.
just out of interest when did the chairman of ACL leave ?................. Allvey left end of May 2012 wasnt it? ..... after CCFC stopped paying rent and an apparent meeting about working together to distress ACL in the eyes of Yorkshire Bank
I only ask because the job he went to was as non executive director of ................................Yorkshire Bank................ from August 2012
He never said that once again made up rubbish.
Still waiting for when you saw Malaga play.
With some people on here DAZ would be a better three letter description of ACL.
Who is a tosser?
Btw if you want to really get depressed, log-in to your work email account and see what bombshell has been dropped on us....I hope you're bringing your crucifix for Ey-up tomorrow!
Sorry, I was talking about SBK, not you! Honest!
I know I've already seen it. Bastards. The only crumb of comfort is that management have been slotted into their roles. I was worried about them.
I fear a KEN situation at LEA. And short-term, selfishly, I worry about the person whose job I am doing on a temporary basis until 1st July...I fear that may be it for me then!
Whilst I sympathise... I cant help but notice this thread has gone slightly off topic!!
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