Golden Share up for sale today (1 Viewer)

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'Golden share' up for sale today, insists Coventry City administrator


Bids sought for Coventry City Football Club Ltd - but investors can't be sure of what they are bidding for



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Paul Appleton


Coventry City Football Club Ltd’s administrator Paul Appleton said last night he was putting its assets up for sale today.
He added the “rights, title or interest” in the golden share was also up for sale – for interested parties to advance bids.
But he added provisional bids were invited while he continued his investigations into what assets rested with CCFC Limited – the company in administration.
And he warned: “Investigations could go on for a very long time. There is competing and conflicting evidence.”
He added: “We may have to go back to court at some stage if we can’t get to the bottom of it.”

He denied his report was likely to result in Sisu continuing to run the club, adding: “It’s clear Sisu are interested in continuing the football club.
“I think we just have to wait and see what happens. We’re trying to do everything we can to push this forward.”
He said the competing arguments over the golden share included a potential conflict between it’s “legal ownership and beneficial ownership” – with Sisu-owned CCFC Holdings Ltd claiming to have a beneficial ownership as the club’s trading company and investors.

Mr Appleton said investigations included into the complex history since 1907 when a company called The Coventry City Football Club Ltd was set up, since when it operated as “the entity responsible for managing the business affairs of the professional football club.”

That company became CCFC Holdings Ltd, and Coventry City Football Club Ltd was incorporated as a subsidiary on May 16, 1995 when the club was competing in the Premier League.
It is claimed when the club was relegated in 2001 back into the Football League, the golden share was registered with Coventry City Football Club Ltd.
The “The” at the start of the company’s name had been dropped, which it is claimed is key to the confusion.
Asked how the company could be up for sale when he wasn’t clear what assets were in it, Mr Appleton said he was starting the sale process while continuing his investigations, but it was for any prospective purchaser to decide what assets were being offered.

 

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[gaziola]

What a load of cr*p. Sisu, sell up and f*ck off

 

[Otis]

'Golden share' up for sale today, insists Coventry City administrator


Bids sought for Coventry City Football Club Ltd - but investors can't be sure of what they are bidding for



Share on printShare on email

Paul Appleton


Coventry City Football Club Ltd’s administrator Paul Appleton said last night he was putting its assets up for sale today.
He added the “rights, title or interest” in the golden share was also up for sale – for interested parties to advance bids.
But he added provisional bids were invited while he continued his investigations into what assets rested with CCFC Limited – the company in administration.
And he warned: “Investigations could go on for a very long time. There is competing and conflicting evidence.”
He added: “We may have to go back to court at some stage if we can’t get to the bottom of it.”

He denied his report was likely to result in Sisu continuing to run the club, adding: “It’s clear Sisu are interested in continuing the football club.
“I think we just have to wait and see what happens. We’re trying to do everything we can to push this forward.”
He said the competing arguments over the golden share included a potential conflict between it’s “legal ownership and beneficial ownership” – with Sisu-owned CCFC Holdings Ltd claiming to have a beneficial ownership as the club’s trading company and investors.

Mr Appleton said investigations included into the complex history since 1907 when a company called The Coventry City Football Club Ltd was set up, since when it operated as “the entity responsible for managing the business affairs of the professional football club.”

That company became CCFC Holdings Ltd, and Coventry City Football Club Ltd was incorporated as a subsidiary on May 16, 1995 when the club was competing in the Premier League.
It is claimed when the club was relegated in 2001 back into the Football League, the golden share was registered with Coventry City Football Club Ltd.
The “The” at the start of the company’s name had been dropped, which it is claimed is key to the confusion.
Asked how the company could be up for sale when he wasn’t clear what assets were in it, Mr Appleton said he was starting the sale process while continuing his investigations, but it was for any prospective purchaser to decide what assets were being offered.

“It’s clear Sisu are interested in continuing the football club."

I hear this and keep asking myself, why? why would they still be interested? The club has been nothing but a millstone around their necks.

They have lost money, it's been a bad investment and they are dealing with stadium owners who distrust them and who have no intention of letting them get their hands on the arena and also with a large proportion of the City faithful who also distrust them and wish them gone..

So, you have to ask yourself, why? It doesn't make sense.

Someone wants to buy the club and their stance should be holding out for as much money they can get from the sale. I just can't understand why they wish to continue running the club with no prospect of a rosy future ahead.

 

[jon92]

Already a thread just keep it in one

 

[bigfatronssba]

What a load of crap.

Company names change all the time. The share will have been issued to a company registration number, not a name.

 

[skybluepm2]

I think this guy will end up in the same popularity league as Timmy, Orange Ken and Joy. To say his statement speaks in riddles would be the understatement of the century. It was so obvious this was going to happen in true CCFC style. The part of the club in administration is up for sale but there is no definitive list of what that involves. I don't think for a second that there is any positivity to take from this.

The parts that worry me are 'investigations could go on for a very long time' (not surprised with his hourly rate!) and 'it's clear SISU are interested in continuing the football club'. Another sorry day in our recent history I genuinely fear the worst for our mere existence.

The confusion involves dropping 'The' from the name...yup a real head scratcher that one you mixture of Matt Dawson/Lawrence Dallaglio.

And why the hell is he looking so smug for the absolute c-unit?! Nothing to smile about here sunshine you SISCUM plant.

Sorry for such a negative early Mornjng rant but this was not the news I wanted to wake up to

SO

 

[Bennets Afro]

I've been told he has done around 30 administrations for SISU before.

 

[stupot07]

“It’s clear Sisu are interested in continuing the football club."

I hear this and keep asking myself, why? why would they still be interested? The club has been nothing but a millstone around their necks.

They have lost money, it's been a bad investment and they are dealing with stadium owners who distrust them and who have no intention of letting them get their hands on the arena and also with a large proportion of the City faithful who also distrust them and wish them gone..

So, you have to ask yourself, why? It doesn't make sense.

Someone wants to buy the club and their stance should be holding out for as much money they can get from the sale. I just can't understand why they wish to continue running the club with no prospect of a rosy future ahead.

Problem is Otis, sisu and their investors haven't actually lost their money yet, all their investments are as loans / liabilities on the ccfc balance sheet as money owed to them. It's only when they sell up that will their losses be realised.

 

[Otis]

True, but they are not wanted here and are clearly not going to get their hands on the stadium. You therefore have to ask, what's the point?

 

[stupot07]

I suppose from their point of view they need the lease and the golden share to validate holdings, in order to sell for what they would deem an acceptable price. It's so frustrating.

 

[gally9]

If SISU wanted out it wouldn't matter where the golden share was as they would just sell both surely?

If the golden share is in holdings then we will be stuck with sisu.

If the golden share is in limited and the administrator starts stalling is it because sisu don't want out but are a little bit in the shit?

All conjecture and none of it makes sense.. But at least Pressley is trying to bring stability to the footballing side, it's like trying to build a house on jelly.. Poor bastard

 

[sky blue john]

the more i hear the more i believe this is a scam cooked up between Sisu and appleton to sell something that has no value, or make it appear that it has no value !!!

 

[DazzleTommyDazzle]

If I understand correctly:

The administrator is putting CCFC Ltd up for sale today.

At this stage he is unaware if the golden share is in Ltd.

As far as I can see, there are no other assets in Ltd (the rates rebate will be eaten by fees).

Any sale would be on a "no warranties" basis - i.e. it will be the buyer's risk as to what he actually gets.

So, we have two potential types of purchasers:

The first type are third parties who could be spending their money on buying what is effectively a dormant company with no assets.

The second type are SISU. If they buy Ltd, they are certain to have the golden share as they already own Holdings.

Hmmmmmm..................................

 

[Otis]

Could this be their way of trying to get co-investment, by only selling part of the club?

 

[gally9]

It's like monopoly, except there is no chance of sisu building a hotel, as they are cunts

 

[Godiva]

True, but they are not wanted here and are clearly not going to get their hands on the stadium. You therefore have to ask, what's the point?

Can you (or me or anybody else) really be 100% certain the club will not end up owning ACL with sisu still here?
It looks that way today - but the future it hard to predict.

Say sisu bid for Limited unconditionally while PH4 consortium bid on condition the GS is part of Limited, then it may seem quite possible sisu wins back Limited. Then PH4 will probably lose his patience and decide to spend his energy on other ventures.
Is that totally unrealistic?

If that happens, then we're back to the sisu vs ACL deathmatch with the crucial difference that ACL will have lost their ammunition.

The petition demand ccfc plays at the Ricoh. The Trust is adament ccfc must play at the Ricoh. We think that put pressure on sisu, but in fact that put more pressure on ACL and ccc if PH4 walk away.

The sisu court claim that the ccc bailout is illegal may well increase the pressure and lead to the club taking over the loan.

So can anybody be 100% certain that the club will never own ACL when sisu is here?

 

[Sky Blue Kid]

Why are SISU making plans for next season???
Could the "GS in CCFC ltd" be a red herring created by SISU???
If PH4 buys the CCFC ltd and the half share in the Ricoh and the GS isn't in there, it would give SISU the credence to move the Club out of Coventry.
I beleive Appleton knows where the GS is. My "Gut Feeling" tells me we're stuck with SISU....Hope I'm wrong!

 

[DazzleTommyDazzle]

Say sisu bid for Limited unconditionally while PH4 consortium bid on condition the GS is part of Limited, then it may seem quite possible sisu wins back Limited. Then PH4 will probably lose his patience and decide to spend his energy on other ventures.
Is that totally unrealistic?

Far from being totally unrealistic - it appears that that is exactly the way that things are being positioned (see my post above).

 

[Godiva]

Far from being totally unrealistic - it appears that that is exactly the way that things are being positioned (see my post above).

And listening to the two lawyers this morning answers the old question raised by many: Why was it urgent for sisu that they themselves put limited into administration?
The proces and outcome would have been totally different if ACL had been in control of the administration.

 

[DazzleTommyDazzle]

And listening to the two lawyers this morning answers the old question raised by many: Why was it urgent for sisu that they themselves put limited into administration?
The proces and outcome would have been totally different if ACL had been in control of the administration.

I'm out of the area, so didn't hear that.

Would you mind giving a summary of what was said?

 

[Godiva]

I'm out of the area, so didn't hear that.

Would you mind giving a summary of what was said?

I think it's been done in other threads, but it all centers around limited being put up for sale without buyers knowing what they will be buying. The administrator think ownership of the GS may need to be decided by courts. ALC administrator was hinting (but not saying) that the proces is designed and orchestrated by sisu to make sure they will stay owners of the club.

 

[DazzleTommyDazzle]

I think it's been done in other threads, but it all centers around limited being put up for sale without buyers knowing what they will be buying. The administrator think ownership of the GS may need to be decided by courts. ALC administrator was hinting (but not saying) that the proces is designed and orchestrated by sisu to make sure they will stay owners of the club.

Thanks for that.

Have to say that that's the way I see it.

 

[Bluegloucester]

I've been told he has done around 30 administrations for SISU before.

That's bollocks!

 

[CovLis86]

Very concerned that a lot of the signs are pointing to this working in sisu favour, and not only that, but them managing to wipe a tonne of debt off and get off Scott free and still holding all the cards... Not happy.

 

[Colin1883]

I'm selling a car but I seem to of mislaid the engine...

Anybody interested should make an offer by ...
sos (sold as seen)

 

[Steve.B50]

Next point of call should be the FL.

 

[theferret]

Very concerned that a lot of the signs are pointing to this working in sisu favour, and not only that, but them managing to wipe a tonne of debt off and get off Scott free and still holding all the cards... Not happy.

You might be right not to be happy, but what is this tonne of debt? You mean the debt to ACL? The rest they owe to themselves so it is irrelevant.

The issue of the GS will only be resolved in court. That was always going to be the case so they should just get on with it.

 

[Brighton Sky Blue]

All 'debt' is to themselves. There is a consortium with solid interest right there-why not talk to them and get your money back?

 

[theferret]

What a load of crap.

Company names change all the time. The share will have been issued to a company registration number, not a name.

But it wasn't linked to a company registration number - that is the problem. Do you think if it was we'd be going through all this? Have you not been listening for the last 2 months?

 

[wingy]

Havnt read the thread buf is this not like an auction of airport lost poroperty where yuou purchase a case without knowing the contents

 

[MichaelCCFC]

“It’s clear Sisu are interested in continuing the football club."

I hear this and keep asking myself, why? why would they still be interested? The club has been nothing but a millstone around their necks.

They have lost money, it's been a bad investment and they are dealing with stadium owners who distrust them and who have no intention of letting them get their hands on the arena and also with a large proportion of the City faithful who also distrust them and wish them gone..

So, you have to ask yourself, why? It doesn't make sense.

Someone wants to buy the club and their stance should be holding out for as much money they can get from the sale. I just can't understand why they wish to continue running the club with no prospect of a rosy future ahead.

Otis, there was a thread yesterday on a similat theme of 'it doesn't make sense' but it might be we're all thinking about this in the wrong way ie sisu just a very particular type of business with a particular way of acting? One of the few bits of info you can find about sisu is the Times 2005 article which gets mentioned on here from time to time and that said things like Sisu is one of a number of hedge funds that “are refusing to play by the traditional rules". The article was about a sisu-KPMG court case which sisu lost with the article saying sisu were left with an estimated legal bill of at least £6m whereas the deal proposed by KPMG would have resulted in a £30m profit for sisu and that even if sisu had won the case it would have increased the payout by just a few more million pounds. So this is very different approach to what a 'normal' business would do and there is a clear example of them being prepared to lose a lot of money when they think they are entitled to something/want to prove a point. If, as a lot of people seem to believe, sisu's real aim is distressing acl then hanging on to ccfc for as long as possible makes perfect sense. It's plausible to argue that they have no interest in success on the pitch (they just want to stem losses on that side of things) and the real prize for them is getting the ricoh on the cheap. From this perspective sisu are behaving in what for them is a rational and perhaps predicatable way - althouhg I'm v happy to say I might be talking complete rubbish!

 

[Brighton Sky Blue]

Surely their investors are king for them? Haskell's interest is concrete-talk to his consortium and your investors can get some of that cash back.

 

[Godiva]

All 'debt' is to themselves. There is a consortium with solid interest right there-why not talk to them and get your money back?

They won't be offered their money back, will they? They will be offered £1 and that is pretty much it. Don't think for a second that PH4 or any potential investors would pay millions to sisu.

 

[Brighton Sky Blue]

They won't be offered their money back, will they? They will be offered £1 and that is pretty much it. Don't think for a second that PH4 or any potential investors would pay millions to sisu.

I don't think any bidding party would be as naive as to believe they will go for nothing.

 

[MichaelCCFC]

Surely their investors are king for them? Haskell's interest is concrete-talk to his consortium and your investors can get some of that cash back.

That makes sense to me, but seeing that sisu were prepared to lose £30-40m in the KPMG case - and if you accept what a lot of people say ie sisu want to distress acl - then maybe there is a different logic sisu are following?