oldskyblue58
CCFC Finance Director
That is to buy time to put the CCC loan in place i believe, at least that is how i read it
But also in those same emails is the following
"CCC is prepared to accept the Sisu offer of £5.5m as the value which they would have to meet should they exercise their right of preemption."
So were they saying they wouldnt let the Charity sell to SISU at all or were they saying they wouldn't sell with the loan structured as it was?
The bit that annoys me in those released emails is the details of a potential deal with Wasps in 2012. I have previously explained why it annoys me. But i have looked at the timelines, and whilst CCC were less than transparent with SISU the reverse was also true.
The Gidney email was dated 12/03/2012 and clearly did not suddenly happen and discussions happened for sometime before that. Was that deal as Wasps as anchor tenant? it looks to me like ACL were to own Wasps
On 21/04/2011 Otium was formed, sometime on or before 19/03/2012 ARVO lent Otium £2m who then lent it to CCFC(H). On 19/03/2012 ARVO took a charge over CCFCLtd and CCFCH ltd (not Otium) and as i explained at the time separated CCFC assets from its liabilities. Of course the financial year to 31/05/2012 was the year that assets couldn't be found or were mis-registered etc with accounts never being filed. Subsequently crucial for controlling the administration process
Both sides were being less than transparent at the same time. Neither were operating with CCFC as their primary concern. And i am not making excuses for either of them. Poor behaviour on all sides
But also in those same emails is the following
"CCC is prepared to accept the Sisu offer of £5.5m as the value which they would have to meet should they exercise their right of preemption."
So were they saying they wouldnt let the Charity sell to SISU at all or were they saying they wouldn't sell with the loan structured as it was?
The bit that annoys me in those released emails is the details of a potential deal with Wasps in 2012. I have previously explained why it annoys me. But i have looked at the timelines, and whilst CCC were less than transparent with SISU the reverse was also true.
The Gidney email was dated 12/03/2012 and clearly did not suddenly happen and discussions happened for sometime before that. Was that deal as Wasps as anchor tenant? it looks to me like ACL were to own Wasps
On 21/04/2011 Otium was formed, sometime on or before 19/03/2012 ARVO lent Otium £2m who then lent it to CCFC(H). On 19/03/2012 ARVO took a charge over CCFCLtd and CCFCH ltd (not Otium) and as i explained at the time separated CCFC assets from its liabilities. Of course the financial year to 31/05/2012 was the year that assets couldn't be found or were mis-registered etc with accounts never being filed. Subsequently crucial for controlling the administration process
Both sides were being less than transparent at the same time. Neither were operating with CCFC as their primary concern. And i am not making excuses for either of them. Poor behaviour on all sides
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