In full: Appleton's report to the High Court (2 Viewers)

Brighton Sky Blue · May 26, 2013

Available to all who want a browse:

ftp://wck2.companieshouse.gov.uk/im...f6/cc/8e/98/blREX+0L0146-92955_9-08928590.pdf

italiahorse · May 26, 2013

Initial response
Iit took me longer to work out the administrators charges than to work out CCFC financial position.

Sky Blues · May 26, 2013

if CCFC Ltd owns the players' registrations (and ownership of the Golden Share suggests to me it should) then, if I am reading this correctly, the squad has a book value £466,742.

Not very much is it?

Brighton Sky Blue · May 26, 2013

The key bit for me is where it says 'We will likely recommend liquidation or a CVA'.

quinn1971 · May 26, 2013

Cant open the link bloody phones.grrrrrrr

Sky Blues · May 26, 2013

Brighton Sky Blue said:
The key bit for me is where it says 'We will likely recommend liquidation or a CVA'.

Yes, I read that bit a couple of times. I guess it comes down to whether someone wants to buy us - and Ltd having the Golden Share helps. Sisu might need to buy the company to obtain it (if their beneficial ownership claim fails) or it gives the administrator an asset someone else might want to buy.

wingy · May 26, 2013

It means SISU are exposed to hostile takeover ,admitted unwitingly by Fisher in yesterdays interview ,while attempting to play down any value inLTD.

quinn1971 · May 26, 2013

wingy said:
It means SISU are exposed to hostile takeover ,admitted unwitingly by Fisher in yesterdays interview ,while attempting to play down any value inLTD.

Thought the same. He was trying too hard to prove there is nothing in ltd.it was the bit when he said" whoever buys it should keep the receipt" they've ran out of ideas...times up fisher

Brighton Sky Blue · May 26, 2013

wingy said:
It means SISU are exposed to hostile takeover ,admitted unwitingly by Fisher in yesterdays interview ,while attempting to play down any value inLTD.

The same interview where he said the accounts weren't entirely true?

Otis · May 26, 2013

Brighton Sky Blue said:
Available to all who want a browse:

ftp://wck2.companieshouse.gov.uk/im...f6/cc/8e/98/blREX+0L0146-92955_9-08928590.pdf

Where's OSB?

wingy · May 26, 2013

Brighton Sky Blue said:
The same interview where he said the accounts weren't entirely true?

Yeah those accounts.
PWKH seemed to think there is a gaping hole between those presented June 12 and what ADMIN found March13.
Seems somethings missing from the Sisu end .
Could Otium facing being struck off then not being struck off cloud anything here??

jas365 · May 26, 2013

Who the hell is Walter Bosco??? He's listed as a director who resigned in Feb 2011.

Bluegloucester · May 26, 2013

jas365 said:
Who the hell is Walter Bosco??? He's listed as a director who resigned in Feb 2011.

I believe he works for SISU

wingy · May 26, 2013

jas365 said:
Who the hell is Walter Bosco??? He's listed as a director who resigned in Feb 2011.

Sounds like a Cartoon character.

SkyblueBazza · May 26, 2013

Brighton Sky Blue said:
The same interview where he said the accounts weren't entirely true?

I meant to ask last night...is TF making a public admission that they have falsified accounts? Or just that they have deliberately provided an Officer of Court with false documentation/accounts? Or what? TF please explain!

quinn1971 · May 26, 2013

jas365 said:
Who the hell is Walter Bosco??? He's listed as a director who resigned in Feb 2011.

Wasn't he in dukes of hazard

Brighton Sky Blue · May 26, 2013

wingy said:
Yeah those accounts.
PWKH seemed to think there is a gaping hole between those presented June 12 and what ADMIN found March13.
Seems somethings missing from the Sisu end .
Could Otium facing being struck off then not being struck off cloud anything here??

I'd like to know how ARVO is owed £11m for seemingly providing nothing tangible.

Brighton Sky Blue · May 26, 2013

SkyblueBazza said:
I meant to ask last night...is TF making a public admission that they have falsified accounts? Or just that they have deliberately provided an Officer of Court with false documentation/accounts? Or what? TF please explain!

If true there is something very wrong indeed!

SkyblueBazza · May 26, 2013

Brighton Sky Blue said:
If true there is something very wrong indeed!

Just think he should VERY promptly & very publicly explain what he means. Otherwise he might find himself in the dock.

quinn1971 · May 26, 2013

SkyblueBazza said:
Just think he should VERY promptly & very publicly explain what he means. Otherwise he might find himself in the dock.

Has anyone still got the link for the interview. Just want to double check what he said before I raise it as an issue.

Broken Hearted Sky Blue · May 26, 2013

O dear o dear o dear Joy I told you my four year old twin nieces were available to run the club too late now theyre going to school suggest you get Timmy to join the class he can play in the sandpit:jerkit:

olderskyblue · May 26, 2013

Point 4 could have been written by SISU. The rent was inherited by them, and clearly due diligence didn't see it as a problem, but it seems it now has a highly damaging effect on the long term viability of the company. Nothing about the huge management charges from ARVO then?

Worrying bit is about the rules of the FL confer a wide discretion whether any transfer of the golden share should be registered.

Brighton Sky Blue · May 26, 2013

SkyblueBazza said:
Just think he should VERY promptly & very publicly explain what he means. Otherwise he might find himself in the dock.

If only Linnell wasn't the one interviewing him.

deanocity3 · May 26, 2013

Brighton Sky Blue said:
If only Linnell wasn't the one interviewing him.

wish i was still there

Broken Hearted Sky Blue · May 26, 2013

Otis said:
Where's OSB?

Hope hes reading it love to see what he makes of it

Godiva · May 26, 2013

Having read that I have to say there is nothing new or extraordinary.
A lot is 'standard legal stuff' which you can find almost word-for-word in similar court statements.

Most significant word is 'ongoing'.

Brighton Sky Blue · May 26, 2013

Broken Hearted Sky Blue said:
Hope hes reading it love to see what he makes of it

I've only skim read it but there doesn't seem to be much untowards. Probably why I'm not an accountant...

Spionkop · May 26, 2013

Here's the link TF & the Higgs Charity chap are later on in the show. http://www.bbc.co.uk/programmes/p018sykg

Spionkop · May 26, 2013

Forgot to say - Go in at about 2.15 to avoid the other stuff.

Godiva · May 26, 2013

SkyblueBazza said:
I meant to ask last night...is TF making a public admission that they have falsified accounts? Or just that they have deliberately provided an Officer of Court with false documentation/accounts? Or what? TF please explain!

I would think he meant that most of the balance contains 'intercompany' debts. Which is of no real value.

The 'real' numbers are ACL debts, player registration, prepayments ... and the ARVO debenture.

TheRoyalScam · May 26, 2013

So CCFC Ltd have debts of £70m to other Sisu entities (including less than £1m owed to ACL), yet TF says we've 'moved on' from the problems of paying rent at the Ricoh and will groundshare for a minimum 3 years (at least halving income and losing at least c£12m) while building a new stadium (minimum cost £20m) outside the Coventry City boundary.

It doesn't make any sense whatsoever.

SISU were only interested in acquiring the Ricoh on the cheap, and CCCouncil called their bluff.

The next couple of weeks should be very interesting.

sw88 · May 26, 2013

Who's Walter Bosco? And Tims full name is pretty funny! His parents must hated him too

Skybluesquirrel · May 26, 2013

Godiva said:
I would think he meant that most of the balance contains 'intercompany' debts. Which is of no real value.

The 'real' numbers are ACL debts, player registration, prepayments ... and the ARVO debenture.

If you take that to the logical conclusion, I think you would have to look at the accounts of the parent company SBSL Ltd for the real numbers...

sw88 · May 26, 2013

I'm in the wrong job! Check out the hourly rate for administrators and staff!

Jack Griffin · May 26, 2013

Brighton Sky Blue said:
The key bit for me is where it says 'We will likely recommend liquidation or a CVA'.

What other options are they?

I don't really understand how the escrow can possibly count as payment for rent by CCFC?

In full: Appleton's report to the High Court (2 Viewers)

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