Official - we are in administration already (1 Viewer)

Baginton · Mar 26, 2013

Just heard Brendan Guilfoyle (football administrator) on BBC CWR confirm after talking to the football league, that our football league share 'is' with the compnay that was put into administration last week!

he said ACL cannot now apply to do what has already been done!

- basically SISU have assigned their own administrators

bring on the 10 points

todays case should be a 1 minute confirmation of the above and that is that.

coundonskyblue · Mar 26, 2013

Interesting that he said the administrator now has to follow normal practice and put the club up for sale.

Black6Osprey · Mar 26, 2013

So an immediate 10pts then.

What does that mean for getting shot of SISU? I assume they will be pushed out even if they dontbwant to go but are they going to dig their heels in and end up costing us another 15 pts for not going quietly ?

@richh87 · Mar 26, 2013

I am praying that he acts in the interests of the club and doesn't do the deal that is best for SISU.

Skybluedar · Mar 26, 2013

Well they completely lied to the fans in their press release saying that it would be business as usual and they hope to avoid a points deduction. They really are filth/scum and hopefully a takeover is completed sooner rather than later. Enough is enough. Bye bye SISU, good riddance.

warwickcccfc · Mar 26, 2013

If he's been appointed by SISU - which was the whole point of this act by SISU - then he WILL be acting in SISU's best interests.

Hold onto your hats, boys and girls, as if the above does transpire, this is going to get very messy.

Brighton Sky Blue · Mar 26, 2013

The club will only be sold to whoever SISU want it to be sold to-but the reality is they won't have much choice.

Baginton · Mar 26, 2013

warwickcccfc said:
If he's been appointed by SISU - which was the whole point of this act by SISU - then he WILL be acting in SISU's best interests.

Hold onto your hats, boys and girls, as if the above does transpire, this is going to get very messy.

Guilfoyle hasn't been appointed, he did say who it was but dont remember the name!

Sky Blues · Mar 26, 2013

Baginton said:
Just heard Brendan Guilfoyle (football administrator) on BBC CWR confirm with talks with the football league, that our football league share 'is' with the compnay that was put into administration last week!

he said ACL cannot now apply to do what has already been done!

- basically SISU have assigned their own administrators

bring on the 10 points

todays case should be a 1 minute confirmation of the above and that is that.

Did he say whether ACL can extend it to cover CCFC (Holdings) Ltd?

If the companies are judged as separate, what happens to the players? You can't have a company with League share and no players, or a company with players and no league share surely? The former could not complete the season (automatic expulsion?) and the latter has no league to play in this season. We can't have CCFC Ltd v CCFC (Holdings) playing each other in the Evostick next season.

@richh87 · Mar 26, 2013

This could, and because this club is cursed, will, drag on for months into next season. I bet we get more than one points deduction.

RoboCCFC90 · Mar 26, 2013

WE LOVE CITY,
WE HATE SISU,
WE LOVE CITY,
AND WE HATE SISU,
WE LOVE CITY,
WE HATE SISU,
WE LOVE CITY,
AND WE HATE SISU!!!

:blue::blue::blue::blue::blue:

LarryGrayson · Mar 26, 2013

@richh87 said:
I am praying that he acts in the interests of the club and doesn't do the deal that is best for SISU.

hell do the deal thats best for the creditors the same as any other admin

Brighton Sky Blue · Mar 26, 2013

Besides-I thought the hearing was now about whether CCFC Holdings should be in administration as well as CCFC Ltd?

Diehard Si · Mar 26, 2013

So a new investor can then buy out ccfc limited and with it the right to play football? (its the share that gives this)

So PH4 or someone else could buy this out and leave Sisu with no right to the club.

warwickcccfc · Mar 26, 2013

Diehard Si said:
So a new investor can then buy out ccfc limited and with it the right to play football? (its the share that gives this)

So PH4 or someone else could buy this out and leave Sisu with no right to the club.

From what I read, he wants the Ricoh and surrounding land first before the club

ccfchandsy · Mar 26, 2013

Wtf I'm totally confused by this now have we got a team that can play or not

Brighton Sky Blue · Mar 26, 2013

warwickcccfc said:
From what I read, he wants the Ricoh and surrounding land first before the club

Without that there's no point in owning the club.

Sky Blues · Mar 26, 2013

Diehard Si said:
So a new investor can then buy out ccfc limited and with it the right to play football? (its the share that gives this)

So PH4 or someone else could buy this out and leave Sisu with no right to the club.

But with the transfer deadline passed and no players attached to CCFC Ltd, who would they field to complete the season? It would either take the court or Football League to rule their transfer to (Holdings) was invalid - cue expensive legal battle - or special dispensation from the league to bring players in to complete the season or the judge today deciding that the two companies are inextricably linked. What a flipping mess!

Colin1883 · Mar 26, 2013

Do sisu "save face" with their other investors if they are forced out of the club?

sw88 · Mar 26, 2013

So just before the last hearing, the club wasnt in admin, and just before todays appearance we are!

Sounds a bit dodgy to me!

Reckon they've spent the last 4 days switching the league registration back to the company who should have had it to avoid being sued for (what was the term?) 'sale undervalue'?

I imagine they're know some crooks who could adapt paperwork quite easily for a few $$

italiahorse · Mar 26, 2013

Baginton said:
Just heard Brendan Guilfoyle (football administrator) on BBC CWR confirm after talking to the football league, that our football league share 'is' with the compnay that was put into administration last week!

he said ACL cannot now apply to do what has already been done!

- basically SISU have assigned their own administrators

bring on the 10 points

todays case should be a 1 minute confirmation of the above and that is that.

He's not 'the' administrator so he is offering his opinion. Therefore official is a little early.

Sky Blues · Mar 26, 2013

sw88 said:
So just before the last hearing, the club wasnt in admin, and just before todays appearance we are!

Sounds a bit dodgy to me!

Reckon they've spent the last 4 days switching the league registration back to the company who should have had it to avoid being sued for (what was the term?) 'sale undervalue'?

I imagine they're know some crooks who could adapt paperwork quite easily for a few $$

Or they cocked up monumentally. Wasn't there a suggestion that they thought they could treat the Golden Share like any other asset and just lodge a claim with the administrator to have it transferred to in lieu of the mystery debt owed to ARVO?

mattylad · Mar 26, 2013

Okay here is where we are today with the new news.....

1) ACL will today withdraw it request for Admin as CCFC Ltd is already in admin
2) ARVO as the main creditor have the right to appoint the administrator (and have already done so)
3) Despiste CCFC Holding trying to lay claim on the golden share it does reside with CCFC Ltd (it should now go back to the league until a deal is struck)
4) SISU will need to agree with the ARVO appointed administrator to continue funding the club long term if they want any chance of retaining control (If they do and the league agree's then they do not need to sell the club)
5) If SISU say enough is enough then ARVO could push the administrator for liquidation of the club
6) The administrator will have to listen to all offers for the club and do what is best for the main creditor
7) ARVO will have the right to veto any proposed CVA it does not like and this could lead to -15/-25 point start next season

AFCCOVENTRY · Mar 26, 2013

warwickcccfc said:
From what I read, he wants the Ricoh and surrounding land first before the club

No he can't. What was said he wants the Higgs share and redevelop but he can't do that without owning the club first.

The Higgs share is solely for sale to Coventry city football club until 2015 or 2016 can't remember which year.

CCFC_GT · Mar 26, 2013

Just to clarify ... Guilfoyle is the administrator that ACL wanted to appoint

Diehard Si · Mar 26, 2013

Sky Blues said:
But with the transfer deadline passed and no players attached to CCFC Ltd, who would they field to complete the season? It would either take the court or Football League to rule their transfer to (Holdings) was invalid - cue expensive legal battle - or special dispensation from the league to bring players in to complete the season or the judge today deciding that the two companies are inextricably linked. What a flipping mess!

League 2 here we come!

All well, get to see some new grounds... Win some more games..... /sarcasm.

Delboycov · Mar 26, 2013

mattylad said:
Okay here is where we are today with the new news.....

1) ACL will today withdraw it request for Admin as CCFC Ltd is already in admin
2) ARVO as the main creditor have the right to appoint the administrator (and have already done so)
3) Despiste CCFC Holding trying to lay claim on the golden share it does reside with CCFC Ltd (it should now go back to the league until a deal is struck)
4) SISU will need to agree with the ARVO appointed administrator to continue funding the club long term if they want any chance of retaining control (If they do and the league agree's then they do not need to sell the club)
5) If SISU say enough is enough then ARVO could push the administrator for liquidation of the club
6) The administrator will have to listen to all offers for the club and do what is best for the main creditor
7) ARVO will have the right to veto any proposed CVA it does not like and this could lead to -15/-25 point start next season

All very worrying indeed...

Sky Blues · Mar 26, 2013

mattylad said:
Okay here is where we are today with the new news.....

1) ACL will today withdraw it request for Admin as CCFC Ltd is already in admin
2) ARVO as the main creditor have the right to appoint the administrator (and have already done so)
3) Despiste CCFC Holding trying to lay claim on the golden share it does reside with CCFC Ltd (it should now go back to the league until a deal is struck)
4) SISU will need to agree with the ARVO appointed administrator to continue funding the club long term if they want any chance of retaining control (If they do and the league agree's then they do not need to sell the club)
5) If SISU say enough is enough then ARVO could push the administrator for liquidation of the club
6) The administrator will have to listen to all offers for the club and do what is best for the main creditor
7) ARVO will have the right to veto any proposed CVA it does not like and this could lead to -15/-25 point start next season

Is ARVO the main creditor because it pushed CCFC Ltd into admin (assuming that was the vehicle used) or because they are owed a greater sum than ACL?

Delboycov · Mar 26, 2013

Diehard Si said:
League 2 here we come!

All well, get to see some new grounds... Win some more games..... /sarcasm.

It'll do us good to spend a couple of years down there then maybe go down to the BSP for a season....Get to win loads of games, crowds come back, be massive etc etc (The thing is there are probably some fans that actually think this!)

Gray · Mar 26, 2013

is there still a chance the court could over rule SISU and put their own administrator in?

Baginton · Mar 26, 2013

italiahorse said:
He's not 'the' administrator so he is offering his opinion. Therefore official is a little early.

He confirmed where the league share is, and that is the company placed into admin last week,

fairly straight forward.

Mary_Mungo_Midge · Mar 26, 2013

Brighton Sky Blue said:
Besides-I thought the hearing was now about whether CCFC Holdings should be in administration as well as CCFC Ltd?

IN that regard, I guess Fisher now regrets the Telegraph statement looking at the two businesses Coventry City Football Club (Holdings) Limited (“CCFC Holdings”) and Coventry City Football Club Limited in which he states:

In day-to-day activities there is little distinction between the two companies.

http://www.coventrytelegraph.net/co...oventry-city-fc-92746-30203587/#ixzz2OdOvZmTR

Baginton · Mar 26, 2013

Gray said:
is there still a chance the court could over rule SISU and put their own administrator in?

not according to Guilfoyle, no.

Jack Griffin · Mar 26, 2013

Sky Blues said:
Is ARVO the main creditor because it pushed CCFC Ltd into admin (assuming that was the vehicle used) or because they are owed a greater sum than ACL?

Yes, both of them.

mattylad · Mar 26, 2013

Sky Blues said:
Is ARVO the main creditor because it pushed CCFC Ltd into admin (assuming that was the vehicle used) or because they are owed a greater sum than ACL?

I said all along that I had a nasty feeling that ACL were playing into SISU hands by pushing the club towards admin and I still think that this is the case. At what point the floating charge became a fixed charge to ARVO we don't know but common sense says prior to placing CCFC Ltd into admin it must have technically informed ARVO that it could no longer meet its debts and so a mechanism was triggered.

Official - we are in administration already (1 Viewer)

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