Official - we are in administration already (1 Viewer)

hill83 · Mar 26, 2013

covcity4life said:
yeh i think alot of people are ignoring this possible scenario

It's a very real possibility and a very risky game is being played.

mattylad · Mar 26, 2013

mattylad said:
ACL lawyer James Powell,

We had a letter from Football League confirming share is with #CCFC Ltd." "The FA also confirmed the FA share is with #CCFC Ltd. That co is in admin, with administrator appointed by Joy Sepalla

ACL to focus on #CCFCs administrator "undertaking their duties", with a view to a takeover adds "They (arvo/SISU) as debenture holder with a qualifying floating charge are able to appoint an administrator

We held off our application for a few days to get to the bottom of key issues inc FL shares. We're grateful to FL. There were inconsistencies in statements from the club. It's clear to us the whole club is in admin." CCFC Ltd is not a non-operating subsidiary as club claims. Club exists where FL & FA shares rest, with CCFC Ltd" The administrator came back with a report which, from #ACL's view, has a number of inaccuracies& inconsistencies" "it's outdated. My understanding is players' registrants should be where the co with the share rests, #CCFC Ltd we'll keep keen eye on administrator appointed by arvo, which is SISU & Joy Sepalla. Our focus shifts onto this administrator doing good job.

Admin gives best opportunity to a prospective purchaser to buy club" "That could bring financial stability & future success for Coventry City." END of James Powell

ACL lawyer Powell wouldn't be drawn on if #SISU now had whip hand as #CCFC main creditor with its chosen administrator

Its 1-0 SISU and they have possesion of the ball. Lets hope they dont decide to pick it up and go home or no one will be playing.

grego_gee · Mar 26, 2013

mattylad said:
Its 1-0 SISU and they have possesion of the ball. Lets hope they dont decide to pick it up and go home or no one will be playing.

Spot on! And I think you could say ACL have got a bloody nose! (its gonna cost them!)
but I don't think SISU will walk out, they seem to be consistently sticking with the ball and defending quite well!
They have woven a complex web and I really can't see anybody buying into that, (without their help).
But - the good news is

CCFC will survive
10 pts this year
the onerous rent deal will be gone,
and maybe the AVRO debt will be gone too....!!!! ???

imp:

SkyblueBazza · Mar 26, 2013

Still little sign of sufficient revenue on which to build a sound future at this moment in time

rob9872 · Mar 26, 2013

grego_gee said:
Spot on! And I think you could say ACL have got a bloody nose! (its gonna cost them!)
but I don't think SISU will walk out, they seem to be consistently sticking with the ball and defending quite well!
They have woven a complex web and I really can't see anybody buying into that, (without their help).
But - the good news is

CCFC will survive

10 pts this year

the onerous rent deal will be gone,

and maybe the AVRO debt will be gone too....!!!! ???

imp:

IF SISU buy it, they can probably just transfer the debt straight back in? A horrible thought but all I see is that it could be business as usual but we have a points deduction

jas365 · Mar 26, 2013

If they decide that the whole club is to be placed into admin and we get the points deduction, dosen't that mean that the £40+m creditor owed to SISU gets written off in the same way that the rent creditor did?

bamalamafizzfazz · Mar 26, 2013

mattylad said:
ACL lawyer James Powell,

We had a letter from Football League confirming share is with #CCFC Ltd." "The FA also confirmed the FA share is with #CCFC Ltd. That co is in admin, with administrator appointed by Joy Sepalla

ACL to focus on #CCFCs administrator "undertaking their duties", with a view to a takeover adds "They (arvo/SISU) as debenture holder with a qualifying floating charge are able to appoint an administrator

We held off our application for a few days to get to the bottom of key issues inc FL shares. We're grateful to FL. There were inconsistencies in statements from the club. It's clear to us the whole club is in admin." CCFC Ltd is not a non-operating subsidiary as club claims. Club exists where FL & FA shares rest, with CCFC Ltd" The administrator came back with a report which, from #ACL's view, has a number of inaccuracies& inconsistencies" "it's outdated. My understanding is players' registrants should be where the co with the share rests, #CCFC Ltd we'll keep keen eye on administrator appointed by arvo, which is SISU & Joy Sepalla. Our focus shifts onto this administrator doing good job.

Admin gives best opportunity to a prospective purchaser to buy club" "That could bring financial stability & future success for Coventry City." END of James Powell

ACL lawyer Powell wouldn't be drawn on if #SISU now had whip hand as #CCFC main creditor with its chosen administrator

What on earth does that mean??

rob9872 · Mar 26, 2013

bamalamafizzfazz said:
What on earth does that mean??

We're fucked!

Bennets Afro · Mar 26, 2013

If SISU rebought the club, would they have to pass the FL fit and proper owner test again

rob9872 · Mar 26, 2013

Bennets Afro said:
If SISU rebought the club, would they have to pass the FL fit and proper owner test again

They managed it last time so be prepared for another group that we have yet to hear from who ultimately turn out to be under their wing too!

mattylad · Mar 26, 2013

bamalamafizzfazz said:
What on earth does that mean??

a dominating position of advantage.

Delboycov · Mar 26, 2013

grego_gee said:
Spot on! And I think you could say ACL have got a bloody nose! (its gonna cost them!)
but I don't think SISU will walk out, they seem to be consistently sticking with the ball and defending quite well!
They have woven a complex web and I really can't see anybody buying into that, (without their help).
But - the good news is

CCFC will survive

10 pts this year

the onerous rent deal will be gone,

and maybe the AVRO debt will be gone too....!!!! ???

imp:

You seem to be talking about this outcome as fact.... It's been said by a few on here that SISU's dangerous juggling games regarding registrations,golden share, etc could result in a lot harsher penalties than you talk of here.....Do you know something they don't? If they're right then I think the scoreline is definitely not 1-0 SISU.

bamalamafizzfazz · Mar 26, 2013

mattylad said:
a dominating position of advantage.

Cheers thought there was some S&M shit going on in the courtroom.

mattylad · Mar 26, 2013

Bennets Afro said:
If SISU rebought the club, would they have to pass the FL fit and proper owner test again

If SISU want to carry on it needs to provide long term funding assurances to the administrator, put forward a suitable agreement for the paying off of debts owed agreeable with the main creditor (ARVO) and then show the football league it has a long term plan with a ground to play in.

From ACL's point of view it will have to accept whatever payout ARVO agree to and presuming no sale of the club is sorted then do a deal with the devil on the rent.

mattylad · Mar 26, 2013

bamalamafizzfazz said:
Cheers thought there was some S&M shit going on in the courtroom.

Its just an unconfirmed rumour that JS had TF on a dog leash at court today

hamil99 · Mar 26, 2013

Could sisu and Haskell be in it together? I mean could Haskell buy the stadium then sell it to sisu for a small profit, could this be sisu's devious plan all along?

warwickcccfc · Mar 26, 2013

hamil99 said:
Could sisu and Haskell be in it together? I mean could Haskell buy the stadium then sell it to sisu for a small profit, could this be sisu's devious plan all along?

You've just got to love a conspiracy theory!

If so, it'll make Joe Elliott and the SBT look like a right bunch of pricks, eh?

SkyBlueBlood · 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.

He has to do the deal which is most beneficial for the creditors, anything else would be unlawful.

Problem is that AVRO are the majority creditor and they are linked to SISU.

SkyblueBazza · Mar 26, 2013

Bennets Afro said:
If SISU rebought the club, would they have to pass the FL fit and proper owner test again

I doubt that would be an issue...has anyone ever failed it as long as they can prove access to money? SISU would be able to engineer that perception easily.

hamil99 · Mar 26, 2013

warwickcccfc said:
You've just got to love a conspiracy theory!

If so, it'll make Joe Elliott and the SBT look like a right bunch of pricks, eh?

Ur absolutely right mate, it is a complete conspiracy theory but Haskell did say he wanted to buy the stadium share and land b4 buying the club. That got alarm bells ringing for me!

wingy · Mar 26, 2013

rob9872 said:
They managed it last time so be prepared for another group that we have yet to hear from who ultimately turn out to be under their wing too!

Maybe we should remind the League while they deal with this that they were warned by some of us about the shady Arvo shennanigins around a year ago .That was tantamount to an ownership change and should have undergone fit and Proper.
While Im on here anyone who thinks Sisu are naive in mistakenly leaving theGolden share un LTD are naive.

CCFCSteve · Mar 26, 2013

SkyBlueBlood said:
He has to do the deal which is most beneficial for the creditors, anything else would be unlawful.

Problem is that AVRO are the majority creditor and they are linked to SISU.

Secured creditor, yes, majority, I'm still not sure. How much have they directly put into the club ? How much have they put in since the debenture ? As far as I'm aware all this is unclear. ACL have a huge claim in this. Basically 1.2m x the remainder of the lease, this is then mitigated by what they are likely to receive going forward ie 400k per annum. On top of this they have the back rent.

Still loads of questions.

mattylad · Mar 26, 2013

CCFCSteve said:
Secured creditor, yes, majority, I'm still not sure. How much have they directly put into the club ? How much have they put in since the debenture ? As far as I'm aware all this is unclear. ACL have a huge claim in this. Basically 1.2m x the remainder of the lease, this is then mitigated by what they are likely to receive going forward ie 400k per annum. On top of this they have the back rent.

Still loads of questions.

If that were true then ACL would not have withdrawn its earlier request nor admitted that ARVO have the right to place the club into administration. Once again these posts and pages are turning to conjecture, hope and down right bending of facts. Look at what is happening in court today, that is all the information anyone needs to make a reasonable judgement.

Doesn't any landlord have a duty to re rent a property to mitigate losses so I fail to see how you could go into court and claim for 40 plus years into the future?

CCFCSteve · Mar 26, 2013

Arvo are a secured creditor so have the right to appoint their own administrator. My point is that acl will be a huge unsecured creditor (which will be relevant when it comes to a cva proposal)

As I mention above they have a duty to mitigate their claim, however, they will never get the 1.2m p.a so there will be a substantial claim.

The court hearing today was regarding acls original application to put the club into administration (adjourned due to confusion over which entity owned which assets). Acl have now accepted arvos appointment as they are comfortable that the golden share lies with this entity (I believe all they want is the ability for someone else to buy the club). There's not much more they can do today.

I'm pretty sure all my comments are factual. Unfortunately I am not sure (nor is anyone else) where all the assets lie, what arvos final debt position is, how much of it can be secured (as the debenture is only 12+ months old) and how that figure was arrived at. These could all be relevant questions so if anyone knows the answers shout up.

mattylad · Mar 26, 2013

Breaking: lawyer for #CCFC Ltd administrator tells judge Cayman Islands-based hedge fund Arvo owed £8.4m. Overall debt £60m @covtelegraph

ccfcway · Mar 26, 2013

So Does that mean administrator has 8.4 million of secured debts through Avro and 1.3 million of unsecured debts to acl to consider. Hmm

SkybluG · Mar 26, 2013

so SISU will be able to vote through the deal they want from administrators as they have more than the 75% of creditor value required

Looks like SISU game is to write of £8 million of their money to get out of the rent deal

grego_gee · Mar 26, 2013

Cameron has just joined Northampton on loan - maybe that's a rent deal?

imp:

mattylad · Mar 26, 2013

I want to know how they get 60 million, even if at its prime the wage bill was 7-8 million it just does not add up.

davebart · Mar 26, 2013

mattylad said:
Breaking: lawyer for #CCFC Ltd administrator tells judge Cayman Islands-based hedge fund Arvo owed £8.4m. Overall debt £60m @covtelegraph

not bad for a club that was 'debt free' just a few years ago.

mattylad · Mar 26, 2013

davebart said:
not bad for a club that was 'debt free' just a few years ago.

Wouldn't you love to hear from Ranson! but then I am guessing part of that 60m was his pay off to keep quiet!

Gray · Mar 26, 2013

we were debt free at the fans forum at the start of the season according to fisher...more lies

procdoc · Mar 26, 2013

davebart said:
not bad for a club that was 'debt free' just a few years ago.

we were never debt free, it was just another of many SISU lies I bet. I wish nothing but bad things on Fisher & Seppala

SonofErnie · Mar 26, 2013

Depends on your definition of 'debt free'. Takeover 'costs' are included in the £60m somewhere, even if no money ever changed hands.

MatthewWallis · Mar 26, 2013

davebart said:
not bad for a club that was 'debt free' just a few years ago.

Pretty sure Fisher was saying not so long ago (Last summer) that there is no debt, I hate SISU and everyone connected to it more and more by the minute

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