Paul Appleton you can go down in Sky Blue History today (1 Viewer)

[italiahorse]

Today seems like the start of the end.
Paul Appleton you can influence the most positive change in Sky Blues history.
Go with your heart on this one.

 

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[SkyblueBazza]

Today seems like the start of the end.
Paul Appleton you can influence the most positive change in Sky Blues history.
Go with your heart on this one.

Yeah, just pop your Insolvency Practitioner Licence in the post & join the JobSeekers queue.

 

[Broken Hearted Sky Blue]

Yeah, just pop your Insolvency Practitioner Licence in the post & join the JobSeekers queue.

See what he has to say today and if he says what I fear he will then I suggest he seeks alternative employment in an area he would feel more comfortable in:thinking about:

 

[Broken Hearted Sky Blue]

Suggestions on a postcard please

 

[covcity4life]

probably missed something but whats so special about today?

 

[SkyblueBazza]

See what he has to say today and if he says what I fear he will then I suggest he seeks alternative employment in an area he would feel more comfortable in:thinking about:

The point is that no matter what his heart tells him - he has to go with the rules of his job (= his head)

 

[SkyblueBazza]

probably missed something but whats so special about today?

Nothing overly - Creditor's meeting with the administrator.

 

[Broken Hearted Sky Blue]

The point is that no matter what his heart tells him - he has to go with the rules of his job (= his head)

Depends which head

 

[mattylad]

yeah lets just wait and see bcos if sisu offer 50p in the pound via debt reduction then will probably be the best price the administrator gets

 

[BrisbaneBronco]

Well considering the deadline for bids is not until Friday. What can he say if no bids are in yet.

 

[Sky blue north east]

Would help if somebody actually put a bid in instead just coming out in the media talking bout it....

 

[theferret]

Well we already know SISU have offered to pay off all 3rd party creditors in full, and as the largest creditor they have bid to take on the company themselves - in other words SISU's offer satisfies all creditors. PA's job is to act in the interests of the creditors, in which case I fail to see how any of the the other bidders are able to offer a better deal than that. That is the pessimist in me, but perhaps PH4, the Chinese or even the administrator himself will throw a curve ball and take us all by surprise. Personally I cannot see any other outcome other than SISU buy back Ltd, but I am hopeful that would then open to door to take over talks with one or more of the interested parties.

 

[Lord_Nampil]

When does putting a company into administration then buying it back not fraud??? Just a question

 

[Si80]

Well we already know SISU have offered to pay off all 3rd party creditors in full, and as the largest creditor they have bid to take on the company themselves - in other words SISU's offer satisfies all creditors. PA's job is to act in the interests of the creditors, in which case I fail to see how any of the the other bidders are able to offer a better deal than that. That is the pessimist in me, but perhaps PH4, the Chinese or even the administrator himself will throw a curve ball and take us all by surprise. Personally I cannot see any other outcome other than SISU buy back Ltd, but I am hopeful that would then open to door to take over talks with one or more of the interested parties.

But if they're only bidding for CCFC Ltd then surely that's just covering the monies owed under any agreement that was in place with Ltd? So that's the rent isn't it?

Isn't the associated £69M debt against Holdings rather than Ltd?

 

[italiahorse]

Well we already know SISU have offered to pay off all 3rd party creditors in full, and as the largest creditor they have bid to take on the company themselves - in other words SISU's offer satisfies all creditors. PA's job is to act in the interests of the creditors, in which case I fail to see how any of the the other bidders are able to offer a better deal than that. That is the pessimist in me, but perhaps PH4, the Chinese or even the administrator himself will throw a curve ball and take us all by surprise. Personally I cannot see any other outcome other than SISU buy back Ltd, but I am hopeful that would then open to door to take over talks with one or more of the interested parties.

I can't believe that if SISU buy the club then the only debt they have to pay, other than what they owe themselves, is £1M
If others bid they have to take on board this £1M debt plus the SISU internal debt of £60M
Surely I've got this wrong?

 

[Bill Glazier]

Well we already know SISU have offered to pay off all 3rd party creditors in full, and as the largest creditor they have bid to take on the company themselves - in other words SISU's offer satisfies all creditors. PA's job is to act in the interests of the creditors, in which case I fail to see how any of the the other bidders are able to offer a better deal than that. That is the pessimist in me, but perhaps PH4, the Chinese or even the administrator himself will throw a curve ball and take us all by surprise. Personally I cannot see any other outcome other than SISU buy back Ltd, but I am hopeful that would then open to door to take over talks with one or more of the interested parties.

This outcome is looking horribly likely. Sisu may not have a clue about running CCFC but they sure know how to handle administration. They may be clever tacticians but seem to be hopeless strategists though. Just what is their long term plan? Do they have a plan beyond surviving next week?

 

[Evo1883]

can you or anybody else even see why SISU seem so keen about holding on to ccfc,this was the perfect opportunity for them to bail and do 1 ,yet they still stand firm ,would love to know the real reason why

 

[Godiva]

can you or anybody else even see why SISU seem so keen about holding on to ccfc,this was the perfect opportunity for them to bail and do 1 ,yet they still stand firm ,would love to know the real reason why

Ever since they took over there have been people saying 'they're here for the short term'. Yet at every oportunity they have said 'we're here for the long run - the club is not for sale'.

Maybe it's time to actually think they might mean it?

 

[James Smith]

Ever since they took over there have been people saying 'they're here for the short term'. Yet at every oportunity they have said 'we're here for the long run - the club is not for sale'.

Maybe it's time to actually think they might mean it?

Well the club is for sale now, and the past few months have seemed like an eternity, so can we call this the end of the long run and wave them goodbye? Please......?

 

[Godiva]

Well the club is for sale now, and the past few months have seemed like an eternity, so can we call this the end of the long run and wave them goodbye? Please......?

I believe Fisher said yesterday - or the day before - that the club is not for sale.
So clearly he belive sisu will stay owners. At least for another three years.

 

[wingy]

I believe Fisher said yesterday - or the day before - that the club is not for sale.
So clearly he belive sisu will stay owners. At least for another three years.

He may say that pulicly but the Impression I got last night was a guy that feels the position of the club is indeed threatened by the hostile takeover,People seem convinced its relatively simple for them to fend it off ,I'm not so sure. Why do you think there is a two week delay Godiva?? Is he going to get this witheld information or would that not affect a Creditors meeting?

 

[italiahorse]

I believe Fisher said yesterday - or the day before - that the club is not for sale.
So clearly he belive sisu will stay owners. At least for another three years.

I'm hoping he is only doing this to try and get a good price.
We all know when we sell something like a car we all say we don't really want to let it go but ..........
Your not going to say its unreliable, a money guzzler and would overheat before it got even to Walsall.

 

[Jack Griffin]

I can't believe that if SISU buy the club then the only debt they have to pay, other than what they owe themselves, is £1M
If others bid they have to take on board this £1M debt plus the SISU internal debt of £60M
Surely I've got this wrong?

But not at a full £1 per £1 (maybe 20p in the £) and not without due diligence.. it depends on the offer.. if it means SISU get out without a hit they'd be fools not to take the best offer and get the hell out, they've lost all good will now & if they buy the club back then they'll have to go through with aliening everyone that loves the club for the sake of their profit, which they may or may not get in 10 years.. whatever they do that doesn't involve selling is now very very high risk.

I'm sure SISU's exit is best for the club, but there are things that are worrying about new owners..

1) Who are they?
2) Will they write of the debt in the club (unlike SISU)
3) Will they stay & be beneficial for Coventry

I'm not sure now what I thought when SISU took over, but if I didn't say hedge fund beware I bloody well should have!

 

[Godiva]

He may say that pulicly but the Impression I got last night was a guy that feels the position of the club is indeed threatened by the hostile takeover,People seem convinced its relatively simple for them to fend it off ,I'm not so sure. Why do you think there is a two week delay Godiva?? Is he going to get this witheld information or would that not affect a Creditors meeting?

I can fully understand if Fisher feel his position is threatened, but I think it is not so much a potential takeover - more that he has failed completely in getting the fans with him. He is in a pretty tough spot between owners who seem determined to get their way, and the fans who are on a rage against them. I certainly wouldn't have his job!

I don't know why there's a two week delay - I've heard about it but haven't read or heard suggestions as to why.
Is it something to do with all bids been given on set conditions? Or is it to give the creditors time to go through the different bids and select the best option?

 

[wingy]

I can fully understand if Fisher feel his position is threatened, but I think it is not so much a potential takeover - more that he has failed completely in getting the fans with him. He is in a pretty tough spot between owners who seem determined to get their way, and the fans who are on a rage against them. I certainly wouldn't have his job!

I don't know why there's a two week delay - I've heard about it but haven't read or heard suggestions as to why.
Is it something to do with all bids been given on set conditions? Or is it to give the creditors time to go through the different bids and select the best option?

ACL have issued a fresh statement ,I'm affraid I can't recall all of it .However they again say the doors of the RICOH are wide open to CCFc .I got the feeling it was upbeat and maybe thety are envigoured that maybe the Administrator will be negotiating with them over use of the STADIUM ,could be wrong of course.The two week delay suggested for him to retrieve more information. It obviously was'nt the Cakewalk of accepting a SISU inspired CVA some have predicted ............Reasons??

 

[Godiva]

ACL have issued a fresh statement ,I'm affraid I can't recall all of it .However they again say the doors of the RICOH are wide open to CCFc .I got the feeling it was upbeat and maybe thety are envigoured that maybe the Administrator will be negotiating with them over use of the STADIUM ,could be wrong of course.The two week delay suggested for him to retrieve more information. It obviously was'nt the Cakewalk of accepting a SISU inspired CVA some have predicted ............Reasons??

Ok - thanks for the heads up ... I will look for the statement.

 

[CCFCSteve]

Well we already know SISU have offered to pay off all 3rd party creditors in full, and as the largest creditor they have bid to take on the company themselves - in other words SISU's offer satisfies all creditors. PA's job is to act in the interests of the creditors, in which case I fail to see how any of the the other bidders are able to offer a better deal than that. That is the pessimist in me, but perhaps PH4, the Chinese or even the administrator himself will throw a curve ball and take us all by surprise. Personally I cannot see any other outcome other than SISU buy back Ltd, but I am hopeful that would then open to door to take over talks with one or more of the interested parties.

If they move out of the Ricoh there is no way they can afford to pay all of the third party creditors in full. Unless I am missed something Acl could be owed millions or tens of millions in lost future rent which they were due under the current 99 year lease.

 

[italiahorse]

If they move out of the Ricoh there is no way they can afford to pay all of the third party creditors in full. Unless I am missed something Acl could be owed millions or tens of millions in lost future rent which they were due under the current 99 year lease.

Good point. Surely the 99 lease is worth something a lot of money. It would have been negotiated with CCFC before ACL committed finance to the Ricoh.