The path to liquidation (1 Viewer)

oldskyblue58

CCFC Finance Director
not going to comment as such but

21/04/11 Otium entertainment Group formed - owned by SBS&L and ARVO Master Fund

22/03/12 charge over ccfc ltd and ccfch ltd assets taken by ARVO Master Fund

31/03/12 CCFC Ltd stop paying rent to ACL

May june 2012 discussions between Higgs Charity and SISU over the 50% Charity interest in ACL. Period of due diligence entered in to SISU have access to the financials but the Charity hear nothing further

August 2012 ACL obtain judgement against CCFC Ltd in respect of unpaid rent - this is unchallenged by SISU, ACL have to move to the next process

November 2012 statutory demand is issued against CCFC Ltd. It is unchallenged by SISU and judgement given ACL have to move to the next process

December 2012 discussions between ACL and CCFC at which there is a plan allegedly to buy out Yorkshire Bank and SISU become part owners of ACL - no contract

Mid January 2013 CCC repays the Yorkshire Bank with a loan made to ACL, having obtained a loan itself to do so.

29th January 2013 final talks between ACL & CCFC break up with ultimately no agreement. SISU/CCFC reject the offer

mid February 2013 ACL inform CCFC that they have made their last offer and would not negotiate further

March 2013 ACL issue winding up order 22/03/13. Challenged by SISU. SISU place CCFC Ltd in to administration appointing their own nominee as administrator

15/05/2013 Administrator issues report that queries where the trade is, who owns the golden share, and where player contracts are. It is "confirmed" by CCFC directors that CCFC Ltd is and always has been a non trading property subsidiary and that the football club is in CCFC H. Disputed by ACL etc

May 2013 Judicial review claim by SISU/ARVO/CCFCH in respect of loan to buy out Yorkshire Bank

June 2013 the Fisher forums and the stadium master plan. First creditors meeting. FL confirm golden share with CCFC Ltd. "

June/July 2013 Bidding" process takes places for rights to assets in CCFC Ltd and is won by Otium Entertainment Group Ltd

July 2013 meetings to agree CVA

01/08/2013 CVA rejected and FL award Golden Share to Otium Entertainment Group Ltd (see 21/04/11 above)

CCFC Ltd - not CCFC - to be liquidated

so when was this process planned and who drove it?



update Judicial Review thrown out by Judge 06/08/13
 

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shmmeee

Well-Known Member
When did rent "negotiations" begin? I forget, I assume stopping payment wasnt their first move.

Even so, its pretty damning, I think the question now is: is it legal?
 

blueflint

Well-Known Member
still can't understand how the football league can allow all this to happen and not investigate themselves especially when paperwork exists to prove ccfc ltd was the club and held player registrations.when did that change there must be proof out there somewhere
 

Sisued

New Member
if the police investigate they can sieze the internal emails which im sure will be damning
 

oldskyblue58

CCFC Finance Director
another question - if you believe there is a long term plan which would you distress first to make it work............ ACL or CCFC ?

as for rent discussions I would assume there would have been discussions before 31/03/12
 

skybluepm2

Well-Known Member
It probably won't do any good, but I would forward that series of events on to those buffoons @ the Football League. One day the penny is finally going to drop in that place....:facepalm:
 

oldskyblue58

CCFC Finance Director
so what are we left with ......

CCFC owned and operated by SISU but playing in Northampton
The lease broken but ownership sought
claim and counter claim as to viability of ACL (but as far as i can see no real evidence produced)


the majority of fans upset, disillusioned and frankly pissed off

Just a question who has to have ownership of the stadium for their finances to work .............. CCFC or SISU?
 
was it elliot of hoffman who gave the administrator a foot thick pile of paper work which said exactly where the golden share lay?

and which one is it who is still waiting for the FL's lawyer to come back to them about very important evidence which is so far ignored???

Never 100% been behind Elliot of Hoffman...but definitely better the devils you know on this one. Naive at times in the past definitely, manipulative crooks? I don't think so.
 

italiahorse

Well-Known Member
was it elliot of hoffman who gave the administrator a foot thick pile of paper work which said exactly where the golden share lay?

and which one is it who is still waiting for the FL's lawyer to come back to them about very important evidence which is so far ignored???

Never 100% been behind Elliot of Hoffman...but definitely better the devils you know on this one. Naive at times in the past definitely, manipulative crooks? I don't think so.

and they are Coventry City fans as well.
 

dongonzalos

Well-Known Member
Was just about to post something very similar

A company who have formed a reputation. For using the court system. To break and crumble their opponents with expensive litigation.

A company who Mr Fisher in a fans forum apparently said they will bash ACL in the courts because that is what they do.

A company whose owner did not in front of ACL and her own lawyers say we will hit you with litigation at every corner till we get the Ricoh at our price.

A company who bought the club with a contract in place to pay 1.2 million rent.

A company who then made player decisions that led to relegation.

A company that refused to pay the rent a legally owned debt.

A company that refused to pay who were then offered 650 k rent, 400 k rent and now 150 k rent.

A company that won't take 150 k rent and will potentially remove CCFC from Coventry for the first time in its history.

A company whose owner has never met a single customer.

A company who are choosing financial oblivion pretending it is while they build a new stadium.

A company who have been preparing for this since 2012.

A company who think they will break ACL. Unfortunately they will just force ACL to use the Ricoh for an alternative use.

A company who just had to pay the legal costs for the pathetic judicial review request. So it has not even financially hampered the council. As it was planned to do.

Yet some still don't seem to see........

Granted it is only one maybe three. Or maybe the same person with multiple personalities......
 
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Nonleagueherewecome

Well-Known Member
When did rent "negotiations" begin? I forget, I assume stopping payment wasnt their first move.

Even so, its pretty damning, I think the question now is: is it legal?


Ah, the SISU motto: "It is if you can get away with it".
 

Nonleagueherewecome

Well-Known Member
I'm a Coventry City fan too, but a little hunch tells me you wouldn't want me in charge...


I'd think that you would be less likely to deliberately abuse the club and it's supporters, though.
 

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