The fact that a large part of the bond went to paying back Richardson, and that he's clearly not intending to loan them the money back again, should tell Wasps supporters a story.
Their 'white knight' has had enough, and for all of the upbeat statements about refinancing the bond repayments, they've had years to organise it but still come up short.
They're now scrabbling around for public money, most likely in the hope of somehow increasing the security they can offer another lender, but as yet there's no evidence that it will come off.
A more robust trustee might well have pulled the plug already on the bond default, but a bit like SISU's administrator, you have to wonder how independent someone appointed by Wasps themselves will really be.
Also of course, there may be the genuine concern that the true value of the stadium isn't actually enough to settle the bond repayments, so even if the trustee forced a sale the bondholders won't get a full repayment.
Any bondholder who isn't nervous, hasn't thought it through. Wasps have put themselves into a horribly precarious position, because of their hubris. "Richest club England/Europe/The World", oh dear.
