Wasps downward spiral...

[clint van damme]

What does that mean in English?

It means Coley88 has to tell his missus he's spunked their early retirement pot on a ponzi scheme

 

[Nick]

It means Coley88 has to tell his missus he's spunked their early retirement pot on a ponzi scheme

Least a football fan would spend it on Coke, beer and prozzies.

 

[oldfiver]

The Bondholder Facebook forum reporting they have filed a CVA

Which Company yet to find out

 

[oldfiver]

company voluntary arrangement

A company voluntary arrangement (CVA) is a procedure that allows a company: To settle debts by paying only a proportion of the amount that it owes to creditors. To come to some other arrangement with its creditors over the payment of its debts.

 

[Brighton Sky Blue]

Street said no, to Wasps
Street said no
Street said no, to Wasps
Street said no
Ohhhh Wasps, Street said no

 

[Grendel]

Street said no, to Wasps
Street said no
Street said no, to Wasps
Street said no
Ohhhh Wasps, Street said no

Not that simple I don’t think

 

[Nick]

Street said no, to Wasps
Street said no
Street said no, to Wasps
Street said no
Ohhhh Wasps, Street said no

What's he said?

 

[Moff]

Not that simple I don’t think

It may not be, but seriously can you see anyway they can dig themselves out of the huge financial hole they are in.

Couldn’t happen to a more deserving club.

I hope they tumble, and the shits from the Council who supported them, fall as well.

 

[Brighton Sky Blue]

Not that simple I don’t think

Of course, though had the funding been granted it would have significantly changed the dynamics. As is, they seem to accept none is forthcoming

 

[djr8369]

company voluntary arrangement

A company voluntary arrangement (CVA) is a procedure that allows a company: To settle debts by paying only a proportion of the amount that it owes to creditors. To come to some other arrangement with its creditors over the payment of its debts.

Maybe we can all do that with our energy bills?

 

[oldfiver]

Maybe we can all do that with our energy bills?

That would be an IVA but would not go that route!

 

[Brighton Sky Blue]

Wasps want some, but will he give it them?

 

[Liquid Gold]

Going bust, going bust London Wasps
Going bust, going bust I say
Going bust, going bust London Wasps
Give our stadium back today

 

[David O'Day]

loving shugs pretending a cva is totally normal and fine

 

[Grendel]

It’s ok Shugs says that they have to raise a CVA or they can’t talk to bond holders / new one on me

 

[Sky Blue Pete]

loving shugs pretending a cva is totally normal and fine

What a disaster

 

[HuckerbyDublinWhelan]

So what odds are on this being the demise of wasps?

 

[chiefdave]

loving shugs pretending a cva is totally normal and fine

Is he using the Tim Fisher 'normal business practice' line

 

[chiefdave]

So what odds are on this being the demise of wasps?

I would imagine that as with our administration they've got everything lined up so they can control the process and get the outcome they desire. The bond holders are potentially the issue, can't see that they'll just accept a part payment when they have the security of the stadium, well lease, unless of course its not worth as much as Wasps claimed and doesn't actually cover what they are owed.

 

[Kneeza]

I read it and thought it perfectly fitted my perception of Wasps and rugby fans in general.....management consultants who probably attend "Twickers"

Oi. Wasps maybe. I've been to Twickenham three times (many many years ago, never again) and I'm an ex dirty stinky milling machine operator, so you can fuck right off with the rest of that.
Nicely, of course.

 

[MalcSB]

What does that mean in English?

It means Wasps are in the shit and the bond holders know they are. Double shit.

 

[chiefdave]

How would administration or CVA work with the bond? If they just turn round to bondholders and say, for example, we'll give you 50p in the £ why would they accept when they have security? Unless there's not enough security to cover the bonds you're not accepting less are you?

 

[tisza]

How would administration or CVA work with the bond? If they just turn round to bondholders and say, for example, we'll give you 50p in the £ why would they accept when they have security? Unless there's not enough security to cover the bonds you're not accepting less are you?

Also with a CVA wouldn't the management that have created this situation remain in place? Wouldn't appeal to me as an investor

 

[Grendel]

How would administration or CVA work with the bond? If they just turn round to bondholders and say, for example, we'll give you 50p in the £ why would they accept when they have security? Unless there's not enough security to cover the bonds you're not accepting less are you?

They don’t have actual security it’s not that straightforward

 

[MAFF]

So does CVA suggest insolvency and possible administration?

 

[David O'Day]

So does CVA suggest insolvency and possible administration?

It can be the first step to Liquidation

 

[MalcSB]

They don’t have actual security it’s not that straightforward

They think they have,

 

[skybluetony176]

Has the CVA been confirmed yet or is it just speculation?

 

[Grendel]

They think they have,

There are I thought I read somewhere 3,000 bond holders exist - most I’d assume have £2,000 in it purchased through a broker. It’s difficult to get a collective response through a vast amount of people

 

[fernandopartridge]

How would administration or CVA work with the bond? If they just turn round to bondholders and say, for example, we'll give you 50p in the £ why would they accept when they have security? Unless there's not enough security to cover the bonds you're not accepting less are you?

The security though isn't the actual lease is it? just the proceeds from the sale of it

 

[Nick]

The security though isn't the actual lease is it? just the proceeds from the sale of it

That's not very secure then!

 

[chiefdave]

They don’t have actual security it’s not that straightforward

The way security was written about in the prospectus always seemed a bit off to me but I assumed it was just going over my head and as I wasn't about to hand them thousands of my own money not an issue.

How would it work in practice? Wasps say we're going to offer you 20p in the £, to pick a random figure, the bondholders say hold on we've got security. They then try and enforce that security and get the lease sold to recover their money, what happens then?

 

[chiefdave]

The security though isn't the actual lease is it? just the proceeds from the sale of it

A big red flag for more with the security has always been who they were going to sell the lease for at anything like the amount its been valued at.

 

[fernandopartridge]

I think the bondholders' might be lower on the order of precedence in creditors than Richardson himself

 

[Grendel]

I think the bondholders' might be lower on the order of precedence in creditors than Richardson himself

No doubt about that!