Wasps downward spiral... (11 Viewers)

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Brighton Sky Blue

Well-Known Member
Liquid Gold said:
The only way it could possibly work is if he wrote off all his debt then paid off the bond holders himself for the arena.

The thing has been a shit show from the start of its build and will only ever potentially work without a mountain of debt around it but nobody has ever managed to make it work.
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Knowing Wasps’ luck that’s what he’ll do
 
B

bradwellskyblues

Well-Known Member
i hope we are back at the Ricoh soon but in the medium term the Ricoh is doomed it will be the largest white elephant in Coventry and will be knocked down eventually
 
Grendel

Grendel

Well-Known Member
bradwellskyblues said:
i hope we are back at the Ricoh soon but in the medium term the Ricoh is doomed it will be the largest white elephant in Coventry and will be knocked down eventually
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Yeah people laughed when I said it was a white elephant
bradwellskyblues said:
i hope we are back at the Ricoh soon but in the medium term the Ricoh is doomed it will be the largest white elephant in Coventry and will be knocked down eventually
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Yeah people laughed when I said it years ago

www.skybluestalk.co.uk

Positive News for the Academy - Wasps pull out of Higgs

Scenario 3 whilst watching Wasps and doing everything they can possibly do to make life financially difficult for them. When eventually Wasps decide to sell the business up to anyone apart from SISU abd we start again. Surely Joy wants an exit strategy that entails her getting her clients money...
www.skybluestalk.co.uk www.skybluestalk.co.uk
 
B

Brighton Sky Blue

Well-Known Member
Grendel said:
Yeah people laughed when I said it was a white elephant


Yeah people laughed when I said it years ago

www.skybluestalk.co.uk

Positive News for the Academy - Wasps pull out of Higgs

Scenario 3 whilst watching Wasps and doing everything they can possibly do to make life financially difficult for them. When eventually Wasps decide to sell the business up to anyone apart from SISU abd we start again. Surely Joy wants an exit strategy that entails her getting her clients money...
www.skybluestalk.co.uk www.skybluestalk.co.uk
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When did you say it G?
 
jordan210

jordan210

Well-Known Member
How does the league work. Do play off games just give you an extra 3 points ?

So in theory if Exeter win today they win the league
 
shepardo01

shepardo01

Well-Known Member
chiefdave said:
Doesn't that end up making loads of league games dead rubbers with teams that are either already in the playoffs or def out not giving a shit?
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Yes.... Wasps last game vs Exeter.
Wasps needed to win to guarantee playoffs.
Exeter fighting it out in Europe and guaranteed top spot for playoffs.
Apparently played basically their 3rd team.
Wasps hammered them.....
 
Grendel

Grendel

Well-Known Member
Liquid Gold said:
The only way it could possibly work is if he wrote off all his debt then paid off the bond holders himself for the arena.

The thing has been a shit show from the start of its build and will only ever potentially work without a mountain of debt around it but nobody has ever managed to make it work.
Click to expand...

the debt is group debt so he could leave that in Wasps Holdings or certainly a significant percentage
 
shepardo01

shepardo01

Well-Known Member
Nick said:
Anybody seen that video Bobby Bridge posted of Wasps celebrations?

It's so shit it's amazing, partridge-esque.
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Saw some pictures of the event... full of oldies.... like a scene from Cocoon.
Any celebration or excitement could have tipped a load of them over the literal edge!
..... mind you, will be interesting to see if some of them out-live Wasps themselves.....

As an aside..... what are the actual regulations with regards to something like this.....

And could CCFC put something together for some games to add some revenue?
Question would be where.....
St Andrews?
Warwick Uni?

Just a thought....
 
jordan210

jordan210

Well-Known Member
'You would like to think that as many of the bondholders are fans, Richardson would refinance and repay in full at some point rather than letting the business go bust, even if that means forgoing the interest payments at some points along the way.

I understand the current situation is a bit crap, but cannot see how a team now in the Premiership final with arguably the best stadium in domestic rugby would not be attractive to an outside investor or potential buyer. If they were to let it go bust and return very little cash to investors, not only does that have serious repercussions for the team, but would alienate the fans they will be relying on in 12 months time to come back to the games and buy the pies and pints.'

Business 101

is company making huge losses and isn't feasible, If yes dont invest....
 
D

djbooth

Well-Known Member
jordan210 said:
'You would like to think that as many of the bondholders are fans, Richardson would refinance and repay in full at some point rather than letting the business go bust, even if that means forgoing the interest payments at some points along the way.

I understand the current situation is a bit crap, but cannot see how a team now in the Premiership final with arguably the best stadium in domestic rugby would not be attractive to an outside investor or potential buyer. If they were to let it go bust and return very little cash to investors, not only does that have serious repercussions for the team, but would alienate the fans they will be relying on in 12 months time to come back to the games and buy the pies and pints.'

Business 101

is company making huge losses and isn't feasible, If yes dont invest....
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I think wasps fan seems to forget they couldn’t get a lender so what down the bonds route. If that’s not the correct then Richardson is stupid. The interest from a bank would have been alot less
 
chiefdave

chiefdave

Well-Known Member
jordan210 said:
'You would like to think that as many of the bondholders are fans, Richardson would refinance and repay in full at some point rather than letting the business go bust, even if that means forgoing the interest payments at some points along the way.
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I really hope none of their supporters have invested on the basis that Richardson will sort them out if it all goes tits up. If he had that sort of money to throw around they wouldn't need a bond in the first place.
 
Philosoraptor

Philosoraptor

Well-Known Member
If I was to put a guess forward.

Looking at over £20 Mil losses for next accounting year plus the added revaluation of the stadium to contend with in the accounts whilst trying to refinance the loan.

Going to be fun!



IMG_5813.GIF
 
jordan210

jordan210

Well-Known Member
Some more interesting comments

"finkie: You are missing the point. Bondholders are being invited to dilute their security for what exactly? One or two more interest payments, just maybe, while others will be invited to share what we have for whose benefit? Not bondholders, for sure. No thanks. I would rather take the pain now. If that means less that 100p, so be it. Let's resolve this now as the future for bondholders does not look good. In your parlance, let's take the pain now for it is not up to us to make the books balance. We are not equity investors. Besides, it might be a wake-up call for this lousy so-called government if WASPS is the first to go under."


"
I'm a noobie here, and I won't be staying. I've been a retail bond investor for many years and have never seen anything like this before.

It seems bizarre to expect existing bondholders to *release*, rather than *waive*, parts of their covenant package; in their previous consent solicitation in 2017/18, and in all others that I've been involved with, temporary waivers, or tinkering at the margins, of potential temporary default events, have been asked for - in exchange for consideration in the form of increased interest coupons, consent fees etc. Nothing appears to be on offer here.

It feels as though they expect to remain in permanent covenant breach - in which case, if security over the stadium is solid, where is there any incentive for bondholders to agrre to any of this? Aren't we better off allowing the whole pack of cards to collapse now, so security can be enforced?"
 
jordan210

jordan210

Well-Known Member
"I have voted in favour of the resolution.

The covenant package is no longer relevant and expecting covenants to be met or something in return for waiving covenants is not realistic at this point. Full face value repayment and whole interest payments are clearly relevant.

These provisions allow the company to raise more debt in a way that specifically does not impact on the bondholders' security. This may be favorable government debt.

So I can't really see any downside and I can see upside.

Shadeysaga, there is no upside of making the company go bust now. The company should be given a fair chance to refinance the bonds. If that fails to result in full payout for bondholders then clearly there will be meaningful decisions to be made about the optimum way forwards for bondholders but we are nowhere near that at the moment. The company should be allowed its first attempt to achieve the refinancing and these provisions help towards that."
 
Liquid Gold

Liquid Gold

Well-Known Member
I expect it to get voted through but I hope it's closer than they'd like. Would mean any refinancing by that route would be virtually impossible.
 
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