Wasps going into admin & the impact on CCFC (5 Viewers)

[jordan210]

 

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[Nick]

Judging by that, it is literally only really the bondholders getting anything from it?
A couple of million left for the other creditors to share?

 

[jordan210]

Judging by that, it is literally only really the bondholders getting anything from it?
A couple of million left for the other creditors to share?

Wonder if that is the play to try and get the bond holders to agree. Screw everyone else and the bond holders. But they walk away with something...

 

[duffer]

Wonder if that is the play to try and get the bond holders to agree. Screw everyone else and the bond holders. But they walk away with something...

Does sound something like that. Strange that the bondholders, or at least some of them, went through all of the hassle of crowdfunding legal advice but then didn't challenge in court. We might know in a few, but if I was a betting man I'd put a fiver on MA winning this.

 

[Nick]

Posted on other thread

 

[jordan210]

Does sound something like that. Strange that the bondholders, or at least some of them, went through all of the hassle of crowdfunding legal advice but then didn't challenge in court. We might know in a few, but if I was a betting man I'd put a fiver on MA winning this.

I wonder if who ever has a bigger amount of bonds threw weight around on it. Need someone on the bond Facebook group to see what the full message said

 

[chiefdave]

If the company finances are so bad, you would think Richardson shouldn't get a sniff of any money from it.

No way Richardson should get a penny unless the bondholders are paid back.

 

[Mcbean]

Pretty clear then they are going into admin - that may be the only decision - then it’s down to the administrator which direction it takes

 

[AFCCOVENTRY]

Are we in extra time?

 

[The Philosopher]

No way Richardson should get a penny unless the bondholders are paid back.

In full, and after the Revenue have.

 

[Nick]

Are we in extra time?

Doug has just 2 footed Ashley's lawyer.
Joy has been getting lessons from Wilson in how to time waste, she is currently lay on top of the lease paperwork.

 

[Dions Dong]

You just know that this will go against us and MA will be preferred.
Then we will have another years worth of legal judicial review challenges

 

[skyblu3sk]

Looks like it's less cut and dry than hoped by MA at this stage! Could still go his way of course!

 

[AFCCOVENTRY]

Looks like it's less cut and dry than hoped by MA at this stage! Could still go his way of course!

That’s my thinking. Surely would have been a 2 min job. But who knows. Admittedly King has come late to the party.

 

[skyblu3sk]

That’s my thinking. Surely would have been a 2 min job. But who knows. Admittedly King has come late to the party.

I'd have thought if it was just a judgement it would be done in minutes. Wonder if they are hearing further arguments...

 

[tisza]

That’s my thinking. Surely would have been a 2 min job. But who knows. Admittedly King has come late to the party.

Decision provisionally made before hearing after paperwork etc submitted. Hearing to see if anything exceptional needs decision to be changed.

 

[tisza]

Come on ref blow the whistle. Is it a replay or penalty shoot out?

 

[Nick]

Come on ref blow the whistle. Is it a replay or penalty shoot out?

Golden Goal.

 

[Dions Dong]

MA has been preferred …not enough substance in the new CCFC bid apparently

 

[GIMOC]

Get your sports direct clobber ready

As I said on the 1st November. Ashley will be coming for the club now. All part of the plan.

 

[clint van damme]

Big fat Mike's Lonsdale army

 

[Dions Dong]

As I said. Ashley will be coming for the club now

or he could sell to King and make a 8 mill profit for doing sweet FA…Robert Jarni style

 

[GIMOC]

or he could sell to King and make a 8 mill profit for doing sweet FA…Robert Jarni style

if I’m honest, I can’t see it. Especially after sisu stunt last night.

 

[Dions Dong]

if I’m honest, I can’t see it. Especially after sisu stunt last night.

Yeah it was more tongue in cheek/hope more than anything

 

[Flying Fokker]

This King guy, does he always do business like this? Is he fit and proper? What prevented him putting a bid in regardless of SISU? Ahh there we are. SISU all along. They held him back? It’s a strange way of doing business. There is a lot of bull flying around.

Supposing this guy has 85% of the business? That was a bit of a gamble for sepella et a, unless they genuinely sold?

 

[Flying Fokker]

or he could sell to King and make a 8 mill profit for doing sweet FA…Robert Jarni style

Isn’t that small money? Ashley will want more than that.

 

[Flying Fokker]

Ex-Newcastle owner Ashley takes over CBS Arena

Former Newcastle United owner Mike Ashley takes over the operating companies which run the CBS Arena.

www.bbc.co.uk

 

[Nick]

Frasers Group secures purchase of Coventry Building Society Arena — Coventry Building Society Arena

Andrew Sheridan and Raj Mittal, Partners at specialist business advisory firm, FRP have been appointed as joint administrators of Arena Coventry Limited (ACL), Arena Coventry (2006) Limited and IEC Experience Limited. Upon appointment the Joint Administrators immediately completed the sale of the b

www.coventrybuildingsocietyarena.co.uk

 

[NorthernWisdom]

This is a pleasing outcome, which helps secure up to 1,000 jobs in Coventry and ensures that the venue will continue to play a major role in the city’s economy as a world-class entertainment and hospitality venue and home for Coventry City Football Club.

a) specific mention of home for us
b) no mention of Wasps

Probably asking too much to read into a quote after an event, but hey, at least there is some tangible evidence for what happens going forward...

 

[Nick]

have locked this one for now