Wasps going into admin & the impact on CCFC (235 Viewers)

[Philosoraptor]

I think the key issue here is going to be CCC's lease of the Arena to the London rugby club and the lease reverting back to CCC in the case of shit hitting the fan.

 

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[Gynnsthetonic]

I think the key issue here is going to be CCC's lease of the Arena to the London rugby club and the lease reverting back to CCC in the case of shit hitting the fan.

The bondholders seem to think they take over the lease

 

[wingy]

If you were having an event would you hold the stock back for afterwards rather than lose the potential benefits prior?

 

[Grendel]

The bondholders seem to think they take over the lease

Not if they go into administration first

 

[Gynnsthetonic]

Delaware North in control of catering

 

[Gynnsthetonic]

Not if they go into administration first

Not if who goes into admin first?

 

[Grendel]

Not if who goes into admin first?

wasps holdings if they go into administration bond holders are in a very vulnerable position

 

[MAFF]

Simon and other local journalists need to be getting answers. What a shut show

CCC need to be held accountable.

 

[Gynnsthetonic]

I’m no expert but pretty sure it isn’t plain sailing now and it will only get more difficult. Listened to the rugby show on radio 5 last night and they were saying Worcester were evil and devious and wasps have just got unlucky. Mmmm

On that show it mentioned Worcester owed £30m and Wasp owed £112m

 

[Grendel]

On that show it mentioned Worcester owed £30m and Wasp owed £112m

Wasps don’t owe £112m that’s balance sheet liability

 

[Gynnsthetonic]

wasps holdings if they go into administration bond holders are in a very vulnerable position

Just going by AdVm forum they seem to think if Wasp go into admin they get the lease, can't see that myself

 

[Gynnsthetonic]

Wasps don’t owe £112m that’s balance sheet liability

Only saying what I heard

 

[Philosoraptor]

I take it the contract that CCC has with wasps to be the operating company et al. for the Arena has never made it to public realm.

 

[Senior Vick from Alicante]

The bondholders seem to think they take over the lease

They also think that the stadium is worth 35 million which it wont be. Someone on here said it needed around 10 million spending to get the maintenance side of it back to spec?

 

[Mcbean]

I think the key issue here is going to be CCC's lease of the Arena to the London rugby club and the lease reverting back to CCC in the case of shit hitting the fan.

And we know how popular Sisu are with them

 

[eastwoodsdustman]

It’s potentially more difficult if it actually goes into administration as the administrator will run it and appoint a new buyer

it also depends on the robustness of our lease and the terms around it. Almost certainly if we advanced pitch repair payments they will be lost and unless there are clauses on maintenance then we have no more say on future repairs

The anyone but Sisu clause in there will be the main hurdle.

 

[shmmeee]

Cant be arsed with this thread. Has anything actually happened yet, or are we still at the notice to appoint stage?

 

[fernandopartridge]

ACL 2006 is the head leaseholder and is not in administration.

ACL sublets from ACL 2006. It isn't clear if CCFC sub-lets from ACL or ACL 2006.

Sent from my SM-G935F using Tapatalk

 

[It’sabatch87]

Cant be arsed with this thread. Has anything actually happened yet, or are we still at the notice to appoint stage?

All I wanna see is the Cov telegraph go into meltdown if/when they go pop.
I may buy it then and frame it!!

 

[Philosoraptor]

Cant be arsed with this thread. Has anything actually happened yet, or are we still at the notice to appoint stage?

If nothing has happened yet, then why the need for this?

It seems to be a very obscure thing to report on, unless there may be other connotations that go with it.

Nothing in your notes?

 

[HuckerbyDublinWhelan]

The anyone but Sisu clause in there will be the main hurdle.

I don’t think that will be an. Issue this time around. The council won’t make the same mistake twice

 

[oldfiver]

I would assume 10 working days? They can apply for a 10 day extension as well

"Business days " excludes weekends and bank holidays

The 10 day Notice of Appointment Moratorium: When does the bell toll? - Rollits LLP

Rollits’ Insolvency Team regularly assists Companies, Directors and Insolvency Practitioners in relation to the appointment of an Administrator. This frequently involves advising a Company or its Directors upon the “Out...

www.rollits.com

 

[oldfiver]

ACL 2006 is the head leaseholder and is not in administration.

ACL sublets from ACL 2006. It isn't clear if CCFC sub-lets from ACL or ACL 2006.

Sent from my SM-G935F using Tapatalk

None of the Companies are in Administration

 

[Skyblueweeman]

None of the Companies are in Administration

Yet

 

[oldfiver]

Yet

Unless the Bond Holders act quickly - WASPS and ACL could go into Admin and the IP could propose a CVA

So do not get too excited!

 

[steve cooper]

"Business days " excludes weekends and bank holidays

The 10 day Notice of Appointment Moratorium: When does the bell toll? - Rollits LLP

Rollits’ Insolvency Team regularly assists Companies, Directors and Insolvency Practitioners in relation to the appointment of an Administrator. This frequently involves advising a Company or its Directors upon the “Out...

www.rollits.com

So it's 3.29 on Wednesday, and if I read that correctly they have to apply for a second 10-day extension prior to that date / time

 

[chiefdave]

Is the extension an automatic thing or do they have to give some evidence that something is happening and an extra 10 days is likely to make a difference?

 

[Grendel]

Is the extension an automatic thing or do they have to give some evidence that something is happening and an extra 10 days is likely to make a difference?

They have to apply on the basis a resolution is possible

 

[chiefdave]

They have to apply on the basis a resolution is possible

Is it a release a statement saying things will be sorted in a few days kind of deal or do they have to show actual evidence something is happening.

 

[Grendel]

Is it a release a statement saying things will be sorted in a few days kind of deal or do they have to show actual evidence something is happening.

I think they have to submit some evidence there is a possibility of a resolution

 

[tisza]

Is the extension an automatic thing or do they have to give some evidence that something is happening and an extra 10 days is likely to make a difference?

Imagine they would have to show HMRC something realistic to get an extension.

 

[edgy]

They'll get an extension. We all know how this plays out, deep down.

 

[Esoterica]

Imagine they would have to show HMRC something realistic to get an extension.

Probably on the phone to Dale Evans, as we speak, getting lessons in how to photoshop their online bank balance.

 

[shmmeee]

All I wanna see is the Cov telegraph go into meltdown if/when they go pop.
I may buy it then and frame it!!

If nothing has happened yet, then why the need for this?

It seems to be a very obscure thing to report on, unless there may be other connotations that go with it.

Nothing in your notes?

Nothing yet then. Check back in a bit.

 

[ceetee]

I thought I would comment to say that I'm not going to comment until there's anything to comment about