skyblueeyesrevisited
Well-Known Member
Richardson probably signed it on his behalf
Wasps going into admin & the impact on CCFC (44 Viewers)
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Grendel
Well-Known Member
No one really knows that as a fact do they?
Warwickhunt
Well-Known Member
i would assume that the exclusivity bidder has put some money up fron(none returnable) to keep the business running whilst due diligence is carried out?
SkyblueDad
Well-Known Member
It has come from somewhere.
The Philosopher
Well-Known Member
The administrator can only work with funds that ACL has.
MA cannot control ACL until or if sometime he buys it.
For now, ACL has to plough furrows on its own and the exclusivity fee would be partly used to go down these legal routes. It would be legally improper for MA to be paying ACL Legal bills or to be seen to be controlling it
I think some things that seemed not very important such as the request to Bondholders to cough up money for legal fees pre-deadline might be cited in the future as this drags on.
“Had to take the exclusivity fee else the company goes into liquidation. Exclusivity arrangement was only chance of best money”
It’s the “lease will be liquidated” bluff that needs thinking about. Reverts to council. CCFC are current occupants and surely have some kind of occupant rights. What then? MA loses £1m on admin / Legals? Liquidator gets involved? Administrators and Liquidators are not one and the same. Different thing.
It’s above my pay grade - and we can go down rabbit holes with this.
Tempted to go on Thursday - I’m due to be in London on Friday for a different thing. Might go early and have a nosey.
Although, I’ve had my fill of commercial litigation and sitting in the High Court in London. Fucking years of the shit. Swore I’d never go back to the place.
(Disclaimer: I’m not a fully trained commercial lawyer)
Legia Sky Blue
Well-Known Member
I presume that if a preferred bidder is chosen and given a period of exclusivity it is wise to be sure that the bidder has the requisite funds. I think its a safe bet that Ashley does have the necessary funds, certainly more so than maybe a Dawkins or SISU led bid would. Derby got caught with their pants down last season on this point in giving that preferred status to an American bid over Ashley, which caused the process to be prolonged over an extended time period. I'm presuming that happened because the American bid more than Ashley, even if he didn't actually have the funds in reality.
Grendel
Well-Known Member
Saddlebrains
Well-Known Member
I did say it was being done for clout and look at me 
pusbccfc
Well-Known Member
Johnnythespider
Well-Known Member
You'll have to narrow down the enemy one, they're all spotty
Greggs
Well-Known Member
the Columbian Cartel, but most likely some scruff from Tile Hill.....
ccfctommy
Well-Known Member
I don't think John Dawkins is a Jo Dhinsa type character. He is fairly well known around these parts and the music business, and he says he has investors behind him. I'm sure he's acting in good faith.
But Mike Ashley knows exactly what he's doing, he knows every trick in the book. There's a reason he's the preferred bidder.
But Mike Ashley knows exactly what he's doing, he knows every trick in the book. There's a reason he's the preferred bidder.
shmmeee
Well-Known Member
Because he put the highest bid in by the deadline?
RegTheDonk
Well-Known Member
Well if it was MA then fair play to him, we have 9 points in the bag.
shmmeee
Well-Known Member
Just a random thought, but was Boddy/CCFC making it clear they wanted games on and pushing for a quick resolution partly to blame for it not going to liquidation so Sisu could bid?
If Joy wanted it in admin why not let it fail and fuck off to Walsall or wherever while it’s resolved? Are they so hands off that this wouldn’t have come up?
If Joy wanted it in admin why not let it fail and fuck off to Walsall or wherever while it’s resolved? Are they so hands off that this wouldn’t have come up?
SkyblueDad
Well-Known Member
Money was put in for the pitch to be repaired, not sure what Joy could do about that other than picket the entrance to the stadium
The Philosopher
Well-Known Member
Whilst ever they are tenants and paying on time they would under normal circumstances have certain protections.
I think that they’ve done the right thing in sitting tight.
chiefdave
Well-Known Member
people are talking about a need to put bids in before a deadline, did that actually happen? I don't remember any reports there was a deadline for bids after which a preferred bidder would be given an exclusivity period.
quite tricky to ensure your bid is in by a deadline if you don't know there is a deadline.
are we no longer looking at a pre-pack admin? wouldn't that require the administrator to work to ensure they have maximised the return for creditors? we all knew Dawkins was working on a bid, we might not have believed it but we knew it was happening, is it not reasonable to expect whoever is handling this process to have made contact with him?
Guess you could also make the same argument with SISU. If you were selling a stadium that was home to a football club and looking to ensure you got the best price would you not make a call to the owners of the anchor tenant? from a bondholders perspective the process seems flawed.
quite tricky to ensure your bid is in by a deadline if you don't know there is a deadline.
are we no longer looking at a pre-pack admin? wouldn't that require the administrator to work to ensure they have maximised the return for creditors? we all knew Dawkins was working on a bid, we might not have believed it but we knew it was happening, is it not reasonable to expect whoever is handling this process to have made contact with him?
Guess you could also make the same argument with SISU. If you were selling a stadium that was home to a football club and looking to ensure you got the best price would you not make a call to the owners of the anchor tenant? from a bondholders perspective the process seems flawed.
Grendel
Well-Known Member
the notice of appointment and you’d Immediately file an offer
shmmeee
Well-Known Member
No they wouldn’t ring round people on Twitter or whatever. They’d expect a bid to be put in. We knew what the deadline was because everyone was running around trying to make sure ACL stayed alive by then.
The Ashley and NEC bids came out midway through October:Ex-Newcastle owner Mike Ashley held talks with Wasps about takeover
Plenty of time to put a bid in.
shmmeee
Well-Known Member
Still maintain it was a good joke. Ridley is a very silly man. Somewhere a printer toner manufacturer is missing it’s regional sales director.
The notice was to apply for Admistration and the Appointment is to be discussed this week.
Until then DAR and Board are determining everything.
Grendel
Well-Known Member
If you rented a building and you saw a flame in tbe kitchen you’d address the issue then not wait until a raging fire and use a water pistol
this is all very silly - Seppala claims to have a swag of cash to build a brand new stadium but won’t commit a pre-emptive strike on.a ready made one for a fraction of the price or grief
shmmeee
Well-Known Member
Legally can a company in ACLs situation with an NOI out reject a better offer for its creditors?
Grendel
Well-Known Member
was that the first notice issued?
skybluetony176
Well-Known Member
Saying I was going to put a bid in knowing that there was a period of exclusivity in place is like claiming you knew an answer all along on a quiz show after they’ve given you the answer having failed to answer the question in the allotted time and still expecting the points.
shepardo01
Well-Known Member
I don't think they are.... their overlords from the last 8 or so years are pulling all the strings!
The Philosopher
Well-Known Member
It’s different levels.
Ashley has probably had a white shoe firm strategising and preparing.
Dawkins a “day late and a dollar shy”. Not sure he’s assembled the right team to get in at the big table.
SISU still quiet. They are either playing very smart, have been caught flat footed or haven’t a clue.
Gynnsthetonic
Well-Known Member
Matons just been booed walking on stage at the Christmas lights switch on in town 
The Philosopher
Well-Known Member
Love it.Matons just been booed walking on stage at the Christmas lights switch on in town
Dangerous words to quote on here!
Sky Blue Harry H
Well-Known Member
Matons just been booed walking on stage at the Christmas lights switch on in town
oldskyblue58
CCFC Finance Director
Our owners are not the usual football club owners though are they. These are owners who have full knowledge of the insolvency process. It is what they do isn't it to buy distressed companies using investors funds and sell on.
We have experienced how they can use the insolvency process. So it's clear they have the knowledge
You might also think that they might put in a serious bid as a way of obtaining information. Something else they have done before. They can always withdraw like NEC and wait for administration. Invaluable data for any future administration surely
They would also know the key dates and the events that trigger a serious interest before someone else gets ahead.
You might also expect the bid to become public. Seems to happen regularly. The positive for our owners being a big chunk of our fans would support such a thing.
Yet, despite clear knowledge of process they didn't make an approach apparently until some time in the last two weeks. When MA had gained control but had to see off NEC first
If they had been blocked before the exclusivity kicked in would not be a big jump to make that public and drum up support
I can only think that they misread and miscalculated again.
Unless of course it is part of a master plan. What that could be I have no idea.
If acl goes in to administration that might trigger a bidding war but I suspect the only people getting rich will be the administrators. MA won't be prevented from bidding again too
Would be cautious about a Dawkins bid as what is he basing it on? Sisu will have had some inside knowledge of operations from the lease negotiations but how would he? The last acl accounts are for 2020 and out of date
Of course they could all be still in the game come Friday
We have experienced how they can use the insolvency process. So it's clear they have the knowledge
You might also think that they might put in a serious bid as a way of obtaining information. Something else they have done before. They can always withdraw like NEC and wait for administration. Invaluable data for any future administration surely
They would also know the key dates and the events that trigger a serious interest before someone else gets ahead.
You might also expect the bid to become public. Seems to happen regularly. The positive for our owners being a big chunk of our fans would support such a thing.
Yet, despite clear knowledge of process they didn't make an approach apparently until some time in the last two weeks. When MA had gained control but had to see off NEC first
If they had been blocked before the exclusivity kicked in would not be a big jump to make that public and drum up support
I can only think that they misread and miscalculated again.
Unless of course it is part of a master plan. What that could be I have no idea.
If acl goes in to administration that might trigger a bidding war but I suspect the only people getting rich will be the administrators. MA won't be prevented from bidding again too
Would be cautious about a Dawkins bid as what is he basing it on? Sisu will have had some inside knowledge of operations from the lease negotiations but how would he? The last acl accounts are for 2020 and out of date
Of course they could all be still in the game come Friday
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