Wasps going into admin & the impact on CCFC (8 Viewers)

[wingy]

Bodies notes thanks to Martin Reeves and ACL for enabling/getting the games on?

 

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[GIMOC]

That’s an understandable feeling given what was asked on the Tuesday before the game when discussions were taking place about games being played

think you are getting confused. CCFC did put money in to ensure the Blackpool game went ahead. however CCFC couldn’t sustain that. Since then Ashley has funded the day to day operations

 

[Nick]

Any company can agree an exclusivity period with a particular bidder, it doesn't just apply to administration

Well yeah if it is just selling normally the seller can literally do what they want and listen to whatever bids they want?

If it's going to drop into admin, wipe away shit loads of debts but picks a particular offer in advance then it seems different.

 

[shepardo01]

Even other events/offices/etc? Who is paying the admin costs?

I think this is the contentious thing. They aren't in admin until tomorrow.... so nobody... yet. . ??

 

[SkyblueDad]

You aren't making any sense at all.

You are saying CCFC should have to pay to keep ACL going while Richardson does a deal with Ashley?

No, I am saying the owner of ccfc has to pay for ccfc to operate

 

[The Philosopher]

Secured creditors with a fixed charge

These are generally banks and other asset based lenders that hold a fixed charge over the asset in question – vehicles, for example, property, or land. The lender is entitled to recover possession of the asset on the insolvency of the company, with the fixed charge being registered with Companies House.

Yes, my thoughts all along were that the lease was secure in the same way that a bank / mortgage / debenture / commercial premises works. The trustee (bank) has preference and the proceeds go there and on to the bondholders.

Some on here suggested that somehow that is beIng circumnavigated.

 

[Sky Blue Pete]

pete. Your way off the mark there. Ashley paid substantial amount of money to get exclusivity. In turn that meant he has funded the day to day operations of the CBS for a few weeks now.

Be good to see the timeline from ccfc making their payment and feeling there may be more on offer than a few home games to Ashley paying an exclusivity amount and keeping acl out of admin. Think both can be true

 

[Nick]

think you are getting confused. CCFC did put money in to ensure the Blackpool game went ahead. however CCFC couldn’t sustain that. Since then Ashley has funded the day to day operations

£1.2m in losses to keep it running for 2 weeks?

 

[Nick]

No, I am saying the owner of ccfc has to pay for ccfc to operate

We are talking about ACL operating.

 

[The Philosopher]

Any company can agree an exclusivity period with a particular bidder, it doesn't just apply to administration

But with the notice to appoint being spent is there a way of another party appointing an alternative administrator?

 

[Grendel]

Well yeah if it is just selling normally the seller can literally do what they want and listen to whatever bids they want?

If it's going to drop into admin, wipe away shit loads of debts but picks a particular offer in advance then it seems different.

It isn’t different - the key is acl are to all intent and purpose insolvent

Ashley - we assume - has as part of the exclusivity deal funded the stadium costs and the £1 million payment. It gives security that the buffer is genuine compared to someone say on a radio station saying he’s got £20 million

 

[The Philosopher]

£1.2m in losses to keep it running for 2 weeks?

Legal fees “to ensure best outcome for creditors”

 

[GIMOC]

£1.2m in losses to keep it running for 2 weeks?

no one knows the exact figure. For me, ashley is a shrewd businessman with plenty of advisors. He probably looks at the deal as short term pain, long term gain.

 

[shmmeee]

So i asked before but is there any legal duty on company directors to entertain any other bids if they’ve filed a notice basically saying the company is screwed?

Could they turn down a higher bid basically?

 

[shepardo01]

But with the notice to appoint being spent is there a way of another party appointing an alternative administrator?

Didn't we (CCFC) do this when (I think) ACL tried to put us into admin... and we then put ourselves in so as, I'm guessing, to have greater control after appointing the infamous Mr Appleton!!???.... who then sold us literally back to Sisu...

 

[Grendel]

£1.2m in losses to keep it running for 2 weeks?

thatx fees not running costs

 

[shmmeee]

Didn't we (CCFC) do this when (I think) ACL tried to put us into admin... and we then put ourselves in so as, I'm guessing, to have greater control after appointing the infamous Mr Appleton!!???

Wasn’t that because Sisu were the biggest creditor?

 

[shepardo01]

Wasn’t that because Sisu were the biggest creditor?

No idea!!

 

[Nick]

It isn’t different - the key is acl are to all intent and purpose insolvent

Yes so effectively how can Richardson decide which bid is best for creditors? As we have seen he is trying to get the charges removed.

If that happens, what's to stop him from saying "The £15m is mine and you can all share this £5"

 

[wingy]

£1.2m in losses to keep it running for 2 weeks?

Are other functions still going ahead?
Exhibitions, hotel, Casino?

 

[Grendel]

But with the notice to appoint being spent is there a way of another party appointing an alternative administrator?

oddly that’s the purpose of the notice to appoint

 

[The Philosopher]

Wasn’t that because Sisu were the biggest creditor?

Is Richardon / Wasp Group somehow the biggest creditor?

 

[Grendel]

Wasn’t that because Sisu were the biggest creditor?

In effect yes so they made the biggest bid on the total group debt

 

[Grendel]

Is Richardon / Wasp Group somehow the biggest creditor?

no

 

[shmmeee]

And the real mystery: why has the tiny scoreboard on the posh stand not been turned on since Wasps went into admin?

 

[SkyblueDad]

We are talking about ACL operating.

How much per week do you reckon it costs to run the entire ccfc operation.

 

[Nick]

How much per week do you reckon it costs to run the entire ccfc operation.

What the fuck are you on about now?

Has "big mike" given you a toy helicopter when he's been in the council house or something?

 

[Jcap]

well this is certainly news to me - no idea how true or not.

 

[Nick]

40% of the money paid or 40% of something else?

It will be interesting to see if it happens.

 

[tisza]

Yes so effectively how can Richardson decide which bid is best for creditors? As we have seen he is trying to get the charges removed.

If that happens, what's to stop him from saying "The £15m is mine and you can all share this £5"

Atm Richardson doesn't have decide which is the best deal for the creditors. The best deal for creditors becomes the administrator's concern - if one is appointed tomorrow.

 

[shepardo01]

View attachment 27260

well this is certainly news to me - no idea how true or not.

Someone tell the bondholders!.... even less for them after that... if true (which it probably isn't far off)

 

[Grendel]

Someone tell the bondholders!.... even less for them after that... if true (which it probably isn't far off)

I don’t see why we would care what money goes where

 

[Jcap]

40% of the money paid or 40% of something else?

It will be interesting to see if it happens.

No idea. Came across it on Twatter. Would certainly explain how he (Ashley) became preferred bidder?

 

[Nick]

Atm Richardson doesn't have decide which is the best deal for the creditors. The best deal for creditors becomes the administrator's concern - if one is appointed tomorrow.

How can it if the deal is already agreed for when it drops into admin?

 

[Nick]

I don’t see why we would care what money goes where

It would explain a few things.