skybluetony176
Well-Known Member
Do you have any questions to ask of CCFC's owners about CCFC?
Wasps (4 Viewers)
- Thread starter Citysince47
- Start date
Do you have any questions to ask of CCFC's owners about CCFC?
Rusty Trombone
Well-Known Member
What length of time are you classing as hurried, the deal will have taken months to sort out, probably since Lucas invited offers at the end of 2013.
Which part of the deal do you think that Wasps haven't paid for?
Why would selling cut SISU off at the pass? The legal action doesn't change does it?
It would be lovely to have some more facts around, you'd probably ignore them though.
Grendel
Well-Known Member
So Lucas is lying when she stated the deal was first discussed in July?
Rusty Trombone
Well-Known Member
She said she spoke to them in July but only after Council officers had already been in talks with Wasps, so she didn't say the deal was first discussed in July.
Nick
Administrator
Rusty Trombone
Well-Known Member
I think it was the TV interview that I saw and heard for myself, and she quite clearly said that she met them in July for the first time, and this was after officers had already met them and were of the opinion that it was a serious offer.
Nick
Administrator
Maybe she forgot her lines? She did say they made contact on the radio. I think it was around the time it was all confirmed and they were doing the unveil at the Ricoh.
Rusty Trombone
Well-Known Member
Maybe she did. I don't think I heard the radio interview so can't comment about what wording was used in that one. It is of course possible that she meant that the first contact was July with officers and then also in July she first met them, but that's not the impression I got. I can't see that it's possible to sort the deal out in 3 months though.
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WASPS were discussing with CCC as you say 2 years ago - common knowledge
I simply asked "Has any one heard that in fact WASPS have actually paid in full for their deal?" - I assume you haven't? When CCC are asked they say "Commercial Confidentiality" but surely if WASPS had paid for what they have bought that would be standard practice and they would say "yes". What is confidential about acknowledging payment has been made - unless it hasn't
If the loan was repaid and replaced - the Court would probably say any error has been rectified so no need for further action unless CCC had suffered any loss
If you want quotable facts then ask for them on Monday or ask your local councillor - I look forward to seeing the responses
Rugby circles knew 2 years ago they were looking at the Ricoh
The deal as agreed may only have been discussed in July - so not an untruth but what went on before?
Bennets Afro
Well-Known Member
Is that allowed for the council to receive full payment of a loan and then lend it straight back to the people that just paid it off?
if rugby circles knew in advance, at least of the interest, then so did SISU. So, they were not caught on the hop ( in my opinion ) and it would be interesting to know what they are planning. It didn't seem to bother them that much. The usual attempt at pr, dig at CCC etc.. Up until now, no dramatic development e.g. Injunction, threat of legal action.
Rusty Trombone
Well-Known Member
There's no reason for that to happen, ACL had the loan, ACL would still have the loan, it's just the shareholders that changed.
Rusty Trombone
Well-Known Member
I didn't say two years, I said I thought the dates may link in to when the Council said they wanted to hear offers from interested parties, that was the end of 2013, so around 12 months. Neither timescale would tally with your suggestion of a hurried deal though.
Maybe I misread what I thought was emphasis when you wrote 'paid in full', as the conspiracy theory you were peddling the other day was suggesting not being paid at all. So, apologies if I misread any emphasis.
I'm pretty sure you can't rectify a wrong in law by simply reversing the action years later. I doubt any mention of wasps coming in will be taken into account by any judges deciding whether an appeal can progress.
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skybluetony176
Well-Known Member
Councils lend money to local business's all the time using this same central goverment pot, it doesn't need to be a company that the council own an interest in to recive this loan so I can't see how they could be accused of wrong doing if that is whats happened. Isn't this how NTFC are funding their new stand?
It is OK confusion is all part of this conundrum
The hurriedness ( if such a word exists ) was because CCC had an interested party they decided they could deal with and by some means concluded they needed to get it completed before the JR. That was expected to be sometime in October
I do not know how much or little they have paid but I would be prepared to bet you a pint that at this stage the full amount has not been handed over to Higgs or CCC
The information I have is - if the Judges found there had been some breach but it had been rectified then the Council may get a slap on the wrist but as matters had been correc ted that is the end as far as the JR is concerned. Whether the conduct was worthy of whichever Ombudsman oversees Councils intervention is another matter
I am sure we are in the same camp really but I just want to people to beware of Irish Insurance Salesmen bearing gifts - to paraphrase!
Councils lend to businesses to encourage growth or regeneration etc. It is never 100% and is at a commercial rate
The loan to ACL does not meet either of those criteria
It was a loan to a private property investment company at preferential rates and I think they have just written off £1m to benefit a Hedge Fund
italiahorse
Well-Known Member
It's lent to ACL so I would have thought the loan just stays with ACL.
Ownership of companies changes with shares changing hands but you don't transfer loans etc.
If you buy the shares the value reflects any debts (and assets).
italiahorse
Well-Known Member
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Rusty Trombone
Well-Known Member
What do you mean by 100%, 100% of what?
Assuming the loan remains, I believe the interest rate charged is 5%, that's commercial isn't it, I know of bank loans for newish companies of £30m at less than 4%.
They haven't written off £1m though have they?
