Wasps downward spiral... (3 Viewers)

Kneeza

Well-Known Member
The utter feckin' eejit is still banging the 'return to CBSA' drum (on the Wuss forum).
 

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Kneeza

Well-Known Member
Never mind greedy people have lost out.
True, but you should temper that with the fact that also genuine fans of the club were presented with an opportunity to support it financially and took it. Can't really blame them for that.
Different, I know, but I also feel sympathy for those that bought shares in CCFC and were subsequently ripped off.
Similar outcome, but at least CCFC came through that shit.
 

HuckerbyDublinWhelan

Well-Known Member
True, but you should temper that with the fact that also genuine fans of the club were presented with an opportunity to support it financially and took it. Can't really blame them for that.
Different, I know, but I also feel sympathy for those that bought shares in CCFC and were subsequently ripped off.
Similar outcome, but at least CCFC came through that shit.
Presented with an opportunity to fuck us over. Nah - no sympathy on my end
 

MalcSB

Well-Known Member
Also the parasites training ground might be of some use
I wonder what it has been repurposed to. Shugs seems to think it will be a handy source of income, doesn’t seem to accept that Wasps didn’t / don’t own the training ground.
 

HuckerbyDublinWhelan

Well-Known Member
I said 'temper it'. Not sympathise. Unless you mean the CCFC fans that were fucked over? 😉
Genuine Wasps fans had an opportunity that was too good to be true which pretty much relied on rinsing Coventry City.

I don’t have sympathy with anything to do with Wasps - ultimately it was them or us that had to go. It was always gonna come down to that
 

Terry Gibson's perm

Well-Known Member
I wonder what it has been repurposed to. Shugs seems to think it will be a handy source of income, doesn’t seem to accept that Wasps didn’t / don’t own the training ground.


Could have been a nice source of income for some of the companies they owed money to if it were not for a nice little shuffle to hide it away.
 

Sky Blue Harry H

Well-Known Member
Doesn't their new season start in about 5 months (presumably a lot earlier re: friendlies/training) ; yet they haven't said where they are playing, don't have any players, coaches, other employees etc. You'd think they must have to reveal that to the rugby authorities fairly soon.
 

jordan210

Well-Known Member
No idea what this actually means


NOTICE OF RESULT OF ELECTRONIC CONSENT WASPS FINANCE PLC (the “Issuer”)
Notice to the holders of
£35,000,000 6.50 PER CENT. SECURED BONDS due 13 May 2022 (the “Bonds”) of the Issuer (ISIN: XS1221940510; Common Code: 122194051)
We refer to the Bonds presently outstanding and constituted by a trust deed dated 13 May 2015 as amended or supplemented from time to time, (the "Trust Deed") made between the Issuer, Wasps Holdings Limited (in administration) (“WHL”), ACL Astute 2006 Limited (in administration) (formerly known as Arena Coventry (2006) Limited) (“ACL2006”) and ACL Astute 2022 Limited (in administration) (formerly known as Arena Coventry Limited) (“ACL”) and U.S. Bank Trustees Limited (the "Trustee") constituting the Bonds and the terms and conditions of the Bonds (the "Conditions").
Further to our Notice of Electronic Consent Request dated 2 February 2023 (the “Electronic Consent Request”), we hereby notify you that the consent of Bondholders holding not less than 90 per cent. of the nominal amount of the Bonds outstanding was not obtained for any of the Extraordinary Resolutions contained in the Electronic Consent Request and accordingly such Extraordinary Resolutions were not approved by way of Electronic Consent. The Trustee has informed the joint administrators of WHL, ACL and ACL2006 that none of the Extraordinary Resolutions have been approved by way of Electronic Consent and that it will not take any action in relation to the Decision Procedure Forms.
More generally, the Trustee understands that the administrators of each company continue to work through their proposals and any further update in this regard will be provided when available.
Capitalised terms used in this notice (the “Notice”) but not defined shall have the meaning given to them in the Trust Deed.
Notice is given by the Trustee dated 17 March 2023.
 

Nuskyblue

Well-Known Member
No idea what this actually means


NOTICE OF RESULT OF ELECTRONIC CONSENT WASPS FINANCE PLC (the “Issuer”)
Notice to the holders of
£35,000,000 6.50 PER CENT. SECURED BONDS due 13 May 2022 (the “Bonds”) of the Issuer (ISIN: XS1221940510; Common Code: 122194051)
We refer to the Bonds presently outstanding and constituted by a trust deed dated 13 May 2015 as amended or supplemented from time to time, (the "Trust Deed") made between the Issuer, Wasps Holdings Limited (in administration) (“WHL”), ACL Astute 2006 Limited (in administration) (formerly known as Arena Coventry (2006) Limited) (“ACL2006”) and ACL Astute 2022 Limited (in administration) (formerly known as Arena Coventry Limited) (“ACL”) and U.S. Bank Trustees Limited (the "Trustee") constituting the Bonds and the terms and conditions of the Bonds (the "Conditions").
Further to our Notice of Electronic Consent Request dated 2 February 2023 (the “Electronic Consent Request”), we hereby notify you that the consent of Bondholders holding not less than 90 per cent. of the nominal amount of the Bonds outstanding was not obtained for any of the Extraordinary Resolutions contained in the Electronic Consent Request and accordingly such Extraordinary Resolutions were not approved by way of Electronic Consent. The Trustee has informed the joint administrators of WHL, ACL and ACL2006 that none of the Extraordinary Resolutions have been approved by way of Electronic Consent and that it will not take any action in relation to the Decision Procedure Forms.
More generally, the Trustee understands that the administrators of each company continue to work through their proposals and any further update in this regard will be provided when available.
Capitalised terms used in this notice (the “Notice”) but not defined shall have the meaning given to them in the Trust Deed.
Notice is given by the Trustee dated 17 March 2023.
It means that The Wasps are fucking bums.
 

Kneeza

Well-Known Member
Irony alert:

Posted by: Shugs (IP Logged)
Date: 26 March, 2023 13:15

Well done to you Wuss fans - what is very apparent is that if you don’t do these things no one else is going to. It’s barely believable that so many layers of incompetence can be allowed/unpunished etc.
 

fernandopartridge

Well-Known Member
It's amazing that in the world of sports CEOs, your track record is of no relevance.

We've heard from Mal Brannigan this week and Stephen Vaughan.
 

Terry Gibson's perm

Well-Known Member
I think Vaughan caused problems somewhere before he rocked up at Wasps he is a disaster and you would think once he has damaged Yorkshire further he will be off with his wrecking ball somewhere else, hopefully to the side that ply are the wrong end of the m69.
 

Grendel

Well-Known Member
It's amazing that in the world of sports CEOs, your track record is of no relevance.

We've heard from Mal Brannigan this week and Stephen Vaughan.

As an aside we’ve always heard from a rather spritely looking 91 year old Ken Bates

 

chiefdave

Well-Known Member
Swap Yorkshire for Wasps and Headingly for the Ricoh and that could easily be him speaking when he was at Wasps. Following the same pattern, let’s hope they realise how useless he is and get rid before he does irreversible damage.
 

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