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

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Nick

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Judging by that, it is literally only really the bondholders getting anything from it?
A couple of million left for the other creditors to share?
 

jordan210

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Judging by that, it is literally only really the bondholders getting anything from it?
A couple of million left for the other creditors to share?

Wonder if that is the play to try and get the bond holders to agree. Screw everyone else and the bond holders. But they walk away with something...
 

duffer

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Wonder if that is the play to try and get the bond holders to agree. Screw everyone else and the bond holders. But they walk away with something...

Does sound something like that. Strange that the bondholders, or at least some of them, went through all of the hassle of crowdfunding legal advice but then didn't challenge in court. We might know in a few, but if I was a betting man I'd put a fiver on MA winning this.
 

Nick

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Posted on other thread

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jordan210

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Does sound something like that. Strange that the bondholders, or at least some of them, went through all of the hassle of crowdfunding legal advice but then didn't challenge in court. We might know in a few, but if I was a betting man I'd put a fiver on MA winning this.

I wonder if who ever has a bigger amount of bonds threw weight around on it. Need someone on the bond Facebook group to see what the full message said
 

Mcbean

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Pretty clear then they are going into admin - that may be the only decision - then it’s down to the administrator which direction it takes
 

skyblu3sk

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Looks like it's less cut and dry than hoped by MA at this stage! Could still go his way of course!
 

tisza

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That’s my thinking. Surely would have been a 2 min job. But who knows. Admittedly King has come late to the party.
Decision provisionally made before hearing after paperwork etc submitted. Hearing to see if anything exceptional needs decision to be changed.
 

Flying Fokker

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Mar 24, 2011
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This King guy, does he always do business like this? Is he fit and proper? What prevented him putting a bid in regardless of SISU? Ahh there we are. SISU all along. They held him back? It’s a strange way of doing business. There is a lot of bull flying around.

Supposing this guy has 85% of the business? That was a bit of a gamble for sepella et a, unless they genuinely sold?
 
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Nick

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NorthernWisdom

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Andrew Sheridan said:
This is a pleasing outcome, which helps secure up to 1,000 jobs in Coventry and ensures that the venue will continue to play a major role in the city’s economy as a world-class entertainment and hospitality venue and home for Coventry City Football Club.

a) specific mention of home for us
b) no mention of Wasps

Probably asking too much to read into a quote after an event, but hey, at least there is some tangible evidence for what happens going forward...
 
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