It means Coley88 has to tell his missus he's spunked their early retirement pot on a ponzi scheme
It means Coley88 has to tell his missus he's spunked their early retirement pot on a ponzi scheme
Least a football fan would spend it on Coke, beer and prozzies.
The Bondholder Facebook forum reporting they have filed a CVA
Which Company yet to find out
Which Company yet to find out
company voluntary arrangement
A company voluntary arrangement (CVA) is a procedure that allows a company: To settle debts by paying only a proportion of the amount that it owes to creditors. To come to some other arrangement with its creditors over the payment of its debts.
A company voluntary arrangement (CVA) is a procedure that allows a company: To settle debts by paying only a proportion of the amount that it owes to creditors. To come to some other arrangement with its creditors over the payment of its debts.
It may not be, but seriously can you see anyway they can dig themselves out of the huge financial hole they are in.
Couldn’t happen to a more deserving club.
I hope they tumble, and the shits from the Council who supported them, fall as well.
Of course, though had the funding been granted it would have significantly changed the dynamics. As is, they seem to accept none is forthcoming
Maybe we can all do that with our energy bills?
Wasps want some, but will he give it them?
Going bust, going bust London Wasps
Going bust, going bust I say
Going bust, going bust London Wasps
Give our stadium back today
Going bust, going bust I say
Going bust, going bust London Wasps
Give our stadium back today
I would imagine that as with our administration they've got everything lined up so they can control the process and get the outcome they desire. The bond holders are potentially the issue, can't see that they'll just accept a part payment when they have the security of the stadium, well lease, unless of course its not worth as much as Wasps claimed and doesn't actually cover what they are owed.
Oi. Wasps maybe. I've been to Twickenham three times (many many years ago, never again) and I'm an ex dirty stinky milling machine operator, so you can fuck right off with the rest of that.
Nicely, of course.
How would administration or CVA work with the bond? If they just turn round to bondholders and say, for example, we'll give you 50p in the £ why would they accept when they have security? Unless there's not enough security to cover the bonds you're not accepting less are you?
Also with a CVA wouldn't the management that have created this situation remain in place? Wouldn't appeal to me as an investor
There are I thought I read somewhere 3,000 bond holders exist - most I’d assume have £2,000 in it purchased through a broker. It’s difficult to get a collective response through a vast amount of people
The security though isn't the actual lease is it? just the proceeds from the sale of it
The way security was written about in the prospectus always seemed a bit off to me but I assumed it was just going over my head and as I wasn't about to hand them thousands of my own money not an issue.
How would it work in practice? Wasps say we're going to offer you 20p in the £, to pick a random figure, the bondholders say hold on we've got security. They then try and enforce that security and get the lease sold to recover their money, what happens then?
A big red flag for more with the security has always been who they were going to sell the lease for at anything like the amount its been valued at.
I think the bondholders' might be lower on the order of precedence in creditors than Richardson himself
