Search results

It was the flag that finally sealed the deal. Every man has his price. 😁

It'd be nice to see some of them in jail for a while. It shouldn't trouble them too much, everyone who reads the Mail thinks it's like a holiday camp anyway.

There's a fair bit about a Trustee's role in the link below, if you're interested. In essence though, OSB is on the ball as usual. The only place I'd differ, is that I'd have thought at this point the Trustee would be actively organising a meeting of bondholders to share information and gauge...

In fairness, apparently their 1,500 paying fans bring at least £11m into the city every week, whereas our 20,000 or so aren't really worth the hassle.

Fair play. SBT wins the internet. 😁

There's bad PR, and then there's _bad_ PR. There's no way kicking us out of the CBS when we've got a lease and we're paying the rent would fly. Even CCC aren't that daft. Probably.

I think they might be, but I don't know for sure. This implies that it certainly could work that way.... https://www.gov.uk/government/publications/hmrc-as-a-preferential-creditor/hmrc-as-a-preferential-creditor

One last thought, and I'm happy to be corrected on this. Even if the lease does somehow move beyond the bondholders' grasp, Wasps are still in a horrible position: Wasps Holdings and ACL are guarantors of the £35m loan, if the bondholders can't sell the lease, they're surely going to come...

Agreed. It's starting to make the hunt the for the golden share look straightforward!

I don't want to be unfair to Simon Gilbert, but there's definitely a well written post on ADVFN wasps saying that legally the bondholders could step in and stop the lease being surrendered to the Council; this by dint of holding a first charge against it (a point I assumed was supported by...

Will the next big discovery be that they've found out the bondholders have a charge on the lease? FFS, we've been ahead of this story for months on here...

And in other news, Wasps are back in a recruitment freeze. It might just be me, but reading between the lines I think this is a slightly more downbeat (i.e. realistic) interview by the head coach. https://www.rugbypass.com/news/what-wasps-players-were-told-wednesday-about-second-court-filing/

And the regulations require a bond prospectus, that really long document that outlines the business structures, breaks down the accounts, the valuations, and the risks. The current one is clearly out of date, given all of the changes that have happened and the fact the bond redemption date...

It's an absolutely fair point. I'm thinking that whilst he might be able to sit on his hands during the admin process and say, "I don't know what you want me to do", he'll find that a lot more perilous if he says unilaterally "we'll take 50%" when by all accounts the lease and assets should...

Me either. Gutted.

As I understand it, it's controlled by the FCA and you need stuff like a draft bond prospectus that meets with their approval. Given the current bond is supposed to have redeemed in May, and all of the confusion around administration, I can't see the FCA relisting it. That's because I also...

It's probably not looking like such a good return now though. And given what's gone on and where interest rates currently are, what rate would bondholders need to be offered to extend? Double and then some, I'd venture. How could Wasps afford to pay interest at (say) 13% per annum on...

The trustee was appointed by Wasps when the bonds were issued, notionally to represent the interests of the bondholders. It's starting to look like that system is somewhat flawed, as what it really does is mean that the bondholders can't take action other than through the trustee.

Every six months, from memory, so I think mid to late November (bonds were issued in May iirc).

I'm going to guess another 10 working days at the most, then HMRC are going to get their kicking boots on and put a stop to it even if no one else does.