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As a slight aside, Worcester are right in it. Won't fulfil a pre-season friendly this week because playing staff haven't been paid. Premiership rugby can't survive like this, let alone clubs that are already massively in debt like Wasps.

Shadiness abounds! According to the bondholder forum the bonds can't be relisted (i.e. traded on the stock exchange) until the accounts are audited and released. Relisting is a key component of the Consent Solicitation (the bit where Wasps ask the bondholders to accept reduced or extended...

It's not going well for them is it. Saying that, I'm impressed with how much public money Wasps seem to be able to screw out of the council/WMCA...

It's not such a good deal if you've lost all of your principal though, and it's the only pot you've used for your investments. I have sympathy, but I'm not sure everyone who piled into the bonds really understood the risk.

Ah, that's interesting, I missed that. So in essence the bondholders couldn't force the sale of the p-shares, but could in theory benefit if Wasps chose or were obliged to sell them? My gut feel is that Wasps are getting busy trying to protect themselves from the bondholders calling it all in...

I've got some sympathy here, but even at the time a relatively small amount of research would have made it evident that there was always a level of risk in these bonds. Putting everything in this pot wasn't really a great choice. That said, I genuinely hope she gets some of it back. The...

Fwiw I've never had much joy with the power lines extenders personally. The Virgin ones were spectacularly awful; apart from never really working they got so hot I thought they were going to catch fire (turns out this was a fairly common issue!). I begrudged having to buy my own extra kit on...

Fwiw, I just hard wired a cheapish wireless router (£30-ish) to the hub for the upstairs bedroom/office. This to provide solid WiFi upstairs. Then cabled direct to that upstairs router for my works laptop to give maximum speed and reliability for work. I had to do that for the Virgin kit...

Incredible, we've gone from a vaguely intelligent but entirely corrupt and sociopathic waster, to a thick as pigshit, completely unsympathetic menace, in a matter of weeks. Thank you, Conservative party.

I've had Virgin Fibre to the house and the speed to the hub was pretty solid, but their hub was fairly useless (so patchy WiFi) and their customer service was hideous. I've now got BT fibre to the house. Reliable and their hub is much more solid. If you rely on WiFi that's fairly important I'd...

I think my concern would be whether the business will still be running by the time the next interest payment is due, or at least whether it would have sufficient funds to meet the requirement. If things are heading south there's something to be said for the bondholders recovering what they can...

Yes, it doesn't sound as though it's an entirely independent process does it! Ah well, if Wasps play their cards right they might be able to appoint an Administrator who can't find the golden share. 🙂

I don't know why, but when I saw that picture the phrase that immediately sprang to mind was "mischief writ large". 😁 I don't know much about dogs, but with kids I was told that the first twenty years are the hardest. Sorry mate, not much use I know, but she is a lovely looking dog if that's...

The bondholders are definitely getting twitchy, can't say that I blame them. The trustee (who is supposed to act on their behalf) doesn't seem to be particularly proactive. I think that at least a few of them are getting organised for themselves now to push things along, they clearly don't...

I think it depends how bullish they're feeling and whether they think Wasps will ever be in a position to fully redeem the bonds (or pay an even higher level of ongoing interest going forward). Ultimately, the bondholders have got security via the stadium and the p-shares (iirc on the latter)...

So that's 20m split across 13 clubs, if I've read it right, with the level depending upon how many players from each club play for England. I'm not sure that this will get Wasps out of the hole they're in. A real pity, I know. 🙂

The bond money did pay it back - but the problem now is that they can't repay the bond. So in essence they're asking to borrow the 13m again, so that they can repay the bond! It's madness.

And the last one (promise). This time the 13m can't even be secured against the stadium, the bond holders now have the first charge against that. We (the public) are being asked to lend money to a business that has never turned a profit, that has already been bailed out twice, and that has the...

So to summarise, since the stadium opened, ACL (now 100% owned by Wasps) have never managed to fully pay down that initial loan. They had a public bailout in 2013, then a bond issue to repay it in 2015, and now in 2022, they're back to asking for public money. It's absolute madness. The...