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The bondholders have a charge over proceeds from the sale of the P share which isn’t held by ACL. Today’s hearing is about ACL.

Let’s all contribute to the bondholders legal fees!

Doesn’t look like it, but I don’t know how much CBS will be paying for stadium naming rights which was no doubt linked to CCFC return. That with the football related income might have edged it towards break even I suppose.

I think basically he was talking shite.

The two ACLs lost £6m over 2019 and 2020

Eastwood sounds like a twat.

That was the problem for Wasps, the projects that could have made money for them were all set up by, and for Richardson.

Someone must have been telling porkies then.

Exactly, his true intent with the move to Coventry and still Wasps supporters think he is an innocent in all this.

Still represents only 6% of nominal value.

Richardson said, when Wasps moved here, that he wasn’t a property developer and never had been.

He isn’t buying Wasps

More likely the administrators fees.

Doesn’t liquidation normally lower the value of what’s on offer? If so, bound to be some interest, just a shame for all the employees based in the then padlocked arena and us looking for somewhere to play in the meantime.

They have said it’s liquidation if they don’t get the court order they have applied for.

I would have thought the interest payments would have been rolled up into what is owed to the bondholders, not paid separately - they are already in multiple default of bond terms so would make no difference. Someone has suggested the administration fee, sounds feasible. While I am at it, why...

The Trustees have been asking for funding and indemnification before they will do anything as per the bonds prospectus, those things haven’t been provided and so they have basically done nothing. The bondholders think the arena head lease is worth £50m or so, whatever the most recent valuation...

Bondholders have raised £15,000 toward their legal representation. I think each bondholder was being asked to contribute 1% of their bond value which would mean that so far £1.5m of bond face value is represented - 4.3% of total which would be insufficient to carry or deny any resolution...

That’s what I have read,

The arena and shopping centre development was, in itself, a self contained regeneration project bringing jobs and facilities to that part of Coventry. It presented an opportunity for other regeneration projects to develop around that new landmark. There is precious little evidence of that having...