Acl/cva (1 Viewer)

Grendel · Jul 18, 2013

skybluehugh said:
I believe ACL were owed £1.3m even before CCFC went into administration. So 1/2m is nowhere near all that they are owed. And therefore they would be doing a disservice to their stakeholders/share holders.

I do not believe ACL will struggle as much as you think. They would have already begun looking into other revenue streams, and their books were looking pretty good, even without income from CCFC.

They are being paid in full. The £1.2 million included that taken from Erscow. Been sucked in by ACL spin?

stupot07 · Jul 18, 2013

skybluehugh said:
I believe ACL were owed £1.3m even before CCFC went into administration. So 1/2m is nowhere near all that they are owed. And therefore they would be doing a disservice to their stakeholders/share holders.

I do not believe ACL will struggle as much as you think. They would have already begun looking into other revenue streams, and their books were looking pretty good, even without income from CCFC.

You're forgetting that have already been paid £500k from the Escrow account.

ccfcway · Jul 18, 2013

Grendel said:
They are being paid in full. The £1.2 million included that taken from Erscow. Been sucked in by ACL spin?

How ?. CVA states they would get £500k.... Even if you take out the £500k for Escrow that still leaves £300k outstanding ?

LastGarrison · Jul 18, 2013

stupot07 said:
Of course they will have some blame,just as ACL must share some for the position we find ourselves in.

Agreed, however, your original post was saying if we get relegated etc. do ACL get the blame? I, personally, wouldn't solely blame them no, and the finger has to be pointed at both ACL and SISU. Just in a bit more of hard, sharp, jabbing motion at SISU.

shmmeee · Jul 18, 2013

tbh444 said:
I find it hard to believe that Otium could really liquidate CCFC Ltd and just walk away from the lease given they effectively are CCFC Ltd in new clothes - if that's in line with the law then it's a very bizarre one.

My feeling exactly.

Can I just create Shmmeee Ltd, load my overdraft and whatever else into that and then become Shmmeee Holdings and liquidate the debt?

Even if it is legal, I don't want my club doing it.

Fuck em ACL, I say take the cooling off period then refuse to sign. If for no other reason than its what Sisu don't want.

Samo · Jul 18, 2013

CVA should be rejected. There needs to be a grenade in the rats nest. Lets find out whats been going on. I don't care about points deduction any more. The club needs surgery.

Godiva · Jul 18, 2013

skybluehugh said:
I believe ACL were owed £1.3m even before CCFC went into administration. So 1/2m is nowhere near all that they are owed. And therefore they would be doing a disservice to their stakeholders/share holders.

I do not believe ACL will struggle as much as you think. They would have already begun looking into other revenue streams, and their books were looking pretty good, even without income from CCFC.

According to the administrators report (I am writing this from memory!) they were owed £650k - they stand to get about £500k. The rest is, I think, sisu's way of having them share the administrators bill.

jesus-wept · Jul 18, 2013

Put the 28 day "cooling off" period in and lets see how sisu and Appleton ace

ccfcway · Jul 18, 2013

in the very wise words of Zamo - "just say NO"

Godiva · Jul 18, 2013

shmmeee said:
Fuck em ACL, I say take the cooling off period then refuse to sign. If for no other reason than its what Sisu don't want.

I believe they need to make their decision known at the creditors meeting. The cooling off period starts after the meeting.

RPHunt · Jul 18, 2013

This was my opinion a week or so ago and I haven't changed my mind since:

RPHunt said:
It seems likely that ACL can prevent the Administrator from handing the club back to SISU by blocking the CVA and rejecting the 26p in the £ offer.

This may leave the club with an uncertain future, but surely that is preferable to a future under SISU. And no matter what the Administrator is saying, the alternative to accepting the CVA is not liquidation and the demise of the club.

So, I for one, would like to see ACL reject SISU's offer and tell them to shove their 26 pieces of silver.

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