Administrators Report (1 Viewer)

fernandopartridge · May 16, 2013

Self and SISU serving process I suspect

James Smith · May 16, 2013

But it adds, if no further information is not forthcoming, a decision over a sale could be made "very shortly".

So that being a double negative, should it read:

If some information is forthcoming a decision over a sale could be made "very shortly"

Either a shaft of light or we've been shafted.

Deleted member 5849 · May 16, 2013

RegTheDonk said:
BUT NO CLUE ON THE GOLDEN SHARE!!

I don't read it as that tbh. I read it that he acknowledges the league's records point to Ltd. holding it, but the club's papers cast doubt on that... and that a court case to determine the answer looks highly likely!

SkybluG · May 16, 2013

No it reads right - if not further information is forthcoming, PHIV will withdraw bid and sale to SISU will progress

Jack Griffin · May 16, 2013

trondegilsoltvedt97 said:
Where do you get the 60m from- the previous court hearing? Wasn't that if you like an guess-timate before he did anything, and this is the conclusion of the investigation- a very specific figure

I suppose the difference between now and last year would be the reduction in revenue due to relegation- TV payments, Premier League solidarity and ticket sales.

A gross error.. no adequately run business would provide estimates that far out.. no it stinks to high heaven.. whoops I just realised I owe another £10M quid, a mere trifle..

James Smith · May 16, 2013

SkybluG said:
No it reads right - if not further information is forthcoming, PHIV will withdraw bid and sale to SISU will progress

Ah so we've been shafted! What a surprise.

Tad · May 16, 2013

Seriously though guys, what good could come out of this? A club in this much debt surely can't survive?

SkybluG · May 16, 2013

SISU plan all along was to wrap it up in the courts so long that no one else will touch it with a barge pole. Then they can come out of administration and either re-negotiate with ACL or relocate somewhere else

James Smith · May 16, 2013

Jack Griffin said:
A gross error.. no adequately run business would provide estimates that far out.. no it stinks to high heaven.. whoops I just realised I owe another £10M quid, a mere trifle..

That's very expensive trifle, what's in it custard made from unicorn milk?

Tad · May 16, 2013

SkybluG said:
SISU plan all along was to wrap it up in the courts so long that no one else will touch it with a barge pole. Then they can come out of administration and either re-negotiate with ACL or relocate somewhere else

I can't believe a company can get away with this. It's just crazy.

hill83 · May 16, 2013

Well, I'm off again until something substantial is reported. Fuck this.

dongonzalos · May 16, 2013

Deleted member 5849 said:
They never explained that to me when I was choosing my A levels and degree.

Yes I think maybe in Eaton, administrators, group four security directirship and investment banking must be the careers advise of choice.

Do SISU and ARVO take the hit for the fees if Mr Haskell is successful or Mr Haskell.

I wonder who were the other interested parties scared off by SISU muddying the waters?

It seems the administrator knows if he makes the decision against SISU they will put in legal challenges. Hence the Football league and association's caution at putting out a statement.

My gut feeling is he will put the evidence in front of the judge in such a way he or she had to say the club is up for sale.

This will be in 6 months time when he himself has made a million.

Then it will be down to a battle between SISU and Mr Haskell and what the true price is.

dongonzalos · May 16, 2013

covcityaaron said:
"Mr Appleton's report also states he has six months to investigate the conduct of the club's directors and former directors over the last three years. They are listed as current CCFC Ltd director Tim Fisher, Walter Bosco, Leonard Brody, John Clarke, Paul Clouting, Ken Dulieu, Joe Elliot, Gary Hoffman, Onye Igwe and Ray Ranson."

Who the f*** is Walter Bosco?

You are kidding me you don't know Old Walt???????

Deleted member 5849 · May 16, 2013

What's significant about only investigating directors of the past three years, by the way?

Why not earlier?

the rumpo kid · May 16, 2013

SkybluG said:
SISU plan all along was to wrap it up in the courts so long that no one else will touch it with a barge pole. Then they can come out of administration and either re-negotiate with ACL or relocate somewhere else

sisu have fucked up putting ccfc ltd into admin, i think a court will find the share is with ccfc ltd, the FA and the football league dont want to be seen as they dont know what the'er doing, by deducting 10 points they belive the share is with LTD and will say so in court, how can they say anything different !
as of this moment the admiistrators bill is well over quater of a million pounds, with a further investigation to come over six months that figure will be into the millions.
do sisu want to pay for that ? admiistrator has said his costs plus VAT will have to come from the sale of LTD, so why have sisu put LTD into admin themselves and then have to buy it back for several million pounds ?

luwalla · May 16, 2013

seriously the more the day goes on, the more unreal this becomes.. the whole outcome of this saga rests on one thing pretty much.. which part of the club held the rights to play in the leage ( the golden share ).... the administrator surely had to have that sorted first & foremost...

So it gets to today and he has submitted his 250k + bill, for 474 hours work ... our eyes water.. and he then tells us he still doesnt know that 1 crucial thing yet & needs more time!!

what planet are we on here.. how on earth is that acceptable.. and how do these guys get away with it!

singers_pore · May 16, 2013

the rumpo kid said:
sisu have fucked up putting ccfc ltd into admin, i think a court will find the share is with ccfc ltd, the FA and the football league dont want to be seen as they dont know what the'er doing, by deducting 10 points they belive the share is with LTD and will say so in court, how can they say anything different !
as of this moment the admiistrators bill is well over quater of a million pounds, with a further investigation to come over six months that figure will be into the millions.
do sisu want to pay for that ? admiistrator has said his costs plus VAT will have to come from the sale of LTD, so why have sisu put LTD into admin themselves and then have to buy it back for several million pounds ?

SISU won't actually pay a penny when "buying" back Ltd. They will simply convert some or all of the secured debt to equity. This also explains how the amount owed to ARVO has amazingly gone up so quickly over recent weeks. They are upping the amount of secured debt in order to make it too expensive for PHIV to buy the club. It's all a load of bullshit.Desperate times call for desperate measures.

bigfatronssba · May 16, 2013

If CCFC Ltd doesn't have the Golden Share then why do Sisu want to buy it back?

Also, if they buy it back are they not just buying the lease arrangement back?

Delboycov · May 16, 2013

When did this 'investment' become a 'loan' and a subsequent debt? ;-)

SkyBlueBlood · May 16, 2013

How can he make a decision when he is not being given the truth. That is why he needs to get the court to direct him, which I thought they would do today.

the rumpo kid · May 16, 2013

they will have to pay the ADMINISTRATOR + VAT

Nick · May 16, 2013

SkyBlueBlood said:
How can he make a decision when he is not being given the truth. That is why he needs to get the court to direct him, which I thought they would do today.

Surely as administrator he would have full access to accounts, paperworks and everything as he was effectively running it?

Deleted member 5849 · May 16, 2013

SkyBlueBlood said:
How can he make a decision when he is not being given the truth. That is why he needs to get the court to direct him, which I thought they would do today.

Quite. It speaks well for his impartiality in that he hasn't just whitewashed it entirely in the creditors' interests and wants to speak to other parties too.

To me, it reads very much as 'my creditors and the owners want me to say this, but please someone give me the evidence I need to prove it unequivocally so they stop arguing'. I may be wrong, but that's my interpretation.

And if it takes a court case, so be it. It'd be messy, and nasty, but surely better than the 'he said, she said' we'd have without a definitive resolution one way or another.

At least we can deal with definites.

derbyskyblue · May 16, 2013

Tad said:
Whoa...I knew things were bad, but whoa...The chances of CCFC staying around are getting slimmer and slimmer everyday...

As with ph4, at this rate we will need ph 74th.

skybluesam66 · May 16, 2013

Fisher - "there is no debt, it is all converted to equity" Fans forum 2012 (september?)
Administrator - there is 69m of debt May 2013

if we were a public company, Fisher would be banned for public statements like that - or are we running up debts at the rate of around £300k per day

Paxman II · May 16, 2013

6 months to investigate directors past and present is not saying he will.

Also a court hearing to determine this Golden Share issue will need to be urgent so still expect an outcome soon. the league need an outcome quickly remember too.
Sad that it may need a court to try and unravel the mess that all sides including the administrator can't seem to agree on?

I'm sure Haskell's bid will remain in place until the outcome is known. Fingers crossed for which ever side you are on.

Sub · May 16, 2013

absolutley fucking joke i can not beleive how bad things are, at this rate we will not be playing next season, adminstrator is a complete joke and how anybody can say he is not dragging his arse is beyond me, the FA needs to step in and the serious fraud squadto investigate our owners because it appears there is wrong doings at all levels in the club this is way beyond a joke now!!!:slap: I hope ACL, higgs and the councils lawyers are looking very closely into this report from the unbiased administrator !!

mark82 · May 16, 2013

Sorry if someone has already mentioned but how are players contracts & registrations in separate companies?

stupot07 · May 16, 2013

Delboycov said:
When did this 'investment' become a 'loan' and a subsequent debt? ;-)

That's what they do. Leicesters investors have done them same. Rich people don't just give money away.

http://m.bbc.co.uk/news/uk-england-leicestershire-17236355

Paxman II · May 16, 2013

Thought this was telling in the statement referring to the golden share:

"Notwithstanding these competing views, the rules of both the Football League and the Football Association confer a wider discretion upon those organisations relating to the decision as to whether or not it should register any proposed transfer."

You will recall Holdings have been assumed to have transferred it without consent but that suggest there is wide discretion for them to be able to do so. That to me is the body blow! Holdings may well be entitled to keep the golden share and hence we are back at square one.

Is this round 10 to SISU now as well? I always said the numpties at ACL and the council will get their wings clipped. I sincerely hope I'm mistaken.

Bluegloucester · May 16, 2013

Paxman II said:
Thought this was telling in the statement referring to the golden share:

"Notwithstanding these competing views, the rules of both the Football League and the Football Association confer a wider discretion upon those organisations relating to the decision as to whether or not it should register any proposed transfer."

You will recall Holdings have been assumed to have transferred it without consent but that suggest there is wide discretion for them to be able to do so. That to me is the body blow! Holdings may well be entitled to keep the golden share and hence we are back at square one.

Is this round 10 to SISU now as well? I always said the numpties at ACL and the council will get their wings clipped. I sincerely hope I'm mistaken.

Proposed! When did they propose transferring? Surely you have to inform the FL?

Diehard Si · May 16, 2013

£300k in combined fees and we still know nothing.

How hard can it be seriously?

Ah well, wake me when something happens.

davebart · May 16, 2013

Agree with earlier poster - if Golden Share can be shown to have been transfered from Ltd to Holdings then SISU don't need to bring Ltd out of admin. They can just continue trading under holdings.

My gut feeling is that SISU know the working of the law and legal system better than anyone else involved here and that includes the FA and the football league.

Even if a judge decided that the share was in Ltd they will just appeal the decision. It would go on for years.

Paxman II · May 16, 2013

Bluegloucester

"whether they should register any proposed transfer"

or in other words: they can do so on their own cognizance without necessarily requiring the FL or FA consent.
So if they transferred it from Ltd to Holdings the likely outcome is they can as there is no great requirement to register that intent with the FA or FL.

TheParsonsHose · May 16, 2013

Diehard Si said:
£300k in combined fees and we still know nothing.

How hard can it be seriously?

Ah well, wake me when something happens.

Another 3-500k should do it, east money for something that is in such a mess I bet.

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