torchomatic
Well-Known Member
So Otium is now the sole entity at CCFC.
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All for one and one for all (1 Viewer)
- Thread starter torchomatic
- Start date
covcity4life
Well-Known Member
one day at a time,sorting the infrastructure out
imagine they bought the ricoh and we really turned our fortunes around
would sisu be looked back in history as heroes?
imagine they bought the ricoh and we really turned our fortunes around
would sisu be looked back in history as heroes?
torchomatic
Well-Known Member
Danceswithhorses
Well-Known Member
What drugs are you on lol ???
italiahorse
Well-Known Member
They could turn our fortunes round this week if they wanted too with one phone call.
Will they ........... ?
dongonzalos
Well-Known Member
Sorry Torch, but is this significant?
oldskyblue58
CCFC Finance Director
this is the club official statement
Club shareholders to be invited to meeting regarding restructure process before the end of 2013
Coventry City has continued the process of tidying up its business structure.
It has voluntarily struck off Coventry City Football Club (Holdings) Ltd. All business is transacted through Otium Entertainment Ltd.
Tim Fisher said: "All assets sit within Otium Entertainment - including the Football League golden share - so the move to solvent dissolution of CCFC Holdings is simply another logical step in making our structure simpler and straightforward.
“We have said throughout that we intended to clean up the untidy structure we inherited and put all the assets and operations of the Football Club under a single entity and this is part of that process.”
Fisher added that all relevant stakeholders had been formally notified of the process and the nearly 300 B shareholders had also been written to informing them they would be invited to a meeting before the end of the year.
Read more at http://www.ccfc.co.uk/news/article/club-restructure-continues-1161674.aspx#0jRs94QHuPMq8ySb.99
Club shareholders to be invited to meeting regarding restructure process before the end of 2013
Coventry City has continued the process of tidying up its business structure.
It has voluntarily struck off Coventry City Football Club (Holdings) Ltd. All business is transacted through Otium Entertainment Ltd.
Tim Fisher said: "All assets sit within Otium Entertainment - including the Football League golden share - so the move to solvent dissolution of CCFC Holdings is simply another logical step in making our structure simpler and straightforward.
“We have said throughout that we intended to clean up the untidy structure we inherited and put all the assets and operations of the Football Club under a single entity and this is part of that process.”
Fisher added that all relevant stakeholders had been formally notified of the process and the nearly 300 B shareholders had also been written to informing them they would be invited to a meeting before the end of the year.
Read more at http://www.ccfc.co.uk/news/article/club-restructure-continues-1161674.aspx#0jRs94QHuPMq8ySb.99
torchomatic
Well-Known Member
italiahorse
Well-Known Member
Will we see when the assets actually moved from Ltd to Holdings at some point ?
oldskyblue58
CCFC Finance Director
From 1995 up until 2007 there were two companies. In 2008 SISU added SBS&L then in 2011 SISU added Otium Entertainment Group Ltd. At some point they transferred ownership from 5 SISU funds to Sconset Capital.
Now to "simplify things" they have by one means or another removed the two original Companies from 1995.
So we are back to the position we had in 1995 to 2007 a trading company and a holding company.
Of course they could have used the original two companies when they came in, never formed the new ones, simplified the accounting transactions between each, transferred assets between the two quite legally and never complicated the structure in the first place..... they made different choices as is their legal right
Companies that are liquidated or petition to wind up dont have to file accounts..... all perfectly legal
Now to "simplify things" they have by one means or another removed the two original Companies from 1995.
So we are back to the position we had in 1995 to 2007 a trading company and a holding company.
Of course they could have used the original two companies when they came in, never formed the new ones, simplified the accounting transactions between each, transferred assets between the two quite legally and never complicated the structure in the first place..... they made different choices as is their legal right
Companies that are liquidated or petition to wind up dont have to file accounts..... all perfectly legal
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dongonzalos
Well-Known Member
Just wondering what it means for us?
Thought with you starting a thread on it. It may have some significance. Which I hold my hands up I failed to see?
Unless it is the significance for the shareholders?
dongonzalos
Well-Known Member
Oh so we have gone from the complicated two companies they knowingly bought ( rather than inherited)
Up to about 5 created by them
Back down to the original structure of 2 ( but instead two of the new ones created by them instead)
fernandopartridge
Well-Known Member
It sounds a bit like the sort of tidying up you did as a kid, i.e. make your bedroom appear neat by stuffing everything under the bed.
lewys33
Well-Known Member
I think this is the best way of putting it, without putting your "neck on the line"
skybluetony176
Well-Known Member
begs the question what took them so long, given that it seemed a pretty straight forward process in the end why did they spend years operating the same "untidy structure" they inherited when they bought the club. i'm no genius but its almost like the untidy structure served them well and benifitted their game plan.
italiahorse
Well-Known Member
begs the question what took them so long, given that it seemed a pretty straight forward process in the end why did they spend years operating the same "untidy structure" they inherited when they bought the club. i'm no genius but its almost like the untidy structure served them well and benifitted their game plan.
..... and maybe winding up these companies and subsequent no requirements for accounts hides any apparent legal asset stripping that occurred.
I assume that if Sisu won't tell us the full story that we can make a guess what happened here.
Unfortunately, or fortunately, the sh1t will stick with them whatever they do.
Captain Dart
Well-Known Member
One would almost think they intended to move from 2 companies with a clear logical structure, to 4 with an opaque structure, then back to 2, different companies fufilling parallel roles as the 2 original companies and in the process hide much of the detail from public gaze.