Can anyone explain to me why does liquidation inevitably have to be the outcome of the CVA not being accepted on 2nd August?
This, as declared by Administrator Appleton sounds at odds with the interests of creditors who are not wanting to sign off because quite frankly he has not done a good enough job of meeting their needs in achieving a suitable outcome from which to exit Administration. We can be in Admin for a good while longer. Why the brinksmanship of another bullshit deadline?
Try harder Mr Appleton, and in the meantime properly discharge your responsibilities as custodian of the Club whilst it is in Administration and insist on the best commercial outcome for all parties at this time in the short term, by advising the Football League that Coventry City will commence their home game fixtures this coming season at The Ricoh Arena. You have the power to execute that arrangement in precisely the way that you did for the final home games of last season, and no material circumstances have changed that should dissuade you from maintaining a consistent approach on that matter.
Unless.... Well, I can't think of a reason... Can you?
I can
Yep, been thinking - and saying - the same since forever.
This was a stitch up that made no financial sense whatsoever for the business going forward.
The FL should have jumped all over this. Why didn't they? This caveat - we don't get involved in 3rd party disputes. Bollocks.
Can anyone explain to me why does liquidation inevitably have to be the outcome of the CVA not being accepted on 2nd August?
This, as declared by Administrator Appleton sounds at odds with the interests of creditors who are not wanting to sign off because quite frankly he has not done a good enough job of meeting their needs in achieving a suitable outcome from which to exit Administration. We can be in Admin for a good while longer. Why the brinksmanship of another bullshit deadline?
Try harder Mr Appleton, and in the meantime properly discharge your responsibilities as custodian of the Club whilst it is in Administration and insist on the best commercial outcome for all parties at this time in the short term, by advising the Football League that Coventry City will commence their home game fixtures this coming season at The Ricoh Arena. You have the power to execute that arrangement in precisely the way that you did for the final home games of last season, and no material circumstances have changed that should dissuade you from maintaining a consistent approach on that matter.
Unless.... Well, I can't think of a reason... Can you?
I think SISU have the FL by the bollocks.
Because all of the emphasis has been on whether ACL will or will not sign the CVA, people have forgotten that sisu through ARVO are the biggest creditors, and if the administrator said lets go with option 2 they wouldn't sign off the CVA. This is probably why it's CVA or liquidation.
But isn't it the independent creditor that has the bigger vote?
I have no idea, but you do need 75% of the vote from the creditors.
I'm pretty sure that why Leeds ended up with extra points deductions. Ken Bates tried to force through a CVA that was benificial to the existing owners, and less so for the independent creditors. The thing is though how much is owed to SISU etc by Ltd? In one breath is 70 million, the next it is a none asset holding, none trading property arm of the club not worth anything, in which case ACL are the only creditor.
the general consensus of opinion is that Mr. Appleton is not fit to do the job,
imho, of course,
so, why have the FL not taken action,
so, who is complicit in the way things have gone ?
Because all of the emphasis has been on whether ACL will or will not sign the CVA, people have forgotten that sisu through ARVO are the biggest creditors, and if the administrator said lets go with option 2 they wouldn't sign off the CVA. This is probably why it's CVA or liquidation.
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