Blame Appleton ! (1 Viewer)

Voice_of_Reason · Aug 11, 2013

As weak as the Football League is (spineless in fact) it was Appleton that opted for Otium as the preferred bidder thus putting the Football League in the position we now find ourselves in (yes, I know the "fit and proper persons test" was a joke and the Football League ignored many of it's own rules), but it was APPLETON who selected Otium AND it's Directors. I, for one, feel that Appleton's decision to opt for Otium is questionable - late filing of accounts, questions over assets being transferred etc etc. Only 10 days ago Fisher said all this could be explained -- but as yet, he hasn't !

Bennets Afro · Aug 11, 2013

Yes I agree. I agree he chose the best owners to take CCFC forward as a business

CovFan · Aug 11, 2013

He chose the best offer that offered the best deal to creditors.

IE themselves.

sw88 · Aug 11, 2013

In Appletons defence, he had a Job to do. To look at the available offers.

We don't know what the other parties bid. We don't know if they would have made financial sense.

Remember Hoffs last offer of £1. For all we know, he could have bid that again.

I don't particularly like the outcome, but there's many more people to blame before Appleton

italiahorse · Aug 11, 2013

It may have been the best offer. But who in there right mind would put in a bid for a company with huge debts and no players, unless you were a company that had the players.

I think he should have found out why the players had been moved out of Ltd first and if wrong put them back and then started the process.

Instead he sells the company and then the investigation starts.

ACL should have put the offer of £150K in earlier and the FL should have said no to the groundshare.

skybluetony176 · Aug 11, 2013

there hasn't been one good decision made in this whole shitty saga by anyone in power. whether that be Appleton, sisu, acl ,fl going right back to the decision to leave highfield rd. everybody in power has failed and left the fans powerless.

Voice_of_Reason · Aug 11, 2013

I am doubtful that Appleton pointed out to the Football League the questionable accounts of Coventry City FC ltd, Coventry City (Holdings) Ltd,Otium and Sky Blue Sports and Leisure Limited and other umbrella companies within the SISU Group and, most importantly, that Joy Sepala, who is not even a Director appears to be the decision maker and not shown as a Director ? This is not an accusation, but a question. The Football League's decision to award the Golden Share to Otium might have been different. I still feel that there are those involved who may wish to take this further ?

ohitsaidwalker king power · Aug 11, 2013

Was it not a fait accompli... did they not mark their own homework? And I agree VOR spineless as the football league are, as misguided as their morale compass has been, they were somewhat steered toward a cul-de-sac by the questionable decision. Is there not an appeal process possible, given all of the recent revelations?

The Prefect · Aug 11, 2013

CovFan said:
He chose the best offer that offered the best deal to creditors.

Good shout. Appleton's job was to maximise value for the creditors of CCFC Ltd. He's done that.

SISU had a multi-tiered debt structure in the Coventry City group. This means as part of their bid they could write off most (if not all) of the debt that was in CCFC Ltd. As far as Appleton is concerned that is a result for the creditors of CCFC Ltd. The reality is that the same debt exists elsewhere in the corporate structure so SISU can still recover much of the written off money.

It was always difficult for other bidders - as SISU had a £30m head start with the bidding process.

italiahorse · Aug 11, 2013

skybluetony176 said:
there hasn't been one good decision made in this whole shitty saga by anyone in power. whether that be Appleton, sisu, acl ,fl going right back to the decision to leave highfield rd. everybody in power has failed and left the fans powerless.

I would even say the move to Highfield Road and the change of name from Singer started the rot. :thinking about:

ohitsaidwalker king power · Aug 11, 2013

The Prefect said:
Good shout. Appleton's job was to maximise value for the creditors of CCFC Ltd. He's done that.

SISU had a multi-tiered debt structure in the Coventry City group. This means as part of their bid they could write off most (if not all) of the debt that was in CCFC Ltd. As far as Appleton is concerned that is a result for the creditors of CCFC Ltd. The reality is that the same debt exists elsewhere in the corporate structure so SISU can still recover much of the written off money.

It was always difficult for other bidders - as SISU had a £30m head start with the bidding process.

Agree , maximising creditor returns was his priority, but was it achieved in accordance with ensuring that all correct protocols were observed... isnt that the question that recent revelations have sought answers to?

italiahorse · Aug 11, 2013

Voice_of_Reason said:
I still feel that there are those involved who may wish to take this further ?

I would if I could understand what's gone on !!

Sounds to me we have 'big business' using a football club for moving bad debt into.
CCFC are like a ship of toxic waste sailing out into the Atlantic waiting for a scuttling.

stupot07 · Aug 11, 2013

Scapegoat alert.

[insert name here] is to blame for this mess.

Philosoraptor · Aug 11, 2013

The thing is Appleton does not report to the Football League but is a clerk for the Court. The CVA has not been agreed so it is back to High Court where there are some things he has to explain. I would book early for tickets, it will probably be the only time SISU gets a sell out this season..

SkyblueBazza · Aug 11, 2013

The REAL voice of reason however would think that SISUs experience in such matters - they plan for every eventuality or "What if..." no matter how undesirable or unlikely. so our situation once certain things started to happen would then be engineered to turn it back into SISUs advantage (e.g. threat of forced administration). this means that they remain in a position of power/control as far as possible. So the situation PA found himself in had probably to a large extent been set-up already to favour SISU.
PA is/was operating within his remit & the rules to achieve his responsibilities as Officer of the Court.

ohitsaidwalker king power · Aug 11, 2013

stupot07 said:
Scapegoat alert.

[The Romans] are to blame for this mess.

................

Warwickhunt · Aug 11, 2013

If Hoff and Mr Coventry with PhIv had put a decent offer in then Appleton would have chose them, likewise every c**t that wants to get control of CCFC wants its for nothing

blend · Aug 11, 2013

It will be interesting to see what the debt looks like going forward, it is unlikely that we will see any of it written off isn't it? Will it be £70m, could it even be more now!

The Prefect · Aug 11, 2013

blend said:
It will be interesting to see what the debt looks like going forward, it is unlikely that we will see any of it written off isn't it? Will it be £70m, could it even be more now!

Within the group of Companies it is likely to remain the same.

torchomatic · Aug 11, 2013

I think we should just grab the nearest phonebook, stick a pin in it and blame them.

The Penguin · Aug 11, 2013

torchomatic said:
I think we should just grab the nearest phonebook, stick a pin in it and blame them.

Yeah, bloody P H Woodcock of Doncaster, Victoria, it's all your fault!

Jackoskyblue · Aug 11, 2013

Someone came into where I work last night and he said Appleton is friends of Seppalas husband and has been hired in for a lot of their companies. Surely this wouldnt be allowed? Don't know how true this is just what someone said last night

Nick · Aug 11, 2013

The Penguin said:
Yeah, bloody P H Woodcock of Doncaster, Victoria, it's all your fault!

I thought it was Drew Peacock?

The Penguin · Aug 11, 2013

Nick said:
I thought it was Drew Peacock?

Him too, the bastard!

Blame Appleton ! (1 Viewer)

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