D
Deleted member 4232
Guest
Spot on.
Breaking- club statement (1 Viewer)
- Thread starter AFCCOVENTRY
- Start date
Spot on.
CovLis86
Well-Known Member
Every statement angers me further. Anything to look like the heroes in all of this, and take the spotlight off their doings. No doubt they have tried their best to cover their tracks, bit like detectives at a murder scene, if they can look deep enough, then they will soon find the murderers have slipped up somewhere .
rondog1973
Well-Known Member
Remember during the Iraq war when that Iraqi defence minister was being interviewed and he was saying American soldiers were being obliterated by Iraqi troops against a backdrop of American Tanks rampaging in the Backround?
This statement has that type of delusion about it.
sw88
Chief Commentator!
Calm down. AFC is good enough to post most things in full on this site, and usually keeps it just to the article! Easily done copying and pasting everything by mistake!
Sky Blue Harry H
Well-Known Member
:jerkit::jerkit:
SkyBlueScottie
Well-Known Member
I dont know which is worse, the club v ACL or supporters making statements, then being accused of an ACL / Sisu supporter.
We get it, SISU are at fault. ACL are at fault, just because somebody expresses a wish for ACL to be asked some questions does not automatically mean anyone needs to jump in and demand that SISU are also asked questions. Lets get the club home. As things stand SISU will not sell, not while they think there is a chance of the stadium growing weeds, they will simply starve the club dry of finances and run it down to the cheapest level of football possible, I dare say thats the reason as to why we are currently in league 1.
So lets get back to June 3rd, lets get the key players around a table (does not have to be the same one) Joy can sit at a table in America, Ann can sit at her dinner table for all I care, all it tooks is a phone / Skype/ conference call facility.
We get it, SISU are at fault. ACL are at fault, just because somebody expresses a wish for ACL to be asked some questions does not automatically mean anyone needs to jump in and demand that SISU are also asked questions. Lets get the club home. As things stand SISU will not sell, not while they think there is a chance of the stadium growing weeds, they will simply starve the club dry of finances and run it down to the cheapest level of football possible, I dare say thats the reason as to why we are currently in league 1.
So lets get back to June 3rd, lets get the key players around a table (does not have to be the same one) Joy can sit at a table in America, Ann can sit at her dinner table for all I care, all it tooks is a phone / Skype/ conference call facility.
Sky Blue Harry H
Well-Known Member
can't get to type message - hence previous jerkit (aimed at TF !)
:jerkit::jerkit::jerkit::jerkit::jerkit::jerkit::jerkit::jerkit::jerkit::jerkit:
:jerkit::jerkit::jerkit::jerkit::jerkit::jerkit::jerkit::jerkit::jerkit::jerkit:
D
Deleted member 4232
Guest
Its even better when people quote the whole thing ON THE SAME PAGE AS THE ORIGINAL POST.
Love life.
Mick Scoop
Member
This statement is basically saying 'we underestimated the feelings of the fans by taking the club out of the City and we're not selling any tickets...............whoops'
CarpyCov84
New Member
Tim how's your ticket sales going ???
Haha MUPPET !!!
Haha MUPPET !!!
chiefdave
Well-Known Member
I think the real plan must be to get the fanbase down to zero, they seem to be going out of their way to piss everyone off. All this Coventry area, stupid statements being released all the time and to top it all coming up with we are coventry as this seasons marketing slogan it comes across like it's all a game. fisher and joy probably get together every morning to come up with a plan to piss more people off.
T
true sky blue
Guest
its all about perceptions isnt it. the one thing annoying me the most is that both sides say they care for the fans and go on to show it by using them in a hysterical use of the media. its playing with the fans emotions and splitting them up into 2 camps. divide and conquer this is not as both sides are playing the game, the game will end on Friday, we will be at the ricoh, when the shit finally starts hitting the fan
James Smith
Well-Known Member
Myself and OSB58 reckon that they put in a derisory offer for the freehold of somewhere between £5-10m and are using the club as a bargaining chip to obtain this. Hence I wasn't very surprised by the ACL statement where they said Joy told them in the meeting about ownership that we're only playing at the Ricoh again when she has the Ricoh freehold at her price and no negotiation.
ACL Statement said:
I'm not sure you can deal with someone like that, especially when the only weapon the other side has and threatens you with is just to litigate you into submission. If we don't go to Sixfields (hopefully) they'll realise that the games up (pun not intended). If there are people going to Sixfields instead of the Ricoh I would hope you're taking some SISU out stuff with you.
CarpyCov84
New Member
Tim
Have you reached 70 season tickets yet or what ???
Have you reached 70 season tickets yet or what ???
Nonleagueherewecome
Well-Known Member
What a pile of stinky Fisher bullshit.
To be fair they are still developing plans apparently to build our own stadium.
They just need someone to donate a piece of land that they no longer require. Next they will just need to find a construction company willing to build them a new stadium as a special favour to them. Then we can look forward to our very Pied Piper ' Timothy ' himself leading the remaining 200 adoring fans back to the brand new ground in an obscure backwater by the year 2030.
NorthernWisdom
Well-Known Member
italiahorse
Well-Known Member
Garbage ..
Nonleagueherewecome
Well-Known Member
Isn't it 666666? That's twice as evil as a Satan! She is the personification of Beelzebub...
James Smith
Well-Known Member
Well moving my club 35 miles out of Coventry and allegedly threatening people when they don't give in to your demands isn't what I consider to be caring for the fans. You might think differently but I'm personally looking forward to a day out at the Ricoh on Sunday watching some good football. I've had to inconvenience one of my colleagues to do so and get permission off my boss to change the days I'm working to do this but my goodness am I excited. I'm going to buy Trust wristbands for everyone at work and everything.
:blue:
SkyBlueBlood
Member
This also smells like a Fisher statement. Twat.
So they still haven't any plans for a new ground lol. Useless bullshitting bastards.
James Smith
Well-Known Member
Ah yes Comical Ali - There are no American tanks in Baghdad it is all lies
There are no supporters at the Ricoh it's all lies the Sky Blue Army are enjoying a game of football at Sixfields in Northampton. :facepalm:
Last edited:
NorthernWisdom
Well-Known Member
tbf what are they supposed to do?
ACL release a statement and they don't respond? AHA, GUILTY!
ACL release a statement and they *do* respond - AHA, GUILTY!
Perhaps both sides should just agree to stop releasing statements about each other.
ACL release a statement and they don't respond? AHA, GUILTY!
ACL release a statement and they *do* respond - AHA, GUILTY!
Perhaps both sides should just agree to stop releasing statements about each other.
Sub
Well-Known Member
But a High Court judge sided with KPMG. For Sisu, which prides itself on its due diligence and its thorough research, it was a big blow. Worse still, the judge criticised Seppala’s evidence.
“I fear Ms Seppala has a distorted recollection of some events ... she is also prone to exaggerate — the respondents would characterise it as lying but I give her the benefit of the doubt on that,” said Mr Justice Warren.
“She had many other business matters on her mind and when it came to producing her witness statement and giving her oral evidence, her recollection was not, I think, as accurate as she would like to make out.
“She is, I am quite sure, an astute businesswoman. I totally reject her description of herself as naive,” he added.
Seppala has rejected the judge’s criticism. “I’m not one for publicity and I do not care what people — beyond my investors and my family — think of me,” she said.
just to remind people :thinking about:
“I fear Ms Seppala has a distorted recollection of some events ... she is also prone to exaggerate — the respondents would characterise it as lying but I give her the benefit of the doubt on that,” said Mr Justice Warren.
“She had many other business matters on her mind and when it came to producing her witness statement and giving her oral evidence, her recollection was not, I think, as accurate as she would like to make out.
“She is, I am quite sure, an astute businesswoman. I totally reject her description of herself as naive,” he added.
Seppala has rejected the judge’s criticism. “I’m not one for publicity and I do not care what people — beyond my investors and my family — think of me,” she said.
just to remind people :thinking about:
Sub
Well-Known Member
Queen of debt won't take no for an answer
Joy Seppala is one of a new breed of hedge fund chiefs who refuse to play by traditional rules. By Richard Fletcher and Dan Drillsma-Milgrom
div#related-article-links p a, div#related-article-links p a:visited {color:#06c;}JOY SEPPALA, chief executive of Sisu Capital, does not look like “one of London’s most ballsy traders”. A smartly dressed 44-year-old Finnish-American blonde, she likes to describe herself as an investor. But, according to rivals, appearances are deceptive. Seppala is a force to be reckoned with. “She has balls of steel,” said one.
Seppala has a reputation for playing hardball in the distressed-debt market — demanding that companies and administrators “stand and deliver” what she believes her investors are due.
From an anonymous building in London’s Mayfair, Seppala and her 15 staff run an $800m (£460m) hedge fund that specialises in investing in troubled companies. It looks for firms whose debts are undervalued and trading at a large discount to their face value.
Sisu is one of a number of hedge funds that, having taken over company debts, are refusing to play by the traditional rules. They are making waves — resorting to the courts and even threatening to bid for companies — to get what they believe is rightly theirs.
Administrators to bankrupt companies accuse the hedge funds of blackmail — holding out and refusing to agree to a deal until they secure a larger payout for themselves — at the expense of other creditors. With the rows often ending in costly long-running legal battles, many administrators, they admit, quietly concede to the demands. “It is like dealing with sharks,” said one.
In Finnish, sisu means “inner fortitude, inner strength, and guts”. In recent months Seppala, whose father came from Finland, has probably needed all the sisu she can muster.
A bitter and long-running battle with KPMG, the administrator to the power company TXU Europe, ended in a rare courtroom defeat for Sisu.
TXU Europe was one of the biggest-ever insolvencies in Britain — with a large number of creditors and different tranches of debt.
Seppala believed that the deal proposed by KPMG was unfair. The tranche of bonds Sisu held entitled her investors to a better deal, she argued. Seppala also believed that the administrator faced a conflict of interest.
But a High Court judge sided with KPMG. For Sisu, which prides itself on its due diligence and its thorough research, it was a big blow. Worse still, the judge criticised Seppala’s evidence.
“I fear Ms Seppala has a distorted recollection of some events ... she is also prone to exaggerate — the respondents would characterise it as lying but I give her the benefit of the doubt on that,” said Mr Justice Warren.
“She had many other business matters on her mind and when it came to producing her witness statement and giving her oral evidence, her recollection was not, I think, as accurate as she would like to make out.
“She is, I am quite sure, an astute businesswoman. I totally reject her description of herself as naive,” he added.
Seppala has rejected the judge’s criticism. “I’m not one for publicity and I do not care what people — beyond my investors and my family — think of me,” she said.
And she insisted she had no regrets about bringing the case. “I do think that it is critical that we defend our legal rights. We cannot be in a position where we compromise on the legal position we have,” she said.
It was a point of principle, said Seppala, who bought the case despite the fact that the deal proposed by KPMG would have resulted in a £30m profit for her fund and that even if she had triumphed it would have increased the payout by just a few more million pounds.
“We are not focused on how much we make. We are focused on the value of the investment and our legal position,” said Seppala. “The issue was — and continues to be — critical. There was a shift in value from one creditor group to the other. The issues could have been resolved. We would have preferred to arbitrate.”
But critics argue that the case was actually about sending a message to the market: “Don’t mess with me.”
Whoever is right, Seppala and her investors have been left with an estimated legal bill of at least £6m.
Seppala is not used to losing — though she said she never sees it in those terms.
Last year Sisu secured a better deal for its investors after a year-long dispute with Investcorp, owner of the Welcome Break chain of motorway service stations.
Investcorp wanted to refinance the troubled business — paying debt holders 30p for every 100p of debt that they were owed.
“They were trying to buy the debt at a discount and refinance at the expense of debt holders,” said Seppala.
Sisu dug in, at one stage even appointing Lazard to advise on a bid for the firm. The offers went up to 37p, then 55p before Investcorp caved in and agreed to pay debt holders all they were owed.
But despite the high-profile battles, Seppala insisted that she does not go looking for a fight.
“I am concerned about protecting my investors’ investments and our legal and legitimate rights. I would prefer not to be active. But we cannot afford to be inactive. We cannot afford not to defend our positions when we are treated outrageously,” she said.
Trading in distressed debt is, of course, not new. In 1992 billionaire Kenneth Dart bought Brazilian debt for between 25% and 40% of its face value — eventually acquiring 4% of Brazil’s total foreign debt.
Dart — the billionaire heir to a styrofoam-cup business — struck a repayment deal, then refused to budge when American banks and the Brazilian government pressed him in 1993 to take a lesser gain as part of a $35 billion restructuring. He found himself vilified in Brazil, but refused to budge — eventually banking a $605m profit.
In America, William Huff has built a fortune of $750m by targeting distressed companies and buying up their debt. In Britain he took a 12.8% stake in NTL and he also blocked the restructuring of Telewest for more than a year after not getting his way. “I told them ... I was taking off the gloves and putting on the brass knuckles,” he told Forbes magazine.
As hedge funds become more active in the debt market, administrators will increasingly find themselves dealing with this new breed of investor.
Just for people to see who we are dealing with !!
Joy Seppala is one of a new breed of hedge fund chiefs who refuse to play by traditional rules. By Richard Fletcher and Dan Drillsma-Milgrom
div#related-article-links p a, div#related-article-links p a:visited {color:#06c;}JOY SEPPALA, chief executive of Sisu Capital, does not look like “one of London’s most ballsy traders”. A smartly dressed 44-year-old Finnish-American blonde, she likes to describe herself as an investor. But, according to rivals, appearances are deceptive. Seppala is a force to be reckoned with. “She has balls of steel,” said one.
Seppala has a reputation for playing hardball in the distressed-debt market — demanding that companies and administrators “stand and deliver” what she believes her investors are due.
From an anonymous building in London’s Mayfair, Seppala and her 15 staff run an $800m (£460m) hedge fund that specialises in investing in troubled companies. It looks for firms whose debts are undervalued and trading at a large discount to their face value.
Sisu is one of a number of hedge funds that, having taken over company debts, are refusing to play by the traditional rules. They are making waves — resorting to the courts and even threatening to bid for companies — to get what they believe is rightly theirs.
Administrators to bankrupt companies accuse the hedge funds of blackmail — holding out and refusing to agree to a deal until they secure a larger payout for themselves — at the expense of other creditors. With the rows often ending in costly long-running legal battles, many administrators, they admit, quietly concede to the demands. “It is like dealing with sharks,” said one.
In Finnish, sisu means “inner fortitude, inner strength, and guts”. In recent months Seppala, whose father came from Finland, has probably needed all the sisu she can muster.
A bitter and long-running battle with KPMG, the administrator to the power company TXU Europe, ended in a rare courtroom defeat for Sisu.
TXU Europe was one of the biggest-ever insolvencies in Britain — with a large number of creditors and different tranches of debt.
Seppala believed that the deal proposed by KPMG was unfair. The tranche of bonds Sisu held entitled her investors to a better deal, she argued. Seppala also believed that the administrator faced a conflict of interest.
But a High Court judge sided with KPMG. For Sisu, which prides itself on its due diligence and its thorough research, it was a big blow. Worse still, the judge criticised Seppala’s evidence.
“I fear Ms Seppala has a distorted recollection of some events ... she is also prone to exaggerate — the respondents would characterise it as lying but I give her the benefit of the doubt on that,” said Mr Justice Warren.
“She had many other business matters on her mind and when it came to producing her witness statement and giving her oral evidence, her recollection was not, I think, as accurate as she would like to make out.
“She is, I am quite sure, an astute businesswoman. I totally reject her description of herself as naive,” he added.
Seppala has rejected the judge’s criticism. “I’m not one for publicity and I do not care what people — beyond my investors and my family — think of me,” she said.
And she insisted she had no regrets about bringing the case. “I do think that it is critical that we defend our legal rights. We cannot be in a position where we compromise on the legal position we have,” she said.
It was a point of principle, said Seppala, who bought the case despite the fact that the deal proposed by KPMG would have resulted in a £30m profit for her fund and that even if she had triumphed it would have increased the payout by just a few more million pounds.
“We are not focused on how much we make. We are focused on the value of the investment and our legal position,” said Seppala. “The issue was — and continues to be — critical. There was a shift in value from one creditor group to the other. The issues could have been resolved. We would have preferred to arbitrate.”
But critics argue that the case was actually about sending a message to the market: “Don’t mess with me.”
Whoever is right, Seppala and her investors have been left with an estimated legal bill of at least £6m.
Seppala is not used to losing — though she said she never sees it in those terms.
Last year Sisu secured a better deal for its investors after a year-long dispute with Investcorp, owner of the Welcome Break chain of motorway service stations.
Investcorp wanted to refinance the troubled business — paying debt holders 30p for every 100p of debt that they were owed.
“They were trying to buy the debt at a discount and refinance at the expense of debt holders,” said Seppala.
Sisu dug in, at one stage even appointing Lazard to advise on a bid for the firm. The offers went up to 37p, then 55p before Investcorp caved in and agreed to pay debt holders all they were owed.
But despite the high-profile battles, Seppala insisted that she does not go looking for a fight.
“I am concerned about protecting my investors’ investments and our legal and legitimate rights. I would prefer not to be active. But we cannot afford to be inactive. We cannot afford not to defend our positions when we are treated outrageously,” she said.
Trading in distressed debt is, of course, not new. In 1992 billionaire Kenneth Dart bought Brazilian debt for between 25% and 40% of its face value — eventually acquiring 4% of Brazil’s total foreign debt.
Dart — the billionaire heir to a styrofoam-cup business — struck a repayment deal, then refused to budge when American banks and the Brazilian government pressed him in 1993 to take a lesser gain as part of a $35 billion restructuring. He found himself vilified in Brazil, but refused to budge — eventually banking a $605m profit.
In America, William Huff has built a fortune of $750m by targeting distressed companies and buying up their debt. In Britain he took a 12.8% stake in NTL and he also blocked the restructuring of Telewest for more than a year after not getting his way. “I told them ... I was taking off the gloves and putting on the brass knuckles,” he told Forbes magazine.
As hedge funds become more active in the debt market, administrators will increasingly find themselves dealing with this new breed of investor.
Just for people to see who we are dealing with !!
Nonleagueherewecome
Well-Known Member
...are Only Happy When it Rains? They must be City fans..
Voice_of_Reason
Well-Known Member
Of course they are going to deny any wrong doing ! They would be stupid not to ! Yes .. lets have an investigation Timmy !
Nonleagueherewecome
Well-Known Member
To "be fair", from my perspective it's:
ACL release statement-I agree with it.
SISU/Scrotium release statement-I feel livid, angry, patronised...the usual pile of utter wank!
Sitting and stroking my beard whilst saying "Hmmm, they all make good points.." is not gonna happen!
James Smith
Well-Known Member
But if the ACL statement on Saturday is accurate and Joy (and I may have to call her Mrs Seppella from now on as I can't keep calling her Joy it doesn't sound right) won't come back to the Ricoh with the club unless she get's the Freehold at her price I don't know whether anyone can negotiate with her.
