CCFC put itself into administration (1 Viewer)

gspotgaz · Mar 21, 2013

According to Darryl Murphy

https://twitter.com/darryljoemurphy/status/314808670586302464

SkyBlueChris · Mar 21, 2013

Bye bye playoffs... been lovely thinking of you!!

SkyBlueScottie · Mar 21, 2013

It was done via Arvo apparently,crucially I believe this puts them in the driving seat ref new buyers......

ccfcmad1 · Mar 21, 2013

Just seen on facebook tom ross from the goalzone has said the same just waiting confirmation

georgehudson · Mar 21, 2013

if this is so,
explain that away Timmy,
or shall we at last get to hear from JS

SkyBlueBlood · Mar 21, 2013

Also hearing that the council has issued a winding up order via twitter but would have thought that the admin protects against that.

jon92 · Mar 21, 2013

Weren't this going to happen tomorrow anyway

Grendel · Mar 21, 2013

georgehudson said:
if this is so,
explain that away Timmy,
or shall we at last get to hear from JS

I think it's very easy to explain don't you?

ajsccfc · Mar 21, 2013

So apart from dropping the 10 points, what actually happens now?

AFCCOVENTRY · Mar 21, 2013

Only ARVO has been put into Admin and not the whole club...

Complicates things...

Not a surprise though

Otis · Mar 21, 2013

jon92 said:
Weren't this going to happen tomorrow anyway

This is Sisu putting us into admin rather than the High Court at ACL's behest.

This means Sisu are now in control of the process.

CJparker · Mar 21, 2013

AFCCOVENTRY said:
Only ARVO has been put into Admin and not the whole club...

Complicates things...

Not a surprise though

How do ARVO have the ability to put CCFC into administration? Are they the owner? Where does the "charge"/"debenture" come in?

RichieGunns · Mar 21, 2013

Well I think by putting themselves into administration, they have first refusal on buying back the club.

If ACL had done it, then SISU would have had to wave their right to their stipulation as it would be ACL who had the deciding vote.

Now SISU have the deciding vote on whether they rebuy or let someone else take it over.

They effectively owe the money to themselves (Arvo being an arm of the hedge fund) so they will be debters to themselves.

Anyone who wants to buy the club, must go through ARVO and therefore through SISU, even though they are the ones who own CCFC and put them into admin.

I may be wrong though. Can anyone else shed light on this?

suddsy101 · Mar 21, 2013

so were going from fighting 4 promotion to fighting to stay up :facepalm:

RichieGunns · Mar 21, 2013

CJparker said:
How do ARVO have the ability to put CCFC into administration? Are they the owner? Where does the "charge"/"debenture" come in?

ARVO are an arm of SISU and ones who the "Debt" is owed too.

They've effectively done what ACL were doing, without the need to go through the high courts.

They've called in their own debts on one of their own struggling companies!

CJparker · Mar 21, 2013

RichieGunns said:
ARVO are an arm of SISU and ones who the "Debt" is owed too.

They've effectively done what ACL were doing, without the need to go through the high courts.

They've called in their own debts on one of their own struggling companies!

I appreciate all that - what I don't et is why ACL had to go through the courts, but ARVO didn't??

BluntPixels · Mar 21, 2013

hello,new guy here,and i just cannot see what sisu have left for them at coventry city,balancing pride and fans hearts in the same hand is disgraceful by any means,either way,i hope this is their end and our new beginning,but something tells me the worst is yet to come and we wont have our happy ending

ajsccfc · Mar 21, 2013

suddsy101 said:
so were going from fighting 4 promotion to fighting to stay up :facepalm:

Can't see that being the case, even with this.

RichieGunns · Mar 21, 2013

suddsy101 said:
so were going from fighting 4 promotion to fighting to stay up :facepalm:

With the ten point deduction we will be on 50 points.

That puts us 12 puts ahead of 21st place which is currently occuped by Scunthorpe!

Unless we lose ALL of our remaining games, we will NOT be relegated.

A win against Porsmouth at the weekend (fingers crossed) and Scunthorpe losing would put us 15 points clear!

We'd have to win at least 4 of our remaining games but we'd definately be comfortable...

But it's not promotion and that will rankle with all of us I'm sure!

Noggin · Mar 21, 2013

So they told all their staff not to worry, we have a plan to avoid adminstration tomorrow, their plan was to go in today instead, :jerkit: just more lies and misrepresentations from them.

This feels like the worst case scenario for ccfc from all of the options. ajornment meant chance of promotion, paying the debt and getting it called off would have been great, going into admin tomorrow had the greatest chance of a new buyer. This seems to be the worst case scenario, though maybe it reduces the chance of us coming out of admin without a cva which would be great.

AFCCOVENTRY · Mar 21, 2013

CJparker said:
I appreciate all that - what I don't et is why ACL had to go through the courts, but ARVO didn't??

To control the admin process as the biggest debtor.

A new company from the ARVO lot can be created and buy ccfc again through SISU.

LarryGrayson · Mar 21, 2013

SkyBlueBlood said:
Also hearing that the council has issued a winding up order via twitter but would have thought that the admin protects against that.

theyd be better going through the courts surely

covkid69 · Mar 21, 2013

i thought that slimy wanker fisher was telling senior staff yesterday that administration wasn't going to happen...lying twat :jerkit::jerkit::jerkit::jerkit:

RichieGunns · Mar 21, 2013

CJparker said:
I appreciate all that - what I don't et is why ACL had to go through the courts, but ARVO didn't??

Because ACL is an outside company who have no physical ties to SISU apart from the fact they rent to stadium too CCFC.

ARVO are part of SISU and therefore an internal element within the hedgefund.

They don't need the courts approval in order to put their own assets into administration!

They might be seperate companies but they are owned by the same people so count as the same company!

Weird I know!

kg82 · Mar 21, 2013

This bloke has just tweeted comments made from the club:

https://twitter.com/richard_conway

Anyone figure out what this means because I'm not sure if by threat they mean the 10 points or liquidation?

BluntPixels · Mar 21, 2013

Has it been confirmed that ARVO have put city in admin,and are we expecting a statement tonight

Flying Fokker · Mar 21, 2013

Could this be challenged in court?

wingy · Mar 21, 2013

The only option #ACL have to show their teeth now is to lock the Ricoh gates

sw88 · Mar 21, 2013

Apparently the court case will still go ahead as planned....... That's from twitter mind so may not be a accurate

ajsccfc · Mar 21, 2013

covkid69 said:
i thought that slimy wanker fisher was telling senior staff yesterday that administration wasn't going to happen...lying twat :jerkit::jerkit::jerkit::jerkit:

The line was that they wouldn't be forced into administration, which is technically correct.

Mary_Mungo_Midge · Mar 21, 2013

AFCCOVENTRY said:
To control the admin process as the biggest debtor.

A new company from the ARVO lot can be created and buy ccfc again through SISU.

What sort of reception do they think they'll get come the next home game? How much bad PR can they stand?

Tad · Mar 21, 2013

So..is it admin or receivership? And what's worse?

Sorry, I'm not clued up on this sort of thing..

Flying Fokker · Mar 21, 2013

Does that mean that we are technically Ok?

Grendel · Mar 21, 2013

Mary_Mungo_Midge said:
What sort of reception do they think they'll get come the next home game? How much bad PR can they stand?

The situation has been bought about by the court case.

The council are responsible for this particular debacle.

As for SISU I assume they will get a standing ovation...what we all wanted, right?

RichieGunns · Mar 21, 2013

Flying Fokker said:
Could this be challenged in court?

Yes I believe it can.

Considering they had a court date tomorrow, the courts could actually see this as an attempt to derail the justice system.

SISU are effectively spitting on whatever judgement the court would have made tomorrow, regardless of the outcome.

This actions says "We're better than ACL, we're better than this situation and we're better than the courts".

The courts could rule it was an illegal action brought on by desperation and therefore not valid.

With this ACL would get it there way, but it could complicate our situation meaning more points deductions (possibly next season)

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