SkyBlueBlood
Member
Wasn't Eddie Murphy in that one?
Club withdraw points appeal (1 Viewer)
- Thread starter covey1987
- Start date
Wasn't Eddie Murphy in that one?
SkyBlueBlood
Member
It was probably the fact that no legal firm would go near the case and pissing themselves laughing.
mattylad
Member
win or lose it was going to set a legal precident and regardless of what the admin said about it not having any baring on his decision clearly it would have to be taken into consideration. Maybe they have weighed up the rewards for winning are not worth the risks of a barrister setting a ruling.
Sub
Well-Known Member
from keys it was 'smash it'
Sky Blue Pete
Well-Known Member
What a joke!!!
sky blue john
Well-Known Member
Probably appealed in vain just to try and appease supporters. But stopped just in time before costs were incurred.
Sub
Well-Known Member
Conventry won't appeal 10-point deduction for going into administration
Last Updated: April 10, 2013 1:53pm
Coventry: Docked 10 points when they entered administration
League One Coventry have decided to withdraw their appeal against the 10-point deduction they received when they went into administration.
The Sky Blues incurred the punishment in March, and the loss of 10 points essentially removed them from contention for a place in the play-offs.
However, Sisu, the group which owns Coventry, decided that they could appeal on the basis that the company was divided in such a way that it was the non-operating CCFC Ltd part which was in administration.
But the Court ruled that the 'Golden Share', which entitles a club to be a member of the Football League or Premier League, was held by CCFC Ltd and that the whole club was therefore in administration.
And Coventry announced on Wednesday that they have now opted to end their fight against that decision.
The club released a statement with joint administrator Paul Appleton which read: "Whilst it was agreed to commence the appeal process with regard to the 10-point deduction by the Football League, following legal advice, the decision has now been made to withdraw the appeal and avoid further delay and costs to all parties."
Coventry are currently 14th in League One and look set for a mid-table finish, as they are 14 points off the play-off spots and 13 clear of the drop zone.
I did not realise the court had already ruled this i thought they were still looking for the golden share ??
Last Updated: April 10, 2013 1:53pm
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League One Coventry have decided to withdraw their appeal against the 10-point deduction they received when they went into administration.
The Sky Blues incurred the punishment in March, and the loss of 10 points essentially removed them from contention for a place in the play-offs.
However, Sisu, the group which owns Coventry, decided that they could appeal on the basis that the company was divided in such a way that it was the non-operating CCFC Ltd part which was in administration.
But the Court ruled that the 'Golden Share', which entitles a club to be a member of the Football League or Premier League, was held by CCFC Ltd and that the whole club was therefore in administration.
And Coventry announced on Wednesday that they have now opted to end their fight against that decision.
The club released a statement with joint administrator Paul Appleton which read: "Whilst it was agreed to commence the appeal process with regard to the 10-point deduction by the Football League, following legal advice, the decision has now been made to withdraw the appeal and avoid further delay and costs to all parties."
Coventry are currently 14th in League One and look set for a mid-table finish, as they are 14 points off the play-off spots and 13 clear of the drop zone.
I did not realise the court had already ruled this i thought they were still looking for the golden share ??
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davebart
Active Member
But the Court ruled that the 'Golden Share', which entitles a club to be a member of the Football League or Premier League, was held by CCFC Ltd and that the whole club was therefore in administration.
Is that strictly true? Isn't the ruling that CCFC Ltd is the operator of the football club? CCFC Holdings isn't in Admin.
Is that strictly true? Isn't the ruling that CCFC Ltd is the operator of the football club? CCFC Holdings isn't in Admin.
SkyBlue_Bear83
Well-Known Member
Does this pave the way for a takeover?
Pete in Portugal
Well-Known Member
Me too. I also wonder why this advice was not sought and acted upon before the decision was taken to make the appeal in the first place? :facepalm::facepalm:
Manchester_sky_blue
Well-Known Member
I suspect because they only had 7 days to get the appeal in. I work in the legal profession and it can often take a long time to put the facts of a case together.
Hopefully the withdrawal of the appeal is an admission that the golden share is with CCFC Ltd which should in theory make the buyout of the club somewhat simpler.
kingharvest
New Member
I have a theory which i'd really like someone to quash.
I still believe this is all part of the exit strategy and the suggestion by that this is a mistake by Fisher or SISU is wide of the mark. The administrator is now responsible for teh company in administration and will listen to offers for that company. So lets say SISU submit an offer, committing to pay back the major creditor (ARVO) £8.4m. This kind of forces Haskell to offer over £10m to secure the deal, which goes to SISU anyway?
So worst case scenario for SISU is they get the club back and we're back where we were except we have no ties to the Ricoh. Best case scenario is that Haskell pays up. Actually, worst worst case is that the administrator decides that Haskells offer is better and dismisses SISUs - but can anyone see that happening?
Am i way wide of the mark here? (OSB - i'm looking at you!)
I still believe this is all part of the exit strategy and the suggestion by that this is a mistake by Fisher or SISU is wide of the mark. The administrator is now responsible for teh company in administration and will listen to offers for that company. So lets say SISU submit an offer, committing to pay back the major creditor (ARVO) £8.4m. This kind of forces Haskell to offer over £10m to secure the deal, which goes to SISU anyway?
So worst case scenario for SISU is they get the club back and we're back where we were except we have no ties to the Ricoh. Best case scenario is that Haskell pays up. Actually, worst worst case is that the administrator decides that Haskells offer is better and dismisses SISUs - but can anyone see that happening?
Am i way wide of the mark here? (OSB - i'm looking at you!)
Manchester_sky_blue
Well-Known Member
I can't really offer anything useful on the first part of your post but as to the second part, even if the administrator decides to make Haskell the preferred bidder, SISU as the main creditor still have to agree to the CVA in order for the sale to go through. The sale could be forced through without their agreement but it would take far longer and could result in a further points deduction so SISU still hold a lot of sway over it, regardless of what the administrator decides to do.
thegameaintstraight
New Member
Probably about £1500 an hour.
oldskyblue58
CCFC Finance Director
To be honest if i was an interested party and SISU offered to repay ARVO £8.4m I think I would say go on then ............... then wait see if they could. Sisu would then be left with the company that owns the original lease at full value (1.3m pa) or homeless , perhaps £8.4m worse off and no further forward. PHIV can wait for it all to happen again if he wants to
Any offer couldnt be just for ARVO. That company has secured debt of 8.4m but there are not £8.4m in assets in the company. Any secured debt that is not paid becomes an unsecured debt so for ARVO to get their £8.4m all the other creditors including ACL would get a substantial payment too
They could form a new company, transfer the share & club to that to come out of CVA ............. but then ACL do not have to deal with them...... the new company has no income, no ground, but i would guess the debt of £8.4m plus the debt in CCFC Holdings. Just to add any newco would have to prove viability to the FL....... in the circumstances how does it do that ........ how does it get given the golden share?
Not sure where SISU are going with this
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dongonzalos
Well-Known Member
The worry is they are not sure!!!!
I imagine they will be trying to contact Mr Haskell urgently saying give us 25 million and we will go away quietly with no further points deductions.
Monkeyface
Well-Known Member
Is water wet, or is wet the result of having water on something? Water is surely just water, in much the same way sand is sand and not sandy. Now if you had said 'water is a liquid' then that makes more sense, to me anyway.
Brighton Sky Blue
Well-Known Member
The last statement about being committed to the club on a long term basis is an out and out lie. Fisher was under instruction to refuse any ACL offer which would lead the club to anything less than a break-even position i.e. require SISU to put anything more in.
Pete in Portugal
Well-Known Member
MSB - That would be a fair point only if the FL points deduction came as a complete surprise to SISU. The fact is that they must've known that a points deduction was possible, or even probable, as soon as the decision was taken to put CCFC Ltd into administration. This means they had more than 3 weeks to take legal advice. Plenty of time surely even for the legal profession to respond!
Well, all the fuss about the golden share being in either Holding or Ltd suggests someone really messed up their original plan.
It could seem their plan, when they realized ACL were not going to write off the rent debt, was to isolate the debt in Ltd and get rid of it through liquidizing that company.
That of course required all assets including league and player registration transferred to Holdings with the acceptance of the FL.
But if somebody 'forgot' to file the transfer with FL - or administration came too soon and before FL's accept - then that plan seem to have failed completely.
In that case I think even sisu are not sure where they are going.
Where's Fisher? This has been asked a few times.
Could well be his 'on gardening leave' if he was the one responsible for not filing with FL in time.
All that speculation is way off the mark should the golden share suddenly turn up to be in Holdings possession after all.
J
Jack Griffin
Guest
@Godiva, I've been saying that for weeks
This now fully legitimises any bid by Haskell, as he can deal directly with the administrator; who have clearly told Sisu that they don't have leg to stand on. Ties up nicely with our owners suddenly deciding to publicise that they wish to now open negotiations about the Ricoh. Loong way to go yet though.
TrakiaPlovdiv
New Member
Don't know whether this comment is any use to anyone at all or has any bearing but, the Shares that we were asked to hand over in order for SISU to take control of the Club were in the name of The Coventry City Football Club Limited.
This is the Company that I believe has the so called 'Golden Share' Football League and FA Membership.
Coventry City Football Club (Holdings) Limited was I believe from memory established during the tenure when Mike McGinnity was Chairman.
It is possible that the Golden Share may have been transferred in to this Company prior to SISU taking over. It is my understanding although I may be wrong that the shares in this Company were all held by the Directors of Coventry City Football Club Limited.
At the time of the SISU takeover another Company by the name of Sky Blue Sports and Leisure was formed by SISU to manage the Football Club.
If I am correct with this statement then I believe the Administrator and SISU may look for an exit by means of a CVA in favour of ARVO as a way of recouping any losses and walking away at a near break even rate.
The £60 Million debt lies in the name of Coventry City Football Club Limited and was the amount of debt the Cub had when SISU took over.
The debt to ACL for Rent at the Ricoh must now be approx £5 Million.
The remaining £3.4 Million is presumably down to running the Football Club and paying the outstanding wages of previous Managers.
It is only my assumption but that is from memory and how I see it panning out.
We can only Wait and Hope.
PUSB.
This is the Company that I believe has the so called 'Golden Share' Football League and FA Membership.
Coventry City Football Club (Holdings) Limited was I believe from memory established during the tenure when Mike McGinnity was Chairman.
It is possible that the Golden Share may have been transferred in to this Company prior to SISU taking over. It is my understanding although I may be wrong that the shares in this Company were all held by the Directors of Coventry City Football Club Limited.
At the time of the SISU takeover another Company by the name of Sky Blue Sports and Leisure was formed by SISU to manage the Football Club.
If I am correct with this statement then I believe the Administrator and SISU may look for an exit by means of a CVA in favour of ARVO as a way of recouping any losses and walking away at a near break even rate.
The £60 Million debt lies in the name of Coventry City Football Club Limited and was the amount of debt the Cub had when SISU took over.
The debt to ACL for Rent at the Ricoh must now be approx £5 Million.
The remaining £3.4 Million is presumably down to running the Football Club and paying the outstanding wages of previous Managers.
It is only my assumption but that is from memory and how I see it panning out.
We can only Wait and Hope.
PUSB.
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J
Jack Griffin
Guest
Coventry City Football Club Limited - Date of Incorporation: 16/05/1995
COVENTRY CITY FOOTBALL CLUB (HOLDINGS) LIMITED - Date of Incorporation: 24/07/1907
SKY BLUE SPORTS & LEISURE LIMITED - Date of Incorporation: 31/10/2007
OTIUM ENTERTAINMENT GROUP LIMITED - Date of Incorporation: 21/04/2011
COVENTRY CITY FOOTBALL CLUB (HOLDINGS) LIMITED - Date of Incorporation: 24/07/1907
SKY BLUE SPORTS & LEISURE LIMITED - Date of Incorporation: 31/10/2007
OTIUM ENTERTAINMENT GROUP LIMITED - Date of Incorporation: 21/04/2011
'The Coventry City Football Club Limited' was incorporated in 1907 and is now known as CCFC (Holdings) Ltd following a change of name in 96, CCFC Ltd was incorporated in the mid-90s.
In other words, 'Holdings' is the original company, and yes, the shares that were handed over were in THIS company, hence SISU's assertion that the GS is with Holdings (because it always was).
stupot07
Well-Known Member
Hang on....rent was £1.3m per annum. It's been 12 months since we last paid the rent. Not sure where your getting the £5m from....that would be the equivalent of not paying for just shy of 4 years.
J
Jack Griffin
Guest
Compensation for breaking the lease?
rupert_bear
Well-Known Member
Just a simple question. How much do you think it would take for the American or whoever to pay sisu to get the club £10 mill ? £20 mill ? It won't be anywhere near this apparent 60 million we supposedly owe.
Grendel
Well-Known Member
Why don't you ask Richard keys I'm sure he will know.
rupert_bear
Well-Known Member
Spoke to Richard the other day and he seems to be happy with the way things are going and expects things to happen this time and soon
Reckon he's taken the £8.4M. owed to Arvo and somehow transposed it across both parties.
stupot07
Well-Known Member
Yep, it looks that way. We wont know the facts until the administrators report is submitted to court, so people are making random assumptions which have little substance.....unless they are the administrator posting anonymously!
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