SkyBlueBlood
Member
I'm expecting a Hollywood blockbuster about this golden share...
Wasn't Eddie Murphy in that one?
I'm expecting a Hollywood blockbuster about this golden share...
wonder what the legal advice was ? :thinking about:
wonder what the legal advice was ? :thinking about:
wonder what the legal advice was ? :thinking about:
wonder what the legal advice was ? :thinking about:
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:
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!)
wonder what the legal advice was ? :thinking about:
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!)
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
If Richard "full of shit" Keys told me today was wednesday & water is wet, I would still want both facts verified by an independent body.
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.
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
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.
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.
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.
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.
Compensation for breaking the lease?
Reckon he's taken the £8.4M. owed to Arvo and somehow transposed it across both parties.