CT are indeed seemingly starting to poke around and ask probing questions! (1 Viewer)

Otis · Nov 11, 2011

CT today asking why a licenced insolvency practitioner is the secretary of this new company Otium and why if there is transparency with the fans was the company set up in April and we only know about it now.

CUS Wyken · Nov 11, 2011

Too little too late in my eyes.

Sub · Nov 11, 2011

admin will happen soon i think the wheels seem to be in motion for this :facepalm::facepalm::facepalm:

oldskyblue58 · Nov 11, 2011

Raises all sorts of questions which i doubt the CT will ever ask. Still dont see the purpose of Otium, even less so since KD "explained" it. Need to have a think about why the group structure changed to bring in Otium so SISU investors could put in more money - surely they could have done it through SBS&L ?

Otis · Nov 11, 2011

Well this was what i was thinking. Why do you need to set up another company to raise funds for the club?

derbyskyblue · Nov 11, 2011

I still dont understand. If sisu put us in admin, how do they recoup there money? I mean i hope thay do put us in admin, lets take the hit and start again, albeit in league one but at least those numpty's have gone.

Otis · Nov 11, 2011

Well I think they maybe believe they can shuffle the books about a bit with the two companies. Sounds like smoke and mirrors maybe.

Skyblues2k · Nov 11, 2011

Could the new company have anything to do with the option in buying the stadium?

aaaaaaaaaaaaaaaaaa

CCFCSteve · Nov 11, 2011

derbyskyblue said:
I still dont understand. If sisu put us in admin, how do they recoup there money? I mean i hope thay do put us in admin, lets take the hit and start again, albeit in league one but at least those numpty's have gone.

Exactly. Unless Im missing something they only loan the club money. Unless they have totally run out of cash and are pretty much willing to write off their total debt, I cant see any benefit in administration for SISU. they may be able to do something with the tax losses within their portfolio but thats all a bit above my knowledge !

Sbarcher · Nov 11, 2011

Interesting discussion - just taking the Ricoh lease a little further.
Stadium lease stays with SISU (did someone say we're committed for 25 years in previous threads?). Otium takes us eventually into Admin. New Company buys us out of admin. SISU sub-let the Ricoh for an extortionate amount to the new owners. Council get their original payment amount while SISU cream off the difference......... just a thought.

skyblueinBaku · Nov 11, 2011

KD has said that there is nothing sinister in the setting up of Otium and including it in the SISU/CCFC/SBSL etc group. Obviously, therefor there is something sinister in it, and it won't be good news when the real reason for it is revealed.

blueflint · Nov 11, 2011

however you look at it its a can of worms

Jack Griffin · Nov 11, 2011

Hey its working, the creation of off-balance-sheet vehicles, complex financing structures, and deals so bewildering few people can understand them that is!

:blue::blue:

oldskyblue58 · Nov 11, 2011

Back in March/April were we not told that the extra working capital came from the sale of Prozone. Now Prozone was owned by SBSL at the time. What benefit would sending that money to a brand new empty company and to then send it on to CCFC ? Apparently sold for £7m so there should have been enough cash there to fund CCFC internally from the group. After all KD said they had almost halved the £500k pm losses so that would mean around £2m to fund losses over those 7 months .... even say it was double that there was enough there. The purpose of Otium in that is therefore what?

Jack Griffin · Nov 11, 2011

"CT are indeed seemingly starting to poke around and ask probing questions!"

About f****ing time!

georgehudson · Nov 12, 2011

Ct are indeed seemingly starting to poke around and ask probing questions?

over to you 'kd',
L.L.B.O.F.

PUSB

PhilWasn'tBabb · Nov 12, 2011

I too can't see how admin will be any kind of option for SISU as there pretty much the clubs only really creditor. I'm sure we own some money on Cody and Duke, but money owned to other teams would not be part of admin anyway. I'm sure SISU have no money problems, they just don't want to chuck into the black hole that is CCFC anymore.

With regard to the ground from day one I've been worried that the only reason SISU were interest in us was the option on buying the ground (lease, or whatever) but thankful they have done a good job of showing themselves to be a useless bunch of shisters and the council for all there faulty's have said on a number of occasions that there not going to do business with SISU, I think we will thank them for that in the long run.

skyblueinBaku · Nov 12, 2011

oldskyblue58 said:
Back in March/April were we not told that the extra working capital came from the sale of Prozone. Now Prozone was owned by SBSL at the time. What benefit would sending that money to a brand new empty company and to then send it on to CCFC ? Apparently sold for £7m so there should have been enough cash there to fund CCFC internally from the group. After all KD said they had almost halved the £500k pm losses so that would mean around £2m to fund losses over those 7 months .... even say it was double that there was enough there. The purpose of Otium in that is therefore what?

The purpose of Otium is probably to further muddy the waters. These spivs know that there are clever people trying to work out their plans, and now an MP is taking an interest in their business dealings.

TheParsonsHose · Nov 12, 2011

Jack Griffin said:
"CT are indeed seemingly starting to poke around and ask probing questions!"

About f****ing time!

Indeed its only taken them 19 years!

LeamingtonBootBoy · Nov 12, 2011

Skyblues2k said:
Have been thinking about this a lot and wondering if the new company has anything to do with the option of buying the lease on the stadium. As i think this is all Sisu are really interested in now along with the surrounding land managed by ACL, could this option be seperated from the club along with the investment from Sisu. Ie you can buy the football club for a £1 but the option to buy the stadium will cost £** million?

This may be the answer...buy the Arena, put into another company to shield it from the existing debts...however, 2 questions remain;

1) If the Arena makes £1-3m a year a profit, as we have previously been informed, then what is asking price...and is it really that good a deal? Although the Olympics will massively raise the profile, I suppose.

2) Why the insolvency practitioner as 'Chairman'?

I bet they wanted Tracksuit Ken to take charge, but he's already got 4 jobs...and he doesn't even live in the country....imp:

TheParsonsHose · Nov 12, 2011

Sbarcher said:
Interesting discussion - just taking the Ricoh lease a little further.
Stadium lease stays with SISU (did someone say we're committed for 25 years in previous threads?). Otium takes us eventually into Admin. New Company buys us out of admin. SISU sub-let the Ricoh for an extortionate amount to the new owners. Council get their original payment amount while SISU cream off the difference......... just a thought.

Ths is not possible.

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