SIR ERNIE
Well-Known Member
From Wikipedia
"Cutting off the nose to spite the face" is an expression used to describe a needlessly self-destructive over-reaction to a problem: "Don't cut off your nose to spite your face" is a warning against acting out of pique, or against pursuing revenge in a way that would damage oneself more than the object of one's anger.[SUP][1][/SUP]
The weekend I've been dreading is here.
Tomorrow the long and proud history and tradition of our great club will be trashed by a bunch of faceless, secretive Hedge Fund Investors headed by a woman who according to The Sunday Times is known in the Industry as 'The Queen of Debt':
"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."
When ACL offered SISU a reduced rent of £150k, any justification for the move to Sixfields was REMOVED. The offer didn't solve all the problems, far from it. But there was no longer any need to play anywhere other that the Ricoh.
There is NO GOOD REASON for our Club to be playing at bloody Sixfields tomorrow.
But Ms Seppala is a woman who's not used to getting her own way.
The reason Coventry City will play in Northampton tomorrow is that this woman will not lose face and back down, even when it no longer makes sense to continue.
Ultimately she will survive, I've got no doubt about that. My fear is that she is prepared to see our club fold completely rather than change course.
"Cutting off the nose to spite the face" is an expression used to describe a needlessly self-destructive over-reaction to a problem: "Don't cut off your nose to spite your face" is a warning against acting out of pique, or against pursuing revenge in a way that would damage oneself more than the object of one's anger.[SUP][1][/SUP]
The weekend I've been dreading is here.
Tomorrow the long and proud history and tradition of our great club will be trashed by a bunch of faceless, secretive Hedge Fund Investors headed by a woman who according to The Sunday Times is known in the Industry as 'The Queen of Debt':
"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."
When ACL offered SISU a reduced rent of £150k, any justification for the move to Sixfields was REMOVED. The offer didn't solve all the problems, far from it. But there was no longer any need to play anywhere other that the Ricoh.
There is NO GOOD REASON for our Club to be playing at bloody Sixfields tomorrow.
But Ms Seppala is a woman who's not used to getting her own way.
The reason Coventry City will play in Northampton tomorrow is that this woman will not lose face and back down, even when it no longer makes sense to continue.
Ultimately she will survive, I've got no doubt about that. My fear is that she is prepared to see our club fold completely rather than change course.
