CVA meeting today (2 Viewers)

[DazzleTommyDazzle]

getting the transfer embargos through not filing the accounts is the biggest critsism that SISU are guilty of.
My opinion is that the main cause of this has been SISU deliberating over whether or not to escalate the rent issue at year end over a number of seasons.
I Honestly think there is a good chance that now the lease has been dealt with, we might never have to see delayed accounts and transfer embargoes ever again!

imp:

I don't want to dampen your enthusiasm, but I can't see any reason why such deliberations would necessitate late filing of the accounts.

 

---

[RoboCCFC90]

It's actually more if you take into account the length of the lease that CCFC signed up for.

This very true, but £1.3 Mil is still a lot of money even at this stage.

 

[Sky Blue Pete]

Media blockout simply means neither side can use the time adjourned to use the media to influence the other party. Sorry to be a party pooper but the statement from appleton will simply confirm blackout... - if there was better news there would not be a need for one. They have adjourned because like children in a playground coventry city council can not stop or give in.

Yep blame all one way and Ccc are the party screwing our club!! With fans like you how can we go wrong!! Bloody hell!!

 

[true sky blue]

Robbo 1.3 million is not owed. That what administration was all about. Coventry city council took on the big boys and well and truely got spanked!! Noe their only recourse is to make sisu wait for their signature. They can either take 25p in the pound or walk away with nothing! Good work appleton and good work sisu. I hope this bankrupts the council i really do,. They have tried to kill my club.

 

[grego_gee]

It's actually more if you take into account the length of the lease that CCFC signed up for.

If you read the paperwork from the administration, it is actually less!.


(from memory)
ACL were able to claim £590,000 (last years withheld rent, less escrow account, less dirct costs paid)
CCC were able to claim only £750 (pounds, for council tax owed)
apparrently ACL have no right to claim for future rent but the offer may include some compensation offered against liability for remainder of the lease, speculated to be one years rent.

imp:

 

[OyJimmy]

Robbo 1.3 million is not owed. That what administration was all about. Coventry city council took on the big boys and well and truely got spanked!! Noe their only recourse is to make sisu wait for their signature. They can either take 25p in the pound or walk away with nothing! Good work appleton and good work sisu. I hope this bankrupts the council i really do,. They have tried to kill my club.

Or they could just leave us in Admin until the League rule that we must cease to exist if we stay in admin (as they did with Portsmouth)

 

[stupot07]

If you read the paperwork from the administration, it is actually less!.


(from memory)
ACL were able to claim £590,000 (last years withheld rent, less escrow account, less dirct costs paid)
CCC were able to claim only £750 (pounds, for council tax owed)
apparrently ACL have no right to claim for future rent but the offer may include some compensation offered against liability for remainder of the lease, speculated to be one years rent.

imp:

I'm pretty sure ccfc were getting a business rates rebate of c£380k.

 

[Mary_Mungo_Midge]

I don't want to dampen your enthusiasm, but I can't see any reason why such deliberations would necessitate late filing of the accounts.

Accounts filed give a view on the viability of the business moving forward, as well as reporting on the previous year's trading. As such, with the rent issue being such a big issue, I couldn't see the auditor signing off accounts without clarity on that isssue

 

[BBSB]

According to the CT article:
HM Revenue and Customs are owed £160,418 for a group VAT liability
Alan Higgs Centre Trust £20,614 for use by the club's youth academy

 

[Mary_Mungo_Midge]

Robbo 1.3 million is not owed. That what administration was all about. Coventry city council took on the big boys and well and truely got spanked!! Noe their only recourse is to make sisu wait for their signature. They can either take 25p in the pound or walk away with nothing! Good work appleton and good work sisu. I hope this bankrupts the council i really do,. They have tried to kill my club.

The final proof - if needed - that your posts are either the work of someone on the troll; or originate from one of the more secure rooms within a safe, yet institutionalised environment

 

[Broken Hearted Sky Blue]

Robbo 1.3 million is not owed. That what administration was all about. Coventry city council took on the big boys and well and truely got spanked!! Noe their only recourse is to make sisu wait for their signature. They can either take 25p in the pound or walk away with nothing! Good work appleton and good work sisu. I hope this bankrupts the council i really do,. They have tried to kill my club.

Always been your intention wonder what you'll say if the Ricoh is sold to someone else :thinking about:

 

[Noggin]

If you read the paperwork from the administration, it is actually less!.


(from memory)
ACL were able to claim £590,000 (last years withheld rent, less escrow account, less dirct costs paid)
CCC were able to claim only £750 (pounds, for council tax owed)
apparrently ACL have no right to claim for future rent but the offer may include some compensation offered against liability for remainder of the lease, speculated to be one years rent.

imp:

Can you link to that please? I thought this wasn't in the public domain and we only knew what the telegraph had told us as they had seen it, who showed you?

 

[shy_tall_knight]

Robbo 1.3 million is not owed. That what administration was all about. Coventry city council took on the big boys and well and truely got spanked!! Noe their only recourse is to make sisu wait for their signature. They can either take 25p in the pound or walk away with nothing! Good work appleton and good work sisu. I hope this bankrupts the council i really do,. They have tried to kill my club.

I think you have been drinking too much. If you are trying to state that through all this shambles that SISU have won something then its one of the more bizarre statements ever written on here. SISU have invested money and their investment is worth considerably less as well as the asset that they bought CCFC having an uncertain future. SISU are used to distressing small private companies but local charities and councils are governed differently and I don't think they have or will beat either.

 

[italiahorse]

Robbo 1.3 million is not owed. That what administration was all about. Coventry city council took on the big boys and well and truely got spanked!! Noe their only recourse is to make sisu wait for their signature. They can either take 25p in the pound or walk away with nothing! Good work appleton and good work sisu. I hope this bankrupts the council i really do,. They have tried to kill my club.

Such a dick. He must have been at a private school this year where the internet is banned.

 

[DazzleTommyDazzle]

Accounts filed give a view on the viability of the business moving forward, as well as reporting on the previous year's trading. As such, with the rent issue being such a big issue, I couldn't see the auditor signing off accounts without clarity on that isssue

I understand the whole "going concern" issue, just don't believe that SISU "deliberating" what to do about the rent would impact on it to the extent of stopping sign off of the accounts, unless SISU were explicitly discussing putting the company into administration that far back.

For what it's worth, I've always assumed that the delay was always the auditors waiting for SISU's confirmation that they'd support the relevant company for the twelve months following sign off.

 

[NorthernWisdom]

I understand the whole "going concern" issue, just don't believe that SISU "deliberating" what to do about the rent would impact on it to the extent of stopping sign off of the accounts, unless SISU were explicitly discussing putting the company into administration that far back.

For what it's worth, I've always assumed that the delay was always the auditors waiting for SISU's confirmation that they'd support the relevant company for the twelve months following sign off.

Can't the latter point follow on from the former? i.e. a resolution of whatever kind was necessary for confirmation of support?

 

[SkyBlueCharlie]

Can you link to that please? I thought this wasn't in the public domain and we only knew what the telegraph had told us as they had seen it, who showed you?

Mr Appleton's report of 13th May 2013, which is in the public domain, shows the ACL debt to be £636,381. There is no breakdown into it's various parts.

 

[Mary_Mungo_Midge]

I understand the whole "going concern" issue, just don't believe that SISU "deliberating" what to do about the rent would impact on it to the extent of stopping sign off of the accounts, unless SISU were explicitly discussing putting the company into administration that far back.

For what it's worth, I've always assumed that the delay was always the auditors waiting for SISU's confirmation that they'd support the relevant company for the twelve months following sign off.

We are as one then dear chap. Especially on the latter point

 

[true sky blue]

Yep blame all one way and Ccc are the party screwing our club!! With fans like you how can we go wrong!! Bloody hell!!

AT LEAST IM NOT A SHEEP!!! AT LEAST I HAVENT LET THE COUNCIL USE OF THE COVENTRY TELEGRAPH AND MISINFORMATION BRAIN WASH ME. I HAVE BEEN AGAINST SISU MANY TIMES IN THEIR FIRST 2 OR 3 YEARS - BUT THE FACT IS THE COUNCIL ARE OUT TO KILL OUR CLUB AND HAVE YOU BELIEVING THEY ARE ON YOUR SIDE. THEY ARE LYING!!! SISU OUR THE CLUB WE NEED TO SUPPORT THEM AND OUR TEAM. WE ARE TEAM SISU. WETHER WE LIKE IT OR NOT. THE REST OF YOU ARE TEAM COVENTRY CITY COUNCIL.

Coventry City Council fail to Co-operate – Success for Ian Dove QC and Thea Osmund-Smith - See more at: http://www.no5.com/news-and-publica...c-and-thea-osmund-smith/#sthash.tAv2k1eO.dpuf
http://www.no5.com/news-and-publica...uccess-for-ian-dove-qc-and-thea-osmund-smith/


BECAUSE OF COURSE COVENTRY CITY COUNCIL PLAY FAIR DONT THEY!!!

http://www.no5.com/cms/documents/Cov City Council_Duty to Cooperate Conclusions.pdf

LOSERS
...........................................................................................................................................................................................................................................................................................

NOW ID RATHER BE BACKED UP BY A FUND WITH 20 % OWNERSHIP IN THIS COMPANY AND MANY MANY OTHERS!!

http://investor.netia.pl/company,financial_reports-year,2013.html

http://www.netia.pl/files/investors/financial_reports/2013_q1/quarterly_financial_report.pdf


Ms. Joy Victoria Seppala founded Sisu Capital Limited in 1998 and serves as its Chief Executive Officer. Ms. Seppala serves as a Manager at Huntsman Advanced Materials LLC. From 1995 to 1998, she served as Worldwide Head of the Special Situations Investment Group at Paribas Corporation in London. She joined Paribas Corporation as its Vice President in 1992. She worked for a number of years in the mergers and acquisitions departments of Kidder Peabody & Co. Incorporated, Drexel Burnham Lambert Incorporated, and Mitsubishi Trust & Banking Corporation. Ms. Seppala serves as a Panel Member of The Takeover Panel (U.K.). She serves as a Director at Sisu Capital Limited.



She joined Paribas Corporation as its Vice President in 1992

BNP Paribas is a leader in global banking and financial services and one of the strongest banks in the world (Rated AA by Standard & Poor's i.e. 3rd rating out of a scale of 22). Ranked as the 11th-largest company and 7th-largest bank in the world on the 2010 ”Forbes Global 2000,” BNP Paribas employs over 204,000 people in more than 80 countries across five continents and has over 15,000 employees in the U.S. and Canada. The Group's North American operations comprise Corporate and Investment Banking, Asset Management and Services, and Retail Banking.

SHES NO FUCKING MUG!!

 

[duffer]

The final proof - if needed - that your posts are either the work of someone on the troll; or originate from one of the more secure rooms within a safe, yet institutionalised environment

In fairness, if that's true and he's wearing one of those special jackets that do up from the back, he's pretty good at typing with his nose.

 

[intercity]

has the meeting been officially adjourned?

 

[Noggin]

Mr Appleton's report of 13th May 2013, which is in the public domain, shows the ACL debt to be £636,381. There is no breakdown into it's various parts.

Thanks yeah I realise that, It was the fact the council were owed £750 which is the first time I've seen that and since I didn't think the CVA offer was in the public domain that suggests Greggo Gee has inside info. Or perhaps I'm mistaken which is why I asked him to link to that info.

 

[shy_tall_knight]

So True Sky Blue if SISU had invested your hard earned millions on project Coventry what would be the expected return % and when are you likely to receive it.

I don't doubt SISU credentials but they got this one badly wrong and it looks like the only way they will try to get their money back is by holding the club to ransom.

 

[Mary_Mungo_Midge]

In fairness, if that's true and he's wearing one of those special jackets that do up from the back, he's pretty good at typing with his nose.

He'll have a nose like Arthur Mullard after getting through that errant tome above then!

 

[DazzleTommyDazzle]

Can't the latter point follow on from the former? i.e. a resolution of whatever kind was necessary for confirmation of support?

Yes, that's possible - but as noted earlier, that would imply that SISU had been actively considering administration for a few years now.

Which may of course be the case.

However, if it is the case - it makes it all the more difficult to understand their apparent unwillingness to sell at a sensible price over this period.

 

[Otis]

• By Les Reid
• Comments

The wait goes on - crucial Coventry City creditors' meeting adjourned

22 Jul 2013 17:13 Sky Blues are likely to remain in administration for at least the next six weeks - four weeks after the new season starts





Remember this?


http://www.coventrytelegraph.net/sport/football/football-news/coventry-city-steven-pressley-aims-4312700


[h=1]Pressley aims to bring in seven new players despite Coventry City transfer embargo[/h] 14 Jun 2013 08:47 Sky Blues boss confident he can reach pre-contract agreements with a view to making permanent deals when restriction is lifted



Share on print Share on email

Coventry City manager Steven Pressley
Steven Pressley is aiming to bring in seven new players this summer as he presses ahead with his recruitment drive despite Coventry City’s transfer embargo.
The Sky Blues boss insists the current restriction on the club signing players is not hampering his progress and is hopeful he will have some fresh faces in place for the start of pre-season in just a fortnight’s time.


That was 14th June.

 

[duffer]

AT LEAST IM NOT A SHEEP!!! AT LEAST I HAVENT LET THE COUNCIL USE OF THE COVENTRY TELEGRAPH AND MISINFORMATION BRAIN WASH ME. I HAVE BEEN AGAINST SISU MANY TIMES IN THEIR FIRST 2 OR 3 YEARS - BUT THE FACT IS THE COUNCIL ARE OUT TO KILL OUR CLUB AND HAVE YOU BELIEVING THEY ARE ON YOUR SIDE. THEY ARE LYING!!! SISU OUR THE CLUB WE NEED TO SUPPORT THEM AND OUR TEAM. WE ARE TEAM SISU. WETHER WE LIKE IT OR NOT. THE REST OF YOU ARE TEAM COVENTRY CITY COUNCIL.
< rant snipped, for brevity >

SHES NO F***ING MUG!!

One, actually, she is a complete mug when it comes to her involvement with a football club

Two, the couple of reports you linked to regarding planning strategy don't exactly make CCC a bunch of liars.

Three, the Caps Lock button on your keyboard seems to be stuck. You can get a new one at Tescos (by the Arena) for just over a fiver, turn left at the SISU marketing wheelbarrow.

 

[covmark]

Go and play on the railway line.Retard.

No need for the retard comment pal

 

[true sky blue]

so true sky blue if sisu had invested your hard earned millions on project coventry what would be the expected return % and when are you likely to receive it.

I don't doubt sisu credentials but they got this one badly wrong and it looks like the only way they will try to get their money back is by holding the club to ransom.

you think sisu have got this completely wrong? Like or hate them, they have got this absolutely right. Commercial leases are not like a lettings contract, companies stop paying the lease all the time, every day, usually to force the landlord to renegotiate and sometimes to have the landlord cancel the lease. There was no break clause in this lease so sisu were tied into the lease as part of the deal when buying the club. There may or may not at that point have been a verbal agreement where the rent would lower if the club suffered further relegation and acl may or may not have reneged on that verbal agreement -- that is the type of example that may or may not have lead to the club refusing to pay the rent. In commercial leasing the club are still the tenants of the grounds until the owners release them from the lease. The only way in which this is not the case is in a break clause or the company leasing the propoerty go into administration.


If you remember it was acl that forced administration on the club, the club did the only right thing and placed themselves into administration meaning they choose their insolvency company. If actual fact once you remove the outer layers of this situation the truth is sisu played an absolute blinder and have the council on their knees: Particularly with the 14 million pounds they are out pocket and will have to write off. I still believe we will be at the ricoh in time for the season to start. And why?? Because the council have no choice but to finally give... Last hour

 

[true sky blue]

go and play on the railway line.retard.

you go to lay your sister valiant. Retard back at ya

 

[true sky blue]

Hey vailant do you know what retard means ?? Or do you just hear it alot??

 

[NorthernWisdom]

No need for the retard comment pal

...but playing on the railway line is OK?

 

[duffer]

So then, we're still in Admin, and likely to remain so for at least another six weeks.

I presume that the offer to play for free at the Ricoh still stands, and Otium can't legally do a deal to play at Sixfields (given that CCFC Ltd hasn't actually been sold to them).

Over to you, Football League - are you going to allow someone who doesn't actually own the club move us to Northampton whilst we could remain in our actual home ground (gratis) until it's all resolved?

 

[true sky blue]

Honestly idiots like vailant really peeve me, the best he can come up with : "go and play on the railway you retard", do city need fans like you vailant? Nononono. Dont bother going to the games you sad pathetic little man. Lonely little man

 

[true sky blue]

Pathetic, you lot are so pathetic, fans come here to this forum to give an honest open opinion, it seems to me that we must all have one opinion or basically go and find a railway line. Oh and we are all retards too ! All because we support the owners of our club, fuck the council !! Yes to sisu

yes to sisu

yes to sisu

yes to sisu



keep it up ms seppalla and co, the sisu boys are loving your demolition of the council!! Theyve had it coming for years - ever since they wrecked our city centre turning into a ghost town