Are sisu writing off £35m from CCFC Ltd or from the whole "group"?
If its just CCFC Ltd then the debt from Holdings to SBS&L remains and likewise to SiSU through SBS&L so they still don't lose out.
If write off from whole group then is that their money they are writing off or other people's?
so, sisu manipulate the existing system to suit their purpose,
what a surprise,
i do hope the british judiciary are taking note,
i also hope, though perhaps in vain, the FA are taking a reasoned stance ?
so, sisu manipulate the existing system to suit their purpose,
what a surprise,
i do hope the british judiciary are taking note,
i also hope, though perhaps in vain, the FA are taking a reasoned stance ?
Nothing illegal but I think it shows that perhaps the FL rules are not fit for purposeAre you suggesting they are doing something illegal - if so, what exactly?
Are you suggesting they are doing something illegal - if so, what exactly?
I would most sincerely suggest that they have acted in a manner contrary to Football League rules at the very least.
I mentioned this in another post :
http://www.skybluestalk.co.uk/threa...U-now-liquidate-Ltd-to-avoid-the-rental-lease
I think you will find it hard to disagree with these facts if you are honest with yourself. What do you think the penalty might be if the Football League are aware of the full facts? Do you really think they will let SISU get away with manipulating the club structure and using the legal system to void a football debt, i.e. the rent of the arena they play in? And if the Football League are so weak and money-minded that they let SISU get away with this, what chances that the government will then step in as they have threatened to do if football does not lean up their act?
I do not know enough about league rules or the laws of the land to properly judge where we are going with this, but I worry greatly as to the consequences that we fans are going to be forced to suffer.
I think I will just quote one key sentence from the post you refer to:
It was around 32m in total invested in SBS&L at 31/05/11 including 2m from ARVO. From what I can see not all of that had gone into CCFC because some of it had been used to purchase and fund Prozone. Plus I believe it also included approx £6m as debts to be paid to GR & MM that never got paid. There would also be the £1m "paid" for the option on the shares in ACL - the option could not be transferred or sold from CCFC Ltd and had no value stated in the ccfc ltd accounts - so my guess is SISU introduced it at their own valuation as part of the takeover which would have increased the debt they were owed. In terms of hard cash as at 31/05/11 less than £30m certainly possibly less than £25m
It was stated in accoounts at around 32m in total invested in SBS&L at 31/05/11 including 2m from ARVO. From what I can see not all of that had gone into CCFC because some of it had been used to purchase and fund Prozone. Plus I believe it also included approx £6m as debts to be paid to GR & MM that never got paid. There would also be the £1m "paid" for the option on the shares in ACL - the option could not be transferred or sold from CCFC Ltd and had no value stated in the ccfc ltd accounts - so my guess is SISU introduced it at their own valuation as part of the takeover which would have increased the debt they were owed. In terms of hard cash as at 31/05/11 less than £30m certainly, possibly less than £25m
CVA rejected - well maybe another round of bidding Guilfoyle knows more about insolvency than me, but another option is for Appleton to start liquidation which might force a deal, it might be his only option
hi TRS :wave:
The creditor meeting - I would guess that CCFC/SISU/Appleton want it over sooner rather than later. ACL? well that depends if you believe they are sunk without CCFC or whether you believe they are viable without the football club. I have a feeling that ACL are getting to the stage of putting together alternatives that add up to having CCFC there then telling CCFC they have had their chance. I think on the 22nd ACL will reject the CVA on the basis the administrator has not given them all the information they need
CVA rejected - well maybe another round of bidding Guilfoyle knows more about insolvency than me, but another option is for Appleton to start liquidation which might force a deal, it might be his only option
Football League - not going to get involved in the CVA process, in a large sense it is nothing to do with them, they only come in to approve the way forward once cva done. So dont expect much from them
Embargo - will need to get CVA approved and accounts filed to be out of embargo assuming the plans forward meet the FFP rules as well
Distressing CCFC - I think that was the first part of the process sometime ago but thats just my opinion
I think people should come to terms with the real possibility that CCFC will not be out of administration for some time. Certainly wont be on 22/07, there is a small chance at 28 days after that, but i am expecting us in administration until at least October
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