Disheartening Sky Blue's Story On The Way.. (2 Viewers)

James Smith · Jan 16, 2014

torchomatic said:
I guess this doesn't help us get back to the Ricoh then?

Probably another nail in the coffin of our club playing in Coventry again (unless we groundshare with Sphinx). I said a while ago that SISU hadn't touched the Higgs with their legal threats yet and it was probably only a matter of time

Danceswithhorses · Jan 16, 2014

shmmeee said:
Can't wait for Nick and Grendel to defend this.

Oh, they will find a way

oldskyblue58 · Jan 16, 2014

Something that has puzzled me in the SISU claims made. Putting aside the acrimonious side of things. Yes the CCC buying out the loan from Yorkshire Bank changed things, but surely it didn't have to have meant that there was no deal to be done in terms of ownership...... it would just be a different deal. There would have been more debt retained than SISU wanted with their plan to distress and discount the Yorkshire Bank Loan certainly but wouldn't that have affected the price? It was suggested the loan could have been discounted to below 6m with the SISU plan, well that didn't happen but a longer term cheaper loan was put in place. Had SISU bought in their additional risk would have been 4m (that's 14m less the 6m repaid YB all divided by 2) so what have they spent so far, what additional loans have they had to have, what have they lost at Sixfields? Surely by working together not against they could have paid out £6m say to get the 50% shares and all that runs with it, they could have pressured from inside to forgive the lease and start again. Couldn't they? But they walked away for what ever reason you choose to believe.

Clearly they had their own reasons ............

chiefdave · Jan 16, 2014

At least we know now why Ann Lucas thinks Higgs won't sell to SISU. Would you in their position?

lewys33 · Jan 16, 2014

This makes perfect sense to me. Sisu are good at taking people to court. If they win this in court, it could possibly force Higgs under? ACL could then follow .......

1 large stumbling block removed from the Ricoh! Which of course is plan B.

Just because it makes sense doesn't mean it is right.

magic82ball · Jan 16, 2014

shmmeee said:
Can't wait for Nick and Grendel to defend this.

Oh they will find an angle, don't you worry.

thaiskyblue · Jan 16, 2014

Can these utter vultures descend any lower ?

chiefdave · Jan 16, 2014

oldskyblue58 said:
There would have been more debt retained than SISU wanted with their plan to distress and discount the Yorkshire Bank Loan certainly but wouldn't that have affected the price? It was suggested the loan could have been discounted to below 6m with the SISU plan, well that didn't happen but a longer term cheaper loan was put in place.

How legal is what SISU did? If they go to court and state that they were deliberatly distressing ACL to try and purchase the mortgage from Yorkshire Bank on the cheap are they on a sound legal footing? Obvioulsy it's not right from a moral standpoint but can you legally distress a business by witholding payment legally owed (as proved in court) to then get the business for yourself at below market value?

thaiskyblue · Jan 16, 2014

Another shameful day in our clubs history, thank you sisu.

covmark · Jan 16, 2014

Fed up of all this courtroom bollocks, wish they would all just fuck off and let us support our football club.
Beyond caring about all this crap.

Astute · Jan 16, 2014

I hope that the attendances now collapse in Northampton. What a bunch of fucking wankers they are.

sky blue john · Jan 16, 2014

I remember Sisu walking away from the Higgs deal claiming that it wasn't worth it due to the fact that they would not get any of the income streams.

SkyBlueScottie · Jan 16, 2014

Pretty sure the plan to distress ACL was cooked up between the council and SISU.

oldskyblue58 · Jan 16, 2014

the chronology on this was

April 2012 CCFC stopped paying the rent
May 2012 CCFC enter negotiations with Alan Higgs Charity to purchase shares in ACL
May/June 2012 heads of terms agreed by both parties - no deal was ever concluded or vetoed
June 2012 CCFC conduct initial due diligence but do not complete it and do not come back to do so
December 2012 meeting in Leeds to discuss plans relating to Yorkshire Bank
January 2013 CCC replaces Yorkshire Bank as lender

AJB1983 · Jan 16, 2014

It is suggested by the article that sisu offered to buy the Yorkshire bank debt, therefore owning the mortgage and becoming acl's banker.
Now sisu withholding rent caused concern to Yorkshire bank, to the point that auditors queried the business as a going concern.
I would imagine that the council wanting to keep hold of the asset that is the Ricoh would not want to be in a position whereby sisu distress acl to the point ofvthem then taking over the mortgage, and then possibly calling it in straight away knowing full well their actions meant they couldn't pay it.
I suspect this is why sisu are so bitter about it.
You would think that a football club that only rents a stadium would want that stadiums future to be secure, and welcome the council loan.....well that is if you weren't the cause of it for ulterior motives in the first place

Ashdown1 · Jan 16, 2014

Its a no win all round now for SISU as even if they Sue every adversary into the ground surely they will alienate all of the decent people of Cov and Warks ! hence having no customers to buy their fucking pies !

chiefdave · Jan 16, 2014

SkyBlueScottie said:
Pretty sure the plan to distress ACL was cooked up between the council and SISU.

Based on what? Is there any actual evidence that this happened?

Moff · Jan 16, 2014

lewys33 said:
This makes perfect sense to me. Sisu are good at taking people to court. If they win this in court, it could possibly force Higgs under? ACL could then follow .......

1 large stumbling block removed from the Ricoh! Which of course is plan B.

Just because it makes sense doesn't mean it is right.

I dont think it would put the Higgs Trust under as they are a bit cash richer than that, but what it would do is possibly have some legal implications towards the JR is Sisu won, and without the full facts I cant surmise whether they have a hells chance or not.

StevieM · Jan 16, 2014

Well if I run the Higgs Trust the the academy would be getting booted out of Allard Way for a start-what are the implications for them now they have only just renegotiated a return:thinking about:

chiefdave · Jan 16, 2014

Ashdown1 said:
Its a no win all round now for SISU as even if they Sue every adversary into the ground surely they will alienate all of the decent people of Cov and Warks ! hence having no customers to buy their fucking pies !

I've always been in the 'would go back to the Ricoh even if SISU were in charge', this report breaking today is the first time I've thought about changing that stance.

Astute · Jan 16, 2014

SkyBlueScottie said:
Pretty sure the plan to distress ACL was cooked up between the council and SISU.

You don't half come out with some bullshit. So the council wanted to join up with SISUE to distress what is 50% theirs?

James Smith · Jan 16, 2014

RoboCCFC90 said:
On the face of this it look's incredibly unfair and damn right outrageous, not to mention souless that Sisu are sueing a Charity in the Alan Higgs, however isn't PWKH a member of the ACL board, isn't that conflicted?

PWKH is as I understand it (and I got something wrong on the Higgs Centre) only the clerk to the trustees of the Higgs and the trustees are the ones who do the decisions. The council were the ones who were allegedly doing the deal with Sisu and ACL may not have been involved in those discussions. (This is not fact just my guesswork-but it seems logical)

Pete in Portugal · Jan 16, 2014

Rob S wrote:

"This could actually be a good thing (or at least contain some good things). Hear me out...

A lot of the back & forth about who said & did what in whatever negotiation/meeting/downstairs toilet has never really come out properly in public. These actions (sue & counter-sue), if they end up in court*, will mean that what happened with the ACL/Higgs/CCC/Sisu rent deal that got called off will be discussed in open court where every single protagonist will be legally bound to tell the truth, the whole truth etc."

In my opinion, that's unfortunately not always what happens in court. Sometimes, in court witnesses have distorted recollection of such meetings. For example in 2005, a High Court judge stated:

"Ms Seppala was the least satisfactory of all the witnesses. In making my general comments above, I said that no-one was deliberately lying. But I fear Ms Seppala has a distorted recollection of some events – particularly about what happened at the meetings in New York in January 2005 – and, with the benefit of hindsight, has introduced a "spin" (I am sorry not to be able to find a better word) which suits the Applicants' case. She is also prone to exaggerate – the Respondents would characterise it as lying, but I give her the benefit of the doubt on that.................

Astute · Jan 16, 2014

chiefdave said:
I've always been in the 'would go back to the Ricoh even if SISU were in charge', this report breaking today is the first time I've thought about changing that stance.

I will never go to any game ever again where they would even get a penny of the money. Fuck you SISUE.

Spionkop · Jan 16, 2014

Sisu reach new lows every day. The Higgs take them back at Allard Way, what do they do - stab them in the back.
Time for a total boycott of Sixfields.

thaiskyblue · Jan 16, 2014

Astute said:
I will never go to any game ever again where they would even get a penny of the money. Fuck you SISUE.

same here.

bezzer · Jan 16, 2014

chiefdave said:
I've always been in the 'would go back to the Ricoh even if SISU were in charge', this report breaking today is the first time I've thought about changing that stance.

Same here.

oldskyblue58 · Jan 16, 2014

StevieM said:
Well if I run the Higgs Trust the the academy would be getting booted out of Allard Way for a start-what are the implications for them now they have only just renegotiated a return:thinking about:

would be viewed by some as a good idea but the Alan Edward Higgs Charity that owns 50% of ACL does not own or run the Alan Higgs Centre, that's run by the Alan Higgs Centre Trust a separate organisation. Not to mention that unless CCFC in breach of contract then it couldn't happen

bezzer · Jan 16, 2014

Spionkop said:
Sisu reach new lows every day. The Higgs take them back at Allard Way, what do they do - stab them in the back.
Time for a total boycott of Sixfields.

For the first time, I agree with you.

Moff · Jan 16, 2014

Whilst I find it reprehensible to sue the Higgs Trust if they haven't done any wrong, at least in a Court of Law the full facts should come out and we may be closer to the full truth, as opposed to a load of keyboard warriors like myself surmising what that is.

I still find it a nightmare though!

James Smith · Jan 16, 2014

Samo said:
But surely Joy is a devout Christian? :thinking about:

She's a devout something.

Captain Dart · Jan 16, 2014

oldskyblue58 said:
would be viewed by some as a good idea but the Alan Edward Higgs Charity that owns 50% of ACL does not own or run the Alan Higgs Centre, that's run by the Alan Higgs Centre Trust a separate organisation. Not to mention that unless CCFC in breach of contract then it couldn't happen

Notice SISU launched this action AFTER they went back to Allard Way

Moff · Jan 16, 2014

Captain Dart said:
Notice SISU launched this action AFTER they went back to Allard Way

It states in the article they launched the action in response to the Alan Higgs Trust legal action. Tit for tat.

Otis · Jan 16, 2014

Ooh goodie, claim and counter claim.

Lubbly jubbly!!

:facepalm:

cochese · Jan 16, 2014

coun·ter·sue (koun t r-s )tr.v. coun·ter·sued, coun·ter·su·ing, coun·ter·sues LawTo bring proceedings against (a plaintiff) in direct opposition to a suit brought against onself.

Higgs sued first. Just saying like.

Disheartening Sky Blue's Story On The Way.. (2 Viewers)

Well-Known Member

Well-Known Member

CCFC Finance Director

Well-Known Member

Well-Known Member

New Member

New Member

Well-Known Member

New Member

Well-Known Member

Well-Known Member

Well-Known Member

Well-Known Member

CCFC Finance Director

Well-Known Member

New Member

Well-Known Member

Well-Known Member

Well-Known Member

Well-Known Member

Well-Known Member

Well-Known Member

Well-Known Member

Well-Known Member

New Member

New Member

Well-Known Member

CCFC Finance Director

Well-Known Member

Well-Known Member

Well-Known Member

Well-Known Member

Well-Known Member

Well-Known Member

Well-Known Member

Users who are viewing this thread

Privacy & Transparency

Privacy & Transparency