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Distressed Debt and the Secret World Of SISU
So where does the SISU money originate, well when you find out please let us all know.
Whether its SISU Capital Fund Limited, SISU Capital Fund Limited 11, SISU Capital Fund LP, Arvo Master Fund Limited, or other connected entities such as AdMat Holdings LLC, Huntsman Materials Holdings LLC (where funnily enough SISU Capital Limited acts as Investment Manager for Beneficial Owners (now where I have heard that before), the SISU world is far from clear.
SISU’s interests spread far, they operate in areas where reputations for the secretive money management is well known, Nigeria, South Africa, Cyprus, Luxembourg, the Far East and Salt Lake City, yes Salt Lake City.
SISU’s CEO is well connected, through her Wharton University of Pennsylvania, to ex an ex US Ambassador and Governor, and furthermore holds a Board Position on the Code Committee of the Take Over Panel, not bad for a person who was once described by an eminent Judge when SISU Fund Limited sought to overturn a Company Voluntary Agreement on the basis that they claimed was “unfairly prejudicial” to their interests.
In his judgment, Mr Justice Warren produced a structural diagram of the various companies involved which showed that it too was a complicated multi-layered cross-border undertaking. He described Sisu Company Secretary Joy Seppala as “the least satisfactory of all the witnesses”, saying: “I fear Ms Seppala has a distorted recollection of some events … and, with the benefit of hindsight, has introduced a ‘spin’ 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.”
He added: “She is, I am quite sure, an astute and effective business woman. I totally reject her description of herself as naïve. I am quite sure that she was closely involved in developments as the representative of SISU as a Committee Creditor” ([2005] EWHC 2170 (Ch)).
The distressed debt world can be a very dark place, where answers are few and transparency as rare as a good Football Club CEO. However as obvious as SISU’s influential contacts may be , there are many more dubious relationships linked to such companies as Vantis. www.dailymail.co.uk/news/article-12...emands-HMRC-probes-2bn-film-tax-loophole.html. Enter Mr Ken Dulieu, from 2002 to 2010, he acted as non executive Director and chair of the Remuneration and Nominations Committees of previously Alternative Investment Market listed Vantis plc, an accountancy and financial services business.
Now how does the Football League view Fit and Proper, and how will they view the manipulated CCFC Limited’s accounts, and what about the Auditors BDO, where are they in this sorry state of affairs, surely any Auditor worth their “Salt”, would have cleared their name by now? So what does that say? Then there are the Joint Administrators led by Mr Paul Appleton, why has he not pursued a court order demanding information be provided, its just not good enough for him to state, “Indeed, there is still information outstanding which, despite repeated pleas and requests, has not been presented. This has hardly helped clarify a confusing state of affairs dating back some 20 years”
This week I feel will be the beginning of the end, one result will provide justice for those patient supporters who have been through so very much, the other will expose the Football League to extensive criticism which will go the heart of government, remember:-
“Players, Managers, Directors, even Grandstands come and go, but supporters always remain”.
So where does the SISU money originate, well when you find out please let us all know.
Whether its SISU Capital Fund Limited, SISU Capital Fund Limited 11, SISU Capital Fund LP, Arvo Master Fund Limited, or other connected entities such as AdMat Holdings LLC, Huntsman Materials Holdings LLC (where funnily enough SISU Capital Limited acts as Investment Manager for Beneficial Owners (now where I have heard that before), the SISU world is far from clear.
SISU’s interests spread far, they operate in areas where reputations for the secretive money management is well known, Nigeria, South Africa, Cyprus, Luxembourg, the Far East and Salt Lake City, yes Salt Lake City.
SISU’s CEO is well connected, through her Wharton University of Pennsylvania, to ex an ex US Ambassador and Governor, and furthermore holds a Board Position on the Code Committee of the Take Over Panel, not bad for a person who was once described by an eminent Judge when SISU Fund Limited sought to overturn a Company Voluntary Agreement on the basis that they claimed was “unfairly prejudicial” to their interests.
In his judgment, Mr Justice Warren produced a structural diagram of the various companies involved which showed that it too was a complicated multi-layered cross-border undertaking. He described Sisu Company Secretary Joy Seppala as “the least satisfactory of all the witnesses”, saying: “I fear Ms Seppala has a distorted recollection of some events … and, with the benefit of hindsight, has introduced a ‘spin’ 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.”
He added: “She is, I am quite sure, an astute and effective business woman. I totally reject her description of herself as naïve. I am quite sure that she was closely involved in developments as the representative of SISU as a Committee Creditor” ([2005] EWHC 2170 (Ch)).
The distressed debt world can be a very dark place, where answers are few and transparency as rare as a good Football Club CEO. However as obvious as SISU’s influential contacts may be , there are many more dubious relationships linked to such companies as Vantis. www.dailymail.co.uk/news/article-12...emands-HMRC-probes-2bn-film-tax-loophole.html. Enter Mr Ken Dulieu, from 2002 to 2010, he acted as non executive Director and chair of the Remuneration and Nominations Committees of previously Alternative Investment Market listed Vantis plc, an accountancy and financial services business.
Now how does the Football League view Fit and Proper, and how will they view the manipulated CCFC Limited’s accounts, and what about the Auditors BDO, where are they in this sorry state of affairs, surely any Auditor worth their “Salt”, would have cleared their name by now? So what does that say? Then there are the Joint Administrators led by Mr Paul Appleton, why has he not pursued a court order demanding information be provided, its just not good enough for him to state, “Indeed, there is still information outstanding which, despite repeated pleas and requests, has not been presented. This has hardly helped clarify a confusing state of affairs dating back some 20 years”
This week I feel will be the beginning of the end, one result will provide justice for those patient supporters who have been through so very much, the other will expose the Football League to extensive criticism which will go the heart of government, remember:-
“Players, Managers, Directors, even Grandstands come and go, but supporters always remain”.
