The company can only be liquidated by the administrator if no new owner can be found - OR if the NEW owners decide. The new owners can be Otium or anyone else selected by the administrator.
I'm saying if Otium are not fit and proper, there is another bid and we sell to them, people are saying we will get a 15 point deduction because sisu wouldn't accept a cva, im saying how can you come out of admin without a cva? as that means the creditors don't accept what you are willing to pay and so you would surely be liquidated, which means actually sisu probably would accept a cva or am I misunderstanding?
While I think we all agree on this. It is probably more important what he in law was correct. PH4 himself said PA had done everything by the book. It just wasn't what we as fans wanted.
If Otium is not 'Fit and Proper' and - for the argument - no other sisu companies are acceptable, then the administrator can sell to another bidder like PH4. This is where sisu may get a bit annoyed and refuse to leave the administration with CVA. The sale will still be executed but the club will be 'rewarded' with a 15 point penalty.
Any idea if it is a court ruling or just a deadline?
I'm saying if Otium are not fit and proper, there is another bid and we sell to them, people are saying we will get a 15 point deduction because sisu wouldn't accept a cva, im saying how can you come out of admin without a cva? as that means the creditors don't accept what you are willing to pay and so you would surely be liquidated, which means actually sisu probably would accept a cva or am I misunderstanding?
If Otium is not 'Fit and Proper' and - for the argument - no other sisu companies are acceptable, then the administrator can sell to another bidder like PH4. This is where sisu may get a bit annoyed and refuse to leave the administration with CVA. The sale will still be executed but the club will be 'rewarded' with a 15 point penalty.
He can also choose to liquidate of course if the creditors would get a better return from that.
It isn't just about being technically correct.
Making the decision based on "the best interests of the club going forward" has resulted in this man choosing a business model which involves:
1) A business based on identity with a community leaving that community
2) A business not having a home/premises from which to run that business
3) A business not having concrete plans upon which to base any realistic timescale to rectify above points
In every way this was a dreadful decision
This is what I dont understand, how can the sale go forward if he creditors say no? or does the sale go forward with the debts intact?
Surely you can't run up 100 mill in debts, go into admin, buy it back for £1 with the creditors saying no and then owe nothing?
That is true - but still, my understanding is his priority no 1 is to save the business going forward. The creditors return is priority no 2.
In this case there are only two real creditors - ARVO and ACL. The current bid is suggested to pay off ACL in full - all £650k, so that should leave ACL with no grounds for not accepting (there's the compensation on the remaining of the lease to complicate things, but for the argument say there isn't). So the current bid should mean an exit where all creditors accept the terms and conditions. No points penalty.
If Otium is not 'Fit and Proper' and - for the argument - no other sisu companies are acceptable, then the administrator can sell to another bidder like PH4. This is where sisu may get a bit annoyed and refuse to leave the administration with CVA. The sale will still be executed but the club will be 'rewarded' with a 15 point penalty.
I don't think he could possibly have believed that said what he suggested, in fact it very clearly states that it doesn't mean they have been failed. He should be unfollowed for sure. What an idiot.
I don't think he could possibly have believed that said what he suggested, in fact it very clearly states that it doesn't mean they have been failed. He should be unfollowed for sure. What an idiot.
There was a s**t Twitterer called Chad,
Who's comprehension was terribly bad,
He completely misread,
What the FL had said,
And ultimately gave a lot of fans who want to see the back of Sisu/Otium at all costs a false glimmer of hope before showing himself up to be either a complete and utter idiot or deliberately misleading (a bit like Fisher, some might say! LOL!!!) and now they have to reel themselves in and continue discussing whether they agree or disagree with the Not One Penny More campaign, and whether this only applies if we move out of Coventry and so on.
I think it started off well, but admittedly, I struggled with the last line.
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