Haskell in Casino (3 Viewers)

MichaelCCFC · Apr 6, 2013

letsallsingtogether said:
Can't see him telling them any more then we already know but I am sure it will all come out in due course it early yet

This is now on a new thread

quinn1971 · Apr 6, 2013

MichaelCCFC said:
This is now on a new thread

Just noticed . THANKS

smouch1975 · Apr 7, 2013

If the club is valued at £20 million, you can add the £60 million owed to Arvo to that, before SISU will think of walking

oakey · Apr 7, 2013

smouch1975 said:
If the club is valued at £20 million, you can add the £60 million owed to Arvo to that, before SISU will think of walking

If no one is willing to pay the debt has to be written off to ARVO or anyone else. Assets can be sold to pay but we don't have many.
In the meantime the club receive no income from 20 April. No tickets, no season ticket income, no new kits on sale. So how will they pay the wages?
Paper debts will mean nothing. All they can do is try to sell a few players which might make a few quid if anyone is desperate to have our players. Otherwise will SISU put the money in to pay wages? I think they would be foolish not to seek an exit.

Jack Griffin · Apr 7, 2013

stupot07 said:
How much of the £60m do you think Sisu will be willing to write off?

I was pondering that. There has to be a sum that can be written off..

I think if OSB has it right they kept the £35M Richardson wrote off on the books. So that takes a chunk out.

That leaves £25M, of which £8M is secured debt and £1.3M is owed to ACL.

And they will want a decent 7 year return on the money they used..

So are we talking £24M + 30% = £30M approx..

I think that sum will be too high for current bidders..

It is all shrouded in secrecy, so heaven knows what the real numbers JS/TF are working to.

mattylad · Apr 7, 2013

Tonylinc said:
The thing that really worries me about this whole thing is that we have heard that Haskill's fortune is £174mill. Now, it is going to take about 70mill. to buy the club plus the stadium. That will wipe out almost half of his fortune.

His dad is worth about 500 million but he is a businessman so got to presume he expects to turn a profit at some stage re the surrounding land

LarryGrayson · Apr 7, 2013

mattylad said:
His dad is worth about 500 million

dont really matter if his left all his cash to the dogs home

Mary_Mungo_Midge · Apr 7, 2013

Tonylinc said:
Their game plan NLHWC was to fluke a promotion and get out quickly. Clearly that did not materialise and as for plan B......well......there wasn't one.

A hedge fund always hedges it's investment with another opportunity. Over a year ago on here I stated it would be to get their hands on the stadium, as cheaply as possible.

I remain of the opinion this us where they've been driving towards. Rentals, F&B's et al merely a sideshow to camouflage their real intent

Mary_Mungo_Midge · Apr 7, 2013

Grendel said:
That's not the point. The business will need to acquire some form of stadium ownership and that requires loans and debt. That debt will then be out against the weakest equity, namely the football club.

If all goes well that's not an issue.

However unless the current owners agree to the terms set out next season we will start on between negative 15 to 30 points.

Why would the football club be the weakest entity saddled with debt?

What if the intention is to buy CCFC Limited from administration, and use this business - with the Golden Share - to buy the stadium? The football club also benefits from the turnover ACL have developed over the years, which is currently £6m in non-football-related activity.

Sure, there'd be borrowing, but to a business with assets and a more diverse and less seasonal income

covboy1987 · Apr 7, 2013

Tonylinc said:
The thing that really worries me about this whole thing is that we have heard that Haskill's fortune is £174mill. Now, it is going to take about 70mill. to buy the club plus the stadium. That will wipe out almost half of his fortune.

Preston Haskell has his own personal fortune of around £170 million However his family are as an entirity are worth mega bucks
I would not have thought that Mr Haskell would use any of his own monies for this venture he will have plenty of banks and institutes that will supply the monies needed one being his now close friend Mr Hoffman who wil also advise him on rasing monies through european grants
He will not need 70 million for the purchase of the staudium more like 40 million

LarryGrayson · Apr 7, 2013

who cares wot his family own if there not involved

Big_Ben · Apr 7, 2013

LarryGrayson said:
the best deal might be from themselves

I was thinking along those lines too.

I don't know if it's possible, but what's to stop another of the many other SISU companies offering a penny in the pound more than Haskell the fourth or any other bidder to get out of admin with a clean sheet, and take up the deal that ACL/CCC were prepared to offer the American/Jo/Hoffman - or are they legally allowed to offer one thing to one set of potential purchasers, but deny the same offer to others (including SISU).

coundonskyblue · Apr 7, 2013

Big_Ben said:
I was thinking along those lines too. 
 
I don't know if it's possible, but what's to stop another of the many other SISU companies offering a penny in the pound more than Haskell the fourth or any other bidder to get out of admin with a clean sheet, and take up the deal that ACL/CCC were prepared to offer the American/Jo/Hoffman - or are they legally allowed to offer one thing to one set of potential purchasers, but deny the same offer to others (including SISU).

As I see it Higgs/Ccc would be under no obligation to sell in that situation.

CCFCSteve · Apr 7, 2013

Big_Ben said:
I was thinking along those lines too.

I don't know if it's possible, but what's to stop another of the many other SISU companies offering a penny in the pound more than Haskell the fourth or any other bidder to get out of admin with a clean sheet, and take up the deal that ACL/CCC were prepared to offer the American/Jo/Hoffman - or are they legally allowed to offer one thing to one set of potential purchasers, but deny the same offer to others (including SISU).

It will be a commercial decision by acl. They can agree something different with one party to what they might with another. I think in all this mess it is understood that the lease was in the company in admin. If the football share is also in ccfc and someone buys this acl could insist that a purchaser takes on the same lease that was previously in place if they want to use the ground (unlikely) or renegotiate a new one.

Skybluerevolution (Pt2) · Apr 7, 2013

ACL will sell to their preferred choice and SISU or any associate company would not get past the due diligence - those bridges have been well and truly brunt...more like incinerated.:slap:
.

CCFCSteve · Apr 7, 2013

coundonskyblue said:


As I see it Higgs/Ccc would be under no obligation to sell in that situation.

Agreed. The ground/higgs share is their asset, they can sell it to who they want as long as it doesn't impact their own creditors, however, I do wonder if the situation is altered by where the right to buy the Higgs share at an agreed price sits (was that in ccfc or ccfc holdings ?) and whether this overrides the ability to sell it to a third party.

I understand the council can veto this sale in any event though.

SkyblueBazza · Apr 7, 2013

Skybluerevolution (Pt2) said:
ACL will sell to their preferred choice and SISU or any associate company would not get past the due diligence - those bridges have been well and truly brunt...more like incinerated.:slap:
.

I think the due diligence thing would be a totally objective list of criteria which are all pretty much financially based rather than subjective "don't like them" type stuff tbh. That could yet let the current owners remain via some means or other.

Skybluerevolution (Pt2) · Apr 7, 2013

SkyblueBazza said:
I think the due diligence thing would be a totally objective list of criteria which are all pretty much financially based rather than subjective "don't like them" type stuff tbh. That could yet let the current owners remain via some means or other.

I agree to a point, I have had dealings with tender type submissions and in my experience you can with prior knowledge put in trapdoors in the due diligence that you know if the applicant answers the questions truthfully they will fail due diligence, and if they lie they get excluded from the process - I think that if SISU or an associate company came near as a buyer they would be laughed out of town. the saying that comes to mind (hopefully) is "once bitten twice as shy!"

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