Higgs Share Update (2 Viewers)

Nick · Oct 23, 2014

Taken from twitter

1/3 I can reveal a dispute with #CCFC accusing Higgs of delaying release of info needed for #CCFC to bid for 50% Ricoh at £1.75m

2/3 a leaked #ccfc letter to @coventrycc CEO Reeves accuses Higgs of failing to release key info to #ccfc Ltd liquidator including

3/3 updated info on JV agreement between council & Higgs, & Higgs' pre-emption rights over council share in Ricoh, ahead of 1 deadline yday

4/4 The letter states #ccfc Ltd liquidtr was given deadline by Higgs of yestdy to indicate an intention to bid for Higgs shares at £1.75m..

5/5 ..This figure differs from the £2.77m which council sources leaked was terms of the #5.5m+loan #Wasps Ricoh deal agreed by council

6/6Letter calls on @coventrycc to step in so liquidtr gets info needed for #CCFC to consider formal bid for Higgs share in Ricoh Arena

SkyBlueCharlie · Oct 23, 2014

Nick, which twit is tweeting?

martcov · Oct 23, 2014

Nick said:
Taken from twitter

1/3 I can reveal a dispute with #CCFC accusing Higgs of delaying release of info needed for #CCFC to bid for 50% Ricoh at £1.75m

2/3 a leaked #ccfc letter to @coventrycc CEO Reeves accuses Higgs of failing to release key info to #ccfc Ltd liquidator including

3/3 updated info on JV agreement between council & Higgs, & Higgs' pre-emption rights over council share in Ricoh, ahead of 1 deadline yday

4/4 The letter states #ccfc Ltd liquidtr was given deadline by Higgs of yestdy to indicate an intention to bid for Higgs shares at £1.75m..

5/5 ..This figure differs from the £2.77m which council sources leaked was terms of the #5.5m+loan #Wasps Ricoh deal agreed by council

6/6Letter calls on @coventrycc to step in so liquidtr gets info needed for #CCFC to consider formal bid for Higgs share in Ricoh Arena

Court case brewing?

covcity4life · Oct 23, 2014

council higgs at it again

#KILLCCFC

SkyBlueCharlie · Oct 23, 2014

Don't understand what this has to do with CCC, surely the dispute is between the Liquidator and Higgs?

Nick · Oct 23, 2014

Does it make sense to anybody?

Otis · Oct 23, 2014

What a kuffuffle!

SkyBlueCharlie · Oct 23, 2014

Nick said:
Does it make sense to anybody?

Of course not, its that impeccable, literate source, Mr Reid (Journalist of the Year etc, etc, etc.)

Nick · Oct 23, 2014

I read it as CCFC want to bid, asked higgs for info and not heard anything, higgs set a deadline but ccfc not heard anything so grassed them up to council?

martcov · Oct 23, 2014

Maybe SISU will claim that their bid was hampered by Higgs and sue them for damages?

Sick Boy · Oct 23, 2014

Just shut the club down, we are the only club whose own fans take pleasure in our demise.

fernandopartridge · Oct 23, 2014

martcov said:
Maybe SISU will claim that their bid was hampered by Higgs and sue them for damages?

If they've failed to disclose information that might reasonably have been expected it would sound like they should.

Bill Glazier · Oct 23, 2014

Excuse my ignorance, but is this historical information or is CCFC trying to buy the Higgs share right now?

torchomatic · Oct 23, 2014

I think they are trying to buy it right now.

Bill Glazier said:
Excuse my ignorance, but is this historical information or is CCFC trying to buy the Higgs share right now?

Bill Glazier · Oct 23, 2014

Thanks Torchy - could be good news I guess.

The Lurker · Oct 23, 2014

SkyBlueCharlie said:
Nick, which twit is tweeting?

yeah who has tweeted this info?

Nick · Oct 23, 2014

The Lurker said:
yeah who has tweeted this info?

https://twitter.com/Lesreidpolitics

torchomatic · Oct 23, 2014

We can read the Telegraph exclusive on 31st October.

martcov · Oct 23, 2014

fernandopartridge said:
If they've failed to disclose information that might reasonably have been expected it would sound like they should.

That's what I meant. I think they could insist that Higgs extend the deadline before taking it further though.

We don't know the füll facts and Les Reid is not always correct.

Nick · Oct 23, 2014

As with everything, take it with a pinch of salt.

dongonzalos · Oct 23, 2014

Nick said:
I read it as CCFC want to bid, asked higgs for info and not heard anything, higgs set a deadline but ccfc not heard anything so grassed them up to council?

Having to bid for something when you don't know what's on offer.
That can't happen can it..........

Noggin · Oct 23, 2014

torchomatic said:
I think they are trying to buy it right now.

They could have put a bid in by now if they wanted to by the sounds of it, higgs gave a deadline, ccfc have not yet bid saying they need more information, higgs say they are unable to provide the info sisu want for due diligence, sisu write to the council asking them to sort it out, the letter somehow (hmm) ends up with Les Reid.

We don't have enough information to know who if anyone is being unreasonable, the fact higgs were so burnt by sisu during the previous due diligence though would make it very understandable that they wouldn't be going to much effort. I don't really see there is need for due diligence here either sisu want the share or they don't.

I don't understand the 1.7mill bit though, seems to be suggesting that the higgs share can be brought for a mill less than expected, if thats the case why haven't sisu already put a bid in? instead of waiting till after a deadline and then say you haven't given us what we need.

torchomatic · Oct 23, 2014

They've said they want Wasps to have it anyway and I'm sure after the latest round of shenanigans that is where the share will end up.

Noggin said:
They could have put a bid in by now if they wanted to by the sounds of it, higgs gave a deadline, ccfc have not yet bid saying they need more information, higgs say they are unable to provide the info sisu want for due diligence, sisu write to the council asking them to sort it out, the letter somehow (hmm) ends up with Les Reid.

We don't have enough information to know who if anyone is being unreasonable, the fact higgs were so burnt by sisu during the previous due diligence though would make it very understandable that they wouldn't be going to much effort. I don't really see there is need for due diligence here either sisu want the share or they don't.

I don't understand the 1.7mill bit though, seems to be suggesting that the higgs share can be brought for a mill less than expected, if thats the case why haven't sisu already put a bid in? instead of waiting till after a deadline and then say you haven't given us what we need.

Noggin · Oct 23, 2014

torchomatic said:
They've said they want Wasps to have it anyway and I'm sure after the latest round of shenanigans that is where the share will end up.

they probably do want wasps to have it, but it looks like it was ccfcs for the taking if they had put the bid in, or it would have at least forced a veto making sisu the good guys and the council the bad, but no they didnt have the info and now the deadline is past. hmmm

torchomatic · Oct 23, 2014

Well, as you said none of us know the ins and outs, but I imagine the Council will always be the good guys to some.

Noggin said:
they probably do want wasps to have it, but it looks like it was ccfcs for the taking if they had put the bid in, or it would have at least forced a veto making sisu the good guys and the council the bad, but no they didnt have the info and now the deadline is past. hmmm

Nick · Oct 23, 2014

Noggin said:
they probably do want wasps to have it, but it looks like it was ccfcs for the taking if they had put the bid in, or it would have at least forced a veto making sisu the good guys and the council the bad, but no they didnt have the info and now the deadline is past. hmmm

So if they had tried it makes higgs look bad?

Mary_Mungo_Midge · Oct 23, 2014

Two questions spring to mind:

1) Did Wasps have sight of this additional paperwork/detail ahead of their bid? (If not, why is it pertinent to SISU's bid and not Wasps? And if so, why is such detail being witheld? - Okay 2 additional sub-questions)
2) Could they not enter a bid subject to clarification of detail?

albatross · Oct 23, 2014

What possible information could SISU be looking for after god knows how many years especially since the agreement to purchase the shares has been in existence before SISU came and also lets not forget the recent court cases.

More nonsense from SISU

The Reverend Skyblue · Oct 23, 2014

I just hope that the club does somehow end up with the 50% either the club is as good as dead.
I can't believe I really want SISU to get this share, but for the good of this once great club ,its this or goodbye to the club we all love and cherish

Otis · Oct 23, 2014

They do want Wasps to have it and Wasps probably now do have it. Higgs aren't allowed to say that though.

Sisu should have all the information to hand. Seems like some sort of shenanigans going on here.

Noggin · Oct 23, 2014

Nick said:
So if they had tried it makes higgs look bad?

if sisu bid the same as wasps and agree to anything else that wasps agreed to regarding investment in the area and higgs rejected it or the council vetoed it then while I'd still completely understand the reasons for doing that it absolutely would swing alot of peoples opinions and make them look very bad (weather thats fair is another discussion).

we all want ccfc to own the arena as long as it is ccfc who would own it and protections put in place to ensure that.

Mary_Mungo_Midge · Oct 23, 2014

albatross said:
What possible information could SISU be looking for after god knows how many years especially since the agreement to purchase the shares has been in existence before SISU came and also lets not forget the recent court cases.

More nonsense from SISU

I don't know whether it's nonsense or not; but it's hard to believe there's much more information that hasn't been outed during Judicial Review; or before

Noggin · Oct 23, 2014

Otis said:
They do want Wasps to have it and Wasps probably now do have it. Higgs aren't allowed to say that though.

Sisu should have all the information to hand. Seems like some sort of shenanigans going on here.

last time there was due dilligance involved, sisu wanted information that cost higgs money to provide, it was agreed sisu would pay for that, they didn't and we had a whole court case on it, so it's not really a surprise that higgs aren't falling over themselves to help provide more due diligence information before sisu decide weather or not to bid on something.

Nick · Oct 23, 2014

Mary_Mungo_Midge said:
Two questions spring to mind:

1) Did Wasps have sight of this additional paperwork/detail ahead of their bid? (If not, why is it pertinent to SISU's bid and not Wasps? And if so, why is such detail being witheld? - Okay 2 additional sub-questions)
2) Could they not enter a bid subject to clarification of detail?

Agree, enter a bid based on this and this.

The Lurker · Oct 23, 2014

we all hope ccfc gets 50% share. but are sisu ready to part with that money? i personally don't think so especially with pressleys sacking possibly imminent

Higgs Share Update (2 Viewers)

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