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Higgs vs CCFC Court Row (1 Viewer)

  • Thread starter Nick
  • Start date Mar 26, 2014
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Sub

Well-Known Member
  • Apr 3, 2014
  • #1,576
Simon Gilbert‏@TheSimonGilbert1 minDeering feels there was a moral obligation for Higgs to continue negotiations in good faith as Sisu continued to fund club on basis of deal
 

Sub

Well-Known Member
  • Apr 3, 2014
  • #1,577
seems to be alot of good faith expected for SISU as well :thinking about:
 

oldskyblue58

CCFC Finance Director
  • Apr 3, 2014
  • #1,578
Sub said:
Simon Gilbert‏@TheSimonGilbert33 secsDeering says discussions with council were still ongoing at same time. She feels Sisu should have been told about bank deal.
Click to expand...

There may have been an ethical duty to but I don't believe there was a legal or contractual duty to. They had to have a plan B in case the deal proposed did not happen ...... normal business practice surely?
 

Mary_Mungo_Midge

Well-Known Member
  • Apr 3, 2014
  • #1,579
covcity4life said:
looks like sisu at the victims

humble pie anyone?
Click to expand...

'Thinks'. 'Should have'. No contractual obligation. If that's the 'smoking gun', then SISU need better for the JR
 

stupot07

Well-Known Member
  • Apr 3, 2014
  • #1,580
oldskyblue58 said:
When did SISU notify ACL/CCC/Charity of their discussions to buy the Yorkshire Bank debt? as soon as they enquired or much later?
Click to expand...

You may have to shout, not sure she can hear you from here!!


Sent from my iPhone using Tapatalk - so please excuse any spelling or grammar errors
 
A

AJB1983

Well-Known Member
  • Apr 3, 2014
  • #1,581
Maybe sisu end up 'battering' people in court with loads of expensive lawyers doing their work for them because actually they are pretty shit at business stuff, like due diligence, and seeing the value of their customers...
 

Grendel

Well-Known Member
  • Apr 3, 2014
  • #1,582
oldskyblue58 said:
There may have been an ethical duty to but I don't believe there was a legal or contractual duty to. They had to have a plan B in case the deal proposed did not happen ...... normal business practice surely?
Click to expand...

Strange, that could be a quote straight from Ms Seppella herself.
 

oldskyblue58

CCFC Finance Director
  • Apr 3, 2014
  • #1,583
Sub said:
Simon Gilbert‏@TheSimonGilbert1 minDeering feels there was a moral obligation for Higgs to continue negotiations in good faith as Sisu continued to fund club on basis of deal
Click to expand...

The Charity is not linked or bound to CCFC though they have to legally protect the interests of the Charity. There was a moral obligation to meet deadlines as well eg exclusivity period and that didn't happen in fact it seems it was just left dangling.

If you play by hard nosed business you have to accept others might have the gall to use it too
 

Mary_Mungo_Midge

Well-Known Member
  • Apr 3, 2014
  • #1,584
oldskyblue58 said:
There may have been an ethical duty to but I don't believe there was a legal or contractual duty to.
Click to expand...

'Ethics' in business normally depend on a good working relationship; and a spirit of open, candid discussions.

I think we can now all see that this would have been in very short supply by the time any officer of CCC was expected to make that judgement. Not defending it, but simply saying there's a cause and effect context that cannot be ignored
 

Hobo

Well-Known Member
  • Apr 3, 2014
  • #1,585
covcity4life said:
looks like sisu at the victims

humble pie anyone?
Click to expand...

Let's pass SISU a bib so the crumbs don't stain their glorious reputation.
 

DazzleTommyDazzle

Well-Known Member
  • Apr 3, 2014
  • #1,586
Sub said:
Simon Gilbert‏@TheSimonGilbert1 minDeering feels there was a moral obligation for Higgs to continue negotiations in good faith as Sisu continued to fund club on basis of deal
Click to expand...

SISU.

"moral obligation".

Have we just left satire behind......
 

chiefdave

Well-Known Member
  • Apr 3, 2014
  • #1,587
As SISU felt it was only fair that ACL / Higgs / CCC kept them informed of everything that was going on can we assume that SISU were keeping everyone else up to date with what was happening or is this something that just works one way?
 
G

Godiva

Well-Known Member
  • Apr 3, 2014
  • #1,588
oldskyblue58 said:
There may have been an ethical duty to but I don't believe there was a legal or contractual duty to. They had to have a plan B in case the deal proposed did not happen ...... normal business practice surely?
Click to expand...

Liquidate the club?
Which they argue was the only option to not be allowed to buy Higgs shares.
 
A

AJB1983

Well-Known Member
  • Apr 3, 2014
  • #1,589
chiefdave said:
As SISU felt it was only fair that ACL / Higgs / CCC kept them informed of everything that was going on can we assume that SISU were keeping everyone else up to date with what was happening or is this something that just works one way?
Click to expand...

Indeed....
 

Sub

Well-Known Member
  • Apr 3, 2014
  • #1,590
Simon Gilbert‏@TheSimonGilbert13sJudge asking questions. Deering says bulk of due diligence completed in October 2012. Judge asks if that's when view formed charity worth 0
 

The Penguin

Well-Known Member
  • Apr 3, 2014
  • #1,591
Sub said:
Simon Gilbert‏@TheSimonGilbert1 minDeering feels there was a moral obligation for Higgs to continue negotiations in good faith as Sisu continued to fund club on basis of deal
Click to expand...

They should know better than anyone that there are no morals in business.
 

Sub

Well-Known Member
  • Apr 3, 2014
  • #1,592
Simon Gilbert‏@TheSimonGilbert7sDeering says due diligence never fully completed. A lot if questions were still unanswered.
 

Sub

Well-Known Member
  • Apr 3, 2014
  • #1,593
Simon Gilbert‏@TheSimonGilbert8sEnd of the evidence and witnesses.
 

chiefdave

Well-Known Member
  • Apr 3, 2014
  • #1,594
Deering might find herself looking for a new job after this morning!
 

wes_cov

New Member
  • Apr 3, 2014
  • #1,595
you couldn't make this stuff up.

Comedy gold
 
N

No future with SISU

New Member
  • Apr 3, 2014
  • #1,596
Grendel said:
The question is as absurd as the fool who posted it, so OK how many clubs have been promoted from that Division who have had a player called Callum Wilson playing for them? It is an irrelevant remark, no club without full access to revenues has ever succeeded -- clubs who have had periods of instability and been moved away from its base have - as long as they return and get full revenue access -- e.g. Brighton.
Click to expand...

There will be no return to the prem while SISU are in charge. All your statements about PIE money and every thing else mean nothing as SISU want the RICOH to make money out of it. They are not going to invest in the team, only sell. Remember their words "RICOH OR WE WILL NOT FUND THE CLUB". Their is no future with SISU.
 

Hobo

Well-Known Member
  • Apr 3, 2014
  • #1,597
chiefdave said:
Deering might find herself looking for a new job after this morning!
Click to expand...

Why? Seppala has lost in the box before? She was Seppala's sub after all!
 

Nick

Administrator
  • Apr 3, 2014
  • #1,598
Looks like she is a Higgs plant!!
 

oldskyblue58

CCFC Finance Director
  • Apr 3, 2014
  • #1,599
From the 2013 Accounts The funds that SISU control in the 12 months to 31/05/13 (the period that covers this) increased by £312.00 in total. ARVO apparently entirely separate to SISU and its investors invested £5.4m by way of loans. Both the Funds and ARVO started accruing interest on their loans.

In terms of SISU then there wasn't exactly a lot being invested was there £312 (No K or m required) it seems.

I assume as independent lenders ARVO made their own assessment and took suitable security ........

SISU continued to fund the Club ???
 
D

dongonzalos

Well-Known Member
  • Apr 3, 2014
  • #1,600
Sub said:
Quote of the day for me so far :claping hands:

Simon Gilbert‏@TheSimonGilbert21 minsDeering says Sisu never authorised the non-payment of rent. That was football club decision. Club paid ACL £10k per match after rent ceased
Click to expand...

Surely offering 2 million as a charity donation is better!!!!
 

stupot07

Well-Known Member
  • Apr 3, 2014
  • #1,601
No future with SISU said:
There will be no return to the prem while SISU are in charge. All your statements about PIE money and every thing else mean nothing as SISU want the RICOH to make money out of it. They are not going to invest in the team, only sell. Remember their words "RICOH OR WE WILL NOT FUND THE CLUB". Their is no future with SISU.
Click to expand...

Those weren't their words....


Sent from my iPhone using Tapatalk - so please excuse any spelling or grammar errors
 

Sub

Well-Known Member
  • Apr 3, 2014
  • #1,602
dongonzalos said:
Surely offering 2 million as a charity donation is better!!!!
Click to expand...

Both up there i think mate
 

GaryPendrysEyes

Well-Known Member
  • Apr 3, 2014
  • #1,603
Yeah the judge seems to have homed in on that valuation as £0 statement....

But specially re 29k Higgs are suing for.... Is there an explicit contract clause around termination of negotiations and costs?? has such a clause been discussed??
 
D

dongonzalos

Well-Known Member
  • Apr 3, 2014
  • #1,604
Sub said:
Simon Gilbert‏@TheSimonGilbert7sDeering says due diligence never fully completed. A lot if questions were still unanswered.
Click to expand...

Loads of questions unanswered and if the SCG continue with their 'house clean at the request of SISU' they will remain unanswered. Hope Mr Strange has viewed this thread and us reconsidering his allegiances
 

duffer

Well-Known Member
  • Apr 3, 2014
  • #1,605
C'mon seriously, does anyone here think that a decision like a rent strike won't have been approved by SISU?

They're trying to pretend that they're funding the club and didn't agree to the rent strike, that's laughable.
 

Mary_Mungo_Midge

Well-Known Member
  • Apr 3, 2014
  • #1,606
Nick said:
Looks like she is a Higgs plant!!
Click to expand...

I should say so.

So, in the last day or so, we've learned that Seppala threatened liquidation in 2012 unless SISU got the Higgs share. They then entered into negotiations during which they pulled a series of values for that share seemingly from a tombola barrel, culminating in a zero value. Didn't complete the deal on time; and didn't quite manage Due Diligence either. All this at a time when a rent strike sits as backdrop, for which they're taken to High Court. And found guilty.

Then, complain that some time later, a third party - in this shape CCC - step in to refinance without telling them. So, that's bad manners; and we're all as bad as each other?!?

And use this as a springboard to move the club 35 miles down the road.

Is that really it?!?!?!?
 
Last edited: Apr 3, 2014

torchomatic

Well-Known Member
  • Apr 3, 2014
  • #1,607
James Smith said:
Something to remember was that the previous owners of our club were mostly if not all Sky Blues supporters. We've no idea if the current owners are as we've got no idea who they are, Joy doesn't appear to be a football fan let alone of our club though.
Click to expand...

With friends like that who needs enemies.


Sent from my GT-I9505 using Tapatalk
 

lewys33

Well-Known Member
  • Apr 3, 2014
  • #1,608
Funny how Grendel said we shouldn't care about this yet cant help himself ........ Bless his cotton socks!

Grendel said:
Does anyone genuinely care less about this case? Its all totally pointless and irrelevant.
Click to expand...
 
D

dongonzalos

Well-Known Member
  • Apr 3, 2014
  • #1,609
Sub said:
Simon Gilbert‏@TheSimonGilbert13sJudge asking questions. Deering says bulk of due diligence completed in October 2012. Judge asks if that's when view formed charity worth 0
Click to expand...

Judge has already made up his mind IMO

Sounds like he is doing a better job than Higgs' QC in finding the glaring holes in Deering's evidence
 

Sub

Well-Known Member
  • Apr 3, 2014
  • #1,610
Simon Gilbert‏@TheSimonGilbert36sSisu QC summing up.
 
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