High Court Match Thread (2 Viewers)

WillieStanley · Mar 26, 2013

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Coventry City go to High Court

The Football League has confirmed to Telegraph reporter Andy Turner that a decision about the 10-point deduction has not yet been made and there is unlikely to be any developments tonight
by daniel.smith 5:39 PM
Judge Mrs Justice Proudman agrees to dismiss ACL application for admininistration order

ACL asks judge for its costs to be "paid by any expenses in the administration" of #CCFC Ltd

CCFC Ltd administrator tells judge Cayman Islands-based hedge fund Arvo owed £8.4m. Overall debt £60m.
by daniel.smith 5:37 PM
So Daniel, i have to say im a little confused now, the dismissed thing administration, it still means we are in admin but by Sisus terms and not ACL's?
by SkyisBlue 5:40 PM
5:40 PM
Lesreidpolitics @Les Reid
@procdoc3 #CCFC Ltd is in admin. CCFC Holdings Ltd is not. FL & FA say golden share is with CCFC Ltd. It will decide if it deducts 10pts
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5:40 PM
Lesreidpolitics @Les Reid
@tomduncs @covtelegraph £8.4m owed to Arvo linked to SISU. Most of rest thought 2b owed to private equity funds managed by SISU/arvo
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5:40 PM
Lesreidpolitics @Les Reid
@tomduncs @covtelegraph most of the £52m owed to unsecured creditors (the bulk of the £60m) is thought to be to arvo/SISU related funds
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5:40 PM
Lesreidpolitics @Les Reid
@_threeofclubs SISU Capital is a manager of hedge funds & private equity funds. The funds, & funders who paid into them, are owed money
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5:40 PM
Lesreidpolitics @Les Reid
@KieranL_92 seems likely with #CCFC Ltd in administration the £60m will never be returned in full to creditors

Brighton Sky Blue · Mar 26, 2013

Thing is though that SISU or SISU owned entities carry all of the club's debt-admin is essentially a pointless manoeuvre with the crucial exception being that it keeps ACL's hands off getting anything.

coop · Mar 26, 2013

So since SISU took over we've dropped to division 3 and still owe 60 million they are good business people.I think I'll give them some money to invest for me,what fecking muppets.

Paxman II · Mar 26, 2013

WillieStanley said:
And there we have our outcomes - depressing reading. Even in brevity.

The Football League has confirmed to Telegraph reporter Andy Turner that a decision about the 10-point deduction as not yet been made and there is unlikely to be any developments tonight
by daniel.smith 5:39 PM

Judge Mrs Justice Proudman agrees to dismiss ACL application for admininistration order

ACL asks judge for its costs to be "paid by any expenses in the administration" of #CCFC Ltd

CCFC Ltd administrator tells judge Cayman Islands-based hedge fund Arvo owed £8.4m. Overall debt £60m.

So CCFC Holdings have no debt? They are solvent and trading. They are the football club but then word is they don't hold the golden share the company in administration does (CCFC Ltd) This is a tough one for the league. They gave the holding company consent to find an alternate ground. This mix up of the companies is resulting in some backing for the wrong horse. Essentially the so called £60m debt is owed to themselves and in turn their or SISU's investor clients who by definition run that risk.

I await some clearer statements before running with all these unknown facts as we see them...

WillieStanley · Mar 26, 2013

Paxman II said:
So CCFC Holdings have no debt? They are solvent and trading. They are the football club but then word is they don't hold the golden share the company in administration does (CCFC Ltd) This is a tough one for the league. They gave the holding company consent to find an alternate ground. This mix up of the companies is resulting in some backing for the wrong horse.

I await some clearer statements before running with all these unknown facts as we see them...

Agreed. The thing is, it's no clearer than it was this morning. Whatever we read is just going to be someones take on things. 6 weeks is a long time, and even then, I feel it could end up like today!!

SonofErnie · Mar 26, 2013

Is there any confirmation on whether ACL have been given the 6 weeks they asked for to investigate the tangled web SISU have woven ?

Paxman II · Mar 26, 2013

...yes and there can be no -10 deduction this season. I can't see how while to facts still have to be on the table first. SISU's brinkmanship last Thursday is a gamble on avoiding this -10 points this season (among other considerations) Bit of a waste if we don't make it to the playoffs!

WillieStanley · Mar 26, 2013

The only thing this whole process has taught me is that whenever you see the following image on CET website

It's bad freakin' news

Brighton Sky Blue · Mar 26, 2013

WillieStanley said:
Agreed. The thing is, it's no clearer than it was this morning. Whatever we read is just going to be someones take on things. 6 weeks is a long time, and even then, I feel it could end up like today!!

Well yeah-everyone just wants a conclusion immediately, preferably with SISU out of the picture and the club with ownership at least in part of ACL. I remain reasonably confident that we will eventually get both, but we might just have to hang on in there for the short term.

shropshirecov · Mar 26, 2013

Brighton Sky Blue said:
Well yeah-everyone just wants a conclusion immediately, preferably with SISU out of the picture and the club with ownership at least in part of ACL. I remain reasonably confident that we will eventually get both, but we might just have to hang on in there for the short term.

what do you see as short term? This'll drag on and on

Sub · Mar 26, 2013

Brighton Sky Blue · Mar 26, 2013

shropshirecov said:
what do you see as short term? This'll drag on and on

Until the end of the season? That's the absolute longest I'd be prepared to wait for.

KersleyDigs · Mar 26, 2013

The latest from the ricoh arena after the break on sky sports news........

Sky Blues · Mar 26, 2013

Paxman II said:
So CCFC Holdings have no debt? They are solvent and trading. They are the football club but then word is they don't hold the golden share the company in administration does (CCFC Ltd) This is a tough one for the league. They gave the holding company consent to find an alternate ground. This mix up of the companies is resulting in some backing for the wrong horse. Essentially the so called £60m debt is owed to themselves and in turn their or SISU's investor clients who by definition run that risk.

I await some clearer statements before running with all these unknown facts as we see them...

My understanding of Football League and ACL's position after this morning's events was CCFC Ltd is the football club because it owns the Golden Share. So the football club is in administration and facing the points deduction.

sw88 · Mar 26, 2013

New tweet from Les Reid (just to confuse things a bit more)

@Lesreidpolitics: Breaking: administrator's statement says club believes League golden share is with #CCFC (holdings) Ltd. League denies this @covtelegraph

So isnt this what they went to court for today? Yet the club still believe 'golden share is with CCFCH Ltd! Shouldnt the club be the ones to know?

This tweet was posted only 28 minutes ago....

ccfclinney · Mar 26, 2013

Football league making a statement tommorrow regarding admin or not.. could be intresting the club saying they shouldnt be.. but the football league share is in coventry LTD which is in admin !!
So they will dock the 10 points tomorrow i suspect.

Macca · Mar 26, 2013

We d have been better off with Del and Rodney for the last 6 years

Sky Blues · Mar 26, 2013

sw88 said:
New tweet from Les Reid (just to confuse things a bit more)

@Lesreidpolitics: Breaking: administrator's statement says club believes League golden share is with #CCFC (holdings) Ltd. League denies this @covtelegraph

So isnt this what they went to court for today? Yet the club still believe 'golden share is with CCFCH Ltd! Shouldnt the club be the ones to know?

This tweet was posted only 28 minutes ago....

What the heck is going on? :slap:

ccfc92 · Mar 26, 2013

Sky Blues said:
What the heck is going on? :slap:

If someone could answer that, thankyou lol!

Sky Blues · Mar 26, 2013

ccfc92 said:
If someone could answer that, thankyou lol!

I think this'll end up being settled in court.

Er... :facepalm:

Brighton Sky Blue · Mar 26, 2013

Macca said:
We d have been better off with Del and Rodney for the last 6 years

Well we have had our fair share of plonkers.

Sky Blues · Mar 26, 2013

Ah, administrator doesn't know where Golden Share sits. Holdings believe they have it, but Football League says not.

Administrator's statement (2 parts) here:
https://twitter.com/BBCCovWarks/status/316625525206552576/photo/1
and
https://twitter.com/BBCCovWarks/status/316625091549073408/photo/1

Sky Blue Pete · Mar 26, 2013

Doesn't answer any of his own 3 questions!!

Sky Blue Pete · Mar 26, 2013

And give me the paperwork and a computer and ill tell you in a few hours which company has the golden share!! What a crock of shit!!

Grendel · Mar 26, 2013

Sky Blue Pete said:
And give me the paperwork and a computer and ill tell you in a few hours which company has the golden share!! What a crock of shit!!

Really? I would hazard a guess that the club in principal have discussed the possibility of moving the share and have taken this as authority to go ahead. We will see.

Sky Blue Pete · Mar 26, 2013

Grendel said:
Really? I would hazard a guess that the club in principal have discussed the possibility of moving the share and have taken this as authority to go ahead. We will see.

The administrator is being disingenuous I believe saying that there is a complex web. They moved it, when? Did they tell the fl and was this ok? No??

Delboycov · Mar 26, 2013

sw88 said:
New tweet from Les Reid (just to confuse things a bit more)

@Lesreidpolitics: Breaking: administrator's statement says club believes League golden share is with #CCFC (holdings) Ltd. League denies this @covtelegraph

So isnt this what they went to court for today? Yet the club still believe 'golden share is with CCFCH Ltd! Shouldnt the club be the ones to know?

This tweet was posted only 28 minutes ago....

Aren't they supposed to get league permission to move the share? If they've moved it and not told them aren't we going to be even deeper in the shit? Getting very confused now can someone explain what the hell is going on??

sw88 · Mar 26, 2013

Delboycov said:
Aren't they supposed to get league permission to move the share? If they've moved it and not told them aren't we going to be even deeper in the shit? Getting very confused now can someone explain what the hell is going on??

I think it was mentioned that if it was transferred between CCFCH Ltd and CCFC Ltd, then the club could be sued! And im sure that would incur additional points deduction

Delboycov · Mar 26, 2013

Macca said:
We d have been better off with Del and Rodney for the last 6 years

You know it makes sense!

Delboycov · Mar 26, 2013

sw88 said:
I think it was mentioned that if it was transferred between CCFCH Ltd and CCFC Ltd, then the club could be sued! And im sure that would incur additional points deduction

That's what I'm thinking...would've thought they'd be trying to play it down instead of shouting it from the rooftops!

sky blue zam · Mar 26, 2013

ccfclinney said:
Football league making a statement tommorrow regarding admin or not.. could be intresting the club saying they shouldnt be.. but the football league share is in coventry LTD which is in admin !!
So they will dock the 10 points tomorrow i suspect.

i could see more than a 10 point deduction if it is taken off this season. we are not going up this season or going down this season as it is. 10 points off this season will leave us in mid table and still not go up or down. hence 10 ponits only this season isnt worth it.

chiefdave · Mar 26, 2013

Delboycov said:
Aren't they supposed to get league permission to move the share? If they've moved it and not told them aren't we going to be even deeper in the shit? Getting very confused now can someone explain what the hell is going on??

That will be the key here, you would suspect the league would have to be informed of any transfer of the golden share it which case it will be where they say it is. We then have to hope SISU haven't done something weird and wonderful to try and make it part of the holding co that the FL will see as financial irregularities and hammer us for.

Nonleagueherewecome · Mar 26, 2013

LoyalSupporters said:
Match Thread? What kind of joke is this!

You should know; you told me earlier when I was looking for a quick update that we'd been hit with a 20 point deduction!

Nonleagueherewecome · Mar 26, 2013

Sky Blues said:
Missed the second half, but was just seeing on Twitter that news sources are saying we're getting a 10 point deduction. Has that been confirmed by the league or is that just people applying the minimum expected now it has been confirmed CCFC Ltd is in admin?

And how the heck have the debts gone up £15million to £60million in the last couple of months? They were banding around £45million a month or two ago weren't they? :thinking about:

This. And that 45m had gone up from 40m not long before then. And the good old days of 30m were only about 18 months ago!!! Seriously, people, this is smelly...

The CableGuy · Mar 26, 2013

sw88 said:
New tweet from Les Reid (just to confuse things a bit more)

@Lesreidpolitics: Breaking: administrator's statement says club believes League golden share is with #CCFC (holdings) Ltd. League denies this @covtelegraph

So isnt this what they went to court for today? Yet the club still believe 'golden share is with CCFCH Ltd! Shouldnt the club be the ones to know?

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