Should the worst happen and SISU buy Limited do they then have a contract with ACL to use the Ricoh with a rent of 1.2mill and the requirement to top up the escrow account weather they like it or not?
I think they would liquidate LTD then lease is down the Pan.
I think they would liquidate LTD then lease is down the Pan.
I think they would liquidate LTD then lease is down the Pan.
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If ltd is liquidated then what will happen to the golden share?
The football league will give it to holdings.
Should the worst happen and SISU buy Limited do they then have a contract with ACL to use the Ricoh with a rent of 1.2mill and the requirement to top up the escrow account weather they like it or not?
Why would Sisu buy Ltd?
Tim says it's worthless.
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That would be a slight assumption. Alternatively the league may decide that ccfc no longer exist?
Sorry misread that, I missed the "says" & " t' "Why would Sisu buy Ltd?
Tim says it's worthless.
This is the bit that confuses me.
As I understand it, the administrator's duty is to try to keep the company running as a going concern, if possible. I can't see how he can do that if he allows CCFC Ltd to be liquidated when there are (supposedly) other offers on the table.
If Ltd isn't liquidated, and SISU buy it, then they're still on the hook for the lease, surely. And that's where this all started. Hmm.
Suspect that the FL would have taken back the Golden Share and there is a far greater chance that they might not have given it back to Holdings than just Admin.Couldn't they just have liquidated instead of putting limited in admin in the first place if they were going to do that?
I think one possibillity is a 'creditors voluntary liquidation'. I am unsure if that simply require a mjority of the creditors accept or if it requires the acceptance of all creditors.
This would probably be the best outcome for the club providing:
- FL grants the GS to Holdings
- Sisu are prepared to write off the £10m owed to them/ARVO
- The club pay ACL their £650k
- The club/sisu pays all cost of administration.
Then the lease will be forever gone - a new will have to be written/signed if the club is to stay at the Ricoh for either 3 years or more.
The club would come out of administration with no points penalty.
The accounts could be signed off and expedited - end of transfer embargo.
How can SISU retaining control be good in any form.
I said the best outcome - it's a relative term.
But actually it is the second best - the best would be if a buyer would pay sisu back the £30m or so they have put in over the years. Sadly I don't think this will happen.
And as I also don't think sisu will give in to any kind of pressure that the fans or any other stakeholder can put up, then we may as well realize they are here till they decide for themself it's time to go.
In that case the best scenario is where the club get out of admin and transfer embargo as soon as possible - AND continue to play at the Ricoh is the 'best' outcome for the club.
There will be (many) others who think differently.
We have been here before (2007) and to have SISU running (sorry should say ruining) the club is no saviour it is just a slower and more painful death. SISU will have no choice if new owners purchase Ltd and are given the golden share / the go ahead to play in League 1 as SISU would be starved of income so would have to sell cheap or just lose the lot which they could not justify to their secret investers.
As I understand it, the administrator's duty is to try to keep the company running as a going concern, if possible. I can't see how he can do that if he allows CCFC Ltd to be liquidated when there are (supposedly) other offers on the table
if thats there plan Godiva and SISU do not agree and start the season with -15 points that is not going help the club in any way atall, relegation possiblity no fans no money for FFP the club will be well and truly fecked and SISU will end up with the bill and own a 3rd division team
So if you read my posts in this thread from start you will understand why I think sisu staying in control and getting us out of administration while paying the debts owed to ACL - AND negotiate a new lease (3yr or more) is the best realistic outcome for the club.
what we see the administrators duty as , and what the administrator ends up doing can be two very different things..
in my experience, and i suspect in many cases, an administrator will liquidate and sell the assets of worth from within a failing company ( again in my experience this is often back to the previous owner under some new guise of some new company they have set up ).
At the very least, this is supposed to raise capital to pay back the creditors, in reality the sale of assets is just treated as realised revenue for the business, and usually just covers the exorbitant administrator fees ( which the directors would have had to pay anyway )
outcome - the owners of the failing company walk away from all the debt , while still retaining the assets they desire, and the administrator has a nice big cheque! everyone is a winner.. well , when i say everyone , i mean the owners of the failed company & the administrator ( employed by the failing company )! everyone else can go spin...
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