When I was selling my last house the buyers lawyer wanted indemnity insurance for £200, for no record of a boiler being fitted. Ended up finding the record myself online for a fiver. The bloke was gutted.
So based on that I’ve got no idea how much it would be but I’m pretty sure it’s never been said how much it would be either.
What you are saying is that you can bring us back to the Ricoh?
In the same way that you can buy indemnity insurance for that, i'm sure you could buy cover for legal charges too, but i may be wrong. You can't insure your business against fines imposed by courts for (e.g.) H&S breaches or negligence claims.When I was selling my last house the buyers lawyer wanted indemnity insurance for £200, for no record of a boiler being fitted. Ended up finding the record myself online for a fiver. The bloke was gutted.
So based on that I’ve got no idea how much it would be but I’m pretty sure it’s never been said how much it would be either.
Also Nick, and you can tell me to fuck off, but I feel that you charging about on twitter under the name of this forum doesn’t help the reputation of any of us on here for stuff like the latest poll etc.
No, it hasn't been stated and nor could it be. Until the European Commission rule on the case nobody has any real idea of what the financial implications could be for any of the parties. Hence the reason Wasps want CCFC to indemnify them against any costs or impact to their business that comes their way. The man is a fool, I wouldn't waste waste time on him.Have I missed where the amount Wasps were demanding has been posted?
A guy on Social Media seems to think it's common knowledge.
Has this been said somewhere?
Cheers, you actually raise a good point to be on honest and taken on board
I take this as a backhand and will be piped down!
What’s the figure?There is a figure being bandied about but I think it's absolute bullshit.
As Ricketts said, until the complaint is dealt with how can anyone know?
Although the person who told me also told me we would be at St.Andrews this season long before it was announced.
What’s the figure?
I heard 5 mil.
I don't believe that for one minute. I'll be amazed if it's not bullshit.
I'd imagine if the EC complaint is upheld the liability will be higher than that.
Needs a question though as if it’s £5m it’s a lot but not too badFuck it, give them Sam McCallum.
He's made a number of errors there. The amount needed to be covered by the indemnity if any won't be known until after the EU investigation.
However looking at valuations Wasps paid £6.5m for ACL including the extension for the 250 lease. And the council specifically £2.7m for 50% of ACL and £1m for the extension.
They then have valued ACL/Ricoh of c£45m+.
So assuming they would also need to pay Higgs too, if found it was illegal state aid, it could be anywhere from no payment up to c£40m.
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For the indemnity? Wow ccc too?? Are ccc and wasps linked businesses?Originally:
It covered WASPS , any connected parties ( CCC ? ), associates and any business partners who suffered a loss or had to pay any costs / compensation etc
They also wanted cash bond held in escrow
Not sure if that has changed
Needs a question though as if it’s £5m it’s a lot but not too bad
opens a can of worms. If there was money to be paid out that by Wasps could effect the value of the bond and that's a big enough sum to worry people on top of any money the Council might have to reclaim from Wasps.Originally:
It covered WASPS , any connected parties ( CCC ? ), associates and any business partners who suffered a loss or had to pay any costs / compensation etc
They also wanted cash bond held in escrow
Not sure if that has changed
38-24-38 Pear shapedWhat’s the figure?
No, he's an idiot. The indemnity has indefinite in the way they phrased itHave I missed where the amount Wasps were demanding has been posted?
A guy on Social Media seems to think it's common knowledge.
Has this been said somewhere?
And the security will be repaid on a return to Coventry IIRC.I'd be surprised if there is an exact figure as it was supposed to include costs, interest etc. So that's a figure that is constantly going to be moved upwards.
Some of the quotes out there was that they wanted an indemnity to cover all Wasps & Council's costs so again a figure that could change drastically eg Commission finds there's a case to answer then legal fees will shoot up.
Whatever it is it certainly would be well in excess of the security paid to the EFL.
Hold on a minute, wait, this isn’t right. You can’t just take it, you have to threaten to rape his owl or something lolCheers, you actually raise a good point to be on honest and taken on board
I take this as a backhand and will be piped down!
If the Commission agree the actual value of the Ricoh was 50m (as SISU claim) against the 20 odd million the Council "sold" it for then there's your starting point.I heard 5 mil.
I don't believe that for one minute. I'll be amazed if it's not bullshit.
I'd imagine if the EC complaint is upheld the liability will be higher than that.
Cheers, you actually raise a good point to be on honest and taken on board
I take this as a backhand and will be piped down!
A bit less around the arse would be better.38-24-38 Pear shaped
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