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Legal action dropped (1 Viewer)

  • Thread starter dongonzalos
  • Start date Oct 4, 2013
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D

dongonzalos

Well-Known Member
  • Oct 6, 2013
  • #106
SonOfSnoz said:
Joy only comments when she has to!
Don't kid yorself, the recent interview was for the fans!
It was aimed for the legals & at potential investors!
Click to expand...

Yep I agree, however ask yourself

why is she sending a message to potential investors
 

James Smith

Well-Known Member
  • Oct 6, 2013
  • #107
dongonzalos said:
I don't think you can say protests are proving ineffective

SISU will never turn around and admit that.

They will just start doing things they don't normally do ......
Click to expand...
rondog1973 said:
Have said many times before, as have others, that this is a war of attrition. I think we'll really see the effect NOPM is having after the judicial review appeal verdict. Should then become apparent, pending outcome obviously, which of the two parties has the financial ammo to prevail.

In the meantime, it does seem a bit curious that Sisu have suddenly started to engage in a PR campaign. An attempt to belatedly engage the hearts and minds of the fans perhaps, the vast majority of whom can see the Gobshites for what they are...
Click to expand...

No I doubt they'd admit that, it would show weakness - but then can we take the increased communication from our club/SISU (not sure I would call what Mr Labovitch said on the radio was good PR) that the financial pressure is building? I do agree that they may be waiting for the outcome of the judicial review application appeal before deciding what their next move is.
 
Last edited: Oct 6, 2013
N

No future with SISU

New Member
  • Oct 6, 2013
  • #108
slyblue57 said:
Lived in Coventry, Wyken for many years before moving. Very anti CCC for not doing enough to bring the team back. They insisted previously that they will not sell the Ricoh to anyone. They along will many other Councils continue to cut funding to numerous areas whilst holding on to a Stadium which is losing money or maybe breaking even if you believe ACL, (I do nt). Selling the Ricoh to anyone will bring funds that the Council could use. I do nt support selling it to SiSu or any one else cheaply but I do nt see how they can justify not selling it. What are they actually getting out of it ? I m pretty sure that an extra 20 ,30, 40 million pounds or more raised by its sale could be put to better use that tied up in a white elephant of a Stadium. Only my opinion of course and a bit political.
SISU/ACL/CCC out.
Pusb
Click to expand...

The leader of the council issued a statement in oct 2007 saying they wanted the buyers of ccfc to have the funds to buy ACL. What makes you think they do not want to sell for the market price of ACL?
 
N

No future with SISU

New Member
  • Oct 6, 2013
  • #109
fernandopartridge said:
Markets dictate prices. Apart from CCFC, who is in the market to play at the Ricoh?
Click to expand...

Northampton saints
 
N

No future with SISU

New Member
  • Oct 6, 2013
  • #110
Godiva said:
Didn't Seppala say she wanted set a price on the freehold based on the average of the valuation from both CCC's and sisu's chosen experts?
Click to expand...

She did SISU valuation would be a £1 so any vaulation by the council would be cut in half.
 

Astute

Well-Known Member
  • Oct 6, 2013
  • #111
dongonzalos said:
Yep I agree, however ask yourself

why is she sending a message to potential investors
Click to expand...

Because NOPM is working?
 
S

SonOfSnoz

New Member
  • Oct 6, 2013
  • #112
The club was on it's last legs, which is why we got Sisu.
No one will buy the club in it's current state.
It's Sisu till we get own stadium & or promotion.
 
S

Stafford_SkBlue

Well-Known Member
  • Oct 6, 2013
  • #113
ACL were trying to bully / scare Northampton.
There was never any chance of it succeeding legally.
Luckily for CCFC, Northampton were not going to fall for it.
 
S

SonOfSnoz

New Member
  • Oct 6, 2013
  • #114
Stafford_SkBlue said:
ACL were trying to bully / scare Northampton.
There was never any chance of it succeeding legally.
Luckily for CCFC, Northampton were not going to fall for it.
Click to expand...
Probably because ccfc assisted ntfc with legals?
 
J

Jack Griffin

Guest
  • Oct 6, 2013
  • #115
Stafford_SkBlue said:
ACL were trying to bully / scare Northampton.
There was never any chance of it succeeding legally.
Luckily for CCFC, Northampton were not going to fall for it.
Click to expand...

If it was a frivolous action by ACL as NTFC claims then they are at liberty to initiate a counter action.
 

James Smith

Well-Known Member
  • Oct 6, 2013
  • #116
Stafford_SkBlue said:
ACL were trying to bully / scare Northampton.
There was never any chance of it succeeding legally.
Luckily for CCFC, Northampton were not going to fall for it.
Click to expand...
Same could be said of the Judicial review:

SISU were trying to bully / distress ACL
There was never any chance of it succeeding legally.
Luckily for ACL, Coventry Council was not going to fall for it.
 
S

SonOfSnoz

New Member
  • Oct 6, 2013
  • #117
Club should never have signed the shoddy Ricoh deal
 

italiahorse

Well-Known Member
  • Oct 6, 2013
  • #118
Stafford_SkBlue said:
ACL were trying to bully / scare Northampton.
There was never any chance of it succeeding legally.
Luckily for CCFC, Northampton were not going to fall for it.
Click to expand...

Always going to happen ....
Once the lease was liquidated with Ltd there was never a case. With a lease the legalilties may have been different .
.... similarly the Judicial Review is also a waste of time and money.
 

italiahorse

Well-Known Member
  • Oct 6, 2013
  • #119
SonOfSnoz said:
Club should never have signed the shoddy Ricoh deal
Click to expand...

They never had a choice wants CCFC cocked up the finances for it.
Considering that ACL nearly went bust for the sake of £1M owed they were hardly creaming a profit off the club.
 
S

SonOfSnoz

New Member
  • Oct 6, 2013
  • #120
Only the legals benefit!
 

italiahorse

Well-Known Member
  • Oct 6, 2013
  • #121
SonOfSnoz said:
Only the legals benefit!
Click to expand...

SISU could benefit if JR is restricting ACL from moving on quick enough to rebalance it's books.
 
S

SonOfSnoz

New Member
  • Oct 6, 2013
  • #122
Thought Acl got paid same regardless if they accepted the CVA?
 

italiahorse

Well-Known Member
  • Oct 6, 2013
  • #123
SonOfSnoz said:
Thought Acl got paid same regardless if they accepted the CVA?
Click to expand...

Only what they are owed, not the value of the lease that the stadium agreement was based on.
 

Nick

Administrator
  • Oct 6, 2013
  • #124
italiahorse said:
Only what they are owed, not the value of the lease that the stadium agreement was based on.
Click to expand...

Yep which I think is what was offered in the cva
 

italiahorse

Well-Known Member
  • Oct 6, 2013
  • #125
Nick said:
Yep which I think is what was offered in the cva
Click to expand...

Still 10's of millions short of it's value.
 

Nick

Administrator
  • Oct 6, 2013
  • #126
italiahorse said:
Still 10's of millions short of it's value.
Click to expand...
So you want the club to have to pay it all back? Surely when you say 10s of millions it shows just how over priced it was.
 

italiahorse

Well-Known Member
  • Oct 6, 2013
  • #127
Nick said:
So you want the club to have to pay it all back? Surely when you say 10s of millions it shows just how over priced it was.
Click to expand...

Not directly, but at least buy the stadium or rent it, to contribute to what it cost.
After all CCC/HIGGS were instrumental in getting the club out the mess they created in regards of getting the Ricoh built. Without them we would have been left without a stadium to play in.

If ACL fold and SISU get it on the cheap will you be happy with that?

If ACL fold and CCFC get it on the cheap that would be great, but that option will never happen.
 

italiahorse

Well-Known Member
  • Oct 6, 2013
  • #128
Nick said:
So you want the club to have to pay it all back? Surely when you say 10s of millions it shows just how over priced it was.
Click to expand...

When you commit to put £100M into a project you want to be sure that you will get your money back.
Hence in committing the money they tied the club up with a lease. The club were on the back foot but clearly so were ACL in the early years (based on their books) as they built up the Ricoh income streams. SISU knew this but the lease needed to be broken ........... the rest of the story you know.
 

Nick

Administrator
  • Oct 6, 2013
  • #129
italiahorse said:
Not directly, but at least buy the stadium or rent it, to contribute to what it cost.
After all CCC/HIGGS were instrumental in getting the club out the mess they created in regards of getting the Ricoh built. Without them we would have been left without a stadium to play in.

If ACL fold and SISU get it on the cheap will you be happy with that?

If ACL fold and CCFC get it on the cheap that would be great, but that option will never happen.
Click to expand...

I guess it would depend on how it would benefit the club. If we were going to be in the same position as before then no, if there were benefits then it is better than nothing isn't it?

It is hard to say until knowing the plans
 

lordsummerisle

Well-Known Member
  • Oct 6, 2013
  • #130
italiahorse said:
When you commit to put £100M into a project you want to be sure that you will get your money back.
Hence in committing the money they tied the club up with a lease. The club were on the back foot but clearly so were ACL in the early years (based on their books) as they built up the Ricoh income streams. SISU knew this but the lease needed to be broken ........... the rest of the story you know.
Click to expand...

£100million??

The amount goes up day by day.

£10million was the council contribution.
 

mrtrench

Well-Known Member
  • Oct 6, 2013
  • #131
italiahorse said:
If ACL fold and CCFC get it on the cheap that would be great.
Click to expand...

No it wouldn't. That's the scenario where a bunch of extremely wealthy people get even more wealthy by taking money from taxpayers and a charity to help sick children.
 

James Smith

Well-Known Member
  • Oct 6, 2013
  • #132
lordsummerisle said:
£100million??

The amount goes up day by day.

£10million was the council contribution.
Click to expand...
When did the council contribute to our club?

If SISU have put £100M in then to be where we are at the moment is a joke. Personally I think it's just creative accounting and moving money/debt around.
 
J

Jack Griffin

Guest
  • Oct 6, 2013
  • #133
mrtrench said:
No it wouldn't. That's the scenario where a bunch of extremely wealthy people get even more wealthy by taking money from taxpayers and a charity to help sick children.
Click to expand...

Doubt it can pan out that way, ACL have several charges on them. I don't know what they are, but I assume there is the £14M loan and some security for the Higgs Charity & CCC secured against the Arena itself.
Its no different to what ARVO/SISU have done with CCFC current (and future) assets, even OTIUM have a charge now (MR01 10/08/2013 REGISTRATION OF A CHARGE / CHARGE CODE 076124870001).

MR01 29/06/2013 REGISTRATION OF A CHARGE / CHARGE CODE 044406840006
MR01 18/05/2013 REGISTRATION OF A CHARGE / CHARGE CODE 044406840005
MG01 22/01/2013 PARTICULARS OF A MORTGAGE OR CHARGE / CHARGE NO: 4
MG01 22/01/2013 PARTICULARS OF A MORTGAGE OR CHARGE / CHARGE NO: 3
Click to expand...
 

italiahorse

Well-Known Member
  • Oct 6, 2013
  • #134
lordsummerisle said:
£100million??

The amount goes up day by day.

£10million was the council contribution.
Click to expand...

Don't fully understand where the money came from but the stadium complex cost over 100M and that is a lot of money to tie up with no long term security.

Love to have a idiots guide to how the finances were found. People have tried to explain but I either did not understand or all the 'experts' confused me.
 

Nick

Administrator
  • Oct 6, 2013
  • #135
Is the higgs charity for sick children?
 

italiahorse

Well-Known Member
  • Oct 6, 2013
  • #136
Deprived children of Coventry area.

My grandkids are deprived of CCFC.
 
J

Jack Griffin

Guest
  • Oct 6, 2013
  • #137
Nick said:
Is the higgs charity for sick children?
Click to expand...

Ostensibly for underprivileged children in the Coventry Area, (they have a website).
I've previously questioned if their reasons for propping up the football club are in accord with their stated aims.. they really need to get out of football & stay out.
 

mrtrench

Well-Known Member
  • Oct 6, 2013
  • #138
Very much depends Jack on the size of the charges - banks usually take a fairly robust haircut on less liquid collateral (like football stadiums).

You are right Italia Horse - deprived, not sick. My bad.
 

rondog1973

Well-Known Member
  • Oct 6, 2013
  • #139
James Smith said:
Same could be said of the Judicial review:

SISU were trying to bully / distress ACL
There was never any chance of it succeeding legally.
Luckily for ACL, Coventry Council was not going to fall for it.
Click to expand...
...or a High Court Judge...
 

Grendel

Well-Known Member
  • Oct 6, 2013
  • #140
italiahorse said:
Don't fully understand where the money came from but the stadium complex cost over 100M and that is a lot of money to tie up with no long term security.

Love to have a idiots guide to how the finances were found. People have tried to explain but I either did not understand or all the 'experts' confused me.
Click to expand...

You'd certainly need an idiots guide.

You need to hold one fact in that tiny little brain if yours - it cost the council £10 million in terms of investment - a figure they have never disputed.

The only club that is very similar to is is stoke with the Brittania as that was also funded by a regeneration charity in part. It gives without saying the club ended up with a far better deal and in a far better place than ours.

Who cares though. As long as the council can cream off more and more from the club and good old ACL keep bobbing along the likes of you and astute will be happy.
 
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