The reason I reloaded this thread was It was'nt clear what or how Higgs would come out of it If SISU Cleared the YB loan @ 50% value and It comes from that Les Reid Interview
so here It Is ,Ive left a decent segment before hand as It Is relevent but the penultimate sentence Is where the Devil Is In the detail.
Property consultant CBRE – hired by Otium to seek a new stadium site and develop plans – confirmed it is also valuing the Ricoh site.
The Telegraph understands it is producing two valuations – for a “trading asset” and a “land asset”.
Council sources last year claimed the Alan Edwards Higgs Charity was provisionally prepared to sell its half-share in ACL for £4m.
The figure is revealed in the council’s own response to Sisu companies’ High Court application for a Judicial Review over the £14m mortgage buyout.
ACL had an outstanding loan of £15m, which Yorkshire Bank secured against all of ACL’s assets.
On December 11 last year, after months of the club withholding the majority of £100,000-a-month due rent, and other financial concerns, the Clydesdale Bank/Yorkshire Bank wrote to ACL quoting the CBRE Ricoh valuation.
It added: “...In our reasonable opinion the security that we hold is not longer sufficient to cover our exposure in respect of the facility (loan).”
Before then, there had been discussions between the council, ACL and Sisu about buying out the bank loan as part of a package that would see Sisu acquire the Higgs Charity’s 50 per cent share in ACL.
The council and club would produce their own surveyors’ valuations, and Otium directors have suggested a half-way figure could be agreed
so here It Is ,Ive left a decent segment before hand as It Is relevent but the penultimate sentence Is where the Devil Is In the detail.
Property consultant CBRE – hired by Otium to seek a new stadium site and develop plans – confirmed it is also valuing the Ricoh site.
The Telegraph understands it is producing two valuations – for a “trading asset” and a “land asset”.
Council sources last year claimed the Alan Edwards Higgs Charity was provisionally prepared to sell its half-share in ACL for £4m.
The figure is revealed in the council’s own response to Sisu companies’ High Court application for a Judicial Review over the £14m mortgage buyout.
ACL had an outstanding loan of £15m, which Yorkshire Bank secured against all of ACL’s assets.
On December 11 last year, after months of the club withholding the majority of £100,000-a-month due rent, and other financial concerns, the Clydesdale Bank/Yorkshire Bank wrote to ACL quoting the CBRE Ricoh valuation.
It added: “...In our reasonable opinion the security that we hold is not longer sufficient to cover our exposure in respect of the facility (loan).”
Before then, there had been discussions between the council, ACL and Sisu about buying out the bank loan as part of a package that would see Sisu acquire the Higgs Charity’s 50 per cent share in ACL.
The council and club would produce their own surveyors’ valuations, and Otium directors have suggested a half-way figure could be agreed
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