Nick
Administrator
Exactly, they won't just be saying "Ah shucks, better luck next time" and giving everything up.
Now. Dont get too excited. But... (1 Viewer)
- Thread starter Saddlebrains
- Start date
Exactly, they won't just be saying "Ah shucks, better luck next time" and giving everything up.
fernandopartridge
Well-Known Member
Richardson will have protected his interest no doubt
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Yes just needs to be their own nominated party.
Grendel
Well-Known Member
I can’t believe they aren’t looking at legal ways to not pay the investor bonds and manage the administration back through to Richardson Maltese companies so they retain the lease
Brighton Sky Blue
Well-Known Member
You’re right-it’ll be ‘Ah Shugs’
shmmeee
Well-Known Member
So glad you’re back
shepardo01
Well-Known Member
Said this a few weeks back, - asked the question whether there is/are any sanctions for going into administration as there are within the EFL? (points deductions etc) I don't believe there are, so it could (could it??) be a way of clearing debt, writing off bonds etc.... ??
Could they end up better off if they do!!????? (Genuine question!)
Usually last to know as still working on 2 years ago accounts
Liquid Gold
Well-Known Member
Firing up the weird accounts are we?
Not even waiting 25 messages to turn it on is impressive.
Grendel
Well-Known Member
er no I didn’t second paragraph up to bond money
No idea what you're trying to say, without punctuation. Looks like nonsense.
HuckerbyDublinWhelan
Well-Known Member
But even in a staged admin - surely they run the risk of someone like SISU offering say 15p in the £ and paying more than Richardson?
Nick
Administrator
Isn't that the gamble that people took with "our" admin back in the day though?
fernandopartridge
Well-Known Member
In an administration fixed charges take precedent over a floating charge I think. I wouldn't be surprised if Richardson's debt is precedent over the bond
Nick
Administrator
Grendel
Well-Known Member
It’s the wording in the lease regarding liquidation of the company and what then happens to that lease that I’ve never understood
HuckerbyDublinWhelan
Well-Known Member
So is it possible Wasps goes into admin. The lease reverts to the council and then Richardson does another slimy deal to buy it back at a low price, and Wasps Holdings are bought back for 1p in the £?
If there is no relegation, a points deduction would have no real effect. Demotion as per Saracens would.
Warwickhunt
Well-Known Member
true! when i used to work i was in the IT department and the amount of information i got was amazing . lot of the times before senior management much to their annoyance
Nick
Administrator
To be honest, I am sure there are plenty of scenarios we would have no idea about.
Grendel
Well-Known Member
in the event of insolvency here is the wording
Club aims to raise £35m from bond
Fantastic News - http://www.coventrytelegraph.net/news/coventry-news/wasps-rfc-looks-raise-35million-9121703 Copy and Paste Article. No mention of it paying Richardson back too? The Richardson bit is there hidden as 'refinancing shareholder loans' I believe Sounds better than Richardsons...
www.skybluestalk.co.uk
Warwickhunt
Well-Known Member
just coincidence that SISU announce that they are listening out for offers then i suppose? Slimy buggers dont do nothing unless thy can exploit someone.
This is very true. Having worked in IT for well over 30 years, we were always one of the first to know as sorting out the infrastructure etc was one of the hardest jobs (apart from not telling your colleagues).
Did have it once when we were told and had to keep it quiet, then had to attend the meeting when the staff were told the site was closing - very hard as we already knew and were being kept on at another site
letsallsingtogether
Well-Known Member
Tbf I was told this yesterday exactly as stated but didnt want to post it, in Palma and didnt want to have put up with the shit from everyone.
Have a good day.
PUSB.
Have a good day.
PUSB.
shepardo01
Well-Known Member
You in a cruise too mate!?... was there a few days back!... like I said, splashed out a small fortune for an Internet package (pop corn is free though!) to keep up with all this!!.... keep the info coming everyone! (Docked in Lisbon today!)
letsallsingtogether
Well-Known Member
No drove down from my appartment in Alcudia.
So CCFC as a sub leaseholder would have a right to contest forfeiture of the lease back to CCC, as would Wasps RFC and the bondholders (who would be looking for as much if their money back as possible).in the event of insolvency here is the wording
Club aims to raise £35m from bond
Fantastic News - http://www.coventrytelegraph.net/news/coventry-news/wasps-rfc-looks-raise-35million-9121703 Copy and Paste Article. No mention of it paying Richardson back too? The Richardson bit is there hidden as 'refinancing shareholder loans' I believe Sounds better than Richardsons...
zuni
Well-Known Member
Latest ftom wasps fan ...they are going for voluntary cva? Whatever that is...would allow them to wipe debt but keep trading, seems abit unethical but I'm not clever enough to understand it all.
Think he said a vote required to accept lower value on share or get nothing...gawd knows why they wouldn't accept it so wasps keep everything it seems.
Think he said a vote required to accept lower value on share or get nothing...gawd knows why they wouldn't accept it so wasps keep everything it seems.
HuckerbyDublinWhelan
Well-Known Member
Surely it takes someone to say - you’re offering me 15m but the lease is worth 35m….. no way would they not sell
Company Voluntary Arrangements
An alternative to liquidation - reschedule payment to creditors to recover from insolvency
The bondholders are more likely to want to invoke the security on the arena and all wasps companies. There may be little value in the companies, but the arena does have some significant value.
