But the CVA now effectively locks out any creditors from any actions they're considering?
Now. Dont get too excited. But... (1 Viewer)
- Thread starter Saddlebrains
- Start date
Yes
As far as I know, there isn’t a CVA yet, and to be honest I don’t know whether that would trump the bonds agreement. If it does, it would make such agreements and offers of security worthless.
SHUNT31
Well-Known Member
I’m trying to look at this without any emotions, as I would like nothing more than these bastards to piss off. And I really cannot see why any creditor would agree to the CVA. Particularly bond holders who have first charge against the stadium lease. I’m no expert but I can’t see how any sane investor of the bond would agree. Just my opinion
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Just got this from bondholders forum
”The consent solicitation is a CVA (Company voluntary arrangements) whereby an insolvent company seeks to reach an agreement with its creditors to prevent itslef having to go into liquidation. As we know, it requires 75% of bondholders to agree to any arrangement.”
The 75% is by value. They don’t seem to have a concern that this approach would unduly limit their compensation.
South West Sky Blue
Well-Known Member
This comment only makes marginally less sense to me than all the other ones on the topic!
Colin Steins Smile
Well-Known Member
At what point will the bond holders decide they’ve waited long enough to realise some payment. Given the year on year losses they could decide that waiting another year or two would lead to even less money being paid.
I’ve seen no evidence that wasps business plan is working
shepardo01
Well-Known Member
"Shugs" has already commented on that post on Drunken Wasps - he says its nothing to worry about and the bond will be sorted!
Frostie
Well-Known Member
I'm starting to wonder if Shugs is someone from here on the windup.
I assumed he was just blindly loyal & following whatever their owners preached as gospel but I'm struggling to believe anyone on the planet is as naïve as this.
This meme was literally invented for him:
shepardo01
Well-Known Member
It is so fitting!I'm starting to wonder if Shugs is someone from here on the windup.
I assumed he was just blindly loyal & following whatever their owners preached as gospel but I'm struggling to believe anyone on the planet is as naïve as this.
This meme was literally invented for him:
But there seem to be so many Wasps fans that take everything that the club put out as fact/gospel!
One comment that still sticks in my mind, think it was when they were shafting the Henley sports clubs, was "its not very wasps like"!.... so pf course, they couldn't be doing anything even slightly untoward!!!
Their forum shows that a Number of them will take some convincing. I have put this elsewhere so apologies for duplication, but recompense for the delay in terms of interest payable ranges from 9 to 20% pa and period to redemption from 2 years down to 6 weeks! High level of distrust.
A lot of them have seemed very unconcerned, some recent posters are more worried.
Colin Steins Smile
Well-Known Member
The interest rate reflects the added "risk". However, I would doubt that they would ever receive that interest payment
So do I, but I think it shows a level of frustration. They won’t get there money back in 6 weeks either. I have wondered whether Wasps are spinning them a line to delay the inevitable because the Impact on the team seems to depend on the timing of the insolvency event. From a quick look at the relevant rules a 35 point deduction is one possibility - not much impact ultimately when there is no formal demotion at the moment. But, dependant upon timing, a demotion like happened to Saracens could be / have been on the cards.
NorthernWisdom
Well-Known Member
We had RFC tbf, and they turned out to be genuine!I'm starting to wonder if Shugs is someone from here on the windup.
I assumed he was just blindly loyal & following whatever their owners preached as gospel but I'm struggling to believe anyone on the planet is as naïve as this.
This meme was literally invented for him:
Irish Sky Blue
Well-Known Member
Would Wasps sell 5k tickets? I’d have thought less than that?
Grendel
Well-Known Member
nowhere near
Irish Sky Blue
Well-Known Member
Snap!
Senior Vick from Alicante
Well-Known Member
The bond holders are looking to get the trustees to call the loan according to the latest. They believe they have the legal president to force Wasps into liquidation and for a sale of the stadium to recoup the non repayment of bonds. They believe that the trustee has first charge over the stadium as the default means that they are technically insolvent. Interesting times, they think something will happen by Monday at the latest.
Earlsdon_Skyblue1
Well-Known Member
I'm currently at my house in Pollenca.
Didn't realise we had a CCFC community up here!
Colin Steins Smile
Well-Known Member
Thanks MarcSB, I wonder if they are spinning a line so they can start the season. However, if they go into administration prior to the start of the season.... there is a possibility that the players could find themselves "new employers".
Colin Steins Smile
Well-Known Member
Given Wasps holdings end of year was 30 June. It'll be interesting to see the accounts for 2022. They'll make grim reading and any bond holder will surely know the business is not sustainable.
D
Deleted member 2477
Guest
'What an absolute binfire': Ex-employee's brutal Wasps verdict
A former long-serving Wasps employee has labelled the Gallagher Premiership club “an absolute binfire” in a bruising tweet posted on Twitter.
www.rugbypass.com
jimmyhillsfanclub
Well-Known Member
bin fire......sweet.
ccfcchris
Well-Known Member
Another reply from the former Wasps stadium announcer read: “I wouldn’t be trusting them with a full season’s worth of ticket money right now… It’s such a shame. It’s not the club it used to be. You can still support the players, though. Pick your games. Go to away matches.”
People will think like this. Brilliant.
People will think like this. Brilliant.
NOPM
Grendel
Well-Known Member
It’s going to be more protracted than that I’m afraid
HuckerbyDublinWhelan
Well-Known Member
But are they going to collapse? Like can we enjoy the slow gradual realisation from wasps fans that the team is going under?
enjoy the likes of Jan and the trust sliming back?
If you had to take a guess how do you think it will play out?
Philosorapter
Well-Known Member
It's like mud wrestling. No one cares for the result, as long as it goes the distance.
Grendel
Well-Known Member
It’s impossible to say but no one knows really why the set up is what it is and what Richardson thinks as he never speaks
Logically he’d have looked to flog the lease and keep the rugby club there. Has he tried and no one wants it?
No one understands the bond thing really in terms of default but it seems all bond holders have to act independently to register any decision on a cvs
Is Richardson’s debts also in the cva? Are some big bond holders invested into Richardson?
If it’s raised on the face of it it’s a problem but then why would he do it?
From a finance manipulation angle I’ve always thought they are one step ahead of Sisu in truth. However his reputation is being ruined with all this nonsense
Also if they collapse no one knows then what happens - both organisations are small really and can’t run and don’t need a complex of this size.
It’s a complete catastrophe - we will never own it and I’d be amazed if they cling on for another 3 years but who knows from that really
Ideally the council and the WMA should look to try and work with the clubs and find a buyer for the stadium with a long lease for both clubs - never happening though is it
ccfcchris
Well-Known Member
It makes you wonder if it could have been all so different if he'd got on the phone to Joy asking if there was milage in both clubs working together instead of sealing deals with the council on the quiet.
Too much water under the bridge now and an absolute non-starter.
Too much water under the bridge now and an absolute non-starter.
shmmeee
Well-Known Member
Or if Joy had played her hand better, or in fact at all. Then Wasps would never have had the chance.
SHUNT31
Well-Known Member
They haven’t filed their 30 June 2021 accounts yet have they? I’m sure they’re overdue
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