But the CVA now effectively locks out any creditors from any actions they're considering?
But the CVA now effectively locks out any creditors from any actions they're considering?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.
YesDoesn't it have to be agreed? If I remember, ACL rejected the CCFC one?
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.But the CVA now effectively locks out any creditors from any actions they're considering?
Just got this from bondholders forumBut the CVA now effectively locks out any creditors from any actions they're considering?
This comment only makes marginally less sense to me than all the other ones on the topic!Y6yyyyyyyy6yyyyyyyiy.6
M y,6yyyuy
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.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.
"Shugs" has already commented on that post on Drunken Wasps - he says its nothing to worry about and the bond will be sorted!This comment only makes marginally less sense to me than all the other ones on the topic!
"Shugs" has already commented on that post on Drunken Wasps - he says its nothing to worry about and the bond will be sorted!
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:
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.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
A lot of them have seemed very unconcerned, some recent posters are more worried.It is so fitting!
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!!!
The interest rate reflects the added "risk". However, I would doubt that they would ever receive that interest paymentTheir 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.
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.The interest rate reflects the added "risk". However, I would doubt that they would ever receive that interest payment
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:
Would Wasps sell 5k tickets? I’d have thought less than that?Might be something in this, I asked someone who states they have connections….his reply
Heard arena is, think rugby club is separate but not sure. Mate who knows says basically COVID has destroyed business plan and stadium repairs too much
then this
Mate says heard nothing but the owner has stopped two player signings in last two weeks and apparently season ticket sales are at 5,000 tops and other income streams from stadium complex like hotel, casino and conferences have dried up and they made huge part of business plan so little to no income due to Covid
shit for their fans tbh, they aren’t to blame
Would Wasps sell 5k tickets? I’d have thought less than that?
Snap!I would be very surprised if they had 5000 season ticket holders if I’m honest
Sent from my iPhone using Tapatalk
No drove down from my appartment in Alcudia.
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".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.
NOPMAnother 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.
Guess it’s just time to sit back and enjoy the collapse?
But are they going to collapse? Like can we enjoy the slow gradual realisation from wasps fans that the team is going under?It’s going to be more protracted than that I’m afraid
If you had to take a guess how do you think it will play out?It’s going to be more protracted than that I’m afraid
It’s going to be more protracted than that I’m afraid
If you had to take a guess how do you think it will play out?
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.
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.
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