To put it bluntly...5 years of tenure = (5x12=60) £12m per year loss.......No way "What is it someone says?..."Pedro"
SISU have claimed losses of £5m per year, but never £12m per year. The meeting at Standard Triumph Club proved (Fisher and Waggot were quoted as saying this) that £35m was written off to equity.
Sepalla...When will you realise you're not wanted in Coventry!:blue:
We paid ex creditors first and the club when they inherited it was losing half a million every month -- still some of those people some want back.
To put it bluntly...5 years of tenure = (5x12=60) £12m per year loss.......No way "What is it someone says?..."Pedro"
SISU have claimed losses of £5m per year, but never £12m per year. The meeting at Standard Triumph Club proved (Fisher and Waggot were quoted as saying this) that £35m was written off to equity.
Sepalla...When will you realise you're not wanted in Coventry!:blue:
Hold tight for abuse
I'm not sure we're allowed any kind of opinion that could be seen as critical of SISU on here.
@Godiva....Please read more carefully, in particular the highlighted section of my post..."QUOTED" being the operative word
In your original post you highlighted the word Prooved and put in brackets that it was said.
They may have said it, but that is not proof of anything other that they said it. They didn't show paperwork, the files at company house doesn't show it. We have no proof.
Written off to equity to me means converted to shares of some description. There is no evidence this has happened although the facility to do so has been filed
The Administrator said to the court there is £60m in debts outstanding not £60m of debt and equity.
What has been said points to no new share issue and that £35m written off to equity as being not what has happened
Written off to equity to me means converted to shares of some description. There is no evidence this has happened although the facility to do so has been filed
The Administrator said to the court there is £60m in debts outstanding not £60m of debt and equity.
What has been said points to no new share issue and that £35m written off to equity as being not what has happened
Written off to equity to me means converted to shares of some description. There is no evidence this has happened although the facility to do so has been filed
The Administrator said to the court there is £60m in debts outstanding not £60m of debt and equity.
What has been said points to no new share issue and that £35m written off to equity as being not what has happened
Yes more lies revealed you mean !!
Do you think SISU will shag their own companies the same way as all the others?Long and short of it. We don't owe that out. Upside of the Ricoh one of SISU's companies owes it to another one of SISU's companies.
The second part £25m apparently is the additional cash flow required and given to CCFC Ltd via CCFCH , and ultimately SISU. It will not agree exactly to the losses in the five years because things like depreciation of assets, amortisation of players contracts are not things involving any movement in cash.
It may not have been a lie, but a part of a plan they have not yet executed.
To me that plan could be:
Reduce the rent cost, obtain Higgs shares at ACL, convert debts to equity, release shares to fans, restart from scratch.
As long as they haven't been able to agree rent terms with ACL that plan would be on hold.
So, there may be a plausible explanation to why it was said.
I understand what you're saying Godiva, but one tiny little thing doesn't support what you are saying mate. Please read the following very carefully.....
Chief executive Tim Fisher and development director Steve Waggott faced a grilling during the supporters' meeting at the Standard Triumph Club in Tile Hill.
The club chiefs revealed:
* Former director Onye Igwe has left the board and Sisu altogether.
* Controversial owners Sisu have committed to the club for the next three years.
* Sisu have now pumped £42 million in to the club – £35 million of which they have written off as equity.
Read More http://www.coventrytelegraph.net/ne...iery-fans-forum-92746-31833261/#ixzz2Opi2sTW9
The highlighted section stipulates "£35m of which they have written off"...Past tense!.......Already been done......NOT..Might do in the future:facepalm:
Please read the many posts by OSB more carefully.
You are way off the mark.
Sisu have invested something like £30m - £35m in cash injection to cover losses. That's approximately equal to the combined loss over the past 5½ years. It was never £12m, but about £6m p/y under Ranson and less after him.
The £60m debt in one of the companies is a bit of a mystery, but as the accounts have all been sifned off by external auditors, there is an explanation - just not know to us.
We have no hard evidence that the £35m debt has been converted to equity. This doesn't mean it hasn't happened, just that we have no evidence. Until we see evidence (signed off accounts or statement from the administrator) you cannot say it has been proved either way.
So there's no poof - only assumptions.
Well this is my take on it. It is called dumping and very common in the U.S. A dormant company is formed as a subsidery,and sisu may have a number, debt from other companies that have come under the sisu banner is transferred to this "dormant" company which is then put into administration or even liquidated. The loss is wiped and the ailing company sold off with sisu winning at both ends. With our situation as the money is owed to itself sisu have brought in the administrator of their choice, announced this £60million debt, a sudden surge from 45million. The admin bloke will put the club up for sale offering the debt at say 50p in the pound so any taker would have to pay 30million, clever 'en it. Excepts it leaves our football club in limbo, it leaves us fans in limbo. I also think ACL, their advisors or those against sisu got wind of this and reacted in the way they did which forced sisu into going down the administration route, had it been left it could quite possibly been liquidation and the end of Coventry City Football Club and believe me Joy Seppalla wouldn't care a shite about that. I fear this is a long slog.
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