Simon Gilbert, has there been an FL response? (2 Viewers)

[Grendel]

590k is the correct amount to pay. But SISU would prefer to waste 1m so they don't have to pay ACL anything if they can find a loophole. They even tried to make out that 500k had been paid from elsewhere when we all know it was 300k.

Or did the FL say that they must pay 590k but if anything was paid by anybody with nothing to do with SISU and nothing to do with the 590k settlement that they could do a reduced payment?

Too many astute facts for a Friday there.

 

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[Godiva]

590k is the correct amount to pay. But SISU would prefer to waste 1m so they don't have to pay ACL anything if they can find a loophole. They even tried to make out that 500k had been paid from elsewhere when we all know it was 300k.

Or did the FL say that they must pay 590k but if anything was paid by anybody with nothing to do with SISU and nothing to do with the 590k settlement that they could do a reduced payment?

We don't know the exact wording FL used, so we don't know exactly what the money is covering.
The club know, and they say McGinnity/Robinson were called to pay £500k of what the money in the escrow was covering.

Surely ACL should not be paid twice?
And surely if ACL issues a discount of £200k that is their decision and so the amount Otium owe to ACL is reduced to just £90k?

 

[wes_cov]

are we seriously going to go over this same argument again. whether the 300K should come off that bill cannot be answered without significantly more information than we have so arguing the toss is just gonna lead us all round in circles without actually getting to the bottom of anything.

Unless anyone has a copy of the original guarantee in their back pocket?

 

[Rusty Trombone]

Posted this last week, but covers some of the points in this thread.


http://www.coventrytelegraph.net/spo...ection-5720009

Extract
The letter from the League’s chief operating officer Andy Williamson, dated August 5, states: “...In order to keep the club alive, the Football League board agreed to offer the Otium Entertainment Group the club’s share in the Football League, providing it accepted various entry conditions, including a commitment that it meet the financial offer made to creditors under the proposed CVA.”

and more here....

http://bobainsworthmp.wordpress.com/2013/10/

Extract
Now they have done it again. In a letter to me on the 5 August 2013, the Football League’s Chief Operating Officer, Andy Williamson explained the entry conditions imposed by the Football League and accepted by Otium Entertainment Group Limited (OEG) as part of the process to transfer the ‘golden share’ to OEG. He said:“The Football League Board agreed to offer Otium Entertainment Group the club’s share in the Football League providing it accepted various entry conditions including a commitment that it meet the financial offer made to creditors under the proposed CVA.”
However, when Arena Coventry Limited’s (ACL) representative wrote seeking clarification as to the condition the Football League had imposed on OEG, and when ACL might receive payment, the Football League wrote back to say:
“We are not in a position to disclose the terms of the agreement between The Football League Limited and Otium Entertainment Group Limited and any queries about payment to creditors should be addressed to David Ruben & Partners as Administrators of Coventry City Football Club Limited. They are in possession of the funds arising out of the sale of assets to Otium Entertainment Group Limited.”

 

[lordsummerisle]

Seems the diversion tactic from the back to the Ricoh saga has worked I see.

Not Sisu who have instigated that particular diversion tactic is it?

 

[Grendel]

Not Sisu who have instigated that particular diversion tactic is it?

Unless Michael is a sisu plant.

 

[jimmyhillsfanclub]

are we seriously going to go over this same argument again. whether the 300K should come off that bill cannot be answered without significantly more information than we have so arguing the toss is just gonna lead us all round in circles without actually getting to the bottom of anything.

Unless anyone has a copy of the original guarantee in their back pocket?

Unfortunately, I don't think even the guarantors had this......I believe their back pockets were already full...

 

[Kingokings204]

Not Sisu who have instigated that particular diversion tactic is it?

No but sure something else would of come up. Just pay the damn money then we can all move on and then the result of the jr and then we can all move on again. Please help. ( not another RFC account)

Any update in this money simon? Seems Rob S knows what is the case.

 

[Rob S]

are we seriously going to go over this same argument again. whether the 300K should come off that bill cannot be answered without significantly more information than we have so arguing the toss is just gonna lead us all round in circles without actually getting to the bottom of anything.

Unless anyone has a copy of the original guarantee in their back pocket?

*DING* *DING* *DING* *DING* *DING* *DING* *DING* *DING* *DING*

Ladies & Gentlemen, we have a winner.

Also backed up by Rusty Trombone's post (#179)

We don't know what the terms are so anyone saying things like 'they are late', 'they are trying to get out of paying', 'they should have paid £X', 'we could get points deducted' etc. are just clutching at straws or just trying to spin a particular line. I'm trying to recall the source of this latest round of panic/rumour/discussion ;-)

Again, AFAIK, the liquidator finalises his figures & that is what gets paid to ACL. We wait...

 

[Kingokings204]

*DING* *DING* *DING* *DING* *DING* *DING* *DING* *DING* *DING*

Ladies & Gentlemen, we have a winner.

Also backed up by Rusty Trombone's post (#179)

We don't know what the terms are so anyone saying things like 'they are late', 'they are trying to get out of paying', 'they should have paid £X', 'we could get points deducted' etc. are just clutching at straws or just trying to spin a particular line. I'm trying to recall the source of this latest round of panic/rumour/discussion ;-)

Again, AFAIK, the liquidator finalises his figures & that is what gets paid to ACL. We wait...

Conveniently after the JR result I suspect. We need the ACL payment done and jr result ASAP so then it's move in and get ccfc back before August 9th.

 

[Grendel]

*DING* *DING* *DING* *DING* *DING* *DING* *DING* *DING* *DING*

Ladies & Gentlemen, we have a winner.

Also backed up by Rusty Trombone's post (#179)

We don't know what the terms are so anyone saying things like 'they are late', 'they are trying to get out of paying', 'they should have paid £X', 'we could get points deducted' etc. are just clutching at straws or just trying to spin a particular line. I'm trying to recall the source of this latest round of panic/rumour/discussion ;-)

Again, AFAIK, the liquidator finalises his figures & that is what gets paid to ACL. We wait...

The threads regurgitated by the same two or three every time desperate for dome bad news regarding the club.

It's clearly a non story and will be resolved in due course.

 

[Rusty Trombone]

*DING* *DING* *DING* *DING* *DING* *DING* *DING* *DING* *DING*

Ladies & Gentlemen, we have a winner.

Also backed up by Rusty Trombone's post (#179)

We don't know what the terms are so anyone saying things like 'they are late', 'they are trying to get out of paying', 'they should have paid £X', 'we could get points deducted' etc. are just clutching at straws or just trying to spin a particular line. I'm trying to recall the source of this latest round of panic/rumour/discussion ;-)

Again, AFAIK, the liquidator finalises his figures & that is what gets paid to ACL. We wait...

My reading of this is that the payment is not waiting on the liquidation process at all, merely that the FL used the same amount that was proposed in the CVA.

 

[Kingokings204]

The threads regurgitated by the same two or three every time desperate for dome bad news regarding the club.

It's clearly a non story and will be resolved in due course.

Says the man who gate crashes every thread with moronic comments.

Guess that's why we have irony.

 

[Grendel]

Says the man who gate crashes every thread with moronic comments.

Guess that's why we have irony.

Says the man who seems overly concerned about everyone's favourite management company getting £590,000 they may not even be entitled to.

 

[ccfcway]

The threads regurgitated by the same two or three every time desperate for dome bad news regarding the club..

I want it paid so we dont get more punishments. How is that desperate for bad news ?

 

[Kingokings204]

Says the man who seems overly concerned about everyone's favourite management company getting £590,000 they may not even be entitled to.

Look at ccfcway comment Grendel. Also I just don't want it dragging on. It another cloud over our heads and shouldn't be.

 

[Rob S]

My reading of this is that the payment is not waiting on the liquidation process at all, merely that the FL used the same amount that was proposed in the CVA.

I took this as the main point:
“We are not in a position to disclose the terms of the agreement between The Football League Limited and Otium Entertainment Group Limited and any queries about payment to creditors should be addressed to David Ruben & Partners as Administrators of Coventry City Football Club Limited. They are in possession of the funds arising out of the sale of assets to Otium Entertainment Group Limited.”

I have to say, IMHO, if Les Reid was still working this beat we'd know a lot more. In lieu of that, we have to see what happens.

 

[RegTheDonk]

A have already recovered some of the money. It must be clarified what is the correct amount to pay.

Which is fine. But, like I said, the FL set a deadline. That has now been missed. If they decide to take action (unlikely but possible), will SISU pay ACL the £590K then hope Appleton gets his forensic finger out of his arse to work out the balance and get a refund .... or will they hang fire and let CCFC take whatever penalties the FL see fit to dish out?

Fans or Finances First?

 

[ccfcway]

I have to say, IMHO, if Les Reid was still working this beat we'd know a lot more. In lieu of that, we have to see what happens.

who would win in a fight between Les Reid and Simon Gilbert

Theres only one way to find out

:slap::slap::slap:

 

[NorthernWisdom]

Which is fine. But, like I said, the FL set a deadline. That has now been missed. If they decide to take action (unlikely but possible), will SISU pay ACL the £590K then hope Appleton gets his forensic finger out of his arse to work out the balance and get a refund .... or will they hang fire and let CCFC take whatever penalties the FL see fit to dish out?

Fans or Finances First?

As the FL have said bog all however, it could conceivably be they're perfectly happy with the arrangement as set out.

 

[NorthernWisdom]

who would win in a fight between Les Reid and Simon Gilbert

Theres only one way to find out

:slap::slap::slap:

No custard for this one though, please!

 

[ccfcway]

Fans or Finances First?

I like that, might speak to KCIC about FOFF