sisu playing a blinder (1 Viewer)

[bigfatronssba]

As I understand it other than liquidation, or with ACL's permission, there's no way to break the lease if CCFC Ltd survives. Even under new owners.

There might be scope to amend how much ACL are paid for a while, perhaps, but even then that would have to be voted on and because of the complexities of administration ACL would still get a chance to knock it back.

Even if everything went SISU's way, and they could push a vote through to exit via a CVA, ACL could challenge it in court if the deal could be considered unfair to them.

That's as I understand it - I've posted a legal case study earlier that I've drawn on for some of this, but I sense you don't fancy reading it. Can't say I blame you.

At what point then will Ccfc Ltd have "broke" the lease? Presumably acl can't take any action until that point?

 

---

[Godiva]

Hi Godiva, I've done a bit digging on this. The lease can be broken by liquidation, but not by Administration.

The Administrator is selling CCFC Ltd as a going concern, which is his primary duty where possible, so this isn't a voluntary liquidation as TF suggests it might be in that clip. It's not even a voluntary arrangement (CVA) yet as far as I can tell, because I don't think anyone has voted on it yet.

Forgive me if I've sent you this before, but the link below is the best case study I could find relating to the position that SISU and ACL find themselves in. It's not the most exciting read, but it does give an insight into the options available to ACL.

http://www.google.co.uk/url?sa=t&rc...=oly2_N4hDdslttBg2m6ICw&bvm=bv.47883778,d.d2k

Thanks for the link. I have skimmed the text and without digging in deep or having prior knowledge I think there may be major differences between the case study and the ccfc ltd case.

For instance - ARVO holds more than 3/4 of the total debts, so they alone may decide if the administrators proposal is acceptable.

 

[Jack Griffin]

So what sisu do next with Ltd will be interesting.

I said earlier today, they'll liquidate it. Maybe next week or maybe they have to wait till after the judicial review they launched.

 

[bigfatronssba]

I said earlier today, they'll liquidate it. Maybe next week or maybe they have to wait till after the judicial review they launched.

But I don't really see how the FL can authorise that.

 

[duffer]

Thanks for the link. I have skimmed the text and without digging in deep or having prior knowledge I think there may be major differences between the case study and the ccfc ltd case.

For instance - ARVO holds more than 3/4 of the total debts, so they alone may decide if the administrators proposal is acceptable.

Doesn't ARVO just hold £10m on the floating charge?

Either way I think ARVO are a connected creditor rather than an unconnected creditor. 50% of unconnected creditors need to accept for a CVA to go through.

Even then, there's the thing about Unfairly Prejudiced. This is to do with how much ACL might expect to receive from CCFC Ltd for the whole of the lease. Obviously if SISU's plan is to move away from the Ricoh, then there's a clear scope for challenge.

Bite the bullet and read it through if you're really interested in how it works.

There's a ton more stuff out there, but this one looks like the most relevant to me, and I haven't seen anything that contradicts it.

 

[rupert_bear]

For us thickos duffer does that mean it is good for sisu or those of us who want rid

 

[duffer]

I said earlier today, they'll liquidate it. Maybe next week or maybe they have to wait till after the judicial review they launched.

If they plan to liquidate CCFC Ltd then SISU will have to go through this whole circus again and we'd lose the right to play in the FL I think.

You can't just liquidate a company like that, and liquidators are obliged to investigate directors' conduct. Not sure TF and others would fancy that!

 

[BurbageSkyBlues]

Interesting stuff, duffer!

 

[Godiva]

Doesn't ARVO just hold £10m on the floating charge?

Either way I think ARVO are a connected creditor rather than an unconnected creditor. 50% of unconnected creditors need to accept for a CVA to go through.

Even then, there's the thing about Unfairly Prejudiced. This is to do with how much ACL might expect to receive from CCFC Ltd for the whole of the lease. Obviously if SISU's plan is to move away from the Ricoh, then there's a clear scope for challenge.

Bite the bullet and read it through if you're really interested in how it works.

There's a ton more stuff out there, but this one looks like the most relevant to me, and I haven't seen anything that contradicts it.

I will study it with interest. Thanks for the link!

 

[duffer]

For us thickos duffer does that mean it is good for sisu or those of us that want rid

I doubt you're any thicker than me mate - I've just got more time on my hands

If I've read it right, it basically means that it's not a done deal whatever the Administrator and SISU say.

Possibly good news for those of us that can't bear the thought of SISU staying in charge. But only possibly!

 

[wingy]

If they plan to liquidate CCFC Ltd then SISU will have to go through this whole circus again and we'd lose the right to play in the FL I think.

You can't just liquidate a company like that, and liquidators are obliged to investigate directors' conduct. Not sure TF and others would fancy that!

These Scum will find a way Duffer :jerkit::jerkit:

 

[dongonzalos]

So how does the plan play out. At the moment it is to send us into 100 million plus debt?

Blind or blinder?

 

[rupert_bear]

Duffer. Am i right in my assumption that sisu Holdings ltd united have large continuing financial commitments and little income, if so what do you reckon is their answer

 

[Grendel]

But you are wrong regards contracts being null and void, just a hopefull guess. Like i said, you are a cretin and the best part of you ran down your old lady's leg. I suggest you get the DNA off her slipper and try and identify your dad

Pathetic. You can't argue so you show your true e demographic persona with a pitiful insult.

No doubt I have spent more in the last year on taxation than you have earned in your life.

Just to clarify Rupert, when are the Chinese taking over?

 

[rupert_bear]

I have hardly ever paid tax, fuckin mugs game that. But all i posess is mine, paid for with tax free money, mostly tax free.

 

[Samo]

Pathetic. You can't argue so you show your true e demographic persona with a pitiful insult.

No doubt I have spent more in the last year on taxation than you have earned in your life.

Just to clarify Rupert, when are the Chinese taking over?

Yeh why don't you ask him how many games he goes to to Grendel, or if he is a ST holder? Anything other than a real arguement. And now a new low; 'I am considerably richer than you' You sad, sad bastard.

 

[Grendel]

Yeh why don't you ask him how many games he goes to to Grendel, or if he is a ST holder? Anything other than a real arguement. And now a new low; 'I am considerably richer than you' You sad, sad bastard.

Actually considerably richer and clearly better educated would be a fairer assesment wouldn't you think?

 

[Brighton Sky Blue]

Even now Grendo makes me chuckle. One of his gems from last season being:

'Thorn just worships at the temple of Seppalla waiting for his SISU paycheck'

Now he faces almost identical accusations. It's genuinely hilarious.

 

[Brighton Sky Blue]

I have hardly ever paid tax, feckin mugs game that. But all i posess is mine, paid for with tax free money, mostly tax free.

You aren't Prince Charles are you?

 

[Grendel]

Even now Grendo makes me chuckle. One of his gems from last season being:

'Thorn just worships at the temple of Seppalla waiting for his SISU paycheck'

Now he faces almost identical accusations. It's genuinely hilarious.

Sadly I'm still waiting for my paycheck.

 

[Grendel]

You aren't Prince Charles are you?

I think you need to frequent the wold of BBC's rogue traders to understand the world he is more likely to frequent -- he does know the Chinese are buying us though -- in November 2012.

 

[Brighton Sky Blue]

Sadly I'm still waiting for my paycheck.

Your posts directly and indirectly for the stupidity of the insults they draw have me laughing my head off at times. MMM's pint is yours.

 

[SkyBlueUkeman]

Why would they plan to Liquidate and lose money in the process? There is no debt now. There are possible buyers. All then need to do now is sell.

 

[Brighton Sky Blue]

I think you need to frequent the wold of BBC's rogue traders to understand the world he is more likely to frequent -- he does know the Chinese are buying us though -- in November 2012.

I think even the Chinese pay tax.

 

[SkyBlueUkeman]

Actually considerably richer and clearly better educated would be a fairer assesment wouldn't you think?

You really are a grade A c**t aren't you?

 

[Grendel]

You really are a grade A c**t aren't you?

If I am at least I made it to Grade A - given the level of contribution you make to this forum they probably had to develop a 27th letter of the alphabet to get your status correct.

 

[SkyBlueUkeman]

If I am at least I made it to Grade A - given the level of contribution you make to this forum they probably had to develop a 27th letter of the alphabet to get your status correct.

So, I'm as far away from a c**t there possibly could be, and then some?

Yeah. You're bang on. Thanks.

 

[wingy]

I'm not saying that is what'd happen though, I'm saying I don't know and I'd like someone to explain it to be in lease contracts when in administration for dummies language!

you don't need no lessons tosser.

 

[torchomatic]

So why get all high and mighty over SISUs lack of morals if you don't have any yourself?

I have hardly ever paid tax, fuckin mugs game that. But all i posess is mine, paid for with tax free money, mostly tax free.

 

[NorthernWisdom]

you don't need no lessons tosser.

Is there anybody on this board who *doesn't* resort to mindless abuse for no reason?

 

[torchomatic]

Fuck off, I don't.

Is there anybody on this board who *doesn't* resort to mindless abuse for no reason?

 

[Samo]

Actually considerably richer and clearly better educated would be a fairer assesment wouldn't you think?

And yet, unhappy, bitter and resentful. Are you single Grendel?

 

[letsallsingtogether]

Won't put pressure on anyone to help them Bastards they have ruined my football club they can do it themselves if they are so good.
shame they burnt their own bridges they can build them back up when they build a new stadium.
FUCK SISU
Fuck Tim
Fuck Optimum
Fuck Joy
Fuck Ground share
Fuck the new Ground
Fuck psgm1
That will be me finished with football after 40 years of supporting Cov if they move out of the City

:blue:

Then put pressure on the Trust to put pressure on the council. It's the only way to avoid the club moving out of Ricoh.