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Takeover complete? (1 Viewer)

  • Thread starter CJ_covblaze
  • Start date Jun 27, 2013
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torchomatic

Well-Known Member
  • Jun 27, 2013
  • #36
Is anyone bending over being fucked? And if so, are they happy being bent over and fucked? TO be honest, if that was happening burying your head in the sand would probably be a good idea.

Joy Division said:
Everything is starting to seem back to normal, shit owners as usual and a bunch of fans happy to bend over and be fucked by them. Bury your head in the sand guys.
Click to expand...
 
C

Cranfield Sky Blue

Well-Known Member
  • Jun 27, 2013
  • #37
wingy said:
So now they can tell us where we Play ,Yes??
Click to expand...

No! Cos we are still in administration!
 

Joy Division

Well-Known Member
  • Jun 27, 2013
  • #38
torchomatic said:
Is anyone bending over being fucked? And if so, are they happy being bent over and fucked? TO be honest, if that was happening burying your head in the sand would probably be a good idea.
Click to expand...


  • Yes
  • It seems so
  • and yes
 

mattylad

Member
  • Jun 27, 2013
  • #39
Administrator has rushed the sale through cutting every corner possible as to try and make it impossible for the league or ACL not to accept the sale. It just shows what a weak case SISU have and I will be amazed if this does not end up in a protracted court case. Clearly SISU and PA are shitting themselves about what the league has said and who they are meeting. Let's hope the league will take a dim view of PA trying to circumnavigate its rules and tell them to do one.
 

mattylad

Member
  • Jun 27, 2013
  • #40
Joy Division said:
Everything is starting to seem back to normal, shit owners as usual and a bunch of fans happy to bend over and be fecked by them. Bury your head in the sand guys.
Click to expand...
Yep that about sums it up.
 

covmark

Well-Known Member
  • Jun 27, 2013
  • #41
Joy Division said:
Everything is starting to seem back to normal, shit owners as usual and a bunch of fans happy to bend over and be fecked by them. Bury your head in the sand guys.
Click to expand...
Tough shit. No one wants sisu here but some of us aren't gonna cry like a bunch of drunk women
Get on with it for fucks sake, if not go and support Coventry United
 

Sick Boy

Super Moderator
  • Jun 27, 2013
  • #42
mattylad said:
Administrator has rushed the sale through cutting every corner possible as to try and make it impossible for the league or ACL not to accept the sale. It just shows what a weak case SISU have and I will be amazed if this does not end up in a protracted court case. Clearly SISU and PA are shitting themselves about what the league has said and who they are meeting. Let's hope the league will take a dim view of PA trying to circumnavigate its rules and tell them to do one.
Click to expand...

Absolutely laughable and pretty libelous.

It should hardly be a surprise that the takeover went through, and I am sure that the FL won't have any problems with it. I know some will find it hard to believe that the obsessive email sending didn't achieve anything.
 

Grendel

Well-Known Member
  • Jun 27, 2013
  • #43
Joy Division said:
Everything is starting to seem back to normal, shit owners as usual and a bunch of fans happy to bend over and be fecked by them. Bury your head in the sand guys.
Click to expand...

I don't see any fans getting out the party poppers and balloons. What are you on about?
 

chiefdave

Well-Known Member
  • Jun 27, 2013
  • #44
More details on the bbc site:

But, although the sale is finalised, the club will remain in administration until a Creditors Voluntary Agreement is issued and agreed with all parties.
Click to expand...

think we need someone who knows more about business as it doesn't make sense to me that they've completed the purchase but we're not out of admin, I don't see how both those things are true. to me either PA is in charge and we're still in admin or Otium have completed the purchase and we're not in admin. what happens if the CVA isn't issued and agreed if the sale is already completed, doesn't make sense to me, hopefully someone who knows more about these things will be able to explain.
 
R

RoboCCFC90

Well-Known Member
  • Jun 27, 2013
  • #45
Joy Division said:
Everything is starting to seem back to normal, shit owners as usual and a bunch of fans happy to bend over and be fucked by them. Bury your head in the sand guys.
Click to expand...

Because giving support to the team you support is wrong? :facepalm::facepalm:
 

chiefdave

Well-Known Member
  • Jun 27, 2013
  • #46
Snippet from Les Reid on twitter:

Administrator's report proposes liquidation if CVA can't be agreed for #CCFC Ltd. Not known yet if proposals would scrap ACL lease
Click to expand...

This doesn't seem right to me (not meaning Les is wrong, meaning it sounds dodgy practice), other offers on the table but if the one from SISU isn't accepted I'll liquidate, how can that be right. Trying to force the league to ignore reasons F&P would be failed with the threat of liquidation?
 

Joy Division

Well-Known Member
  • Jun 27, 2013
  • #47
RoboCCFC90 said:
Because giving support to the team you support is wrong? :facepalm::facepalm:
Click to expand...

I don't support SISU....sorry Otium
 
P

procdoc

Well-Known Member
  • Jun 27, 2013
  • #48
Sick Boy said:
Absolutely laughable and pretty libelous.

It should hardly be a surprise that the takeover went through, and I am sure that the FL won't have any problems with it. I know some will find it hard to believe that the obsessive email sending didn't achieve anything.
Click to expand...

I bet you're fucking delighted
 

mattylad

Member
  • Jun 27, 2013
  • #49
Sick Boy said:
Absolutely laughable and pretty libelous.

It should hardly be a surprise that the takeover went through, and I am sure that the FL won't have any problems with it. I know some will find it hard to believe that the obsessive email sending didn't achieve anything.
Click to expand...
Knowing nothing about me or my career experience you can't make that conclusion. I am very happy and can assure you that I stand full square behind my comments.
 

Nonleagueherewecome

Well-Known Member
  • Jun 27, 2013
  • #50
chiefdave said:
Snippet from Les Reid on twitter:



This doesn't seem right to me (not meaning Les is wrong, meaning it sounds dodgy practice), other offers on the table but if the one from SISU isn't accepted I'll liquidate, how can that be right. Trying to force the league to ignore reasons F&P would be failed with the threat of liquidation?
Click to expand...

Definitive proof that Appleton was SISU's bitch all along.
 
R

RoboCCFC90

Well-Known Member
  • Jun 27, 2013
  • #51
Joy Division said:
I don't support SISU....sorry Otium
Click to expand...

Neither do I support Coventry City unfortunately SISU are the group that own the club, doesn't mean I am going to hide away and stop supporting the club..
 

chiefdave

Well-Known Member
  • Jun 27, 2013
  • #52
from ccfc.co.uk

I can confirm that the asset sale by Coventry City FC Limited to Otium Entertainment Group Limited has been completed.

Otium has purchased the right and title to certain assets possessed in Limited including the shares in the Football League and the Football Association. I stress that I have only been able to sell such right and title to these as Limited possesses because CCFC Holdings Ltd asserts beneficial ownership over them.
Click to expand...

I might be reading that wrong but that sounds like Otium haven't purchased Ltd (which would explain why it's still in admin), it has just purchased some of the assets of Ltd (not sure you can buy the FL share, didn't think that was allowed). This seems a right stich up. SISU have picked out the bits they want and I'm sure we'll find the lease for the Ricoh is still in Ltd which will now be liquidated. The FL have a role to play here, surely they can't sanction parts of clubs being passed around like this, especially as they aren't supposed to be seperated in the first place. Remember when everyone was saying SISU had messed which company they'd put into admin and having some assets left in it, doesn't seem that way now does it?
 
P

procdoc

Well-Known Member
  • Jun 27, 2013
  • #53
No one is saying don't support the club. It seems as if the few members who have openly supported the owners are acting rather smug now, God knows why as this now means we will end up leaving the city
 

Sub

Well-Known Member
  • Jun 27, 2013
  • #54
Joint Administrator for Coventry City Ltd confirms sale to Otium Entertainment Group...
The Joint Administrator for Coventry City FC Limited, Paul Appleton, has issued the following statement on the sale to Otium Entertainment Group Limited.

"I can confirm that the asset sale by Coventry City FC Limited to Otium Entertainment Group Limited has been completed.

Otium has purchased the right and title to certain assets possessed in Limited including the shares in the Football League and the Football Association. I stress that I have only been able to sell such right and title to these as Limited possesses because CCFC Holdings Ltd asserts beneficial ownership over them.

This has been no ordinary football administration and I have tried to undertake a sale process which allows the Club to compete in all of next season's competitions.

Obviously, one of the key points now is to determine where the Club plays its football next season, but that is a matter for the purchasers and the Football League.

In this regard, the offer made by ACL to allow the Club to play at the Ricoh was dependent on Limited remaining in administration and was based on the mistaken belief that Limited had the ability to field a team.

However, as I've stated on many occasions, it is Holdings which employs the players and, consequently, Limited was never in a position to take up the offer.

The Football League have been kept closely informed of developments and I am continuing to work closely with them so that the process of transferring the share can begin.


This will involve sending out proposals for a voluntary arrangement to creditors which will be considered at a meeting of creditors to be convened within the next three weeks.

Over the last six to seven weeks, I have attempted to carry out the sale process in an open and transparent manner. I am grateful to have received acknowledgements both publicly and privately from a number of bidders to that fact."




Read more at http://www.ccfc.co.uk/news/article/statement-from-adminstrator-883276.aspx#Jfx8U8mGjtDJkqRI.99


he has missed the bit out where he says he has well and truly fucked the future of the football club !!
 

fernandopartridge

Well-Known Member
  • Jun 27, 2013
  • #55
mattylad said:
Administrator has rushed the sale through cutting every corner possible as to try and make it impossible for the league or ACL not to accept the sale. It just shows what a weak case SISU have and I will be amazed if this does not end up in a protracted court case. Clearly SISU and PA are shitting themselves about what the league has said and who they are meeting. Let's hope the league will take a dim view of PA trying to circumnavigate its rules and tell them to do one.
Click to expand...

Why does it make the case weak?

The facts are that they're the main creditor to a club in administration. They effectively call the shots regardless of who the administrator is.
 
A

ArchieLittle

New Member
  • Jun 27, 2013
  • #56
My understanding is that the share is not Mr Appletons to sell to anybody

In evidence given to Culture, Media and Sport Committee
"The football creditors rule states that if a club undertakes a formal insolvency procedure (usually administration followed by a Company Voluntary Arrangement (CVA)), its membership or share in the football league is suspended"

Look up in full here http://www.publications.parliament.uk/pa/cm201213/cmselect/cmcumeds/509/509vw18.htm
 

fernandopartridge

Well-Known Member
  • Jun 27, 2013
  • #57
chiefdave said:
from ccfc.co.uk



I might be reading that wrong but that sounds like Otium haven't purchased Ltd (which would explain why it's still in admin), it has just purchased some of the assets of Ltd (not sure you can buy the FL share, didn't think that was allowed). This seems a right stich up. SISU have picked out the bits they want and I'm sure we'll find the lease for the Ricoh is still in Ltd which will now be liquidated. The FL have a role to play here, surely they can't sanction parts of clubs being passed around like this, especially as they aren't supposed to be seperated in the first place. Remember when everyone was saying SISU had messed which company they'd put into admin and having some assets left in it, doesn't seem that way now does it?
Click to expand...

Like I said, the sale is the agreement to purchase the assets. The administration is only over when the creditors receive their settlement.
 
R

RoboCCFC90

Well-Known Member
  • Jun 27, 2013
  • #58
chiefdave said:
Snippet from Les Reid on twitter:



This doesn't seem right to me (not meaning Les is wrong, meaning it sounds dodgy practice), other offers on the table but if the one from SISU isn't accepted I'll liquidate, how can that be right. Trying to force the league to ignore reasons F&P would be failed with the threat of liquidation?
Click to expand...

It's not about other offers though Dave, unfortunately the "Preffered Bidder" was Otium because PA believed they can give the most back to Creditors, so we are past the stage of other bidders, so CVA needs to be agreed with Avro and ACL and if that doesn't work it means liquidation. Hopefully the FL will declare Otium as unfit and unproper and that means Appleton has no choice to put all the cards back on the table..
 

covcity4life

Well-Known Member
  • Jun 27, 2013
  • #59
i hope that ACL cave in and we are left with a sisu owned ccfc who have full rights to ricoh earnings

thats what everyone wants after all(without sisu) but even with them its a business model that would work.
 

Joy Division

Well-Known Member
  • Jun 27, 2013
  • #60
Grendel said:
I don't see any fans getting out the party poppers and balloons. What are you on about?
Click to expand...

Party poppers and balloons? Not quite sure what you are on about?
 

Nonleagueherewecome

Well-Known Member
  • Jun 27, 2013
  • #61
procdoc said:
No one is saying don't support the club. It seems as if the few members who have openly supported the owners are acting rather smug now, God knows why as this now means we will end up leaving the city
Click to expand...

You're totally wrong on that.


They were always smug.
 

chiefdave

Well-Known Member
  • Jun 27, 2013
  • #62
RoboCCFC90 said:
It's not about other offers though Dave, unfortunately the "Preffered Bidder" was Otium because PA believed they can give the most back to Creditors, so we are past the stage of other bidders, so CVA needs to be agreed with Avro and ACL and if that doesn't work it means liquidation. Hopefully the FL will declare Otium as unfit and unproper and that means Appleton has no choice to put all the cards back on the table..
Click to expand...

Other clubs have had a preffered bidder named and then had to change that to an alternative why would that not apply to us? Surely if the sale to Otium can't be complted the club should be offered to the other parties who were interested not automatically liquidated?
 
P

procdoc

Well-Known Member
  • Jun 27, 2013
  • #63
covcity4life said:
i hope that ACL cave in and we are left with a sisu owned ccfc who have full rights to ricoh earnings

thats what everyone wants after all(without sisu) but even with them its a business model that would work.
Click to expand...

I've highlighted the part that I think is fucking idiotic. They've done enough damage
 

Sub

Well-Known Member
  • Jun 27, 2013
  • #64
covcity4life said:
i hope that ACL cave in and we are left with a sisu owned ccfc who have full rights to ricoh earnings

thats what everyone wants after all(without sisu) but even with them its a business model that would work.
Click to expand...

sorry i dont agree with that i hope sisu get fuck all!! let them build their stadium in another city.im all for the club having all revenues but not SISU. completly disgusted by the actions of sisu the FL, and the administrator. !!
 

Joy Division

Well-Known Member
  • Jun 27, 2013
  • #65
covmark said:
Tough shit. No one wants sisu here but some of us aren't gonna cry like a bunch of drunk women
Get on with it for fucks sake, if not go and support Coventry United
Click to expand...

Tough shit? Amazing, absolutely amazing. What a guy.
 
R

RPHunt

New Member
  • Jun 27, 2013
  • #66
covcity4life said:
i hope that ACL cave in and we are left with a sisu owned ccfc who have full rights to ricoh earnings

thats what everyone wants after all(without sisu) but even with them its a business model that would work.
Click to expand...

It would work for SISU, but would it be in the best interests of the fans? Has the last few weeks taught you nothing about SISU's attitude to the fans?
 
P

procdoc

Well-Known Member
  • Jun 27, 2013
  • #67
RPHunt said:
It would work for SISU, but would it be in the best interests of the fans? Has the last few weeks taught you nothing about SISU's attitude to the fans?
Click to expand...

Last few weeks? Try the last few years!
 

Joy Division

Well-Known Member
  • Jun 27, 2013
  • #68
RoboCCFC90 said:
Neither do I support Coventry City unfortunately SISU are the group that own the club, doesn't mean I am going to hide away and stop supporting the club..
Click to expand...

Of course I support Coventry City football club. But I mostly care for the long term future and where we will be in 10,15 or 20 years time.
 
R

RoboCCFC90

Well-Known Member
  • Jun 27, 2013
  • #69
chiefdave said:
Other clubs have had a preffered bidder named and then had to change that to an alternative why would that not apply to us? Surely if the sale to Otium can't be complted the club should be offered to the other parties who were interested not automatically liquidated?
Click to expand...

But what is the point in offering the club to say PHIV, if a SISU backed company which has already been named as the best bidder with regards of return to creditors can't agree a CVA as the main Arvo which is also owned by who SISU?? If SISU wanted to cut there losses and run then why not just let PHIV buy the club and get a return via a CVA??
 
R

RPHunt

New Member
  • Jun 27, 2013
  • #70
procdoc said:
Last few weeks? Try the last few years!
Click to expand...

I would have said a few years, but as he obviously has the attention span of a goldfish, I thought he might be able to cast his mind back that far.
 
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