If SISU liqudate CCFCltd, thus getting rid of the lease, then buy back option goes with it.
Although most of the national press ran with us being liquidated on Friday, I've yet to see confirmation that that has actually happened.
the original deal (which I think was running out shortly anyway) goes with Ltd being liquidated. I believe, PWKH will be able to confirm, that SISU wouldn't pay the amount the formula dictated and put in a lower offer, which Higgs accepted and then heard nothing else from SISU.
the original deal (which I think was running out shortly anyway) goes with Ltd being liquidated. I believe, PWKH will be able to confirm, that SISU wouldn't pay the amount the formula dictated and put in a lower offer, which Higgs accepted and then heard nothing else from SISU.
So would there be any value in someone else just purchasing the Higgs half now giving them potential leverage to wrestle control of the club? It may also give us a foundation/fall back position should the worst happen and CCFC the club, cease to exist? And i would have thought it would weaken SISUs position even further in terms of bringing CCFC back to Coventry.
They'd actually HAVE to build a new stadium then - nice little acid test perhaps?
The value of someone, PH4 for example, owning the Higgs half is that it gives ACL the financial clout to win the forthcoming game of 'who has the deepest pockets and can out-wait/distress the other. If the pressure is off ACL, it's game over for SISU.
As I understand it, the Higgs half can now be sold to anyone as long as the CCC side agree to it.
Not sure SISU actually made an offer just agreed heads of terms and then just walked away. Tim made an inaccuracy about this which may be where the confusion arises.
Erm well ACL isn't the Higgs so they agreed heads of terms with the charity, not ACL. PWKH said they were still willing to sell to SISU a while back on a post on here.So where does the "ACL refused to negotiate and said talks would never resume" line come from then?
The Trustees are now having to try to recover this money through the courts as Sisu have refused to pay.
The dates and the price formula are complicated, but they are now irrelevant. It doesn't really matter what any of the conditions are now: the Administrator could not exercise the Option even if he was so minded. This means that the Charity is free to sell to anyone subject to the veto both shareholders have over the sale of shares by the other.
The Charity arrived at a Heads of Terms with Sisu in June last year. As has been said by other posters, nothing more was heard from them. Fisher, in the forums that he held, made his comment about two turkeys and it was then clear that their silence was actually them backing out of the deal through inaction. Perhaps it was because they didn't want to trigger the clause in which they agreed to pay the Charity's costs. The Trustees would not have talked to them without this guarantee. The Trustees are now having to try to recover this money through the courts as Sisu have refused to pay.
So where does the "ACL refused to negotiate and said talks would never resume" line come from then?
Fisher/Sisu/CCFC. This has been a game of who do you believe for a long time. One side is in this thread making details comments, the other makes potshot statements and refuses to be drawn on detail. Make your own mind up.
Or, you know, realise that this is nothing more than a sideshow in the main attraction and don't take it too seriously.
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