fernandopartridge
Well-Known Member
They forgot the bit about the parcels going to their own unpaid players
Could just be one person in a bad situation and needing to sell. Was surprised nobody bought to be honest.No it’s as I understand what you get if you sell - I don’t understand why people are bailing at that price as I assume a payment is due in May
They have unpaid players?
I know. Pathetic eh? CRFC did exactly the same (why waste it?), but no hulabaloo like that. Sad fcks.
Pretty much every club is doing it.I know. Pathetic eh? CRFC did exactly the same (why waste it?), but no hulabaloo like that. Sad fcks.
People that pay vast sums of money for something that is free definitely need help.They are only calling Season Ticket holders. The people can afford them really don’t need help.
I think we've found who's watching Mrs. Browns BoysApparently the bonds falling makes them more attractive when they need to refinance.
Well, it's just rallied somewhat this morning, so you're probably right.I think over the next few months. All we will see is the bond going up and down up and down.
It is a waiting game now.
Wasps are going tits up for certain so I'm assuming the Ricoh will either fall into the hands of administrators or go back to the original owners and the deal called off?
Joy and Timmy would rather it go into admin I'm guessing and try and pick it up on the cheap than deal with the council again.
Oh god, here we go again...this is not going to be pretty.The lease reverts back to the council
I don’t get how they managed to raise £35m finance on an asset that reverts to someone else when in default.
"Club email suggests the players and coaches took it well."
Yeah, it is pretty odd. The bond documents suggest that the bondholders can sell or force the sale of the Arena but I'm not sure if they can or not.
They get paid too much anyway for rolling around in the mud in front of 1 man and his dog"Club email suggests the players and coaches took it well."
Clubs don't tend to email saying the players and staff got really annoyed and angry.
I don’t get how they managed to raise £35m finance on an asset that reverts to someone else when in default.
What would be the hurdles for Wasps obtaining the lease from the administrators? Purely cost?
Thanks, nice round up. If thats the case Sisu can just grab that 244 year lease from the administrators then.The bond issue was secured against ACL2006 (basically the Ricoh), that was what made it attractive for investors (that and the 6.5% payment every year), as it minimised risk. Only the 250 year head lease is forfeited. ACL's lease would revert back to the original remaining 38 year lease, in my interpretation of the prospectus. However, that isn't automatic and the administrator has the power to stop this happening as their job is to get the best return for the creditors (clearly, an asset with a 250 year lease is worth a lot more than if it has a 38 year lease). Even if CCC claimed the forfeiture of the head lease, which they can do if ACL becomes insolvent (and before administration), this can still be challenged in court by ACL and the bondholders. In any case, with a 250 year or 38 year lease, ACL will pretty much be up for grabs to the highest bidder if the administrators are called in.
Again, this is my interpretation of the info in the prospectus, others may see it differently.
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Was that cause there were no other buyers for CCFC? Expect there's at least one other very familiar buyer for the Ricoh...I would imagine so. SISU bought back CCFC from the administrator, so its possible.
I think there might have been a Hoffman consortium who put a bid in at that time.Was that cause there were no other buyers for CCFC? Expect there's at least one other very familiar buyer for the Ricoh...
No it was ACL / HaskellI think there might have been a Hoffman consortium who put a bid in at that time.
But it all sounds too much like things are going in our favour. If I've learnt anything from the last 10+ years it's that it'll soon turn to shit!
That was it, thanks Nick. I remember there being another bid, but wasn't sure who from.No it was ACL / Haskell
Is this SISUs long game then? Hope they go bust and out bid wasps for the lease?What would be the hurdles for Wasps obtaining the lease from the administrators? Purely cost?
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