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Wasps going into admin & the impact on CCFC (5 Viewers)

  • Thread starter Alkhen
  • Start date Sep 21, 2022
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djbooth

Well-Known Member
  • Oct 3, 2022
  • #806
Question; Have wasps got until the end of Wednesday to save their sorry arses ??
 

Bad Boy

Well-Known Member
  • Oct 3, 2022
  • #807
djbooth said:
Question; Have wasps got until the end of Wednesday to save their sorry arses ??
Click to expand...
Don't know, don't care.
 

skyblueeyesrevisited

Well-Known Member
  • Oct 3, 2022
  • #808
Wasp Wednesday has a nice ring to it
 
Reactions: vow, steve cooper, Skyblueweeman and 1 other person

Gynnsthetonic

Well-Known Member
  • Oct 3, 2022
  • #809
So will they go into admin, liqudate the company which owes the bonds and then just carry on as if nothing has happened?
 
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HuckerbyDublinWhelan

Well-Known Member
  • Oct 3, 2022
  • #810
Gynnsthetonic said:
So will they go into admin, liqudate the company which owes the bonds and then just carry on as if nothing has happened?
Click to expand...
That’s what I think will happen. I may be wrong but I’m sure the lease sits in the same company, if so I think it reverts back to the council - they can then flounce off to London or the Alexandra stadium or wherever they want as long as it isn’t coventry
 
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Grendel

Well-Known Member
  • Oct 3, 2022
  • #811
Gynnsthetonic said:
So will they go into admin, liqudate the company which owes the bonds and then just carry on as if nothing has happened?
Click to expand...

Rumours they now feel they have grounds for a 10 day extension
 

fernandopartridge

Well-Known Member
  • Oct 3, 2022
  • #812
HuckerbyDublinWhelan said:
That’s what I think will happen. I may be wrong but I’m sure the lease sits in the same company, if so I think it reverts back to the council - they can then flounce off to London or the Alexandra stadium or wherever they want as long as it isn’t coventry
Click to expand...

I doubt very much they'll be going anywhere
 

Gynnsthetonic

Well-Known Member
  • Oct 3, 2022
  • #813
fernandopartridge said:
I doubt very much they'll be going anywhere
Click to expand...
Yes me think that too, they'll still be at the CBS with the holding company owning it, they'll just be called Wasps 2022 or something
 

Gynnsthetonic

Well-Known Member
  • Oct 3, 2022
  • #814
Grendel said:
Rumours they now feel they have grounds for a 10 day extension
Click to expand...
What that will get them who knows
 

Grendel

Well-Known Member
  • Oct 3, 2022
  • #815
Gynnsthetonic said:
What that will get them who knows
Click to expand...

Time and delay
 
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oldfiver

Well-Known Member
  • Oct 3, 2022
  • #816
Grendel said:
Time and delay
Click to expand...

They have to show the extension is part of going into Receivership - not a simple "can we have more time"
 

Grendel

Well-Known Member
  • Oct 3, 2022
  • #817
oldfiver said:
They have to show the extension is part of going into Receivership - not a simple "can we have more time"
Click to expand...

Im sure they can manage that
 

Philosoraptor

Well-Known Member
  • Oct 3, 2022
  • #818
I thought it was tomorrow when the shit show starts, the day on which the NOI is issued counts for a day.
 

duffer

Well-Known Member
  • Oct 3, 2022
  • #819
Gynnsthetonic said:
So will they go into admin, liqudate the company which owes the bonds and then just carry on as if nothing has happened?
Click to expand...

I don't think that can happen. The bondholders have a charge on the lease and have both Wasps Holdings and ACL as the guarantors if there's a shortfall.

So there's no way they can get out of it that easily, imho. They've got to settle with the bondholders in some way, either by redemption (possibly with a haircut) or extension. I could be wrong though, I'd certainly be nervous if I was a bondholder...
 

jordan210

Well-Known Member
  • Oct 3, 2022
  • #820
We all know they will worm themselves out of it. By screwing over the bond holders and anyone they owe money too.
 

Samo

Well-Known Member
  • Oct 3, 2022
  • #821
jordan210 said:
We all know they will worm themselves out of it. By screwing over the bond holders and anyone they owe money too.
Click to expand...

Probably. But what then? They are losing 10m per year, the business model is fucked and you have to wonder how they can possibly have a future here.
 

Gynnsthetonic

Well-Known Member
  • Oct 3, 2022
  • #822
Grendel said:
Time and delay
Click to expand...
For what though, its just putting off the inevitable if they go into administration
 

Senior Vick from Alicante

Well-Known Member
  • Oct 3, 2022
  • #823
Gynnsthetonic said:
For what though, its just putting off the inevitable if they go into administration
Click to expand...

Running through the least painful way for them to move forward. The numbers men will be gaming different scenarios and Richardson will select the one that is most beneficial to him and Wasps.
 

Mcbean

Well-Known Member
  • Oct 3, 2022
  • #824
a rescheduling currently will cost more money due to some Government fiscal event apparently - they deserve to be fucked off
 
Reactions: RegTheDonk

jordan210

Well-Known Member
  • Oct 3, 2022
  • #825
Never noticed before but Arena 2006 and Arena limited both in May had a notice for compulsory strike off.
31 May 2022 First Gazette notice for compulsory strike-off

Still find it odd that fact that Richardson joined as a director in late August for both companies
 
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oldfiver

Well-Known Member
  • Oct 3, 2022
  • #826
Grendel said:
Rumours they now feel they have grounds for a 10 day extension
Click to expand...


I'm hearing rumours that Wasps may have asked for a 10 day extension to the NOI? Can anyone confirm this. The Trustee seems to me to have one goal only, and that is to protect their own interests. I have remonstrated with them at length about the fact that the offering circular clearly states that they can act at there own discression, and that the time to do so has well and truly passed. They defaulted on the principle four months ago and have just abandoned the bondholders with no discussion or negotiation. The Trustee is chosing to ignore their ability to act at their own discretion and insists that they are not bound to act unless instructed to do so by the bondholders. I am frankly frustrated that the proceedure to bring about a meeting is on hold as I suspect Wasps will find a way out of administration while continuing to ignore the bondholders. The trustees seem to be picking and choosing on their interpretation of the trust deed. Much of it makes no sense as it does not cover the actions to take in the event of a default on the return of the principal. The whole default section 9, page 111, leads only to an 'Acceleration Notice'. An Acceleration Notice is null and void in this situation as the loan is already 'due and payable' and has been for some time. There is nothing to accelerate. They owe us the money right now, today!
 

Gynnsthetonic

Well-Known Member
  • Oct 3, 2022
  • #827
On the once a wasp they're not very hopeful
 

Liquid Gold

Well-Known Member
  • Oct 3, 2022
  • #828
Gynnsthetonic said:
On the once a wasp they're not very hopeful
Click to expand...
Given their track record that means that things are probably about to come good for them.
 

David O'Day

Well-Known Member
  • Oct 3, 2022
  • #829
Liquid Gold said:
Given their track record that means that things are probably about to come good for them.
Click to expand...
Shugs is about to win the euro millions
 

jordan210

Well-Known Member
  • Oct 3, 2022
  • #830
Something is up. As I posted in the towards spiral thread. The wasps foundation that was struck off is now back. Wonder if they are going to try and put the rugby equivalent of a golden share in to to it.
 

Gynnsthetonic

Well-Known Member
  • Oct 3, 2022
  • #831
Liquid Gold said:
Given their track record that means that things are probably about to come good for them.
Click to expand...
Hopefully not, I won't be getting excited until they move away from Coventry though
 
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SheafIsGod

Well-Known Member
  • Oct 3, 2022
  • #832
I'm still waiting for a valid reason why, as a CCFC fan, I should hate the Wasps and their fans with a burning passion. Fourth time of asking now, this is getting past a joke.
 
Reactions: KAB, smoothasfudge14, Paul Anthony and 3 others

Samo

Well-Known Member
  • Oct 3, 2022
  • #833
SheafIsGod said:
I'm still waiting for a valid reason why, as a CCFC fan, I should hate the Wasps and their fans with a burning passion. Fourth time of asking now, this is getting past a joke.
Click to expand...

If you don't get it now you never will. You are either a WUM or an idiot, either way I'm not interested.
 
Reactions: Ashdown, torchomatic, Astute and 4 others

Moff

Well-Known Member
  • Oct 3, 2022
  • #834
SheafIsGod said:
I'm still waiting for a valid reason why, as a CCFC fan, I should hate the Wasps and their fans with a burning passion. Fourth time of asking now, this is getting past a joke.
Click to expand...

You do know hating them and just wanting them to fuck off aren’t exclusive.

But you do know, you just want to bang on the same line as you’ve nothing more inventive to say.
 
Reactions: torchomatic, Astute, duffer and 2 others
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skyblu3sk

Well-Known Member
  • Oct 3, 2022
  • #835
SheafIsGod said:
I'm still waiting for a valid reason why, as a CCFC fan, I should hate the Wasps and their fans with a burning passion. Fourth time of asking now, this is getting past a joke.
Click to expand...

 
Reactions: SBQuin, torchomatic, Terry Gibson's perm and 9 others

skybluepm2

Well-Known Member
  • Oct 3, 2022
  • #836
SheafIsGod said:
I'm still waiting for a valid reason why, as a CCFC fan, I should hate the Wasps and their fans with a burning passion. Fourth time of asking now, this is getting past a joke.
Click to expand...

you’re like a fucking wasp
 
Reactions: SBQuin, torchomatic, Astute and 5 others
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HuckerbyDublinWhelan

Well-Known Member
  • Oct 4, 2022
  • #837
Samo said:
If you don't get it now you never will. You are either a WUM or an idiot, either way I'm not interested.
Click to expand...
He’s been given reasons then chose to ignore them
 
Reactions: duffer, skybluepm2 and Samo

Gynnsthetonic

Well-Known Member
  • Oct 4, 2022
  • #838
Is it 15.29 today or tomorrow for the deadline, some suggesting today.
 
S

steve cooper

Well-Known Member
  • Oct 4, 2022
  • #839
Gynnsthetonic said:
Is it 15.29 today or tomorrow for the deadline, some suggesting today.
Click to expand...
It's been suggested that the starting time is at the beginning of the first working day and that it ends at the end of 10th day which would be close of business today, but what I have read suggests it's from the actual time of application - 15.29 to the same time 10 working days later, so if correct, 15.29 tomorrow.
 
Reactions: Gynnsthetonic

duffer

Well-Known Member
  • Oct 4, 2022
  • #840
SheafIsGod said:
I'm still waiting for a valid reason why, as a CCFC fan, I should hate the Wasps and their fans with a burning passion. Fourth time of asking now, this is getting past a joke.
Click to expand...

Explain in detail which bit of the replies you've already had you don't understand or disagree with, and then maybe people will engage.

Alternatively, accept that most people will just think you're a bit of a twat for endlessly repeating the same inane question.

Personally speaking, I wish you'd just fuck off because you're being a troll but maybe I'm being a bit unfair and it's just that you're a bit slow on the uptake.
 
Reactions: SBQuin, ajsccfc, ccfcchris and 9 others
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