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Wasps going into admin & the impact on CCFC (7 Viewers)

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

Well-Known Member
  • Nov 15, 2022
  • #12,671
The fact that there hasn’t been a squeak from our owners means they are keeping their cards close to her considerable chest - patience dear boys
 
Reactions: PUSB-We_are_going_up

slowpoke

Well-Known Member
  • Nov 15, 2022
  • #12,672
Can’t see Joy taking the preferred bidder on.
 
Reactions: Happy_Martian

David O'Day

Well-Known Member
  • Nov 15, 2022
  • #12,673
So legohead has run out of stories after the council laughed at him and is now peddling utter pish from the master of utter pish Dawkins?
 
C

coop

Well-Known Member
  • Nov 15, 2022
  • #12,674

CBS Arena: Coventry City fan John Dawkins upset at administrators' 'silence' over bid

Coventry fan John Dawkins "cannot understand" why administrators have not considered his US-backed bid to buy the CBS Arena.
www.bbc.com
 
Reactions: bulko
H

Happy_Martian

Well-Known Member
  • Nov 15, 2022
  • #12,675
oldskyblue58 said:
The positive for our owners being a big chunk of our fans would support such a thing.

Yet, despite clear knowledge of process they didn't make an approach apparently until some time in the last two weeks. When MA had gained control but had to see off NEC first

If they had been blocked before the exclusivity kicked in would not be a big jump to make that public and drum up support

I can only think that they misread and miscalculated again.

Unless of course it is part of a master plan. What that could be I have no idea.
Click to expand...

Clutching at straws, I'm hopeful of your last point, OSB. If SiSu and MA have had discussions, their best opportunity to get the stadium would be to remove any outside bidders i.e.. NEC Group and Dawkins. And SiSu wouldn't go against MA if the likelihood of driving the price up remained. I really don't think they'd foul this land grab up seeing as it is their speciality. The gears have to be working behind the scenes.
 
Reactions: Danceswithhorses and RegTheDonk

David O'Day

Well-Known Member
  • Nov 15, 2022
  • #12,676
Lads, Dawkins "consortium" where never going to buy the club or arena. Let's not give him the attention he craves.
 

fernandopartridge

Well-Known Member
  • Nov 15, 2022
  • #12,677
shmmeee said:
Completely agree. He seems to be claiming the details weren’t fully worked out in terms of council financial input, and as I say either way has caused a massive PR headache for the council. But I think he’s got enough plausible deniability to avoid being sacked.
Click to expand...
Yes, he didn't present the 3 pager after all
 

Nick

Administrator
  • Nov 15, 2022
  • #12,678
Maton speaks

 
Reactions: RegTheDonk, torchomatic, bulko and 1 other person

fernandopartridge

Well-Known Member
  • Nov 15, 2022
  • #12,679
Grendel said:
They do but there is a lot of noise about exclusivity. Frankly if Sisu had serious investors they were in pole position months ago to prepare for that and a move the minute the first notice was triggered
Click to expand...
Indeed, during the pitch debacle it was loud and clear that they knew what the Wasps financial position was. What have they been doing?
 

skybluetony176

Well-Known Member
  • Nov 15, 2022
  • #12,680
fernandopartridge said:
Indeed, during the pitch debacle it was loud and clear that they knew what the Wasps financial position was. What have they been doing?
Click to expand...
I think they were thinking that Wasps would leave it to them in their will when they died.
 
Reactions: Skyblueweeman and torchomatic

slowpoke

Well-Known Member
  • Nov 15, 2022
  • #12,681
skybluetony176 said:
I think they were thinking that Wasps would leave it to them in their will when they died.
Click to expand...
I hope that will is soon to be read.
 
Reactions: RegTheDonk and duffer
O

oldfiver

Well-Known Member
  • Nov 15, 2022
  • #12,682
[QUOTE="oldskyblue58, post: 2639799, member: 1

Would be cautious about a Dawkins bid as what is he basing it on? Sisu will have had some inside knowledge of operations from the lease negotiations but how would he? The last acl accounts are for 2020 and out of date

Of course they could all be still in the game come Friday
[/QUOTE]


I asume all the bidders would get access to the dataroom

But some may had seen more than others !
 

Nick

Administrator
  • Nov 15, 2022
  • #12,683
What is a data room?
 

oldskyblue58

CCFC Finance Director
  • Nov 15, 2022
  • #12,684
oldfiver said:
[QUOTE="oldskyblue58, post: 2639799, member: 1

Would be cautious about a Dawkins bid as what is he basing it on? Sisu will have had some inside knowledge of operations from the lease negotiations but how would he? The last acl accounts are for 2020 and out of date

Of course they could all be still in the game come Friday
Click to expand...


I asume all the bidders would get access to the dataroom

But some may had seen more than others !
[/QUOTE]

They would have to have indicated they wanted to make a serious funded bid before the exclusivity period first I suspect
 
Reactions: bulko

fernandopartridge

Well-Known Member
  • Nov 15, 2022
  • #12,685
Nick said:
What is a data room?
Click to expand...
Just the relevant data pertaining to buying something but usually subject to an NDA
 

Nick

Administrator
  • Nov 15, 2022
  • #12,686
So all bidders would have seen it?
 

slowpoke

Well-Known Member
  • Nov 15, 2022
  • #12,687
I’m not sure how real a Dawkins/American bid is/was but thought when I first read what he said it was more about buying the football club, not the arena too perhaps I was wrong.
 

Nick

Administrator
  • Nov 15, 2022
  • #12,688
oldskyblue58 said:
They would have to have indicated they wanted to make a serious funded bid before the exclusivity period first I suspect
Click to expand...

To get access to the data rooms?
 
O

oldfiver

Well-Known Member
  • Nov 15, 2022
  • #12,689
oldskyblue58 said:
I asume all the bidders would get access to the dataroom

But some may had seen more than others !
Click to expand...

They would have to have indicated they wanted to make a serious funded bid before the exclusivity period first I suspect
[/QUOTE]

Quick toning down of certainty there
 

Nick

Administrator
  • Nov 15, 2022
  • #12,690
So who let Dawkins in the data rooms?
 

fernandopartridge

Well-Known Member
  • Nov 15, 2022
  • #12,691
Nick said:
So who let Dawkins in the data rooms?
Click to expand...
Who let the Dawkins in whoooo whoooo whoooo
 
Reactions: Sky_Blue_Dreamer, robbiethemole and Nick

The Great Eastern

Well-Known Member
  • Nov 15, 2022
  • #12,692
Nick said:
So who let Dawkins in the data rooms?
Click to expand...
This is beginning to sound like Cluedo.
 

shmmeee

Well-Known Member
  • Nov 15, 2022
  • #12,693
So is the court case Thursday?

If Ashley pulls out, for whatever reason, why would it go straight to liquidation and not give someone else a chance to pay bridge funding while they do due dil? Other than having a bidder willing obviously. Count Sisu/Dawkins say they have an offer and will pay the milly like Ashley did?
 
Reactions: Hiraeth

shmmeee

Well-Known Member
  • Nov 15, 2022
  • #12,694
The Great Eastern said:
This is beginning to sound like Cluedo.
Click to expand...

Michael Byng in the data room with the fax machine.
 
Reactions: no_loyalty, SkyBlueSam01, RegTheDonk and 14 others

Senior Vick from Alicante

Well-Known Member
  • Nov 15, 2022
  • #12,695
Question for MA is if he is willing to buy the club and it's a big IF, what's it worth? Got told a story today at work that a friend of a friend was part of the Hoffman consortium and was at the meeting with Joy and other SISU members. He apparently knew after 10 minutes it was going no where, as SISU wanted 3 times the market value of the club so closed his book and stopped taking notes. If that was the case what's SISU's price?
 

shmmeee

Well-Known Member
  • Nov 15, 2022
  • #12,696
Senior Vick from Alicante said:
Question for MA is if he is willing to buy the club and it's a big IF, what's it worth? Got told a story today at work that a friend of a friend was part of the Hoffman consortium and was at the meeting with Joy and other SISU members. He apparently knew after 10 minutes it was going no where, as SISU wanted 3 times the market value of the club so closed his book and stopped taking notes. If that was the case what's SISU's price?
Click to expand...

Whats 3 x 0?
 
Reactions: Saddlebrains

Telfer85

Well-Known Member
  • Nov 15, 2022
  • #12,697
shmmeee said:
Michael Byng in the data room with the fax machine.
Click to expand...

Evans in the casino with the poker
 
Reactions: RegTheDonk, Skyblueweeman, AOM and 8 others

Calista

Well-Known Member
  • Nov 16, 2022
  • #12,698
Happy_Martian said:
Clutching at straws, I'm hopeful of your last point, OSB. If SiSu and MA have had discussions, their best opportunity to get the stadium would be to remove any outside bidders i.e.. NEC Group and Dawkins. And SiSu wouldn't go against MA if the likelihood of driving the price up remained. I really don't think they'd foul this land grab up seeing as it is their speciality. The gears have to be working behind the scenes.
Click to expand...
You couldn't rule it out given the complexity of the situation and the people involved. Had a sneaking feeling along similar lines for a few weeks now.
But if MA and Sisu haven't yet spoken to each other and come to any kind of understanding, we could be in for a lot of pain.
 
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slowpoke

Well-Known Member
  • Nov 16, 2022
  • #12,699
[QUOTE="Senior Vick from Alicante, post: 2639913, member: 2496" He apparently knew after 10 minutes it was going no where, as SISU wanted 3 times the market value of the club so closed his book and stopped taking notes. If that was the case what's SISU's price?
[/QUOTE]

It might be what the buyer is willing to pay imo it could become a buyers market once the ground ownership is finalised.
 
Last edited: Nov 16, 2022

Flying Fokker

Well-Known Member
  • Nov 16, 2022
  • #12,700
The Philosopher said:
It’s different levels.

Ashley has probably had a white shoe firm strategising and preparing.

Dawkins a “day late and a dollar shy”. Not sure he’s assembled the right team to get in at the big table.

SISU still quiet. They are either playing very smart, have been caught flat footed or haven’t a clue.
Click to expand...
I think SISU playing smart is a bit of a stretch For SISU. Having said that, there are reasons why they made the decision to hold back. Economic downturn, drops in value of individual portfolios?
 

zuni

Well-Known Member
  • Nov 16, 2022
  • #12,701
Sisu might want a more reasonable price for the club to invest in other areas under pressure with the current financial markets being fluid?
 
D

djr8369

Well-Known Member
  • Nov 16, 2022
  • #12,702
zuni said:
Sisu might want a more reasonable price for the club to invest in other areas under pressure with the current financial markets being fluid?
Click to expand...
A point I have made before. They may have funds, they may not. If they do they have to way up CCFC against other investment opportunities. They don’t have the emotional attachment we do. It may be better for them to crystallise their losses here and invest in something else.

On them misjudging the situation so badly that they missed out to MA, how likely is that really? After the length of time they’ve waited and their experience with distressed assets it seems unlikely. Isn’t it more likely they either think it isn’t worth buying or they have reason to believe MA will drop out after due diligence and they can pick it up in admin?
 

Gynnsthetonic

Well-Known Member
  • Nov 16, 2022
  • #12,703
Nick said:
What is a data room?
Click to expand...
Its in the Tomes
 
Reactions: djr8369 and Nick

skyblueeyesrevisited

Well-Known Member
  • Nov 16, 2022
  • #12,704
Nick said:
What is a data room?
Click to expand...
Isn’t it that Italian hotel in First Dates?
 
Reactions: 6 Generations, CCFCSteve and Covkid1968#

The Philosopher

Well-Known Member
  • Nov 16, 2022
  • #12,705
Having thought about this it strikes me that the best thing that the Bondholders can do is try to enforce that the Trustee holds out for liquidation. The trustee has a fiduciary duty to the Bondholders. However, the Trustee seems to be some kind of US Bank and there are complex looking rules wrt US / U.K. bonds / trustees / laws.

Layman’s terms: it looks well dodgy. Why set up this way?

A liquidator will have a duty to (amongst other things):

a) Get the best return for creditors. At the moment the BH have some level of first charge - why else would the Administrator be going legal to remove it?

b) Investigate the events leading up to the liquidation to recover as much money as possible. It might be just horrible rumours to suggest that Richardson has cosied up to MA to ensure a pre-pack and less scrutiny. I would not suggest that those two gentlemen of unblemished reputation would ever act in any way other than 100% above board. An administrator, some have alleged - not I, can be “Tamed with fees such as exclusivity fees”. A liquidator is a different animal in my experience. They will realise as much as possible and will often go after high net worth individuals to see what they can get. This is under the guise of getting the most for the creditors but in reality the fees charged are enormous and the money goes to the liquidator and their “professional associates”.

If anyone has a better notion or if I’ve got the wrong thought process then of course chip in, this is a discussion forum.

Thoughts?
 
Last edited: Nov 16, 2022
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