What was the objective... (1 Viewer)

SkyBlue_Taylor said:

For some reason, I'm under the impression that ACL written off some of the debt owed to them, to a figure around the 600k mark but I'm not 100% and sure don't want to be quoted on that!

But again, why would they need compensation for a broken lease if they weren't going to accept it unless a new lease was agreed?

From what has been said, this all boils down to amount of money for ACL... Nothing wrong with that but, why were Cov fans urging ACL to reject the CVA as if it were a lifeline for the club? Doesn't make sense!

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Because it was immoral at best the way they have dealt with the CCFC LTD section of our club. If the FL had balls they would have made sure that the process was done correctly with another attempt at administration. But they have brushed it under the carpet.

Lease had 42 years still to run SBT. Under the terms of Lease & Licence then ACL entitled to compensation for early termination of the lease equivalent to the time still left usually. However administrators have the right to determine what the compensation will be and my understanding added around two years worth of rent to the claim by ACL to compensate for the early determination of the lease. The compensation for early determination of the lease is intended to compensate for the time it takes to get a new tenant.

figures rounded up ........

That meant ACL were owed approx £1.3m in back rent etc less the escrow and match expenses approx 800k plus approx another £1.86m in compensation for breaking the lease/licence. Total claim approx 2.36m. There was however only enough in the pot to pay approx 25% of the claim so were offered 590k

The 590k is made up of
the rent arrears claim accepted by PA (1.3m less 800K) x 25% = 125k
lease compensation (future income) calculated by PA 1.86m x 25% = 465K

hope that helps

edit just a for instance .......so say over the next 18mths to 2 years they get alternative events in equivalent to 465k the loss would be 125k, perhaps they are confident of that ? so money not the issue or incentive in their decision?

SkyBlue_Taylor said:

A lot of things. Work, rugby, alcohol, Breaking Bad (I highly recommend!) mainly. I've been keeping track on twitter and newsnow but I've been detached from football this summer. I'm yet to go to a game, home or away, but Port Vale (A) is my first free Saturday so I'll probably go to that.

Has everyone missed me? (Tongue in cheek)

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As much as we missed Dean Holdsworth after his stella 2003 turn-out for us....

oldskyblue58 said:

Lease had 42 years still to run SBT. Under the terms of Lease & Licence then ACL entitled to compensation for early termination of the lease equivalent to the time still left usually. However administrators have the right to determine what the compensation will be and my understanding added around two years worth of rent to the claim by ACL to compensate for the early determination of the lease. The compensation for early determination of the lease is intended to compensate for the time it takes to get a new tenant.

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Hold on, dear chap. That would mean that all the posters on here - such as Grendel - who guffaw at the notion of the Ricoh being anything other than a football stadium (it'll never have a roof, the weather's too bad to make it an all-year venue, a rugby club would never play there, et al) - should have some sympathy with ACL only getting 2 years worth of 'compensation' on a 42 year lease on a stadium that's 'unusable' as anything else?

Yet still criticise ACL for opposing the CVA?!?

SkyBlue_Taylor said:

Well I miss those days...

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I miss the venue, if not the lumbering has-been offering pantomime in the name of professional sport!

Seriously, good to have you back. I often - if not always - disagree with you, but always admire the dogged way you articulate your errant opinion.....

SkyBlue_Taylor said:

For some reason, I'm under the impression that ACL written off some of the debt owed to them, to a figure around the 600k mark but I'm not 100% and sure don't want to be quoted on that!

But again, why would they need compensation for a broken lease if they weren't going to accept it unless a new lease was agreed?

From what has been said, this all boils down to amount of money for ACL... Nothing wrong with that but, why were Cov fans urging ACL to reject the CVA as if it were a lifeline for the club? Doesn't make sense!

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I do recall one of the rent offers to the club in February/March time did involve writing off a chunk of the debt, but since that offer was not accepted by the club ACL could have decided to go for the full amount

I think ACL probably wanted either, not both. It wouldn't make sense for them to claim both

I agree all those begging for ACL to reject the CVA made no sense at all

SkyBlue_Taylor said:

A lot of things. Work, rugby, alcohol, Breaking Bad (I highly recommend!) mainly. I've been keeping track on twitter and newsnow but I've been detached from football this summer. I'm yet to go to a game, home or away, but Port Vale (A) is my first free Saturday so I'll probably go to that.

Has everyone missed me? (Tongue in cheek)

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I think PWKH did

SkyBlue_Taylor said:

Say what??

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Do I not recall an exchange of emails between the two of you immediately before your "departure"?