Happy Friday

Coventry City Chat!
Can *Insert current manager here* keep us up?
Has *insert whatever shite midfielder we have here* made a forward pass?
Keep up to date with Covenders!


Previous topicNext topic

Happy Friday

Postby plastic scouser » Fri Aug 02, 2013 9:59 am

CVA rejected. Meeting lasted 10mins.

Liquidation & a minimum of -15 points.

Happy Friday. 8)
......waiting for the great leap forwards [smilie=icon_paper.gif]
User avatar
plastic scouser
Manager
Manager
 
Posts: 2900
Joined: Sat Jun 10, 2006 10:36 pm
Location: The City of Culture!!
 



Re: Happy Friday

Postby dog rout 21 » Fri Aug 02, 2013 10:24 am

Can anyone explain why the mongs are celebrating this? I'm not even on the wind up, I genuinely don't get why it's a good thing or why they are praising ACL?
Android [ Post made via Android ]
ISUZU OUT!
#bringcovbacktonorthampton
User avatar
dog rout 21
Administrator
Administrator
 
Posts: 6909
Joined: Wed Jun 07, 2006 6:54 pm
 



Re: Happy Friday

Postby the boss » Fri Aug 02, 2013 11:09 am

to be honest I am quite happy that finaly someone has made a move. Why should football clubs be able to go bust and then start again with the same owners? Does not ring right with me. Lets see how the dust settles as I can see a lot of shit flying very soon.
2014 will be our year !!
the boss
Manager
Manager
 
Posts: 7780
Joined: Thu Jun 08, 2006 3:35 pm
 



Re: Happy Friday

Postby the boss » Fri Aug 02, 2013 11:17 am

also HMRC rejected the CVA so it can't of been a good deal.
the boss
Manager
Manager
 
Posts: 7780
Joined: Thu Jun 08, 2006 3:35 pm
 



Re: Happy Friday

Postby billythefish » Fri Aug 02, 2013 11:27 am

dog rout 21 wrote:Can anyone explain why the mongs are celebrating this? I'm not even on the wind up, I genuinely don't get why it's a good thing or why they are praising ACL?


God knows - dont get it either.

No idea what this means longer term with regard to ownership.
billythefish
Moderator
Moderator
 
Posts: 6311
Joined: Fri Jun 09, 2006 10:00 am
Location: Normally on Sofa with keebab and lager.
 
Prediction League Wins: 2



Re: Happy Friday

Postby dog rout 21 » Fri Aug 02, 2013 11:48 am

the boss wrote:also HMRC rejected the CVA so it can't of been a good deal.


For a 700 quid liability tho
Android [ Post made via Android ]
User avatar
dog rout 21
Administrator
Administrator
 
Posts: 6909
Joined: Wed Jun 07, 2006 6:54 pm
 



Happy Friday

Postby Realist » Fri Aug 02, 2013 3:18 pm

I wonder what Halftime Orange makes of it all? And my old pal Supermac?
Image

Prediction League World Champion.
User avatar
Realist
Moderator
Moderator
 
Posts: 3025
Joined: Thu Jun 08, 2006 1:46 am
 
Prediction League Wins: 2



Re: Happy Friday

Postby Sky Blue Steve-o » Fri Aug 02, 2013 6:04 pm

It's getting on my tits how most people (and media outlets) seem to be buying the spin and general bullshit coming out of ACL as well. They're giving it all the PR of wanting the best for the fans and the club and so on when in reality they don't seem interested in finding a deal that's at all realistic.

Yesterday they put out the headline grabbing offer of £150k rent, but with conditions that it apparently turns out they knew full well could not be met. Today ACL's statement says they rejected the CVA because the modifications they proposed on Tuesday were not accepted. The administrator's statement points out that their changes couldn't be accepted because they weren't legal, and that despite being informed of this they still didn't come back with an alternative today. Yet still ACL are using the fact that their proposals were rejected as their justification for rejecting the CVA.
iPhone [ Post made via iPhone ]
User avatar
Sky Blue Steve-o
Manager
Manager
 
Posts: 2195
Joined: Wed Jun 07, 2006 7:07 pm
Location: Sheffield
 



Re: Happy Friday

Postby AD » Fri Aug 02, 2013 8:36 pm

dog rout 21 wrote:Can anyone explain why the mongs are celebrating this? I'm not even on the wind up, I genuinely don't get why it's a good thing or why they are praising ACL?


The only hope I hold is that it will lead to a thorough investigation of the running of the club for the past twenty years. There is no way all this is solely down to incompetent management.
User avatar
AD
Manager
Manager
 
Posts: 3218
Joined: Wed Jan 17, 2007 5:53 pm
 



Re: Happy Friday

Postby AD » Fri Aug 02, 2013 8:40 pm

Sky Blue Steve-o wrote:It's getting on my tits how most people (and media outlets) seem to be buying the spin and general bullshit coming out of ACL as well. They're giving it all the PR of wanting the best for the fans and the club and so on when in reality they don't seem interested in finding a deal that's at all realistic.

Yesterday they put out the headline grabbing offer of £150k rent, but with conditions that it apparently turns out they knew full well could not be met. Today ACL's statement says they rejected the CVA because the modifications they proposed on Tuesday were not accepted. The administrator's statement points out that their changes couldn't be accepted because they weren't legal, and that despite being informed of this they still didn't come back with an alternative today. Yet still ACL are using the fact that their proposals were rejected as their justification for rejecting the CVA.


I agree that I don't think those kind of conditions can be placed, but as we're talking legally....

According to TF, CCFC Ltd had no assets and was non trading. That means liquidating it would achieve a balance to reimburse creditors of £0.00. There were three other bids, so if any of them were worth more than £0.00 they legally have to be explored before liquidation as they would offer better value to creditors. Maybe those proposals would have been rejected by SISU and liquidation would have occurred anyway, but as far as I can see to jump from Otium's bid to liquidation is not looking at the creditors best interests, which is the administragtors main, if not sole, concern. It's like having a hung parliament and after one attempt to create a coalition saying "Fuck it, anarchy it is". Unless, heaven forfend, TF was lying and there are assets in ltd....
User avatar
AD
Manager
Manager
 
Posts: 3218
Joined: Wed Jan 17, 2007 5:53 pm
 



Re: Happy Friday

Postby AD » Fri Aug 02, 2013 8:54 pm

the boss wrote:to be honest I am quite happy that finaly someone has made a move. Why should football clubs be able to go bust and then start again with the same owners? Does not ring right with me. Lets see how the dust settles as I can see a lot of shit flying very soon.


The choice to set up a whole array of companies for the club made it much more likely for one of them to fail and result in sanctions on the playing field. In fact it appears designed to enable a failure and a company to be sacrificed purely to suit the overall interests of the owners but to the detriment of the club itself and the fans,an offence which should lead to disqualification as a director (and may explain why Joy keeps her name off the directoral role). Had they kept everything in one package, this outcome would have been incredibly unlikely as neither SISU nor ACL/council could have afforded to allow it to get to the stage of liquidation.

This entrenched game has occurred because the stakes have been split so that this prize (CCFC Ltd) is practically worthless and most of the pot is stored elsewhere. TF said CCFC Ltd had no assets, and in such a case where's the incentives to fight for its survival? Had Otium secured the assets, a new entity would have been created to put things should this route have been required again.
User avatar
AD
Manager
Manager
 
Posts: 3218
Joined: Wed Jan 17, 2007 5:53 pm
 



Re: Happy Friday

Postby The Englander » Sat Aug 03, 2013 2:51 pm

Apparently HRMC always reject these things.

As for the mongs, DR, they thought liquidation meant SISU/Otium/whoever would be forced out - proof that they are stupid, not in possession of the facts, and should be banned from being keyboard warriors....
User avatar
The Englander
Moderator
Moderator
 
Posts: 6899
Joined: Thu Jun 08, 2006 4:38 pm
Location: What's it to you fuck-face?
Highscores: 7
 




Return to CCFC Chat

Who is online

Users browsing this forum: CommonCrawl [Bot], dotbot and 38 guests