ACL Statement on Administration Application

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Re: ACL Statement on Administration Application

Postby billythefish » Thu Mar 14, 2013 1:24 pm

Cricket was good last night.
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Re: ACL Statement on Administration Application

Postby bidford_tom » Thu Mar 14, 2013 2:24 pm

ACL were in trouble with Yorkshire Bank, SISU got wind of this and attempted to 'assist' ACL by paying off the debt, this clearly would have put them in effect in control of the arena. The Council clearly not wanting this to happen, had no choice but to pay the debt off themselves.

SISU's plan is to do nothing other than get hold of a prime piece of real estate with massive earning potential. The club are just a vehicle to enable them to do so. I.e. Had their plan worked out, then for the money they've put into the club, plus the Higgs share and the £13m mortgage, they'd have owned half of the Ricoh? Not a bad plan when you think about it, they just didn't realise the council's resolve not to allow that to happen.
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Re: ACL Statement on Administration Application

Postby dog rout 21 » Thu Mar 14, 2013 2:54 pm

billythefish wrote:Cricket was good last night.


Yeh, seems like KP played sensibly towards then end too, needs to start again in the morning though and we could be on for a big score. Great batting track not sure what the kiwis were up to bowling first.
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Re: ACL Statement on Administration Application

Postby bolix » Thu Mar 14, 2013 3:16 pm

Is cricket cool tho?
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Re: ACL Statement on Administration Application

Postby Des » Thu Mar 14, 2013 6:40 pm

Realist wrote:I just wish something would happen one way or another, because I'm sick of being in limbo.

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Re: ACL Statement on Administration Application

Postby AD » Thu Mar 14, 2013 7:21 pm

The Yid wrote:Portsmouth are due to get their deduction once they leave administration, so it should come off this season I believe.

The thing that is the worst part is that ACL are now calling the shots on our season, when we still have a chance of getting play-offs (albeit quite slim). Why can't they wait a couple more weeks? It seems like a spiteful swipe that will only hurt the team but not so much SISU.

SISU have been rooting around looking at the original agreement for the Ricoh signed back in 2002, has that been the trigger for this? If so - is there are a further issue that we've yet to see?

If we did go to into Admin, ACL just become another creditor, which realistically is only going to get a tiny fraction of the money owed to them. What happens if SISU have planned for this eventually, and have such manoeuvred themselves into a position where they become the number 1 creditor? Then we will be really in the shit.


I don't know why they've chosen now.
Maybe they believe the threat of SISU of liquidation is imminent and felt they had to act now to stop that happening?
Perhaps they've been waiting a while just in case the club got promoted (as it gives them a better bargaining position in the rent as the club has higher revenues) but with the poor home results and Clarke's injury they've decided that it's sufficiently unlikely to occur to take the action?
Maybe they wanted to ensure the points deduction was this season and, like me, they'd assumed the end of March cut off was just a line in the sand as to whether points deductions were this season or next and didn't realise there were caveats regarding relegation giving them more time?
Maybe it is something to do with the agreement (as I'm sure if you looked closely enough you could find some part of the agreement that hadn't been expressly performed and possibly giving the potential to declare it void or voidable) but admin doesn't really alter that?

One thing is almost certain is that ACL are only likely to get a very small fraction of what they are owed if anything (although I think they would take preference over SISU as shareholders although I've no idea how they've put the money in and they could have done so in a way that makes them a secured creditor. Football debts, like Pressley's compensation fee also get paid first under League rules, and I believe staff wages also would take preference, although HMRC now bizarrely doesn't. So the only thing they may get out of it is a change in ownership of the club and a chance to properly negotiate a new rental agreement or even sale with new owners?
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Re: ACL Statement on Administration Application

Postby The Yid » Thu Mar 14, 2013 7:45 pm

SISU have been remarkably quiet in all of the posturing that has taken place in the last 24 hours. I wonder if they think they hold a trump card in all of this - if they did i imagine it must be something none of us know about.

It's worth stating that if they just decide to pay up the £1.3m then they are completely back in control again, no matter what ACL do. They would be free to do what they want, and there would be nothing that the Council or ACL could do - and that could well include placing the club in Admin on their terms.

Realsitically there may be no benefit to this course of action, but I worry that ACL are being very public at the moment in what they are saying. In previous years we have been very critical of parties that do their business through the media (like these so-called takeovers).
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Re: ACL Statement on Administration Application

Postby billythefish » Fri Mar 15, 2013 7:40 am

dog rout 21 wrote:
billythefish wrote:Cricket was good last night.


Yeh, seems like KP played sensibly towards then end too, needs to start again in the morning though and we could be on for a big score. Great batting track not sure what the kiwis were up to bowling first.


Two quick wickets for Broad have put us in control - just have to hope that the weather doesnt spoil the game now.
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Re: ACL Statement on Administration Application

Postby skyblue » Fri Mar 15, 2013 9:24 pm

bidford_tom wrote:
SISU's plan is to do nothing other than get hold of a prime piece of real estate with massive earning potential. The club are just a vehicle to enable them to do so. I.e. Had their plan worked out, then for the money they've put into the club, plus the Higgs share and the £13m mortgage, they'd have owned half of the Ricoh? Not a bad plan when you think about it, they just didn't realise the council's resolve not to allow that to happen.


You are still looking at about £70 million just from what is listed there. If they just wanted to get hold of the Ricoh they could just have let the club go bump by not saving us and then when ACL hit real trouble bought the bad debts off the bank. It would have cost a hell of a lot less than £70 million.
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Re: ACL Statement on Administration Application

Postby dog rout 21 » Sat Mar 16, 2013 12:08 pm

billythefish wrote:
dog rout 21 wrote:
billythefish wrote:Cricket was good last night.


Yeh, seems like KP played sensibly towards then end too, needs to start again in the morning though and we could be on for a big score. Great batting track not sure what the kiwis were up to bowling first.


Two quick wickets for Broad have put us in control - just have to hope that the weather doesnt spoil the game now.


Excellent day in the end that, if we can just hold off the cyclone we should win.
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Re: ACL Statement on Administration Application

Postby Burf » Sat Mar 16, 2013 12:34 pm

http://www.coventrytelegraph.net/covent ... -32999499/

This is going to be messy, innit. Oh dear oh dear oh dear.
I'd like to find that fucker Brian Richardson & string him up as frankly I think all this mess goes back to him ultimately.
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Re: ACL Statement on Administration Application

Postby bolix » Sat Mar 16, 2013 2:21 pm

Burf wrote:
I'd like to find that fucker Brian Richardson & string him up as frankly I think all this mess goes back to him ultimately.


He was in attendance the other day at the Bob Ainsworth Parliamentary session.
I wonder if he is anxious to avoid this situation deteriorating further because if the club finally goes into Admin or worse he will surely be implicated.
The club is suffering BUT if this shit storm drags him down then that'd cushion the blow for many.
Let's be honest about that. :idea: ;-)
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ACL Statement on Administration Application

Postby Realist » Sat Mar 16, 2013 2:44 pm

Surely those "confidentiality agreements" mean he has got away with the rape and pillaging of CCFC.
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Re: ACL Statement on Administration Application

Postby The Englander » Sat Mar 16, 2013 6:06 pm

Richardson offered to come back and help the club recently. If he really wants to help, he could give us our fucking money back.
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Re: ACL Statement on Administration Application

Postby adge » Sat Mar 16, 2013 7:12 pm

Mmmmm. Where's Graham Hover these days? :?
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ACL Statement on Administration Application

Postby Realist » Sat Mar 16, 2013 9:29 pm

I've always despised that prick Hover. It was my Uncle who delivered his severance letter, and when he told me he was on his way to deliver it I was over the moon.
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