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SISU Lose First Round of JR2
NellyWellyWaspy (IP Logged)
14 July, 2017 15:56
The High Court judge has just delivered his verdict on SISU's second attempt to distress Wasps over the Ricoh deal. This time SISU wanted Wasps to pay out another 30m. The Judge said:

NO They could NOT amend their original application so as to hit Wasps even harder.
NO They could not have a judicial review
NO They could not introduce 'new' 'expert' witnesses.

I guess that SISU will now seek to appeal this.

An unusual decision today. Normally, on such an important and complicated case, the judge would take days before deciding. He took an hour to both consider the case AND deliver his judgement.

 
Re: SISU Lose First Round of JR2
Raggs (IP Logged)
14 July, 2017 16:22
Considering SISU were effectively arguing it was worthless in their previous case, I'm glad he's not bothered much with it.

 
Re: SISU Lose First Round of JR2
NellyWellyWaspy (IP Logged)
14 July, 2017 16:39
SISU have now confirmed that they will seek leave to appeal. Costs awarded are agreed at 75k to the council and 20k to Wasps.

One thing is pretty certain though, there will not be a JR3. The time limit for filing a new case has long since passed.

Whilst one cannot accuse an entity such as SISU as being insane, whoever is making these decisions clearly is. To call this continuing debacle as anything else would be ridiculous. It is an abuse of process, which profits only lawyers. Clearly, the aim is to distress Wasps. It is a shame that Wasps have agreed not to do anything to distress CCFC.

I guess one day we will find out who the real muppets are behind all this.

 
Re: SISU Lose First Round of JR2
steve from cov (IP Logged)
14 July, 2017 16:40
Right result but the Sisu QC has already indicated that Sisu will appeal. Crazy.

 
Re: SISU Lose First Round of JR2
Dgwasp (IP Logged)
14 July, 2017 17:09
It is a shame as with close collaboration they could get a long term good value deal to play in Coventry which benefits both parties. However, they have put themselves in a position where there are no compelling reasons to support them and there are not many locations for them to play in the area...

Oh well, glad Wasps are safe for the moment and can now concentrate on signing a prop in the vein of Ramiro Herrera and getting ready for their own campaign.

 
Re: SISU Lose First Round of JR2
NellyWellyWaspy (IP Logged)
14 July, 2017 17:28
If they wanted a new location in the West Midlands (in the case the Coventry part), can you see the council being at all helpful in the planning process? and, with the experience that the council have faced, can you see neighbouring Warwickshire being any more cooperative?

At least, not whilst SISU are in any way involved.

At this point, all SISU can do is seek leave to appeal. All the judge in that hearing will do is consider whether they have any grounds to suggest today's judge erred, and I would doubt that very much. He set out quite clearly why he refused them their requests.

He obviously had his response all prepared in advance, as he was retired for only half an hour, and costs were also agreed very quickly. Most unusual for a case like this to be ended on the same day. I suspect the leave to appeal hearing will happen quickly as well.

 
Re: SISU Lose First Round of JR2
Raggs (IP Logged)
14 July, 2017 17:52
Just reading the live feed now.

[www.coventrytelegraph.net]

Their main target isn't the council, it's Wasps. They're trying to destroy us, which would simultaneously free up the Ricoh again, and if they can get some damages out of us it looks like they'll try. Trying to get us to pay almost an extra 30m (to meet the first valuation after Wasps had bought it).

Surely that's like trying to claim that someone buying pint glasses in bulk for their pub, should pay 4 a time, since that's how much the glass will be worth when it's full of beer...

 
Re: SISU Lose First Round of JR2
Gaz (IP Logged)
14 July, 2017 17:53
SISU really defy all logic. Seems like they are desperately clinging on to their last hope of recouping any money from this debacle. All potential partners have already said they won't deal with SISU. Best they just cut their losses and put CCFC up for sale.

 
Re: SISU Lose First Round of JR2
wozza5882 (IP Logged)
14 July, 2017 18:12
Quote:
Raggs
Just reading the live feed now.
[www.coventrytelegraph.net]

Their main target isn't the council, it's Wasps. They're trying to destroy us, which would simultaneously free up the Ricoh again, and if they can get some damages out of us it looks like they'll try. Trying to get us to pay almost an extra 30m (to meet the first valuation after Wasps had bought it).

Surely that's like trying to claim that someone buying pint glasses in bulk for their pub, should pay 4 a time, since that's how much the glass will be worth when it's full of beer...

Considering in the past they said ACL was worth 0 it does make me laugh that they are now saying Wasps didn't pay enough.

 
Re: SISU Lose First Round of JR2
westwaleswasp (IP Logged)
14 July, 2017 18:26
When the horse is out of control and you are on it you keep holding until you are thrown. SISU are in that position. It is end game, they will end up with a club worth nothing. A devalued club with no home and no chance of one because they have upset everyone who could help them. They gambled on being able to get the stadium for nothing by acting unethically - they lost that gamble. The club will continue in free fall- if they won't sell the club after what they have done it will be time for us to say goodbye to them until they get new owners. Dark days for the soccer fans, I guess. I even feel sorry for the Wasp hating ones.

 
Re: SISU Lose First Round of JR2
Ardenwasp (IP Logged)
14 July, 2017 20:14
Looking forward to Les Reids view on today.

 
Re: SISU Lose First Round of JR2
NellyWellyWaspy (IP Logged)
14 July, 2017 21:06
I imagine it will be a day or so before Les (AKA Sean Spicer) gets his briefing notes of what to write.

What I think is that SISU are actually owned (and only the EFL and maybe Joy "I need a new Hairdo" Seppala know who the real owner is) by a billionaire who is now really angry that the City Council, the Higgs Trust and Wasps have taken his toys away. He cares not one jot about Coventry, its people, about CCFC or anything other than revenge. Like an anonymous internet troll on Twitter. About time whoever it is gets outed.

SISU tried today, at the last minute judging by the poor preparation by their brief, to use this JR2 to distress Wasps. Familiar tactics. The same sort of tactics that a certain American president is said to have often used in his business dealings.

And Wasps are clearly struggling to secure certain sponsorship and the naming rights. In return, I hope that Wasps continue to have nothing whatsoever to do with CCFC for as long as it is owned by SISU, or if it becomes owned by another anonymous 'hedge fund'.

 
Re: SISU Lose First Round of JR2
14 July, 2017 21:18
When it's over, let's hope we pursue SISU for damages, given lost naming rights revenue

 
Re: SISU Lose First Round of JR2
NellyWellyWaspy (IP Logged)
14 July, 2017 21:39
I am pretty sure that the British legal system does not give you that right. To do so would be to discourage people from taking legitimate action for fear of the repercussions. The courts do have powers to curb the activities of litigants, but only where their use of the course is constant and frequently unsuccessful. It takes a lot to get slapped in this way, not least because the representing barristers aiding such actions may themselves face consequences.

It would seem fair in this case to allow it, but I do not think either Wasps or the City Council can do a lot. One can hope that pressure is brought to bear to have any hearings scheduled as early as possible, but I fear the summer break is nearly upon us, and SISU will not doubt instruct its legal team to delay as long as they can, but I do not think they are allowed long. Looking at the rules on the grounds that they could appeal, I would be surprised if their application to be allowed to appeal will be granted. And that would be the end of that, I think.

 
Re: SISU Lose First Round of JR2
MarleyWasp (IP Logged)
14 July, 2017 21:53
Quote:
NellyWellyWaspy
What I think is that SISU are actually owned (and only the EFL and maybe Joy "I need a new Hairdo" Seppala know who the real owner is) by a billionaire who is now really angry that the City Council, the Higgs Trust and Wasps have taken his toys away. He cares not one jot about Coventry, its people, about CCFC or anything other than revenge. Like an anonymous internet troll on Twitter. About time whoever it is gets outed.

Donald Trump?!

 
Re: SISU Lose First Round of JR2
15 July, 2017 07:22
I wonder how many million of pounds SISU will have to write off, when this is finalised? I think that's what's driving this obsession to continue legal proceedings, with 0.000000001% chance of success (I like the analogy the horse too!) Plus all the cumulative legal costs to CCC (and now Wasps) kick in - not sure how substantial they are.

I may be wrong in the first assumption - but I'm sure I read somewhere that SISU are accruing millions of pounds worth of "management fees" on CCFC. Difficult to justify this to the auditors, if CCFC become effectively worthless and have no ability to pay such fees!

 
Re: SISU Lose First Round of JR2
NellyWellyWaspy (IP Logged)
15 July, 2017 07:38
I think the estimates are that SISU are down about 70m since taking ownership, but the books show about 40m owing by the club to the management companies, and the going concern sign off by the auditors is on the basis that the debt will not (yet) be called in.

There is no way either sum is ever going to be seen. SISU have also said that they will not invest any new money in CCFC. Instead, the club has to trade from day to day on its cash flow. If I were a business supplying them, I would be asking for payment in advance, or a clearing down of any debt for supplies to continue. I would be surprised if Wasps do not find themselves in a situation towards the end of the season where CCFC have not paid rent for either the stadium or hospitality. CCFC will live off season ticket money for a while, but that will not last long. My guess is that the same will happen with the Allard Way Academy site.

 
Re: SISU Lose First Round of JR2
Raggs (IP Logged)
15 July, 2017 19:12
I have to assume that sisu will go all the way with appeals. I can't imagine their lawyer seriously thought that line of attack would work and have to assume he's doing the best he can with what sisu are telling him to do. And given the poor approach to this first step i can't see why they'd learn any lessons.

 
Re: SISU Lose First Round of JR2
neils (IP Logged)
15 July, 2017 19:37
If they do continue onwards then there is one cast iron guarantee and that is they won't be at the Ricoh this time next year. Having now brought Wasps fully into their target I can't see DR being in the slightest helpful to their position. Also I would hope all payments are taken up front.

 
Re: SISU Lose First Round of JR2
15 July, 2017 21:51
I think this is all positive. It teaches us all a lesson in "aspirational suing". On Monday I'm in the High Courts with a robust case against God for not being born looking like Brad Pitt, with Billl Gates wealth. I can't possibly fail!

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