CONFRIMED: Takeover collapsed; Back to square one

[WestYorksRoyal]

Couhig and Trosclair have gone public, but do we know whether anyone else is backing it via Chiron? Or are they more of a broker? They do have some seriously wealthy individuals behind them.

[Sutekh]

Couhig and Trosclair have gone public, but do we know whether anyone else is backing it via Chiron? Or are they more of a broker? They do have some seriously wealthy individuals behind them.

Alec Lundberg is another investor name I've seen linked.

Really hoping for this to be finally all sorted at some point during the international break.

[traff]

Twitter is going absolutely bonkers. Dai is playing us all for fools, there will be no takeover, while SJM, Howe and everyone else imaginable is in the firing line.

Let's just imagine this is true and Dai doesn't sell. He needs to find several million pounds to pay back the secured loans or Couhig/Chiron can place us into administration and probably buy us for £1. And Dai has shown over the past 18 months that he either can't or won't direct such money at the club. I have no idea what the hold up is, but with all the secured debt it's impossible to believe that it's all just a ruse.

Then again Dai has previously ignored fiscal responsibility and if (as had been suggested) is already millions in debt, what is a few more to add to the total?
His apparent MO is hiding in a dustbin with sticky fingers in his ears.

[blythspartan]

Barring something catastrophic jumping out of the woodwork, it's seemingly been a done deal for over a month.

Just final wranglings as little problems pop to the surface now Couhig and co are basically running the club, and Dai's general inability to be contactable and do anything professional.

Couhig and Chiron are millions deep at this point, and just a formality from a significant turnaround in our fortunes.

I agree with this.

IR you need to get yourself on x and calm everyone the oxf*rd down.

[Only one Trevor Morley]

I don’t think anyone totally ITK but I do think plenty of people know snippets. If you bring these together I think most likely scenario is

1) Couhig thought it was over the line and probably went public a little too early.

2) planning issue came to light which complicates things re car park. Couhig willing to deal with that added complexity but at a price - which is a reduced sale fee

3) Dai uses his usual playbook of being out of contact and stubbornness so we’re now in a stalemate currently.

4) Couhig wants to do deal and has invested so much time willing to continue to push. Alternative is either walking away and losing loans or going through further legal battle to put reading into administration and getting club that way. I don’t think either of these options great for Rob.

5) howeverCouhig is frustrated by someone who doesn’t really do things the American way. Which is about reaching a deal.

6) I think people have forgotten what it’s like to have a potential owner who is passionate and vocal. Rob says it as it is and shoots from hip. I completely believe he is willing to talk about where things are at with fans because that his personality. I think he is also impulsive. He jumped at training ground opportunity and went public went deal almost over the line. I don’t mind that at all because at least it means he’ll communicate in future.

Rational brain says he’ll get it over line at some point in September. Irrational brain says Dai will never put pen to paper. However couhig holds the far better cards.

[rabidbee]

So, my understanding is that we've gone backwards in the last couple of weeks. Couhig not happy with the original amount after uncovering more financial mess and wants a lower sale figure. He's still very much acting as the new owner in waiting though and is (so i've been told) making the key decisions.

Seems hard to imagine how Couhig doesn't, eventually, end up as owner some way or another.

Would seem fair enough but dealing in published legal facts, I think its fair to say we know:

Chiron have a charge over Bearwood and all the clubs shares
Couhig is looking to buy via a company where Chiron own 100% of the shares.

So I'm not sure there is a move for Dai that either a) doesn't involve financing the club and/or paying back all loans or b) seeing the club placed into admin by Chiron as a secured creditor and them either just getting the shares/training ground as a result of default or Dai getting a hell of a lot less cash than he is currently being offered.

Happy to be corrected here but this seems to be the picture based on what is Companies House as of now.

If the did force administration, is there a risk that the administrators don't offer to repay the full value of their debt, and somebody else could come in at that stage and pick up the club on the cheap? Just wondering whether there's actually some risk (as well as extra costs and time wasted) to them forcing an administration, and therefore both sides are currently waiting to see which side blinks first.

[Snowflake Royal]

Barring something catastrophic jumping out of the woodwork, it's seemingly been a done deal for over a month.

Just final wranglings as little problems pop to the surface now Couhig and co are basically running the club, and Dai's general inability to be contactable and do anything professional.

Couhig and Chiron are millions deep at this point, and just a formality from a significant turnaround in our fortunes.

I agree with this.

IR you need to get yourself on x and calm everyone the oxf*rd down.

I'd rather die

[Forbury Lion]

1871 podcast (yes it's back) had a podcast appear on my list this morning titled "Ownership Update"...... listened to a few minutes up to the point they said "this shouldn't take long as we don't know anything", then sacked it off for now to listen to the Price of Football pod.

I do wonder how I'm going to hear the official takeover confimred news first.... might even be on page 256 of this thread

Won't be in our lifetimes.

My fear here is you may be some nutter who will murder me and then suicide yourself just before the announcement with your username and password left to someone in your will with instructions to quote your original post and add "Told you so".

[WestYorksRoyal]

So, my understanding is that we've gone backwards in the last couple of weeks. Couhig not happy with the original amount after uncovering more financial mess and wants a lower sale figure. He's still very much acting as the new owner in waiting though and is (so i've been told) making the key decisions.

Seems hard to imagine how Couhig doesn't, eventually, end up as owner some way or another.

Would seem fair enough but dealing in published legal facts, I think its fair to say we know:

Chiron have a charge over Bearwood and all the clubs shares
Couhig is looking to buy via a company where Chiron own 100% of the shares.

So I'm not sure there is a move for Dai that either a) doesn't involve financing the club and/or paying back all loans or b) seeing the club placed into admin by Chiron as a secured creditor and them either just getting the shares/training ground as a result of default or Dai getting a hell of a lot less cash than he is currently being offered.

Happy to be corrected here but this seems to be the picture based on what is Companies House as of now.

If the did force administration, is there a risk that the administrators don't offer to repay the full value of their debt, and somebody else could come in at that stage and pick up the club on the cheap? Just wondering whether there's actually some risk (as well as extra costs and time wasted) to them forcing an administration, and therefore both sides are currently waiting to see which side blinks first.

Yes, administration means points deductions, players sold and a less valuable asset to acquire, and it may tempt people like Mike Ashley looking at the bargain basement. Administration is lose lose, so both parties will want to avoid.

[Lower West]

So, my understanding is that we've gone backwards in the last couple of weeks. Couhig not happy with the original amount after uncovering more financial mess and wants a lower sale figure. He's still very much acting as the new owner in waiting though and is (so i've been told) making the key decisions.

Seems hard to imagine how Couhig doesn't, eventually, end up as owner some way or another.

Would seem fair enough but dealing in published legal facts, I think its fair to say we know:

Chiron have a charge over Bearwood and all the clubs shares
Couhig is looking to buy via a company where Chiron own 100% of the shares.

So I'm not sure there is a move for Dai that either a) doesn't involve financing the club and/or paying back all loans or b) seeing the club placed into admin by Chiron as a secured creditor and them either just getting the shares/training ground as a result of default or Dai getting a hell of a lot less cash than he is currently being offered.

Happy to be corrected here but this seems to be the picture based on what is Companies House as of now.

It does sound like Chiron/Couhig have Dai over a barrel.

As much as I don’t think Dai cares two hoots about the club I was starting to think that maybe he’s stringing this out in the hope that he’ll get access to his funds again soon. However, it sounds like Couhig is playing hardball and wants it all for a cheaper price.

Dai's creditors in China aren't going to allow prime assets to be sold off at a knockdown price just to appease the Reading fans. As an aside appears US investors generally appear to be cooling towards buying British football clubs.

[Mid Sussex Royal]

So, my understanding is that we've gone backwards in the last couple of weeks. Couhig not happy with the original amount after uncovering more financial mess and wants a lower sale figure. He's still very much acting as the new owner in waiting though and is (so i've been told) making the key decisions.

Seems hard to imagine how Couhig doesn't, eventually, end up as owner some way or another.

I thought based on what came from the horse's mouth at the Wigan game that he had done all necessary diligence and was waiting for the "other side" to sign off....?

[The Cap]

Barring something catastrophic jumping out of the woodwork, it's seemingly been a done deal for over a month.

Just final wranglings as little problems pop to the surface now Couhig and co are basically running the club, and Dai's general inability to be contactable and do anything professional.

Couhig and Chiron are millions deep at this point, and just a formality from a significant turnaround in our fortunes.

I agree with this.

IR you need to get yourself on x and calm everyone the oxf*rd down.

As the great man himself, Michael Caine, said during the riots "Calm down". And not a lot of people know that

[WestYorksRoyal]

Would seem fair enough but dealing in published legal facts, I think its fair to say we know:

Chiron have a charge over Bearwood and all the clubs shares
Couhig is looking to buy via a company where Chiron own 100% of the shares.

So I'm not sure there is a move for Dai that either a) doesn't involve financing the club and/or paying back all loans or b) seeing the club placed into admin by Chiron as a secured creditor and them either just getting the shares/training ground as a result of default or Dai getting a hell of a lot less cash than he is currently being offered.

Happy to be corrected here but this seems to be the picture based on what is Companies House as of now.

It does sound like Chiron/Couhig have Dai over a barrel.

As much as I don’t think Dai cares two hoots about the club I was starting to think that maybe he’s stringing this out in the hope that he’ll get access to his funds again soon. However, it sounds like Couhig is playing hardball and wants it all for a cheaper price.

Dai's creditors in China aren't going to allow prime assets to be sold off at a knockdown price just to appease the Reading fans. As an aside appears US investors generally appear to be cooling towards buying British football clubs.

They're probably realising how hard it is to make money in.

[Elm Park Kid]

So, my understanding is that we've gone backwards in the last couple of weeks. Couhig not happy with the original amount after uncovering more financial mess and wants a lower sale figure. He's still very much acting as the new owner in waiting though and is (so i've been told) making the key decisions.

Seems hard to imagine how Couhig doesn't, eventually, end up as owner some way or another.

I thought based on what came from the horse's mouth at the Wigan game that he had done all necessary diligence and was waiting for the "other side" to sign off....?

What i've been told is that he underestimated the amount of legal work that would be required to unpick all of the tangled financial issues that the club is involved with. And as part of that a legitimate problem came up.

[Sutekh]

1871 podcast (yes it's back) had a podcast appear on my list this morning titled "Ownership Update"...... listened to a few minutes up to the point they said "this shouldn't take long as we don't know anything", then sacked it off for now to listen to the Price of Football pod.

I do wonder how I'm going to hear the official takeover confimred news first.... might even be on page 256 of this thread

Won't be in our lifetimes.

My fear here is you may be some nutter who will murder me and then suicide yourself just before the announcement with your username and password left to someone in your will with instructions to quote your original post and add "Told you so".

You're too perspicacious, cunning plan dealt fatal blow.

[Forbury Lion]

As the great man himself, Michael Caine, said during the riots "Calm down". And not a lot of people know that

Sure you've not merged Michael Winner with MIchael Caine?

[MIM Royal]

Hope I'm wrong, but should not under-estimate how much offence overseas investors from the East may take. Public humiliations, ranging from the very public and various protests and fines from the EFL etc will have hurt, and it would not surprise me if Dai is thinking about that as he negotiates the future of the club.

He's getting a very poor return on his investment and dragging his feet doesn't hurt him per se, but sure irritates those who he may feel insulted him.

[WestYorksRoyal]

Hope I'm wrong, but should not under-estimate how much offence overseas investors from the East may take. Public humiliations, ranging from the very public and various protests and fines from the EFL etc will have hurt, and it would not surprise me if Dai is thinking about that as he negotiates the future of the club.

He's getting a very poor return on his investment and dragging his feet doesn't hurt him per se, but sure irritates those who he may feel insulted him.

Smart money is he hasn't noticed what's happening on the other side of the world and doesn't give a shit.

[The Cap]

As the great man himself, Michael Caine, said during the riots "Calm down". And not a lot of people know that

Sure you've not merged Michael Winner with MIchael Caine?

Quite seashore mate. Goggle it.

[Lower West]

He's getting a very poor return on his investment and dragging his feet doesn't hurt him per se, but sure irritates those who he may feel insulted him.

One reasonable assumption that can be drawn from events unnconnected to the football club. Is that the bulk of the money spent wasn't even his own money.