Secured Debt At Our Club

I am sure I read on here last week that the Malaysians money that they invested was a secured debt, I am also led to believe that there are other secured creditors so can someone clarify who actually has first charge

In the normal world of finance if you are securing loans against property, you normally have your mortgage, then secured charges after that. If you have two second charges then someone has to be third in list after the mortgage and first charge if that makes sense.

Just trying to get my head round who and what investors are securing the debot on and in what priority will they be paid

?

I am sure I read on here last week that the Malaysians money that they invested was a secured debt, I am also led to believe that there are other secured creditors so can someone clarify who actually has first charge

In the normal world of finance if you are securing loans against property, you normally have your mortgage, then secured charges after that. If you have two second charges then someone has to be third in list after the mortgage and first charge if that makes sense.

Just trying to get my head round who and what investors are securing the debot on and in what priority will they be paid

?

Bloody good question and hands up I don't know the answer.

However, the picture is more clouded because some of the mortgage charges are against Cardiff City Football Club, others against the Holding Company, more against the Stadium Company and finally the Premier Seats.

To add even more confusion there are 2 recent mortgage additions against the holding company (a finance company and Vincent Tan) but both Charges have the same wording and claim to be 'by way of first fixed charge' over freehold and lease hold property, stocks shares, licences, cash and just about everything else.

I would love to know who takes priority, although someone did mention before that all fixed charges like this have equal status should we go into liquidation.

I am sure I read on here last week that the Malaysians money that they invested was a secured debt, I am also led to believe that there are other secured creditors so can someone clarify who actually has first charge

In the normal world of finance if you are securing loans against property, you normally have your mortgage, then secured charges after that. If you have two second charges then someone has to be third in list after the mortgage and first charge if that makes sense.

Just trying to get my head round who and what investors are securing the debot on and in what priority will they be paid

?

Bloody good question and hands up I don't know the answer.

However, the picture is more clouded because some of the mortgage charges are against Cardiff City Football Club, others against the Holding Company, more against the Stadium Company and finally the Premier Seats.

To add even more confusion there are 2 recent mortgage additions against the holding company (a finance company and Vincent Tan) but both Charges have the same wording and claim to be 'by way of first fixed charge' over freehold and lease hold property, stocks shares, licences, cash and just about everything else.

I would love to know who takes priority, although someone did mention before that all fixed charges like this have equal status should we go into liquidation.

Tony

I posted about this somewhere else on here in answer to the same question raised by another poster.If I was any good at these things , I could track it down for you , but I`m not.

What usually happens when there are various charges against seemingly the same assets is that the chargeholders enter into a Deed of Priorities. This is basically a private (so not recorded at Companies House) but legally binding agreement between them as to who gets first call on each of the assets should they be sold . In the absence of such a Deed , then the chargeholder who took the charge over the assets first ranks first in priority - i.e. it is done in date order.

Keith

I am sure I read on here last week that the Malaysians money that they invested was a secured debt, I am also led to believe that there are other secured creditors so can someone clarify who actually has first charge

In the normal world of finance if you are securing loans against property, you normally have your mortgage, then secured charges after that. If you have two second charges then someone has to be third in list after the mortgage and first charge if that makes sense.

Just trying to get my head round who and what investors are securing the debot on and in what priority will they be paid

?

Bloody good question and hands up I don't know the answer.

However, the picture is more clouded because some of the mortgage charges are against Cardiff City Football Club, others against the Holding Company, more against the Stadium Company and finally the Premier Seats.

To add even more confusion there are 2 recent mortgage additions against the holding company (a finance company and Vincent Tan) but both Charges have the same wording and claim to be 'by way of first fixed charge' over freehold and lease hold property, stocks shares, licences, cash and just about everything else.

I would love to know who takes priority, although someone did mention before that all fixed charges like this have equal status should we go into liquidation.

Tony

I posted about this somewhere else on here in answer to the same question raised by another poster.If I was any good at these things , I could track it down for you , but I`m not.

What usually happens when there are various charges against seemingly the same assets is that the chargeholders enter into a Deed of Priorities. This is basically a private (so not recorded at Companies House) but legally binding agreement between them as to who gets first call on each of the assets should they be sold . In the absence of such a Deed , then the chargeholder who took the charge over the assets first ranks first in priority - i.e. it is done in date order.

Keith

Cheers I have been wondering about that for ages.

Can anyone get information on all the charges secured against Cardiff City FC, The Holdings, The stadium Company and The Premier Seats

Also can anyone explain why there are so many different companies and does this have something to do with what happened at Southampton and how they tried to get out of administration

I am really trying to get my head round this but cant - All it seems to do is raise more questions and I havent even got to the point of a thread that I want to start

Is there any truth in the rumour flying around that there are loans out against the value of the players?

I heard that PR took loans out based against some of the players values, apparently he did this at Leeds as well.

Anyone know if this has happened at City?

Is there any truth in the rumour flying around that there are loans out against the value of the players?

I heard that PR took loans out based against some of the players values, apparently he did this at Leeds as well.

Anyone know if this has happened at City?

Yes there have Def been Morgages/loans taken out on Our Player by The Riddler and they want their money back This Aug/Sept about £3.5 Million approx.

Is there any truth in the rumour flying around that there are loans out against the value of the players?

I heard that PR took loans out based against some of the players values, apparently he did this at Leeds as well.

Anyone know if this has happened at City?

Yes there have Def been Morgages/loans taken out on Our Player by The Riddler and they want their money back This Aug/Sept about £3.5 Million approx.

Ultimately then it begs the question whether the current board actually realise how much debt the club is in. every week there are more coming forward saying they have waited too long for there money. This could hang over the club for a very long time. I suppose that also means that if we sell any of these players we HAVE to get at least the motgage value or its no good, and god forbid any of the mortgaged players get away on a free. Bottom line, even if a player is sold it isn't going to release the funds to buy any more players

Can anyone get information on all the charges secured against Cardiff City FC, The Holdings, The stadium Company and The Premier Seats

Also can anyone explain why there are so many different companies and does this have something to do with what happened at Southampton and how they tried to get out of administration

I am really trying to get my head round this but cant - All it seems to do is raise more questions and I havent even got to the point of a thread that I want to start

These are the companies/individuals who have secured mortgages over Cardiff City assets.

Cardiff City Football Club: Player Finance Fund, Erskine Finance and Vincent Tan

Cardiff City Holdings: Vincent Tan and Erskine Finance

Cardiff City Stadium Ltd: Compass Contract Services

Cardiff City Premier Seating: PMG (3 Seperate mortgages)

Is the player finance fund the Ray Ransom lot and who is Erskine Finance ?

Do we have amounts for these secured creditors and the dates they were registere because as someone mentioned in the thread earlier if it done in date order then the risk exposed is surely to Vincent Tan as opposed to the likes of PMG and Compass ?