777 Partners / Whatever the hell you like

[Curtis]

Isn't there a similar situation unfolding in Brazil with the club , 777 own there as well?

 

[Moderatelywarmwater]

I ask again, where did 777 get the £200m from?

 

[TyphooToffee]

I ask again, where did 777 get the £200m from?

Sold a few Aussie aircraft. Some with passengers still in them.

 

[pfim]

I ask again, where did 777 get the £200m from?

Acap, the company that seems to be seizing the assets of 777s affiliates

 

[Neiler]

I ask again, where did 777 get the £200m from?

A-Cap.

 

[Blue Smoke]

Is there likely to be anyone crawl out of the woodwork and instantly demand the 200 million 777 have given us so far?

 

[jonnyboy316]

That won’t happen. Investing in players has proven a bad investment. The ground is another matter entirely. It’s physically going to exist, it will generate revenue and it will increase in value as an asset in a wonderful location. Moshiri will ensure the ground is built as this is his only guaranteed asset…imo obviously…….

If he is out of money he is out of money. I don’t think he puts in another penny. Branthwaite and Onana will both go but that still won’t be enough

 

[Swartzy]

Any update from the Esk?

Hopefully not !!

 

[Neiler]

Is there likely to be anyone crawl out of the woodwork and instantly demand the 200 million 777 have given us so far?

Depends on the loan agreement and what happens next - if they went into administration, an administrator would look at who owes them money, but unlikely to be recovered from us I’d say given apart from Moshiri they are our least senior debt, what security if any, they have depends on the loan agreement.

 

[CalBuckeye_Rob]

This is sort of true with 777 and sort of not. The layering of the business lets them invest reinsurance pools into other 777 ventures. They use those investments on a varied portfolio of investments which include their sporting acquisitions.

But it also is a structure limited by cash flow. They don’t have a steady income stream, rather they have to wait for premiums to replenish the reinsurance pool and then shift those to investment arms of the business.

To mitigate their cash flow issues, they borrow on lines of credit. This works while profits are coming in, and doesn’t work when they overextend or an investment tanks and they have to eat a loss.

With reinsurance you should have to have the ability to actually pay the inevitable claims and that usually means the investments are fairly liquid. It appears that 777 isn't really worried about that since they seem to have the ability to keep borrowing more. But that always has an expiration date when the banks cut you off. Probably a decent chance they file for bankruptcy before ever becoming financially secure.

 

[pfim]

Is there likely to be anyone crawl out of the woodwork and instantly demand the 200 million 777 have given us so far?

Someone could take over the debt. They won’t be able to collect for the same reason 777 can’t-there’s no cash in the club. Filing Administration against the club would be pointless, given their position as an unsecured creditor they likely won’t see a dime.

 

[tiburonazul]

Easier to do it right then wrong, 30 years on site work, putting in the hard yards.

Sean D approves of this message!

 

[Moderatelywarmwater]

Acap, the company that seems to be seizing the assets of 777s affiliates

But ACAP stopped being able to fund 777 several months ago. So is this actually right? Do we know it to be true?

 

[IllinoisBlue]

The question is how much longer does that imbecile Moshiri want to continue to play his stupid game of chicken with the Premier League before he realises he’s lost.

Maybe he is ok with 777 bunging in 20m every few weeks to cover operating costs, rather than having it come from his own pocket?

 

[AndyC]

This situation could be resolved today IF…

If all the other main creditors - MSP, Metro Bank, Rights &Media Funding, Andy Bell and George Downing - were to get together and agree to in effect work together to force Moshiri’s hand.

With 777 clearly being a basket case of an outfit and unable to continue to provide any further funding due to the court cases piling up against them and their known liquidity issues, other than injecting more capital himself, which he clearly isn’t willing to do or unable to do, Moshiri would basically have no other option than to cede to the demands of the other creditors and open himself up to other parties.

It’s actually in the hands of the other major creditors… work together for a mutually beneficial solution.