Just an update. I am not in my office today but, if I am able, will take any calls on my mobile 07885 818945.

I am absolutely staggered by the response from people in every walk of life and will have somne good tales to tell at the end of all this. A big thank you to all those, too many to mention, for the way they have taken this on board. There is a long, long way to go but I believe the will, spirit and desire is there to see this through to a successful conclusion.

Details of how to donate are on the backpage of the CT today, should by now be on the paper's website, and will be repeated tomorrow. The Former Players Association have kicked off with a magnificent £3,000 - thanks a million, lads!

The practicalities of setting up the account proved a little more difficult than I thought it would in my naivety. It is on the question of receipts and returning monies. If people wish to hold off from donating until after Friday's meeting, please do as trustee John Butler and myself will do all we can to give the answers you need then.

Again, thanks to everyone - it us amazing what can be done with a bit of passion!

When we do this - and pray God we will - all I want to see is everyone, and thousands more, walk into the BPA before the first game, waving their scarves and whatever, singing and cheering on the lads for all they are worth - and turning round as one to AG to say 'this is what this means to us; let's make sure we are never in this ppsition again by working together for the good of the club.'

End of the lesson; soap box back in storage.

John

amen. praise the lord

Thanks John...

Firstly, good luck with the appeal, I hope it is successful.

Secondly, as chance would have it, I work in the world of 'security bonds' (there is not any fixed terminology and people use a wide variety of terms to describe the same thing or the same terms to describe different things!).

I assume that what is being proposed is that a bank or surety company ('guarantor') issues a 'first demand' guarantee ('bond'), with an expiry date of two years (or probably a little longer in practice) from the date of issue, for GBP100k in favour of the RFU under which the RFU can make demand if, in its sole opinion, Coventry Rugby has defaulted on the obligations covered by the bond. The guarantor will be taking a risk of GBP100k by giving the bond so it requires 'cash cover' / 'cash collateral' as security and this cash cover will be used to pay any demand under the bond. I imagine the guarantor will also require an indemnity and the payment of commission, normally quarterly (2% p.a. is typical). Presumably Coventry Rugby will be responsible for this (although the commission could be deducted from the interest payable on the cash cover).

Or perhaps the 'security bond' will take the form of an 'escrow account' arrangement (a field in which I do not work) where the funds will be held in an account under the control of a 'trusted' third party who will then decide if, at any time, the money is due to the RFU should they claim it and, if not claimed by the end of the agreed period, refund it to the trustees for the donors.

Anyway, I'll be curious to learn the detailed mechanics of the arrangement.



Edited 2 time(s). Last edit at 2008:06:18:12:54:56 by Jel of Solihull.