Coventry City's Interim CEO Tim Fisher has denied anything untowards in the debenture placed on the club
A debenture was placed on the club by Caymen Islands registered Arvo Master Fund Limited back in March but Mr Fisher claimed this was normal practice telling the CT: "It's normal business practice and just means that one SISU company has call on assets of another SISU company.
"If you don't do that, you want your head looking at."
The club have also confirmed that they will not be facing a ten point penalty if they do not declare their accounts by June 1st. The penalty for that is a transfer embargo which the club are already under.
More on this : http://www.coventrycity-mad.co.uk/news/tmnw/city_having_outstanding_debenture_741710/index.shtml
http://www.coventrytelegraph.net/coventry-city-fc/coventry-city-fc-news/2012/05/18/92746-30996096/