Livorno:

Things are going from bad to worse for Livorno, and it's now reported they've failed to present the performance bond to see out the season. Cerea Banca are the culprits, unsurprisingly. Carpi took note.

Livorno could be expunged from the league by Wednesday.

There are contrasting reports from Livorno, though. Local reports suggest that the bond is simply to be able to sign players, and so the missing portion wouldn't place the club's future in doubt.

And that Cerea Banca's stake is set to be bought out by the 19th anyway.

That said, current chairman Navarra has himself claimed he's spoken to league chairman Ghirelli, who has confirmed Livorno would be expunged on Wednesday if they can't present the full bond by tomorrow.

A terrifying prospect after the Trapani debacle.

Foggia:

In addition to the situations at Livorno and Trapani this season, there are serious questions about the future of newly promoted Foggia, who seem to have grossly underestimated the costs of participating in Serie C.

Once again, this has been obvious since August.

Livorno:

To be precise, the bond is for 1 million euro and is to guarantee player wages for the season.

So if they can't pay it, they can't register new players and they lose the players they already had. They would therefore be unable to continue.

Livorno:

Cerea Banca's here objectives are becoming clear:
1. Fund the buyout of a football club for a pittance.
2. Sow discord among shareholders.
3. Hold club hostage by threatening its existence.
4. Sell shares at profit to those interested in saving club

4b. In this instance, "those interested in saving the club" would be Spinelli and Navarra. Not necessarily for emotional reasons. More probably to keep the skeletons in their cupboards well locked-up.

This is why Cerea Banca's extortion is so effective.

Look at Carpi, whose buyout was also mediated by Verona-based Cerea Banca.

They are owned as follows:
30% local businesses
10% local politician (chairman)
30% Verona-based import Co.
10% Verona-based furniture Co.
20% Florence-based holding company

The Verona-based furniture Co is owned by the former manager of "Cerea Calcio"

Now tell me where the balance of power lies here. And who will have the moral obligation to "bail out" Carpi when things go awry.

In Carpi's case, the "local politician" (and chairman) has been investigated for malfeasance in office (relating to use of public spaces) and intention to blackmail the mayor while serving as deputy mayor.

Skeletons in closets & naive local businesses = Cerea Banca's specialty

The same "local politician" resigned as chairman of Carpi last week over bond issues involving Cerea Banca (sound familiar?).

As new chairman, they have installed the local businessman whose consortium owns 30% of the club (representing the naive emotional interest).