Winding Up Order

[Batch]

Have the "this is why Morrison went to Southend" rumours started on thisis yet ?

[Ardiles]

There will almost certainly be a communication from the club early tomorrow morning, the wording of which will be key.  I don't plan to lose any sleep over this tonight, but will be reading tomorrow very closely.

[Samdy Gray]

As we have been through the Bill Power court case I guess that they did.

My understanding was that Wills underwrote all liabilities, but because the action was taken against the football club as current custodians Fitton et al had to defend the action. I'd imagine the same would happen with this.

[Iffy's Onion Bhaji]

Well I trust this board a lot more than the last one so I won't lose too much sleep either. My guess is that they are taking the same stance that they did with the Power issue.

[sonicyouth]

here we go again...

[Batch]

the adver mentioned a bit about the debt in Feb 09

http://www.thisisswindontownfc.co.uk/news/4105534.Town_s___1_75million_loss/


2007 Accounts:

The accounts also revealed that the company owed nearly £2.5million to Shaw Park Developments Ltd, a joint venture between developers St Modwen and Town's holding company to explore the possibility of a new stadium.

The 50 per cent interest in Shaw Park Developments Ltd has since been transferred to Swindon Football Holding Ltd, the consortium headed up by current chairman Andrew Fitton.

[Iffy's Onion Bhaji]

So basically the debt is for the current holding compant to pay? Ouch.

[Batch]

Who knows! They know about it, it isn't a surprise* and I'd imagine a plan is in place to deal with it.

* unless St Modwen unexpectedly called it in.

[sonicyouth]

it's not their debt and given their previous stance, i can see them refusing to pay it. how stubborn will they be?

if fitton et al are lookign for a way out, this is it

[Chubbs]

FFS

[jonny72]

The accounts also revealed that the company owed nearly £2.5million to Shaw Park Developments Ltd, a joint venture between developers St Modwen and Town's holding company to explore the possibility of a new stadium.

The 50 per cent interest in Shaw Park Developments Ltd has since been transferred to Swindon Football Holding Ltd, the consortium headed up by current chairman Andrew Fitton.

So that means; the club owes £2.5m to Shaw Park, with Shaw Park being owned 50/50 by St Modwen and Fitton's holding company. So surely any legal action against the club would have to come from Shaw Park rather than St Modwen.

Sounds like another complicated arrangement that will have to be unravelled in court. Bearing in mind we're talking about a seven figure sum, its possible St Modwen could just be chancing their luck to see what happens.

I can't see there being anything to worry about. Fitton will have known about this all along and I still find it hard to see them walking away when they've come this far.

[Arriba]

the debts were inherited when the club was taken over surely?
power was shat on.this could get interesting

[Nemo]

I thought things were going a bit too well.

[flammableBen]

My understanding was that Wills underwrote all liabilities, but because the action was taken against the football club as current custodians Fitton et al had to defend the action. I'd imagine the same would happen with this.

I'd guess so too. I can't remember how the old BP action finished? Did Wills end up actually paying?

I miss all the old finance web stuff. This has god my heart buzzing again. Anybody have Fitton's mobile number?

[Saxondale]

Shall we have a demonstration?  Outside the back of the arkells.  Just after the usual statement friday?