This is worrying...

[RobertT]

By threatening to pull out he essentially puts an end date on everything.  It says that if they do continue to stall then the only option he'll give them is to pay him £1.2m on demand.  The club clearly will not have £1.2m plus £900k for the CVA now due in 3 weeks just sitting around in a bank account.  So they now have a quick series of decisions to make as opposed to continuing the current strategy.

It mentions in the article about a deadline being given to the club, I;m guessing the bit in the paper is just reporting on what has already happened behind the scenes.

[Arriba]

dunno sonic.but i and everyone backing the consortium would.hope its just threats as he'd make the consortium look like cunts if he did

[Dazzza]

Another property company on the scene and another debenture on the horizon.  

It reminds me of that Scotch video tape commercial.

[sonic youth]

By threatening to pull out he essentially puts an end date on everything.  It says that if they do continue to stall then the only option he'll give them is to pay him £1.2m on demand.  The club clearly will not have £1.2m plus £900k for the CVA now due in 3 weeks just sitting around in a bank account.  So they now have a quick series of decisions to make as opposed to continuing the current strategy.

It mentions in the article about a deadline being given to the club, I;m guessing the bit in the paper is just reporting on what has already happened behind the scenes.

diamandis has more or less admitted that he'll take the club down with him, so what is this going to achieve? it's blatantly obvious that the board aren't going to think 'shit, he's got us over a barrel here - time to bail out' and suddenly start negotiating.

[Sippo]

I'm confused...

If he demands the money back, the club struggle then surely the board will need to sell or the cub become non-existant? Or am I completely on the wrong track?  :?  :?

[RobertT]

The Board become a non entity with this next stage.  It's the Wills family who stand to lose the money.  The club going under means £6m of loan notes vanishing, even Diamandis would be hard pressed to advise that course of action.  He may be a big influence, but it's not his money at risk.

[herthab]

Ever since Bill Power jumped into bed with the Fans Consortium I have been slightly uneasy with the 'hero worship' bestowed on him by some people.

I can't believe that he's become involved for purely altruistic reasons and find it incredibly naive of others to do so.

He's a businessman and as such must have other motives for his interest in us.

Saying that, I'd still rather give him a chance than the current incumbents.

Maybe I've just mislaid my rose tinted specs  :?

[Arriba]

what if powers threats to walk away actually happen?

[yeo]

Great News

Now something might happen, legal action has been needed for a while now.

[RobertT]

Ever since Bill Power jumped into bed with the Fans Consortium I have been slightly uneasy with the 'hero worship' bestowed on him by some people.

I can't believe that he's become involved for purely altruistic reasons and find it incredibly naive of others to do so.

He's a businessman and as such must have other motives for his interest in us.

Saying that, I'd still rather give him a chance than the current incumbents.

Maybe I've just mislaid my rose tinted specs  :?

I don't think you are wrong Herthab.

I've had the pleasure of meeting him, and he really does want to be involved in STFC, he really does want to help the club.

But you are right, he is a businessman.  He may not be in it to make millions (def not) he is also not in it to lose a fortune.

If push comes to shove though, and he's put in a position where the club start playing the French knights from the Holy Grail, then he would as a businessman and person by entirley likely to say - "fuck you".

I'm not stupid enough to confuse a desire to be involved and help with something altgoether more rose pettled of being a Benefactor.

[RobertT]

what if powers threats to walk away actually happen?

If the club have no way of showing a share transfer or paperwork to show a donation, then they owe £1.2m payable on demand (which is the state of play with any loan that has no terms).

The club do not have £1.2m handy so would need to very quickly get on bended knees and plead for repayment terms, or face being forced to wind-up the business.

By doing so all the current ties to STFC of Mr Wills and family would be wiped out in an instant (St Modwen getting first dibs as they hold the debenture).  Power would probably get very little actual money back this way, but the Wills family would lose a shit load of security.

So, it would be up to Wills what to do.  Nothing, or let the shares go and get a little something.

If you don't threaten the end game then there is not point in making the threat at all.  You have to suggest you'd go all the way.

[Arriba]

thanks rob.i'm a little less worried after reading your post.

[herthab]

Yeah, cheers Rob for making things a little clearer!

Is there anyway we can have a special avatar for people who actually know what they're on about, like Rob, Paul D and Fred (Sometimes )

It would save time reading bullshit by people who don't know a fucking thing but think they do

[red macca]

So in reality power could have done this to start with ?

[Samdy Gray]

Well if it does get legal then I'd imagine it could go one of two ways:

a) the club can't afford to pay back the 1.2 million therefore we go bankrupt

b) Power gets ownership of the club as part of a settlement