Bill Power court case

[glos_robin]

I notice Diamandis failed to appear at the court case and has gone back to Cyprus obviously things were getting abit iffy for him after both Holt and Gray cited him as the person who told them to do everything. Hopefully he never gets let back into the country again.

[Batch]

after both Holt and Gray cited him as the person who told them to do everything.

Surely not, he was not a director where as Holt and Gray were. Anyway I would imagine you won't be getting a postcard any time soon.

[pauld]

Surely not, he was not a director where as Holt and Gray were.

Of course had he been acting as a "shadow director" in this way in the period up to November 2004, he (and possibly they if they did so knowingly) would have been committing a criminal offence in breach of his court-imposed ban from acting as a director. So I'm just as sure as you are Batch that that couldn't possibly have happened

And given how sure he was he had done no wrong, and how keen to tell us all so in many and various statements, I find it difficult to believe he would have fled to Cyprus rather than have his day in court to establish definitively he had indeed acted in the best interests of the club as we'd all been told so often. Surely shome mistake

[michael]

He is in the Town End most games dontcha know

[Spencer_White]

Fitton says why couldnt they sort it outside the courts?

One word Diamandis. The bloke is, was and will always be totally unreasonable, and to be frank, if he had been taken to court a few more times then he wouldnt have been able to get away with what he did do at Swindon? Because the law didnt do anything to stop Diamandis running the club whilst banned.

So yes, its expensive. But dont forget they smeared Bill Power as well. They told Sturrock that he was a crook, trying to steal Will's money. So good on someone standing up to the bastard.

[horlock07]

I notice Diamandis failed to appear at the court case and has gone back to Cyprus obviously things were getting abit iffy for him after both Holt and Gray cited him as the person who told them to do everything. Hopefully he never gets let back into the country again.

Where is this written?

[Tails]

Advertiser today reporting it could cost the club £2M and that the previous board have failed to come up with any cash.. Seems a lot more serious than I thought it would be.

[Nemo]

From the adver:

SWINDON Town’s future is back under threat because of a possible £2million bill arising from the long drawn-out High Court action brought by former investor Bill Power.

The Advertiser understands Town chiefs secretly fear the pending written judgement in the case will go in favour of the ex-QPR chairman, who launched a £1.12million writ against Swindon Town FC Limited, the holding company of former owners the Wills family, which later went into administration.

Power took action over money he put into the club in 2006, which he insists was a loan, but the previous administration claimed was a share issue.

The current consortium in charge at the County Ground, headed by chairman Andrew Fitton, secured an indemnity from Sir Seton and James Wills, against some of the costs accrued from the proceedings.

However, the Advertiser understands that, despite the mounting legal bills, the Wills family have so far failed to come up with the cash, leaving the current board facing the prospect of footing the potential seven-figure sum and raising the spectre of Town facing further financial difficulties.

Although reluctant to comment on the specifics of the case, Fitton, right, said: “This thing is hanging over the club’s head and we cannot get it to go away because it is not our fault - but ultimately the club is going to pay the price. It has done significant damage to the club.”

Why am I not suprised in the slightest

[STFC_Gazza]

oh bollocks..... What about the indemnity??? I can only guess that SSW/MD and crew figure, well we wont stick to the indemnity, it would cost the club more money in legal fees etc to chase us for the money through the courts so if STFC lose the case its cheaper for them to bite the bullet?? I am not sure but I really wish we could draw a line under everything... what a great way to start a friday

[LucienSanchez]

Is that indemnity thing a legal issue? If so, surely Fitton won't have to pay anything. Also isn't the issue with the holding company, and therefore nothing to do with Fitton either? I'm confused...

[Samdy Gray]

Is that indemnity thing a legal issue? If so, surely Fitton won't have to pay anything. Also isn't the issue with the holding company, and therefore nothing to do with Fitton either? I'm confused...

The issue was with the holding company, but as that was conveniently placed into administration and is effectively wound-up the actual football club had to defend the case.

It also wouldn't surprise me if the indemnity isn't worth the fag packet that Mick the Greek wrote it on.

[Ardiles]

Why would the current board be 'facing the prospect of footing the potential seven-figure sum'?  I don't understand.  What was the indemnity for if not this?

Off the field, we have moved on now - so I am confident that this is not an issue that would prove fatal for the club (as it would have done pre-Fitton/Arbib etc.)  As others have said, at the worst we sell Cox to pay Power.

I am just irritated that the rotting corpse of the Wills/Diamandis ownership of our club is still festering away in the background.  And it smells fucking awful.

[STFC_Gazza]

More From Fitton...

ANDREW Fitton has warned that asking his board of directors to “put their hands in their pockets to fight someone else’s battle’’ could prove a step too far for Swindon Town’s current backers.

And the chairman insists the fact that the club have ended up fighting a legal case on behalf of the previous owners and against what was agreed as part of last year’s takeover, has put the County Ground outfit “financially at risk.”

Fitton was reluctant to go into too much detail when contacted by the Advertiser – particularly when judgement on the case, which was heard in the High Court last month, is awaited.

However, he admitted he believes Swindon are paying a heavy price for a dispute which he never wanted to end up in the law courts, with the total bill potentially pushing the £2million barrier if Bill Power emerges the victor from the judgement that is due at any time.

London-based businessman Fitton revealed he and his team have already paid out legal fees totalling more than £400,000, and there is reluctance to continue funding someone else’s battle.

“When we acquired the club, the Wills family agreed to indemnify us against any claims that we might have from the litigation – that is a matter of record,” said Town’s chairman.

“From the moment we became involved it was agreed that the previous owners would run the litigation.

“But their holding company went into administration so we have taken the bullet and had to run the case.

“It has cost close to half-a-million-pounds in legal costs for something that we are nothing to do with and it’s very frustrating – apart from anything else it is distracting management from the real task of sorting out this club and restoring it to good health.

“From our point of view this situation is putting the club at risk. Why should people like Sir Martyn Arbib and Andrew Black put their hands in their pockets to fight someone else’s battle?”

The long-running dispute was heard in the High Court last month, and Town’s hierarchy are also believed to fear Power may be at least partially successful in his bid to recoup the £1.12million he put in to the club in 2006.

But Fitton insists it should have never reached this point, and that the Wills’ reluctance to settle out of court has plunged the club back into danger.

“These things should never go to court. Court is not the answer,” he said.

“If they had settled when we told them to settle it would have cost a whole lot less.

“This thing is hanging over the club’s head and we cannot get it to go away because it is not our fault – but ultimately the club is going to pay the price.”

Fitton declined to divulge all the details at this stage, but has pledged to provide an in-depth interview at some stage in the future once the judgement is known.

“Let’s see what happens. We have to hope for the best and plan for the worst,” he added.

[Batch]

FFS, thank Wills.

[Tails]

I think Diamandis and co need a visit.