I was wondering this but apparently Standing doesn't own 50% of the club he owns 50% of the holding company according to Power, Clem owns 15% of the club so that leaves Power with 85% still.
WRT to Standing doesn't the holding company own the club to all intents and purposes anyway, just strikes me of someone trying to bullshit.
WRT to Clem, if he only owns 15% of the club why is he not a director of a bit of the company he apparently part owns, yet is a director of both holding companies (Seebeck and Swinton Reds)
The judge said Clem paid £250k for his 15% share and that he has proven funds of £4m in a bank account is available to buy the club, which is what Power values the club at.
So the club is only worth £4.25m now, could make it attractive to more people compared with the £7m+ previously banded about. I assume there still remains the issue as to whether Clems injection was a loan re the CGT issue.
Power said he himself has solely funded the club since August 2019 and Clem says that his cash injection, or a large portion of it seems to be unaccounted for.
Its very murky innit.
Powers solicitor said that Clems bid is actually lower than Able's bid (said to be £250k) which is why he hasn't accepted it.
Power also suggested that because Clem recently had part of his company wound up that he is "not a fit and proper owner" and that Power has the club and its fans best interests at heart!
£250k seems a comparatively small amount to be apart, especially as they are all racking up legals at an alarming rate.
As for the Fit and Proper argument I assume Crea8 etc etc were mentioned, oh and plus the FA charge!
The judge did not seem to trust what Power or his solicitor were suggesting as the truth, I don't know if that is normal "judge speak" but he kept constantly questioning Powers solicitor who made several mistakes in what she presented which he picked up on instantly and the judge seemed to doubt what he was being told constantly.
Judges don't tend to accuse counsel of lying but will tease stuff out, TBH I imagine the Briefs brief was scrawled on the back of an envelope and as the above suggests is changed by the minute so she is probably doing the best she can!