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Author Topic: Jed mccory  (Read 506932 times)
otanswell

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« Reply #1395 on: Wednesday, June 25, 2014, 12:35:40 »

Funny feeling he won't be going anywhere
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Ardiles

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« Reply #1396 on: Wednesday, June 25, 2014, 12:45:37 »

Can see this dragging on to tomorrow

According to friend who is there as well, likely to run for three days with judgement expected next week.
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Red Frog
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« Reply #1397 on: Wednesday, June 25, 2014, 12:57:02 »

Quote from: Beren Cross
Power had been pumping substantial funds into #stfc for eight months despite officially owning no shares. He trusted McCrory.

Power trusted Jed? Just what the fuck was he thinking? Even the TEF has more business acumen than that.
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Tout ce que je sais de plus sūr ą propos de la moralité et des obligations des hommes, c'est au football que je le dois. - Albert Camus
Arriba

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« Reply #1398 on: Wednesday, June 25, 2014, 12:57:22 »

I'd laugh like fuck if Jed won.
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otanswell

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« Reply #1399 on: Wednesday, June 25, 2014, 12:57:46 »

soapy tit wank
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china red

« Reply #1400 on: Wednesday, June 25, 2014, 13:05:06 »

I'd laugh like fuck if Jed won.

Think i'd cry.
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Flashheart

« Reply #1401 on: Wednesday, June 25, 2014, 13:17:30 »

I think that to say the deal was done on trust could be a tad misleading:

Quote
LEE Power was not confirmed as Swindon Town owner until eight months after his initial £1.2m cash injection because he was wrongly led to believe he was not Football League-approved.

During the morning session of the High Court hearing to determine the ownership of Town, the current chairman alleged Jed McCrory, his predecessor, had told him he was only approved as a director.

The Football League confirmed Mr Power had passed the fit and proper persons' test required on July 11 last year, but Power went on believing this did not allow him to take up his option agreement and become club owner.

The former professional footballer first became involved with the club when it was under a transfer embargo and required £1.2m in funds to lift the ban.

Mr McCrory and his holding company Seebeck 87, which bought the club from Andrew Black in 2013, were allegedly unable to raise thr seven-figure sum before a March 28 deadline.

Mr Power entered the fray and provided the funds through his holding firm Swinton Reds 20, along with his co-director Stephen Crouch, under the agreement the pair would ultimately assume 60 per cent stake in Swindon Town further down the line.


This money satisfied the Football League and the embargo was lifted before the full sum was returned to Swinton Reds 20 on April 8 last year.

The share sale agreement, which would ultimately give Swinton Reds 20 a controlling stake at the County Ground, would expire 14 days after the March 27 transaction, but Mr Power alleges this was extended to three years.

Mr N Strauss QC's decision on whether this option agreement was extended will be the deciding factor in where the power at the County Ground lies.

The court shall resume at 2pm with evidence from director Sangita Shah.

http://m.swindonadvertiser.co.uk/news/11299802.High_Court_hearing_on_STFC_ownership_breaks_for_lunch/
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Red Frog
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« Reply #1402 on: Wednesday, June 25, 2014, 13:27:16 »

Does that say the £1.2m loan was returned, and if so, has Power subsequently put anything into the club? Has anyone in fact spent a penny in the last 18 months?
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Tout ce que je sais de plus sūr ą propos de la moralité et des obligations des hommes, c'est au football que je le dois. - Albert Camus
horlock07

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« Reply #1403 on: Wednesday, June 25, 2014, 13:27:55 »

I think that to say the deal was done on trust could be a tad misleading:

http://m.swindonadvertiser.co.uk/news/11299802.High_Court_hearing_on_STFC_ownership_breaks_for_lunch/

I think the fact that this has taken 3 court visits so far and dragged on for months would suggest that it is a very murky and confused transaction. The fact that Jed only appeared back out of the woodwork around 12 months later would also suggest that he didn't know he had a loophole to exploit until someone I suspect considerably more intelligent than he did pointed it out.

If Jed does win what happens to any investment that Power did make, would this legally be classed as loans and thus repayable as taking note of Jeds well known liquidity I would fear a sale of anything not bolted down or liquidation.
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horlock07

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« Reply #1404 on: Wednesday, June 25, 2014, 13:28:47 »

Does that say the £1.2m loan was returned, and if so, has Power subsequently put anything into the club? Has anyone in fact spent a penny in the last 18 months?

Well considering that we havent run sustainably as a business for god knows how long (have we ever turned a surplus) I suggest someone must have put some cash in!
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Red Frog
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« Reply #1405 on: Wednesday, June 25, 2014, 13:32:41 »

Well considering that we havent run sustainably as a business for god knows how long (have we ever turned a surplus) I suggest someone must have put some cash in!

Or posted a significant loss…
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Tout ce que je sais de plus sūr ą propos de la moralité et des obligations des hommes, c'est au football que je le dois. - Albert Camus
ron dodgers

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« Reply #1406 on: Wednesday, June 25, 2014, 13:37:17 »

what don't sound good?
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Batch
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« Reply #1407 on: Wednesday, June 25, 2014, 13:38:36 »

Or posted a significant loss…
surely the forensic fiscal audit would show that. if only anyone could find it..
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Power to people

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« Reply #1408 on: Wednesday, June 25, 2014, 13:43:15 »

surely the forensic fiscal audit would show that. if only anyone could find it..

It's in Sangita Shah's head...now where have I heard that term before
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horlock07

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« Reply #1409 on: Wednesday, June 25, 2014, 13:52:16 »

Or posted a significant loss…

surely the forensic fiscal audit would show that. if only anyone could find it..

But if we have posted a significant loss then someone (I assume Power) has invested the cash to make up the shortfall, a loss making business isn't going to last long without investment? 

The fact that Jed got the club for nothing and then had to borrow £1.2m from Power almost immediately, a fact he doesn't seem to be contesting gives a worrying indication of what awaits.
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