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tans
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« on: Tuesday, May 19, 2020, 19:51:06 »

Gareth Barry involved in STFC


http://www.bailii.org/ew/cases/EWHC/Ch/2020/1171.html

http://www.bailii.org/ew/cases/EWHC/Ch/2020/1173.html
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JoeMezz

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« Reply #1 on: Tuesday, May 19, 2020, 19:55:30 »

No idea what this means. Any clue?
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skiptotheLouMacari

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« Reply #2 on: Tuesday, May 19, 2020, 19:59:44 »

Right, and this means??  Hmmm
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Jimmy Quinn

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« Reply #3 on: Tuesday, May 19, 2020, 20:01:31 »


No idea so how an earth did you find this Eek
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tans
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« Reply #4 on: Tuesday, May 19, 2020, 20:02:03 »

Read it, apparently it is claimed we had a £1.8m sell on for Matt Ritchie

Any legal eagles have any idea?
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tans
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« Reply #5 on: Tuesday, May 19, 2020, 20:02:22 »

No idea so how an earth did you find this Eek

Was posted on facebook
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Batch
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« Reply #6 on: Tuesday, May 19, 2020, 20:08:11 »

Clem is chasing the 15% too then.

Hagen Barry rumours were around quite some time ago iirc
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Jimmy Quinn

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« Reply #7 on: Tuesday, May 19, 2020, 20:11:35 »

Was posted on facebook
[/quote

Cheers  Smiley
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The Artist Formerly Known as Audrey

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« Reply #8 on: Tuesday, May 19, 2020, 20:12:22 »

Right, and this means??  Hmmm

Power was/is flogging the club to an American company, Able. £7.5m was the price pre-Covid - not sure now. Clem (Axis) paid Power for 15% of the club which he didn’t incorporate as being part owner of the club and was negotiating a sale without Axis’ knowledge which would mean their £1,5m investment would disappear.

My novice view, could be wrong, but whatever it doesn’t sound at all good.
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JBZ
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« Reply #9 on: Tuesday, May 19, 2020, 20:14:06 »

Read it, apparently it is claimed we had a £1.8m sell on for Matt Ritchie

Any legal eagles have any idea?

Who are the 'legal eagles' on this forum?
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tans
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« Reply #10 on: Tuesday, May 19, 2020, 20:15:18 »

Steve Murrall was but he is now otherwise engaged soapy tit wank

Nah, dont know if we have any on here tbh
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4D
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« Reply #11 on: Tuesday, May 19, 2020, 20:20:14 »

I thought this was going to be about another tefer in the dock  Smiley
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Richie Wellen-Dowd

« Reply #12 on: Tuesday, May 19, 2020, 20:25:25 »

Power was/is flogging the club to an American company, Able. £7.5m was the price pre-Covid - not sure now. Clem (Axis) paid Power for 15% of the club which he didn’t incorporate as being part owner of the club and was negotiating a sale without Axis’ knowledge which would mean their £1,5m investment would disappear.

My novice view, could be wrong, but whatever it doesn’t sound at all good.

I don't think their investment would have disappeared, they just wouldn't have to be consulted about the sale so Power could have just forced it through.

I haven't read the stuff about Standing yet, although presumably he feels he should be consulted as he would be entitled to 50% of the proceeds(although Power says the 50% is Gareth Barry's), something I don't think Axis were made aware of.

An unholy mess for sure.
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tans
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« Reply #13 on: Tuesday, May 19, 2020, 20:27:03 »

Quote
The Andrew Black Incident

Mr Matt Richie is a Scottish international footballer and played for the Club until he was sold in January 2013 (before the acquisition) to AFC Bournemouth. He was then sold on in July 2016 to Newcastle United FC and this triggered a payment to the Club of £1.85 million under the terms upon which he had been sold to AFC Bournemouth. On Mr Standing's version of the agreement, the £1.85 million was "surplus" funds and should have been split equally between him and Mr Power.
However, Mr Standing says that he was told by Mr Power that the former owner, Mr Black, who had the debenture covering his £2 million loan to the Club, was seeking repayment of the loan from the monies received in respect of the transfer of Mr Richie. This was a surprise to Mr Standing as he thought that Mr Black would only be repaid on a sale of the Club. Nevertheless, he accepted Mr Power's explanation and he even provided a further £75,000 in order to clear completely, as he was led to believe, Mr Black's loan (that was half the difference between £2m and £1.85m). That meant that rather than receiving c.£925,000 from the on-sale of Mr Richie, he paid £75,000 more to the Club to repay Mr Black's loan.
In mid-2019 however, Mr Standing discovered that Mr Black had not been repaid his loan and the debenture still existed. This was confirmed by Mr Black's accountant and does not appear to be disputed by Mr Power. No explanation has been provided by Mr Power as to why he said one thing and did another and the strong suspicion is that those monies were paid to Mr Power not the Club. That would be consistent with what Mr Power says in paragraph 48 of his Defence that he:
"…agreed a compromise under which he offered to give credit to Gareth Barry for half of the 'sell-on' fee in respect of Matt Richie when it came to discharging the debenture with Black/Arbib[2] which Gareth Barry [sic] against the amount for which Gareth Barry would otherwise have been liable as set out in paragraph 11(ii) above."
The discovery that Mr Power had not paid Mr Black out of the proceeds of the on-sale of Mr Richie was of serious concern to Mr Standing.
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JBZ
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« Reply #14 on: Tuesday, May 19, 2020, 20:33:28 »

All good reading and lots to interest any bar room lawyer or law student. 

You will have noted, amongst other things, that LP's witness statement evidence included "If Able does withdraw, there is a very strong possibility that I will not be able to continue funding the ongoing losses the Club is incurring as set out in paragraph 28 of my first witness statement".
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Making a curve or taking the strain
On the decline, or out on the wain
Oh everybody breaks down sooner or later
We'll put it to rights, we'll square up and mend
Back on your feet to take the next bend!
You weather every storm that's coming atcha!
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