Pages: 1 2 3 4 [5] 6 7 8 ... 51   Go Down
Print
Author Topic: Court cases  (Read 154166 times)
BambooToTheFuture

Offline Offline

Posts: 10078


I'll Tell Ya Now - McGurk Is The New Graham


WWW

Ignore
« Reply #60 on: Wednesday, May 20, 2020, 05:15:41 »

So, does Clem own 15% of STFC or just 15% of Power’s 50%?

If Clem does own 15% of the whole and Standing 50% then Power only owns 35% of the club.

Clem could own 27.75% if the court were to interpret the initial SSA. But that has seemingly been clarified and it is 15% of the Club.

As for Power 50%, well legally he owns 100%. Standing can't legally own his 50%. That's just a verbal/gentlemans/agents agreement between Power and he.

So in a legal sense, Clem 15% - Power 85%.

But behind the legalities, it's quite obviously a different percentage. What's a little concerning is that by Standing making this legal claim, he's revealing that he is a major investor of STFC. Again, I couldn't tell you the answer but that technically may be allowed; to be an investor but not an owner (at least not legally).

Very uncomfortable.

Quote
(2)   In these proceedings (the Axis proceedings), Axis's application dated 21 April 2020 seeks a similar injunction to that of Mr Standing so as to protect Axis' claimed (and admitted) 15% interest in the Club, through the holding companies' shares.

Quote
Both Swinton and Seebeck have an issued share capital of £100 divided into 100 ordinary shares of £1 each. Therefore, under the SSA, Axis was acquiring 15% of each of Swinton and Seebeck. That would mean that Axis would own 27.75% of the Club (15% of 85% plus 15%) rather than the 15% that appears to have been intended. As will be seen, while a claim to 15% of both Swinton and Seebeck is made in the Particulars of Claim, it is fairly clear that both parties were proceeding on the basis that Axis had acquired only 15% of the Club.

Logged


'Incessant Nonsense'

______________________________________________________________

'I'm gonna tell you the secret.
There's a threat, you end it and you don't feel ashamed about enjoying it.
You smell the gunpowder and you see the blood, you know what that means?
It means you're alive. You've won.
You take the heads so that you don't ever forget.'
The Artist Formerly Known as Audrey

Offline Offline

Posts: 19290


?Absolute Calamity!?




Ignore
« Reply #61 on: Wednesday, May 20, 2020, 05:45:31 »

So, apart from Power being a complete cunt, the fact Standing/Barry’s secretive involvement in STFC has allowed Power’s cuntishness to shaft them?

Nothing he has done is illegal but trust is a no no as far as he’s concerned.

No wonder the sketchiest of annual accounts was only ever published.

If this is the way he does business then, for me, the sooner he fucks off the better. Fucking stinks.
Logged
Oaksey Moonraker

Offline Offline

Posts: 897




Ignore
« Reply #62 on: Wednesday, May 20, 2020, 06:12:28 »

Power had some front to go on Talksport on Sunday when all this was about to blow up and talk about needing to find money to keep clubs going.
Logged
Costanza

Offline Offline

Posts: 10643





Ignore
« Reply #63 on: Wednesday, May 20, 2020, 06:36:39 »

Lee Power isn't exactly a media whore so would have had an agenda going in.

Now we know part of that reason why.
Logged
pauld
Aaron Aardvark

Offline Offline

Posts: 25436


Absolute Calamity!




Ignore
« Reply #64 on: Wednesday, May 20, 2020, 06:59:16 »

I am not sure we can be confident that the offer to buy us is even real.
Indeed. The ruling seemed quietly sceptical about that, noting several times the paucity of written evidence of a firm offer.

I don’t think we are exposed on the ownership front with Standing or Barry.  Their insistence was that it was held in trust, and certainly at arms length.  Given that is verbal, Power may well win that argument, especially given they were all mates at the time.  Either way I think Standing would not be seen as having a direct interest in the ownership of the club.

Nobody seems to be against selling, it looks like a battle for the profits should we be sold.
Think Mr Tuck has, as ever, got to the nub of it here. This looks like a threat to Power's ownership, not an existential threat to the club. The existential threat to the club remains the fallout from Covid, as for all Football League clubs. This is unhelpful and worrying in the short term, but it's a sideshow.
Logged
pauld
Aaron Aardvark

Offline Offline

Posts: 25436


Absolute Calamity!




Ignore
« Reply #65 on: Wednesday, May 20, 2020, 07:00:25 »

No wonder the sketchiest of annual accounts was only ever published.
As Reg would be pointing out if he was still around, the change to publishing short form accounts dates back to Andrew Black.
Logged
BambooToTheFuture

Offline Offline

Posts: 10078


I'll Tell Ya Now - McGurk Is The New Graham


WWW

Ignore
« Reply #66 on: Wednesday, May 20, 2020, 07:16:32 »

So, apart from Power being a complete cunt, the fact Standing/Barry’s secretive involvement in STFC has allowed Power’s cuntishness to shaft them?

Nothing he has done is illegal but trust is a no no as far as he’s concerned.

If you think about it, he has managed to get two other parties to fund nearly 2/3rds of the clubs working capital (50% Standing/Barry - 15% Morfuni), all while leaving them both in limbo in regards to their status on ownership/investment. Morfuni has owned 15% for nearly 2yrs but Power has deferred the transfer/registration all that time. I'd be truly pissed if I was Clem.

Power has always claimed "I've put £xm of my own money into this club..." yet if we look over the last 7yrs (since Standing/Barry involvement), we could quite easily bring into question whether Power has actually put any or very much of his own money into the club, at all? Since there has been at least £7.1m put in by Standing & Clem. Not counting for competition awards and player sales (sits at about £4m up thanks to L Thompson, Byrne, Gladwin & Luongo). Can't say for sure but it could be less than £500k (of his own actual cash). Strange how, if we say it was £400k.....that figure between the three parties adds up to...£7.5m...hmmm now where is that figure mooted?  Hmmm
Logged


'Incessant Nonsense'

______________________________________________________________

'I'm gonna tell you the secret.
There's a threat, you end it and you don't feel ashamed about enjoying it.
You smell the gunpowder and you see the blood, you know what that means?
It means you're alive. You've won.
You take the heads so that you don't ever forget.'
The Artist Formerly Known as Audrey

Offline Offline

Posts: 19290


?Absolute Calamity!?




Ignore
« Reply #67 on: Wednesday, May 20, 2020, 07:48:13 »

Hopefully, if there is any sort of bail out in the horizon, it is independently administered and not just ‘given’ to clubs as a lump sum.

Power must have known that operating the club in such a shady, secretive manner would come back to bite him on the arse when he came to sell the club. Nobody in this whole, sorry saga has set eyes on any detailed financial information. Not even the judge in these cases, although he is more than sceptical about Power’s insistence of impending doom.

What is it about football clubs - and us in particular - that attracts all these fuckwits?

You’ve also got to assume that if he pulled the wool over the eyes of his ‘partners’ he wouldn’t have thought twice about fucking the fans over
« Last Edit: Wednesday, May 20, 2020, 07:56:22 by The Artist Formerly Known as Audrey » Logged
pauld
Aaron Aardvark

Offline Offline

Posts: 25436


Absolute Calamity!




Ignore
« Reply #68 on: Wednesday, May 20, 2020, 07:58:11 »

You’ve also got to assume that if he pulled the wool over the eyes of his ‘partners’ he wouldn’t have thought twice about fucking the fans over
And again chanelling Reg once more, you've got to assume that about any owner of a football club.
Logged
The Artist Formerly Known as Audrey

Offline Offline

Posts: 19290


?Absolute Calamity!?




Ignore
« Reply #69 on: Wednesday, May 20, 2020, 08:05:18 »

Not bothered about other clubs - just ours.

Missed this bit, mind

‘Mr Morfuni had also heard from others at the Club that a consortium from the Middle East had been in discussions with Mr Power in relation to the sale of the Club.
At the end of February 2020, Mr Ben Walmsley of Peregrine Law spoke with Mr Standing's solicitors and they told him that Mr Terrell had said that a sale to Able or another third party may proceed with some urgency and could be completed by April 2020. Mr Power apparently considered that Axis' 15% shareholding was no obstacle to any such sale and that he would "take care" of any interest Axis had.’

Obviously all this shit has nothing to do with actual footballing side of things, but can we now expect new owners any time soon. Covid was well established before the dates mentioned in the court cases, so maybe that hasn’t thrown a spanner in the works. But, I presume, this shit show might well have put any interested parties off.
Logged
Wobbly Bob

Offline Offline

Posts: 4129





Ignore
« Reply #70 on: Wednesday, May 20, 2020, 08:07:33 »

Well, not the bedtime reading that I was planning on.
Welcome to the murky world of football club ownership, like some script for a low budget film noir written on the back of a fag packet that didn’t get anywhere near the in tray of Guy Ritchie’s agent.

Don’t like to see the words STFC, administration and insolvency in the same document, regardless of the likelihood of the worst case scenario happening.

Is two ‘undred faazend a month for the club to survive a realistic figure?
Could be if Lee Power said so.
Must come a tipping point (possibly hastened by the pandemic) when the continued funding becomes problematic and it’s time to cut the losses?

Still hopeful that the next footballing visit to Bristol will be to Horfield and not Mangotsfield.

At least the obligatory consortium from the Middle East could be waiting in the wings to save the day.  Huh?

Right, I’m off to navigate a way through the smoke and mirrors to the kitchen for a cuppa.
Logged

Why don't you knock it off with them negative waves? Why don't you dig how beautiful it is out here? Why don't you say something righteous and hopeful for a change?
Crap!
Nemo
Shit Bacon

Offline Offline

Posts: 21080





Ignore
« Reply #71 on: Wednesday, May 20, 2020, 08:08:41 »

I'm actually reading through the documents in full because I have fuck all else to do.

Power does not come across especially well. When you have the judge describing the facts of the case using words like "Extraordinarily" it doesn't seem like he was terribly impressed.

God knows what happens next though. The thing that doesn't seem to have come across yet (maybe later, I'm not finished) is what the relationship between Standing and Barry is.

Amused that both parties seemed to fuck up the maths and therefore Axis might actually own 27.5% rather than the intended 15%.
« Last Edit: Wednesday, May 20, 2020, 08:11:01 by Nemo » Logged
pauld
Aaron Aardvark

Offline Offline

Posts: 25436


Absolute Calamity!




Ignore
« Reply #72 on: Wednesday, May 20, 2020, 08:08:58 »

But, I presume, this shit show might well have put any interested parties off.
Or made them more interested as they know the club's for sale and now think they might be able to get it cheaper by leveraging one or more of the interested parties off against each other? Come on Audrey, you've been a Town fan long enough to know you can't presume anything where boardroom shenanningans are concerned Smiley
Logged
pauld
Aaron Aardvark

Offline Offline

Posts: 25436


Absolute Calamity!




Ignore
« Reply #73 on: Wednesday, May 20, 2020, 08:11:30 »

God knows what happens next though. The thing that doesn't seem to have come across yet (maybe later, I'm not finished) is what the relationship between Standing and Barry is.
Standing is Barry's agent and friend. Barry's contention in the docs is that he doesn't own the 50% but that if the court finds he does, then he will sell it to Standing for £1 so that Standing would remain the claimant
Logged
Legends-Lounge

Offline Offline

Posts: 8153

Non PC straight talking tory Brexit voter on this




Ignore
« Reply #74 on: Wednesday, May 20, 2020, 08:11:47 »

Hopefully, if there is any sort of bail out in the horizon, it is independently administered and not just ‘given’ to clubs as a lump sum.

Power must have known that operating the club in such a shady, secretive manner would come back to bite him on the arse when he came to sell the club. Nobody in this whole, sorry saga has set eyes on any detailed financial information. Not even the judge in these cases, although he is more than sceptical about Power’s insistence of impending doom.

What is it about football clubs - and us in particular - that attracts all these fuckwits?

You’ve also got to assume that if he pulled the wool over the eyes of his ‘partners’ he wouldn’t have thought twice about fucking the fans over

‘You’ve also got to assume that if he pulled the wool over the eyes of his ‘partners’ he wouldn’t have thought twice about fucking the fans over‘

Or The Trust in relation to the ground purchase presumably? Which then leads me onto other aspects of this footballing manage a trios. 1) The Club, 2) The Ground, 3) The Training Facility. Who owns what, who has invested what, where has the money come from?

One thing I would suggest in all of this that there is asset protection in regards to any sanctions which may or could be applied by the football authorities. If the club (forget the ground or the training facility) was to get hammered by the FA or EFL then presumably everything else goes tits up too. No point in buying a ground when the club for arguement sake end up in the national League or worse and the training ground becomes a white elephant.
« Last Edit: Wednesday, May 20, 2020, 08:16:43 by Legends-Lounge » Logged
Pages: 1 2 3 4 [5] 6 7 8 ... 51   Go Up
Print
Jump to: