The Artist Formerly Known as Audrey
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?Absolute Calamity!?
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« Reply #645 on: Friday, April 16, 2021, 19:39:50 » |
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Jan, that's very interesting
especially the defected debenture being removed, and the proposed Able sale being £1 (but presumably with financial clawback to power somewhere)
I’m sure Clem with his 15p and Standing with his 42.5p would have been delighted with a sale! I’m sure Able would pay the club £1 and Power £7.5m. Is that even legal to knowingly undersell a business to deprive others? Also interesting to see Standing owns half the golf course, too. Has Power even put a penny of his own money in? |
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BambooToTheFuture
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I'll Tell Ya Now - McGurk Is The New Graham
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« Reply #646 on: Friday, April 16, 2021, 19:57:45 » |
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The £1 thing is quite common in takeovers I thought? It's usually done with the commitment to take on board all related debts.
In this case, "Able" would have to pay off Standing (if the court case acted in MS favour)),
and any other skeletons left by Lewisham/Lausanne Lee. This kind of means Power could walk away not owing anyone anything, having his planning persimmon for houses in tact and likely also make a last pay day with whatever he makes from selling Payne, Twine & Doris the Tea lady (I wouldn't put it past him).
Oh and most likely setting up some kind of rental agreement with "Able" (or Clem or whoever) for use of his new training facility.
I can see STFC still being tied to the b'stard for a long time. Not bad "business" considering what an absolute clusterfuck has been made!
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'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.'
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theakston2k
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« Reply #647 on: Friday, April 16, 2021, 19:59:02 » |
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The £1 sale thing adds a whole new complexion to this and makes it nigh on impossible to trust Able as what else would Power be getting from them?!
Unless of course it’s £1 out of spite as Power will be found to own none of the club and will just make his money from the debenture...
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JBZ
Not as likeable as Reg was, a fencesitting WUM
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Allegedly, not a Swindon Town supporter
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« Reply #648 on: Friday, April 16, 2021, 20:03:07 » |
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I have read the trust's note. Being picky, I would a have dealt with some of the issues a bit differently but that's irrelevant.
One point that I have not been sure of is whether the parties sought an expedited trial of Standing's claim. The court can, if considered appropriate, compress the litigation process so that the matter comes to trial much earlier than usual. There are certain factors that the court will take into account in light of recent case law.
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Nothing to see here
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Flashheart
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« Reply #649 on: Friday, April 16, 2021, 20:11:26 » |
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Why the fucking hell would anybody accept 1 quid over 15 million quid?
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tans
You spin me right round baby right round
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« Reply #650 on: Friday, April 16, 2021, 20:17:32 » |
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I’ll give the pound myself to get rid of the fucker
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BambooToTheFuture
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I'll Tell Ya Now - McGurk Is The New Graham
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« Reply #651 on: Friday, April 16, 2021, 20:21:05 » |
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Why the fucking hell would anybody accept 1 quid over 15 million quid?
Because the buyer usually takes on any/all of the associated debt too. We've seen £1 business buyouts before. In terms of "debt", specifically the £6m/£7m potentially owed to Standing. If Power knows he's going to lose and owe that amount/hand 42.5% of his share of the club over to MS, better to cut his losses and wipe his "debts" clear. Not sure where your £15m valuation comes in though? Happy to understand where that has come from though, as I may have genuinely missed something  (for Reg) |
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'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.'
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BambooToTheFuture
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Posts: 10137
I'll Tell Ya Now - McGurk Is The New Graham
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« Reply #652 on: Friday, April 16, 2021, 20:22:06 » |
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I’ll give the pound myself to get rid of the fucker
I doubt you'll want all the associated skeletons and "debts" though Tans  |
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'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.'
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JanAirplaneMan
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« Reply #653 on: Friday, April 16, 2021, 20:23:14 » |
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Why the fucking hell would anybody accept 1 quid over 15 million quid?
In recent accounts power is owed 3.5m at least so by selling to make for 1 pound they would pay off all debts which would include paying back the loans owed to him as well as all other debt. Plus payment of the debenture which power has bought from Andrew Black which could be anything upto the original debenture vale circa 2mil (power paid peanuts for this from black) So he in summary walks away with circa 5m and all other debts being paid by able .. |
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BambooToTheFuture
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I'll Tell Ya Now - McGurk Is The New Graham
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« Reply #654 on: Friday, April 16, 2021, 20:27:46 » |
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Philip Green is a prime example of a "shyster" selling up a business for £1.
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'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.'
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tans
You spin me right round baby right round
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« Reply #655 on: Saturday, April 17, 2021, 09:02:53 » |
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Theres a banner at the ground now
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The Artist Formerly Known as Audrey
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Posts: 19341
?Absolute Calamity!?
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« Reply #656 on: Saturday, April 17, 2021, 09:04:37 » |
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Theres a banner at the ground now
Have they spelt Fat Cunt correctly? |
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stfcjack
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The Swindon lot don't seem to respect you
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« Reply #657 on: Saturday, April 17, 2021, 09:06:50 » |
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Just drove past the ground and it’s gone already
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Frigby Daser
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« Reply #659 on: Saturday, April 17, 2021, 09:35:53 » |
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I think people need to get over the £1 sale issue. That is acceptable and standard for someone buying a loss-making business. If it was anything other than that, I’d be asking questions, as it would follow that Power is demanding an element of early repayment for debts.
It is also not automatic that Power is repaid *all* of the debt/any loans. What we will never see is the Sale and Purchase Agreement, which has all of the detail, of which the purchase price is only one small part. If the SPA says that the buyer will pay £x to Power within ‘y’ years, x may be far less than the full amount of debt to Power. Any sensible buyer will also make sure Power remains liable to pay for any gremlins that appear in the future. There will be a raft of other terms, all of which will govern what liabilities Power has, and what the new owners have.
I cannot wait to see the back of Power. He’s been a poisonous influence on our club, but a £1 sale is not necessarily a bad thing.
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« Last Edit: Saturday, April 17, 2021, 10:03:52 by Frigby Daser »
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