The Artist Formerly Known as Audrey
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« Reply #1350 on: Wednesday, June 16, 2021, 09:07:03 » |
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At £250,000 we could all chip in and buy it!
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The Artist Formerly Known as Audrey
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Posts: 19432
?Absolute Calamity!?
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« Reply #1351 on: Wednesday, June 16, 2021, 09:09:11 » |
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Just thinking outside the box here, Power now has to effectively offer his shares to the only viable offer in town - Axis.
but, is there now anything stopping different buyers from coming in and offering 250k for the shares? I.e another 'Able', or even an alternative buyer, set of buyers from left field that could have been keeping an eye on proceedings from a distance? I'm just wondering if by the next court case there could be many offers for the club, some possibly administered by Power, some maybe not?
Power can’t just come out now and say there’s a buyer willing to pay £100m for the club. The fucking idiot has legally set the price in stone - £250,000.
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swindonmaniac
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« Reply #1352 on: Wednesday, June 16, 2021, 09:09:26 » |
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At £250,000 we could all chip in and buy it!
I'm in !!.
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Life is a Rollercoaster - Just gotta ride it.
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Peter Venkman
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« Reply #1353 on: Wednesday, June 16, 2021, 09:11:40 » |
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Clem is definately now holding most of the good cards.
BTW happy birthday BO.
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Only a fool does not know when to hold his tongue.
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Bob's Orange
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« Reply #1354 on: Wednesday, June 16, 2021, 09:13:27 » |
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The suggestion is that the articles of association say that any share sale has to be first offered to existing shareholders. Axis are the only other existing shareholder, so have first refusal on any sale, at least from what I read in the Trust summary. If they decline to purchase at the price, then it's open market saleable.
Ah ok - that makes sense then. So it sounds like barring any unlikely scenario of Power winning any appeal then Clem will be on board by September at the latest. Pre-emption rights. The same thing that won the case for AXIS in the first place.
It doesn't matter who Power offers the shares to - AXIS will always have first refusal.
nice ![Smiley](//thetownend.com/Smileys/tefsmile/smiley.gif)
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we've been to Aberdeen, we hate the Hibs, they make us spew up, so make some noise, the gorgie boys, for Hearts in Europe.
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Bob's Orange
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« Reply #1355 on: Wednesday, June 16, 2021, 09:14:43 » |
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Power can’t just come out now and say there’s a buyer willing to pay £100m for the club. The fucking idiot has legally set the price in stone - £250,000.
no I get the price bit. My question was whether alternative buyers could come out of the woodwork but Nemo and FH have clarified it. It's basically Clem's club now.
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we've been to Aberdeen, we hate the Hibs, they make us spew up, so make some noise, the gorgie boys, for Hearts in Europe.
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Bob's Orange
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« Reply #1356 on: Wednesday, June 16, 2021, 09:15:15 » |
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Clem is definately now holding most of the good cards.
BTW happy birthday BO.
Lets hope he's as good an egg as he makes out he is. Thanks JJ ![Smiley](//thetownend.com/Smileys/tefsmile/smiley.gif)
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we've been to Aberdeen, we hate the Hibs, they make us spew up, so make some noise, the gorgie boys, for Hearts in Europe.
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swindonmaniac
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« Reply #1357 on: Wednesday, June 16, 2021, 09:16:02 » |
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no I get the price bit. My question was whether alternative buyers could come out of the woodwork but Nemo and FH have clarified it. It's basically Clem's club now.
Roll on the day .........
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Life is a Rollercoaster - Just gotta ride it.
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swindonmaniac
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« Reply #1358 on: Wednesday, June 16, 2021, 09:17:28 » |
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Roll on the day .........
Can only be an improvement (Surely) ![Huh?](//thetownend.com/Smileys/tefsmile/huh.gif) .
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Flashheart
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« Reply #1359 on: Wednesday, June 16, 2021, 09:19:44 » |
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It's basically Clem's club now.
Pretty much ![Smiley](//thetownend.com/Smileys/tefsmile/smiley.gif) . I still don't get why the judge didn't force the share transfer after effectively saying the shares are Clem's, but it's still a massive win even if we do have to wait a little longer. I've a hunch that Power will be able to show proof that he can fund the club until September (evidence due a week Friday). He's not short of a few bob after all, but I don't see the point as it's only delaying the inevitable. Maybe his legal counsel will tell him he has a chance of winning an appeal? They will need to be paid for the extra work involved after all.
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horlock07
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« Reply #1360 on: Wednesday, June 16, 2021, 09:27:10 » |
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He's not short of a few bob after all, but I don't see the point as it's only delaying the inevitable.
Maybe his legal counsel will tell him he has a chance of winning an appeal? They will need to be paid for the extra work involved after all.
Well he has managed to get it sorted now that the club owes him for the debenture, which it didn't before, I wonder what other income streams can be arranged before his departure, I imagine the Directors loan account will mysteriously jump up. On top of anything mechanisms achieved no doubt anything he puts in now to September will be wanted back with interest, bells and wheels. Taking note of the background to this which appears to be founded on a massive legal fuck up, I wonder to what extent his legal advisors are doing this pro-bono and paying his counsel fees?
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Flashheart
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« Reply #1361 on: Wednesday, June 16, 2021, 09:38:33 » |
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He'd really struggle to get any loans against the club considering he effectively doesn't own it anymore. He might want to hang on for the Twine money, but how long will that take?
There's probably some other wheeling and dealing he can wangle before being made to hand the shares over, though.
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The Artist Formerly Known as Audrey
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?Absolute Calamity!?
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« Reply #1362 on: Wednesday, June 16, 2021, 09:49:54 » |
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I reckon he’s going to string out the STs. Before he can try and sell new ones he’ll have to sort out refunds for last year.
And with very few, hopefully, buying new ones he may well be out of pocket by refunding old ones.
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horlock07
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« Reply #1363 on: Wednesday, June 16, 2021, 09:51:06 » |
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Can any of the ST holders whack the club into the small claims court to bring things forward.
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horlock07
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« Reply #1364 on: Wednesday, June 16, 2021, 09:56:21 » |
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yeah, but it did bring up his horse racing business (bloodstock or whatever) had been paying into the club ...
Is that Power Geneva Ltd, a quick look at CH suggests that Power now holds no shares in that company and all the shares were transferred to Jack Power in April 2021?
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