Thetownend.com

http://www.swindontownfc.premiumtv.co.uk/page/News/NewsDetail/0,,10341~1034485,00.html




BULL
SHIT

you beat me by 20 secs! haha

Yeah!!!

It's statement friday again!!!

does this increase the chances of summer protests against the board??

i'm just digging out my pitchfork and torch as i type

fucking hell :shock:  you must have long arms

This is getting like the 1984 Chess World Championship.

I back the board, I don't want Power

Am pleased to see the Board statement, it's Friday afternoon and they hadn't made one!!  Was beginning to feel a little unwanted!! All bollocks though! :-))(

Tick tock. We're waiting.

*As posted on TUMDFC*

The holding company can't afford £1.2m either. If legal action goes ahead it will go bankrupt.

I wonder what will happen to the 70% shareholding in STFC that the holding co owns? Does it go to Bill Power as it is the only substantial 'asset' the holding co has

typical german!

Bill Power knows, or should know, that his investment was NOT in the Football Club but a significant share acquisition in the Club's Holding Company.

well, considering the club have offered to pay back some of the money once before already then i'm not sure even the board would believe it's actually a share issue. how do they intend to prove it without share certificates?

First the Board are accused of not providing a NDA, when, in fact it had been with Mr Powers lawyers within two weeks of it being requested.

...and it was acknowledged straight away afterwards that it was an error. shall we list your errors?

Now they claim the reason they have not signed the NDA is that it would prejudice their position.

wrong. bill claims that "I am not going to sign something that will not look after my own interests." because the board insisted on including a ridiculous clause in the nda which nobody in their right mind would sign - i.e. "Town board are refusing to sign a Non Disclosure Agreement, to allow takeover talks to begin, until he agrees his million pound ‘loan’ was actually ‘shares'"

It is over nine months since Bill Power declared he was heading up a Fan's Consortium.

wrong. it's been just over 6 months, perhaps 7.

either sign the NDA or if he feels that his investment was not a share purchase make a claim against the Club's Holding Company. If this cannot be resolved perhaps he should ask the Courts to decide rather than making bizarre comments in the local media.

bit of a dangerous game to be playing when you haven't got a fucking leg to stand on.

The Board feel that this flurry of media activity is purely an attempt to derail the Club's negotiations with serious alternative investors.

yawn.


bunch of fucking cunts.

Simon once again is exactly right

The holding company is basically bankrupt as well.

The problem would emanate as to what is the value the 70% worth of shares.

Let me give you a clue as to their worth shall I ?????


















FUCK ALL !!!!!!!

I really am just tired of this all now, nothing has moved in such a long time, i just wish for once and i include power in this aswell as the board to set an example and just get in a room together and sort this out. I hate to think of the money that has been wasted on this by both parties so far.

This is the start of things happening though.

the gloves off and im delighted.

You've been looking forward to this for ages haven't you  :o

well its what i was expecting from the board really. they reall do talk some bullshit don't they? looks like the holding company is going bust then.....great! where would that leave us?

Here fucking here !!!!!

There had to come a time for this.

It was envisaged as a last resort, and now that time has come.

As has been said before, it was a court case that got this lot in and it is a court case that will get this lot out.

One thing that a lot of people are overlooking is that once this comes to court then certain financial information will be forced out from SN1 as compulsory evidence.

Oh dear !    Oh dear !    Oh dear !

It would certainly force the supervisor of the CVA into a position neither the club or himself wants to be in.

This is not an ordinary business potentially going to the wall. Trade creditors aside, you are fucking about with a massive supporting community and credence will be given and directions given regarding any rescue package  

 :D

BP has been trying to do that for months, but a certain 'general manager' has stuck his nose in and the BP refuses to deal with him, which he was advised on by his lawyers.

The fact is that the club DO NOT want anyone to look at the books, and that is why they are looking at an investor instead of a takeover.

They still say there is an investor...so where is he?

If they've got nothing to hide, name him, like the consortium announced their 'American' 6 months ago.

that's what i was thinking Fred. cheers for clearing that up. so basically if we are in the shit (which we will be when this goes to court) then any takeover bid has to be considered? or something to that effect anyway

That is a bitchy statement isnt it.You can tell they are shitting themselves from that

i'm glad i paid for my season ticket by credit card now.

:beers:    What a little beauty......bizarre in the extreme that a "proper "  organisation could put out such bull shit.    

   Looks increasingly as if this will go to a Court battle.....it is after all Diamandis's preferred mode of operation.

    Can't be good news on the playing side.

anyone think they are already setting the scene in that last paragraph so that they can blame Power and the fans when the investor 'pulls out'

Somehow I doubt an investor exists...

Or if he did exist, he's certainly buggered off by now.

Anyway,who says it will still exist before it does go to court as the CVA is due in about 3 weeks and they've got squat.

This is the sort of ramblings I would expect to read on an internet message board not a press statement from the owners of a professional football club

What a shame SSW is not prepared to meet BP 1:1 to discuss this, I'm sure his advisor is keeping him informed of how he stands to lose everything.

It is almost as if Diamandis is saying "go on I dare you to take us to court, you aint got the balls"...I think you will find Mr Diamandis that Mr Power wants this FC...so fcuk off and let him have it.

can anyone prove that what the board says is totally lies.

They claim they have signed the NDA, can anyone prove that they havent

First post on here I think.

I do read it everyday though.

Can someone please tell me how much Power is prepared to put into our club? I'm sick of this whole business and in all honesty I don't really trust ANY millionaire on the board or off it. This seems to be turning into a dirty little fight that will do the club no good.

I don't trust the board but how can I trust Power if he's threatening to do things that might bankrupt our club ..... or have I misunderstood something.

I'm a bit worried about the religious zeal of the Power supporters as well.

I want to believe that Power is our saviour ...... can someone convince me please.

nobody has signed the NDA because Power refuses to sign it when it puts him in a position whereby the club can essentially go "haha, you fool!" and refuse to negotiate with him whatsoever, leaving him with some worthless shares.

Plenty here Red

www.truststfc.co.uk

Yes, and opening themselves up to litigation and all the skeletons tumbling out of the closet.

As an aside, pending litigation MUST BE divulged to any potential investor in any business !!!!

How is that going to sit with our new investor, Sir Windy Miller OBE of the borough of Trumpton and Camblewick Green.

Agreed......if Power signed the NDA with that clause in it then effectively Diamandis could just say we don't want to negotiate with you but now you've signed the NDA your 1.2 million poorer, thanks for the money!

Convoluted I admit

But the Judge will give directions as to the best way to appease the plaintiff or other creditors. They are duty bound to do that.

If the Judge is aware of a rescue package that would alleviate the burden and keep the business afloat, therefore satisfying both creditors and ongoing cashflow (the supporters) alike then he would give directions to that effect

 :D I like that :D  and I know what you mean

Bill has put £1.2m into the club already in the form of a loan - to pay off King and the tax man supposedly - presumably under the impression that he would remain at the club for longer than he did. Naturally, nobody could predict the plane crash and the ensuing events.

Power isn't mega mega monster rich, but he has pledged to pay over the odds for the club as well as clearing all outstanding debts, including the looming CVA bullet payment which the club have by their own admission are unable to pay. There's an excellent outline of the Consortium's aim on the Trust website, which you can see here (http://www.truststfc.co.uk/fc_manifesto.php).



Any legal action will be as a means to an end of ousting the current board and completing the takeover, Bill's got a huge respect towards the fans of this football club and regardless what the board might say, I can't see why he'd want to see this football club dead. We're essentially bankrupt as it is, I'm sure someone with a bit more financial nous than I will be able to elaborate on that?



not sure how to respond to this, but having met the man personally I firmly believe he's the man to take STFC forward - the direction we were heading in this time last year before everything went tits up.

Burn the heretic!!

http://www.bbc.co.uk/wiltshire/content/images/2006/04/27/bill_power_203_203x152.jpg

look at the man, is it any wonder we worship him? 8)

Over the moon that we can now see what the club have - bugger all. the lame rhetoric and utter bullshit they spout will be there for all to see - the fact we can even pick holes in their defence, that they've no doubt been pondering all day over, speaks volumes.

There's only one way this'll go - and I can't wait to wave them off the premises

Looks like the talking is over, bring on the court case then and end it.

can you put a similar picture of Diamandis next to that just to show why we hate him  :D

Put it this way, Bill Power knows he has no chance of recovering his money. This legal threat is to get the current owners to play ball.

And who can blame him? Essentially the Board are asking the Consortium to pay an extra £1.2m before they've even seen the books!

Not exactly - depends on the agreement - but it's a standard clause. It'll be disclosed and the club will claim they will fight it in good faith. then  it's down to our investor to judge for himself the chances of BP succeeding.

http://img.photobucket.com/albums/v365/robus1971/normal_yeovil1.jpg

The Wrath of God

 :Ride On Fatbury's Lovestick:  :Ride On Fatbury's Lovestick:

Good one

Thats exactly the point I was trying to make

I think the adver should be pressing this board to show their cards? doh i forgot they don't have any....they should be saying to the board name your investor....they haven't said anything about it because there is no investor and i'd put my house on it...

I hope bill power takes them to court and humiliates them and makes them lose control of this club...whether it happens is another thing.....

I see someone has let Diamandis near the keyboard again :Ride On Fatbury's Lovestick:

I love it when he gets to write the statements.  I can see him now when I met him at Reading speaking to a Councillor who was expressing concerns about the legality behind just giving away the whole CG site:

"You don't need to worry, I've spoke to my lawyer and it's all legal, no problems"

clearly that's not word for word given the time since it was heard. but it pretty much sums it up.  He's got balls, I'll give him that, but he also spouts bollocks like few people I know.

I have a theory that Friday is Diamandis pub lunch day.

It's the only explanation for the 5pm ramblings.

admin expenses?

That's one fuck off big lunch if it is :)

he looks like he enjoys big lunches

fuck lunches, surely it's lynching time now.

If it is then we can finally tell OST he does have to do something.

rob, could you post your rant on here please? i refuse to look on the adver board because it makes me angry

I concur

in response to someone suggesting Power is just in it for quick buck and claiming the Board have made some good decisions:

"I will state on record now, to avoid confusion:

If Power gets control and then subsequently makes any money out of STFC, while at the same time ensuring it's future, consolidating it's debts and bringing it to a positive profit and loss account then I will wrap the money up for him and deliver it to him.

There, don't give a flying feck if anyone makes any money out of STFC the business, provided they are at the same time making STFC a better business and club that can prosper.

I would have accepted Brady making money from the Front Garden, if it had turned out well for us.

I will accept SSW getting his money back and more, if it helps STFC because of it.

I do not, and never will, care what the owners make (provided it's legal of course) if it's off the back of STFC doing well as a business.

There you go Fjortoft. With that major point out of the way, why is it an issue? The only issue is can the person help and improve STFC for us. All the evidence suggests he probably would and would certainly suggest he'd make a much better fist of it than the previous efforts of people. So long as he can only profit if we do, I do not see why that would be morally reprehensible.

As it is, the information we have to hand has so far suggested it would be quite unlikely he would make much if any money off of us even in that event. A pledge to put the profits back into the running of the club to cover trading and player investment etc means he'd be diminishing any get rich quick effort anyway and we'd do well out of it as well (on your argument of him then trying to cream the "profit")."

following that persons response:

"I've had enough of debating rationally, time has come and gone for that. I'm in rant mode now.

They've made one or two good footballing decisions (one of which was actually helped by Power) in 6 years. The fiasco of the the 2005/06 pre season suggests it is not a consistent theme though I'm afraid.

They've ballsed up the one big thing that could have helped save their bacon - ground development - twice.

I'm not suggesting Power is here to make millions by the way, just that even if he did I don't see it as an issue. I've had the pleasure of meeting all the people involved, on both sides. Power is the most honest and passionate of the lot. Starnes seems like a good guy but I don't think much of the remainder from personal experiences.

I'd rather have George Bush running the club now. In fact, I'd be almost likely to accept Donegan and Blatchley back at this rate. I would take jumping into the fire, at least there is 1% chance you'll just get 3rd degree burns rather than sitting around frying to crisp in the pan full to the top with chip fat.

Not quite there, but getting there. Thankfully someone does exist that has a degree of personal skills, some good business background and money."

my response to the statement:

"yep, the difference of opinion started the day of the meeting with Power's wife and Phil Emmell but they have never been able to provide any evidence to back that claim up.

As mentioned by Summer - this Board took 3 people to Court after making a series of accusations about the competency of their stewardship of the club while Brady was involved - Donegan, Lux and Rowe. They lost this case in the courts, were told pay the costs of the case for the 3 people and also had to pay an undisclosed amount of compensation.

Yet, we still harp back at those nasty people who brought ruin on the club by building up a couple of million in debt in the period they had control (we were in Administration before them remember).

Anyone who fancies having a dig can look back through previous statements from the club. The compare this one to each and see if any strike you being close in grammar and style, there are only a few but they are striking. I wonder if a certain Mike Diamandis has been allowed use of the PC today, just like the Monday after the "Peace Talks", or maybe the day that SSW allegedly spoke out....see the picture.

It was only a little while ago they had to go back to Court following an Appeal by Nick Prescott (the man they used to get back in) against a decision to award them compensation for him pinching their customers and staff. They got shown up for providing slightly dodgy financial evidence and had the compensation cut in half pretty much. The only reason, looking at the judges summary, that it didn't go even worse for them seemed to be that Mr prescott decided to ignore some post for a while.

Leave our club before you kill it once and for all. STFC is getting very close to not being the STFC I fell in love with."

I'm still a way off losing it, but I will get there very soon, maybe in about 10 mins, then it'll just be liberal use of cunt mixed into sarcasm I think.

that's not a rant, it's a well reasoned argument!

I'm getting there, first stage is too lose the politeness.  I've moved on now to using an analogy about a wife taking it up the shitter now.

A fans consortium sounds good in theory, but I wouldn't want it in a million years in practice. How on earth will they continue to keep the club afloat? Ask fans for their spare change outside the ground on a matchday?
I realise the board are not perfect (understatement) but they have kept the club going and this new tactic of threats to try to force the boards hand is very hostile.

Get real, it isn't the way forwards.

Try reading the proposal Dachauer  :-))( , just a thought like..

I think that's why a lot of people are in support of it. I can also understand why others are cautious of it, but in a lot of cases the caution is dropping as people begin to realise the club is close to going under.

The current board (the then Consortium) sounded good in theory also. But they've made more promises than you can shake a stick at and the vast majority have not been kept. I also didn't expect major fuck ups like the VAT bill fiasco. But hey-ho.



Get a couple of business men to pay off the cva payment and other debts which are crippling the club with huge interest payments (around 10% of our revenue). Furthermore, these business men have run successful businesses, indicating that they could transfer this success to the business of STFC. The ground redevelopment ideas that the Trust have composed are far more advanced and realistic than anything the club has drawn up (which are currently in the Joint Chairman Designate's head). This shows that the Consortium has already got a plan for the future which is far more sustainable than anything the club has currently (who can't even pay the 900K CVA bill due at the end of the month).



Now you're just trying to wind people up. Fans have had to do this before - long term memory loss? The business strategy of the Consortium is less likely to make this happen than the business strategy of the current management. I'll also refer you to the below link to renew your memory:
http://www.thisisstfc.co.uk/news_headlines_Story.asp?NewsID=1196



No shit. If you'd given someone some money on the premise that it was a loan you would want it back. £1.2m is a lot of money if this is the case. Effectively the club are asking for an extra £1.2m before the books have opened and if the skeletons in the closet prove too much and Bill Power walks away, he's also lost his money forever.



What's the alternative? The current board can't sustain this club for much longer. The auditors said as much in their accounts. The current board's strategy has been to renegotiate a cva which is due in a matter of weeks and hang on in and hope someone can bail them out whilst still holding onto their power at the club.

if you're going to comment, at least do some research beforehand and get a clue on what you're commenting on.

http://www.truststfc.co.uk/fc_manifesto.php

Yep i couldnt agree more. Im waiting for a statement saying the mystery investor has pulled out and they will blame BP and the fans for this!

It is getting very frustrating because this just seems to be going on for ever. But I think the board are running out of time and options now.

Grr, I'm angry with these fucking cunts!



Well, as there aren't any share certificates I'd say you're talking out of your fucking arse.



That's because you want to put in a ludicrous clause the would mean Bill commiting to the fact that his £1.2 million was in shares when he says it is a loan. I don't blame him for not signing really, personally I think it's a vague form of blackmail, 'Oh, just falsely admit it was shares Bill and then we'll sell'.




Again, show us the share certificates then.



Apart from when you insert ludicrous clauses where Bill would have to 'agree' his money was shares, not a loan.



Bull-fucking-shit, you can't even respond to your fans 'within days' let alone the fucking consortium.



I suggest you stop shit stirring in the media.



And how do the holding company intend to pay Bill's £1.2 million back? You're up shit creek my friends.



What's this got to do with anything? If your investor was serious why would he be worried, surely you can prove to him that Bill has no claim against his £1.2 million, can't you?

You've conveniently managed to squeeze the investor line into all your recent press stories, which makes me believe we're going to get an 'Oh dear it's all fallen through because of you horrible trouble-making fans' story rather soon. You haven't got another investor lined up and you never have done. You're holding onto this club for dear fucking life with the slight hope you can put this off long enough to get your pay day then scarper. I've got no respect for you at all, you bunch of cunts.

I picked up an Adver this morning expecting the 'Bill Power is evil' story on the back page after the latest statement last night...yet there was...NOTHING about it.

Maybe the Adver's getting pissed off with this lot also.

I don't think they caught the statement last night - there is a snippet in there about "no response from Swindon Town officials regarding Bill Power's interview with the Adver".

It should be in Monday's I think..?

The Adver is prepared 24 hours in advance of printing so there was no real chance of it being in there unless they were warned in advance that there was to be a statement, which obviously they were not.  I just wish the Adver would use their journo licence to probe deeper into what is going on!

Well we knew there was a statement coming..... :D

Of course, it was Friday!  A good day to bury bad news, when the Adver journos are still finishing their long liquid lunches before returning to their abodes to enjoy a long weekend!  For those of us with longer memories, I just wonder what Clive King would have made of all this! :king: