Consortium News

[sonic youth]

gotcha. i missed that  

[Maverick]

I agree with the questions Sonic poses, and as for Mike D's involvement, I see no problem with it as long as he is not signing anything on behalf of anyone.  Surely SSW can take advice from who he chooses?

[pauld]

He can and that option remains open to him - he could for example ask Mike D for his advice after a discussion or even by telephone during a "comfort break" if he really needs to rely on him to that extent. But it would be foolish of the Consortium to ignore the legal advice they've been given.

[Maverick]

It would be interesting to understand the basis of that legal advice.  If all he is doing is leading negotiations and not signing anything then surely SSW and the deal itself are in no legal danger.  Just as SSW could have chosen to have someone from the Inland Revenue or Swindon Borough Council involved to give him advice or even lead negotiations?

Surely the legal difficulties arise once he starts to actually make or authorise any decisions?

[Dazzza]

I agree with the questions Sonic poses, and as for Mike D's involvement, I see no problem with it as long as he is not signing anything on behalf of anyone.  Surely SSW can take advice from who he chooses?

I fully agree that who James Wills takes advice from is his prerogative but given circumstances you cannot expect anyone to negotiate with Mike D.

Putting prejudices to one side for a moment under no circumstances would it ever be rational to negotiate with a creditor and supplier of the same company you are trying to acquire.  With the greatest respect if you came into this scenario without any previous knowledge of circumstances and affairs the first question you would ask of Mr Diamandis is who are you and what is your official connection to the club?

You’d run a mile.

That’s before you start delving into the gentleman’s history and hear rumours of ongoing DTI invstigations.

[arthurhorsfield]

The club have via a public statement made on the official website stated that Diamandis authorises all contractural arrangements at the football club, this whilst a major creditor and supplier.  The investors have taken note of this information and have furthermore received corroborated confidential information which deems him unfit currently to be involved in the sale of a Football League Club.

[Maverick]

Authorises (ie says yes that is ok) or actually signs?  This may sound picky but there is a huge difference between someone who says "yes this is ok" and someone who actually takes responsibility and signs on behalf of the club.

I still struggle to see any legal difficulty with his involvement as long as he does not sign things.

Any creditor or supplier is perfectly at liberty to advise or suggest all they like - it is up to the company and/or majority shareholding to decide whether or not to listen.

[Piemonte]

http://www.truststfc.co.uk/pr_30_11_2006.php

trust press release

[janaage]

Interesting stuff PM.  We await the "please stop saying things in public otherwise we will open fire on the home supporters at the Morecambe match" reply from The Wills Family (and adviser)

[Batch]

Maverick, are your views on the consortium legal advice no to deal with Mr D from a personal or professional point of view?

I'm not trying to confrontational here, just curious.

[Piemonte]

Interesting stuff PM.  We await the "please stop saying things in public otherwise we will open fire on the home supporters at the Morecambe match" reply from The Wills Family (and adviser)

indeed. I can feel another "statementfest" (copyright someone on here) coming on very soon.

[SwindonTartanArmy]

The words "cat amongst the pigeons" spring to mind!

[Maverick]

Purely a personal curiosity Batch .. I am no legal professional.

[Summerof69]

If you were in the Consortiums position, would you deal with a person who has a massive conflict of interest, a former banned company director, who apparently the DTI are looking into in breaking that banning order, who has been involved in a number of companies which have gone into administration and have had legal advice from very expensive lawyers saying that 'Do not deal with this guy'.

I know I wouldn't in their position.

It'll be interesting what the Adver comes out with tomorrow. If they had any sense, they would go for the juggular. The fact is, the Consortium in two months, have come up with what they asked and more, and in the process, got more funds than Diamandis has bought into the club in his tenure.

The board are digging themselves a big hole, and in the meantime Mr Diamandis, goes further and further into the shadows.

[Maverick]

For the record Diamandis has no "tenure" officially .. he is an advisor as I understand it, chosen by the major shareholder.

I personally have no idea specifically how much money has come into the club in recent years because currently not all of the accounts are published.

I certainly do not know how much money the consortium have 100% secured and I doubt that will be public knowledge anytime soon either!

I have no idea what their future business plan looks like either.

I certainly do not try to claim things as "facts" if they are not.

If I want to invest in or buy something and I am serious about it, then I recognise that I have to discuss this with whoever the seller wants me to .. or there is no deal.

Like or loathe the Board - this is their show and people will have to do it by their rules or lose out.