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sonic youth
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« on: Friday, June 8, 2007, 16:37:43 » |
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The Board of STFC totally refute Bill Powers Claim
The Board of Swindon Town FC totally refutes the recent claim in the media attributed to Bill Power that he loaned the Football Club money. 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. Therefore any suggested threat that he could issue a 'Winding up Petition' if the Club do not acknowledge that his investment should be considered a loan is both ludicrous and misguided.
Bill Power has not to date signed the Non Disclosure Agreement (NDA) and making fallacious threats against the Club is ridiculous in extreme and is a diversion from the main issue.
On one hand he purports to want, with the Fan's Consortium, to make an offer to buy the Club, but then demands that his substantial share in the Holding Company to be treated as a loan before he will agree to sign the NDA.
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. Since then Mr. Power has been silent. Now they claim the reason they have not signed the NDA is that it would prejudice their position. This is nonsense; a NDA is non committal but merely allows both parties to negotiate in confidence with each other.
It is over nine months since Bill Power declared he was heading up a Fan's Consortium. It took months before the Board received an official request from Mr. Power's lawyers and the Club responded within days, now a further two months have elapsed.
The Board suggest to Mr. Power and his lawyers that, in future, they refrain from making inflammatory remarks in the media and 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.
The Board feel that this flurry of media activity is purely an attempt to derail the Club's negotiations with serious alternative investors. In this regard the Board are delighted with the progress being made with a serious potential investor and are confident of a positive outcome in the near future.
http://www.swindontownfc.premiumtv.co.uk/page/News/NewsDetail/0,,10341~1034485,00.htmlBULL SHIT |
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STFC_Manc
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« Reply #1 on: Friday, June 8, 2007, 16:39:01 » |
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you beat me by 20 secs! haha
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Ralphy
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« Reply #2 on: Friday, June 8, 2007, 16:39:50 » |
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Yeah!!!
It's statement friday again!!!
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Arriba
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« Reply #3 on: Friday, June 8, 2007, 16:42:00 » |
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does this increase the chances of summer protests against the board??
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sonic youth
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« Reply #4 on: Friday, June 8, 2007, 16:42:35 » |
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i'm just digging out my pitchfork and torch as i type
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Arriba
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« Reply #5 on: Friday, June 8, 2007, 16:43:36 » |
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i'm just digging out my pitchfork and torch as i type fucking hell :shock: you must have long arms |
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flammableBen
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« Reply #6 on: Friday, June 8, 2007, 16:52:37 » |
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This is getting like the 1984 Chess World Championship.
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Matchworn Shirts
For Sale
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« Reply #7 on: Friday, June 8, 2007, 16:55:06 » |
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I back the board, I don't want Power
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ronnie21
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Posts: 6154
The Mighty Hankerton
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« Reply #8 on: Friday, June 8, 2007, 16:55:18 » |
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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! :-))(
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Sussex
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« Reply #9 on: Friday, June 8, 2007, 16:55:30 » |
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The Board feel that this flurry of media activity is purely an attempt to derail the Club's negotiations with serious alternative investors. Tick tock. We're waiting. |
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Simon Pieman
Original Wanker
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« Reply #10 on: Friday, June 8, 2007, 17:00:25 » |
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*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
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sonic youth
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« Reply #11 on: Friday, June 8, 2007, 17:04:07 » |
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I back the board, I don't want Power 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. |
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Fred Elliot
I REST MY FUCKING CASE
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« Reply #12 on: Friday, June 8, 2007, 17:19:00 » |
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*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 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 !!!!!!! |
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kaufman
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« Reply #13 on: Friday, June 8, 2007, 17:22:41 » |
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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.
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yeo
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« Reply #14 on: Friday, June 8, 2007, 17:29:25 » |
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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. |
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