Bill Power court case

[derbystfc]

Feel sorry for Power and Emmell, clearly got shafted by the old lot!

Well thats my take on it anyway, the issue gets ore complex all the time

[Nemo]

For those who have a clue legally, can this decision be appealed? I'd hate it to drag on even further.

[jonny72]

Seems a strange choice of words saying their case "failed" and not being a bit more specific about the costs claim.

Hopefully the full ruling will be made public so we can see exactly what the judge said.

Maybe Fitton will spend the million he had in his back pocket to payout when they list this case can be spent on players now. Unlikely of course, but we can but hope.

[Samdy Gray]

Thinking about it, this effectively confirms Power & Emmell have a shareholding in the old holding company - now in administration. This holding company held a majority share in the football club, right?

Fittons new holding company bought the football club shares from the old holding company. Surely that should mean as shareholders of the holding company, Power & Emmell should've been entitled to a proportion of the money paid by Fitton's company for the football club shares - which I'm guessing they never got.

[Samdy Gray]

Seems a strange choice of words saying their case "failed" and not being a bit more specific about the costs claim.

It said the claim had failed. I take that to mean Power & Emmell claimed the money was only a loan but the judge ruled it was shares.

[@MacPhlea]

Thinking about it, this effectively confirms Power & Emmell have a shareholding in the old holding company - now in administration. This holding company held a majority share in the football club, right?

Fittons new holding company bought the football club shares from the old holding company. Surely that should mean as shareholders of the holding company, Power & Emmell should've been entitled to a proportion of the money paid by Fitton's company for the football club shares - which I'm guessing they never got.

That would be my take - if so, then they need to go after the directors of the old company as it would be my guess they divvied out the money based on share ownership before administration - trouble is, Mick the Greek 'wasn't' a Director so it would come down to SSW & Co... I think...

[Samdy Gray]

That's what I thought. I wonder if Power will go after them for his share or whether he'll just cut his losses.

[suttonred]

Seems a strange choice of words saying their case "failed" and not being a bit more specific about the costs claim.

Hopefully the full ruling will be made public so we can see exactly what the judge said.

Maybe Fitton will spend the million he had in his back pocket to payout when they list this case can be spent on players now. Unlikely of course, but we can but hope.

Or we can hang on to cox now, as we dont have to sell him to pay the bill hopefully!

[Summerof69]

I'm in shock with the outcome.

Diamond Mike has seemingly got away with it...again.

[Iffy's Onion Bhaji]

Whilst it's a shame that Bill and Phil have been screwed by the old board i just want what is best for STFC. It means no costs to us which is fantastic. Let's look forward and look to build for next season. We might now be able to spend some of that Cox money. Yay.

[Batch]

Hard to know what to make of it, don't have the necessary legal background or case details. I guess nothing is black and white in law.

But good news for the club whatever.

Or we can hang on to cox now, as we dont have to sell him to pay the bill hopefully!

No chance, he's gone whatever.

Power & Emmell should've been entitled to a proportion of the money paid by Fitton's company for the football club shares - which I'm guessing they never got.

Did he actually pay for the club, or just take on the debt? I can't remember.

[STFC4LIFE]

Does Fitton still have to pay for the court costs?

[RobertT]

Thinking about it, this effectively confirms Power & Emmell have a shareholding in the old holding company - now in administration. This holding company held a majority share in the football club, right?

Fittons new holding company bought the football club shares from the old holding company. Surely that should mean as shareholders of the holding company, Power & Emmell should've been entitled to a proportion of the money paid by Fitton's company for the football club shares - which I'm guessing they never got.

Doubt any money was paid, more likely an undertaking of the debt.

Power's loan/shares would have been through the holding company, so it's very likely the seperation with the football club is the deciding factor - so the Holding Co going into Admin pretty much leaving Power with no legal way of obtaining the money back without pursuing the owners of the Holding Co I guess.  Seems he'll end up out of pocket, which is a bugger, but as someone else said, the club is the most important thing for us.

[fatbury]

Good news for the club ... I would have sympathy with Power and Emmell but in all honestly they should have realised they were trying to get the money back from the wrong people ...

[Iffy's Onion Bhaji]

Does Fitton still have to pay for the court costs?

Don't think so.