Bill Power court case

[stfctownenda]

My evidence comes from Judge Gavin Kealey QC, in his ruling on the case he stated the Wills family had supported the club to the tune of £14 million over the years. No matter how much interest and other benefits they got, they have put a shit load of cash in to the club over the years which they aren't going to see again and deserve a bit of respect and leeway as a result.

http://thetownend.com/index.php/topic,34150.0.html

They get no respect from me they took us to the brink of non existance, I would ban them from the ground.

[Phil_S]

I did have a lot of respect for SSW, but that evaporated when he allowed Diamandis to wreck the club. If he had had the strength of character to stand up to Diamandis & kick him out fine, but he didn't.
As for James with the Silver Spoon, his attitude towards the fans & the club, & support for Uncle Mikey leaves me full of contempt.

[genf_stfc]

i would have thought they got a reasonable part of 14 million back as interest on their own loans

[BANGKOK RED]

Not only interest, I expect that a fair lump of the capital was repaid also.

[BANGKOK RED]

And for the record:

I don't hate SSW, I just think that he is an incompetent, clueless wet blanket.
That fat Greek is another matter, he knew exactly what he was doing and so therefore is a cunt.
That James sounds as though he needs a good slap.

[leefer]

Whats all the sympathy with Power...do you think this guy has never done someone over in buisness...course he has,what goes around comes around...lets hope hes learned his lesson,nice fella by all acounts so i hope he forgets about footy and after his near death episode while flying he should concentrate on enjoying  the fruits of life his hard earned money can afford him.

[Arriba]

Whats all the sympathy with Power...do you think this guy has never done someone over in buisness...course he has,what goes around comes around...lets hope hes learned his lesson,nice fella by all acounts so i hope he forgets about footy and after his near death episode while flying he should concentrate on enjoying  the fruits of life his hard earned money can afford him.

power threw money at stfc.he was also the man who gave us wise and poyet.
he deserves sympathy.i hope he takes wills and those other cunts to the cleaners

[pauld]

And where did Power think the money was going to come from if he had won the case? It would have come from the club or the new owners, again with no guarantee that the Wills family would pay up.

Which part of indemnity are you struggling with exactly? For the umpty-ninth time, the Wills signed a legally binding agreement as part of the takeover that they would indemnify the club against any losses arising from the court case. The cost of this case was always going to reside ultimately with the Wills.

[BANGKOK RED]

jonny72 does appear to have a comprehension problem. Poor boy.

[jonny72]

Which part of indemnity are you struggling with exactly? For the umpty-ninth time, the Wills signed a legally binding agreement as part of the takeover that they would indemnify the club against any losses arising from the court case. The cost of this case was always going to reside ultimately with the Wills.

The same kind of legally binding agreement that Power signed when he bought the shares, sorry, loaned the money to the club / holding company which ended up in the High Courts and him still being no closer to getting his money back?

I fully understand what the indemnity is supposed to do, but you seem to think Fitton will just gives the Wills a call and they'll say "no problem, the cheque's in the post". Things don't normally happen like that in the real world (see previous paragraph).

[leefer]

power threw money at stfc.he was also the man who gave us wise and poyet.
he deserves sympathy.i hope he takes wills and those other cunts to the cleaners

And who threw money at the club for years,when we were in the shit...millions in fact,ime not a fan of the Wills but they baled out the club for years...they didnt ask for there money back did they...Power is a QPR fan...he didnt come here to help STFC...if he did he wouldnt be asking for his money back...get a grip lads...the Town havnt got to pay so who gives a fuck...not me for one.

[dell boy]

Whats all the sympathy with Power...do you think this guy has never done someone over in buisness...course he has,what goes around comes around...lets hope hes learned his lesson,nice fella by all acounts so i hope he forgets about footy and after his near death episode while flying he should concentrate on enjoying  the fruits of life his hard earned money can afford him.

Leefer, that is top post imo.

[chalkies_shorts]

And who threw money at the club for years,when we were in the shit...millions in fact,ime not a fan of the Wills but they baled out the club for years...they didnt ask for there money back did they...Power is a QPR fan...he didnt come here to help STFC...if he did he wouldnt be asking for his money back...get a grip lads...the Town havnt got to pay so who gives a fuck...not me for one.

Leefer,  thats a bit harsh on Power. As far as I can see he was football fan who thought he could "adopt" a club and have some fun whilst doing so. He's not unique in this and after his intervention we did alright. Withuot the plane crash, who knows- he may have taken over and I would have welcomed it.
I'm not sure anyone has actually worked out the net loss to Wills as money was being syphoned out of the club left, right and centre. If I read it correctly, however, to loan STFC money and then regard yourself no 1 creditor at above market rates is not a bad touch. So whereas the capital may not reduce, then you#re on a good earner is a shitload less ethical than what Power did.
Apologies if this is bollox but I've had a few. 

[pauld]

The same kind of legally binding agreement that Power signed when he bought the shares, sorry, loaned the money to the club / holding company which ended up in the High Courts and him still being no closer to getting his money back?

They never signed an agreement. That was at the centre of the dispute as to whether the money was a loan or shares, that there was no documentary evidence, hence it was all "He said, she said". Thankfully the court have sorted that out. There will be no such dispute over the indemnity because in that case there is a legally binding agreement. Look, I understand the point you're trying to make but it's pretty obvious you're not that well acquainted with the facts, you keep undermining yourself rather badly.

The primary difference between the Wills family and Power is that the Wills family were in charge when they put their money in, when they repeatedly ignored the very many people who told them Diamandis was no good either for them or the club (and there were many, the Trust was by no means a lone voice, although we were one of the few to share our concerns with the fans for which we were excoriated), and when Bill Power put his money in, money which was desperately needed to stop the club going under as by that time they were no longer prepared to put any more in. They were also in charge when having pissed Bill Power's money up against a wall the then board decided to force him out (mutual agreement due to illness my arse) and tell him to go whistle for repayment of his money, a stupid decision that could only ever lead to legal dispute. They oversaw years of Diamandis and the Newbury crew wrecking the club and despite all they could see around them, despite all the money they put in or underwrote (because a good chunk of that supposed £10m or whatever is not money they directly invested but that they underwrote loans from the likes of St Modwen) going to waste, despite the advice of people who pleaded with them to get rid of Diamandis for their own sakes as well as the clubs, they still persisted pig-headedly in keeping the man ru(i)nning the club and their own fortune. In the middle of that, Diamandis (in his own words) "scammed" Bill and Phil out of a million quid, a good chunk of which never made it near the club, and the Wills either stood by while he did so or maybe even actively connived in this.

Under those circumstances, if you're the guys that have been "scammed" by this odious little fuck, and you're pretty sure you've got a good legal case to retrieve it, and you know that in taking that legal case on, the ones that will ultimately have to pay will be the people responsible for your loss, not the club, what would you do? Leave it down to "all part of life's rich tapestry"? Or go after the money which, you seem to have forgotten, was desperately needed to keep the club afloat that summer (although granted that didn't stop some people deciding their needs came before the club's which is why it didn't all reach the club).

[jonny72]

There will be no such dispute over the indemnity because in that case there is a legally binding agreement. Look, I understand the point you're trying to make but it's pretty obvious you're not that well acquainted with the facts, you keep undermining yourself rather badly.

My point regarding the indemnity is that a "legally binding agreement" isn't always as simple and binding as you believe it is. The Wills family could refuse to pay and fight it through the courts and there is no guarantee it will stand up. Hopefully it will but again, there is no guarantee it will and that is the problem I have with Power - he took the court action route knowing the club would have to foot the bill and then hopefully reclaim the money.

If he did give a toss about the club he wouldn't have gone down the route he did. Bearing in mind the ruling from the judge (that the debt was with the original holding company rather than the club) I'm surprised that he didn't award costs to the club - though its possible they haven't got to costs yet. If Power is such a wonderful person, how about he pays the clubs legal fees pending the Wills family coughing up? I'm sure he wouldn't have a problem doing this if it is such an open and shut case, so maybe you should ask him to?

You say I'm not acquainted with the facts of this case and you're right, I'm not. But I am acquainted with plenty of cases where so called "legally binding agreements" (credit card / loan agreements) were ruled by courts to be worth less than the recycling value of the paper they were written on.