Mr Di Canio

[Fred Elliot]

if the old holding company has now been dissolved or has no assets then his only viable claim would be against the club and the new holding company

Not at all if the old holding company had limited status. It takes an awful lot of work to "pierce the veil" and get to the old Directors

[Flashheart]

I didn't know that. Do you know what the 1957 debt is? i asked earlier but nobody came back with anything.

I don't know

[sonicyouth]

I didn't know that. Do you know what the 1957 debt is? i asked earlier but nobody came back with anything.

Black sold up and Seebeck 87 own 99% of the shares now.

source: http://www.swindontownfc.co.uk/news/article/completionofsale-670154.aspx

Nobody knows what the 1957 debt is and anyone old enough to recall is probably senile and/or demented.

[Arriba]

Black sold up and Seebeck 87 own 99% of the shares now.

source: http://www.swindontownfc.co.uk/news/article/completionofsale-670154.aspx

Nobody knows what the 1957 debt is and anyone old enough to recall is probably senile and/or demented.

No need to talk about Reg like that.

[RedRag]

Due Diligence by the new Board and taking responsibility for what they have bought is what this should be about.

Although blaming PDC for the embargo might be good enough Public Relations for some fans, "it don't impress me much", nor several others.

Good question earlier re the 1950s debt Arriba, though a bit harsh on Reg

I am fascinated by how a 1950s debt can pass due diligence, the statute of limitations and two administrations...history in the making.

[jonny72]

Have I missed something? Cos some people are posting some strange comments.

From what I've seen;
- the 1957 and other smaller debts aren't an issue and have been settled (or will be very shortly).
- there is the potential of legal proceedings by an ex-employee.
- it is these potential legal proceedings which are causing the embargo to stay in place.
- PDC's agent refused to rule out that ex-employee was PDC.
- the new owners could not have foreseen this legal action, PDC quit just before the takeover completed with them believing he would be staying on as manager.

I think it's a safe bet to say the ex-employee is PDC and/or his team. The legal action will be against the club as they were his employees, this has nothing to do with the holding companies or ex-owners - it is Swindon Town Football Club that is the target. The potential sum of money involved is likely to be in excess of £1m, the £1.2m figure being thrown around is coincidentally in the right ballpark.

I'd guess the new owners never budgeted for this and aren't too happy at the thought of taking a hit for £1m, even if it's just ring fencing the money short term. Even if they do come up with the money it is likely to have to come from funds that they'd have spent on other things - such as loan signings, ground redevelopment and so on.

We don't know whether PDC has a case or not. But we do know that the threat of legal proceedings has left the club under embargo, when it desperately needs to make loan signings to help with the push for promotion. The fact that he is happy for his actions to keep the embargo in place says a lot about the kind of person he is to me.

[sonicyouth]

No need to talk about Reg like that.

Reg isn't as old as you probably think he is

[michael]

I am guessing that Di Canio wasn't paid by Black, he was paid by the football club. His grievance is with his employer.

I have no doubt that Di Canio is at least considering litigation, but that this is the major reason for the embargo doesn't ring true to me. A couple of weeks ago Steve Murrell was "very confident" we'd be out of embargo, and then cited "unseen issues" as to why we remained under embargo. Yet they already knew about Di Canio's threats as Jed said shortly after takeover that he'd be very disappointed if Di Canio went ahead with legal action.

Also, according to the Adver, Jed said late last week that he was "100%" confident that we'll be out of embargo before the transfer window closes (Thursday night?). So on that basis the Di Canio situation would be sorted by then? Well, it took longer than a year for Alan Curbishley to go from quitting West Ham to winning his constructive dismissal court case... so it would seem to me to be highly unlikely that the court issue would be resolved (presumably we'd defend?!) within the next 4 days.

With all the apparent inconsistencies and contradictions I am finding it hard to believe what the board are telling me.

[jonny72]

With all the apparent inconsistencies and contradictions I am finding it hard to believe what the board are telling me.

What are they? Cos I don't see any.

[Flashheart]

Morshead's tweets said the old debt was trivial and easily sorted. He also suggested the potential legal case from PDC was holding up proceedings but was not the reason for the FL to be maintaining the embargo. Morshead also said something about a 'funding embargo'.

So why are we under embargo if the debt has been paid and PDC legal jobby is not a reason for the FL to maintain it? All a bit vague really, until....

Been years since I posted on here but with all the bickering on here thought I'd post what I know.
The new board had a meeting with the supporters club hierarchy yesterday morning before the match where they were told the reason we are still under the embargo is because the money men won't put any money in until the Di Canio situation is sorted out.

Makes a lot of sense.

[Batch]

Its the best explanation that makes sense so far. In fact the only one too!

If there is a chance of the potential investors money going into PDCs pocket, I can see their reluctance. But as pointed out, how quickly will this go away.

Not sure what the point of Jed not stating clearly what the situation is to be honest. Panic and season ticket slump?

Damn it, I wasn't going to comment again.

[kerry red]

But Season Ticket slump is just what is happening. Everyone I know who want to renew their STs are waiting to see what all this kerfuffle is about.

They fear their money going into someone's pocket and not the club's coffers

[chalkies_shorts]

I have serious reservations about the current board but I've renewed the ST. Covering both options.

[joteddyred]

I have to be honest, I haven't renewed yet.  I'm hoping some positive news will come out before the end of the week before the priority prices go up.  If not, I probably will renew anyway, but won't feel entirely comfortable.

[Gnasher]

I've renewed but I have a month to sign the DD form  .