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The Artist Formerly Known as Audrey

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« Reply #285 on: Wednesday, April 28, 2021, 15:28:22 »

Hopefully back on track here. I presume some knowledgable chap on here will know.

Does Clem as a minority shareholder have any say in Power selling to Able for £1? As it would, obviously, be hugely detrimental to him does he get any protection from Power’s antics.

And, are Able willing to buy the club other than for Power’s Pound and/or out of Admin? What’s happened to their offer of £7.5m which was in the Letter Power said didn’t exist.
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horlock07

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« Reply #286 on: Wednesday, April 28, 2021, 15:40:44 »

Completely baffled by whatever it is that just happened....

Seems to be some sort of passive aggressive Face Off....
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Power to people

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« Reply #287 on: Wednesday, April 28, 2021, 15:46:23 »

Hopefully back on track here. I presume some knowledgable chap on here will know.

Does Clem as a minority shareholder have any say in Power selling to Able for £1? As it would, obviously, be hugely detrimental to him does he get any protection from Power’s antics.

And, are Able willing to buy the club other than for Power’s Pound and/or out of Admin? What’s happened to their offer of £7.5m which was in the Letter Power said didn’t exist.

I assume it's buy the club for £1 but put in £7.5m to pay off the debts, that way surely both Clem & Standing lose out on anything for their shareholding.

Until we know how much debt the club are in surely its not quite clear what powers game is.
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horlock07

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« Reply #288 on: Wednesday, April 28, 2021, 15:50:56 »

Hopefully back on track here. I presume some knowledgable chap on here will know.

Does Clem as a minority shareholder have any say in Power selling to Able for £1? As it would, obviously, be hugely detrimental to him does he get any protection from Power’s antics.

And, are Able willing to buy the club other than for Power’s Pound and/or out of Admin? What’s happened to their offer of £7.5m which was in the Letter Power said didn’t exist.

I cannot comment in great deal but its way beyond my area of expertise but simply I don't think Clem will have much of a say as he will be greatly outvoted, unless of course Standing can prove his ownership (and this is what I don't understand Powers game is as he has accepted that Barry owns 50% so what is the difference) and come over to the bright side as under that system Power will only control 42.5% or possibly 35% so in either case Standing and Clem could out vote.

On the Admin issue however I can comment in more detail as my then employer went into admin about 9 years back and was pre-packed to the old directors, albeit for bit more than a quid. Coincidentally I was clearing a load of emails the other night and came across the final report the Administrators had to complete and send to creditors which basically justified the process they had followed. In that they had to state and show that they had marketed the business and sought offers on the open market for it (including releasing accounts and financial statements to any interested parties (subject to them signing a NDA obviously) to allow them to form a judgement as to whether it was worth making a bid), in this case as the company had been royally fucked up the only offer received was from the old directors, but this process had to be laid out in writing, including the marketing process followed and the final price paid.

I assume this would have to be similar and thus I don't see how any Administrator can ignore a bid for even say £100 over one for a £1 let alone £7 odd million. Also worth emphasising that the Administrator is supposed to be acting in the interests of the Creditors, but to flip it all on its head if Power is the main Creditor and the deals usually only need x% of creditors to accept Power can basically vote to benefit himself in the long run and fuck the other creditors!
« Last Edit: Wednesday, April 28, 2021, 15:53:44 by horlock07 » Logged
BambooToTheFuture

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« Reply #289 on: Wednesday, April 28, 2021, 16:07:42 »

Bamboo happened, again.

Here he is. Bandwagon Quaggy ffs  Roll Eyes
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'Incessant Nonsense'

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It means you're alive. You've won.
You take the heads so that you don't ever forget.'
BambooToTheFuture

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« Reply #290 on: Wednesday, April 28, 2021, 16:16:23 »


It's fair to say most people can see who's being reasonable and who's not, but I'm always going to defend those on the Trust that do a lot more than you or I to try and save our club.


Ok pal.

Ahh see you're twisting it. The Trust has my full support. I was highlighting an issue in isolation (I will save writing it again), which as adults we should be more than capable of doing so. That doesn't mean I throw out all of the good work of the Trust just because there's an area that I feel they could be doing better in. Constructive criticism, I'm sure you've heard of it.

I was being totally reasonable until you decided to interpret the post as some kind of vendetta against you. Nope, that could never be you - that's my good mate FH  Soapy Tit Wank

Just because the Trust may be doing some good things, that doesn't mean they can't do more and be even better...surely? That isn't an attack on the Trust as explained above.

I think the bottom line for most of us here and where we'll all likely agree is that the sooner Lausanne Lee has fucked off, the better Town can start to turn the corner and look toward something more positive.
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'Incessant Nonsense'

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'I'm gonna tell you the secret.
There's a threat, you end it and you don't feel ashamed about enjoying it.
You smell the gunpowder and you see the blood, you know what that means?
It means you're alive. You've won.
You take the heads so that you don't ever forget.'
BambooToTheFuture

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« Reply #291 on: Wednesday, April 28, 2021, 16:17:08 »

Seems to be some sort of passive aggressive Face Off....

You'll never see one of those in Ice Hockey  Wink
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'Incessant Nonsense'

______________________________________________________________

'I'm gonna tell you the secret.
There's a threat, you end it and you don't feel ashamed about enjoying it.
You smell the gunpowder and you see the blood, you know what that means?
It means you're alive. You've won.
You take the heads so that you don't ever forget.'
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« Reply #292 on: Wednesday, April 28, 2021, 16:19:39 »

Do you ever wonder why your posts get misinterpreted so often Bamboo? I don't think you're a bad guy but your unwillingness to back down when you've clearly said something you don't really mean makes you look like one more often than not. It's fine to say something daft and apologise, God knows we've all done it  but constantly going on the attack and making it out like people are targeting you does you no credit.
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BambooToTheFuture

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« Reply #293 on: Wednesday, April 28, 2021, 16:27:56 »

Do you ever wonder why your posts get misinterpreted so often Bamboo? I don't think you're a bad guy but your unwillingness to back down when you've clearly said something you don't really mean makes you look like one more often than not. It's fine to say something daft and apologise, God knows we've all done it  but constantly going on the attack and making it out like people are targeting you does you no credit.

Oh at times genuinely yes, I will realise this and know I have. But nearly every time fella? Come on, that's just people responding to the account name rather than the content and it happens. Regardless of what is written. So of course I will defend it. I could write "you're all genuinely really lovely people" and someone would respond in a negative way. Sometimes, there just isn't any point in posting at all because I know this will happen. The louder voices get heard. Those that tend to agree but know they may get shouted down won't post because of said louder voices. Maybe I speak for some of those silent people (at times).

Anyway, I'm quite conscious of the fact this thread could become sidetracked and I genuinely don't want that. I want it to be a discussion at least loosely linked around Lee Power (as the thread suggests). All I was bloody suggesting was ways the Trust could possibly do more and someone took great offence to it.
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'Incessant Nonsense'

______________________________________________________________

'I'm gonna tell you the secret.
There's a threat, you end it and you don't feel ashamed about enjoying it.
You smell the gunpowder and you see the blood, you know what that means?
It means you're alive. You've won.
You take the heads so that you don't ever forget.'
The Artist Formerly Known as Audrey

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« Reply #294 on: Wednesday, April 28, 2021, 16:29:58 »

I cannot comment in great deal but its way beyond my area of expertise but simply I don't think Clem will have much of a say as he will be greatly outvoted, unless of course Standing can prove his ownership (and this is what I don't understand Powers game is as he has accepted that Barry owns 50% so what is the difference) and come over to the bright side as under that system Power will only control 42.5% or possibly 35% so in either case Standing and Clem could out vote.

On the Admin issue however I can comment in more detail as my then employer went into admin about 9 years back and was pre-packed to the old directors, albeit for bit more than a quid. Coincidentally I was clearing a load of emails the other night and came across the final report the Administrators had to complete and send to creditors which basically justified the process they had followed. In that they had to state and show that they had marketed the business and sought offers on the open market for it (including releasing accounts and financial statements to any interested parties (subject to them signing a NDA obviously) to allow them to form a judgement as to whether it was worth making a bid), in this case as the company had been royally fucked up the only offer received was from the old directors, but this process had to be laid out in writing, including the marketing process followed and the final price paid.

I assume this would have to be similar and thus I don't see how any Administrator can ignore a bid for even say £100 over one for a £1 let alone £7 odd million. Also worth emphasising that the Administrator is supposed to be acting in the interests of the Creditors, but to flip it all on its head if Power is the main Creditor and the deals usually only need x% of creditors to accept Power can basically vote to benefit himself in the long run and fuck the other creditors!
I did a quick google on the subject of minority shareholders and found this. God knows what it means but I hope it means can’t do something that is detrimental to other shareholders.

https://www.jacksonlees.co.uk/protection-minority-shareholders
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Flashheart

« Reply #295 on: Wednesday, April 28, 2021, 16:43:39 »

Somebody a few pages back gave the names in a case where the judge decided who a company was sold to - to prevent minor shareholders from being ripped off. So, a court can do so and there is a precedence.

It makes a lot of sense that Power (or any director) should not be allowed to make decisions that cause his shareholders to lose out just so he benefits himself.
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singingiiiffy

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« Reply #296 on: Wednesday, April 28, 2021, 16:48:58 »

Hopefully back on track here. I presume some knowledgable chap on here will know.

Does Clem as a minority shareholder have any say in Power selling to Able for £1? As it would, obviously, be hugely detrimental to him does he get any protection from Power’s antics.

And, are Able willing to buy the club other than for Power’s Pound and/or out of Admin? What’s happened to their offer of £7.5m which was in the Letter Power said didn’t exist.

one would hope that if power did sell for £1 that Clem would get his rightful 15p. All in coppers or 2 silvers would show how petty or not power is.
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The Artist Formerly Known as Audrey

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« Reply #297 on: Wednesday, April 28, 2021, 17:13:06 »

Somebody a few pages back gave the names in a case where the judge decided who a company was sold to - to prevent minor shareholders from being ripped off. So, a court can do so and there is a precedence.

It makes a lot of sense that Power (or any director) should not be allowed to make decisions that cause his shareholders to lose out just so he benefits himself.
Thing is, I can see Power hanging on until there is no option but to put the club in admin. There are legalities about trading if not solvent. Just how long will Clem or whoever be willing to fund the club until something gets sorted.
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Flashheart

« Reply #298 on: Wednesday, April 28, 2021, 17:19:40 »

Thing is, I can see Power hanging on until there is no option but to put the club in admin.

Considering Power has already told the court he wants to put the club into admin, or sell to able, I would not be surprised if that decision can be taken out of his hands.
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The Artist Formerly Known as Audrey

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« Reply #299 on: Wednesday, April 28, 2021, 17:22:17 »

I hope so, but he seems an obdurate twat. If others are picking up the tab for running costs there’s not much pressure on him to sort things.

Hopefully, the court can and will force his hand.
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