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Author Topic: Lee Power  (Read 526013 times)
Bob's Orange
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« Reply #450 on: Wednesday, May 12, 2021, 19:23:17 »

Why yes, top of the class. Surprised it took so long.

Surprised what took so long? The pubs opening?
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TheDukeOfBanbury

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« Reply #451 on: Wednesday, May 12, 2021, 20:31:00 »

Think its next week at some stage.

Monday.
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Legends-Lounge

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« Reply #452 on: Wednesday, May 12, 2021, 21:20:42 »

Surprised what took so long? The pubs opening?

No, you working it out 😉
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Frigby Daser

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« Reply #453 on: Thursday, May 13, 2021, 07:33:12 »

So what are the potential outcomes from Monday? I’ve not followed the court proceedings closely enough.
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Flashheart

« Reply #454 on: Thursday, May 13, 2021, 07:39:12 »

So what are the potential outcomes from Monday? I’ve not followed the court proceedings closely enough.

In my layman observation:

The judge might lift the injunction on the sale, which would presumably go to ABEL unless the judge says otherwise.
It seems a judge can say Power has to sell to Axis (there is precedence); whether he does remains to be seen.

Another option is that nothing's decided and we end up waiting for yet another court appearance.
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Pookemon

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« Reply #455 on: Thursday, May 13, 2021, 08:39:47 »

In my layman observation:

The judge might lift the injunction on the sale, which would presumably go to ABEL unless the judge says otherwise.
It seems a judge can say Power has to sell to Axis (there is precedence); whether he does remains to be seen.

Another option is that nothing's decided and we end up waiting for yet another court appearance.

Exactly this - things may or may not get resolved.   

I suspect the following - but new spanners could be thrown!
Assuming the books have been opened to fully Axis, it then depends if Axis are ready and willing to make a formal offer for the club. 
 - If ready then judge will consider it (may need a bit of time to do this) and ask LP Power to provide reason as to why he won't accept it.   Probably the preferred option assuming Clem's intentions are mostly genuine (I'm trying to be positive!).
 - If not ready then we will see another hearing.
 - If not willing then there are a whole host of options - Abel, admin, Standing counter bid, time to find alternative, etc - could get messy and is probably the worst option due to the increased uncertainty.

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The Grim Reaper

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« Reply #456 on: Thursday, May 13, 2021, 11:34:26 »

I’m sure Power wants out as much as we all want him out. On what basis can the judge force Power to sell to Axis if the Axis offer is equal or no better than the Abel one?
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Crackity Jones

« Reply #457 on: Thursday, May 13, 2021, 11:43:51 »

Didn't the judge say that the deal had to be in the best interests of STFC and not Lee Power and if that didn't appear  to be the case then he would decide
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pauld
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« Reply #458 on: Thursday, May 13, 2021, 11:48:24 »

I’m sure Power wants out as much as we all want him out. On what basis can the judge force Power to sell to Axis if the Axis offer is equal or no better than the Abel one?
Previous cases around this area have focused on whether one option over another would unduly damage one or more of the shareholders' interests
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The Artist Formerly Known as Audrey

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« Reply #459 on: Thursday, May 13, 2021, 11:51:47 »

He can’t sell to Abel for £1 as it would adversely effect both Clem and Standing. If he sells to Able for a relatively reasonable amount then that would have to be divided as per the shareholding.

This is why he wants the injunction lifted so he can put the club into admin. He would become a preferential creditor through Seebeck and Swinton Reds and get more than he would otherwise from a straightforward sale.

I presume we are not (yet) trading insolvently as that is illegal and the judge would have made a different decision a couple of weeks ago.

Think I’ve got that right.
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Flashheart

« Reply #460 on: Thursday, May 13, 2021, 12:12:31 »

The judge said we are insolvent.

He used the words 'ridiculously insolvent', or something along the lines.
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Batch
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« Reply #461 on: Thursday, May 13, 2021, 12:14:14 »

https://www.swindonadvertiser.co.uk/news/19244300.swindon-town-ownership-wrangle-back-high-court


Thornley described the club as “hopelessly insolvent” and said a court order placing the club into administration could be appropriate if a sale could not take place quickly.
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Flashheart

« Reply #462 on: Thursday, May 13, 2021, 12:22:05 »

https://www.swindonadvertiser.co.uk/news/19244300.swindon-town-ownership-wrangle-back-high-court


Thornley described the club as “hopelessly insolvent” and said a court order placing the club into administration could be appropriate if a sale could not take place quickly.

You'd hope that won't be a problem if Clem has the money ready to go. (or if Abel's offer is deemed acceptable).
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horlock07

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« Reply #463 on: Thursday, May 13, 2021, 12:29:25 »

He can’t sell to Abel for £1 as it would adversely effect both Clem and Standing. If he sells to Able for a relatively reasonable amount then that would have to be divided as per the shareholding.

This is why he wants the injunction lifted so he can put the club into admin. He would become a preferential creditor through Seebeck and Swinton Reds and get more than he would otherwise from a straightforward sale.

I presume we are not (yet) trading insolvently as that is illegal and the judge would have made a different decision a couple of weeks ago.

Think I’ve got that right.

There is also the Capital Gains Tax issue which led to things all kicking off with Clem....
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The Artist Formerly Known as Audrey

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« Reply #464 on: Thursday, May 13, 2021, 12:38:47 »

Can’t say I know the ins and outs of CGT. Does he mean on the £1.1m he got from Clem?
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