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Author Topic: Lee Power  (Read 526206 times)
Shrivvy Road

« Reply #1260 on: Tuesday, June 15, 2021, 15:39:13 »

Even if there is any judgement today, it'll be able to be appealed.
Pointless to do so
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horlock07

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« Reply #1261 on: Tuesday, June 15, 2021, 15:39:30 »

Even if there is any judgement today, it'll be able to be appealed.

Undoubtedly

Unless Hannah the Hawk advises against. Can a judge ‘suggest’ either way whether an appeal is worthwhile or likely to succeed/fail?

Its a bit outside my area of legal knowledge and engagement with courts but I suspect it can only be appealed if they consider the judge has erred in a point of law, if it goes against either side I would be amazed if they didn't try and appeal at least, especially considering the scale of cash involved.
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Nomoreheroes
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« Reply #1262 on: Tuesday, June 15, 2021, 16:30:32 »

If its still on going, can someone DM me a link? Or a status purdy please?
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Hunk

« Reply #1263 on: Tuesday, June 15, 2021, 16:35:55 »

If it’s as clear cut as it seems, perhaps Power will cut his losses and fuck off even if final judgement would otherwise have to wait until September?
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« Reply #1264 on: Tuesday, June 15, 2021, 16:48:48 »

Its over.

This is my own take on things. I may have it totally wrong. The Trust will I'm sure give their take though I think it needs legal interpretation on the finer points.

Summary:

1. No sale order as petitioned by Axis yet (adjourned )- insufficient evidence that the clubs are "perishable goods" - i.e. must prove the club would go under without it - or rather that Power needs to prove it won't (evidence by Friday 25th June, hearing TBD)

Power claims he'll continue funding - not clear if this is beyond september, but the judges ruling today. if not overturned, he would have offer to Axis the shares if he sells up (unless he finds another weazle route out).

2. However the judge agreed with Axis claim (acceptance notice) that the articles did indeed state any Axis should be offered the remaining 85% of the shares, but instead only offered 15% of the 85 shares (13 shares) as per % Clems current holding - this will no doubt be appealed but could yet force a sale (>?).

3. A counter claim against Standing/Power will be forthcoming aganst their withdrawl of running costs contribution to the club.

4. The Standing v Power 50% share case starts 6th September
-------------------------------------
More to follow in a minute (placeholders,  will fill in in a minute.)

Axis petitioned that they should have been offered all shares first in any sale of the club. Power claimed that this should be proportional to Clem's current 15% holding. The Judge didn't buy this and ruled in Axis favour. This should mean that Axis should now be offered the shares given that the share transfer notice had been issued.

However, it also transpired that the share transfer notice to Able was recently rescinded. This was explicitly not dealt with today.

Other notes:
In order to release the debenture, power got a loan with 5.75% interest which he is charging to the club (170K PA). Its not clear why (cough) given it was interest free when it sat with Arbib and Black.

In order to convince the judge Power should stay in charge, the legal played the "Kept club going for 2 years so why not a few more months. Wants to do best for the club, etc". Not sure the judge swallowed it, but didn't have evidence to the contrary.

The trust/boycott was mentioned because Power had accounted for season ticket money in future funding. This was countered by "there are many fans that would still go". But I wonder if avoiding evidence to the contrary is the reason they haven't been. Neither legal brief seemed to know our ST revenues, that they aren't on sale and so on and so forth.

Full trial:
Forensic accounting evidence needed for full trial to work out where the Matt Ritchie money went, etc (given Standing was supposed to get 50%). The full trial will address whether Standing owns 50% of shares - assuming Power doesn't do the right thing and sell to Axis.


« Last Edit: Tuesday, June 15, 2021, 17:10:09 by Batch » Logged
Jimmy HaveHave

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« Reply #1265 on: Tuesday, June 15, 2021, 16:54:10 »

Many thanks for sharing Batch excellent work!
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Flashheart

« Reply #1266 on: Tuesday, June 15, 2021, 16:55:11 »

Should hopefully get the decision we want in the next few weeks or so. No date confirmed yet.

I thought he was going to make the decision today. It was close I reckon, and even the judge said he was reluctant to do so after a long day.

Not being forced to sell to Axis today was, I think, the only thing that went in Power's favour. Poor Hannah must be looking forward to the end of this.
« Last Edit: Tuesday, June 15, 2021, 16:57:40 by Flashheart » Logged
RobertT

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« Reply #1267 on: Tuesday, June 15, 2021, 16:58:38 »

So the club has essentially managed to convert a long term debt which was bearing no interest to a short term debt that is charging 5.75% interest per annum.  Pretty bad business for the club, but easy money for whoever funded that loan.  Was it mentioned if that loan was secured or not?
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« Reply #1268 on: Tuesday, June 15, 2021, 17:01:28 »

Felt like the judge has set it up so Power can sell out of court. He certainly said he was hopeful everything could resolve itself.

Still painful this is dragging on but it doesn't feel like Powers gonna be close to winning this.
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Shrivvy Road

« Reply #1269 on: Tuesday, June 15, 2021, 17:02:04 »

So the club has essentially managed to convert a long term debt which was bearing no interest to a short term debt that is charging 5.75% interest per annum.  Pretty bad business for the club, but easy money for whoever funded that loan.  Was it mentioned if that loan was secured or not?
My understanding of that was that is what lee power is charging us a month. I believe the figure he is paying himself is £14k a month
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The Artist Formerly Known as Audrey

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« Reply #1270 on: Tuesday, June 15, 2021, 17:03:00 »

Or 3 x Eoin Doyles
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Panda Paws

« Reply #1271 on: Tuesday, June 15, 2021, 17:10:43 »

The Trust's review c/o our legal expert here:

https://truststfc.tv/power-v-standing-court-case-update-15th-june-21/
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« Reply #1272 on: Tuesday, June 15, 2021, 17:12:36 »

So the club has essentially managed to convert a long term debt which was bearing no interest to a short term debt that is charging 5.75% interest per annum.  Pretty bad business for the club, but easy money for whoever funded that loan.  Was it mentioned if that loan was secured or not?

Yup, and no it wasn't mentioned as to whether it was secured.

Dean may be right about 5.75% that's what he is charging us. Well he is, but I thought the claim was that was also the cost of borrowing.
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Flashheart

« Reply #1273 on: Tuesday, June 15, 2021, 17:14:08 »

So, ABLE is effectively out of the picture now, if I've understood it right. Power can't sell to them (or anybody else) without Clem's permission. It's subject to appeal, but it's highly unlikely to be overturned in my layman opinion.

Power can't put us unto admin for as long as the injunction remains in place, and I can't see that being lifted any time soon.

So he's left with a choice between paying for it himself or selling it to Clem. You'd hope he'd give up and sell up - but I reckon he's too invested in keeping dodgy books away from certain people.
« Last Edit: Tuesday, June 15, 2021, 17:18:38 by Flashheart » Logged
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« Reply #1274 on: Tuesday, June 15, 2021, 17:17:21 »

I think the salient point is that while it seems disappointing, and is, barring successful appeal Power is stuck with the club or has to sell to Axis.

He also may not even own the club anyway was we know (Standing case).

One massive thing I'm not clear on is whether he should now be offering the club to Axis because of the ruling, and what happens if he doesn't. Or whether it needs more court time to ascertain whether the rescinding of original share transfer notice negated this.
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