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Author Topic: Lee Power  (Read 526207 times)
Crackity Jones

« Reply #1290 on: Tuesday, June 15, 2021, 17:40:23 »

There is another interesting line from Axis. Upon owning the club they will pay ‘all legitimate’ creditors. Presume they don’t include Power in that.

He must know the game is up. So forgetting all the legal to-ing and fro-ing, just what is the best outcome for Power?

If the sale goes through before the September Standing/Power ownership trial would that void the necessity of that trial? I can’t see how the 2 aren’t interlinked.

I

Clem buys club- to make it easy say £10m

He agrees that Standing does own 50% of Power’s 85% so he gets £4.25m and the same amount for Power. Surely that’s a decent outcome for Power as he has seemingly put the square root of fuck all of his own money in.

What have I got wrong there?
Hasn't Power effectively sold his shares in the club for 250k?
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Panda Paws

« Reply #1291 on: Tuesday, June 15, 2021, 17:40:28 »

But Power still has control of the club for now. Keep up the pressure

1000%

This is not a victory parade.
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« Reply #1292 on: Tuesday, June 15, 2021, 17:40:29 »

@so69 -:that's going to happen as part of the main trial anyway

@crackity. 2500 per share for the 85%. considerably more for the 15% I think
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chalkies shorts

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« Reply #1293 on: Tuesday, June 15, 2021, 17:41:07 »

So power buys the debenture using stfc money and charges 5.75% interest. If he keeps the club then money rolling in on interest. If he loses the club then the debenture is bought out and power gets money. Clever move on his part. I wonder if he paid out the debenture in full or made a lesser offer on the basis arbib and black had probably not expected any money back.
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The Artist Formerly Known as Audrey

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« Reply #1294 on: Tuesday, June 15, 2021, 17:41:34 »

How long has he been getting the £14k interest a month?
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Lambo75

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« Reply #1295 on: Tuesday, June 15, 2021, 17:41:51 »

From what I read on the trust site, i would interpret it that Clem will get the rest of the shares for £250k which is what Power offered them to Able for.

The value is probably why the judge has left the door open for Power to appeal.

The second part is then what happens to Standings shares, albeit done at a different hearing.
Effectively as I see it, if Clem gets the 100% of the club, then the battle for Powers 50% shares is moot but the claim will then be that Power owes Standing the money back as he's bought only fresh air. I suspect it's way more complex than that, but the legal process has to follow the rules first and deal with the fallout after. The rules state that for any sale/transfer of shares it has to be offered to existing shareholders first...of which there is only one...Clem.

Power to me is right in the mire with this. Let's hope we finally get some traction and these parasites away from the club.
I hope Clem is a genuine as he is trying so hard to appear to be. He's certainly a lot more credible in my eyes than poundland power.
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« Reply #1296 on: Tuesday, June 15, 2021, 17:43:20 »

Quote from: chalkies shorts
So power buys the debenture using stfc money and charges 5.75% interest. If he keeps the club then money rolling 

not clear where the money is from.

he is charging the club the % interest though
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The Artist Formerly Known as Audrey

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« Reply #1297 on: Tuesday, June 15, 2021, 17:44:01 »

Hasn't Power effectively sold his shares in the club for 250k?
Fuck me, you’re right!

 
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« Reply #1298 on: Tuesday, June 15, 2021, 17:44:54 »

Quote from: The Artist Formerly Known as Audrey
Fuck me, you’re right!

 

don't forget whatever he will claim the club owes him in directors loans, etc..
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The Artist Formerly Known as Audrey

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« Reply #1299 on: Tuesday, June 15, 2021, 17:46:57 »

That’s where the £4m disappeared from isn’t it?

How does Standing get his £3-4m back if the club is sold for £250,000?
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RobertT

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« Reply #1300 on: Tuesday, June 15, 2021, 17:47:04 »

don't forget whatever he will claim the club owes him in directors loans, etc..

Likely where the Standing case still has some legs - who put the money in the accounts and who took what out as repayment.  I suspect Power is directly owed very little beyond the Debenture debt now, at least based on what we've seen so far.  Standing needs to continue his case to ensure he gets something back from someone.
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TheDukeOfBanbury

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« Reply #1301 on: Tuesday, June 15, 2021, 17:50:06 »

No doubt a poor attempt to launch the season tickets in the coming days.
Just can’t see this being prolonged but all coming out in the open.

Power has definitely been touting in the football circles that he is fronting up the Able bid.
Daft and brash to do so.
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Lambo75

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« Reply #1302 on: Tuesday, June 15, 2021, 17:51:21 »

That’s where the £4m disappeared from isn’t it?

How does Standing get his £3-4m back if the club is sold for £250,000?

Wouldn't that be a seperate claim, directly against power, who will then be done for trying to sell something that wasn't his to sell in the first place, therefore illegal.

Hopefully, the chain of events will be....Power sells to Clem for 250k.....Clem buys out legitimate creditors...let's assume for shits and giggles that Power's debenture is legal so this gets bought. That money is then up for grabs for Standing to go after.....so hopefully Power exits with no further claim on the club, the standing piece is put to bed, the FA look favourably on us, and the club moves forward with loads of fans returning and backing the club.
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RobertT

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« Reply #1303 on: Tuesday, June 15, 2021, 17:51:55 »

The Trust should get on the phone with Clem right now and set-up a "Hold it" season ticket discount.  Everyone who waits until the transfer is complete gets 10% off, or something, to get as many people as possible to starve Power out as quickly as possible.
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« Reply #1304 on: Tuesday, June 15, 2021, 17:51:57 »

if he does launch STs he'll have super early bird up to next Thursday so he can present it as revenue on Friday Smiley
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