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Author Topic: Lee Power  (Read 526019 times)
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« Reply #1440 on: Friday, June 18, 2021, 08:37:15 »

Quote from: Power to people on Today at 07:34:38
Of course he has, he's settled it for perhaps £2m, and the plan was probably for stfc to pay him back £3m as it is not interest free, but it may be now called a loan instead of debenture, nobody really knows how much the debenture was

The debentures were 3M combined when with Black and Arbib.

But do you mean nobody knows how much he paid to discharge them?

https://www.swindonadvertiser.co.uk/news/19347374.questions-4m-missing-swindon-town-directors-account/

Quote from: Colin West, QC
“Throughout 2020 his position was that he was impecunious and would before too long run out of money to keep funding the club. Yet he was nevertheless able to purchase the £3m debentures from their previous owners, Black and Arbib.

“[Mr Power] has never said where he sourced such finance. In the circumstances, the obvious inference is that he used money he had obtained from the club by way of repayments of his director’s loan.”

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« Reply #1441 on: Friday, June 18, 2021, 09:23:56 »

Fitton, Black etc have a lot to answer for IMO. They basically facilitated this whole scenario and even years after selling up Black has managed to stitch the club up further by selling the debenture off.
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« Reply #1442 on: Friday, June 18, 2021, 09:28:27 »

Quote from: theakston2k
Fitton, Black etc have a lot to answer for IMO. They basically facilitated this whole scenario and even years after selling up Black has managed to stitch the club up further by selling the debenture off.

Black is both hero and villian.

funded a very exciting period.
abandoned his duty of care in desperation to get the hell out of Dodge
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« Reply #1443 on: Friday, June 18, 2021, 09:43:14 »

Black is both hero and villian.

funded a very exciting period.
abandoned his duty of care in desperation to get the hell out of Dodge

Wasn't it also during their stewardship that they buggered around with the number of shares to basically remove any means of influence form all the supporter shareholders?
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« Reply #1444 on: Friday, June 18, 2021, 09:48:57 »

yeah, and only one person in that meeting objected as we missed the implications

however imo not changing it would have made no difference whatsoever in running of the club really. no real loss of influence
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The Artist Formerly Known as Audrey

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« Reply #1445 on: Friday, June 18, 2021, 10:15:35 »

So what’s the incentive for Power to make any further signings, or paying existing staff - or anyone else for that matter?

Can Axis argue next week that the club needs stable ownership so as to offer a duty of care?

Even if Power does provide proof he can run this club until September there’s no onus on him to actually do so.

This needs taking out of his hands - now!
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Flashheart

« Reply #1446 on: Friday, June 18, 2021, 10:21:24 »


Even if Power does provide proof he can run this club until September there’s no onus on him to actually do so.


Yep.

And my guess is that he will be able to provide such proof. It'll likely be nothing for him to show the cash in an account, especially if there's no obligation on him to spend a penny of it. I'm not confident we'll get a result at the next hearing.

Having said that, Clem's lawyer seems quite sharp...
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« Reply #1447 on: Friday, June 18, 2021, 10:27:10 »

agree with you FH. I think the judge is kind of restricted to using his powers to force a sale only as a last result.

unless he had an epiphany that there's no point continuing.

But where there's a lawyer there's an argument to continue
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« Reply #1448 on: Friday, June 18, 2021, 10:28:15 »

Quote from: Power to people on Today at 07:34:38
Of course he has, he's settled it for perhaps £2m, and the plan was probably for stfc to pay him back £3m as it is not interest free, but it may be now called a loan instead of debenture, nobody really knows how much the debenture was

The debentures were 3M combined when with Black and Arbib.

But do you mean nobody knows how much he paid to discharge them?

https://www.swindonadvertiser.co.uk/news/19347374.questions-4m-missing-swindon-town-directors-account/



Must have missed that, interesting so the inference is that Power took money from stfc paid it to himself and then bought the debenture out and then charges stfc interest on it.
Am I reading it correct ?

Now I assume it needs to be determined in court perhaps does stfc owe Power £3m (or whatever he bought it for) for the debenture or was it stfc's money anyway so the debenture is cleared ?
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The Artist Formerly Known as Audrey

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« Reply #1449 on: Friday, June 18, 2021, 10:30:46 »

Unfortunately, STFC’s money is effectively Power’s money. He can spend it as he sees fit - legally, of course.
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Flashheart

« Reply #1450 on: Friday, June 18, 2021, 10:33:26 »

I think one angle Mr. West QC might take is that Power should be expected to show he has MORE money to fund the club than when Power himself said he could not afford to continue running it.

If he could not afford it then, and his financial situation has not improved, how can he afford it now? Was Power lying when he initially said he could not afford it? Or is he lying now? It has to be one or the other unless he's found a wad of cash down the back of the sofa. Will the court accept a change in mind from Power, especially considering the change came when it became evident Power was not going to get his own way?
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The Artist Formerly Known as Audrey

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« Reply #1451 on: Friday, June 18, 2021, 10:39:17 »

I reckon there any number of legal arguments to throw at Power. Presuming the judge next Friday is the same one, even he must recognise that Power is a total fraud. He never seems to have answers at hand to most queries put to him - and I can’t think Friday will be any different.
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Panda Paws

« Reply #1452 on: Friday, June 18, 2021, 10:40:38 »

Just to be clear, there isn't a hearing next Friday. It's just the deadline for submission of evidence.

I wouldn't expect to hear anything until mid July.
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Flashheart

« Reply #1453 on: Friday, June 18, 2021, 10:41:44 »

Next Friday is not the date of the next hearing - it's the deadline for both parties to gather and present their evidence.

The actual hearing may be a week or two after.
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The Artist Formerly Known as Audrey

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« Reply #1454 on: Friday, June 18, 2021, 10:44:22 »

Thanks for clearing that up. So if Power doesn’t actually present evidence, is that it?
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