Lee Power

[kaufman]

Two different times being conflated I think.

Standing was told Power had used the Richie sell on money (2016) to pay off that debenture, when he hadn't (what he'd done with the money instead is part of their court case).

I don't think there's any dispute that Power did buy out Black's debenture earlier this year before the sale to Clem was forced through.

Thanks. Why do I seem to remember someone on here finding some info that it was in fact still in Blacks name? It might have been an adver comment from DOB

[horlock07]

In light of just how pathetically we capitulated last season I wonder if any of the betting companies have analysed patterns on wagers being placed on our relegation taking note of the rumoured popularity of making a bet within much of our hierarchy?

Sent from my SM-A125F

[Honkytonk]

Perhaps we can have a statue of Steve Mildenhall's enormous bollocks. If they weren't permanently swollen after that Pompey game, then they've certainly gone up a few sizes after this close season.

I wonder if he still has a scar on them from his debut and if that would translate across to the statue well?

[Exiled Bob]

And Power going 'Oh it's like I've sold a house and being asked to redo the kitchen'  has fucked me right off - no it's like you've sold a house and you're asked to pay the fucking water bill or mortgage until contractually it isn't yours any more you dumb cunt. Just because you've said you'll pass it on doesn't mean it's not magically your responsibility.

Yeah, I thought the same. I have no idea how a takeover works, but (taking the house purchase as an example) surely debts accrued up to the completion date (including the paying of staff wages, rent, electricity, etc...) and payment of them, should be the responsibility of the seller? How is it decided who has to pay what?

[Pookemon]

Yeah, I thought the same. I have no idea how a takeover works, but (taking the house purchase as an example) surely debts accrued up to the completion date (including the paying of staff wages, rent, electricity, etc...) and payment of them, should be the responsibility of the seller? How is it decided who has to pay what?

Buying a company is totally different - you buy all the assets and all the liabilities for a price.   
The the court could decide that related debts and costs could become Power's but it would be unlikely that non payment of bills etc would fall into that.

Some of the Standing debt might do but we'll need to wait for court case to find out.

[BambooToTheFuture]

Dear Sirs,

The '...hint of incompetence.' really struck home for me when the text messages* (as seen in court) from the STFC owner at the time, appeared to be written in "txt spk".

Don't get me wrong, I know that high flying (or is that high rolling) businessmen are incredibly busy people and sometimes a shorthand note is needed. However, if you're that "busy" then surely an instruction to a well paid PA would be to respond to any messages via email? At the very least, you would think they would be worded rather professionally and not like the phone had been handed to a chav.

Kind regards,

Bamboo

*For reference the actual SMS message LP sent to CM in September 2019 from an article dated May 2020 was:

"Clem, don't know why every1 is getting involved in this…it's finished had no offer nor have I put club on market…no need for any1 to get involved it feels like it's a set up. Mate…like people r trying 2 create something.”

225 characters inc. spaces begs the question that LP possibly only had €0.70 left on his Lebara SIM?! 

[The Artist Formerly Known as Audrey]

I see Rob Angus has confirmed The Slug left the club £3.5-4m in debt.

Anyone surprised it isn’t more?

[Legends-Lounge]

I see Rob Angus has confirmed The Slug left the club £3.5-4m in debt.

Anyone surprised it isn’t more?

Is that all? Phew.

[kirky69]

I see Rob Angus has confirmed The Slug left the club £3.5-4m in debt.

Anyone surprised it isn’t more?

Although that may well excude whatever directors loans are owed to LP and the Debenture, so total figure may be considerably higher!!

[The Artist Formerly Known as Audrey]

I presume debt is debt - irrespective of who it is owed to.

May well be grounds for disputing some of it.

[Crackity Jones]

I was assuming that 3.5-4.0 mill was debt due in the next 12 months and that there would be other longer term liabilities. This is not based on any knowledge of these things though

[Exiled Bob]

I see Rob Angus has confirmed The Slug left the club £3.5-4m in debt.

Anyone surprised it isn’t more?

Considering the lack of income over the last year or so, I certainly am. I would imagine there are many clubs with much bigger debts and less hope of paying them.

[Batch]

I was assuming that 3.5-4.0 mill was debt due in the next 12 months and that there would be other longer term liabilities. This is not based on any knowledge of these things though

I wonder if that doesn't include debentures, recruitment fees, etc. again no knowledge

but yes, was expecting 10M

[Legends-Lounge]

Well wait until his appearance before the judge in September when he has to face the music with Standings brief.

[tans]

Quite, im particluarly looking forward to hearing the response regarding the Matt Ritchie money