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Author Topic: New beginnings - 25% Truth, 80% Bollocks  (Read 1122777 times)
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« Reply #1215 on: Monday, December 13, 2021, 20:25:25 »

Smiley

where did you get that info from Dave?
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JBZ
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« Reply #1216 on: Monday, December 13, 2021, 20:28:38 »

Presentation/advertisement of the petition usually results in accounts being frozen.
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kirky69

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« Reply #1217 on: Monday, December 13, 2021, 21:18:49 »

Presentation/advertisement of the petition usually results in accounts being frozen.

100% correct. Was in Banking for 30+ years, dealt with a few in my time and accounts always frozen until and if petition is dismissed. Presumably lawyers are arguing the toss now and hopefully resolved in our favour. Maybe a settlement will be needed to get rid asap, as clearly very inconvenient not being able (excuse the pun) to access substantial credit monies -  as indicated in meeting notes.
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Nomoreheroes
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« Reply #1218 on: Monday, December 13, 2021, 21:21:36 »

Can someone please post a link so I can fill in the gaps in what you've all obviously already read!
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Bogus Dave
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« Reply #1219 on: Monday, December 13, 2021, 21:47:53 »

Sorry, petition. I misspoke

But about the frozen accounts was in the athletic, although if it’s BAU process then I guess all is as it was
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« Reply #1220 on: Monday, December 13, 2021, 21:52:17 »

On The Athletic

Swindon bank account frozen

Swindon Town are facing a winding-up petition at the High Court of Justice on January 12, five days after the League Two side host Manchester City in the third round of the FA Cup, reports Matt Slater.

That fixture, which will be televised by ITV, should raise some much-needed funds for a club that was relegated last season, millions of pounds in debt and at the centre of a bitter ownership dispute.

That row was resolved in July, when Australian businessman Clem Morfuni won the right to buy the club, replacing controversial former owner Lee Power. Working closely with the supporters’ trust, Morfuni quickly stabilised Swindon, enabling them to sign players, hire staff and pay off numerous unpaid bills, including the rent for their County Ground home.

But there was one bill Morfuni and the club’s new board did not want to pay, a £100,000 claim from AC Sports Wiltshire LLC, as they believe it was a non-refundable deposit — not a loan — paid to Power as part of AC Sports’ attempt to buy Swindon in 2019, long before they gained control of the club.

At that time, Power said AC Sports was linked to an American-based property firm called Able but the names of the people behind the bid, or why they were interested in Swindon, were never made clear.

But they have not gone away and solicitors acting on their behalf filed the petition on November 29. As a result, the club’s bank account has been frozen. Swindon’s lawyers unsuccessfully asked the court to reconsider that move last week. Neither Able nor AC Sports have a website and the address given for the latter on the petition appears to be a “brass plate address” in Delaware.

The Athletic understands Morfuni’s UK-based company is financially supporting the club and there is no sense of panic. There is, however, a huge amount of frustration, as Swindon believe they will have to very reluctantly pay off AC Sports to avoid further legal bills and distractions.
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JBZ
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« Reply #1221 on: Monday, December 13, 2021, 21:54:26 »

That fills in a lot of blanks
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Nomoreheroes
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« Reply #1222 on: Monday, December 13, 2021, 22:11:39 »

Thank you.

For those who don't know, the 'Brass Plate Address' reference just means that Able and AC Sports are shell companies.

Shell companies are entities that do not have active business operations but are set up to achieve specific business objectives such as reducing tax liabilities, shielding an entity from legal risks, raising capital, and often, for illegal purposes such as laundering money, hiding beneficial ownership from law enforcement or circumventing sanctions.
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« Reply #1223 on: Tuesday, December 14, 2021, 09:16:31 »

Power must have been raging when he saw us drawing Man City at home in the FA Cup for a live TV game that generates a nice windfall.

Also looks like he may have the last laugh with this £100,000 if this article is to be believed. It seems like we have a shit hot legal team that might be able to make this go away, but it may be 'easier' to use some of the income from the cup tie to flush the turd away and get back to running the club.
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« Reply #1224 on: Tuesday, December 14, 2021, 09:41:03 »

Also looks like he may have the last laugh with this £100,000 if this article is to be believed.

I think laugh is pushing it, just a small giggle I suspect considering that the club was apparently worth £7m and even if this £100k is paid back he still only got £350k  Girl Giggle Girl Giggle

I wonder whether in responding to this the club are seeking to get details of who is behind Able to show a link to the previous proprietor.
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JBZ
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« Reply #1225 on: Tuesday, December 14, 2021, 09:42:38 »

They have to respond and/pay to head off a winding up order
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« Reply #1226 on: Tuesday, December 14, 2021, 09:44:33 »

They have to respond and/pay to head off a winding up order

As its got to this stage does this suggest that Able have proven that the debt is both legitimate (i.e. a loan not  a deposit) and owing?
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« Reply #1227 on: Tuesday, December 14, 2021, 09:48:06 »

If legal costs are going to exceed money owed to ICBINP*, or will take too long to resolve,then head has to rule heart. It'll leave a bad taste, but cutting your nose off to spite your face isn't worth it

*I can't believe it's not Power.
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« Reply #1228 on: Tuesday, December 14, 2021, 09:50:55 »

I think laugh is pushing it, just a small giggle I suspect considering that the club was apparently worth £7m and even if this £100k is paid back he still only got £350k  Girl Giggle Girl Giggle

I wonder whether in responding to this the club are seeking to get details of who is behind Able to show a link to the previous proprietor.

Yes, perhaps that phrase was wide of the mark. But £350k is still a decent wedge to the layman.
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« Reply #1229 on: Tuesday, December 14, 2021, 09:51:58 »

As it's a loan, does any reference to Interest payments get a mention?
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we've been to Aberdeen, we hate the Hibs, they make us spew up, so make some noise,
the gorgie boys, for Hearts in Europe.
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