Tac-tics Posted 19 June, 2009 Share Posted 19 June, 2009 SSN - Latest, grey clouds! Statement! Extremely frustrated, a few legal matters outstanding aswell as the FL distinction of Saints and plc, we remain totally commited & are working very hard to complete. Doubts raised whether its done tonight! This is ****ttt Link to comment Share on other sites More sharing options...
bridge too far Posted 19 June, 2009 Share Posted 19 June, 2009 SSN reporting 'dark clouds over St Mary's'. Possible that Pinnacle will be granted extension. Hold up is the whole SLH / SFC distinction. Link to comment Share on other sites More sharing options...
Made in Southampton Posted 19 June, 2009 Share Posted 19 June, 2009 Update on SSN - FL holding up the deal. They really dont like us do they. Link to comment Share on other sites More sharing options...
Polaroid Saint Posted 19 June, 2009 Share Posted 19 June, 2009 tis fooked Link to comment Share on other sites More sharing options...
The Worm Posted 19 June, 2009 Share Posted 19 June, 2009 legal issues involving football league holding takeover back - SSN Link to comment Share on other sites More sharing options...
matthieu Posted 19 June, 2009 Share Posted 19 June, 2009 ssn says deal look unlikely today Link to comment Share on other sites More sharing options...
RedArmy Posted 19 June, 2009 Share Posted 19 June, 2009 Why are the risking the deadline over this 10 point bo||ocks? Just frigging buy the club and THEN sort that out. Or am I completely misunderstanding the problem? Link to comment Share on other sites More sharing options...
70's Mike Posted 19 June, 2009 Share Posted 19 June, 2009 SSN still saying major dispute with FL over legal position of club v SLH. Pinnacle want to take over assets of football club not slh arguement could stop deal happening Link to comment Share on other sites More sharing options...
doubleonothing Posted 19 June, 2009 Share Posted 19 June, 2009 From SSN. "The consortium remain frustrated at a number of matters outstanding. Most notably the FL's status regarding SLH and the FC. The consortium remain optimistic but wmay be asking for an extention from the administrator." it would appear the stumbiling block is the FL's status on SLH and the FC. Fry not answering phone. Pinnacle and MLT trying to force it through. FL involved in giving their input. Pinnacle want to set up a new company to take over the holdings. SLH is forgotten about. A new company will take over the club. Potentially "egg on the face of the FL" which could stop this takeover happening. Breif transcript from SSN there for you without access. Link to comment Share on other sites More sharing options...
1976_Child Posted 19 June, 2009 Share Posted 19 June, 2009 what a facking bald-arsed stringy-nut-job smeg-filled piece of crap Link to comment Share on other sites More sharing options...
BGF Posted 19 June, 2009 Share Posted 19 June, 2009 Sky just said Pinnacle have asked to extend the period, the problem appears to be the points deduction. It may not go through. Link to comment Share on other sites More sharing options...
SaintBobby Posted 19 June, 2009 Share Posted 19 June, 2009 SSN update: New company to be set up by Pinnacle to take on SFC as a "going concern", but not other SLH assets. SLH has gone into liquidation/administration/to the wall. Hold up is Football League who may "end up with egg on their face" over the ten point penalty. "All is not lost for Saints fans" Link to comment Share on other sites More sharing options...
eurosaint Posted 19 June, 2009 Share Posted 19 June, 2009 The league are on dodgy ground. despite three sets of lawyers reviewing the league rules Pinnacle employed their own lawyers to get an independent opinion. The three sets of lawyers representing the club, administrators and Pinnacle came to the same conclusion. Now the league have a big problem because SLH is going to be liquidated. SFC and the other assets have been sold and the club is no longer connected to the public company being delisted/liquidated and is still trading having never gone into administration. No voluntary creditors agreement is needed as the debts have been paid off and the club continues without administration. The leagues rules never covered this case and a broad interpretation was their solution. Any appeal would be carried out by a QC chaired tribunal and it is a pretty good bet the points deduction would be overturned. I suspect it has suddenly dawned on the league that SFC cannot be inextricably linked to a liquidated SLH if it is not in administration and still trading debt free after an injection of capital. The football club would have to be charged and found guilty of maladministration for points to be deducted. As for the club being stopped trading by the league without it going into administration just won't wash. Just playing devil's advocate here but surely if Norwich Union write off 10 million or so and Barclays write off a few mil as well then we have left some debts ?? Link to comment Share on other sites More sharing options...
Smirking_Saint Posted 19 June, 2009 Share Posted 19 June, 2009 Pinnacle are taking one hell of a risk after all that work. After exclusivity ends, all it would need would be a cash deposit into Begbies account of a cash amount more than their total cash amount and they would be toast, UNLESS they have managed to sweet talk Fry. The trouble with THAT is if it is more money then he is duty bound to oh FFS this could go on for months Surely though (as long as the info we are getting is correct however) Then Fry and beggbies should be very happy that the only thing holding them up is the FL. Therefore they should extend the exclusivity deal until the whole thing has been completed ?? That is IF Pinnacle have completed their own part of the deal that is. We shall see, on another note three of our players have extended their deals and for me that proves that something must be moving on behind the scenes ?? Sorry if it has already been linked. Link to comment Share on other sites More sharing options...
bridge too far Posted 19 June, 2009 Share Posted 19 June, 2009 Why are the risking the deadline over this 10 point bo||ocks? Just frigging buy the club and THEN sort that out. Or am I completely misunderstanding the problem? Maybe the FL are asking Pinnacle to sign a form that says they won't pursue the -10 issue and Pinnacle don't want to burn their boats :smt102 Link to comment Share on other sites More sharing options...
RedArmy Posted 19 June, 2009 Share Posted 19 June, 2009 Also LOL at them saying they get their info 'from a source close to the consortium/group'. It's pretty obvious who the info is coming from, just say it. Link to comment Share on other sites More sharing options...
ladysaint Posted 19 June, 2009 Share Posted 19 June, 2009 This is not doing my health any good at all. Looks likely that nothing is going to happen today after all. Link to comment Share on other sites More sharing options...
Yate Saint Posted 19 June, 2009 Share Posted 19 June, 2009 Looks like this might drag on. If it's the FL holding it up which it is suggested it is then an extension could be granted. We all knew it wouldn't go swimmingly didn't we?? COYR Link to comment Share on other sites More sharing options...
Ashby Saint Posted 19 June, 2009 Share Posted 19 June, 2009 what a facking bald-arsed stringy-nut-job smeg-filled piece of crap +1:) Link to comment Share on other sites More sharing options...
Made in Southampton Posted 19 June, 2009 Share Posted 19 June, 2009 Just typical that the FL would rather let a club fold than show that they f*cked up with the points deduction. They really are a bunch of F*ckin inbreds. Link to comment Share on other sites More sharing options...
The Cat Posted 19 June, 2009 Share Posted 19 June, 2009 Maybe Fry has stated to Pinnacle that the deadline can be extended for a while to let them negotiate with the FL, in which time no one else can bid. This extension would last a day or two, and it's not like Pinnacle will let months of work and the whole bid collapse over the 10 points. Just need to wait a little longer. Link to comment Share on other sites More sharing options...
jimmysaint7 Posted 19 June, 2009 Share Posted 19 June, 2009 all i can say is that it would be ****ing different if it was man utd or liverpool etc. football league bunch of ****s Link to comment Share on other sites More sharing options...
saints_is_the_south Posted 19 June, 2009 Author Share Posted 19 June, 2009 This is not doing my health any good at all. +1, this club will be the f*cking death of me! Link to comment Share on other sites More sharing options...
70's Mike Posted 19 June, 2009 Share Posted 19 June, 2009 all very strange if it is due to the points deduction, it has been known about for weeks surely pinnacle would have adjusted their offer price to reflect it confusing Link to comment Share on other sites More sharing options...
Whitey Grandad Posted 19 June, 2009 Share Posted 19 June, 2009 Yes, you are misisng the fact that the debts that have to be paid are nothing like 30mil. It is not necessary to pay off the mortgage, only for it to be renegotiated, Aviya make more money by keeping the mortgage. The primary debt is the 4.5mill overdraft, there may be others but that is the bottom line. Of course if Pinnacle were to pay off the mortgage that would be grand, but I doubt that is an issue at this point in time. Indeed. One doesn't pay off the previous mortgage when one buys a house, one simply takes out a new one. Link to comment Share on other sites More sharing options...
ssaints Posted 19 June, 2009 Share Posted 19 June, 2009 It will go through today, have faith. Just final legal horse play. Link to comment Share on other sites More sharing options...
Matthew Le God Posted 19 June, 2009 Share Posted 19 June, 2009 all i can say is that it would be ****ing different if it was man utd or liverpool etc. football league bunch of ****s Man Utd and Liverpool are very unlikely to deal with the Football League ever again Link to comment Share on other sites More sharing options...
SaintRichmond Posted 19 June, 2009 Share Posted 19 June, 2009 It is now pretty obvious that the stumbling block to the takeover is THE FOOTBALL LEAGUE ....... they are absolutely determined to get their "Pound Of Flesh", ie, the Ten Point penalty Looks like they are bloody minded enough to let a Takeover Fail for their own selfish "saving of face" PITIFUL .... THEY SHOULD BE ASHAMED Link to comment Share on other sites More sharing options...
FMPR Posted 19 June, 2009 Share Posted 19 June, 2009 I did tell Matthew Leg God this but he didnt believe me Link to comment Share on other sites More sharing options...
FMPR Posted 19 June, 2009 Share Posted 19 June, 2009 Le God even Link to comment Share on other sites More sharing options...
jimmysaint7 Posted 19 June, 2009 Share Posted 19 June, 2009 Man Utd and Liverpool are very unlikely to deal with the Football League ever again think you know what i meant Link to comment Share on other sites More sharing options...
VectisSaint Posted 19 June, 2009 Share Posted 19 June, 2009 Indeed. One doesn't pay off the previous mortgage when one buys a house, one simply takes out a new one. or in the case of buying a football stadium more likely renegotiate the terms with the mortgage company and simply take over the payments. Link to comment Share on other sites More sharing options...
scotty Posted 19 June, 2009 Share Posted 19 June, 2009 It will go through today, have faith. Just final legal horse play. can I quote you on that? Link to comment Share on other sites More sharing options...
ssaints Posted 19 June, 2009 Share Posted 19 June, 2009 can I quote you on that? Sure. Link to comment Share on other sites More sharing options...
Rusty Posted 19 June, 2009 Share Posted 19 June, 2009 New company to be set up by Pinnacle to take on SFC as a "going concern", but not other SLH assets. What about the stadium company then? Link to comment Share on other sites More sharing options...
Trader Posted 19 June, 2009 Share Posted 19 June, 2009 all i can say is that it would be ****ing different if it was man utd or liverpool etc. football league bunch of ****s Man U and Liverpool aren't in the FL. No wonder the premiership broke away. A bit like what's happening in Formula 1 today - are Lord Mahwinny and Max Mosely the same person? You never see them in the same room. Link to comment Share on other sites More sharing options...
beatlesaint Posted 19 June, 2009 Share Posted 19 June, 2009 Sure. is there a good reason behind your optimism or just hoping like the rest of us ? Link to comment Share on other sites More sharing options...
Thedelldays Posted 19 June, 2009 Share Posted 19 June, 2009 what a load of crap still...can someone help with this..? http://www.saintsweb.co.uk/forum/showthread.php?p=335483#post335483 Link to comment Share on other sites More sharing options...
Liquidshokk Posted 19 June, 2009 Share Posted 19 June, 2009 Ive had enough!!!!..... Who wants to meet at a pub to release some tension? LOL Link to comment Share on other sites More sharing options...
Spades Posted 19 June, 2009 Share Posted 19 June, 2009 Ive had enough!!!!..... Who wants to meet at a pub to release some tension? LOL King rufus in chandlers ford at 7-7:30!! Il be there trying to forget about this! Link to comment Share on other sites More sharing options...
1976_Child Posted 19 June, 2009 Share Posted 19 June, 2009 Man Utd and Liverpool are very unlikely to deal with the Football League ever again oh i don't know. stranger things have happened before. Liverpool have a gazillion pounds of debt and could easily go bankrupt if the scousers stop buying the polyester shirts and other crap Link to comment Share on other sites More sharing options...
Matthew Le God Posted 19 June, 2009 Share Posted 19 June, 2009 I did tell Matthew Leg God this but he didnt believe me I do know. however this will be taken out of the Football League's hands if it goes to court. Mark Fry/Pinnacle seem confident they are in the right. The FL are just panicking and trying to find a way out but won't imo. Link to comment Share on other sites More sharing options...
Channon's Sideburns Posted 19 June, 2009 Share Posted 19 June, 2009 Indeed. One doesn't pay off the previous mortgage when one buys a house, one simply takes out a new one. Sorry to be a pedantic barsteward...but the old mortgage HAS to be paid off first in order for the legal charge to the lender to be removed for the next owner... Link to comment Share on other sites More sharing options...
martel Posted 19 June, 2009 Share Posted 19 June, 2009 Just typical that the FL would rather let a club fold than show that they f*cked up with the points deduction. They really are a bunch of F*ckin inbreds. To make matters even worse is that their knowledge of football amounts to the square root of Fxxk all, as for Mawhinney he is so full of his own importance; the arrogant son of a bxxch, he needs to be removed from the job as it is quite clear that he is totally inept. Link to comment Share on other sites More sharing options...
jasonb Posted 19 June, 2009 Share Posted 19 June, 2009 http://www.dailyecho.co.uk/news/4448957.Saints_takeover_hits_problems/ Link to comment Share on other sites More sharing options...
derry Posted 19 June, 2009 Share Posted 19 June, 2009 Just playing devil's advocate here but surely if Norwich Union write off 10 million or so and Barclays write off a few mil as well then we have left some debts ?? Not if the debts are accepted as full and final payment, ie. the mortgage settled for £8m therefore the stadium would be owned with mortgage free. If you owed the bank £500 and offered to settle the debt for £400 and that was agreed between you then that is the end of the debt. Remember the company is trading not in administration. Link to comment Share on other sites More sharing options...
FMPR Posted 19 June, 2009 Share Posted 19 June, 2009 I do know. however this will be taken out of the Football League's hands if it goes to court. Mark Fry/Pinnacle seem confident they are in the right. The FL are just panicking and trying to find a way out but won't imo. My personal belief is that in order to get your golden share back you will need to accept a further points deduction as the club tried to circumvent the rules ala Leeds. Link to comment Share on other sites More sharing options...
Corporate Ho Posted 19 June, 2009 Share Posted 19 June, 2009 It is now pretty obvious that the stumbling block to the takeover is THE FOOTBALL LEAGUE ....... they are absolutely determined to get their "Pound Of Flesh", ie, the Ten Point penalty Looks like they are bloody minded enough to let a Takeover Fail for their own selfish "saving of face" PITIFUL .... THEY SHOULD BE ASHAMED Just face it, whatever the legal shenanigans might be you fully deserve the 10 point penaltyand should just accept it and get on with it. If it was any other club you lot would be saying the same as me Link to comment Share on other sites More sharing options...
Dynamo Naive Posted 19 June, 2009 Share Posted 19 June, 2009 I'm as keen for this deal to go through as everyone else, but regarding the 10 point deduction, we should just take it on the chin and get on with it. Every other club would have to in our situation, so why should we get away with it because we had a different company structure from most clubs? The fact is we went into administration. End of. Link to comment Share on other sites More sharing options...
SaintRobbie Posted 19 June, 2009 Share Posted 19 June, 2009 I wonder if? KK has said he'll be manager if the 10 points can be removed. But, MLT has this mystery ex Saints potential manager we'll 'all be happy with' in the background in case FL stick by their guns. Brinkmanship by MLT with FL in trying to keep KK as the front runner? Either way, Saints WILL be taken over by Pinnacle and MLT, no worries. I typed on here a long time ago that I thought we should take the 10 points when Fry went daft about it. Can't see Mawhinney backing down, and frankly, morally, can we really accept that SLH plc had nothing to do with Southampton FC last season? We probably should take the 10 point deduction... unless MLT and the gang have a water tight legal case? Interesting. My prediction, MLT and Pinnacle with KK will be announced by Monday - possibly tonight. But, we'll keep the 10 point deduction. Brinkmanship over the 10 point deduction is unlikely to work against Mawhinney. Link to comment Share on other sites More sharing options...
Recommended Posts