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saints_is_the_south

By saints_is_the_south
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Micky

Micky

Posted
Posted
No.

 

It is the detailed structure of the bid not the people, that is the hold up

 

(and by that I don't mean the finances, simply just how each bit is actually split out)

 

I am sure it is something a good Insolvency Practioner working with a good Barrister and a decent politician can solve.

 

Big problem there - where do we find one of those these days Phil...???!!! :)

SNOWY

SNOWY

Posted
Posted
Again, I honestly don't think it is as simple as the "10 point deduction being given back"

 

The FL have to give the playing club the licence to compete. The way that offers were requested for the club stated that 10 points was an issue, so the hold up is NOT simply about getting the 10 points overturned late on a Friday night.

 

It will be a much bigger legal mess than that. The FL have to accept the structure of the deal in order to grant the playing licence. Their previous decision will IMHO make it actually impossible for the to accept the structure.

 

I am sure this is a big catch-22, not about them being simply obstructive.

 

To buy the club it needs to be done like this (oh and the 10 points come back)

To do it like this the FL cannot grant a playing licence because they already made a ruling that this was not how it was set up when the old pre admin operated.

 

This won't be about emotions, it's gonna be costly, legal and could take time

 

I also cannot see how Fry could ask for new bids as they would have exactly the same legal problem as it is his structure, so he has to go back to his drawing board and re-package things

 

 

Oh and there wasn't ever a problem in the exclusivity eh? Think you just found it.

 

lol there are lots of problems in this sort of transaction

Surely the structure of the "deal" is agreed between all the parties & not set in place by the administrator? So if another offer was to be made which accepted the FL's findings (basically an offer for SLH & accepting the points deduction) this could proceed? Although the price offered will go down. I suspect that the agreed price has been based on the assumption that the FL's argument won't stand up in court. Perhaps Begbies & Pinnacle have underestimated determination of the FL to uphold this ruling inn any way possible. We could be back to the drawing board here.

SW11_Saint

SW11_Saint

Posted
Posted
Reading TL's post, seems to me the FL are intent on killing us rather than suffer ANY loss of face.

 

Why not reduce it to 6 points and have done with it ?

Cos they have all the power, and Mawhinney is a ****!!

SaintRichmond

SaintRichmond

Posted
Posted
According to the breaking news on Echo site, the FL are holding an emergency meeting on Monday!! Do def no takeover until then at earliest!!!

 

 

What do you think will be on the Agenda ???

 

1) Can they still impose the 10 point penalty ??

 

2) Vote SFC out of the Football League ??

 

 

Any thoughts ???

 

 

I can see this scenario developing into a "Rival" Bidder coming in and accepting the Leagues 10 point penalty .............. and You Know Who ending up as Chairman again ........... enough to drive you to drink , Innit ??

VectisSaint

VectisSaint

Posted
Posted
My understanding is that if a New Company is set up to run a Club, then the transfer of the share to the New Company is done under FL terms (Leeds was -15). If an existing Club is taken over then no transfer is needed. I believe Pinnacle are saying they took over the existing SFC, whereas the League are saying they set up a new Company to replace SLH, who were in admin.

My personal opinion is that this is bigger than just 10 points. I dont think the league will let SLH be wound up and SFC continue to play in their Competitions. The Leagues line is that SLH & SFC are one and the same, if they stick rigidly to this, then if SLH get wound up, then so do SFC. Any Club wound up can not play in the FL, hense the Blue Square link.

 

I think tonight news is very serious for the future of the Club.

Not sure I agree with all of that, but I do agree with the sentiment. I think this could all go seriously wrong, and I'm not sure I would lasy the blame only at the door of the FL. It seems to me a dereliction of duty by Fry and Pinnacle not to have had negotiations about this with the FL before today. They must have known that they needed FL approval, so why wait until the last minute?

 

Hopefully my natural pessimism is all it is and all will be well come Monday.

Baj

Baj

Posted
Posted

Breaking news on sky sports news. Pinnacle group are understood to have been required by contract NOT to appeal against the 10 point penalty. As such, the football league have not agreed to the takeover and "sky news understands" that the takeover will now NOT go through, and the administrators are now talking to other consortiums.

 

Don't shoot the messenger

Bourno

Bourno

Posted
Posted

SSN

 

'Deal is off...administrator accepting other offers'

 

'FL wanted it in writing that there would be no challenge to points deduction'

Smirking_Saint

Smirking_Saint

Posted
Posted
Dear All

 

I know many of you are sitting tight eagerly expecting some news, so I'm taking 2 minutes out to make you aware of some issues that we are trying to resolve to complete our takeover.

 

Please respect the fact that I cannot go into the finer details of some of the legal issues - myself, colleagues and clients are bound by a non disclosure agreement in respect of the sensitive details, and this will be adhered to at all times.

 

You may be aware that a brief announcement was made earlier this afternoon confirming that, despite our continued efforts, there are some outstanding issues to resolve prior to us being in a position to completing our takeover. There are to my mind 2 legal issues - questions which need to be answered. These I am sure will be put to bed without delay. A further remaining issue is that of the Football Leagues position over our license. Again, it would be hoped that this can be confirmed without delay. My colleagues and I, clients and the Administrator have made our position clear to the Football League on the detail of this issue. I cannot go into it now, but it is cricitcal that this is resolved, and in a timely manner. We will continue to work hard with the Administrator to resolve this, as this is in my view the final piece of the jigsaw.

 

My hope is that all outstanding issues will be resolved without undue delay, as we are itching to get on with the important job of rebuilding this great Club - both for ourselves, the supports, and the wider community.

 

I hope the next announcement that we can make will be to introduce your new owner and Board, and our opportunity to set out our vision for the future.

 

Best wishes to you all

 

Tony Lynam

 

Thanks tony,

 

my only hope is that once you are swiftly in control our wonderful OS will be as transparent.

derry

derry

Posted
Posted

Firstly thanks Tony for remembering the importance of regular communication and how important that is in getting us onside.

 

Secondly Clapham Saint who posts on here and works in administration says that any takeover would avoid buying the shareholding of the company in administration it would be far too expensive.

 

The assets are being sold and SLH wound up in accordance with insolvency law.

 

The league have no influence over this, it is up to the administrator how he deals with the administration. If SLH is wound up and SFC isn't they can't be inextricably connected.

 

If the league tries to act in such a way as to prevent a company trading it could end up being sued. Pinnacle, the club, and the administrator have all had legal advice which says the league has acted outside it's rules.

 

If the individuals who made these decisions have acted outside the league rules then they could be held personally responsible for the damages.

 

If that is the situation then I would expect a smart about turn, maybe a deal and a suspended sentence. Or if the lawyers play hardball an even smarter about turn.

Smirking_Saint

Smirking_Saint

Posted
Posted
Breaking news on sky sports news. Pinnacle group are understood to have been required by contract NOT to appeal against the 10 point penalty. As such, the football league have not agreed to the takeover and "sky news understands" that the takeover will now NOT go through, and the administrators are now talking to other consortiums.

 

Don't shoot the messenger

 

Sh!te

 

Hope this is not true

treggs23

treggs23

Posted
Posted
SSN

 

'Deal is off...administrator accepting other offers'

 

'FL wanted it in writing that there would be no challenge to points deduction'

 

bugger

VectisSaint

VectisSaint

Posted
Posted
Breaking news on sky sports news. Pinnacle group are understood to have been required by contract NOT to appeal against the 10 point penalty. As such, the football league have not agreed to the takeover and "sky news understands" that the takeover will now NOT go through, and the administrators are now talking to other consortiums.

 

Don't shoot the messenger

If true we are ****ed, because any other takeover would face the same problem. All Fry can do now is get as much as he can for the assets and liquidate the plc/FC. This could be the end of the line folks.

JustMike

JustMike

Posted
Posted

this is yet more BS from the FL and Lord Mwhingy. We have the right to appeal, he went on air saying so with his smug statement when we got the deduction. Its time these muppets were sorted out by its members, all the clubs!

JustMike

JustMike

Posted
Posted

to be fair to SSN, they are just stating that as the deadline has past, other offers can now be considered, which we all knew anyway as the exclusitivity period has past

Bailey

Bailey

Posted
Posted
Breaking news on sky sports news. Pinnacle group are understood to have been required by contract NOT to appeal against the 10 point penalty. As such, the football league have not agreed to the takeover and "sky news understands" that the takeover will now NOT go through, and the administrators are now talking to other consortiums.

 

Don't shoot the messenger

 

The way that is written suggests that the Pinnacle bid is dead. I don't see it like that. What's to stop Pinnacle from agreeing to the Football League's demands, or better still, coming to some sort of compromise with them? If that happens, then the deal could still go through.

 

However, as the exclusivity agreement has ended, technically Fry can talk to other interested parties, but I would imagine he will be working very closely with Pinnacle and the Football League in a bid to resolve these issues and get this bid sorted. It would make much more sense to do that then speak with other consortiums and be back to square one again.

Joesaint

Joesaint

Posted
Posted

I have to say I would trust the legal team within pinnicle group, and am sure when in court the FL will be torn apart. I just hope they get it done sooner.

 

COYR

bridge too far

bridge too far

Posted
Posted
Breaking news on sky sports news. Pinnacle group are understood to have been required by contract NOT to appeal against the 10 point penalty. As such, the football league have not agreed to the takeover and "sky news understands" that the takeover will now NOT go through, and the administrators are now talking to other consortiums.

 

Don't shoot the messenger

 

This is exactly what I surmised earlier. I'm not happy to be proved right :mad:

niceandfriendly

niceandfriendly

Posted
Posted
Even though the source is probably directly involved and an employee of Sky?

 

MLT isn't an employee of Sky anymore by the way, and you can't get any closer to the takeover than Lynam, so yes I will believe what Lynam says for now.

 

to be fair to SSN, they are just stating that as the deadline has past, other offers can now be considered, which we all knew anyway as the exclusitivity period has past

 

Exactly. They're half right too. The exclusivity deal has passed and others can now be considered, but it doesn't mean that the bid from Pinnacle "will not happen". It won't happen today that's for sure, but it can still happen and as TL says they still remain hopeful that it'll be concluded soon.

Burger

Burger

Posted
Posted
I'm quite happy to believe Lynam at this stage over SSN "sources".

 

believe what? that he will try ...not that he will suceed. Nice note but did it really say anything other than ...if it fails he tried his best. Sorry but as p*ssed off with today as everyone else.

SaintRichmond

SaintRichmond

Posted
Posted
just in ssn, fry open to other offers

 

 

... And now that the "other offers" KNOW that all they have to do is to agree NOT to appeal against the 10 points, it leaves the door wide open for a "Takeover" which will certainly NOT be in the best interests of SAINTS FOOTBALL .......

 

Just guess who's been lurking in the background all this time, exactly as I've said right from day one........

 

Back to the Dark Old Days I'm afraid

S-Clarke

S-Clarke

Posted
Posted
I have to say I would trust the legal team within pinnicle group, and am sure when in court the FL will be torn apart. I just hope they get it done sooner.

 

COYR

 

There’s the problem - there just isn’t the time to mount a legal case/court battle. It could take months.

trousers

trousers

Posted
Posted

FFS....sign what the Football League want now and challenge it later....if the football league are being unreasonable and/or illegal then they can be brought to book in retrospect. FFS

beatlesaint

beatlesaint

Posted
Posted
... And now that the "other offers" KNOW that all they have to do is to agree NOT to appeal against the 10 points, it leaves the door wide open for a "Takeover" which will certainly NOT be in the best interests of SAINTS FOOTBALL .......

 

Just guess who's been lurking in the background all this time, exactly as I've said right from day one........

 

Back to the Dark Old Days I'm afraid

 

will you give it a rest about him FFS.

Joesaint

Joesaint

Posted
Posted

maybe if we all wrote to the PL to help them understand we need our club back and to stop

playing god with our football team.

Think I have moved from sad to angry now. aaaaaaaaaaaaa

trousers

trousers

Posted
Posted

Let's do what Ferrari, McClaren, Brawn have done and set up our own F***ing league with rules that help members rather than F***ing F*** them up. FFS

countysaint

countysaint

Posted
Posted

No one has mentioned yet, that in the breaking news on SSN the reporter mentioned that the FL were due to meet on Monday to discuss the issue regarding the points and the insistance that we sign the agreement not to sue.

Surely Mark Fry will now extend the exclusivety period until after the FL meeting on monday and see if they back down?

trousers

trousers

Posted
Posted
i can't believe that pinnacle will walk becuse of the 10points

 

Ditto....they've got to call the FL's bluff here....sign what they want and challenge later

beatlesaint

beatlesaint

Posted
Posted
FFS....sign what the Football League want now and challenge it later....if the football league are being unreasonable and/or illegal then they can be brought to book in retrospect. FFS

 

Thats right, doesnt matter if the ten points are added back to our total next April if we won an appeal....so why stir the pot at this very moment.....everyone knows the FL have the "its my ball..." mentality.

SFC Forever

SFC Forever

Posted
Posted
They didn't release a statement on SSN, it was down to what 'Sky believed' is the hold up.

 

They didn't read out a statement but did say that the whole sorry mess is now down to the FL.

Any prospective buyer has now to sign a legal document stating that they will not appeal the 10 points. They are so blatantly in the wrong that they are willing to let the club fold to keep their position of power.

Pitiful.

S-Clarke

S-Clarke

Posted
Posted
No one has mentioned yet, that in the breaking news on SSN the reporter mentioned that the FL were due to meet on Monday to discuss the issue regarding the points and the insistance that we sign the agreement not to sue.

Surely Mark Fry will now extend the exclusivety period until after the FL meeting on monday and see if they back down?

 

It just sounds so dodgy though doesn’t it?

 

It’s like the FL are begging us not to sue/take them to court - as they know their case is completely flawed.

 

So they are using all their powers to make sure we are not in a position to do so.

 

Utterly disgusting, but predicable.

CLOTH EARS

CLOTH EARS

Posted
Posted

As much as I would love to get those 10 points back I would accept it if it allows the takeover to go through. We could still make the play offs with the -10 deduction 'providing' we buy some decent players.

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