Letter to shareholders

[Sothall_Blade]

where's this come from Sothall?

See my previous post, which was cut and pasted from the legal documents linked to earlier.
I'm not sure why people don't seem to think this is big news.

See pages 9 and 10 of this document:-

https://shepwedd.com/sites/default/files/UTB v SUL - D_s SA for 20.6.18.pdf

The Charwell Loan
29. The Court will see reference to the “Charwell Loan” in two contexts:
a. Firstly, the circumstances of the Charwell Loan and its true nature (namely a disguised inducement or bribe to Prince Abdullah in his role as Saudi Minister for Youth and Sports) form part of the Defendant’s allegations of unfair prejudice in its section 994 Petition.
b. Secondly, that its repayment on 30th April 2018 and in particular an application that the Defendant issued to secure its repayment on the due date, are deployed by both sides in very different ways to explain or justify the stances taken at this stage.

30. By the end of 2016 SUL had invested £1.6m more than UTB into Blades leading to a disparity in the respective partners’ investments in the company (Sewell 3 para 26 at [4/29/797]).

31. In February 2017 SUL was looking to divest itself of its interest in Blades, and the Properties, and a potential investor called Dr Rakan Al Harthy (“Dr Rakan”) was identified. In the talks that were ongoing, Prince Abdullah secured an agreement by Dr Rakan to lend (through his company, Charwell Investments Limited) a sum of £3m to Blades. The loan was interest free with repayment due by 30th April 2018 [2/20/311].

32. By July 2017 UTB had still not injected £1.6m into Blades (to bring the partners to parity) and SUL was informed that Dr Rakan had agreed that UTB would assume £1.6m of the Charwell loan and repay it instead of Blades. Thus providing UTB’s share injection of £1.6m. In this way UTB secured further time to come up with the £1.6m and obtained further shares in Blades to that value.

33. At this stage Dr Rakan was the principal behind Sela Sports, a substantial company operating in the major Saudi media and sports industry. The Prince was the Saudi Minister for Youth and Sports (Petition paras 42-45 at [1/12/107]).

34. SUL now has reason to believe that UTB never repaid the full £1.6m to Charwell and it infers that the majority of this sum was written off by Dr Rakan as a favour to the Prince (Sewell 3 para 64 at [4/29/807]). This was a disguised means of conferring a benefit on the Prince which was a serious breach of the Prince’s duties to SUFC (SUL says that the directors of Blades had a duty not to act in such a way as might bring the Football Club into disrepute).

35. In the period leading up to the repayment date of 30th April 2018 Mr Giansiracusa sent an email to the Blades directors pointing out the potential dire consequences of a failure to repay including the possibility of Blades insolvency and a points deduction by the English Football League

 

[ShockingBadBuy]

Again only my opinion. I think he wants to go down the foreign owner, manager route, = foreign players/ back room staff.
Like I say only my opinion, not based on any specifics, unless you look at s6, Wolves Huddersfield and Watford, and the like.

Frankly, your opinion will always be accepted at face value by me so long as your avatar remains the same.

Sigh.

 

[Trigger Blade]

Not got my letter yet...was it delivered today?

Don't think anyone has answered, but mine arrived by post today.

 

[ShockingBadBuy]

McCabe is accusing the Prince of accepting a financial bribe while he was a Saudi Government Minister.
Furthermore the bribe was used by the Prince as a means of topping up his investment in Sheffield United as he had fallen short on his payments.
I think most Sheffield United fans (and beyond) would very be interested to read that.

where's this come from Sothall?

Like feckin WOW, where can we read that snippet?

I've just scrounged tonight's Stir off an neighbour and there's a 2 page section on the whole horrid affair, not read it yet so can't post jist.

Seconded. In fact, technically, thirded! Really???

 

[Sean Thornton]

McCabe is accusing the Prince of accepting a financial bribe while he was a Saudi Government Minister.
Furthermore the bribe was used by the Prince as a means of topping up his investment in Sheffield United as he had fallen short on his payments.
I think most Sheffield United fans (and beyond) would very be interested to read that.

It actually comes down to legal experience I would have thought, rather than forum experience. I doubt the Star has a legal guy in the Sports department on full time standby. Especially one familiar with Chancery hearings or allegations of bribery. Maybe they are wise to refrain from commenting in detail. They get loads of stick but are now criticised for not being a local issue of the Law Review.

Would the Star publishing it give you any answers? I'm sure you have many questions.

 

[Tom Bott]

I'm surprised how relaxed Chris seems through all of this.

You must have missed what happened at his former workplace.

But in this season of the underdog, there is no story anywhere as extraordinary as the one Wilder has been involved in at Northampton. Back in November the club faced financial oblivion. Her Majesty’s Revenue and Customs had issued a winding up order over an unpaid tax bill; the Cobblers were 24 hours from being terminated.

David Cardoza, the former chairman, was about to be arrested as part of a police investigation into irregularities surrounding a £10.5 million loan from the local council to rebuild a stand at the Sixfields stadium, money that had somehow vanished with the building work barely begun. The club’s accounts were in meltdown. Wilder, along with all the backroom staff, had not been paid since the end of September. The players’ wages were being met by their union, the Professional Footballers’ Association.

Spool forward five months, however, and Northampton have been crowned champions of League Two. How on earth did that happen?
“I think there’s a lot of excuses that can be used in football,” says Wilder. “It isn’t right what happened. It isn’t right the players didn’t get paid. It isn’t right the staff weren’t paid for three months. It isn’t right the supporters had to see their club go to the edge. But we all knew it was none of our fault. And what I think we can be really proud of is we never used it as an excuse. We never got the white flag out.”

 

[Sothall_Blade]

It actually comes down to legal experience I would have thought, rather than forum experience. I doubt the Star has a legal guy in the Sports department on full time standby. Especially one familiar with Chancery hearings or allegations of bribery. Maybe they are wise to refrain from commenting in detail. They get loads of stick but are now criticised for not being a local issue of the Law Review.

Would the Star publishing it give you any answers? I'm sure you have many questions.

I don't really want The Star to publish it.
Just surprised that people think there isn't a news story there and Danny saying it's already been reported on.

 

[I should coco]

What pulls my chain is McCabee made my shares worthless with his manoeuvring

Can't you just park the agenda for once?

I am a shareholder too and mine are also worthless. I could blame McCabe /the Bogeyman / the Wicked Witch, but I think that the years of large accumulated losses made the club worthless. To make it worse with every new share issue fewer and fewer shareholders took up their rights leaving KM to carry the burden. His perecntage ownership increased as the total enterprise value plummeted.

You have not been 'manoeuvered' out of anything, but don't take my word for it. Ring up one of those helpful PPI claim companies and see if they will take it up.

 

[Worksop II]

What pulls my chain is McCabee made my shares worthless with his manoeuvring but want me to come so he can cry on my feckin shoulder.

Go and ask him about it .....

 

[The Crab]

They could have posted a link. Other than that it's unlikely that sports reporters would become embroiled in legal matters particularly when they need a relationship with whoever ends up owning the mess.

I'd imagine their target audience aren't that interested in becoming apprentice Rumpoles like many of us on here.

I fancy myself more as a Petrocelli actually. I've even nearly finished the house...................................

 

[Blade56]

Just read stir article, not much we didn't already know but a couple of points from the judges summing up....

1. The pair of them had reported that a player sale would fund the cost of £10m to run the club for the next 6 months.
2. Of that £10m £7m was for acquiring players (think that how it reads).
3. The fee discussed by the judge was £15m with an upfront payment of £11.5m.

Don't shoot the messenger it is from the Stir.

 

[Blade56]

I fancy myself more as a Petrocelli actually. I've even nearly finished the house...................................

Dormers are a bit 70's Crab

 

[The Crab]

Dormers are a bit 70's Crab

All part of my mid life crisis. Wait until you get a load of my Top of the Pops album collections #sideboobaction

 

[Bladeloyal]

What a right royal clusterfuck macabe offering wilder assurances without asking his co owner , and not knowing if the funding would be there .idiot

 

[Blade56]

Can't you just park the agenda for once?

I am a shareholder too and mine are also worthless. I could blame McCabe /the Bogeyman / the Wicked Witch, but I think that the years of large accumulated losses made the club worthless. To make it worse with every new share issue fewer and fewer shareholders took up their rights leaving KM to carry the burden. His perecntage ownership increased as the total enterprise value plummeted.

You have not been 'manoeuvered' out of anything, but don't take my word for it. Ring up one of those helpful PPI claim companies and see if they will take it up.

What pulls my chain is people factually explaining I don't know what I'm talking abart

 

[Sean Thornton]

I don't really want The Star to publish it.
Just surprised that people think there isn't a news story there and Danny saying it's already been reported on.

I think Danny was speaking generally.

 

[Sean Thornton]

What a right royal clusterfuck macabe offering wilder assurances without asking his co owner , and not knowing if the funding would be there .idiot

That's what you've gleaned from all this?

 

[Sean Thornton]

Can't you just park the agenda for once?

I am a shareholder too and mine are also worthless. I could blame McCabe /the Bogeyman / the Wicked Witch, but I think that the years of large accumulated losses made the club worthless. To make it worse with every new share issue fewer and fewer shareholders took up their rights leaving KM to carry the burden. His perecntage ownership increased as the total enterprise value plummeted.

You have not been 'manoeuvered' out of anything, but don't take my word for it. Ring up one of those helpful PPI claim companies and see if they will take it up.

Weers share munneh gone?

 

[Bladeloyal]

That's what you've gleaned from all this?

Ill let the more informed get on with it

 

[Wooden House]

Just read stir article, not much we didn't already know but a couple of points from the judges summing up....

1. The pair of them had reported that a player sale would fund the cost of £10m to run the club for the next 6 months.
2. Of that £10m £7m was for acquiring players (think that how it reads).
3. The fee discussed by the judge was £15m with an upfront payment of £11.5m.

Don't shoot the messenger it is from the Stir.

The fee quoted from Bournmouth was £11.5m with £4m up front.

 

[Blade58]

See my previous post, which was cut and pasted from the legal documents linked to earlier.
I'm not sure why people don't seem to think this is big news.

See pages 9 and 10 of this document:-

https://shepwedd.com/sites/default/files/UTB v SUL - D_s SA for 20.6.18.pdf

The Charwell Loan
29. The Court will see reference to the “Charwell Loan” in two contexts:
a. Firstly, the circumstances of the Charwell Loan and its true nature (namely a disguised inducement or bribe to Prince Abdullah in his role as Saudi Minister for Youth and Sports) form part of the Defendant’s allegations of unfair prejudice in its section 994 Petition.
b. Secondly, that its repayment on 30th April 2018 and in particular an application that the Defendant issued to secure its repayment on the due date, are deployed by both sides in very different ways to explain or justify the stances taken at this stage.

30. By the end of 2016 SUL had invested £1.6m more than UTB into Blades leading to a disparity in the respective partners’ investments in the company (Sewell 3 para 26 at [4/29/797]).

31. In February 2017 SUL was looking to divest itself of its interest in Blades, and the Properties, and a potential investor called Dr Rakan Al Harthy (“Dr Rakan”) was identified. In the talks that were ongoing, Prince Abdullah secured an agreement by Dr Rakan to lend (through his company, Charwell Investments Limited) a sum of £3m to Blades. The loan was interest free with repayment due by 30th April 2018 [2/20/311].

32. By July 2017 UTB had still not injected £1.6m into Blades (to bring the partners to parity) and SUL was informed that Dr Rakan had agreed that UTB would assume £1.6m of the Charwell loan and repay it instead of Blades. Thus providing UTB’s share injection of £1.6m. In this way UTB secured further time to come up with the £1.6m and obtained further shares in Blades to that value.

33. At this stage Dr Rakan was the principal behind Sela Sports, a substantial company operating in the major Saudi media and sports industry. The Prince was the Saudi Minister for Youth and Sports (Petition paras 42-45 at [1/12/107]).

34. SUL now has reason to believe that UTB never repaid the full £1.6m to Charwell and it infers that the majority of this sum was written off by Dr Rakan as a favour to the Prince (Sewell 3 para 64 at [4/29/807]). This was a disguised means of conferring a benefit on the Prince which was a serious breach of the Prince’s duties to SUFC (SUL says that the directors of Blades had a duty not to act in such a way as might bring the Football Club into disrepute).

35. In the period leading up to the repayment date of 30th April 2018 Mr Giansiracusa sent an email to the Blades directors pointing out the potential dire consequences of a failure to repay including the possibility of Blades insolvency and a points deduction by the English Football League

Who is Mr Giansiracusa?

 

[Harrisblade]

McCabe is accusing the Prince of accepting a financial bribe while he was a Saudi Government Minister.
Furthermore the bribe was used by the Prince as a means of topping up his investment in Sheffield United as he had fallen short on his payments.
I think most Sheffield United fans (and beyond) would very be interested to read that.

Not a bribe, as a financial favour.

What a right royal clusterfuck macabe offering wilder assurances without asking his co owner , and not knowing if the funding would be there .idiot

I thought that they both agreed to assure CW his funding

 

[Sean Thornton]

Who is Mr Giansiracusa?

 

[Razor_Blade]

Reading all of the court documents a picture is formed and the top and bottom of it appears to be the prince isn't very wealthy and isn't injecting the money he said he would, and now is trying to take the club the cheapest way possible without any assets as he does not have the funding to do so. which ever side you are on you have to see that if the prince wins out we are boned, and the owner of our ground and assets will be left out of pocket and bitter; a very bad position to be in.

you have to hope McCabe wins and then sells us on, that has to be the best outcome.

 

[Revolution]

Who is Mr Giansiracusa?

A partner in the Saudi office of Jones Day, a US law firm, who is acting as one of the Prince's nominated directors.

Jones Day's English office is acting for the Prince's companies in the proceedings.

 

[Sean Thornton]

Not a bribe, as a financial favour.

I thought that they both agreed to assure CW his funding

"Disguised inducement or bribe"

 

[Sothall_Blade]

Who is Mr Giansiracusa?

"A lawyer and director of both Blades Leisure Limited and Sheffield United Football Club since August 2017"

18. The relationship between UTB and SUL deteriorated in November and December 2017 as a result of disagreements in respect of, among other matters, the appointment of Mr Van Winckel to the Football Team’s technical committee; the appointment of Deloitte LLP as consultants; the terms on which a new chief financial officer, Simon Ratcliffe, was to be appointed; and the continuation of Mr Bettis as chief executive of SUFC after he had moved to Los Angeles.

19. The behaviour of Prince Abdullah and Mr Giansiracusa from November 2017, including a lengthy and vitriolic attack by Mr Giansiracusa on Mr McCabe in an email copied to directors of Blades on 19th November 2017 in which Mr Giansiracusa accused Mr McCabe of being a dishonest bully with an "extraordinary sense of entitlement" whose actions in respect of suggesting changes to the contract of Mr Ratcliffe had been "almost certainly illegal", who lacked intellectual integrity, who could not be trusted, and who was not very much liked by the people of Sheffield (see the quotation from the email in the Defence at para 26 [1/5/25/26]), suggested a concerted effort on the part of UTB to destroy the relationship between the owners.

 

[Sothall_Blade]

Not a bribe, as a financial favour

"namely a disguised inducement or bribe to Prince Abdullah in his role as Saudi Minister"

Not my words. Those are the words used in McCabe's legal documents.

 

[Yellarbellyblade]

I don’t pretend to understand even half of this but the sooner it is finished and we can get some stability the better.

I haven’t a clue who is right and wrong, who is the villain and who the hero (if indeed there is one). I just feel I’ve seen this film somewhere before during my time supporting United

 

[I should coco]

I just feel I’ve seen this film somewhere before during my time supporting United

It was originally done in 1900 as a silent movie. It has been tinted, dubbed, filmed in Panavision, 3D, Tevezscope and is rereleased every decade.

The actors change but each new version still stays loyal to the old script where the fans end up custard pied.