KM on TS

[Sean Thornton]

Apparently McCabe had no money to make the offer it was coming from the Yanks (page 29)

115. Mr Tutton on behalf of SUL objected to the notice calling for an emergency meeting (and its contents). On the same day, he sent revised heads of terms to Mr Pace suggesting that a conference call should take place early the following week to finalise them “as we are keen to trigger the Call Option with UTB LLC as soon as possible”. The revised heads of terms still included a £10 million cash facility, to fund the acquisition of UTB’s shares, and ALK would pay a further £7 million for its 85% holding, fund the club in future, and pay higher rents for the principal property assets with a five-year option to acquire the property assets at an aggregate price of about £66 million, or such other amount as might be agreed.
116. On 17 December 2017, Mr Giansiracusa sent Kevin McCabe a more conciliatory email, suggesting that they ought to be able to work together constructively, but without Kevin McCabe expecting to get his way by using brute force. He expressed a wish to move forward and to discuss and address issues in a mutually respectful way. The email pointed out that the alternative, a trajectory of confrontation, was one in which SUL could expect to see its commercial interests adversely affected in various ways. By way of brief response, Kevin McCabe agreed to speak to Mr Giansiracusa the following day.
117. In the event it appears that they spoke on 20 December 2017. Before then, Kevin McCabe and Mr Tutton had exchanged emails about the tactics for exercising the call option on UTB’s shares. Mr Tutton proposed offering to subscribe under the ISA for £5 million of new capital, to see whether UTB was in a position to offer to match it, to maintain equality. He said: “if they say they can match we know we should just go for the Texas shoot out at our higher end of £10m – If they cannot match we go in at a much lower price”. Kevin McCabe replied stating that it potentially was a wise move

Wise move?

 

[Sean Thornton]

This really isn’t splitting hairs over – it would be a remarkable omission of evidence to not include the findings of what would be a thorough due diligence you for some reason seem to think has taken place, and wholly bizarre for this to go unreferenced at any point.

He probably asked Tutton to do it, but he was unfortunately too tired.

No, I'm simply questioning your assertion that nothing further was done.

I imagine Tutton may have plenty of time to catch up on his sleep very soon.

 

[bertieblade]

Apparently McCabe had no money to make the offer it was coming from the Yanks (page 29)

115. Mr Tutton on behalf of SUL objected to the notice calling for an emergency meeting (and its contents). On the same day, he sent revised heads of terms to Mr Pace suggesting that a conference call should take place early the following week to finalise them “as we are keen to trigger the Call Option with UTB LLC as soon as possible”. The revised heads of terms still included a £10 million cash facility, to fund the acquisition of UTB’s shares, and ALK would pay a further £7 million for its 85% holding, fund the club in future, and pay higher rents for the principal property assets with a five-year option to acquire the property assets at an aggregate price of about £66 million, or such other amount as might be agreed.
116. On 17 December 2017, Mr Giansiracusa sent Kevin McCabe a more conciliatory email, suggesting that they ought to be able to work together constructively, but without Kevin McCabe expecting to get his way by using brute force. He expressed a wish to move forward and to discuss and address issues in a mutually respectful way. The email pointed out that the alternative, a trajectory of confrontation, was one in which SUL could expect to see its commercial interests adversely affected in various ways. By way of brief response, Kevin McCabe agreed to speak to Mr Giansiracusa the following day.
117. In the event it appears that they spoke on 20 December 2017. Before then, Kevin McCabe and Mr Tutton had exchanged emails about the tactics for exercising the call option on UTB’s shares. Mr Tutton proposed offering to subscribe under the ISA for £5 million of new capital, to see whether UTB was in a position to offer to match it, to maintain equality. He said: “if they say they can match we know we should just go for the Texas shoot out at our higher end of £10m – If they cannot match we go in at a much lower price”. Kevin McCabe replied stating that it potentially was a wise move

It appears that McCabe the 50% owner of SUFC was trying to broker a deal with the Americans to buy the shares of HRH on the back of a separate deal for McCabe to then sell 85% of the club to the Americans at a healthy profit.
McCabe then goes on every media channel and has the gall to accuse HRH of being unsuitable to take the club forward etc. Etc.
Suitability to run any sort of business starts with honesty to the people who are your partners and supporters, I strongly suggest that initially HRH, then the judge and finally the supporters are seeing exactly the type of man McCabe is which no doubt explains the actions of HRH and more importantly the reasoning behind the judgement.
Would you expect your partner to arrange a deal behind your back and still trust him?

 

[BushBlade]

It appears that McCabe the 50% owner of SUFC was trying to broker a deal with the Americans to buy the shares of HRH on the back of a separate deal for McCabe to then sell 85% of the club to the Americans at a healthy profit.
McCabe then goes on every media channel and has the gall to accuse HRH of being unsuitable to take the club forward etc. Etc.
Suitability to run any sort of business starts with honesty to the people who are your partners and supporters, I strongly suggest that initially HRH, then the judge and finally the supporters are seeing exactly the type of man McCabe is which no doubt explains the actions of HRH and more importantly the reasoning behind the judgement.
Would you expect your partner to arrange a deal behind your back and still trust him?

Even Simon Jordan had a little dig about KM and his dealings with him. I think it was something like ‘well he didn’t do what he said he was going to’.

 

[I should coco]

If the pigs had the best owner and manager in the world

Fact! They do have.

Source; NKT

 

[I should coco]

Even Simon Jordan had a little dig about KM and his dealings with him. I think it was something like ‘well he didn’t do what he said he was going to’

Entertaining as SJ is, he also thinks Mike Ashley is doing a 'great job' at NUFC.

Sometimes I think he sees himself as Adrian Durham Lite, in his duty to get those premium rate phone calls in.

 

[Sean Thornton]

It appears that McCabe the 50% owner of SUFC was trying to broker a deal with the Americans to buy the shares of HRH on the back of a separate deal for McCabe to then sell 85% of the club to the Americans at a healthy profit.
McCabe then goes on every media channel and has the gall to accuse HRH of being unsuitable to take the club forward etc. Etc.
Suitability to run any sort of business starts with honesty to the people who are your partners and supporters, I strongly suggest that initially HRH, then the judge and finally the supporters are seeing exactly the type of man McCabe is which no doubt explains the actions of HRH and more importantly the reasoning behind the judgement.
Would you expect your partner to arrange a deal behind your back and still trust him?

It does make you understand why HRH did the UTB 2018 transfer. Goose/Gander etc

 

[BushBlade]

Entertaining as SJ is, he also thinks Mike Ashley is doing a 'great job' at NUFC.

Sometimes I think he sees himself as Adrian Durham Lite, in his duty to get those premium rate phone calls in.

I’ve listened to him talk about Ashley many times and I don’t recall him ever saying he’s doing a great job. He’s said, on a number of occasions, that a lot of what he’s been accused off isn’t entirely correct and that there are worse owners.
Bear in mind the Geordies have a pig like level of delusion.
He did strongly defend Bruce’s appointment. He’s got a lot of time for Bruce considering he walked out on him at Palace.

 

[bertieblade]

It does make you understand why HRH did the UTB 2018 transfer. Goose/Gander etc

I would say that it also pours more fuel on the fire that McCabe will have little chance with an appeal.
He has been awarded the deal that he requested, the judgement has been awarded in accordance with the relevant points of law and McCabe actions prior, during and post hearing will not see him receive any sympathy from JF.

 

[I should coco]

I’ve listened to him talk about Ashley many times and I don’t recall him ever saying he’s doing a great job. He’s said, on a number of occasions, that a lot of what he’s been accused off isn’t entirely correct and that there are worse owners.

I think he's been far more positive than that but I'm not about to listen to the whole Talkbloke cannon to prove it.

In any case, I don't want to be accused of being argumentitive, so we'll have to agree to differ on that.

Bear in mind the Geordies have a pig like level of delusion.

Excellent point and it is difficult to put the proverbial fag paper between them.

Both have the 'best fans in football', both are 'really big clubs' and both could comfortably 'sit in the Top 6' in the eyes of their deluded fans.

He did strongly defend Bruce’s appointment. He’s got a lot of time for Bruce considering he walked out on him at Palace.

I think after the gardening leave episode ("You're going nowhere pal"), they kissed and made up. It was refreshing to hear a different take on Bruce, although FWIW I think the serial quitter wanker is a classic example of the 'being promoted to the level of your incompetence' phrase.

 

[BushBlade]

I would say that it also pours more fuel on the fire that McCabe will have little chance with an appeal.
He has been awarded the deal that he requested, the judgement has been awarded in accordance with the relevant points of law and McCabe actions prior, during and post hearing will not see him receive any sympathy from JF.

Imagine if he appeals, it takes until June next year by which time we’ve been relegated and ALK decide they don’t want a potentially loss making championship club. And he wins.

 

[derryblade]

KM should avoid appealing the decision and move on, his legal team will be devastated they aren't getting another wedge of cash, but save your money Kev. I don't think it's a leap of faith to assume his family will want him to sell the real estate and cut the ties completely. The negotiations will be interesting no doubt.

 

[Sean Thornton]

I would say that it also pours more fuel on the fire that McCabe will have little chance with an appeal.
He has been awarded the deal that he requested, the judgement has been awarded in accordance with the relevant points of law and McCabe actions prior, during and post hearing will not see him receive any sympathy from JF.

The only thing I didn't get - on a laymans basis - was why the original offer wasn't null and void when McCabe thought he was buying UTB's 50% when it wasn't available but as you say, subject to valuation of the properties, which was surely going to be decided by independent valuers if agreement couldn't be reached , is exactly what he offered in the first place.

 

[Davalon]

I get your point but it’s unfair to say Leeds or Pigs, we can’t be objective about them either. If the pigs had the best owner and manager in the world we’d still call them a pair of twats.

I think plenty can be objective about how their owners have done

 

[Deaneandagana]

Have the 2 UTB’s share holdings now been consolidated under 1 company?

 

[Addison]

The only thing I didn't get - on a laymans basis - was why the original offer wasn't null and void when McCabe thought he was buying UTB's 50% when it wasn't available but as you say, subject to valuation of the properties, which was surely going to be decided by independent valuers if agreement couldn't be reached , is exactly what he offered in the first place.

230. The Counternotice served on behalf of UTB on 26 January 2018 put an end to the proposed purchase by SUL of UTB’s shares in Blades and gave rise to a contract for the sale of SUL’s shares in Blades to UTB for £5 million. That is the stated effect of clause 11.7 of the ISA.

 

[Sean Thornton]

230. The Counternotice served on behalf of UTB on 26 January 2018 put an end to the proposed purchase by SUL of UTB’s shares in Blades and gave rise to a contract for the sale of SUL’s shares in Blades to UTB for £5 million. That is the stated effect of clause 11.7 of the ISA.

Cheers !

 

[Rob86]

If they can’t reach an agreement on the property value, which is highly likely, do they have to instigate new court proceedings ? Or reopen this and JF would then order the independent valuation ?

In a round about way I’m asking who ensures the sale goes through by July 2020.

 

[Addison]

If they can’t reach an agreement on the property value, which is highly likely, do they have to instigate new court proceedings ? Or reopen this and JF would then order the independent valuation ?

In a round about way I’m asking who ensures the sale goes through by July 2020.

If they can't agree a price they would have to go back and explain to JF why they could not do so. Whilst we haven't seen the property valuations referred to I'm guessing the fact the experts weren't called to give verbal evidence suggests they are not too far apart in valuation. There should therefore not be too much to quibble about on price. If one party is being obstructive that is a different matter. JF will ensure the sale goes through as he has ordered it unless compelling arguments are presented as to why it should not do so.

Of course a successful Appeal by KM moves the goalposts completely.

 

[Bladesman]

It appears that McCabe the 50% owner of SUFC was trying to broker a deal with the Americans to buy the shares of HRH on the back of a separate deal for McCabe to then sell 85% of the club to the Americans at a healthy profit.
McCabe then goes on every media channel and has the gall to accuse HRH of being unsuitable to take the club forward etc. Etc.
Suitability to run any sort of business starts with honesty to the people who are your partners and supporters, I strongly suggest that initially HRH, then the judge and finally the supporters are seeing exactly the type of man McCabe is which no doubt explains the actions of HRH and more importantly the reasoning behind the judgement.
Would you expect your partner to arrange a deal behind your back and still trust him?

Yeah it does seem like McCabe was trying to do a deal all along with ALK and was hoping the Prince would just concede and give up his half of the club for £5mil.

 

[blade67]

Serious question. Why do the property values increase because we are on the P.L.?

He's getting £5m for the club he has invested over £100m in and has two properties to show for it. £50m for those properties sounds really topside to me, even if other clubs have been inflating values for accounting purposes just to avoid FFP fines.

I didn't say that the "property" had increased in value, you seem to have misunderstood what I wrote.

What I mean is that he set the £5m selling price and you could say he's been unlucky that the manager has got the club promoted and it's now worth loads more than the Prince has to pay. I'm afraid that Mcabe really only has himself to blame that he's only got £5m for 1/2 the club. If he'd not made the offer he'd now own 50% of something worth loads more.

As for the property, McCabe wanted it sold and the prince now has to buy it. I'm not sure what McCabe has to moan about.

As for the £100m he put in, he can't really expect to get that back can he? He wasted a load of money on managers and players who were shit . Why should someone else pay for those mistakes?

 

[LoughboroBlade]

Have the 2 UTB’s share holdings now been consolidated under 1 company?

Yep – UTMFB

 

[BigBed]

Pray? We need to start demanding some input. Starting tomorrow night

Prince is releasing a statement tomorrow is he not??

 

[blademark]

If they can't agree a price they would have to go back and explain to JF why they could not do so. Whilst we haven't seen the property valuations referred to I'm guessing the fact the experts weren't called to give verbal evidence suggests they are not too far apart in valuation. There should therefore not be too much to quibble about on price. If one party is being obstructive that is a different matter. JF will ensure the sale goes through as he has ordered it unless compelling arguments are presented as to why it should not do so.

Of course a successful Appeal by KM moves the goalposts completely.

I'm not sure that the two parties necessarily have to agree on the valuation. The instruction from the ruling was 'at market value', so it's not rocket science to get 3 independent valuations and take the average. Let's be honest, these two are never going to agree anything, ever again.

 

[ShockingBadBuy]

And then there was the incident in 2011 where a team from Channel 4's Dispatches posed as representatives of Chinese and Indian businessmen trying to buy the club, and where pictured on the pitch, facilitated by Bryan Robson of all people...

Really?? Jesus. I completely missed this at the time, and since. Is there an evidence trail to cite on this?

Or have I been whooshed?

#billythefishfootballmanagement

 

[Manuel Azaña]

Is there an evidence trail to cite on this?

Bryan Robson caught up in foreign ownership scandal

English football is bracing itself for another batch of embarrassing revelations after an undercover investigation exposed an investment group offering to help businessmen break Football Association rules preventing them from owning more than one club.

www.telegraph.co.uk

 

[georgebernardshaw]

Pray? We need to start demanding some input. Starting tomorrow night

We seem to do a lot of demanding these days, might be best to await events settling down?

 

[LoughboroBlade]

Really?? Jesus. I completely missed this at the time, and since. Is there an evidence trail to cite on this?

Or have I been whooshed?

#billythefishfootballmanagement

Bryan Robson caught up in foreign ownership scandal

English football is bracing itself for another batch of embarrassing revelations after an undercover investigation exposed an investment group offering to help businessmen break Football Association rules preventing them from owning more than one club.

www.telegraph.co.uk

Relive the delights here https://www.s24su.com/forum/index.php?threads/robson-caught-in-newspaper-sting.24014/

 

[LoughboroBlade]

Don't forget our Jacob, the Nigerian prince. That was weird!

Nice/odd parody to serve as a reminder.

 

[ShockingBadBuy]

Bryan Robson caught up in foreign ownership scandal

English football is bracing itself for another batch of embarrassing revelations after an undercover investigation exposed an investment group offering to help businessmen break Football Association rules preventing them from owning more than one club.

www.telegraph.co.uk

Relive the delights here https://www.s24su.com/forum/index.php?threads/robson-caught-in-newspaper-sting.24014/

Crikey. Shit (gap-ridden) memries.

Thanks for filling in the blanks. I think