I tend to agree that the opportunity to get out of the deal so easily should have been spotted and closed out before the contracts were signed but the question of whether the Prince’s actions were legal or not is the basis of the forthcoming court case.
There must be someone on here who’s a specialist in contract law who can tell us what they think about all this?
There are four extremely experienced and highly paid Chancery Counsel supported by some very experienced and expensive support lawyers arguing the toss with each other in front of a Chancery Judge. None of them know it all and none can predict the outcome. Judge says he can't rule out that McCabe possibly has a case, but can't grant him what he wants now on an interim basis. Judge has said that both sides are as someone has already said on here, ladies front bottoms.
Its not simply about contract law though, there's a Company Act petition in there as well and just to confuse even further a counterclaim alleging lawful or unlawful means conspiracy which is an economic tort (civil wrong)
In summary this is how it works:-
Kev - We're going for it in January Penny Pinching Prince. Stump up.
PPP - What's this "we're" dirty dog?
Kev - FFS Not again
PPP - I put the money in DD and we go up, you serve a notice and I get lumbered paying a right wedge. Do one.
Kev - Here's my notice now PPP. I'll buy your shares for £5mill. That means you either take the £5mill and Fuck Off or you have to buy my shares for £5mill. Buying my shares makes you 100% owner and our deal says if you have 75% you have to pick up the tab for the assets of around £20mill and you ain't got that dough PPP. What's more even if you do have the dough, there's long leases at reduced rents so they are worthless to you. Snigger Snigger.
PPP - Ho Ho Ho DD, you didn't reckon on the wizardry of Mr Gianfranco "Mafioso" Syracuse my company lawyer who has helpfully set up this lovely Limited Liability Partnership which doesn't have to register because it isn't a limited company. I have out of the goodness of my own heart gifted this LLP (Wot is nuffink to do wiv me honest guv) 80% of my shares. By simple arithmetic DD I only got 20% of the shares, plus your 50%, makes 70%. That means I get you out for £5mill and I don't have to take the property assets.
Kev - You dirty sneaky conniving cunt. I'm not doing that deal.
PPP - I demand specific performance, which means DD that you have to sell to me for £5mill and that's the deal.
Kev - No way, you cheated, you and your devious lawyer agreed to do a deal to rook us out of millions. We counterclaim to make you do the original deal and for damages and if you just so happen to win on the specific performance damages amounting to what you have cheated us out of.
PPP - You can still do one DD Gotcha!
Kev - OK PPP you can have a Company Act petition as well for an adjudication from the Court that you're acting to the prejudice of the company and need removing, Kin snake.
Mr Justice Fancourt - Well PPP, tha's pulled a reyt stroke theer. Tha can see why Kev's got mardies on. Tha's a devious two hat, but tha cud gerra way wi it. Worra fucking mess, am not sorting this shit out for thi now. Either sort it artside wi di coats off or we'll be back here next summer for a trial and who knows which way it'll go. Will nobody think of the fans?