Sat is a room with the biggest set of fools ever (shareholders)

[Jim Chimmerney]

My invitation was filed with an empty monster munch bag and a used tissue.

Never heard of anyone with a monster munch fetish before

 

[Pinchy]

May 2019?

And then presumably an appeal from whoever loses the case... FFS!

That’s the earliest the court can accommodate the case. It’s not a date selected by the parties.

 

[Harry's Game]

That’s the earliest the court can accommodate the case. It’s not a date selected by the parties.

I know that. Just very annoying

 

[Pinchy]

Thanks for the update. 1 and 2 are of interest the rest is just anti Prince bluster. Any actual date mentioned for September mediation? Interesting it was the Prince who requested mediation and not KM.

Anti-Prince it may be, but it’s hardly bluster given the assertions are based on hard facts!

 

[Pinchy]

I know that. Just very annoying

Yes. Although it’s clear they’ve made provision for an enhanced budget in the interim, which is to their credit.

 

[Sean Thornton]

That’s the earliest the court can accommodate the case. It’s not a date selected by the parties.

Thanks for the update. 1 and 2 are of interest the rest is just anti Prince bluster. Any actual date mentioned for September mediation? Interesting it was the Prince who requested mediation and not KM.

If there's any truth in the loan "issue", it's hardly bluster.

 

[Worksop II]

Yes. Although it’s clear they’ve made provision for an enhanced budget in the interim, which is to their credit.

Not sure either of em, at the moment, deserve any Credit

 

[FriethBlade]

May 2019?

And then presumably an appeal from whoever loses the case... FFS!

Let's hope the mediation can sort it out next month. Not very likely I guess given the open animosity between the 2 parties but it's one way of saving a massive legal bill

 

[Jim Chimmerney]

Let's hope the mediation can sort it out next month. Not very likely I guess given the open animosity between the 2 parties but it's one way of saving a massive legal bill

Don't worry, the Brooks money will cover that

 

[mancunianblade]

My invitation was filed with an empty monster munch bag and a used tissue.

Hope it was snot on the tissue

 

[Tom Bott]

So just like the Brexit negotiations then, much happening and not.

 

[Darlington82]

I do feel we give Kev an easy ride in these sessions, most people was their questions we did racist little England comments.

kev ducked, first question of why it kicked off wjen we were top of the league last Nov, saying it was to do with who the Prince brpught on board, not the league position. i still think the smell of 100m or am money must have had an effect. Also credit to the young man who got the clarification that the Prince does not get the club for 25m. The market value for the ground will be significant.

 

[Pinchy]

Not sure either of em, at the moment, deserve any Credit

They obviously do. We’ve spent millions and have bids in to spend millions more. You are stuck in the agenda, I’m afraid.

 

[GrayBlade]

the reason for fools is I lost hundreds of pounds buying the shares, which was rather foolish.

main points:

Kevin and Philip the lawer came across very well.

1) high court case date set for May 2019.
2) meditation requested by the Prince set for September this year and welcomed by Kevin and co.
3) the 20m the Prince is trying to avoid is compensation to SUFC PLC and not all he has to pay, he has to pay the current market value for the ground and assets which is significantly more.
4) the Prince is allegedly involved in a suspect loan 'stronger word' used in the meeting of 1.6m which we are unhappy with.

lots of other tit bits and lots of support for Kevins stance.

feel free to correct me if I am wrong and sorry if I have upset anyone for calling ourselves fools for been shareholders in a football club!

No need to apologise mate, I think we can all get a bit too jumpy with the written word. Easily taken out of context.

So then, when’s the meeting with HRH to balance things up?

 

[Esablade]

yes Kev wants to get out but not to the Prince.

point 5) I should add. the Prince agreed to put 10m in which he did in the first 2 years, Kev was asked how much he had put in and Philip mouthed 17m I think, someone nearer may be able to confirm, which suggests in the last 5 years the two owners put in 20m in first two years and 14m in the last 3. Which makes my few hundred quid look like nothing.

...and McCabe offered £5 million for Princey’s shares now that we’re in the Campionship....no wonder he got the hump and dodged buying the assets.

P.S- Did McCabe’s team say what exactly the £20 million was meant to be compensating?

 

[HodgysBrokenThumb]

That's my kind of 'Philosophy for Beginners'! Cheers.

 

[S5Blade]

 

[S5Blade]

 

[S5Blade]

Theres tons more from him.but im out at the mo so cant post them all...

 

[Pinchy]

This one is of interest:

 

[Sean Thornton]

Up to now not much more than was revealed by the skeleton arguments.

 

[Esablade]

"The Prince wants the assets to remain where they are, with the club continuing to rent them. McCabe said he one day wanted to see them reunited with the football club."

Then why separate them in the first place, causing all this shit and years of no fucker wanting to invest in us?

 

[Blade58]

The bit about McCabe thinking the Prince doesn't have the clubs best interest at heart is exactly the reason why I'm concerned

 

[Harrisblade]

Up to now not much more than was revealed by the skeleton arguments.

Apart from the nitty-gritty of who said what to who and when, is there much more to be revealed about what it's all about/

 

[Harrisblade]

"The Prince wants the assets to remain where they are, with the club continuing to rent them. McCabe said he one day wanted to see them reunited with the football club."

Then why separate them in the first place, causing all this shit and years of no fucker wanting to invest in us?

Maybe to suss out who was or wasn't a fit and proper person to eventually take over the club?

 

[sitwell]

Never heard of anyone with a monster munch fetish before

I can’t fucking stand them , that’s part of the fetish

 

[Sean Thornton]

Apart from the nitty-gritty of who said what to who and when, is there much more to be revealed about what it's all about/

There's really not much nitty gritty. Kev not knowing how much HRH is worth isn't particularly revealing.

 

[Blade58]

"The Prince wants the assets to remain where they are, with the club continuing to rent them. McCabe said he one day wanted to see them reunited with the football club."

Then why separate them in the first place, causing all this shit and years of no fucker wanting to invest in us?

Perhaps to protect the club from rogue investors who may not have the clubs best interest at heart?

And for that I may or may not give you HRH as an example

 

[Darlington82]

most import bits for me today which I did not know are;

1) Mediation in Sept.
2) Prince spent 17m, so can understand why he will not accept 5m for his shares.
3)The Prince will have to pay more than 5 + 20m, which always look decent value. Wish I had pushed Kev on what he meant by the 20m been compensation and then have to pay market value for the assets. I think this is the heart of the whole issue. Kevin has ever right to get as much as he can for them, unfortunately the Prince is not as rich as he first thought.

 

[Fraggle Blade]

Ok, I tried to make notes on my phone at the meeting as people were speaking......below are my rough notes.


Moral in the club still good

Philip Sewell litigator

Formal legal document for ownership

Russian roulette buyout

More than 75% of share ownership then ground and academy must be bought

Prince doesn’t want property

Blades leisure instigated 5m bid (McCabe)

Prince responded with counter claim of 5m

Prince transferred shares 40 percentage before he made counter offer

May 2019 in high court

2 judgement made so far in June

10m for cash flow independant assessed for running club this season

Loans were reasonable, gifts of money not - according to judge

Parties still in discussions and might have September mediation

This will remove need for litigation

Clauses stated in original partnering agreement for aims - promotion to premier league and unification of property to the football club

Partner (Prince) not developed as expected with not getting under the skin of our dna

Questions

Lack of trust started dispute by prince colleagues not necessarily him causing friction

If prince buys ground it will be contractual it can’t be sold and club moved

How did McCabe get in this situation? - Didn’t really answer

Most shareholders against foreign ownershipand want someone from Sheffield, who is a blade...only to control club.....la la land

Prince could have challenged clause 9.12 about buying property - Order for specific performance, looked at it but didn’t follow throug. This would have questioned before a judge if he had to comply with the clause and buy the property.

Mediation request came from princes side

20m is compensation figure for the ground and academy, trigger will make property valued at market value, so it will cost more than 20m to buy at value

10m invested by prince in first 2 years which was used by the club, everything equal afterwards with reagrds to club funding

25 year lease at low rental rate £250000 per annum- depressed value - atm....Prince sees this is something to maintain rather than buy properties

Concern over 1.6m funding and possible bribe over Saudi tv rightswhich McCabe legal team are investigating

LEDs expensive to install, but increase in revenue