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Court Hearing

By seasider in

Blackpool FC


9 months ago
RE: Court Hearing
By seasider 9 months ago
MS:

Tomorrow's hearing will be before Justice Marcus Smith in court 12 at the Rolls Building in London at 10.30am. The hearing will be open to the public.
RE: Court Hearing
By McPoolmob 9 months ago
Insolvency and Companies List (ChD)

BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES

INSOLVENCY AND COMPANIES LIST

The Rolls Buildings, Court 12

Before MR JUSTICE MARCUS SMITH

Wednesday 29 November 2017

At 10:00 AM

Companies Applications

Blackpool Football Club Limited.



Anyone going?
RE: Court Hearing
By seasider 9 months ago
There is a thread on fansonline with regular updates. Apparently people have been kicked out whilst Owen's personal finances are discussed.
RE: Court Hearing
By seasider 9 months ago
Latest updates from Justice4fans:



Ring fence certain properties.



Raising money on those property sales could take 12 months.



Difficulty in raising money from traditional lenders.



Residential properties going to auction in Feb.



Plus hotel.



Want to pay in 12 months rather than by instalments



Notice of appeal filed. So proposal subject to that



Moving on to third application. Banks refusing to make payments out because of h freezing order.



Claimed the Os didn’t comply with disclosure order.



Mr O failed to list certain works of art and antiques.



Karl’s affidavit also criticised. He listed few assets.



Karl says that’s true.



His expenditure is paid to him by the companies as needed.



Judge is that the last word on that?



Apparently, Koko has no assets despite his massive salary. Judge is having difficulty in getting his head round this



Steinfield arguing Karl has no significant assets.



Judge commenting. Time to pay agreed in return for freezing order. He’s being asked to release company assets which may be funding Karl. Not the right balance. His affidavit is an illustration of judges concern. Worried about frankness. Assets being moved around the group. Karl trying to make himself free of effect of order at same time as freeing up company assets.



Don’t have 10m in cash now
RE: Court Hearing
By seasider 9 months ago
Chris‏

@onedavebamber

Following Following @onedavebamber

More

Court hearing going on right now regarding how Oystons plan to pay the £31.27m. Asking for £10m by 4th December deadline to be pushed back
RE: Court Hearing
By seasider 9 months ago
Green on. 10m now, instalments to be agreed and no ring fencing. Utterly and reasonable and fair.



Illiquidity is not vbs problem.



Being asked to grant exceptional leeway.



Not meritorious respondents. Lower end of the sympathy scale



Will accept 6 months



Os offered 2.5m on 4 December. Not acceptable



800k transferred to bfc after judgment and freezing order.



Club therefore more secured



AG and Karl. Deficiency of his disclosure. Implausible.



One of 2 assets disclosed is a gun. Significant value.



Shannon admitted Karl needs 2k per week.



Karl refused to sign affidavit on legal advice. Suggests lack of frankness.
RE: Court Hearing
By seanmacca100 9 months ago
2.5m instead of 10m. They really are struggling.
RE: Court Hearing
By LeeJCP 9 months ago
to the tune of one of Owen's favourite songs (allegedly)



Thank heavens for Clifford chance!!!



La la la la la la la la laaaaaa





they are fucked:thumbsup::thumbsup::thumbsup:
RE: Court Hearing
By seasider 9 months ago
Offer received for Oyston Mill. The amount can’t be mentioned but doesn’t tally with other evidence put forward by the Os.



Offer not accepted even through it could have funded bfc for 6 months. The Os wanted 25% more.
RE: Court Hearing
By GynnSquarePhoenix 9 months ago
It sounds humiliating for them. My heart bleeds.
RE: Court Hearing
By tangerinejezza 9 months ago
Squeeze them until the squeak
RE: Court Hearing
By seasider 9 months ago
AG:They have made no effort to sell any assets. They are estate agents.



Oyston Mill they have declined an offer.



They aren’t taking it seriously. They need to be made to.



Steinfeld arguing that funds in the club could well be required to buy players'
RE: Court Hearing
By TheSteed 9 months ago
They might want to check if Karls wife suddenly gained a load of assets recently.
RE: Court Hearing
By seasider 9 months ago
I am sure they would check that!



Has to pay 10 million by Monday
RE: Court Hearing
By TheSteed 9 months ago
It's the acid test for the Stains! (pun intended). They either come up with the £10mill in cash next week, or the entire £31.27mill can become payable immediately, if the court so decides, I understand.



And in that case, all the frozen assets may be sequestrated and sold off as expeditiously as possible. And I believe the remit for the sequestrator would be to obtain the full payment due to creditors as efficiently as possible, with regard to obtaining maximum value for individual assets being secondary
RE: Court Hearing
By GynnSquarePhoenix 9 months ago
This is a killer film script waiting to be written. The final scene is the team walking out into a full stadium with a flash to Karl with a cardboard sign begging for donations.
RE: Court Hearing
By tangerine77 9 months ago
Maybe promotion to the Prem was a good thing after all, it has finished them.
RE: Court Hearing
By thetruth1953 9 months ago
tangerine77 wrote:

Maybe promotion to the Prem was a good thing after all, it has finished them.



Their own greed has finished them.
RE: Court Hearing
By Tangerinenick 9 months ago
Greed, avarice and plain stupidity
RE: Court Hearing
By seasider 9 months ago
Quick summary from Justice4fans:



Now that I’ve caught my breath and don’t have to talk like a Dalek any longer here’s a brief summary.



10m still payable on Monday. If it’s not paid Steinfield said an order for specific performance would have to be made; the normal enforcement routes wouldn’t be available. The point wasn’t discussed any further.



As for the rest the judge made it clear this could change because of the complexity of the evidence. However...



12 months is too long so payment is likely to be required within six months. A specific payment schedule may be discussed at another hearing later this month.



The freezing order remains in place but the could be relaxed so it relates to various assets. However the judge questioned the values and wants independent valuations.



An appeal has been lodged with a request for an expedited hearing.



As for general observations



The application for the hearing to be heard in private didn’t get very far. The judge was agreeable to protecting commmercially sensitive information but that was handled by the barristers avoiding figures or identifying properties.



Karl’s affidavit that he has few assets didn’t impress. In fact imo it backfired. The judge is very polite but he doesn’t appear to trust either of them.



They played the “club will go into administration” card but to no effect.



The transfer of 800k into the club seemed to confuse everyone. What was it about? Repayment of a loan apparently.



It seems expenditure in the ordinary course of business and for personal spending has to be approved by CC.



Owen was stony faced throughout.



It’s likely we’ll be back in court before Xmas to discuss a payment schedule.
RE: Court Hearing
By seasider 9 months ago
Perhaps George and Sam won't get new cars for Christmas.
RE: Court Hearing
By McPoolmob 9 months ago
Tangerinenick wrote:

Greed, avarice and plain stupidity



Yes and to think if they were REAL business men and invested say 20% of the Prem. money they could have milked the cash cow for years.
RE: Court Hearing
By jonboy35 9 months ago
So , what does this mean in the club it’s self

Is it still up for sale , how much are pool worth and the land what the ground sits on , is this for sale as well



Sorry for questions guys , some of this stuff hurts my head ?
RE: Court Hearing
By GynnSquarePhoenix 9 months ago
I think everything is 'up for sale', the O's just won't agree to let things go unless they get top money. That will all change it they fail to find 10 million under the mattress by Monday. The court will have independent valuers put a price on things and sell them.



They are so fucked it's unbelievable. I'm guessing they can't be as broke as they claim and that money is hidden either offshore or under some silly fake corporation that's not been linked to them yet. Getting that money to the table quickly is surely going to have the taxman interested in where it was hidden.
RE: Court Hearing
By Leesthedaddy 9 months ago
GynnSquarePhoenix wrote:

I think everything is 'up for sale', the O's just won't agree to let things go unless they get top money. That will all change it they fail to find 10 million under the mattress by Monday. The court will have independent valuers put a price on things and sell them.



They are so fucked it's unbelievable. I'm guessing they can't be as broke as they claim and that money is hidden either offshore or under some silly fake corporation that's not been linked to them yet. Getting that money to the table quickly is surely going to have the taxman interested in where it was hidden.





Let’s hope so.



Edit: Ha Ha, bastards.
RE: Court Hearing
By jonboy35 9 months ago
GynnSquarePhoenix wrote:

I think everything is 'up for sale', the O's just won't agree to let things go unless they get top money. That will all change it they fail to find 10 million under the mattress by Monday. The court will have independent valuers put a price on things and sell them.



They are so fucked it's unbelievable. I'm guessing they can't be as broke as they claim and that money is hidden either offshore or under some silly fake corporation that's not been linked to them yet. Getting that money to the table quickly is surely going to have the taxman interested in where it was hidden.





Cheers

Just wish they fuck off now
RE: Court Hearing
By McPoolmob 9 months ago
RE: Court Hearing
By McPoolmob 9 months ago
Next...
RE: Court Hearing
By LeeJCP 9 months ago
McPoolmob wrote:

Next...





as a big fan of Only fools and horses, this is perfect.



:clap::clap:
RE: Court Hearing
By CheshireSeasider 9 months ago
Is that another of Rob Purdens? He should sketch the whole time line of shame in comic form for us and have it all along bloomers concourse once they've gone :D
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