---- Original Message ----- Was there not some long-standing call on the club's finances (REFF? "Bondholders"?) resulting from Ridsdale's folly that was still in the background, and could not be cleared unless the club went through administration - ie the legal link between "oldclub" and "newclub" had to be severed?
As for REFFS - no there wasn't. They took a lump sum settlement (from Krasner) and licked their wounds. The real hit in their case was taken by the underwriters who had insured against the losses. The insurance premium had been paid by the club under Ridsdale. As for the bondholders -yes there was. Those were the "embarrassment clauses". Not sure where any argument may lie though. Administration just prior to the entrance of KB would have dealt with any issues that you might be raising here. KB actively avoided administration at that point for his own personal gain. That left the embarrassment clauses "in play" which was "our" downside, but the club in KBs hands, which was his upside, to be dealt with later. _______________________________________________ Leedslist mailing list Info and options: http://mailman.greennet.org.uk/mailman/listinfo/leedslist To unsubscribe, email leedslist-unsubscr...@gn.apc.org PETE CASS (1962 - 2011) Rest In Peace Mate
