[EMAIL PROTECTED] wrote: ================================ > Does anyone want to put this into plain English (i.e. not Paul C, SS > etc.)
When Bates took over Leeds he apparently didn't repay the Karnsortium's loans what they had put into the club for working capital when they took over from the PLC. When Bates took over Leeds he could only buy 50% because buying any more would trigger a payment to the bondholders. You know, the bondholders everyone told us had gone away when Ridsdale's empire collapsed. When Bates took over it looks like he agreed not to issue any more shares in which ever of the ten million companies was used as a vehicle to take over the club. But my reading is that he has issued more shares. Mr Levi has obviously taken exception to something that has gone on as a result of this. Probably that he now is no longer part owner of 50% of the company that owns LUFC but instead part owner of a company that owns 3% of LUFC - his share holding has been diluted. He has gone to Mssrs Sue, Grabbit and Runne. I very much doubt that this would come to court as it would mean an awful lot of disclosure about things that ordinary people like thee and me should not concern ourselves with :-) Just make sure you have your flat cap on and remember that Ken Bates is the Saviour of Leeds United. (If you keep saying it to yourself long enough it will become true, honest) Betty _______________________________________________ the Leeds List is an unmoderated mailing list and the list administrators accept no liability for the personal views and opinions of contributors. Leedslist mailing list [email protected] http://list.zetnet.co.uk/mailman/listinfo/leedslist 'I am in shock,' said Ferguson.
