Pete Cass asked: > Explain what Bates has done Illegally? Pete, I can't possibly say that he has done anything illegally - he may well have done nothing illegal. He, and his friends, have threatened to liquidate my club - but that isn't actually illegal.
> > From my remote outpost, he has > > Entered Administration Correct, some question whether he actually had to or whether he engineered a position in which he could - if it's the latter I hate him for that too. > Won a CVA agreement with over 75% creditors accepting it With an extremely small offer that both HMRC and the FL voted against and where the majority of the voters were his acquaintances - in fact, up until xmas Astor owned FSF who owned LUFC - but they don't anymore - Bates and Taylor say so. > Placed the club in the hands of the Administrators again, after folks > couldnt accept he won the CVA HMRC challenged the CVA for what they consider to be irregularities, it may be that they consider the granting of a debenture to Astor prior to their winding up petition as a tad convenient and wish to question it's legality. They may also wish to question the transferring of debt from Krato and FSF to Astor prior to Administration too. > Placed a closed bid in an auction of the club His was a closed bid but as his friends Astor were the biggest creditors were the other bids so equally closed? > Presumably won the auction with the highest bid That is a big presumption and from what I can gather this was not as clean a deal as it would be if I was buying a car off you, for example. The administrators have said this week that the Bates' deal offered the best chance of creating the exceptional circumstance that the FL required to grant the golden share without a club coming out of administration via a CVA. > > Taxman and FL may be well pissed-off with the way he has done > it, but there > is ABSOLUTELY NO REASON AT ALL for the FL to be STILL > WITHHOLDING the golden > share Yes there is, the FL have never issued the Golden Share to a club exiting administration via any other method than a CVA. 45 clubs have entered administration since 1992 and every exit has been via an approved CVA. A club in administration can play football and buy and sell players for up to 18 months. A club out of administration with a CVA gets it's golden share back. A club out of administration but without a CVA is not legislated for, it may even not be recognised - but that's just my opinion. It's not me who makes the rules, by the way - and this is just how I interpret them. Cheers Paul _______________________________________________ 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 Join The Leeds United Supporters Trust at www.lufctrust.org
