----- Original Message ----- > My point is Rick that the FL could argue that they couldn't possibly > decide > whether the sale constituted an exceptional circumstance until such time > as > the sale happened.
I think exceptional circumstances refers to the total situation as opposed to just the debt clearance process. I follow the meaning of your argument that the FL 'could' say this (however contrived it may be if they did), but I see no reason to think that they have said this. I don't know any more that you on that. > In other words the pearson bid wanted their decision before the process > had > finished. The other bids assumed\hoped it would be granted. > So, reading between your lines, are you suggesting that Bates deliberately > forced KPMG into a process that meant the FL couldn't agree to granting > the > GS? I haven't seen the KPMG paperwork released today yet as it is still on its way to me but I understood that Pearson decided against making a bid due to the bidding arrangements. Maybe he is one of the 4 other bids. I can envisage that if Bates was facing defeat and total loss of investment that he would stop at nothing, whatever the consequences, just to remain in control. Again the bids should give a better idea but I now understand that it was in fact only the Astor debt which swung the bids as opposed to any GS arguments i.e. so that Bates could start with an unconditional element approx £12 Million ahead of everyone else. Again we should know tonight. > Did Redbus not know this, after all they risked winning the bid only to > not > have the GS granted? Yes Simon Franks was very aware of it. That is exactly why the bid was split AFAIK part unconditional and part conditional. The unconditional part represented a risk of 100% loss as you rightly say above. This potential loss is why that bid ended up being shared with Morris. It was NOT a superbid. It was a sharing of precisely this risk. Again the details should be out within the hour. > AFAIK the exceptional circumstance is invoked should a club not complete > the CVA. That is not how it sounded when mentioned by the FL lawyer. It has never actually happened so it is hard to say. >Are there extra conditions attached to the exceptional clause? > Conditions Bates knew about? Has anyone got the FL rule book in order to check ? I haven't. > I thought half the problem here is that the exceptional clause has never > been invoked before,........ Yes. I'm sure that this is part of the problem. It could have huge implications. > That might be the case, it applies then and now, pearson lost because he > wasn't willing to be left in the hands of the football league, for them to > decide whether his millions spent paying off creditors was for a > conference > side or not. Nobody would put themselves in that position unless they were already in that position (as was Bates). In any case what I was describing looks less likely to have happened than I thought. > Nor a two month job apparently. > Here we go again, you have an opinion formed as to what is going on, so > why > not tell us? I was opting out of the thread because it was not moving forward and it was not covering new points. All it was doing was generating flak. It is now lurching forward with pace so there are new things to say. In any case, I thought that I was telling you. If I can prove something and say so openly then that is what I'll do. If I have formed an opinion based on a best guesstimate then I can't pass it off as factual. All I can do is explain the thinking. > What do you think is happening Rick, more to the point, why don't you tell > us? I'm baffled by this comment. I believe that we are in an impasse but this evening I am happy to say that the impasse is not as bad as I previously thought. It is still bad but not as massively bad as I though this morning. If that is an improvement in outlook then it is only a very small mercy. I am unable to give facts to support it but my opinion is that the FL really want to give Leeds theGS as much as we want them to give it. The problem is to find a way in which they can give it. Pressure on them will not assist them in their task of finding a way. The KPMG paperwork will start to get leaked this evening and it will be in the media tomorrow. That should provide the basis for better informed discussions. _______________________________________________ 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
