> -----Original Message----- > From: Sean Emmott [mailto:[EMAIL PROTECTED] > Sent: 02 August 2007 12:55 > To: thecasses > Cc: Sean Emmott; Mark Humphries; [email protected] > Subject: Re: [LU] The final countdown > > On Thu, August 2, 2007 12:34 pm, thecasses wrote: > > > So I seriously doubt anyone would realistically think its the FL > bending > > over backwards to help Leeds (althi Im tipping I may get a response > for > > the anti-Bates crowd later onthis evening) > > The FL's rules (of which Bates hould have been aware - if he wasn't it > was grossly incompetent) clearly state that a club can't transfer the > golden share except through completion of a CVA*. Exceptional > circumstances are not defined but we are told the FL do not consider > that > the circumstances are exceptional (and even as Leeds fan I can't see > what's exceptional about them) so the FL can only let us transfer the > golden share by breakingn their own rules. If they do that then they > will
This is the point of debate, what the fuck IS exceptional if its not a successful CVA challenged on a technicality by another creditor? LUFC tried to go through a successful CVA but were challenged, and the administrators decided it would be in the best interests of the club to scrap the CVA and sell outside. The creditors as a result got more money than in the CVA. Therefore the club did not deliberately avoid a CVA or gain financially from not going through the CVA. Those circumstances are exceptional and unprecedented. The main whingeing on behalf of other clubs was that they had to pay a higher % to creditors when they went through their CVA. That is irrelevant, the best offer to creditors is the best offer whether that is 1% or 100%. Thanks to the FL it is a democratic process, the more you are owed, the more weight your vote has. I know there are seemingly dodgy circumstances surrounding Astor, but again that is irrelevant to the process, unless proven in a court of law etc etc. The fact a legal/successful cva was challenged by someone like HMRC is exceptional - again HMRC's goal here was not to maximise the money it got from LUFC, it was to challenge football's preferential status. They would have challenged regardless of the %. That, to me, constitutes exceptional circumstances. _______________________________________________ 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
