Yeah, Sean's correct. The issue with the golden share is the transferring of it between companies. When placed into administration, the share is, to my understanding, formally suspended. This is done so transfers can be regulated by the league and would be reinstated once the administration is completed.
The league's insolvency rule states that the share can only be transferred to a new company on the **successful** completion of a CVA, hence the whole pile of horsecrap we were put through. -- Steve Mosley http://www.darckense.com [EMAIL PROTECTED] -----Original Message----- Subject: Re: [LU] Luton and HMRC (was The Blackwell of Calculta) > Isn't the golden shower removed as soon as a club goes into admin? And is > only returned on completion of a cva, or after a punitive 15 point > penalty? No, that's completely wrong. A club keeps its golden share, even if it is in administration. Our problem was that LUFC had the golden share, but LUFC 2007 (Bates new company) needed the golden share because the offer from LUFC 2007 was apparently the only one that the administrators (KPMG, appointed by Bates' solicitor) would accept because of the outcome of the vote among creditors. The vast majority of the creditors' vote belonged to a company called Astor Holdings, that Ken Bates had an interest in until just 6 months before LUFC went into administration. - Sean +26 _______________________________________________ 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 DELETE THE FOOTERS WHEN REPLYING YOU LAZY SODS!!!! DELETE THE FOOTERS WHEN REPLYING YOU LAZY SODS!!!!
