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Court Hearing
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seasider Online
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Post: #1
Court Hearing
MS:
Tomorrow's hearing will be before Justice Marcus Smith in court 12 at the Rolls Building in London at 10.30am. The hearing will be open to the public.
28-11-2017 14:41
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McPoolmob Offline
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Joined: Jan 2014
Post: #2
RE: So what happens now? (Merged)
Insolvency and Companies List (ChD)
BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES
INSOLVENCY AND COMPANIES LIST
The Rolls Buildings, Court 12
Before MR JUSTICE MARCUS SMITH
Wednesday 29 November 2017
At 10:00 AM
Companies Applications
Blackpool Football Club Limited.

Anyone going?
29-11-2017 01:59
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seasider Online
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Post: #3
RE: Court Hearing
There is a thread on fansonline with regular updates. Apparently people have been kicked out whilst Owen's personal finances are discussed.
29-11-2017 10:30
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seasider Online
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Post: #4
RE: Court Hearing
Latest updates from Justice4fans:

Ring fence certain properties.

Raising money on those property sales could take 12 months.

Difficulty in raising money from traditional lenders.

Residential properties going to auction in Feb.

Plus hotel.

Want to pay in 12 months rather than by instalments

Notice of appeal filed. So proposal subject to that

Moving on to third application. Banks refusing to make payments out because of h freezing order.

Claimed the Os didn’t comply with disclosure order.

Mr O failed to list certain works of art and antiques.

Karl’s affidavit also criticised. He listed few assets.

Karl says that’s true.

His expenditure is paid to him by the companies as needed.

Judge is that the last word on that?

Apparently, Koko has no assets despite his massive salary. Judge is having difficulty in getting his head round this

Steinfield arguing Karl has no significant assets.

Judge commenting. Time to pay agreed in return for freezing order. He’s being asked to release company assets which may be funding Karl. Not the right balance. His affidavit is an illustration of judges concern. Worried about frankness. Assets being moved around the group. Karl trying to make himself free of effect of order at same time as freeing up company assets.

Don’t have 10m in cash now
(This post was last modified: 29-11-2017 11:42 by seasider.)
29-11-2017 11:16
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seasider Online
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Post: #5
RE: Court Hearing
Chris‏
@onedavebamber
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Court hearing going on right now regarding how Oystons plan to pay the £31.27m. Asking for £10m by 4th December deadline to be pushed back
29-11-2017 11:32
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seasider Online
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Post: #6
RE: Court Hearing
Green on. 10m now, instalments to be agreed and no ring fencing. Utterly and reasonable and fair.

Illiquidity is not vbs problem.

Being asked to grant exceptional leeway.

Not meritorious respondents. Lower end of the sympathy scale

Will accept 6 months

Os offered 2.5m on 4 December. Not acceptable

800k transferred to bfc after judgment and freezing order.

Club therefore more secured

AG and Karl. Deficiency of his disclosure. Implausible.

One of 2 assets disclosed is a gun. Significant value.

Shannon admitted Karl needs 2k per week.

Karl refused to sign affidavit on legal advice. Suggests lack of frankness.
(This post was last modified: 29-11-2017 11:55 by seasider.)
29-11-2017 11:48
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seanmacca100 Offline
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Post: #7
RE: Court Hearing
2.5m instead of 10m. They really are struggling.
29-11-2017 11:51
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LeeJCP Offline
Oyston Out

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Joined: Jan 2015
Post: #8
RE: Court Hearing
to the tune of one of Owen's favourite songs (allegedly)

Thank heavens for Clifford chance!!!

La la la la la la la la laaaaaa


they are fuckedThumbsup2Thumbsup2Thumbsup2
29-11-2017 12:08
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seasider Online
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Post: #9
RE: Court Hearing
Offer received for Oyston Mill. The amount can’t be mentioned but doesn’t tally with other evidence put forward by the Os.

Offer not accepted even through it could have funded bfc for 6 months. The Os wanted 25% more.
29-11-2017 12:28
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GynnSquarePhoenix Offline
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Post: #10
RE: Court Hearing
It sounds humiliating for them. My heart bleeds.
29-11-2017 12:38
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tangerinejezza Away
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Post: #11
RE: Court Hearing
Squeeze them until the squeak
29-11-2017 12:57
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seasider Online
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Post: #12
RE: Court Hearing
AG:They have made no effort to sell any assets. They are estate agents.

Oyston Mill they have declined an offer.

They aren’t taking it seriously. They need to be made to.

Steinfeld arguing that funds in the club could well be required to buy players'
29-11-2017 13:09
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TheSteed Online
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Post: #13
RE: Court Hearing
They might want to check if Karls wife suddenly gained a load of assets recently.
29-11-2017 13:15
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seasider Online
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Post: #14
RE: Court Hearing
I am sure they would check that!

Has to pay 10 million by Monday
29-11-2017 13:23
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TheSteed Online
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Post: #15
RE: Court Hearing
Quote:It's the acid test for the Stains! (pun intended). They either come up with the £10mill in cash next week, or the entire £31.27mill can become payable immediately, if the court so decides, I understand.

And in that case, all the frozen assets may be sequestrated and sold off as expeditiously as possible. And I believe the remit for the sequestrator would be to obtain the full payment due to creditors as efficiently as possible, with regard to obtaining maximum value for individual assets being secondary
29-11-2017 13:43
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