Ken Bates

[surrey jim]

not being an expert, but why are 75% of other creditors backing him (assuming his 45% vote is worthless as he placed LUFC into admin)

Im guessing HMRC have a large say in the vote as they are owed £7m/ £35m (20%) and they would rather have the 18p in the pound rather than 1p.

or have i missed whats going on and am being plain thick

 

[Simster]

Court case for sure then.

I must admit, I think Bates will get away with this, and Leeds United will suffer in the local community for many years, long after Bates has jumped ship. They are unlikely to forget being treated like shite and I can't imagine certain local traders wanting to deal with the club for a long time to come.

I've always hated Ken Bates since he tried to blame the Chelsea Goldstone riot on our club. He's an odious old dog turd.

 

[Gwylan]

not being an expert, but why are 75% of other creditors backing him (assuming his 45% vote is worthless as he placed LUFC into admin)

Im guessing HMRC have a large say in the vote as they are owed £7m/ £35m (20%) and they would rather have the 18p in the pound rather than 1p.

or have i missed whats going on and am being plain thick

No, I'm thinking the same thing.

There are an awful lot of creditors who seem to have backed Bates. Why?

 

[Storer68]

No, I'm thinking the same thing.

There are an awful lot of creditors who seem to have backed Bates. Why?

because he controlled 45% of the vote, without which support no other offer could gain the 75% of the votes necessary. So only his proposal could muster the necessary votes to carrry a deal through.


better 1p than nothing and the business going into liquidation

 

[The Large One]

because he controlled 45% of the vote, without which support no other offer could gain the 75% of the votes necessary. So only his proposal could muster the necessary votes to carrry a deal through.


better 1p than nothing and the business going into liquidation

It's true that Bates coud have blocked any other deal, and there would have been stalemate, but the difference to the creditors between not getting a deal, and getting 1p in the pound is... 1p in the pound. i.e. not much more than f*** all.

The point that is being made is, I think... yes, Bates had 45%, so who are the other 30.02% who also voted for Bates? What's in it for them; what has he promised them, or are they equally as f***ing mad?

 

[Storer68]

While waiting for the announcement about the second vote, I spoke to one of Krasner's people. Liquidation would appear VERY unlikely under any circumstances. It would mean Bates and his pals would walk away with nothing, and lose any influence should attempts be made to resurrect the club.

So my conclusions from the meeting....

* There is undoubtedly a link between Bates and the major creditors. Both Astor and Krato were willing to even give up their one penny in the pound dividend, and to reject any other offer, regardless....you don't do that unless you stand to gain substantially under the new Bates regime. Everybody in the room knew there was a link, nobody has yet been able to prove it.


this is typical Bates practice - he did it at oldham, palace, chelsea and now leeds.

and the only ben beneficiary of this is.............. Bates, stiiling in his tax exile home in monte carlo

 

[surrey jim]

because he controlled 45% of the vote, without which support no other offer could gain the 75% of the votes necessary. So only his proposal could muster the necessary votes to carrry a deal through.


better 1p than nothing and the business going into liquidation

but is it normal practice for a company owner to be able to put their company in administration, thus getting rid of debts and be able to use their own shareholding to vote to pay the creditors much less than was owed - and stll gain control at the end??

 

[Bozza]

but is it normal practice for a company owner to be able to put their company in administration, thus getting rid of debts and be able to use their own shareholding to vote to pay the creditors much less than was owed - and stll gain control at the end??

Did nobody see what I wrote (and has been widely reported both on this thead and elsewhere) ?!?

Bates had no say in this at all, in the eyes of the law.

The two majority creditors Krato and Astor had the say. There is no proven link between them and Bates. Although quite why they'd insist on taking 1p in the pound and not, say, 18p, is why it all looks so ridiculously fishy.

 

[surrey jim]

Did nobody see what I wrote (and has been widely reported both on this thead and elsewhere) ?!?

Bates had no say in this at all, in the eyes of the law.

The two majority creditors Krato and Astor had the say. There is no proven link between them and Bates. Although quite why they'd insist on taking 1p in the pound and not, say, 18p, is why it all looks so ridiculously fishy.

ahh im with it now, cheers Bozza