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7:00am Monday 21st July 2008
A FRUSTRATED Andrew Fitton admits "the only winners will be the lawyers" as Town's murky financial past looks set to linger into 2009.
A High Court battle between former investors' Bill Power and Phil Emmell and previous owners the Wills family over £1.12 million was set to start today but an 11th hour adjournment sees the case now not expected to be heard until January next year.
A High Court date has been brewing ever since Power and Emmell claimed they loaned the sum to Swindon Town Football Club Holdings Limited, against the holding company's assertion it was part of a share issue.
Now though, with the holding company placed in administration, the heat has been turned directly onto the club's present regime to meet any supposed debts.
With legal debts expected to top over £500,000, Fitton knows Town could eventually be facing almost £2million debts - although the chairman has again assured fans they are partially indemnified by the Wills family against any potential costs.
It would take time and money to claim any costs back though and, with a new six-month delay, Fitton admits it is a complication the club could well do without.
He said: "I don't have any hopes of what will happen but the most unfortunate thing is it has nothing to do with the football club but we still have to deal with it.
"The whole legal process does no-one any good, not the Wills family, not Bill Power and Phil Emmell and certainly not ourselves.
"The only winners will be the lawyers. If the club were to lose, we would have to pay out any costs and then look to get that back from the Wills family. But the process just drags on.
"I am hopeful we would get that money back but I am frustrated by the time and effort it has taken that could, and should, have been spent on building the squad."
Power revealed the late adjournment came about due to the illness of his side's barrister's mother but revealed his hope the increasingly complicated legal battle would not ruin his relationship with the club.
He said: "The whole thing is very regrettable.
"An illness to someone's family puts things into perspective a little bit but it is frustrating it drags on.
"All I would say is I continue to get on very well with any Town fans I speak to and I hope when Swindon play QPR in the league cup next month I can come to the game as Mr Fitton's guest.
"He has been fine with us throughout and if I was welcome at the game I would turn up in a red and white scarf. We don't want to hurt Swindon Town."
Fitton though, added: "I think the club cannot help but suffer from all this.
"I was away on holiday all last week and I still spent hours on the phone because of this, instead of talking about football."
stuart randall, Port de Soller Mallorca says...
7:19am Mon 21 Jul 08
moonchild, swindon says...
8:12am Mon 21 Jul 08
stuart randall wrote:I seem to remember Mr Fitton being a bit more confident previously that this wouldn't impact on the present owners of the club, and more or less saying that it's for the old lot to deal with. Now it appears that there is only partial indemnity from the Wills family against the costs.
What a sad sad day for the club and football. BP I do believe has feeling for our club and if is owed this 1.2 million pounds he has every right to get it back(we all would if in same position) Again AF &C0 have inherited a load of crap(was known at time of takeover) The Greek & previous regime should be made to pay this. As BPhas stated he still has feelings for our club, lets hope AF and the previous bandits can resolve this.
dave bamber, penhill says...
8:19am Mon 21 Jul 08
M Mack, Highworth says...
8:32am Mon 21 Jul 08
badcop, swindon says...
8:43am Mon 21 Jul 08
bowralbob, Australia says...
9:01am Mon 21 Jul 08
Phil_S, Chippenham says...
9:28am Mon 21 Jul 08
Nlorenzos, Chiswick says...
9:29am Mon 21 Jul 08
moonchild, swindon says...
9:39am Mon 21 Jul 08
dave bamber, penhill says...
10:13am Mon 21 Jul 08
Phil_S, Chippenham says...
10:17am Mon 21 Jul 08
moonchild, swindon says...
10:17am Mon 21 Jul 08
dave bamber wrote:Please tell me this is a wind up?
just confirmed on radio swindon have accepted 200k for mcnamee he is in bristol for talks later
Happy Red, Lambourn says...
10:20am Mon 21 Jul 08
dave bamber wrote:School holidays started, I guess we will have to put up with this for 6 weeks
just confirmed on radio swindon have accepted 200k for mcnamee he is in bristol for talks later
moonchild, swindon says...
10:23am Mon 21 Jul 08
Phil_S wrote:Good point but don't know the answer!! Perhaps the old lot held enough shares to be able to make the decision without reference to BP or his legal representative under the club rules?
Moon child, If it were for shares then how come the will s could sell the club without any reference to said shareholder. Ok they may have had a majority shareholding, but would they still have had to have had a vote.
dave bamber, penhill says...
10:29am Mon 21 Jul 08
dave bamber, penhill says...
10:34am Mon 21 Jul 08
Happy Red, Lambourn says...
10:35am Mon 21 Jul 08
dave bamber wrote:200k plus Mcnamee for Scott Murray, I always knew MM could spot a decent deal. Can't wait to see Scotty boy wearing the Swindon shirt with pride, good to see that light weight Mcnamee off always thought he was overrated
i can`t believe macnamee is going to city **** alkl we need
dave bamber, penhill says...
10:45am Mon 21 Jul 08
steve, brentford says...
10:49am Mon 21 Jul 08
dave bamber wrote:Hahaa you should carry a liability warning with your name Red.Pls remember who this is chaps ;O)
i can`t believe macnamee is going to city **** alkl we need
dave bamber, penhill says...
10:50am Mon 21 Jul 08
dave bamber, penhill says...
10:51am Mon 21 Jul 08
Happy Red, Manchester says...
10:55am Mon 21 Jul 08
dave bamber, penhill says...
10:56am Mon 21 Jul 08
dave bamber, penhill says...
10:57am Mon 21 Jul 08
dave bamber, penhill says...
10:57am Mon 21 Jul 08
s.lovesey, Swindon says...
11:19am Mon 21 Jul 08
Loft Conversions, Swindon says...
11:25am Mon 21 Jul 08
MedRed, Kent says...
11:49am Mon 21 Jul 08
Mithras, London says...
12:54pm Mon 21 Jul 08
moonchild, swindon says...
2:08pm Mon 21 Jul 08
Mithras wrote:Doesn't make much sense put like that.Perhaps that's the price that Wills has to pay for surrounding himself with advisors who allegedly)may have been covering themselves rather than acting in Wills best interests.
It's a sad state of affairs that yet again the club is being dragged through the mire by the unpleasant decisions and personnel the Wills family entrusted to the running club to. Folding the holding company is a calculated move by the previous majority shareholders James Wills and Diamandis who held his shares through a proxy. In effect they have dragged the football club directly into the mire and forced the club to answer to charges that should be directed at the individuals who were responsible for the share issue at the time. Should Power win in court curiously the indemnity clause would simply present the whole bill back at the feet of the Wills and let Diamandis, Holt et al off without costing them a penny. Why?
moonchild, swindon says...
2:48pm Mon 21 Jul 08
steve wrote:Steve - I take your point but i tend to read comments on here at face value and not really take notice of who's made them. I started to take the original comment seriously because something was posted about McNamee and B City a week or so ago, but I couldn't remember who by.
dave bamber wrote: i can`t believe macnamee is going to city **** alkl we needHahaa you should carry a liability warning with your name Red.Pls remember who this is chaps ;O)
steve, brentford says...
3:06pm Mon 21 Jul 08
moonchild wrote:Fortunatly mate yes,you will find our old mate (Red army)dave bamber is renowned for it.
steve wrote:Steve - I take your point but i tend to read comments on here at face value and not really take notice of who's made them. I started to take the original comment seriously because something was posted about McNamee and B City a week or so ago, but I couldn't remember who by. Just for the record though - it was a wind up then?dave bamber wrote: i can`t believe macnamee is going to city **** alkl we needHahaa you should carry a liability warning with your name Red.Pls remember who this is chaps ;O)
stfc4eva, Swindon says...
3:10pm Mon 21 Jul 08
dave bamber wrote:are u an idiot?!?!?!
i must admit he was a very talented right footer was shakes... and he had a good shot on him!
Paul, Coate says...
3:12pm Mon 21 Jul 08
moonchild wrote:This partial indemnity thing is a red herring IMHO. For starters it wasn't AF's comment, it was in the text of the story. And it is at odds with the latest set of club accounts (which Fitton has signed) which state that the club is covered against any liabilities arising from this case. Which sounds rather more like a full indemnity, so the club will get the money just that (as AF does say) it will be a pain to recover it.
Mithras wrote:Doesn't make much sense put like that.Perhaps that's the price that Wills has to pay for surrounding himself with advisors who allegedly)may have been covering themselves rather than acting in Wills best interests.
It's a sad state of affairs that yet again the club is being dragged through the mire by the unpleasant decisions and personnel the Wills family entrusted to the running club to. Folding the holding company is a calculated move by the previous majority shareholders James Wills and Diamandis who held his shares through a proxy. In effect they have dragged the football club directly into the mire and forced the club to answer to charges that should be directed at the individuals who were responsible for the share issue at the time. Should Power win in court curiously the indemnity clause would simply present the whole bill back at the feet of the Wills and let Diamandis, Holt et al off without costing them a penny. Why?
When you say that if Power wins in court the
whole bill will land at the feet of Wills, are you saying that there will be no cost at all to the present owners? This seems to be at odds with AF's comment that the present club has a partial indemnity with the Wills.
tractorboy, south bucks says...
3:54pm Mon 21 Jul 08
s.lovesey, Swindon says...
3:57pm Mon 21 Jul 08
tractorboy wrote:LOL sounds like a plan !!
Shall we get wind up merchant dave bamber aka red army banned again? He deliberately evokes such agression and malice by his stupid childish posts. And moonchild the original quote came from deformed brain of this same pr#ck.
Russ STFC, swindon says...
4:01pm Mon 21 Jul 08
stfc4eva wrote:Do you really have to ask that.
dave bamber wrote:are u an idiot?!?!?!
i must admit he was a very talented right footer was shakes... and he had a good shot on him!
Wantage1, Wantage says...
4:10pm Mon 21 Jul 08
ivan, Bath says...
5:38pm Mon 21 Jul 08
Stfc Romain, swindon says...
6:09pm Mon 21 Jul 08
M Mack wrote:IS THAT ALL U EVER SAY GET A SEASON TICKET. THERE RICH WE ARE KNOT END OF STORY
Look, all the rubbish that our current board have put up with and this particular problem shows how lucky we are to have a board that really want to do a job at Swindon. We are VERY lucky and ALL Town fans if they can, should show their gratitude and support by getting a season ticket. I will be getting mine and my sons in a few days and I have also talked my dad into getting one. These are tough times financially, but its a big saving over the season, so if you can do it, do it NOW!!!
Phil_S, Chippenham says...
6:42pm Mon 21 Jul 08
ivan wrote:Couple of points. No doubts exist that Bill P put the money into the club. He says it was a loan to repay the CVA, & some other Bills at the time. The previous board garbbed it & it went the same way as the other approx 3 million quid that dissapearred. Bill P is saying no paperwork was issued as should be the case, meaning the default position is that it is a loan & is repayable. They say that it was to buy shares in the HOLDING company. (23 -33% depending on who & when you listened to them).
I just wonderedif AF and his Team agreed to cover any outstanding debts to buy control of the club for say £1 which is normal if a company is going into recievership or administartion.Clear ly the old club has gone into administartion as the article infers.The AF team could have got a repreve from VAT/inland revenue to keep us going and perhaps they were banking on the Jutkawich/Sturrock/T ozer/Wise monies to pay off the bulk of the debts,it looks like Bill Power has calculated the ST sales and is now comming after the club for money.Just hope that Af sits down with BP before the QPR game and comes to a deal as the Wills family have certainly played a flanker if AF is now concerned of his liabilities.The answer is to ask some of the present Board to pay power off-POwer lets face it to to Martin Arib is loose change!
Phil_S, Chippenham says...
6:44pm Mon 21 Jul 08
Paul, Coate says...
6:53pm Mon 21 Jul 08
ivan wrote:The old club hasn't gone into administration, the holding company has.
I just wonderedif AF and his Team agreed to cover any outstanding debts to buy control of the club for say £1 which is normal if a company is going into recievership or administartion.Clear
ly the old club has gone into administartion as the article infers.The AF team could have got a repreve from VAT/inland revenue to keep us going and perhaps they were banking on the Jutkawich/Sturrock/T
ozer/Wise monies to pay off
the bulk of the debts,it looks like Bill Power
has calculated the ST sales and is now comming after the club for money.Just hope that Af sits down with BP before the QPR game and comes to a deal as the Wills family have certainly played a flanker if AF is now concerned of his liabilities.The answer is to ask some of the present Board to pay power off-POwer lets face it to to Martin Arib is loose change!
steve, brentford says...
7:45pm Mon 21 Jul 08
Stfc Romain wrote:Thats the first time he`s said it,and he says if you can not just go get one,and what about Ted a he come back trumps didn`t he old chap. ha ha.
M Mack wrote: Look, all the rubbish that our current board have put up with and this particular problem shows how lucky we are to have a board that really want to do a job at Swindon. We are VERY lucky and ALL Town fans if they can, should show their gratitude and support by getting a season ticket. I will be getting mine and my sons in a few days and I have also talked my dad into getting one. These are tough times financially, but its a big saving over the season, so if you can do it, do it NOW!!!IS THAT ALL U EVER SAY GET A SEASON TICKET. THERE RICH WE ARE KNOT END OF STORY
lenka248, swindon says...
8:29pm Mon 21 Jul 08
MauriceMalpasClueles
sNumpty, Swindon says...
8:22am Tue 22 Jul 08
M Mack, Highworth says...
8:42am Tue 22 Jul 08
Stfc Romain wrote:First time I have said it?...All you ever say is negative tosh. I'm not rich, I have saved a few quid each month, have sold my xbox360 and now I have enough. Somebody once gave me a few words of wisdom, 'if you can't say something positive, don't say anything'. Well if you did this, we would never hear from you again, which would be nice.
M Mack wrote: Look, all the rubbish that our current board have put up with and this particular problem shows how lucky we are to have a board that really want to do a job at Swindon. We are VERY lucky and ALL Town fans if they can, should show their gratitude and support by getting a season ticket. I will be getting mine and my sons in a few days and I have also talked my dad into getting one. These are tough times financially, but its a big saving over the season, so if you can do it, do it NOW!!!IS THAT ALL U EVER SAY GET A SEASON TICKET. THERE RICH WE ARE KNOT END OF STORY
moonchild, swindon says...
9:19am Tue 22 Jul 08
MauriceMalpasCluelessNumpty wrote:The orange hat thing was a combination of a tribute to Sturrock and of support to the trust who were trying to get a message to the Board that the fans were supporting the Manager, but not the old guard.
All the supporters who wore the stupid orange hats should be ashamed bp was only ever interested in getting his money back after the plane crash. Any talk of takeovers was just him trying to force the wills family some pain by trying to destabalise the attempts to find a new owner. Thankfully af and co weren't scared off. Hopefully this leach will crawl back under the stone he came from.
Phil_S, Chippenham says...
11:48am Tue 22 Jul 08
MauriceMalpasCluelessNumpty wrote:I think that history has proved that we were right. Waht you right is so obviously wrong, I even doubt that you are a supporter...
All the supporters who wore the stupid orange hats should be ashamed bp was only ever interested in getting his money back after the plane crash. Any talk of takeovers was just him trying to force the wills family some pain by trying to destabalise the attempts to find a new owner. Thankfully af and co weren't scared off. Hopefully this leach will crawl back under the stone he came from.
themoonraker, swindon says...
12:53pm Tue 22 Jul 08
Phil_S, Chippenham says...
2:49pm Tue 22 Jul 08
realist, wilts says...
8:48pm Tue 22 Jul 08
Phil_S wrote:Sorry , Cant let you get away with the last comment on this. The earlier post was more factual than you would like to or want to believe.
I was merely answering an ill informed, unfair, inacurate & untrue post. I didn't even mention the TRUST.
Phil_S, Chippenham says...
10:23am Wed 23 Jul 08
realist, wilts says...
8:36pm Wed 23 Jul 08
Phil_S, Chippenham says...
10:20am Thu 24 Jul 08
realist wrote:Right my last word. To call Bill Power a Leach is unfair.
"I was merely answering an ill informed, unfair, inaccurate & untrue post. I didn't even mention the TRUST." Quote Phil S Fancy words but really there for all to read so why not be just open and honest which clearly some one else picked up on about the association and factually that original post was correct - Bill Power wants his money back - you have have accepted that so how do you claim still it it was an "unfair, inaccurate & untrue post." How do you ascertain that Wills would not sell to the fans consortium ? They didn't true - perhaps the FC didn't come up to scratch or offer sufficient guarantees in the eyes of the vendors but given the ultimate solution I reckon that was a bl**dy good decision given the progress made since the AF consortium took over - will you agree on that ? You intimate in your reasoning that bringing the old regime down was far more important to you than saving the club. I'm sure that Swindon Town fans reading that would really thank you and the Orange campaign for that judgement ! As for morality or otherwise ask any Town fan after they have paid their money and witnessed an inept performance whether they feel shafted and the answer will probably be yes - do they get their money back - No. No one made or forced BP put his money in - he did no doubt on the gamble he would earn something out of it - he didn't - tough - that is the way of the business world some make millions out of good decisions others lose loads. And as for QPR it will be good to know what sort of reception he gets in future at "the loft" given his pledged support for Swindon in the forthcoming cup tie are you going to tell them? -if not perhaps I should -as his "love" for QPR appears to be wavering given his pledge to wear red and white at the game at Swindon. That is a reported fact not fiction. PS Of course he will be "nice " to the new owners only a fool would fail to "oil the wheels" when trying to recover a financial loss from those that may be in a position to provide recompense and avoid potential high court costs - that's so obvious but I'm sure you will claim is wildly unfair, inaccurate and untrue statement.
realist, wilts says...
7:50pm Thu 24 Jul 08
Phil_S wrote:My last word too.
realist wrote:Right my last word. To call Bill Power a Leach is unfair.
"I was merely answering an ill informed, unfair, inaccurate & untrue post. I didn't even mention the TRUST." Quote Phil S Fancy words but really there for all to read so why not be just open and honest which clearly some one else picked up on about the association and factually that original post was correct - Bill Power wants his money back - you have have accepted that so how do you claim still it it was an "unfair, inaccurate & untrue post." How do you ascertain that Wills would not sell to the fans consortium ? They didn't true - perhaps the FC didn't come up to scratch or offer sufficient guarantees in the eyes of the vendors but given the ultimate solution I reckon that was a bl**dy good decision given the progress made since the AF consortium took over - will you agree on that ? You intimate in your reasoning that bringing the old regime down was far more important to you than saving the club. I'm sure that Swindon Town fans reading that would really thank you and the Orange campaign for that judgement ! As for morality or otherwise ask any Town fan after they have paid their money and witnessed an inept performance whether they feel shafted and the answer will probably be yes - do they get their money back - No. No one made or forced BP put his money in - he did no doubt on the gamble he would earn something out of it - he didn't - tough - that is the way of the business world some make millions out of good decisions others lose loads. And as for QPR it will be good to know what sort of reception he gets in future at "the loft" given his pledged support for Swindon in the forthcoming cup tie are you going to tell them? -if not perhaps I should -as his "love" for QPR appears to be wavering given his pledge to wear red and white at the game at Swindon. That is a reported fact not fiction. PS Of course he will be "nice " to the new owners only a fool would fail to "oil the wheels" when trying to recover a financial loss from those that may be in a position to provide recompense and avoid potential high court costs - that's so obvious but I'm sure you will claim is wildly unfair, inaccurate and untrue statement.
It is untrue to say that any that any attempts at take over was trying to cause the Wills family some pain& destabilise the club. It's like accusing any rescue ships of sinking the Titanic. It is also Inacurate. And how could the Orange campaign scare off AF when it started almost a year before he arrived on the scene. I guess the user name slagging off our manager says it all.
Realist, I will agree I am very happy with the AF consortium. But it isn't as if there were straight choices is it ? We know know of course that AF had tried to buy the club before but the Wills etc had obviously chosen not to sell despite pleading poverty & not meeting the terms oif the CVA etc. I can only speak for myself, but aas far as I was concerned the running of the club by Diamandis & the sanctioning of same by the Wills family would lead to no club to support. (Vindicated I believe with AF's comment that the club was hours from being wound up when he took over.)
The fans consortium was put together to rescue the club, & at first SSW welcomed the approach. However, this changed once Mr Diamandis heard of it.From then on it became clear over time that he would rather take the club under than sell to the fans consortium. He said as much in the Adver in December 2006. (Probably because there would not be a vast fortune to be made. They even employed two sets of lawyers to nuddy the waters. Getting that lot out & saving the club were one & the same thing.
Despite all of this the Wills continued to employ directors who did not know what they were doing, & not pay the debts risking the very future of the club. The BEST consortium was the alternative that the club chose, but again not enough money in it with last minute demands scuppering the deal. (A poor one, with hind sight , but it was still a better deal than no deal).
Even at this time a year later Bill Power was still willing to back the fans consortium, so there was still a way to save the club if AF & co had not come along. In fact when AF almost walked away due to the last minute demands he would of helped.
So perhaps you understand why I object to abuse of the man. He may not have been the eventual solution, but no doubt he was there when needed.
Phil_S, Chippenham says...
9:44am Fri 25 Jul 08
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stuart randall, Port de Soller Mallorca says...
7:18am Mon 21 Jul 08
BP I do believe has feeling for our club and if is owed this 1.2 million pounds he has every right to get it back(we all would if in same position)
Again AF &C0 have inherited a load of crap(was known at time of takeover)
The Greek & previous regime should be made to pay this.
As BPhas stated he still has feelings for our club, lets hope AF and the previous bandits can resolve this.