Some info on here on how much Hassall wants for his shares. Also looks at directors plans for when he does leave the club.
Hopefully a deal can be reached soon!
https://crewealexandra.wordpress.com...allnomics-4-0/
Some info on here on how much Hassall wants for his shares. Also looks at directors plans for when he does leave the club.
Hopefully a deal can be reached soon!
https://crewealexandra.wordpress.com...allnomics-4-0/
What a tangled web was woven on reading this
Thanks TK for this
To be honest I haven't the will to try and fully get my head round all that other than to acknowledge the complexity of the ownership of the club and a wish that it all gets sorted sooner rather than later.
Basically it all means that Hassal and Potts were only interested in lining there own pockets and they have screwed the club over to achieve that. It is sickening to read about the way this man screwed the club out of its assets and got a inflated price for there shares even though they seemingly continue to have control over the club.
I think if we are feeling generous we could say Hassall wouldn't have done this if his other business ventures hadnt gone so tits up. Not that it excuses it in any way at all.
Not sure what Potts role is in it all really, whether he agreed willingly or was offered any sweeteners to join forces with NH. Fact is that without him, Hassall would never have gained control.
Its taken me months to understand it all properly, and I'm not even sure I do now! I hope something can be sorted in time for the new season.
How is this related to the court case or has that been dropped?
I don't think anybody fully understands the full facts but that's the way Hassall works, he is an very shrewd accountant, you can see that in the way he has put this all together, probably nothing illegal but close to the wire. Potts never had an interest in the club he inherited his shares, doing a deal with Hassall was a means to an end, as such he got money for shares which were not worth very much. Its the sale of Powell which started it all as that put money into the accounts and Hassall and Potts wanted it hence the share price going up to £30 a share and then them both agreeing to sell there shares but decided to move all the assets of the club first, to a company where Hassal and Potts had the majority shares and what agreement existed at the time of transfer, this is probably where the courts come in.
There should be an update from Pete Morse in a few weeks regarding the legal stuff and there is an update on that.
I've seen the document that the club submitted to the business court and they were after money moved from the holding company to one under control of Hassall. Its actually there in the accounts. Wasn't related to any of the restructure or change in share price, simply that he had allegedly been moving money from the club to himself.
Bowler and Gradi were powerless. He only had 25% so it seemed unlikely he would gain control with that. There were a few underhand tactics used.
What use would them resigning be? The sole reason Bowler is still there is to get rid of Hassall! I don't think any of them are happy with what he's done or would have knowingly let him do it. They've been far too bloody nice about the whole thing but they're also scared about what Hassall will do if they upset him too much.
And RE the shares, he owned over 50% so could pass whatever motion he wanted, including increasing the share price. Then he waited for that price to go up and sold his shares. Simples?
Say what you like about him but he's no mug. Legally he owes the club no money, no loans are outstanding. Morally its a different story, and a very sad one too.