| Trust Update... 20:34 - May 18 with 27295 views | marchamjack |
CONFIDENTIAL
This update is being sent to you as a registered member of Swansea City Supporters’ Society Limited, which is also known as the ‘Swansea City Supporters’ Trust’ (‘Trust’). If you are not a member of the Trust, please do not read it. If you are a member, please do not share it or pass it on to others. On the advice of our lawyers, we need to state that nothing in this update is, or is intended as, a waiver of legal professional privilege or any other type of privilege.
In January 2018 the majority owners of Swansea City decided to ‘put on hold’ indefinitely the ongoing discussions on the previously proposed deal relating to the part sale of the Trust’s shareholding in Swansea City Football 2002 Limited, which (through another company) owns the Football Club. With no indication as to whether the deal could be resurrected in the future, the Trust engaged further specialist legal advice in order to determine the next steps that could be taken to best protect the interests of the Trust and, therefore, our members. It will be recalled that we have previously reported that initial advice from Queen’s Counsel (a senior lawyer) was taken last year.
As a result, the Trust and our legal advisers have carried out a comprehensive review of the circumstances surrounding the 2016 sale of a controlling interest in the Club and the impact of these events on the Trust and our shareholding. This involved going back to 2001/2002, when the Club was saved from bankruptcy by the Trust and others, and establishing the relevant factual history and developments from then until the present day. Many people and sources had to be consulted to achieve this and the exercise has only been completed within the last few days.
Our lawyers have today sent (by electronic means or post) to the Club and its shareholders a detailed letter, setting out a number of legal claims on the part of the Trust, including complaints as to the very negative impact the sale and related matters have had on the Trust’s position as a shareholder. The letter and its schedules extend to some 60 pages.
On advice from our lawyers, and in accordance with Court guidelines, the Trust has offered to enter into a formal ‘mediation’ process with the majority owners and others, in order to seek to resolve these claims and complaints. The aim is to seek a provisional agreement to settle past differences, with a view to moving ahead together with the task of rebuilding the Club and returning it to top level football. Any such provisional agreement would be put to members for approval, by way of a consultation.
Mediation is a voluntary and confidential process in which relevant parties seek to resolve disputes with the assistance of a trained independent and impartial mediator. The mediator cannot impose a solution, but uses his or her skills to bring the parties together. The letter that has been sent proposes that mediation takes place in early July, to allow time for responses to be provided to the letter. While it is a voluntary process, mediation is increasingly being seen by courts as a necessary first step before any formal court proceedings are taken and costs sanctions can be applied for unreasonably failing to mediate. The Trust is duty bound to explore all available legal avenues to protect the interests of the Trust and our members. If mediation were refused or the process proved unsuccessful, and if Trust members support such action, future court proceedings are possible.
If a potential resolution is achieved via the mediation process, it will be set out in a binding, written settlement agreement. However, we can assure our members that any agreement will not be finalised unless it is approved by Trust members as part of a formal consultation exercise.
Members should be aware, however, that if the offer of formal mediation is accepted, that it is a confidential process. This means that the Trust Board will be limited in what we are able to report during the mediation process, unless or until a provisional agreement is reached (or alternative options are identified) on which members can be consulted.
We will update members as soon as we are able to provide further information.
Best wishes
The Swans Trust Team
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| Oh,..Dave, what's occuring? |
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| Trust Update... on 12:05 - May 22 with 1222 views | Wingstandwood |
| Trust Update... on 09:47 - May 22 by Zaxx |
I suspect that it will be exactly that.
And us fans will be advised to condone it or maintain the status quo.
Cynical moi? |
Aye, thats my worry! A case of the Yanks telling the Trust that relegation has restricted their (and hedge funds) ability to honour a deal and thus the Trust will be emotionally blackmailed into accepting far, far, far less? You know the stuff saying legal action will sabotage any attempt by the club to regain Premier league status. Emotional blackmail saying everyone must be united and working together because behind the scenes 'in-fighting' will be detrimental to the clubs future. IMO If those Yanks could get away with a Penny for every Pound deal they bloody well would!
A case of "Do not rock the boat" take the money on offer like a dog with its tail between its legs cos if you don't the club will never be promoted? Hope not, but that would not surprise me cos the Yanks, Jenkins and sell-outs are a complete and utter bunch of lowlife conniving snakes. |  |
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| Trust Update... on 12:11 - May 22 with 1198 views | 3swan |
| Trust Update... on 12:05 - May 22 by Wingstandwood |
Aye, thats my worry! A case of the Yanks telling the Trust that relegation has restricted their (and hedge funds) ability to honour a deal and thus the Trust will be emotionally blackmailed into accepting far, far, far less? You know the stuff saying legal action will sabotage any attempt by the club to regain Premier league status. Emotional blackmail saying everyone must be united and working together because behind the scenes 'in-fighting' will be detrimental to the clubs future. IMO If those Yanks could get away with a Penny for every Pound deal they bloody well would!
A case of "Do not rock the boat" take the money on offer like a dog with its tail between its legs cos if you don't the club will never be promoted? Hope not, but that would not surprise me cos the Yanks, Jenkins and sell-outs are a complete and utter bunch of lowlife conniving snakes. |
The stark truth is that is how a large percentage of the fan base see it.
Whatever the thoughts on the Trust, many will still see any action being detrimental to the club |  | | |
| Trust Update... on 15:10 - May 22 with 1083 views | Shaky |
| Trust Update... on 12:05 - May 22 by Wingstandwood |
Aye, thats my worry! A case of the Yanks telling the Trust that relegation has restricted their (and hedge funds) ability to honour a deal and thus the Trust will be emotionally blackmailed into accepting far, far, far less? You know the stuff saying legal action will sabotage any attempt by the club to regain Premier league status. Emotional blackmail saying everyone must be united and working together because behind the scenes 'in-fighting' will be detrimental to the clubs future. IMO If those Yanks could get away with a Penny for every Pound deal they bloody well would!
A case of "Do not rock the boat" take the money on offer like a dog with its tail between its legs cos if you don't the club will never be promoted? Hope not, but that would not surprise me cos the Yanks, Jenkins and sell-outs are a complete and utter bunch of lowlife conniving snakes. |
From memory Kaplan was going to buy out £5 million in cash initially in settlement MK I
Put in £7.5 million instead which could be presented as a 50% increase, with the same option structure in place except they are now 'out of the money' rather than 'in the money' and Kaplan would be quids in. |  |
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| Trust Update... on 15:20 - May 22 with 1060 views | Wingstandwood |
| Trust Update... on 15:10 - May 22 by Shaky |
From memory Kaplan was going to buy out £5 million in cash initially in settlement MK I
Put in £7.5 million instead which could be presented as a 50% increase, with the same option structure in place except they are now 'out of the money' rather than 'in the money' and Kaplan would be quids in. |
They (Yanks, Jenkins and sell-outs) have proven themselves to be a bunch of devious, double-crossing, manipulative, cunning and conniving b@st@rds. I'm so wary of them! If there is another farcical outcome after the 'mediation' I would not be surprised in the slightest. | |
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| Trust Update... on 18:38 - May 22 with 973 views | monmouth |
They will certainly try the 'if you don't accept peanuts and go to court and win, we'll be relegated' line.. Their only route back into getting any return is to cut costs and get us back to the PL though, so they should be told to STFU and cough up or see you in court. |  |
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| Trust Update... on 18:52 - May 22 with 948 views | longlostjack |
| Trust Update... on 18:38 - May 22 by monmouth |
They will certainly try the 'if you don't accept peanuts and go to court and win, we'll be relegated' line.. Their only route back into getting any return is to cut costs and get us back to the PL though, so they should be told to STFU and cough up or see you in court. |
And if we're relegated again, then so be it. Wouldn't be nice but it would be a bigger problem for them than us. Value of club would fall further and if the Trust received a fair settlement through the courts, we'd be well on the way to getting rid of the parasites and "taking back control" . Bring it on. You can stick your emotional blackmail up your arse. |  |
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| Trust Update... on 19:12 - May 22 with 909 views | Wingstandwood |
| Trust Update... on 18:38 - May 22 by monmouth |
They will certainly try the 'if you don't accept peanuts and go to court and win, we'll be relegated' line.. Their only route back into getting any return is to cut costs and get us back to the PL though, so they should be told to STFU and cough up or see you in court. |
Aye, It'll be a case of the Yanks saying a legal case would/will be a major distraction taking attention and focus away from what's going on the pitch and affecting results.
They IMO will peddle sh#t loads of PR-propaganda b@llocks and say a court case will have a major negative impact regarding the teams future.... When?.... the real 'sabotage' for the teams future came when they took over and when they allowed an incompetent egomaniac Trojan-horse impostor to p#ss tens of millions down the drain in a (roofing supplies he was!) black-comedy-esque D.o.F role. | |
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| Trust Update... on 19:17 - May 22 with 900 views | Shaky |
| Trust Update... on 18:52 - May 22 by longlostjack |
And if we're relegated again, then so be it. Wouldn't be nice but it would be a bigger problem for them than us. Value of club would fall further and if the Trust received a fair settlement through the courts, we'd be well on the way to getting rid of the parasites and "taking back control" . Bring it on. You can stick your emotional blackmail up your arse. |
The value of their investment has probably already fallen by 80%.
Another relegation could see the value cut in half again, but the real damage would have been done falling out of the Prem. | |
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