The Takeover Thread - Duchatelet Finally Sells (Jan 2020)

I’m calling for a two week extension, it could be crucial.

SouthLincsAddick said:

I’m calling for a two week extension, it could be crucial.

Agreed. I demand an extension.

https://s3.eu-west-2.amazonaws.com/document-api-images-live.ch.gov.uk/docs/r3dh6vA-dvdWtaDiq6VdcBf_sy9wzrBaRJN_kixH584/application-pdf?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Credential=ASIAWRGBDBV3O6WV6PED/20200127/eu-west-2/s3/aws4_request&X-Amz-Date=20200127T142539Z&X-Amz-Expires=60&X-Amz-Security-Token=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&X-Amz-SignedHeaders=host&X-Amz-Signature=670ebc0cd2a3ce5bc078e91d447cb0191db825cd870c0d4e9e5c32ef93e8e065

Alwaysneil said:

Covered End said:

So ESI now own the Leaseholds of The Valley & Training ground as we had assumed.

Starprix have an outstanding loan to ESI which is secured by a debenture. 

If my lifetime of banking serves me well, that debenture is a second charge, which ranks behind the first charge, director's debenture(s). 

Yeah I think that the 32 page document setting up a charge on Sparrows Lane in particular prevents Duchatelet from selling or otherwise damaging the freehold asset until it is transferred to ESI. Only skimmed it on my phone mind. 

I doubt it. Staprix have the charge as security for their loan to ESI. 

Presumably, ESI repay the loan when purchasing the freehold. 

don't think the thread should close until ESI own us lock, stock and barrel.

Cafc43v3r said:

AFKABartram said:

Obviously I understand everything but for the benefit of those not as intelligent as me, could someone kindly explain what exactly has happened / been confirmed today?

Its not 100% done 

Explain it, in what sense?

It was never going to be 100% done until the later freehold purchases, which have been well discussed. What is new today?

AFKABartram said:

Cafc43v3r said:

AFKABartram said:

Obviously I understand everything but for the benefit of those not as intelligent as me, could someone kindly explain what exactly has happened / been confirmed today?

Its not 100% done 

Explain it, in what sense?

It was never going to be 100% done until the later freehold purchases, which have been well discussed. What is new today?

I'm not sure there's anything new, but have only skimmed the 32 pages.

Dizzle said:

I have wasted SO many hours on this thread. I will miss you old girl 😢

I think you'll find this thread is gender neutral. Take your outdated views elsewhere.

Cafc43v3r said:

AFKABartram said:

Cafc43v3r said:

AFKABartram said:

Obviously I understand everything but for the benefit of those not as intelligent as me, could someone kindly explain what exactly has happened / been confirmed today?

Its not 100% done 

Explain it, in what sense?

It was never going to be 100% done until the later freehold purchases, which have been well discussed. What is new today?

The charge added to the football club today asks more questions than it answers. 

How is it legally valid if it contradicts the exdirectors loans?

Of course this isn't a problem if they have been paid up, or given written permission, but @Airman Brown is saying he knows they haven't.

I'm no lawyer but the 'directors' loans' are singled out in the new charge agreement as a 'permitted encumbrance.'

If there is no change to the status of the 'directors' loans' why would written permission be necessary?

LenGlover said:

Cafc43v3r said:

AFKABartram said:

Cafc43v3r said:

AFKABartram said:

Obviously I understand everything but for the benefit of those not as intelligent as me, could someone kindly explain what exactly has happened / been confirmed today?

Its not 100% done 

Explain it, in what sense?

It was never going to be 100% done until the later freehold purchases, which have been well discussed. What is new today?

The charge added to the football club today asks more questions than it answers. 

How is it legally valid if it contradicts the exdirectors loans?

Of course this isn't a problem if they have been paid up, or given written permission, but @Airman Brown is saying he knows they haven't.

I'm no lawyer but the 'directors' loans' are singled out in the new charge agreement as a 'permitted encumbrance.'

If there is no change to the status of the 'directors' loans' why would written permission be necessary?

I'm trying to think back to the days when I used to deal with this sort of thing.

I'm thinking that if we took a 2nd charge (which I think Staprix have done), you had to give notice to the holder of the 1st charge(s).

So in this case Staprix should give notice to the ex-directors that they have taken a 2nd charge.

If the security needed to be relied upon the ex-directors would be paid before Staprix.

You couldn't give notice until the 2nd charge had actually been registered, so the notices should be received in due course.

However, it looks like the document is calling this a 1st charge and they are calling the ex-director loans Permitted Encumbrances.

LargeAddick said:

who is Tahnoon AL NASIRAT?

Our owner. There appears to be 2 different ways to spell his name.

Great , clear as mud then !!!!!

We have come on here to say goodbye to a legend and some CL members are showing no respect by talking shop over the body.

Has anyone seen what spread AFKA has arranged ?  And I'm not talking Vanessa Feltz. (AFKA will explain !)