what part of this are you arguing with ? - Promotion is one of the triggers which cause substantial payments to be due to the former bondholders. Promotion one season should have provided enough extra income to pay that payment for that season. The problem arises in that this payment is only the first in a long series of payments. What is not known is whether or not these payments are suspended should the club get relegated once more. It is possible that a promotion followed by a relegation could leave in place the long series of payments to be made to the bondholders which could be disastrous. It may also be that the promotion trigger is actually an "embarrassment clause" intended to save face for the bondholders should Leeds effectively bounce back up, and that it has a time limit on it, after which promotion is no longer a trigger. The devil is in the detail of the deal that Krasner did with Bingham McCutcheon. This presents a situation which is almost unthinkable.
_______________________________________________ the Leeds List is an unmoderated mailing list and the list administrators accept no liability for the personal views and opinions of contributors. Leedslist mailing list [email protected] http://list.zetnet.co.uk/mailman/listinfo/leedslist 'I am in shock,' said Ferguson.
