An insolvency expert chum advises me it is 75% of those present and voting (providing correct notice of the meeting is given).
Providing Bates gets his GBP22m entourage along then, he should be able to vote through whatever he wants to, as there are bound to be sundry creditors who will not attend. I'm sure Bates has done his maths in this regard already, just making sure that the Revenue don't have a blocking vote with their debts. David W. -----Original Message----- From: [EMAIL PROTECTED] [mailto:[EMAIL PROTECTED] Behalf Of MATTHEW GAYNOR Sent: 09 May 2007 15:34 To: Tim Whelan; [email protected] Subject: Re: [LU] Admin (LONG) Bates has implied he has the support of enough other creditors to get to 75% - would mean he has about another £4m of the debt lined up to vote for him. Looking at it the other way - any other bid would also need 75% to suceed, if Bates controls around 62% then no other bid will suceed either. As the alternative is the club goes into liquidation and most people will get nothing then Bates' offer is likely to prevail. Matt Tim Whelan <[EMAIL PROTECTED]> wrote: OK, so 75% of Creditors need to agree to a CVA. The official site reported that £22m of the £35m debt consists of amounts loaned to the club by Astor Investment Holdings, Krato Trust and Forward Sports Fund. All three of these companies are believed to be controlled by Bates, but £22m is only 62.9% of £35m. So am I right in thinking that Bates won't be in a position to manipulate the forthcoming creditors meeting and insist he keeps control of the club? Presumably this leaves the way open for any other consortium, provided they can offer the administrator a higher bid to buy the club. I do hope I've got this right. Tim W. Brian Hamilton wrote: Under a CVA (Company Voluntary Arrangement) it needs 75% of creditors to agree to the arrangement being put in place. If 75% don't agree then the CVA is more likely to result in liquidation which is forced through when a winding up order is granted by a court when a petition is presented by a creditor. --------------------------------- Now you can scan emails quickly with a reading pane. Get the new Yahoo! Mail. _______________________________________________ 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 The Leeds List - "where never is heard a discouraging word..." _______________________________________________ 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 The Leeds List - "where never is heard a discouraging word..." This message and any attachment are confidential and may be privileged or otherwise protected from disclosure. If you are not the intended recipient, please telephone or email the sender and delete this message and any attachment from your system. If you are not the intended recipient you must not copy this message or attachment or disclose the contents to any other person. Incoming and outgoing email communications may be monitored by Clifford Chance, as permitted by applicable law and regulations. For further information about Clifford Chance please see our website at http://www.cliffordchance.com or refer to any Clifford Chance office. Clifford Chance LLP is a limited liability partnership registered in England & Wales under number OC323571. The firm's registered office and principal place of business is at 10 Upper Bank Street, London, E14 5JJ. For further details, including a list of members and their professional qualifications, see our website at www.cliffordchance.com. The firm uses the word 'partner' to refer to a member of Clifford Chance LLP or an employee or consultant with equivalent standing and qualifications. The firm is regulated by the Law Society of England & Wales. _______________________________________________ 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 The Leeds List - "where never is heard a discouraging word..."
