Pre-Match Thread HMRC v SUFC - FINAL hearing on 1st March. DISMISSED

[kentblues]

So SEL's shares in SUFC would likely be seen as an asset of Martin Dawn as an extension.

Nobody knows, but he's tied everything up in so many knots that you'd be forgiven for assuming there's a "house of cards" element to the whole thing.

The official receiver might decide the best quick solution is to sell the assets minus debts for next to nothing to the other equal shareholder Mezcal- that would create excitement :-)

Hopefully none of this will come to pass.

 

[The Big Dady]

11.30 am so the 4 Winding up Order cases starts

 

[Medway Blue]

The official receiver might decide the best quick solution is to sell the assets minus debts for next to nothing to the other equal shareholder Mezcal- that would create excitement :-)

Hopefully none of this will come to pass.

Oh yeah, without a doubt. If anyone wants it, it's got to be realised that it's a huge risk and a huge unknown, and that we'd arguably have even less control over what happens and be in an even more unpredictable situation than we would otherwise. I'm just saying that it could pose insurmountable problems for RM if it does happen.

 

[kentblues]

Is anyone there?

 

[The Big Dady]

Is anyone there?

Yep, Ron Martin I would guess and Judge Jones.

and Julie Dawn Martin as she is a Director and Secretary of Martin Dawn PLC

 

[LBBlue]

How is Martin Dawn involved in either club or development? Separate entity?
Back in 2020 both SEL and RHL were jointly owned by Matin Dawn and Mezcal..if that still the case then this is important

Generally I think If the parent is insolvent, the subsidiary company will either be sold off, if a buyer can be found, or it may itself be liquidated if it can’t be sold or is also insolvent.

Here the club is the subsidiary of a subsidiary and itself subject to a winding up petition. SEL is not. Nor is RHL. And Martin Dawn only owns half of SEL and RHL with the other half held by Mezcal,

So not all all straightforward. But very important to hear what goes on- is CP there, do we know anyone there?

Roots Hall Ltd is now a subsidiary of Elounda LLP. The partners in Elounda are Jack, Tom and Dawn Martin.

Ron resigned as a partner in Elounda last year, so legally has nothing to do with him now.

SEL is not a subsidiary of Martin Dawn PLC - Martin Dawn is an equal shareholder in SEL with Mezcal Investments, which is registered in the British Virgin Isles. Don’t think anyone has ever found out who owns Mezcal - could of course be Ron….

 

[kentblues]

Roots Hall Ltd is now a subsidiary of Elounda LLP. The partners in Elounda are Jack, Tom and Dawn Martin.

Ron resigned as a partner in Elounda last year, so legally has nothing to do with him now.

Thanks- so that's the ground out of the equation. But the club is still owned by SEL then MD/Mezcal?

 

[flangejackrabbit]

Any crowd trouble?

 

[hlane17]

Thanks- so that's the ground out of the equation. But the club is still owned by SEL then MD/Mezcal?

SEL owns roughly 70% of the football club shares it appears as confirmed by the 2021 and 2022 confirmation statements.

Edit: pic attached

 

[Whispering Bob]

Is anyone there?

Not today (WFH) but going on the 1st.

 

[kentblues]

SEL owns roughly 70% of the football club shares it appears as confirmed by the 2021 and 2022 confirmation statements.

Edit: pic attached

View attachment 24726

Thanks. I actually posted the document attached to the last confirmation statement the other day...growing old is no fun but better than the alternative...

 

[hlane17]

Roots Hall Ltd is now a subsidiary of Elounda LLP.

Unfortunately, correct. This happened back in 2020 as well.

 

[LBBlue]

Thanks- so that's the ground out of the equation. But the club is still owned by SEL then MD/Mezcal?

The shareholders own SUFC. As SEL own 70% of the shares they call the tune and appoint the directors.

As Ron is the only director of SEL Ltd he makes the decisions.

 

[GBJ]

Any crowd trouble?

Fingers crossed. I expect Ron has taken his pyro ready for it

 

[hlane17]

Interesting. Elounda has a charge registered on their companies house named 'Charge over shares and assignment of subordinated debt'.

The lender is, you guessed it, Topland Jupiter... this was in 2019. The charge is listed satisfied on the 15th August 2022

 

[kentblues]

Interesting. Elounda has a charge registered on their companies house named 'Charge over shares and assignment of subordinated debt'.

The lender is, you guessed it, Topland Jupiter... this was in 2019. The charge is listed satisfied on the 15th August 2022

Yes all sorts of outstanding charges were settled with loans/charges consolidated with/through CRBE

 

[hlane17]

Yes all sorts of outstanding charges were settled with loans/charges consolidated with/through CRBE

Just find it interesting that it appears it's not our first time dealing with the investment firm Topland Jupiter in any capacity. Not sure whether that's a good or bad thing to be honest!

 

[kentblues]

Its amazing that this hearing isn't raising the slightest interest really let alone the local press. Nothing to see here. Tumbleweed. Yet 10 people stand with a banner outside RM's house its all over SM...Must only be the handful of us who even think its important...

 

[kentblues]

Just find it interesting that it appears it's not our first time dealing with the investment firm Topland Jupiter in any capacity. Not sure whether that's a good or bad thing to be honest!

Oh we've used them more than once. Certainly an existing relationship.

 

[flangejackrabbit]

Just find it interesting that it appears it's not our first time dealing with the investment firm Topland Jupiter in any capacity. Not sure whether that's a good or bad thing to be honest!

I suspect they might have originally come in relating to the hotel that was in the original plans.