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[Sverre]

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Former Leeds director to sue over £1m loan


Matt Scott
Tuesday January 30, 2007
The Guardian

The former Leeds director Melvyn Levi is preparing legal proceedings in an attempt to recover £1m in loans secured against the now-defunct company that owned Leeds United. The final claim, which could include a demand for unsecured loans and damages, could total between £4m and £5m. The 62-year-old was one of the club's directors under the Yorkshire consortium led by Elland Road's then chairman, Gerald Krasner. Levi's claim follows an action which led to a winding-up order being issued against the company, then called Romans Heavies Ltd last June.

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The latest claim will detail how, during their stewardship of Leeds through the company Adulant Force, members of the consortium loaned significant sums to the club to be used as the working capital that would keep it afloat. They relinquished control when the current chairman, Ken Bates, headed a takeover of the club in early 2005. That led to members of the Yorkshire consortium agreeing their loans should be guaranteed by a company that owned 50% of the shares in the football club. Bates benefited from an option to buy back those shares.
A source close to Bates said that he was prevented from exercising the option by the Yorkshire group. The source alleged that the consortium had demanded a payment of £250,000 and to retain 10% of the club's shares in order for the option to be completed. A consortium source alleged that the terms of the option buy-back as proposed by Bates were unsatisfactory.

Bates pursued his attempt to secure fresh funding for the club through a placing, which led to the issue of 4.5m new shares in the club, diluting the 50% equity in the football club, against which the former directors' loans were secured, to little more than 3%. The new shares were purchased by the Forward Sports Fund, the Switzerland-registered vehicle described in Leeds's most recent accounts as the club's "ultimate controlling party".

A source close to Levi said Note 25 to the club's accounts stated the placing did not generate any fresh funding to the club. The source said according to the note a loan of £2m to Forward Sports Fund was repaid with the sale of £2m worth of shares, thus proving no new capital accrued. Bates's associate insisted the reference, also in Note 25, to a loan of more than £8m proves there has been a fresh injection of funds to the club. This came from Astor Investment Holdings, whose partners are registered in the British Virgin Islands.

[ragnar]

Advokatmat. Men dette kan være et av disse berømte sjelettene i skapet som kommer frem... [}:)]

*Champions of CCC 06/07*

[Dennis]

Ulykken vil ingen ende ta... [xx(]

- Dennis

[RoarG]

Ja,ja..vi får vel ta den snytingen også da.

Change is the constant that cannot be changed.

[MrK]

Ser ikke bra ut dette og jeg er overrasket over alle krumspring - en er jo mer enn naiv hvis en tror at slikt ikke kommer for en dag!

"finnes det overhodet mennesker som kler orange?"

[Svend Anders]

Ikke stort med primærkilder her, og jeg lurer på om denne Levi kan sitte igjen med få sjanser dersom denne millionen hans egentlig skulle kommet fra Adulant Force (som var det gamle konsortiumets selskap).

Orker ikke bekymre meg over dette før the Judge eventuelt har sagt noe annet....

SA

http://www.svendanders.com/

[SirOlsen]

hehe, jeg må nesten trekke litt på smilebåndet.. greit nok at en "ulykke kommer sjeldent alene".. Men nå må vel vårt kjæøre Leeds United snart ha fått stor nok dose vel []..

Men tror heller ikke jeg bekymrer meg bemerkelsesverdig på dette før en dom er avsagt isåfall..

Men det naturlige spørsmålet blir, som nevnt så mange andre ganger før...:

"HVA BLIR DET NESTE?" [:p]

[Einar]

Her for juristene noe å kose seg med, ettersom det selskapet Levi lånte penger til ikke lenger eksisterer.
Så er det evt. de krumspring som i etterkant har overført all makt til Bates som må ettergås i sømmene.
Jeg regner med at han har sydd med piggtråd [].
Dette må det følges med på...