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8 minutes ago, gdm said:

Quite the turn around 

 

 


Uh oh. The Bellends Bellwether Wraith fears the worst. Time for him to dust off the coffin, slap skipsandbins.com stickers on the side and call GB News. 

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43 minutes ago, Consortium of one said:

Does anyone know if and why Ashley took out a 160M loan?  I thought someone posted something from CH but I haven't heard any more about.

I’m sure someone posted it was to do with a development down London. It was just against MASH Holdings not NUFC I think.

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https://true-faith.co.uk/takeover-pl-move-to-have-cat-case-thrown-out-what-does-it-mean/

 

Despite the inevitable frustration, the announcement of this hearing date does not signify a delay.Despite baseless assertions on social media that progress was going to be made in August, courts typically close from late July until September, and they always have done.This is the most efficient way for the system to operate – indeed, schools and factories operate on a similar logic (i.e. there are terms, and pre-planned shutdowns / holidays).  This makes it easier to schedule hearings during the term itself, knowing that key individuals will be around.  It also allows an opportunity for time-consuming work which does not require the lawyers or judges to be physically in court (e.g.judges writing up their judgments; lawyers researching their upcoming cases) to be done.

 

My personal view, which I have repeatedly expressed via True Faith articles and podcasts – and shared on social media – has always been that the CAT case is a complete distraction, so far as the takeover is concerned.The club needs to win the arbitration, and only the arbitration: the CAT case is best understood as a means of Ashley trying (via his company, St James’ Holdings) to secure financial compensation, in the event that the takeover does not take place. 

 

Now we know that the PL’s application is not due to be heard until 27 September, we can reasonably conclude that, even on the most optimistic timeline, disclosure in the CAT case is unlikely to happen sufficiently early to impact the arbitration (unless, of course, the arbitration is delayed even further).

 

The reality is that the jurisdiction application was foreseeable, and was worth making, regardless of whether the PL’s underlying position is strong or not.  If the PL succeeds, then the CAT casedisappears.  If the PL fails, then they will still have an opportunity to defend the claim anyway.  As such, an application of this nature was always a “no lose” proposition. 

 

The final point to be made about delay – and the suggestion that the PL is looking to avoid a situation whereby the CAT case can impact the arbitration – is that Ashley, as the owner of the claimant in the arbitration (NUFC) and the claimant in the CAT case (St James’ Holdings), is the person who decided that the arbitration should go first.  The club commenced arbitration in autumn 2020, while the CAT case did not start until May 2021.  It was entirely in Ashley’s power to do things the other way round, if he had wanted to. 

 

The court will not be looking to answer the question of whether the PL has engaged in anti-competitive activity in the context of the proposed takeover.  Rather, the focus will be on whether the CAT case should go ahead – i.e. whether the CAT has “jurisdiction” in the present circumstances. There is a conflict between two fundamental legal principles.  On the one hand, everyone has a right to bring a case before a court.  On the other hand, it is an abuse of the system if identical cases (or substantially similar cases) are brought on multiple occasions, particularly against the same defendant.

 

The judgment, therefore, is perhaps most likely during the course of October.  Either party may seek permission to appeal the judgment.  There is, however, no automatic right of appeal, so it would be unwise to assume that an appeal (which would mean a significant delay) is inevitable.

 

It can be expected that the PL would be given around a month to file its Defence (as, if it had not been for the intervening application, this is how long they would have been given).  Then, within 21 days of the Defence being filed, St James’ Holdings will be entitled to file a reply, which is a further document responding to the points made in the Defence. Extensions of time – for a defence, and for a reply – are commonly agreed (amicably) between the parties, or approved by the Court.

 

The dates for subsequent stages in the CAT case – including disclosure, witness evidence, and the final hearing – will then be set.  Realistically, it will be the end of 2021 at the earliest, before we even have a timetable for those subsequent stages.  They will not have taken place.

 

 

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10 minutes ago, thomas said:

it's so clear now, the eating thread was a cry for help but we were too blind to listen

 

I'm chowing down on hard shell beef tacos, soft chicken tacos, a beef burrito, chicken quesedilla, beef quesedilla and nachos from Taco Bell.

 

You know this feel.

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Just so glad that the reality check has come before I bought a season ticket in the hope that this would happen.

 

Cannot see any way at all that this goes through now, got to hope for another buyer. Probably some dodgy Yank who’ll run the club as bad as Ashley has, if that is possible. 

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1 hour ago, Danh1 said:

Just so glad that the reality check has come before I bought a season ticket in the hope that this would happen.

 

Cannot see any way at all that this goes through now, got to hope for another buyer. Probably some dodgy Yank who’ll run the club as bad as Ashley has, if that is possible. 


ditto , what a waste of money it would have been

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The papers weren't wrong when it became "stalled"... Friday marks 1 year since that PIF-led statement to pull out was released.

 

If I'm honest it's time to put this takeover, and all takeovers, on the back burner. Watch the jurisdiction hearing if it's your thing, but don't rest your hopes on a takeover disrupting the establishment passing. Hope just kills you, Newcastle's always about that.

 

Just had to be the only wealth fund with ties to a state that didn't do enough to prevent (and allegedly facilitated) PL piracy. Not forgetting the human rights argument, which doesn't apply to the O+D but should rightfully be discussed to bring about positive change

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1 hour ago, Danh1 said:

Just so glad that the reality check has come before I bought a season ticket in the hope that this would happen.

 

Cannot see any way at all that this goes through now, got to hope for another buyer. Probably some dodgy Yank who’ll run the club as bad as Ashley has, if that is possible. 

I'm not dodgy, I'm skint!

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7 minutes ago, nbthree3 said:

The papers weren't wrong when it became "stalled"... Friday marks 1 year since that PIF-led statement to pull out was released.

 

If I'm honest it's time to put this takeover, and all takeovers, on the back burner. Watch the jurisdiction hearing if it's your thing, but don't rest your hopes on a takeover disrupting the establishment passing. Hope just kills you, Newcastle's always about that.

 

Just had to be the only wealth fund with ties to a state that didn't do enough to prevent (and allegedly facilitated) PL piracy. Not forgetting the human rights argument, which doesn't apply to the O+D but should rightfully be discussed to bring about positive change

 

92 league clubs in England and I bet the vast majority are ran by people that have done dodgy deals to get there.

 

Why must Newcastle be the moral compass.

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