Our owners

I have been saying the same thing for a long time. The yanks have the power, too much power now and we have been let down by shareholders who have sold their shares to them, Calling for Jenkins head although deserved will make the yanks stronger as sure as eggs are eggs they will put their own man as chairman......

 

But Dai - Huw has no real power now. Pearlman is in charge of the Business side and is taking an increasing role in the football side of the Club.

 

Handing over complete control to these Yanks was utter madness fuelled by greed, it is going to be a long hard struggle now sorry to say..........

 

Why do you think Jenkins is thinking of calling it a day. The yanks have all the power that they set out to get and they are not finished yet......They have done us up like a kipper good and proper and all we have is what Carvo can do to save our premiership status.......A huge task but not impossible with some lady luck but the odds are not great that he will succeed........Jenkins is immaterial now as he has to comply with what the yanks want and he has pearlman there to make sure he does......The yanks will be here running the show from America for a few more seasons yet and there is nothing anyone can do about it....

 

Anybody make any sense of it?

https://beta.companieshouse.gov.uk/company/09797494/filing-history

https://m.thegazette.co.uk/notice/2939033

 

Basically They are getting rid of our directors and replacing them with one of their consortium and the reason for voluntary liquidation is simply to pay off all our outside debts using the clubs money........We have been conned big time and once everything is sorted and all debts cleared then they can do what they like......I smelt a rat ages ago and said so and now we know.......Conmen the lot of them....

 

The Sting unfolds

 

This was done willingly by the both Morgan's so please don't think they've been hard done by the yanks ,

 

Not sure that is what's happened Dai.

OTH 2015 was the vehicle through which the Morgans owned their shares in the Swans. The Yanks bought the Swans shares from the Morgans by buying OTH 2015.

The Yanks bought the OTH2015 through Swansea Football LLC who subsequently sold back 5% (of the Swans) to the Morgans.

The Morgans were re-appointed Directors of OTH2015 on 18 December, with Kaplan & Levein having resigned. The Company was put into liquidation the following day.

 

In essence that's how they got hold of Morgan's voting rights?

 

Probably - they sold back the 5% shareholding to the Morgans with no voting rights attaching to those shares.

 

I assume Jenkins did something similar then

 

Presumably

 

or allegedly , rumoured, believed , in my opinion

 

Hi Matt - I wrote presumably in the sense that Huw would have used a similar mechanism

 

I guessed that ,I just can't get my head around what a bunch of no hopers they turned out to be , none except Katzan (he was just in it for the money but honest about it ) can come out of tis with their heads held high but money can be a great remover of conscious I suppose

 

Thing is the voting rights are worthless now with them having the huge share they have and the club is all but American now....

 

Dai - it is the retention of the Voting Rights that has given 'complete control' to the Yanks:

Tthe Yanks actually own less than 75% of the shares. Therefore, in theory, any proposal of theirs that under UK Law requires a Special Resolution could be blocked. By buying the voting rights attaching to certain shares, eg the Morgans', the Yanks have secured more than 75% of the Voting Rights, meaning that they are in 'complete control'.

That said, they will need to be careful not to do anything that could be viewed as prejudicial to Minirity Shareholders, eg The Trust meaning that they could be open to be sued.

 

on a facebook site before the takeover, a Swans fans warned not to accept their offer as DC Utd was getting asset stripped to the max

 

And we all knew that this was their intention from the off.

The only ones who didnt care, were the sell outs.