CONFIMRED - The final countdown

[WestYorksRoyal]

Does it really matter who wins?

Dai - Couhig blockers go away.
Couhig - Dai has to pay up/sell to Couhig. Couhig blocker goes away/a sale goes through and we're better off than with Dai.

If Couhig wins, that does not end the saga. Dai is not forced to sell to him. A Dai win is the way out of all this.

I'm not familiar enough to know if we'll get a definitive answer today, or whether there will be appeals followed by counter appeals.

[El Diablo]

Live (online) from the court !

Couhig & Howe are present

Judge giving direction to all those online to not record and keep quiet!

Our counsel talking about the clubs position in the league , onfield /off field detail, the risk of insolvency, and most importantly , us the fans..

Outlining Couhigs involvement with regard the cash flow / club

Dai's ownership gets a mention, inc. SBWD

Judge moves conversation towards injunction, takes our counsel out, doesn't want the back story he says he gets it - judge wants a sale.. judge wants to know , talking about the letter of intent , our counsel insists he gives a brief overview...

Our counsel claims dai was 'washing his face' with regard the sale price - $28m

Couhig tried to pull a fast one - Pang leveraged with a another interested bidder

Couhig claimed he only made the loans to the club on the understanding that he would get the club

And thats the basis for his claim re. the new ' secured' claim.

He alleges RFC gave a document to a broker for circulation to sell the club. RFC claim Couhig was well aware of teh document long beforehand.

Counsel claims Couhigs claim is 'thin & narrow'..

Judge sees arguments both ways - and doesn't think it can be resolved today

_ gotta drop - have a meeting

Back in the room

One interesting thing s the judge queried why the club couldn't be sold anyway. Tells counsel the claim can be handled , with a sum of cash put into escrow , to allow that to drag through the court system.

Also - EFL have insisted that Dai resign. (yesterday from EFL)

In effect counsel are leveraging that if that does happen the club folds. Defence argue this is a hijack of events - forcing Redwood to give ground.

Defence saying the club can be sold, but the amount is in query due to to ' An event of his own doing'

RFC's counter claim is due to Redwood the club cant be sold - and seeking damages, however judge points out Redwood is a SPV with no assets, so whats the point?

Redwood counsel justifying the security against the loan s was the purchase of the club - whcih protects them in the event of exclusivity being broken ( their argument)

Judge questioning Defences argument around the terms of the security

Defence counsel struggles to answer - Judge has picked a small hole in their argument , with regard the loi , and obligations therein .

This is the battle ground effectively , the wording, terms and intent of the wording.

June is the date for this argument

Redwood wont remove the security - as it holds value to their claim

Defence calls RFC 'outrageous' to ask the charge be removed, because they want to sell the club

Defence says DAi can sell the club for a lesser amount, Fight redwood in court , or 'burn his own house down' do nothing & fold the club

Defence calls out Couhigs asertion that the new interested buyer ' has other football interests ' and so there is no guarantee it can be sold,, so there is ' no hurry' to conclude this issue.

(Couhig being a c***)

Judge comments this is a very unusual case, with no known precedent

Dai getting a right good shoeing around mismanagement of the club

RFC Counsel -claims a broker sent the for sale notice out , and not RFC for his own gains!! ( we didnt break exclusivity)
RFC - again underlining the EFL's requirement for Dai to immediately divest -
And so this needs this be resolved quickly, and not in June, given the EFL's position

RFC would submit to an escrow if we sell the club!!

Redwood want 12m - Counsel asking the court to elect an amount - to a partial escrow solution

RFC querying the 12m profit Redwood claim they would have made - calling that ambitious with no business plan, or substantiation -

Judge agrees

Interim solution - 'measure of security' to release the liens

RFC are saying 6m is reasonable - instructions hot off the press

Judge summing up

....
Not sounding its on a positive path...

' Wider community impact' if it cant be sold - court should be sympathetic

Redwood still want to buy

Judge outlines the legal principles

Redwood has an arguable case

But the LOI isn't covered under the agreement around security (in RFC's favour)

Judge cannot say RFC would win that argument

Judge wont release the security - would be unfair at this point due to further legal arguments

12m appears too high / best case - but cannot say that it is overstated at present stage

Judge cannot understand why a sale cant take place - obvious route for it to happen with security in place, security would be the proceeds of the sale, replacing the security over the assets

confirmed that RFC counsel has offered 6m as security to allow sale

Judge re-iterates that the proceeds of sale should be made into an escrow , and no basis for the injunction being given, as it removes any security Redwood have with their claim

basically - the judge is telling both parties to sort it out, stop being assholes, and de-risk the future of the club

Judge dismisses our case.

Costs -
RFC argues costs should be shared - judge dismisses that as it was our action and we lost

[RoyalBlue]

Looking forward to the next big let down, that no one saw coming, as this utter farce rumbles on and on and on and on and on and on and on and on and on and on forevermore.

Tim’s going to the “trial” to try and work out exactly what the hell is being heard today, no doubt his in depth take on things will probably be heard on his Weekend Kick Off programme at 6pm.

So he'll be late to the party again!

Other journos/attendees will likely have reported back long before he does if BBCRB wait for his 6pm programme.

[RoyalBlue]

Live (online) from the court !

Couhig & Howe are present

Judge giving direction to all those online to not record and keep quiet!

Surely they mute all those who aren't actively involved in the case?!

[Snowflake Royal]

Live (online) from the court !

Couhig & Howe are present

Judge giving direction to all those online to not record and keep quiet!

Our counsel talking about the clubs position in the league , onfield /off field detail, the risk of insolvency, and most importantly , us the fans..

Outlining Couhigs involvement with regard the cash flow / club

Dai's ownership gets a mention, inc. SBWD

Judge moves conversation towards injunction, takes our counsel out, doesn't want the back story he says he gets it - judge wants a sale.. judge wants to know , talking about the letter of intent , our counsel insists he gives a brief overview...

Our counsel claims dai was 'washing his face' with regard the sale price - $28m

Couhig tried to pull a fast one - Pang leveraged with a another interested bidder

Couhig claimed he only made the loans to the club on the understanding that he would get the club

And thats the basis for his claim re. the new ' secured' claim.

He alleges RFC gave a document to a broker for circulation to sell the club. RFC claim Couhig was well aware of teh document long beforehand.

Counsel claims Couhigs claim is 'thin & narrow'..

Judge sees arguments both ways - and doesn't think it can be resolved today

_ gotta drop - have a meeting

Interesting. Thanks.

[RoyalBlue]

Live (online) from the court !

Couhig & Howe are present

Judge giving direction to all those online to not record and keep quiet!

Our counsel talking about the clubs position in the league , onfield /off field detail, the risk of insolvency, and most importantly , us the fans..

Outlining Couhigs involvement with regard the cash flow / club

Dai's ownership gets a mention, inc. SBWD

Judge moves conversation towards injunction, takes our counsel out, doesn't want the back story he says he gets it - judge wants a sale.. judge wants to know , talking about the letter of intent , our counsel insists he gives a brief overview...

Our counsel claims dai was 'washing his face' with regard the sale price - $28m

Couhig tried to pull a fast one - Pang leveraged with a another interested bidder

Couhig claimed he only made the loans to the club on the understanding that he would get the club

And thats the basis for his claim re. the new ' secured' claim.

He alleges RFC gave a document to a broker for circulation to sell the club. RFC claim Couhig was well aware of teh document long beforehand.

Counsel claims Couhigs claim is 'thin & narrow'..

Judge sees arguments both ways - and doesn't think it can be resolved today

_ gotta drop - have a meeting

Damn! Bloody meetings! Thanks for the updates provided,

[tidus_mi2]

"Doesn't think it can be resolved today"

Well, that's probably what we all expected but it's all very depressing. Not surprised at all that Couhig was trying to pull a fast one, matches really what has been said about his bid to buy the club.

[rabidbee]

"Doesn't think it can be resolved today"

Well, that's probably what we all expected but it's all very depressing. Not surprised at all that Couhig was trying to pull a fast one, matches really what has been said about his bid to buy the club.

I mean, that's the Renhe's lawyer's allegation, but they would say that.

[Snowflake Royal]

"Doesn't think it can be resolved today"

Well, that's probably what we all expected but it's all very depressing. Not surprised at all that Couhig was trying to pull a fast one, matches really what has been said about his bid to buy the club.

Well the RFC counsel would say that wouldn't they. You can't just believe whatever one partisan says.

Just like you can't just believe Couhig's counsel saying that Pang was circulating documents promoting the sale of the club while in exclusivity with Couhig.

They're each there to argue their client's case, not give an impartial and accurate truth

[Snowflake Royal]

Judge sees arguments both ways -

This should tell anyone with any objectivity that this isn't just a spurious claim put forward by Couhig, and there's potentially merit to it.

Or it wouldn't have got this far and be expected to take longer to rule on.

[tidus_mi2]

"Doesn't think it can be resolved today"

Well, that's probably what we all expected but it's all very depressing. Not surprised at all that Couhig was trying to pull a fast one, matches really what has been said about his bid to buy the club.

Well the RFC counsel would say that wouldn't they. You can't just believe whatever one partisan says.

Just like you can't just believe Couhig's counsel saying that Pang was circulating documents promoting the sale of the club while in exclusivity with Couhig.

They're each there to argue their client's case, not give an impartial and accurate truth

It's a court case, you're not supposed to lie right? Now, there's obviously a fundamental difference between lying and embellishing the truth. However, the idea that Couhig was effectively trying to get a cut-price deal to buy the club does match how I've inferred the situation over the course of these many months.

[WestYorksRoyal]

Judge clear the Couhig position shouldn't block a sale if funds can be placed in escrow for that hearing.

But that means Dai doesn't immediately receive the proceeds and has no guarantee he'll eventually receive them. Doesn't feel like a solution to me, unless Dai hates Couhig enough to agree to it.

[Sutekh]

Next it’ll be Couhig’s version. Which will sound just as believable as the other side. Wonder if we’ll have a decision by the end of the season?

[Snowflake Royal]

"Doesn't think it can be resolved today"

Well, that's probably what we all expected but it's all very depressing. Not surprised at all that Couhig was trying to pull a fast one, matches really what has been said about his bid to buy the club.

Well the RFC counsel would say that wouldn't they. You can't just believe whatever one partisan says.

Just like you can't just believe Couhig's counsel saying that Pang was circulating documents promoting the sale of the club while in exclusivity with Couhig.

They're each there to argue their client's case, not give an impartial and accurate truth

It's a court case, you're not supposed to lie right? Now, there's obviously a fundamental difference between lying and embellishing the truth. However, the idea that Couhig was effectively trying to get a cut-price deal to buy the club does match how I've inferred the situation over the course of these many months.

Anyone trying to buy the club is trying to get a cut price deal, or they've got more money than braincells. That's what a negotiation is.

[El Diablo]

Live (online) from the court !

Couhig & Howe are present

Judge giving direction to all those online to not record and keep quiet!

Our counsel talking about the clubs position in the league , onfield /off field detail, the risk of insolvency, and most importantly , us the fans..

Outlining Couhigs involvement with regard the cash flow / club

Dai's ownership gets a mention, inc. SBWD

Judge moves conversation towards injunction, takes our counsel out, doesn't want the back story he says he gets it - judge wants a sale.. judge wants to know , talking about the letter of intent , our counsel insists he gives a brief overview...

Our counsel claims dai was 'washing his face' with regard the sale price - $28m

Couhig tried to pull a fast one - Pang leveraged with a another interested bidder

Couhig claimed he only made the loans to the club on the understanding that he would get the club

And thats the basis for his claim re. the new ' secured' claim.

He alleges RFC gave a document to a broker for circulation to sell the club. RFC claim Couhig was well aware of teh document long beforehand.

Counsel claims Couhigs claim is 'thin & narrow'..

Judge sees arguments both ways - and doesn't think it can be resolved today

_ gotta drop - have a meeting

Back in the room

One interesting thing s the judge queried why the club couldn't be sold anyway. Tells counsel the claim can be handled , with a sum of cash put into escrow , to allow that to drag through the court system.

Also - EFL have insisted that Dai resign. (yesterday from EFL)

In effect counsel are leveraging that if that does happen the club folds. Defence argue this is a hijack of events - forcing Redwood to give ground.

Defence saying the club can be sold, but the amount is in query due to to ' An event of his own doing'

RFC's counter claim is due to Redwood the club cant be sold - and seeking damages, however judge points out Redwood is a SPV with no assets, so whats the point?

Redwood counsel justifying the security against the loan s was the purchase of the club - whcih protects them in the event of exclusivity being broken ( their argument)

Judge questioning Defences argument around the terms of the security

Defence counsel struggles to answer - Judge has picked a small hole in their argument , with regard the loi , and obligations therein .

This is the battle ground effectively , the wording, terms and intent of the wording.

June is the date for this argument

Redwood wont remove the security - as it holds value to their claim

Defence calls RFC 'outrageous' to ask the charge be removed, because they want to sell the club

Defence says DAi can sell the club for a lesser amount, Fight redwood in court , or 'burn his own house down' do nothing & fold the club

Judge its very unusual to order the release of security , unless the defence argument can be debunked

[Winston Biscuit]

can anyone put this into thicky language for those of us that don't understand?

[Snowflake Royal]

Judge clear the Couhig position shouldn't block a sale if funds can be placed in escrow for that hearing.

But that means Dai doesn't immediately receive the proceeds and has no guarantee he'll eventually receive them. Doesn't feel like a solution to me, unless Dai hates Couhig enough to agree to it.

Dai's not actually serious about selling or he'd have sold ages ago.

'Beating' Couhig is probably the biggest motivation for him signing a deal, so he's not going to do it on those terms, because it would be 'losing'.

[Sutekh]

Looking forward to the next big let down, that no one saw coming, as this utter farce rumbles on and on and on and on and on and on and on and on and on and on forevermore.

Tim’s going to the “trial” to try and work out exactly what the hell is being heard today, no doubt his in depth take on things will probably be heard on his Weekend Kick Off programme at 6pm.

So he'll be late to the party again!

Other journos/attendees will likely have reported back long before he does if BBCRB wait for his 6pm programme.

He'll be providing updates, I expect, in the news/sports desks they have throughout the day on Berks but for many Reading fans - who have a job where they can't get the latest from astute places of learning such as HNA - the 6pm show will probably be the first place to consolidate all the likely "no news today" into one place to chew over.

[Snowflake Royal]

can anyone put this into thicky language for those of us that don't understand?

Not really anything new.

Neither party smells of roses. Both parties have at least some prospect of winning. If Dai was reasonable this wouldn't be a blocker to a sale going ahead in the meantime. It's not getting sorted today.

[WestYorksRoyal]

An odd analogy from Couhig's lawyers on house selling and mortgages. He was paid back his loans in full with interest, so there is no mortgage. The issue is the legal fees he incurred.

So an analogy would be paying for mortgage application, survey fees and conveyancing on a house sale that doesn't happen. Which happens to people all the time and the law simply says "tough shit" and moves on.