CONFIMRED - The final countdown

[Armadillo Roadkill]

The sale to Platek is being held up by Couhig's spurious case. You can try all you like to spin this another way, but that's the case.

I get that Dai could just put the part of the sale value he's being sued for by Couhig into an escrow account. Seems he's unlikely to do this.

The Couhig court case doesn't take place until July.

That means unless Couhig or Dai swallows their pride, there is unlikely to be new owner by the end of this season's fixtures.

And that would mean curtains.

We're really relying on snookers now.

[Mid Sussex Royal]

The sale to Platek is being held up by Couhig's spurious case. You can try all you like to spin this another way, but that's the case.

I get that Dai could just put the part of the sale value he's being sued for by Couhig into an escrow account. Seems he's unlikely to do this.

The Couhig court case doesn't take place until July.

That means unless Couhig or Dai swallows their pride, there is unlikely to be new owner by the end of this season's fixtures.

And that would mean curtains.

We're really relying on snookers now.

That's obviously the fear but didn't the club suggest £6m escrow on Friday?

[rabidbee]

That's obviously the fear but didn't the club suggest £6m escrow on Friday?

The judge suggested this to the club, didn't he?

And Couhig's case is going ahead with or without a sale. Dai risks losing all of his money if the club is wiped out, so the sensible (ha!) option is to go ahead with the sale and put the disputed sum into an escrow until the case is completed. Dai could lose all of his money *and still* face paying compensation to Couhig if he loses the case.

And presumably the Couhig's case isn't that spurious if the judge didn't take the opportunity last week just to dismiss it.

And it's worth remembering none of us know what is happening behind the scenes, so we don't know what progress has been made since Friday. Maybe I'm grasping at straws, but the accounts finally being published feels like things are moving forward.

[Scutterbucketz]

I’m not sure anyone has managed to explain how the EFL could kick us out the league because they’ve finally decided Dai isn’t fit.

Here’s their Rules & Governance page

https://www.efl.com/supporters/faqs/rul ... overnance/

I’ve had a skim through this 356 page document on the EFLs website and can’t find any mention of the EFL reserving the right to change their mind on Chairman after they’ve already deemed him Fit & Proper.

https://images.gc.eflservices.co.uk/f7c ... e05bc0.pdf

[Crusader Royal]

That's obviously the fear but didn't the club suggest £6m escrow on Friday?

The judge suggested this to the club, didn't he?

And Couhig's case is going ahead with or without a sale. Dai risks losing all of his money if the club is wiped out, so the sensible (ha!) option is to go ahead with the sale and put the disputed sum into an escrow until the case is completed. Dai could lose all of his money *and still* face paying compensation to Couhig if he loses the case.

And presumably the Couhig's case isn't that spurious if the judge didn't take the opportunity last week just to dismiss it.

And it's worth remembering none of us know what is happening behind the scenes, so we don't know what progress has been made since Friday. Maybe I'm grasping at straws, but the accounts finally being published feels like things are moving forward.

The judge said it was an option and the club responded by suggesting putting £6 million aside. That seems a positive, the club could have just shrugged and said ‘no chance’

[El Diablo]

That's obviously the fear but didn't the club suggest £6m escrow on Friday?

The judge suggested this to the club, didn't he?

And Couhig's case is going ahead with or without a sale. Dai risks losing all of his money if the club is wiped out, so the sensible (ha!) option is to go ahead with the sale and put the disputed sum into an escrow until the case is completed. Dai could lose all of his money *and still* face paying compensation to Couhig if he loses the case.

And presumably the Couhig's case isn't that spurious if the judge didn't take the opportunity last week just to dismiss it.

And it's worth remembering none of us know what is happening behind the scenes, so we don't know what progress has been made since Friday. Maybe I'm grasping at straws, but the accounts finally being published feels like things are moving forward.

Nope , it was RFC's counsel that offered up the 6m , which was a last minute direction received that day. - the judge basically was saying that the sale can go ahead , but also noted that he couldn't release the liens as the merits of Couhigs case meant that if he did (order release) , in the event of Couhig winning his case in July - there would be no money on the pot for him to win.

The 6m could be held in escrow from the proceeds of the sale. The judge gave no direction, albeit counsel asked , if that sum was reasonable, but (the judge) did note that the 12m in Couhigs claim lacked clarity, or a business plan to support.

Really depends on how hard Couhig wants to win 12m, or take the max of RFC's suggestion of the 6m. He could lose and win nothing.

For Dai, this case was a free hit. Sure it cost him money , and lost but the upside was potentially a 12m win. The carrot is now 6m.

[rabidbee]

I’m not sure anyone has managed to explain how the EFL could kick us out the league because they’ve finally decided Dai isn’t fit.

Here’s their Rules & Governance page

https://www.efl.com/supporters/faqs/rul ... overnance/

I’ve had a skim through this 356 page document on the EFLs website and can’t find any mention of the EFL reserving the right to change their mind on Chairman after they’ve already deemed him Fit & Proper.

https://images.gc.eflservices.co.uk/f7c ... e05bc0.pdf

Appendix 3 p. 415ff.

[Scutterbucketz]

I’m not sure anyone has managed to explain how the EFL could kick us out the league because they’ve finally decided Dai isn’t fit.

Here’s their Rules & Governance page

https://www.efl.com/supporters/faqs/rul ... overnance/

I’ve had a skim through this 356 page document on the EFLs website and can’t find any mention of the EFL reserving the right to change their mind on Chairman after they’ve already deemed him Fit & Proper.

https://images.gc.eflservices.co.uk/f7c ... e05bc0.pdf

Appendix 3 p. 415ff.

Can you screenshot it?

[Extended-Phenotype]

The sale to Platek is being held up by Couhig's spurious case. You can try all you like to spin this another way, but that's the case.

I get that Dai could just put the part of the sale value he's being sued for by Couhig into an escrow account. Seems he's unlikely to do this.

The Couhig court case doesn't take place until July.

That means unless Couhig or Dai swallows their pride, there is unlikely to be new owner by the end of this season's fixtures.

And that would mean curtains.

We're really relying on snookers now.

Nope, Dai's handling of Couhig's case would be holding up the sale, if there even is one underway or at any sort of stage to be held up by it.

However I don't see it as a matter of pride for Dai. Moving funds into Escrow is not synonymous with paying Couhig or even accepting culpability. It's simply saying "look, the funds will be there IF you win". Then there is zero problem. A normal person actually looking to sell and with a sale actually underway would do this without blinking.

Dai seems to be blinking.

[Armadillo Roadkill]

I hadn't noticed, the flurry of legalese across multiple sources, that the club have accepted moving reasonable funds into escrow. That seems positive.

[rabidbee]

I’m not sure anyone has managed to explain how the EFL could kick us out the league because they’ve finally decided Dai isn’t fit.

Here’s their Rules & Governance page

https://www.efl.com/supporters/faqs/rul ... overnance/

I’ve had a skim through this 356 page document on the EFLs website and can’t find any mention of the EFL reserving the right to change their mind on Chairman after they’ve already deemed him Fit & Proper.

https://images.gc.eflservices.co.uk/f7c ... e05bc0.pdf

Appendix 3 p. 415ff.

Can you screenshot it?

It's six pages worth of regulations. Basically, a director can be disqualified for any of the following....

I guess it's para 2.1.11, which lists a variety of insolvency, bankruptcy or other similar financial events, and then adds '[or] any equivalent provision in any other jurisdiction which has a substantially similar effect, and in each case as may be amended from time to time'.

The regulation in that section says that a club will be suspended if they don't remove a disqualifying director within 28 days. However, p. 366ff sets out the disciplinary powers of the EFL, and states that if they bring proceedings against a director (eg. for not resigning) their powers include (p. 371) recommending expulsion from the EFL, which would then have to be ratified by an EGM.

[Extended-Phenotype]

I hadn't noticed, the flurry of legalese across multiple sources, that the club have accepted moving reasonable funds into escrow. That seems positive.

Ah, well that's actually rather fantastic. It not only means the liens will be sorted, it's pretty strong evidence that there IS a sale happening...

I think.

[rabidbee]

I hadn't noticed, the flurry of legalese across multiple sources, that the club have accepted moving reasonable funds into escrow. That seems positive.

Ah, well that's actually rather fantastic. It not only means the liens will be sorted, it's pretty strong evidence that there IS a sale happening...

I think.

Have they confirmed it? Last Friday's statement said the club acknowledges the judge's suggestion that they find alternative securities (including an escrow) and they look forward to working with Couhig to find a solution.

[Sutekh]

We really are in a terrible state. Even Don Goodman is feeling sorry for us.

https://www.readingchronicle.co.uk/sport/25033160.reading-fc-fans-deserve-good-news--says-sky-sports-pundit/

I know Don quite well, he's a mate of guys I know, and was a regular at my local on a Sunday - you'd sometimes have to help carry him out of the pub come closing time

Anyway, he's got a genuine soft spot for Reading, somehow, knows the situation but doesn't remember scoring in the play off final against us.

48th minute equaliser

[Snowflake Royal]

The sale to Platek is being held up by Couhig's spurious case. You can try all you like to spin this another way, but that's the case.

I get that Dai could just put the part of the sale value he's being sued for by Couhig into an escrow account. Seems he's unlikely to do this.

The Couhig court case doesn't take place until July.

That means unless Couhig or Dai swallows their pride, there is unlikely to be new owner by the end of this season's fixtures.

And that would mean curtains.

We're really relying on snookers now.

You really have a blind hard on for hating Couhig don't you. He's not blocking anything. If it was spurious, it would have been thrown out. He's even come out and said he had nothing to do with screwing the women's team.

Why you have to deflect for Dai and blame Couhig instead is beyond me.

[Scutterbucketz]

Appendix 3 p. 415ff.

Can you screenshot it?

It's six pages worth of regulations. Basically, a director can be disqualified for any of the following....

I guess it's para 2.1.11, which lists a variety of insolvency, bankruptcy or other similar financial events, and then adds '[or] any equivalent provision in any other jurisdiction which has a substantially similar effect, and in each case as may be amended from time to time'.

The regulation in that section says that a club will be suspended if they don't remove a disqualifying director within 28 days. However, p. 366ff sets out the disciplinary powers of the EFL, and states that if they bring proceedings against a director (eg. for not resigning) their powers include (p. 371) recommending expulsion from the EFL, which would then have to be ratified by an EGM.

Cheers for that.

[Sutekh]

The sale to Platek is being held up by Couhig's spurious case. You can try all you like to spin this another way, but that's the case.

I get that Dai could just put the part of the sale value he's being sued for by Couhig into an escrow account. Seems he's unlikely to do this.

The Couhig court case doesn't take place until July.

That means unless Couhig or Dai swallows their pride, there is unlikely to be new owner by the end of this season's fixtures.

And that would mean curtains.

We're really relying on snookers now.

You really have a blind hard on for hating Couhig don't you. He's not blocking anything. If it was spurious, it would have been thrown out. He's even come out and said he had nothing to do with screwing the women's team.

Why you have to deflect for Dai and blame Couhig instead is beyond me.

While Dai is the villain in all this and quite agree it’s him that’s holding up the sale of the club and not RC, the guy who had the women’s rescue package all sorted and was pretty much about to put it before the WFL for final approval says it was RC who caused it to fail.

Interesting to note though that members of RC’s business team also wanted to take on and try and make a real success of a women’s professional team.

[stealthpapes]

I hadn't noticed, the flurry of legalese across multiple sources, that the club have accepted moving reasonable funds into escrow. That seems positive.

Ah, well that's actually rather fantastic. It not only means the liens will be sorted, it's pretty strong evidence that there IS a sale happening...

I think.

Have they confirmed it? Last Friday's statement said the club acknowledges the judge's suggestion that they find alternative securities (including an escrow) and they look forward to working with Couhig to find a solution.

yeah, statement below

The Club acknowledges the Judge’s clear indication that the parties should find a solution to the current impasse regarding the sale of the Club by way of its owners providing alternative security or a payment into escrow.

To allow a sale to proceed, the Club looks forward to working with Mr Couhig to resolve this element of his claim.

Mr Dai remains committed to working with the EFL to sell the Club and secure its long-term future.

If it wasn't for the rest of it, that's a really positive statement.

[Who Moved The Goalposts?]

The sale to Platek is being held up by Couhig's spurious case. You can try all you like to spin this another way, but that's the case.

I get that Dai could just put the part of the sale value he's being sued for by Couhig into an escrow account. Seems he's unlikely to do this.

The Couhig court case doesn't take place until July.

That means unless Couhig or Dai swallows their pride, there is unlikely to be new owner by the end of this season's fixtures.

And that would mean curtains.

We're really relying on snookers now.

You really have a blind hard on for hating Couhig don't you. He's not blocking anything. If it was spurious, it would have been thrown out. He's even come out and said he had nothing to do with screwing the women's team.

Why you have to deflect for Dai and blame Couhig instead is beyond me.

I'm somewhere in the middle in that neither party comes out of this smelling of roses. We all know about Dai, but here's the situation with Coughig: he played hardball with the price and Dai didn't like that so withdrew. Now, Coughig could have walked at that stage, especially after being paid back the loans with interest on top. But he didn't. He's hung around because he smelt a quick profit and didn't like losing out on that, so tied his spurious case in with the liens which makes you wonder why we'd want him as our next owner. The £12m "loss of potential earnings" is fantasy land for a club that hasn't turned a profit since the first year in the PL. Couhig is like one of those guys on Homes Under the Hammer. See's something at an auction that he buys for below market price, spends the minimum doing it up and then sells asap at a profit. I don't think he's ever had Reading's best interests at heart, despite his somewhat ill-advised appearances at the Purple Turtle.

[Snowflake Royal]

The sale to Platek is being held up by Couhig's spurious case. You can try all you like to spin this another way, but that's the case.

I get that Dai could just put the part of the sale value he's being sued for by Couhig into an escrow account. Seems he's unlikely to do this.

The Couhig court case doesn't take place until July.

That means unless Couhig or Dai swallows their pride, there is unlikely to be new owner by the end of this season's fixtures.

And that would mean curtains.

We're really relying on snookers now.

You really have a blind hard on for hating Couhig don't you. He's not blocking anything. If it was spurious, it would have been thrown out. He's even come out and said he had nothing to do with screwing the women's team.

Why you have to deflect for Dai and blame Couhig instead is beyond me.

While Dai is the villain in all this and quite agree it’s him that’s holding up the sale of the club and not RC, the guy who had the women’s rescue package all sorted and was pretty much about to put it before the WFL for final approval says it was RC who caused it to fail.

Interesting to note though that members of RC’s business team also wanted to take on and try and make a real success of a women’s professional team.

Yeah, the point is we don't know it was Couhig. We have conflicting information.

It's pretty clear the RFC machine has been trying to smeer Couhig, whether correctly or not, the second the deal fell through there were negative rumours and attacks. But I'm not interested. There's one villain in the piece. One.