What I was remembering was that the "hocking" happened in credit document covenants that covered ALL players, not just ones purchased. Like I said, though, it was a long time ago and I could very easily be wrong.
Michael A. Gardiner LAW OFFICES OF MICHAEL A. GARDINER 110 West “A” Street, Suite 950 San Diego, CA 92101 Phone: 619.238.9800 Fax: 619.814.3727 E-mail: [email protected]<mailto:[email protected]> Confidentiality Notice: This electronic mail transmission, including any attachments, is privileged and confidential and is intended only for review by the party to whom it is addressed. It may contain attorney client or attorney work product privileged and confidential information. If you have received this transmission in error, please notify the sender immediately by return e-mail and promptly delete this e-mail, including any attachments, without reading or saving them in any manner. Unintended transmission shall not constitute waiver of the attorney-client or any other privilege. On Dec 18, 2013, at 2:25 PM, <[email protected]<mailto:[email protected]>> wrote: Message-ID: <[email protected]<mailto:[email protected]>> Content-Type: text/plain; charset="iso-8859-1" I think, in Smith's specific case - he was developed, not bought so no 3rd party 'owned' him or his registration as they did with Dacourt, for example. We may have exaggerated the book value of players (Kewell for example - his transfer fee went to his arsehole of an agent, anyway!) but that was merely for mortgaging purposes wasn't it? in any case, the point remains that any money in in those days went to paying off debts? Makes me a bill ill thinking about it all Its a long time ago and I don't remember all the details, but if I'm not mistaken that logic -- which would be spot on in most contexts -- did not apply at the time because all of the player contracts were hocked. In other words, that 7 million quid did nothing for us. It reduced a mountainous debt by a minimal and barely perceivable amount. _______________________________________________ Leedslist mailing list Info and options: http://mailman.greennet.org.uk/mailman/listinfo/leedslist To unsubscribe, email [email protected] John 'Grampa' Sykes Rest In Peace old lad 28th Oct 1938 - 12 Nov 2013 MARCHING ON TOGETHER
