777 Partners enfrenta novo processo judicial, informa imprensa inglesa
Segunda-feira, 15/01/2024 - 17:03
Footure @FootureFC
🚨 A 777 Partners está enfrentando outro processo judicial, informou o @TheAthleticFC.
💸 Um investidor citou o grupo, dono de 70% do Vasco, no processo, com danos de mais de US$ 30 milhões.
🏴 Vale lembrar que a 777 está em processo de compra do Everton, mas passa por uma apuração detalhada da Premier League. Enquanto isso, alguns aportes já foram feitos no clube inglês.
Fonte: X Footure
Potential Everton owners 777 Partners facing fresh lawsuit
Everton's potential new owner 777 Partners is facing another lawsuit after an investor started legal proceedings against the Miami-based firm, citing damages of more than $30million (£23.6m).
According to a court summons filed in New York last week, Change Lending LLC invested $17m (£13.4m) in 777 and its sister company 600 Partners in two tranches of preferred equity in September 2022 and February 2023.
Based in California, Change Lending is the owner of The Change Company, the largest community development financial institution (CDFI) in the US. CDFIs are non-profit organisations that lend to low-income/low-wealth borrowers.
Under the terms of the deal, if 777 failed to provide requested financial information to Change, or any "reputational risk" emerged, Change could make 777 buy back the preferred equity at the same price, plus any unpaid dividends.
Claiming "there is no dispute" over the breach, the summons catalogues Change's attempts to get 777 to provide it with financial statements, including an audited balance sheet of 777's assets.
Frustrated by "delays and excuses", Change told 777 it was triggering its repurchase rights in September 2023.
777 "initially signalled they would cooperate" with Change's request but senior executives, including 777 co-founder and majority owner Josh Wander, "strung Change along for weeks", making "excuse after excuse", only to then stop responding entirely.
In the court document, Change suggests 777's "failure and refusal to provide audited financial statements and other key financial information to counterparties appears to be a pattern".
Citing several recent media reports into 777's proposed takeover of Everton and its 2022 purchase of Belgium's Standard Liege, Change says questions have been raised about 777's "business practices" and the source of the money it is using to make these investments.
In summarising its case, Change says it has "determined that the 777 Entities were in unsatisfactory financial condition" and that 777 has "exposed Change to unacceptable reputational risks".
As a result, it says, Change is entitled to "compensatory and consequential damages" and all of its legal costs.
777 must now answer the complaint within 20 days of January 9, the day the summons was served. The Athletic has asked 777 for comment.
This latest legal issue comes less than a week after The Athletic revealed that 777 was being sued by three Irish aircraft leasing companies for nearly $30m following a dispute over four planes 777 leased from them for use by its Canadian airline subsidiary Flair.
Shortly after that case was filed in London last month, Danish IT entrepreneur Lasse Meilsoe started proceedings against 777 over a separate dispute in Miami. His claim is for $1.8million.
And these three legal cases are only the latest 777 and its subsidiaries have become embroiled in, with litigation underway in several US states over unpaid bills and claims of fraud.
777 typically declines to comment on active cases but has strongly denied all allegations of fraud.
The overall picture these cases paint is hardly helpful, however, for 777's hopes of gaining Premier League approval for its takeover of Everton.
The private investment firm agreed to buy current club owner Farhad Moshiri's 94.1 per cent stake in Everton on September 15. But that deal is subject to regulatory approval from the league, the Financial Conduct Authority and the Football Association.
When the deal was announced, it was stated that it should be completed by Christmas, with approval expected to take no more than 12 weeks. We are now in week 18.
In the meantime, 777 has lent Everton £142m to cover their monthly bills and finance the ongoing construction costs of the Merseyside club's new stadium. Everton have also been docked 10 points for breaching the league's profitability and sustainability rules in the three years to summer 2022, with the club expecting a further charge for overspending in the three years to summer 2023.
As a result, Everton remain in significant risk of relegation. They are currently 17th in the table, one place and one point above the drop zone.
Fonte: The Athletic
🚨 A 777 Partners está enfrentando outro processo judicial, informou o @TheAthleticFC.
💸 Um investidor citou o grupo, dono de 70% do Vasco, no processo, com danos de mais de US$ 30 milhões.
🏴 Vale lembrar que a 777 está em processo de compra do Everton, mas passa por uma apuração detalhada da Premier League. Enquanto isso, alguns aportes já foram feitos no clube inglês.
 |
Fonte: X Footure
Potential Everton owners 777 Partners facing fresh lawsuit
Everton's potential new owner 777 Partners is facing another lawsuit after an investor started legal proceedings against the Miami-based firm, citing damages of more than $30million (£23.6m).
According to a court summons filed in New York last week, Change Lending LLC invested $17m (£13.4m) in 777 and its sister company 600 Partners in two tranches of preferred equity in September 2022 and February 2023.
Based in California, Change Lending is the owner of The Change Company, the largest community development financial institution (CDFI) in the US. CDFIs are non-profit organisations that lend to low-income/low-wealth borrowers.
Under the terms of the deal, if 777 failed to provide requested financial information to Change, or any "reputational risk" emerged, Change could make 777 buy back the preferred equity at the same price, plus any unpaid dividends.
Claiming "there is no dispute" over the breach, the summons catalogues Change's attempts to get 777 to provide it with financial statements, including an audited balance sheet of 777's assets.
Frustrated by "delays and excuses", Change told 777 it was triggering its repurchase rights in September 2023.
777 "initially signalled they would cooperate" with Change's request but senior executives, including 777 co-founder and majority owner Josh Wander, "strung Change along for weeks", making "excuse after excuse", only to then stop responding entirely.
In the court document, Change suggests 777's "failure and refusal to provide audited financial statements and other key financial information to counterparties appears to be a pattern".
Citing several recent media reports into 777's proposed takeover of Everton and its 2022 purchase of Belgium's Standard Liege, Change says questions have been raised about 777's "business practices" and the source of the money it is using to make these investments.
In summarising its case, Change says it has "determined that the 777 Entities were in unsatisfactory financial condition" and that 777 has "exposed Change to unacceptable reputational risks".
As a result, it says, Change is entitled to "compensatory and consequential damages" and all of its legal costs.
777 must now answer the complaint within 20 days of January 9, the day the summons was served. The Athletic has asked 777 for comment.
This latest legal issue comes less than a week after The Athletic revealed that 777 was being sued by three Irish aircraft leasing companies for nearly $30m following a dispute over four planes 777 leased from them for use by its Canadian airline subsidiary Flair.
Shortly after that case was filed in London last month, Danish IT entrepreneur Lasse Meilsoe started proceedings against 777 over a separate dispute in Miami. His claim is for $1.8million.
And these three legal cases are only the latest 777 and its subsidiaries have become embroiled in, with litigation underway in several US states over unpaid bills and claims of fraud.
777 typically declines to comment on active cases but has strongly denied all allegations of fraud.
The overall picture these cases paint is hardly helpful, however, for 777's hopes of gaining Premier League approval for its takeover of Everton.
The private investment firm agreed to buy current club owner Farhad Moshiri's 94.1 per cent stake in Everton on September 15. But that deal is subject to regulatory approval from the league, the Financial Conduct Authority and the Football Association.
When the deal was announced, it was stated that it should be completed by Christmas, with approval expected to take no more than 12 weeks. We are now in week 18.
In the meantime, 777 has lent Everton £142m to cover their monthly bills and finance the ongoing construction costs of the Merseyside club's new stadium. Everton have also been docked 10 points for breaching the league's profitability and sustainability rules in the three years to summer 2022, with the club expecting a further charge for overspending in the three years to summer 2023.
As a result, Everton remain in significant risk of relegation. They are currently 17th in the table, one place and one point above the drop zone.
Fonte: The Athletic
