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Martin Alvito
Player Valuation: £50m
Up until now, they have withstood regular scrutiny from state insurance examiners, bankers and foreign football leagues. I would say that, if anything, they were confident what they presented would hold up.
He's a former Drexel Burnham Lambert cowboy from the Michael Milken years. That story ended in a 20% NYSE crash and a jail sentence. He didn't work there during that era without being willing to take risks and push gray areas in the law.Yeah, certainly when it comes to Wander who just comes across as a typical coke-fuelled DGAF playboy. But it's not just him in their business - why has a guy like Steve Pasko, who is a more mature guy with a pretty solid CV let all this chaos unfold, shouldn't he be the adult in the room? If all these allegations and investigations about them are true they are risking not just going bust but possible jail time.
Steve W. Pasko – SuttonPark Capital
www.suttonpark.com
As for the legal risks, I would imagine that if he's aware of fraud, he has a plan to hang it all on Wander and feign ignorance. That won't "work" in the sense of keeping him out of prison, but it could keep any stay brief.
It just seems to get worse every day
Everton buyer 777 Partners accused of fraud by lender
New setback for Miami-based investment firm’s attempted takeover of Premier League football club
All these news of fraud, shady dealings, obscure structures, and beneficial owners behind a veil
It will not bode well for the club if the takeover is successful
Daytripper
Player Valuation: £40m
There is something deeply wrong about all this. Why is such a group with a highly questionable reputation to say the least lending us money to practically keep going? Things must be worse behind the scenes than they want the fans to know. And of course they still haven’t been “approved”after all this time . Something is off about it all that hasn’t been made public, that’s my gut feeling.
If I’m wrong so be it but i don’t trust either the club or this 777 .
If I’m wrong so be it but i don’t trust either the club or this 777 .
It's not the club it's Moshiri, he wants his money back.
kiss the crest
Player Valuation: £35m
Why have the Fan groups of this great club, done absolutely nothing to show what the fans think of these clowns or the current so called non existent board?
When Bill Denise Moshiri and Sharp were there, Yes their were protests, now 3 have gone and Moshiri wants to bring in more clowns, why are the fans now silent?
Do we just sit there and wait until it no longer exists, the club I mean
When Bill Denise Moshiri and Sharp were there, Yes their were protests, now 3 have gone and Moshiri wants to bring in more clowns, why are the fans now silent?
Do we just sit there and wait until it no longer exists, the club I mean
Jozzy
Player Valuation: £10m
No doubt the clubs finances are in an incredibly bad but but 777 have had to prove to the Prem that they’re able to be able to keep the club a float, that’s why they’re continuing to do so.
Moderatelywarmwater
Player Valuation: £10m
More importantly, where has the £200m come from? Who lent them it? What interest rate are we paying?
Liam-EFC
Player Valuation: £15m
Any administration points deduction would be applied next season. Plus we’d likely be facing another PRS breach and be looking at another 4-6 points coming off. Administration will destroy us.
Times version of the new law suit report
Everton’s prospective new owner, 777 Partners, has been accused in a lawsuit of fraud running into hundreds of millions of pounds.
The accusation was made by a pair of London-based asset management companies, Leadenhall Capital Partners LLP and Leadenhall Life Insurance Linked Investments Fund PLC, in a district court in New York on Friday.
They are seeking damages after alleging that 777 Partners — co-founded by Josh Wander — used $350million (£279million) of assets that either were not controlled by the private investment company or “did not exist” as collateral.
A spokesman for 777 Partners did not comment on the litigation when contacted. A defence has not been filed at this stage.
The development casts further doubt over 777’s ability to complete its takeover of Everton, having agreed to buy the owner Farhad Moshiri’s 94.1 per cent stake last September.
In court documents, Leadenhall alleges that “Everton is the latest shiny object of Wander’s fraudulent scheme” and goes on to say that Wander and co-founder Steve Pasko are “operating a giant shell game at best, and an outright Ponzi scheme at worst”.
Another part of the complaint reads: “To induce Leadenhall to fund their operation, Wander, along with his group of alter ego entities, ‘pledged’ over $350million in assets as collateral to Leadenhall, knowing all along that the assets either did not exist, were not actually owned by Wander’s entities, or had already been pledged to another lender.”
Despite striking the deal with Moshiri nine months ago, 777 has become increasingly mired in a string of allegations about its business practices.
The Premier League said it was minded to approve the takeover should a number of strict conditions be met, but the repayment of a £158million loan by 777 on April 15 did not materialise. An extension was instead granted to the American firm until the end of the season.
Everton have been lent about £200million in month-to-month running costs by 777 since agreeing the takeover with Moshiri, though Premier League officials have sought further proof of the Miami-based business’s ability to fund the club in the long term.
On Tuesday, the company’s Australian budget airline, Bonza, abruptly ceased operations. Several football clubs across Europe and in South America fall under 777’s umbrella. On Saturday, supporters of Paris-based Red Star handed out fake bank notes bearing a photo of Wander and the words: “In Josh We Don’t Trust.”
If 777 go into administration Everton will be allowed to carry on just to pay their debts right? That’ll be fun
Everton’s prospective new owner, 777 Partners, has been accused in a lawsuit of fraud running into hundreds of millions of pounds.
The accusation was made by a pair of London-based asset management companies, Leadenhall Capital Partners LLP and Leadenhall Life Insurance Linked Investments Fund PLC, in a district court in New York on Friday.
They are seeking damages after alleging that 777 Partners — co-founded by Josh Wander — used $350million (£279million) of assets that either were not controlled by the private investment company or “did not exist” as collateral.
A spokesman for 777 Partners did not comment on the litigation when contacted. A defence has not been filed at this stage.
The development casts further doubt over 777’s ability to complete its takeover of Everton, having agreed to buy the owner Farhad Moshiri’s 94.1 per cent stake last September.
In court documents, Leadenhall alleges that “Everton is the latest shiny object of Wander’s fraudulent scheme” and goes on to say that Wander and co-founder Steve Pasko are “operating a giant shell game at best, and an outright Ponzi scheme at worst”.
Another part of the complaint reads: “To induce Leadenhall to fund their operation, Wander, along with his group of alter ego entities, ‘pledged’ over $350million in assets as collateral to Leadenhall, knowing all along that the assets either did not exist, were not actually owned by Wander’s entities, or had already been pledged to another lender.”
Despite striking the deal with Moshiri nine months ago, 777 has become increasingly mired in a string of allegations about its business practices.
The Premier League said it was minded to approve the takeover should a number of strict conditions be met, but the repayment of a £158million loan by 777 on April 15 did not materialise. An extension was instead granted to the American firm until the end of the season.
Everton have been lent about £200million in month-to-month running costs by 777 since agreeing the takeover with Moshiri, though Premier League officials have sought further proof of the Miami-based business’s ability to fund the club in the long term.
On Tuesday, the company’s Australian budget airline, Bonza, abruptly ceased operations. Several football clubs across Europe and in South America fall under 777’s umbrella. On Saturday, supporters of Paris-based Red Star handed out fake bank notes bearing a photo of Wander and the words: “In Josh We Don’t Trust.”
If 777 go into administration Everton will be allowed to carry on just to pay their debts right? That’ll be fun
Benno
Player Valuation: £500k
I’ve felt for some time that it felt like a pyramid / ponzei scheme. To keep these things going you have to keep stacking the shelves by adding more to your portfolio. The lack of compliance in their reinsurance business suggests some corner cutting.
I can’t see any other reason or value they could add by buying Everton.
I’m also scratching my head a bit as to why the debts can’t be restructured as the combination of us being in the premier league, future stadium revenue, lower player cost base (which will be improved further this summer)and our amazing fan base should mean that the debt is serviceable? You would expect it to be spread over 20 years minimum.
The logical reason to me is that Moshiri is buying time ( for either the stadium move, change in sanctions, new investors) and that 777 are being used.
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