Iron Bru › Forums › Blast Furnace › 1899 / 100 Members Consultation Event @ GP Monday 18th › Reply To: 1899 / 100 Members Consultation Event @ GP Monday 18th
I decided not to invest and thankfully my daughter heeded my advice and also did the same.
If i had decided to go ahead then i would be working with others in the same boat to form group sponsored legal team to challenge WHAM for a refund.. Dodgy Dave as the labour MP Denis Skinner once called out in the HOP.
Why?
The 1899 membership (joining a club, and not ‘investing’ into anything) was explicitly sold by the club, having been advertised on the club website and sold via the club commercial department. It clearly doesn’t represent investment into SUFC (1899) Ltd., as membership only provides the opportunity to buy into SUFC (1899].
The fact that the previous chairman was chairman at the time doesn’t give him personal liability for the transaction under company law (which provides limited liability for shareholders), though he could potentially be found to have been in breach of his fiduciary duties as a director towards shareholders by not acting in the best interests of shareholders in introducing the scheme.
Until this is proven, I can’t see how he is personally liable, nor why 1899/100 club members would need to be in contact with anyone other than the club. The club’s actions in reaching out to those members suggests this is the case, and also that the club will be trying to negotiate its way out of the liabilities they have been left with by the promises made under the membership scheme.
The only people in a direct relationship with the former chairman under this scheme would be any (if there are any) who paid their optional £1 to invest into SUFC (1899) Ltd., and with limited liability they’re not going to be sustaining a substantial loss given the share purchase price.