SISU v Leeds' prospective new owner... (1 Viewer)

Godiva · Feb 4, 2014

The Gentleman said:
Exactly, Seppela the Nun breezed through it............I'd better get off to work now!

Did she though?
I am not trying to be smart, but she doesn't own the club and she is not registred as a director.

The Gentleman · Feb 4, 2014

Godiva said:
Did she though?
I am not trying to be smart, but she doesn't own the club and she is not registred as a director.

Your parting must be from ear to ear for the things that go over your head. So serious this early in the morning is not good for ones health.

justvisiting · Feb 4, 2014

@richh87 said:
I feel we may have gone a little off track...

...we were all agreeing that this Italian geezer still isn't as bad as "we'll liquidate the club" SISU

Cellino's a nutcase to be sure, and the way in which he changed his tune regarding McDermott suggests he's no stranger to stretching the truth. Don't think there's a single person in Leeds wants him to own the club. Having said that, I don't think he's buying the club to sell for a fast buck. He genuinely seems to be a football man, albeit a fruitcake megalomaniac. If you offered a hedge fund the choice between selling a Premiership club for £30million or a Conference club for £31million they'd pick the second every time.

Funnily enough, thanks to the farce of the last few days, two competing consortia have got together to table a higher combined bid which makes you wonder whether it was all a ploy by the current owners to get more money all along. Got to hand it to them if it is!

Astute · Feb 4, 2014

Godiva said:
Did she though?
I am not trying to be smart, but she doesn't own the club and she is not registred as a director.

Executive Profile

Joy Victoria Seppala

Founder, Chief Executive Officer, and Director, Sisu Capital Limited

Age	Total Calculated Compensation	This person is connected to 3 Board Members in 3 different organizations across 1 different industries. See Board Relationships
49	--

Background

Ms. Joy Victoria Seppala founded Sisu Capital Limited in 1998 and serves as its Chief Executive Officer. Ms. Seppala serves as a Manager at Huntsman Advanced Materials LLC. From 1995 to 1998, she served as Worldwide Head of the Special Situations Investment Group at Paribas Corporation in London. She joined Paribas Corporation as its Vice President in 1992. She worked for a number of years in the mergers and acquisitions departments of Kidder Peabody & Co. Incorporated, ...Read Full Background

Corporate Headquarters

11-12 Hanover Street
London, Greater London W1S 1YQ

United Kingdom

Phone: 44 20 7290 5450
Fax: 44 20 7493 0471Board Members Memberships

Manager
Huntsman Advanced Materials LLC
Founder, Chief Executive Officer, and Director
Sisu Capital Limited

So Founder and Chief Executive Officer as well as Director.

Captain Dart · Feb 4, 2014

Godiva said:
Did she though?
I am not trying to be smart, but she doesn't own the club and she is not registred as a director.

Ownership of the club is a closely guarded secret, I find that state of affairs unsatisfactory.

And before anyone implies I've no idea about the nature of ownership I am aware that the funds owning the club have a number of 'investors', ranging from wealthy individuals to pension funds. I've no clear understanding how many individuals/organisations that is, but if I had to guess I would say that 90% of it is owned by a dozen individuals/organisations or less.

Bill Glazier · Feb 4, 2014

Can we find out which pension funds are invested with Sisu? They don't like bad publicity.

Godiva · Feb 4, 2014

Godiva said:
Did she though?
I am not trying to be smart, but she doesn't own the club and she is not registred as a director.

Astute said:
Executive Profile

Joy Victoria Seppala

Founder, Chief Executive Officer, and Director, Sisu Capital Limited

Age Total Calculated Compensation This person is connected to 3 Board Members in 3 different organizations across 1 different industries.

See Board Relationships
49 --

Background

Ms. Joy Victoria Seppala founded Sisu Capital Limited in 1998 and serves as its Chief Executive Officer. Ms. Seppala serves as a Manager at Huntsman Advanced Materials LLC. From 1995 to 1998, she served as Worldwide Head of the Special Situations Investment Group at Paribas Corporation in London. She joined Paribas Corporation as its Vice President in 1992. She worked for a number of years in the mergers and acquisitions departments of Kidder Peabody & Co. Incorporated, ...Read Full Background

Corporate Headquarters

11-12 Hanover Street
London, Greater London W1S 1YQ

United Kingdom

Phone: 44 20 7290 5450
Fax: 44 20 7493 0471Board Members Memberships

Manager
Huntsman Advanced Materials LLC
Founder, Chief Executive Officer, and Director
Sisu Capital Limited

So Founder and Chief Executive Officer as well as Director.

But not director of the club.
Sisu do not own the club - their investors do. Or have that changed?

Astute · Feb 4, 2014

Bill Glazier said:
Can we find out which pension funds are invested with Sisu? They don't like bad publicity.

Not sure about our club but Aviva have invested with SISU in the past.

Astute · Feb 4, 2014

And your point is Godiva?

Godiva · Feb 4, 2014

Astute said:
And your point is Godiva?

Sorry - added now.

Astute · Feb 4, 2014

Godiva said:
But not director of the club.
Sisu do not own the club - their investors do. Or have that changed?

You know I have always said that SISU don't own our club but their investors do. This is why SISU charge our club 2.5m a year in management fees.

So who is the director of the club? Who gives all the orders? Who makes the decisions? When each rent offer was put in who did Timothy have to talk to?

Yes Joy. Joy is the director of SISU. Our club is run by SISU. She even said herself once that she has taken over the decisions on the running of our club.

Godiva · Feb 4, 2014

Astute said:
You know I have always said that SISU don't own our club but their investors do. This is why SISU charge our club 2.5m a year in management fees.

So who is the director of the club? Who gives all the orders? Who makes the decisions? When each rent offer was put in who did Timothy have to talk to?

Yes Joy. Joy is the director of SISU. Our club is run by SISU. She even said herself once that she has taken over the decisions on the running of our club.

But if she isn't registered as a director I don't believe she has faced the 'owners and directors fit & proper test'. We went over this a few years ago. I don't think anything has changed.

Astute · Feb 4, 2014

Godiva said:
But if she isn't registered as a director I don't believe she has faced the 'owners and directors fit & proper test'. We went over this a few years ago. I don't think anything has changed.

I think she will have as she was Director of the company taking over our club at the time it happened. And how could anyone be director of the club until they have taken it over? :thinking about:

John_Silletts_Nose · Feb 4, 2014

Joy stated in her Coventry Telegraph interview that, “I shepherd other people’s money"

The owners were revealed to the FL and they said that they could not reveal who they were but were confident that they could fund the club.

The interview also stated that, "She said investors included wealthy families and financial institutions, including pension funds."

There was speculation in the past that the University of Pennsylvania Endowment Fund is involved with SISU. There are also numerous links with the Florence/Seppala connection.
The endowment fund is run by Peter Ammon who took over the role in summer 2013, the private equity fund investments is managed by Christopher Ip, (note that SISU Capital are a private equity fund investment).
This fund is looking to make more investments in private equity to increases returns, similar to the Yale Endowment fund, so negative SISU publicity would not be welcome if SISU wanted investment.

There are close connections with the Huntsman family so could they also one of the main SISU investors?

Astute · Feb 4, 2014

Joy is a manager for Huntsman Advanced Materials LLC

John_Silletts_Nose · Feb 4, 2014

Astute said:
Joy is a manager for Huntsman Advanced Materials LLC

Not anymore, that finished in 2007. There is an SEC filing which details the sale.

Also, the Huntsman family are involved with the University of Pennsylvania, named as a trustee of the endowment fund.

Godiva · Feb 4, 2014

Astute said:
Joy is a manager for Huntsman Advanced Materials LLC

But is she a director of the club?
In addition, any shareholder with less than 10% (or is it 5%?) shares is not required to reveal his/hers identity. If sisu do not have an equity position above the limit they are not required to tell and so not required to pass the owners Fit & Poper test.

Astute · Feb 4, 2014

Godiva said:
But is she a director of the club?
In addition, any shareholder with less than 10% (or is it 5%?) shares is not required to reveal his/hers identity. If sisu do not have an equity position above the limit they are not required to tell and so not required to pass the owners Fit & Poper test.

You are not a director at the time you pass the stupid FL test. You can become a director if you pass it. The test was made for people buying clubs to try and stop them from getting into the wrong hands. Any potential purchaser has to go through the test. SISU had to go through the test. So IMHO as Joy is and always has been the director of SISU she would have had to taken the fit and proper test.

You are right when you said that you need to own 10% or more before you have to reveal that you have an interest in a club. And you are only allowed an interest in one club. This is different to being in charge of whoever or whatever takes over a club though.

Godiva · Feb 4, 2014

Astute said:
You are not a director at the time you pass the stupid FL test. You can become a director if you pass it. The test was made for people buying clubs to try and stop them from getting into the wrong hands. Any potential purchaser has to go through the test. SISU had to go through the test. So IMHO as Joy is and always has been the director of SISU she would have had to taken the fit and proper test.

You are right when you said that you need to own 10% or more before you have to reveal that you have an interest in a club. And you are only allowed an interest in one club. This is different to being in charge of whoever or whatever takes over a club though.

I don't think she has taken the test and I don't think she was ever required to.
Ranson took the test. Dulieu and Fisher too. Probably even Hoffman and Igwe. Waggott maybe?
But I don't think JS has, but she would likely pass.
Sisu don't own the club!

duffer · Feb 4, 2014

Godiva said:
But is she a director of the club?
In addition, any shareholder with less than 10% (or is it 5%?) shares is not required to reveal his/hers identity. If sisu do not have an equity position above the limit they are not required to tell and so not required to pass the owners Fit & Poper test.

She's almost certainly, and by her own and Fisher's admission, a 'shadow director'.

I can't see any reason why she'd fail the 'Fit & Proper' test as it stands, especially as it's laughably weak and self-certifying. However, if CCFC were to go into admin again (which isn't beyond the bounds of possiblility), then I think she and SISU might find it hard to remain involved under this FL rule:

Someone is disqualified (as a fit and proper person) if:
" They have been a director of a football club which has suffered two insolvency events past June 2004 or separate football clubs which have each suffered an insolvency event past June 2004"

http://www.football-league.co.uk/staticFiles/0/8c/0,,10794~166912,00.pdf

Again though, this presumes that the self-serving, cowardly, spineless cretins in charge of the FL actually grew a pair rather than hiding behind "discretion" and obsfucation. I don't have much hope of that happening.

italiahorse · Apr 8, 2014

Probably already seen but ....

http://footylaw.co.uk/2013/06/19/wi...w-owners-fail-the-fit-and-proper-person-test/#

Grendel · Apr 8, 2014

italiahorse said:
Probably already seen but ....

http://footylaw.co.uk/2013/06/19/wi...w-owners-fail-the-fit-and-proper-person-test/#

You are aware he's now buying Leeds I assume?

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