Possible news?

[Lwasp]

Of course Wonky that's correct, wouldn't suggest Derek should have known everything about everything, but I also find it hard to accept having admitted you know nothing about something you just go all-in on a say so. Lawyer liability insurance has already been mentioned on here, sometimes insurance has the effect of encouraging a no-risk, free option mentality.

Like I said the only way we get details is if it doesn't settle out of court. If it does Derek gets some money back and Wasps is still screwed. Good for him, no better for us.

[WonkyWasp]

It's so complicated, isn't it.  So many ifs and maybes.  Completely understand what you mean, but some ''experts'' are expert at misleading other people, especially if they can present a good case and trouser a fair whack from it.

[westwaleswasp]

So what happened to the money invested in Malta?

Ooh. Super point.

[westwaleswasp]

I, for one, would be disappointed for out of court settlements.
Regarding Derek, at the end of all this I hope he can come out and say in full what happened.
He owes me no apology. People who lost their jobs might say otherwise. They might have a point, too, but until it comes out in full nobody can say if they do.

[WonkyWasp]

Plus 1.

[InBetweenWasp]

So what happened to the money invested in Malta?

Ooh. Super point.

I don't think it was about hard pounds and pence sat in a Maltese account.  More so, that ownership of the companies involved was moved out of there to reduce tax liabilities. 

[Vespula Vulgaris]

I believe Derek's personal losses amount to 8 figures. 

[WonkyWasp]

Ouch.  Expected, but ouch all the same.

[InBetweenWasp]

I believe Derek's personal losses amount to 8 figures.

From cash he injected into the Club, but couldn't get back due to going into Administration + 'fees' mentioned in the articles?

[andermt]

I assume the purpose of these legal proceedings is for Derek to recover that 8 figure sum.

I'd like to understand what the claim is actually against and what any winning funds would be used for, as looking at the reports this is Derek vs the legal advisors, not Wasps vs the legal advisors, and it's for a sum of 100M+, whilst the reports state that Derek had loaned 20M to the club, so is Dereks claim actually 20M plus the 2M, plus it seems future profits from the new Hotel, and therefore remaining 80M-ish (taking a win as the scenario) goes where, the creditors, back to Wasps??? From the report the assumption of that 100M claim is around 67M against the value of Wasps, if he were to win the whole amount does that 67M go to Derek to do what he wants with, which I can only assume wouldn't involve Wasps, or am I being to cynical?

Or, being even more cynical, is the 100M+ an opening salvo in the negotiation tactics to allow Derek to recover his 22M+?

[St Bruno]

andermt,
The 100 million is DR's estimate of his total loss. I imagine it includes not only the ?20 million but also his valuation of the Wasps Holdings shares, probably at the date he lost control of them.
Whatever winnings there may be, if any, would go to DR - as you say, to do with as he pleases.

[westwaleswasp]

Don't suppose he fancies investing in a new rugby venture in Kent....

[St Bruno]

Who knows?

He was very committed to Wasps from the very start - in fact well before then. I offered him my DVDs of the Gatland years when I met him at Adams Park but he said he'd already got copies!
His mate, Bill, was also similarly committed to us.

[DanJester]

Malta does not recognise UK insolvency laws, I think. I found this out during the pandemic when our wedding venue owner did a runner with all the money, folded his hotel business, then sold the property to a new one he'd incorporated in Malta, for a few hundred quid.

[andermt]

andermt,
The 100 million is DR's estimate of his total loss. I imagine it includes not only the ?20 million but also his valuation of the Wasps Holdings shares, probably at the date he lost control of them.
Whatever winnings there may be, if any, would go to DR - as you say, to do with as he pleases.

I get it's an estimate, but with the Bond plus other loans, not all that 100M is actually a loss for Derek.

So my question, and I'm probably looking at it in a very overly simplified way, was around what happens to any monies won against, for example, the value of the club, a value that had loans/bond held against it. So if the club value was 57M and the Bond was worth 35M, shouldn't 35M be returned to the bondholders, not Derek? (I'm not a bondholder btw)