The Repo men? - josimarfootball.com
The two main creditors of 777 Partners in Belgium are asking for the seizure of all assets held by the US investment fund in the country after it failed to respect payment deadlines.
josimarfootball.com
In short, 777 portfolio of investments and pool of investors/lenders seem to be falling apart at an ever accelerating rate.
,,,,,,,, the affair has now been escalated by 777’s two main creditors, who are seeking a seizure of the assets owned by the US investment fund in the country – in which official papers seen by Josimar make it clear that any such disputes must be settled. Two complaints were filed on Monday 6 May, one by Venanzi, the other by the shareholders of the Immobilière. These assets include the shares ceded by Venanzi in 2022 as well as the stadium itself. In other words, the claimants are seeking a complete repossession of the assets they sold to 777 Partners (*).
The sums involved may seem negligible – an estimated 8 million euro in total if other, lesser creditors are taken into account – in view of 777’s claims that they manage a portfolio worth up to 10 billion US dollars, and have managed to find close to 200 million pounds sterling to prop up Everton FC in the hope that their proposed takeover, on which they shook hands with owner Farhad Moshiri in September of last year, is finally rubber-stamped by the Premier League.
The money seems to have dried up almost completely, now that long-time backer Kenneth King, the owner of the A-CAP group of companies, announced in February that he would be ‘disinvesting’ from 777-controlled entities. Since this announcement, made in an online seminar, a subsidiary of A-CAP, AIP Capital, has repossessed a fleet of 30 Boeing 737 Max-8 previously on 777 Partners’ books and operated by their Australian aviation venture Bonza. The ultra-low cost airline has collapsed as a result, grounding its own fleet, laying off hundreds of employees without pay, and entering into voluntary administration.
What will worry Wander and his associates is the speed at which the affair will be examined by Belgian justice, which could take as little as ten days to deliver a verdict. Should Venanzi and the Immobilière prove their point, 777 Partners risk losing a club they had vowed to bring back into Europe and has only just escaped relegation in the worst-ever season in their 125 year history. The impact this would have on the rest of their football empire could not be underestimated, with Genoa CFC, in particular, said to experience late payment issues similar to those which have afflicted Standard for well over a year.
