Manly in hot pooh

 
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BearsFanDave
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PostPosted: Mon May 16, 2016 9:39 am    Post subject: Manly in hot pooh Reply with quote

ASIC is taking Manly to court. Apparently they signed a deal with their major sponsor after being told by ASIC, not to. Not only may the contract be invalid and they have to pay it back, some of the directors may be in trouble for defying ASICS orders.

Hearing that, as well as the 23-22 win by the bears on the weekend, just added icing to the cake.

Look for stuff in the papers later this week.
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BearsFanDave
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PostPosted: Thu Jun 16, 2016 4:05 pm    Post subject: Reply with quote

Saw it on the news the other night, with the news report making it sound like manly were being hard done by. They are so full of shite.
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BLOB
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PostPosted: Wed Jul 20, 2016 8:51 am    Post subject: Reply with quote

Peter Peters will lead them to safety. He is a bankruptcy expert.
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BearsFanDave
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PostPosted: Wed Aug 03, 2016 4:50 pm    Post subject: Reply with quote

http://www.smh.com.au/rugby-league/manly-sea-eagles/manly-sea-eagles-face-28-million-deficit-after-losing-coco-joy-court-case-20160803-gqk3i9.html

Manly are facing the prospect of a $2.8 million sponsorship black hole after losing their initial court case with major backer Coco Joy.

The Sea Eagles were of the belief they had entered into a binding $3.6 million contract with the coconut water brand and were seeking the winding up of the company if it failed to pay the $302,500 it claimed was due and payable on February 20. However, the statutory demand served on parent company FAL Healthy Beverages was set aside in the Supreme Court on Wednesday, with the Sea Eagles ordered to pay FAL's costs.

"We welcome the court's decision and are pleased this matter has now concluded," said a spokesperson for FAL Healthy Beverages.

It's understood that FAL has only paid about $400,000 of sponsorship monies, plus GST, thus far and that ruling will effectively preclude the Sea Eagles from chasing the $550,000 said to be outstanding for the remainder of the 2016 season, as the ruling sets a precedent for the claiming of future instalment claims.

The NRL club plans to launch fresh Supreme Court proceedings for breach of contract in an another attempt to recoup the money. But given that process would likely take a minimum of 18 months, and probably cost a six-figure sum, it remains to be seen whether the club attempts to find a new sponsor.

The club said in a statement: "Despite failing to get the judgement the Manly Sea Eagles believe strongly that the club has a fully enforceable three-year contract with FAL through its product Coco Joy.
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"The statutory demand process was potentially a way of short circuiting an otherwise lengthy and arduous court process. This was simply the first step in our attempt to get FAL to honour their contract," said Manly CEO Joe Kelly.

"We were hopeful of avoiding a lengthy litigation process but we remain fully committed to enforcing our rights.

"The Sea Eagles remain supremely confident of a positive outcome in the pending full Supreme Court hearing which will now follow."

The deal between Coco Joy and the Sea Eagles was one of the most lucrative of such commercial arrangements in rugby league. The contract between the parties was for three years, with a fourth-year option providing first and last rights of refusal. However, if Manly are unable to recoup any money they will need to look for an alternate backer to help fill the $2.8 million void.

To date, the Sea Eagles have ignored FAL's request to remove its brand from jerseys in the belief it should uphold its end of the contract. However, Manly sported the logo of another sponsor, URM, on their jerseys as part of a special retro round promotion but will wear the Coco Joy jerseys for Friday night's clash with arch rivals Parramatta.

The case boiled down to whether FAL's Tim Xenos acted without the permission of the company in executing the deal and whether Manly would reasonably suspect that this was the case.

The evidence showed that as of July 28 2015 - about two months before the agreement was entered into - that "Manly were informed by ASIC officers that an investigation into suspected statutory contravention by Xenos … was ongoing."
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PostPosted: Wed Aug 03, 2016 7:06 pm    Post subject: Reply with quote

Manly-Warringah Sea Eagles Statement On Major Sponsor
August 3 2016 3:09PM

The contractual dispute between the Manly Sea Eagles and major sponsor FAL Healthy beverages will now require a full hearing in the Supreme Court.

This is the result of a judgment handed down today in the Supreme Court after Manly had sought to accelerate the process by issuing a statutory demand.

Despite failing to get the judgement the Manly Sea Eagles believe strongly that the Club has a fully enforceable three year contract with FAL through its product Coco Joy.

"The statutory demand process was potentially a way of short circuiting an otherwise lengthy and arduous court process. This was simply the first step in our attempt to get FAL to honour their contract," said Manly CEO Joe Kelly.

"We were hopeful of avoiding a lengthy litigation process but we remain fully committed to enforcing our rights.

"The Sea Eagles remain supremely confident of a positive outcome in the pending full Supreme Court hearing which will now follow."

Manly will wear the Coco Joy jersey in Friday's NRL clash with Parramatta which will be telecast live and free to a huge audience.
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BearsFanDave
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PostPosted: Thu Aug 04, 2016 5:39 pm    Post subject: Reply with quote

The hearing was so open and shut, that the court ordered Manly to pay FAL's costs. Manly ignored ASIC. ASIC said any contract would be void because of the investigation.
No hope whatsoever to win, yet they keep sending the lawyers. Retarded.
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djmac
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PostPosted: Fri Aug 05, 2016 6:54 pm    Post subject: Reply with quote

It might be too early to start sharpening the knives, but wasn't it part of the dissolution contract that if Manly folded, Bears got their license? Or did I dream that?
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Fintan O'Laighin
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PostPosted: Fri Aug 05, 2016 9:59 pm    Post subject: Reply with quote

djmac wrote:
It might be too early to start sharpening the knives, but wasn't it part of the dissolution contract that if Manly folded, Bears got their license? Or did I dream that?

I think the agreement was that if the Northern Eagles folded, the NRL licence would go to Manly. Manly was able to get that provision because North Sydney was in administration, whereas Manly wasn't.
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PostPosted: Fri Aug 05, 2016 10:21 pm    Post subject: Reply with quote

Fintan O'Laighin wrote:
djmac wrote:
It might be too early to start sharpening the knives, but wasn't it part of the dissolution contract that if Manly folded, Bears got their license? Or did I dream that?

I think the agreement was that if the Northern Eagles folded, the NRL licence would go to Manly. Manly was able to get that provision because North Sydney was in administration, whereas Manly wasn't.


Yeah, I remember that for sure. I just have a vague recollection that it eventually reverting to the Bears in the case that Manly fold was also part of the dissolution deal. Probably just wishful thinking.
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