Camel 31
Years ago
On Monday - Groves v Bank court case will decide ownership. Sixers have long term leases with Groves and happy with that arrangement if Groves retains ownership. But IF the bank wins ownership they would buy it.
"But IF the bank wins ownership they would buy it"
Source?
Gazza
Years ago
Actually, I believe Ben's quote says they'd "look" at buying it.... Big different between investigating if it's feasible, and flat out saying they'll take it.
Camel 31
Years ago
The bank will have to successfully argue that they own it, first.
While Groves has stated - that it's owned by a member of his family and that repayments have not been late.
joshuapending
Years ago
Wonder where the cash would come from, as much as i like the idea of them holding the facility i would hate to see them overstretch themselves financially. A stable club and separate facility owner is better than 1 entity juggling bills.
"Wonder where the cash would come from"
They could use the money they're not spending on the team?
Jack Toft
Years ago
Loan defaults and debt collections are always tricky.
Repossessions get down to whose name is on the title and whether and how the asset was a secured asset in the first place. Transfer of title occurs once payment has been received in full.
The things to look for are:
* Name on title: Individual, partnership, trust, or company?
* Loan contract: Who name was the loan in, does it match the title, was the loan part of a much larger loan, what was the asset that was used to secured the loan.
A title search would confirm the title name, but only the bank and client would know the contract details. Without knowing the details, the bank would have the asset listed as collateral on some document or else it would not be chasing.
Conveyancing documents from the purchase would show whose name the asset is in and whether the asset is used as collateral.
Sounds like it will be a nasty one and could drag
thedoctor
Years ago
From what I understand it isn't the standard mortgage in favour of the bank in exchange for purchase funds, rather a line of credit secured by the Dome. The disagreement is in relation to when the line of credit, which eddy drew down on to meet refinancing of his other debts, is due to be repaid.
A simple title search (this information is on the public record and can be looked up by almost anyone familiar with the Land Titles Office) shows that the title is in the name of E Groves and that there is no listed mortgage on the property.
Jack Toft
Years ago
If that is the case, it may make it difficult for the bank to seize that asset
No listed mortgage, but as covered off in other threads, two caveats. One to C/wealth bank, to secure a line of credit Eddie took out, and one to Eddies bro in law, for payment of all of the "renovations" that were undertaken at the dome. The timing of the lodgments has the commonwealth caveat lodged first, however the work undertaken for the renovation caveat occurred first, and therefore takes precedence. At least, that's my understanding of one side of the story...
anon
Years ago
The place will be sold. CBA have already stated that. Eddy signed guarantees with the bank so as long as he owes the CBA money they can take any assett they like from him particulary if it is freehold. The caveat is easy for CBA to get around. 6ers should start looking for a new home unles SOS can come up with the money. Believe a deal already done with our religous friends.
Camel 31
Years ago
Groves will argue the bank has no claim and seeks costs and damages as the dispute has lowered its value and made it difficult to secure tennants.
The bank seeks $5million plus costs.
AND a COPY of the title for the property !!
Gazza
Years ago
Anon 756... my word is the religous friends you speak of are not interested.
Plus, the existence of a lease means that the 6ers would be safe, regardless of the owner.
It'll come out tomorrow hopefully, barring any further courtroom delays.
Camel 31
Years ago
While only yesterday, a stranger asked, 'How do you get to Brett Maher Court?' I replied, " Practice. "
But it made me wonder who owns it - whether any progression from court case, last Monday.
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