Further legal advice about Deakin and Miller action to be taken

In their latest update to shareholders, administrators of the former Port Vale regime, Begsbie Traynor, say they are approaching new solicitors to discuss action against Perry Deakin and Peter Miller.

Bob Young and Steve Currie are the joint liquidators in charge of Port Vale (Valiant 2001) Football Club Limited and issued a report to update shareholders – which include many Vale fans who purchased shares in the club.

One of the main greivances of shareholders was the actions of former board members Perry Deakin and Peter Miller who both acquired £350,000 of shares without paying for them. In January 2013, after the company had been liquidated it was announced that there was the possibility of beginning bankruptcy proceedings against Deakin and Miller. The action would be in light of neither person apparently making any effort to pay for their ‘nil-paid’ shares.

Sadly, any action against the Deakin and Miller still looks very unlikely – as one firm of solicitors has already advised the group that they do not believe it would be “commercial” to “pursue a claim.”

However, the report does state that after the initial firm of solicitors said a successful claim was unlikely that “we have therefore held meetings with a different firm of solicitors who have carried out an initial review of the records available and are willing to act on a contingent basis in relation to their costs in respect of potential actions against directors and former directors.”

The report adds: “Furthermore the new firm of solicitors has called a meeting with their Counsel in order to seek their opinion on the likelihood of any successful claims against any of the parties. This meeting will take place in late September 2016. We shall update creditors in our next report.”

So while any action does still appear unlikely to succeed, aggrieved Vale shareholders can at least hold a slim hope that the new firm of solicitors will decide that a claim does have a chance of success.

More information:

MOLD - the board which nearly killed Port Vale

Peter Miller, Glenn Oliver, Mike Lloyd and Perry Deakin (the first letter of their surnames spelling “MOLD”) led the football club into administration after a number of highly controversial decisions notably Deakin and Miller’s ascent to the board despite not paying for their shares (the so-called “nil-paid shares” affair), failed financial link-ups with two US companies Ameriturf and Blue Sky International (their £8m deal was described as “pure fantasy” by the firm’s CEO), a secret remortgaging of Vale Park which broke the terms of the club’s loan agreement with Stoke-on-Trent council and being sued by former club sponsors Harlequin Properties.

On 9th March 2012, the club entered administration for the second tie in its history after HMRC issued a winding-up petition.

To date, Deakin and Miller have failed to pay for any of the shares they “purchased” in Port Vale football club. The Port Vale Supporters club are continuing legal efforts to reclaim the money from the pair and reimburse many Port Vale fans who, as shareholders, lost money when the pair illegally joined the Port Vale board and mismanaged the club.

 

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