' CARDIFF CITY IN NEW HIGH COURT BATTLE '

Cardiff City in new High Court battle as former director launches legal case against Vincent Tan

Former Bluebirds Board member Michael Isaac is taking action against Vincent Tan / Cardiff City

By Brian Farmer (Press Association)


Thursday 4 JUN 2020S

Vincent Tan is facing fresh litigation

Cardiff City owner Vincent Tan is embroiled in a High Court row with a former director.

Michael Isaac has sued Tan, and Cardiff City Football Club (Holdings), and claims that his shareholding has been diluted.




A judge has been asked to consider a number of issues in the Isaac case, including whether Tan was responsible for "wrongly removing" him from his position as a director and whether a 2014 loan of £7.5 million was "falsely recorded" in financial records.

Tan says Isaac's claims should be struck out.

He says Isaac hopes to "air his grievances" regarding the running of the Championship club at a trial.

Detail of the dispute was outlined on Thursday when Judge Mark Mullen oversaw a preliminary, virtual, hearing.



Romie Tager QC, who was representing Tan, said Isaac claimed that he had been "unfairly prejudiced by a number of matters".

"(Mr Isaac) is a 1% shareholder who claims that he should be treated as an 11% shareholder, and that he has been unfairly prejudiced by a number of matters (including the dilution of his shareholding) which he contends represent the conduct of the majority shareholder, Mr Tan, whom he contends is a shadow director," said Mr Tager, in a written case outline.

"He seeks an order for the purchase of his shares by Mr Tan."

Mr Tager continued: "(Mr Tan) concluded that this was a case where the Court should strike out the petition before the parties are put to the trouble and expense of disclosure, preparing for a trial and the trial itself - at which (Mr Isaac) hopes to air his grievances regarding the running of the Cardiff City Football Club."

He said a number of issues had arisen, including: whether Tan "procured the dilution" of Isaac's shareholding; whether a March 2014 loan of £7.5 million, recorded as lent by Tormen Finance Inc, was "in fact advanced by Mr Tan" but "falsely recorded" in the club's financial records; whether Mr Tan was responsible for "wrongly removing" Isaac from his position as a director of the company; whether Tan "threatened" Isaac with "a Christmas message"; and whether Tan "procured the club" to issue and pursue a "vindictive claim" against Isaac.

A judge is due to oversee a further preliminary hearing in the near future.

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I have no idea who is in the right or wrong here, but Vinnie has deep pockets.

Also in Dalmans interview he also stated that whatever happens at the Sala appeal, it will not be over, so another court case on the way.

Also not suprising for him to state no agents have agreed to waive their fees for Sala .

I have no idea who is in the right or wrong here, but Vinnie has deep pockets.

Also in Dalmans interview he also stated that whatever happens at the Sala appeal, it will not be over, so another court case on the way.

Also not suprising for him to state no agents have agreed to waive their fees for Sala .

He miffed because tan converting loans to shares and cost him money because shares worth less? He says from 11% to 1% no doubt hes made a few bob from city like the others did..

He miffed because tan converting loans to shares and cost him money because shares worth less? He says from 11% to 1% no doubt hes made a few bob from city like the others did..

Correct and what about all the other shareholders who have seen their share holdings diluted? This has happened several times in the past I'm sure Sam Hamman was affected in the same way when the club was sold to PMG & others in 2006.

My memory is a bit shoddy but I think there was a shareholders meeting before Tan bought the club which voted to accept the terms. If that is true then Issac wouldn't seem to have much of a case.

He miffed because tan converting loans to shares and cost him money because shares worth less? He says from 11% to 1% no doubt hes made a few bob from city like the others did..

Correct and what about all the other shareholders who have seen their share holdings diluted? This has happened several times in the past I'm sure Sam Hamman was affected in the same way when the club was sold to PMG & others in 2006.

My memory is a bit shoddy but I think there was a shareholders meeting before Tan bought the club which voted to accept the terms. If that is true then Issac wouldn't seem to have much of a case.

Tony,

I have shares and mine have been shrunk 3 times under Vincent Tan, but that is what happens when the main shareholders do this in any company.

He miffed because tan converting loans to shares and cost him money because shares worth less? He says from 11% to 1% no doubt hes made a few bob from city like the others did..

Correct and what about all the other shareholders who have seen their share holdings diluted? This has happened several times in the past I'm sure Sam Hamman was affected in the same way when the club was sold to PMG & others in 2006.

My memory is a bit shoddy but I think there was a shareholders meeting before Tan bought the club which voted to accept the terms. If that is true then Issac wouldn't seem to have much of a case.

Tony,

I have shares and mine have been shrunk 3 times under Vincent Tan, but that is what happens when the main shareholders do this in any company.

That was always going to be on the cards with the shares once Tan had moved in.

I recall quite a few on here were going to buy shares when they heard about Tan taking us over. I always recall people buying shares in BT, I think it was BT, but they were advised not to as they will be able to buy them like 30% cheaper once the takeover was complete. I've never work it out why this happens.

Didn’t the late Tony Clemo to have a similar situation, all be it with another City owner, regarding shares, many years ago???

He miffed because tan converting loans to shares and cost him money because shares worth less? He says from 11% to 1% no doubt hes made a few bob from city like the others did..

Correct and what about all the other shareholders who have seen their share holdings diluted? This has happened several times in the past I'm sure Sam Hamman was affected in the same way when the club was sold to PMG & others in 2006.

My memory is a bit shoddy but I think there was a shareholders meeting before Tan bought the club which voted to accept the terms. If that is true then Issac wouldn't seem to have much of a case.

Tony,

I have shares and mine have been shrunk 3 times under Vincent Tan, but that is what happens when the main shareholders do this in any company.

Agree Its general practice when new investors come in ,I really can't see how he thinks he will win ,he either matches the investment at the time and buys new shares or gets diluted,also Isaacs was charging the club 20% on his loans to the club he done alright over the years off City, Borley and the rest sold there shares to tan issacs held on to his that was his choice

Tan threatened Isaac with a Christmas message.,..

Tan threatened Isaac with a Christmas message.,..

pop

Either “Peace on earth, And good Will to all men, or merry Christmas, you filthy animal “...

Tan threatened Isaac with a Christmas message.,..

pop

Either “Peace on earth, And good Will to all men, or merry Christmas, you filthy animal “...