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Old 6th June 2019, 09.25:09   #31-0 (permalink)
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Default Re: Bryn Law puts forward 'Gate Approval Process' changes and NDA changes

Also with the two boards being more leaky than a sieve you can understand why the NDA is truly off-putting to anyone with a brain cell.
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Old 6th June 2019, 09.25:36   #32-0 (permalink)
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Default Re: Bryn Law puts forward 'Gate Approval Process' changes and NDA changes

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Originally Posted by bartonbank View Post
Why shouldn't we look back to what happened? You learn from history.
That's not what I said, is it.
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Old 6th June 2019, 09.26:16   #33-0 (permalink)
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Default Re: Bryn Law puts forward 'Gate Approval Process' changes and NDA changes

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Originally Posted by Phils-an-alki View Post
"Furthermore, the fact the potential investor must then make a 5k payment to facilitate a second meeting and provide a business plan and proof of funding, but the Society board still has the right to end the process at this stage without disclosing the detail to the membership is unlikely to encourage credible investors to pursue the process to
this stage. There are good and bad investors out there, my contention is that whilst this process is rightly designed to discourage those whose intentions could be harmful, it’s actually too restrictive and is actually discouraging even those with positive intentions."


There it is.
Few things come to mind.
An NDA for £2k is peanuts even for a chancer. £50k might be too high for some genuine "investors"
£20k seems a fair figure but it's not going to change at this meeting.
A groundswell of opinion might encourage the board to rethink the basic terms of this part of the process.
The fact that the club can stop the process without disclosing the details to the membership, suggests that the NDA is a 2 way thing. Whether the penalty works both ways is debatable.
It doesn't prevent the club from informing the membership that there had been an approach.
Secondly. £5k is not to set up a second meeting, it's to protect the club from the cost of due diligence. A £5k deposit to carry out due diligence is not an onerous figure and is a realistic amount for employing the accountants etc to fully investigate the proposals and the proposer.
Finally. If Bryn's contact was serious about "investing" and had been put off by the terms, it would not have been unreasonable for them to have gone public about their offer.
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Old 6th June 2019, 09.26:51   #34-0 (permalink)
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Default Re: Bryn Law puts forward 'Gate Approval Process' changes and NDA changes

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Originally Posted by Rob View Post
A simple disclosure would help, every year a simple "X entities enquired about entering the Gate Approval Process, Y entered it and Z completed it"

Reasons for failure were.... then some default lines eg. no proof of funds, directors were a bunch of crooks, euromillions winner wanted the club for £1m its worth more, they loved rockin robin too much etc etc.

Personally I think the above would knock a fair few issues on the head.
This seems a good compromise. I am not entirely satisfied by the current process but equally I'm not convinced of Bryn's resolutions are workable or get to the heart of the issues.
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Old 6th June 2019, 09.29:12   #35-0 (permalink)
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Default Re: Bryn Law puts forward 'Gate Approval Process' changes and NDA changes

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Originally Posted by bartonbank View Post
Why shouldn't we look back to what happened? You learn from history.
Well you should but that doesn’t apply here. We rinse and repeat.

We don’t even know what Bryan Law is proposing. That is madness of the highest level.
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Old 6th June 2019, 09.29:59   #36-0 (permalink)
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Default Re: Bryn Law puts forward 'Gate Approval Process' changes and NDA changes

No point whatsoever in having a 2k penalty in a NDA. Anyone with bad intents is hardly going to be put off by that. There has to be a serious fine for using our sensitive information against us. Maybe 50k is too high but 2k would make an essential NDA an irrelevance.
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Old 6th June 2019, 09.32:19   #37-0 (permalink)
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Default Re: Bryn Law puts forward 'Gate Approval Process' changes and NDA changes

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Originally Posted by tokyored View Post
No point whatsoever in having a 2k penalty in a NDA. Anyone with bad intents is hardly going to be put off by that. There has to be a serious fine for using our sensitive information against us. Maybe 50k is too high but 2k would make an essential NDA an irrelevance.
It should also work both ways, especially seeing as the two boards (WST and Club) can't even sort their own house out in respect of leaking information etc. And they can't even come clean about that. The hypocrisy is truly staggering.
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Old 6th June 2019, 09.34:38   #38-0 (permalink)
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Default Re: Bryn Law puts forward 'Gate Approval Process' changes and NDA changes

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Originally Posted by Quay Red View Post
Few things come to mind.
An NDA for £2k is peanuts even for a chancer. £50k might be too high for some genuine "investors"
£20k seems a fair figure but it's not going to change at this meeting.
A groundswell of opinion might encourage the board to rethink the basic terms of this part of the process.
The fact that the club can stop the process without disclosing the details to the membership, suggests that the NDA is a 2 way thing. Whether the penalty works both ways is debatable.
It doesn't prevent the club from informing the membership that there had been an approach.
Secondly. £5k is not to set up a second meeting, it's to protect the club from the cost of due diligence. A £5k deposit to carry out due diligence is not an onerous figure and is a realistic amount for employing the accountants etc to fully investigate the proposals and the proposer.
Finally. If Bryn's contact was serious about "investing" and had been put off by the terms, it would not have been unreasonable for them to have gone public about their offer.
If Moss was the seller and the trust the buyer would the members think that £50k was a reasonable figure?..
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Old 6th June 2019, 09.34:52   #39-0 (permalink)
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Default Re: Bryn Law puts forward 'Gate Approval Process' changes and NDA changes

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Originally Posted by Bagger Vance View Post
One sided legal opinion but lawyers are generally paid to advise on protecting the interests of the instructing party so no surprise. You cannot fairly expect the other party not to have reciprocity. Yes the club may disclose information of a sensitive nature but its most certain when you ask for proof of funds that the other party will as well.

At the moment the way its structured any of the board or the board in its entirety may disclose the financial details of an interested party without penalty, that's just not right. NDA's must be fair and reciprocal. Otherwise rightly they may be deemed as a gate keeping procedure ensuring no right minded entity whether individual or corporate would sign it so therefore not proceed.
I'm no legal expert and cannot understand why the lack of NDA reciprocity presents a deterrent to possible investment. Surely any potential investor has the opportunity to include their own NDA clause in the presentation of their funding/ investment proposals which can be waived at the time the proposal goes to the membership in accordance with the Gate Approval Process. Therefore why the need or desire for reciprocity on the part of the WST?
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Old 6th June 2019, 09.37:40   #40-0 (permalink)
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Default Re: Bryn Law puts forward 'Gate Approval Process' changes and NDA changes

Quote:
Originally Posted by Bagger Vance View Post
One sided legal opinion but lawyers are generally paid to advise on protecting the interests of the instructing party so no surprise. You cannot fairly expect the other party not to have reciprocity. Yes the club may disclose information of a sensitive nature but its most certain when you ask for proof of funds that the other party will as well.

At the moment the way its structured any of the board or the board in its entirety may disclose the financial details of an interested party without penalty, that's just not right. NDA's must be fair and reciprocal. Otherwise rightly they may be deemed as a gate keeping procedure ensuring no right minded entity whether individual or corporate would sign it so therefore not proceed.


How are the board able to present a proposal to the membership without disclosing the terms of a potential agreement if the club is bound by an NDA.
Without that information, the membership themselves would rightly turn down the proposal, unless there is absolute trust in the board.
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