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Offline Tallman

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Re: TTFA Debt Thread
« Reply #60 on: September 08, 2022, 12:02:22 PM »
Warner, Fenwick, Miller appeal decision to blank claims against TTFA
T&T Newsday


FORMER FIFA vice-president Jack Warner, ex-men’s national football coach Terry Fenwick and sports marketer Peter Miller have filed appeals in the High Court after their claims against the T&T Football Association (TTFA) were rejected by TTFA-appointed trustee Maria Dillon.

Dillon was appointed by the TTFA normalisation committee on November 8, 2021, to manage the local football body's bankruptcy process.

A TTFA press release on Wednesday said as a result, the court’s consideration of the TTFA repayment proposal filed under the Bankruptcy and Insolvency Act will be slightly delayed.

The TTFA said that "the court was asked for a short adjournment to consider filings” made by Warner, Fenwick and Miller.

“The Honourable Justice Devindra Rampersad sat virtually on Wednesday, September 7, 2022 to consider the application to approve the repayment proposal, filed by Maria Daniel, the trustee acting on behalf of the TTFA’s FIFA-appointed normalisation committee.”

The repayment proposal was unanimously approved by TTFA’s creditors on May 5 at a meeting chaired by the Supervisor of Insolvency.

“Attorneys Rekha Ramjit and Nera Narine, acting on behalf of Warner, have filed various applications challenging the trustee’s decision to disallow the claims of Warner and his various companies.”

Concerning Fenwick and Miller, the TTFA release said, “At 3 pm, on the day before the hearing, the trustee was notified of applications made by Kiev Chesney and Chelsea Chesney, representing Fenwick and Miller, who are now also appealing against determinations made by the trustee with respect to their claims.”

Kerwyn Garcia, instructed by Chrishaunda Baboolal, acting on behalf of the trustee, requested to have all matters related to the TTFA’s debt repayment brought before one judge to facilitate better case management and economy of time and effort. Garcia emphasised the need to have all matters determined expeditiously so that the TTFA could complete its restructuring exercise and proceed with the task of developing football in T&T, which is of national importance.

All parties agreed and the matter was adjourned to September 26.

Fenwick was hired on a two-year deal on January 1, 2020 and was paid US$17,500 per month with other bonuses. He was fired in June, 2021 after T&T failed to get past its first round of World Cup qualifying matches.

Miller was hired on January 1, 2020 as TTFA marketing director on a two-year contract. He was expected to earn US$25,000 per month. His contract also mentioned a US$30,410.95 payment for services “since on or about November 25, 2019.”
The Conquering Lion of Judah shall break every chain.

Offline royal

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Re: TTFA Debt Thread
« Reply #61 on: September 09, 2022, 02:25:13 AM »
An audit should be done to see how much money Jack Warner owes the TTFA. Monies were paid to him instead  the TTFA throughout his reign with the expectation the TTFA would receive it. To say the the TTFA owes him is beyond ridiculous.

Offline Tallman

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Re: TTFA Debt Thread
« Reply #62 on: December 21, 2022, 12:34:57 PM »
TTFA members sour Christmas for creditors
By Walter Alibey (T&T Guardian)


T&T Football Association (TTFA) creditors will not receive payment before Christmas Day as was initially planned, due to the recent Extraordinary General Meeting (EGM) called by the memberships on December 10.

At that meeting, a vote was approved for an election of a new executive and that meeting is to take place by March 18, 2023.

The meeting also agreed that the FIFA-appointed Normalisation Committee needs to wrap-up its mandate before the March deadline. However, those decisions have put a spoke in the wheel of the creditors who were to receive their payments by Christmas Day.

A release from Maria Daniel, Trustee in the Proposal of TTFA, appointed on November 8, 2021, said: “Pursuant to Section 44 of the Bankruptcy Insolvency Act, I do confirm that the Proposal was approved and passed in the High Court of Justice on September 28, 2022. While it would have been my greatest joy to commence payments to all approved Creditors before Christmas day, the recent developments raised at an emergency AGM held in early December (called by some of the members), has raised some concerns by the financier as it relates to the non-financial requirements and terms and conditions of the financing.”

She noted: “We would like to reiterate to the creditors, some of whom are members of the TTFA general assembly, that the proposal laid out to the creditors and the courts is a process and not simply a payment to settle the legacy debt of TTFA.”

“In addition to the settlement of the TTFA’s outstanding debt, the proposal requires that the TTFA’s governance be restructured and oversight strengthened so that the mismanagement that has happened in the past, would not recur. For reference, I draw your attention to section 1.7 of the Proposal: (a) The TTFA will implement the following to assist with managing general and administrative costs: ie. Establishing and implementing new procurement procedures for engaging suppliers. ii. Proper governance in the management and contracting of new coaches in line with the grants provided by FIFA, CONCACAF, government organisations, and other private institutions. iii. Ensure financial integrity is restored with funds received for the development of the game; or for specific events being used as it should, to give suppliers, staff and coaches the confidence that services that are properly procured will be paid on a timely basis. iv. Establishment of sound transparency practices to give sponsors and other donors the confidence that money donated is spent for its intended purpose supported by cost-effective processes that enable funds to be invested in the development of the sport and its sportsmen and women.”

The proposal to be funded via an interest-free US$3.5 million financial instrument, was approved unanimously by the creditors whereby validated creditors owed up to TT$200,000 will be paid in full and balances above that will be pro-rated. The TTFA/NC is set to face legal battles from former national coach Terry Fenwick and Peter Miller, the former marketing officer, both of whom have decided to challenge the proposal offered, while another creditor Jack Warner agreed to not challenge the offer.

Daniel urged that the proposal should not be taken lightly, saying: “Please note, the above section of the Proposal is not to be taken lightly, as it was agreed with the Financier prior to confirmation of the financing arrangement. This is also aligned with the mandate given to FIFA appointed Normalisation Committee as a condition for FIFA’s continued involvement in T&T football. To reiterate, the mistakes of the past administrations cannot be repeated. If the time is not given to the Normalisation Committee and the current management team to implement the steps outlined above, the success of this restructuring effort will be at risk.”

“Notwithstanding, as stated in the Proposal, all payments to Unsecured Creditors shall be paid within six (6) months of the “Effective Date”. The “Effective Date” means the date on which the Proposal becomes effective, being the date on which the Court approves the Proposal, which as stated above is September 28, 2022.”

“This means that legally the payments to the Creditors can be made on or before March 28, 2023. If no agreement can be reached with the financier before the end of the six (6) month period, the Proposal shall be deemed to have failed. I will continue my close collaboration with the Normalisation Committee and with the Financier to drive the needed changes that will give the Financier the comfort that they need to release the funds so that the payment can occur as soon as possible before the March deadline.”
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Offline Tallman

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Re: TTFA Debt Thread
« Reply #63 on: December 28, 2022, 04:14:19 AM »
VFFOTT wants answers from Daniel, FIFA’s Normalisation Committee
By Keith Clement (T&T Guardian)


The Veterans Footballers Foundation of T&T (VFFOTT) is calling on Trustee Maria Daniel to answer several questions in writing following her letter to creditors dated December 16, 2022, which indicated that payments to creditors are in jeopardy following the Extraordinary General Meeting (EGM) of members on December 10, 2022.

At that meeting, a vote was approved for an election of a new executive and that meeting is to take place by March 18, 2023.

The meeting also agreed that the FIFA-appointed Normalisation Committee which was appointed by FIFA in March 2020 needs to wrap up its mandate before the March deadline.

However, Daniel letter has suggested that the decision made in that meeting have affected the creditors who were to receive their payments by Christmas Day (December 25, 2022).

According to the release from Daniel, the proposal of TTFA appointed Trustee on November 8th, 2021, said: “Pursuant to Section 44 of the Bankruptcy Insolvency Act, I do confirm that the Proposal was approved and passed in the High Court of Justice on September 28, 2022. However, has raised some concerns by the financier as it relates to the non-financial requirements and terms and conditions of the financing.”

In its letter dated December 24, 2022, and addressed to Amiel Mohammed the acting General Secretary of the TTFA, VFFOTT’s President Selby Browne is requesting four items from Daniel, namely: copies of the Minutes of the meeting called by the Normalisation Committee to present for the TTFA Membership approval; the petition presented to the High Court of Justice of T&T on behalf of the TTFA Membership and approved on September 28, 2022; the name of the Financier for the proposes interest-free US$3.5 million financial instrument; the status of work done by both the Trustee and Normalisation Committee with the requirement for policies, guidelines, and management structure recommendations and whether both the Trustee and Normalisation Committee have plans to ensure payment to TTFA creditors will commence on or before January 15th 2023.

Meanwhile, when contacted by Guardian Media Sports on Tuesday Browne disagreed that the December 10 EGM should be used as a reason to delay payments to the Creditors.

He said: “Any attempt that seeks to indicate the grounds for the inability of the Trustee and the Normalisation Committee to implement the scheduled pre-Christmas payments to creditors, which was formally announced and confirmed with the TTFA creditors, cannot be as a result of the outcome of the December 10th TTFA EGM called by the Normalisation Committee. The pre-Christmas schedule must have been predicated on the preparation and deliverability of the relevant undertaking of section 1.7 of the proposal and agreement having been made by both the Trustee and the Normalisation Committee in its petition presented to the High Court of Justice of Trinidad and Tobago on behalf of the TTFA Membership. The inability to make the promised pre-Christmas payments has two things to do with the TTFA EGM of December 10, 2022, the First is “Nothing”, and the Second, “Absolutely Nothing”.

Asked if the AGM scheduled for March 18, 2023 should be the Normalisation Committee’s final act, Browne responded: “Most definitely. You retain the services of a contractor to perform certain services and upon competition of the items listed in the mandate you perform the final act for which you are paid and return to your respective areas of competence.”

With regards to amendments to the TTFA constitution, Browne said: “The mandate with respect to any amendments to the Constitution clearly states “if required. The facts are right next door in Guyana, the FIFA Normalisation Committee held an election for the new Executive a few months ago and the new Executive has presided over its constitution amendments.”

Asked if the membership is confident that the Normalisation Committee will finally hand over TTFA come March 2023 he pointed out that: “The Normalisation Committee has been appointed and is paid by FIFA to complete a mandate within a specific period, in this case for a two-year period initially and extended by a further year. It is quite possible the Normalisation Committee may wish to beg FIFA for additional time to complete the work originally assigned for a two-year period.”

Asked to comment as to who is footing the interest-free US$3.5 million financial instrument to pay Creditors, Browne revealed: “The short answer is not officially. That information has been requested by VFFOTT Letter of Demand to the TTFA General Secretary Ag, in addition to the copy of the minutes of the meeting called by the Normalisation Committee to present for the TTFA Membership approval, the petition presented to the High Court of Justice of Trinidad and Tobago on behalf of the TTFA Membership and approved on September 28, 2022. The response to this is already well-known.

The unfortunate reality is certain members of the NC and present and past members of the TTFA for some unknown reason have been of the view that the Normalisation Committee has been placed to administer football in T&T for eternity, and not a contractor appointed to complete a mandate within a specific period, for which due payment is made.”
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Offline Tallman

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Re: TTFA Debt Thread
« Reply #64 on: July 21, 2023, 05:54:51 AM »
Only Fenwick, Miller left: Debt settlement process near end, Constitution proposals by August
By Ian Prescott (T&T Express)


Except for the English duo of Terry Fenwick and Peter Miller, all other Trinidad and Tobago Football Association (TTFA) creditors, have been paid via a debt settlement exercise approved by the Trinidad and Tobago High Court under the Bankruptcy and Insolvency Act (BIA).

Indicating this position was the trustee appointed by the TTFA Normalisation Committee(NC), to liquidate the Association’s over $50 million debt to creditors. The NC has also indicated that changes to the TTFA constitution will be presented to TTFA delegates next month. This leaves the calling of fresh TTFA elections as the final mandate to be completed by the NC, before it returns football to an elected TTFA executive.

Given the above, TTFA board member Selby Browne, president of the Veterans Football Foundation, sees no reason why the FIFA-imposed Normalisation Committee should not complete its mandate in a further 90 days and had over power.

“One would think that by the start of the third quarter they would be ready to dust their pants and leave,” Browne declared yesterday.

Browne’s comments came following a July 11, meeting between the Normalisation Committee and TTFA delegates at the National Academy of Performing Arts (NAPA) in Port of Spain. TTFA general secretary Amiel Mohammed wrote delegates on July 6, inviting them to a meeting, where trustee Maria Daniel was due to present an update on a settlement process to the TTFA’s historic multi-million dollar debt. However, just seven delegates turned up.

Daniel informed those attending, that the work of the NC concerning the debt-settlement process had been completed and that all TTTFA creditors, except Fenwick and Miller, were paid money owed by the TTFA. The process of clearing the TTFA debt was facilitated via an interest-free US$3.5 million loan that the TTFA will have ten years to repay via its annual FIFA subvention.

The claims of Fenwick and Miller are still before the Court, but, in keeping with a judgement of September 2022, monies have been put aside, in trust, from a FIFA loan, to pay the pair should they win their cases. If they lose, the monies put aside will be shared among the deserving creditors.

At the recent meeting, Normalisation Committee chairman, Robert Hadad, also informed the few delegates present, that FIFA, CONCACAF and the NC had been working on preparing proposals for the necessary changes to the TTFA Constitution, and that those few proposed changes, will be circulated to the TTFA members in August this year.

Given the poor attendance at the July 11 meeting, the Daily Express obtained e-mailed correspondence among TTFA delegates, where Referees Association president Osmond Downer called for an emergency general meeting to be convened.

“One would have thought that, because of the abysmal attendance at the meeting, you would have, by now, informed all the members of the TTFA of the two significant pieces of information that were supplied to the delegates that were present at the meeting,” Downer indicated in correspondence sent to the TTFA general secretary Mohammed.

“I now propose that the Normalisation Committee convene an official Extraordinary General Meeting of the member delegates, at the earliest possible time, so that the members can be officially informed of these and other matters regarding the progress made,” Downer added via the correspondence.
The Conquering Lion of Judah shall break every chain.

 

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