Mike Ashley, boss of Sports Direct and potential owner of half of the rest of the main street, flees to bonkers area in his current struggle to buy retail giant Debenhams. He has undergone a lie detector test to verify his memories of meetings with the Debenhams board and asks Debs bosses to do the same.
Ashley & # 39; s Sports Direct already owns nearly 30 percent of Debenhams, although the chain is in the final phase of a deal with its lenders who would give banks and hedge funds ownership of their assets – in exchange for debiting their debts. This would completely erase the value of all current shares and leave Ashley & # 39; s chain without showing anything for his £ 100 million + investment in Debenhams.
That's why it all starts to kick a bit. Ashley accused the Debenhams bosses of expressing a & # 39; sustained program of lies and denials & # 39; in their attempts to keep him out of their boardroom and executive bathrooms, adding that "… incorrect representations were made to induce Sports Direct to sign a non-disclosure agreement, thereby excluding them from the ability to invest in bonds or Debenhams shares. "
Back in prudent lands, Sports Direct's current ambition is to guarantee a new 150 million new share placement or to buy all Debenhams for around 5p a share – both deals come with the request that Ashley be installed immediately as CEO of the department store chain. However, this cannot happen, as Debenhams is allowed to throw the chain in one of the dreaded prepackaging administrations as soon as it closes trading today, hands over the ownership of the company to the banks and lets them sell the remainder to anyone other than Mike Ashley. [Sports Direct via BBC]