Source: Team_Talk
Blues to appeal over High Court ruling
irmingham are pressing ahead with their bid to be able to appeal a High Court ruling that they must pay £2.2million to Seymour Pierce.[LNB] The payment relates to unpaid consultancy fees investment bank Seymour Pierce (SP) are claiming for advising new Birmingham owner Carson Yeung when he first tried to take over the club nearly three years ago.[LNB]They won a High Court judgement last month against Yeung's investment company, Birmingham International Holdings (BIH), but the fees were not paid by Monday's deadline.[LNB]It has led to speculation that City could be sold should they fail to do so - with SP selling its assets - before the case is heard on May 27.[LNB]But Blues are still hoping they will be allowed to contest the judgement via appeal.[LNB]The Midlands club remain relaxed about the speculation that Birmingham could be sold while litigation is ongoing while also maintaining a feeling that they should not have to pay the sums being demanded by SP.[LNB]BIH have already issued a statement insisting the ownership of Birmingham is not under threat as a result of the legal action taken by SP.[LNB]It read: "Birmingham International Holdings Limited acknowledges that it has been in litigation with Seymour Pierce disputing the payment of fees and that summary judgment had been obtained by Seymour Pierce in relation thereto.[LNB]"Birmingham International Holdings Limited is currently seeking leave to appeal the decision.[LNB]"Birmingham International Holdings Limited stresses that the amount in dispute is immaterial to it and if payment is required to be made, will not have any material adverse effect on its financial condition or business.[LNB]"It is stressed that Birmingham International Holdings Limited has not and will not lose control of Birmingham City Football Club as a result of this litigation."[LNB]SP's spokesman Neil Bennett said: "This can be resolved very quickly by Carson Yeung and his company sending their cheque (for £2.2 million) to Seymour Pierce."
