Shocking investigation in the US conducted on the investment fund 777, the one who owned the Italian football club Genoa. Without the intervention in force of the board of directors, the griffon would have risked bankruptcy, and the capital infusion made by the Romanian businessman Dan Șucu has proved to be a saving one, writes Gazzetta.it. The main creditor of the series in series A complained about Șucu for not bought the club from where it should, but the waters are starting to clear in favor of the patron from Rapid.
Dan Șucu is 61 years old and two football teams: Rapid and Genoa
A file with 389 pages from the Tribunal in Salt Lake City, Utah, reveals the behavior of A-CAP, the main creditor of the investment fund 777, who had announced that he owns the Genoa football club in his portfolio and requested the recovery of debts accumulated by the Holding in Miami.
The CEO’s decision from Genoa was decisive. Blazquez, together with the Board of Directors, has assumed the responsibility to perform a capital increase without being subscribed by shareholders. The capital increase brought him to the club on Șucu.
The document, quoted by the Italian press, shows the very serious financial situation involving A-Cap, the main creditor of Genoa. A-CAP was forced by the end of last year from the Board of Directors, chaired by CEO Andres Blazquez, who made the decision to approve a capital increase, without being first subscribed by the shareholders.
He opened the increase in capital to an external third party – Romanian entrepreneur Dan Șucu – who recapitized without paying anything to the previous shareholder, but by injecting the capital directly into the company. A process called “dilution”, because the initial partner did not sell his shares, but saw his percentage diminished.
A-Cap was at the end of the powers but they want to block Șucu
What was not known was the state of fact of A-Cap. Within the “family of companies” under the Umbrella A-CAP there were various units, according to the American court) playing the role of providing capital to other entities related to A-CAP.
By managing the investments made by the capital of Utah Insurers, the A-CAP affiliated companies were paid for investment management commissions that increased as the expected return rate increased.
The purpose was double: first of all, to continue to generate money by selling policies and, secondly, to invest this high yield money and make money available from the insurers.
Therefore, in 2020, A-CAP concluded agreements and loans with 777 Partners LLC (“777 Partners”). A dangerous game, which then made the system implosion. Since 2020, A-CAP has invested over $ 2.1 billion in various businesses of 777 Partners (which also included the Club in Genoa). These investments were “non -performing” but, instead of being liquidated, they were increased – this is stated in the file – “To avoid losses recognition”.
Despite the US storm, A-CAP appealed to the Genoa Court to block the capital increase without options that led to the entrance of Șucu. The case will be tried before the start of the summer season.
