Opinion ID: 390306
Heading Depth: 3
Heading Rank: 1

Heading: Failure to conclude negotiations with present limited partners of the Club.

Text: 27 2. The length of time that these negotiations have dragged on with no visible progress. 28 3. Failure to implement the cost reduction program which you had verbally agreed to carry out. 29 2 App. 299. 30 The Eagles-FPB controversy finally came to a head at a showdown meeting on July 28, 1977. Tose and Rome met at the bank with Bunting, who confronted them with an ultimatum. Bunting announced that he would call the Eagles loan as of nine o'clock the next morning 7 unless Tose agreed to step down from his management position and install Forstater as chief executive and financial officer of the Eagles. 10 App. 2483-85, 2595. Rome attempted to persuade Bunting to allow Tose a reasonable period to find other financing, as the parties had discussed on March 25, but Bunting refused, saying, You have the money in by nine o'clock or we're taking over the Eagles. Id. 2596. Rome objected that the Eagles loan was not a demand loan but was due to be paid later that year. Bunting turned to Tose and said, Well, you have Ed Rome here as your lawyer and he can take us into court, I know, and you might win. But that's going to take a long time. And in the meantime we are going to kill you. Id. 2486. Tose tried to say several things but was interrupted by Bunting, who stated, I'll make sure that you don't get any financing from any bank in the City of Philadelphia I'll even go better than that. I'll make sure you don't get financed by any bank in the country. Id. 2594-95. 31 Immediately after the showdown meeting Tose instructed Rome to agree to the bank's demands. A meeting was held at the Eagles' Veterans Stadium offices the next afternoon, July 29. Pemberton read from a document describing Forstater's duties as chief executive and financial officer of the Eagles. Pemberton also assured Eagles representatives that the bank would not interfere with the Eagles' football program.