BluMarble v Sports Sheild BWFC

Court case tomorrow (Monday)

I personally think it's already been agreed between Anderson, Holdsworth and BM what will happen.

As far as anybody knows the only assets in SSBWFC are Holdsworth's shares in the club.

The loan from BM is to SSBWFC and I don't think Holdsworth as ever made a repayment on it.

Anderson said recently he had bought a wodge of Holdsworth shares for a 'substantial' amount.

I'm guessing he's not bought them without BM being involved in some way.

I think the deal might be something along the lines that the amount Anderson paid for the shares is the same amount BM want to renegotiate the agreement with Anderson - for a better deal - lower interest rates / longer repayment period, etc.

I guess there is no other creditor for SSBWFC so BM can seek compulsory liquidation being the main (or only) creditor - and it takes the cash rather than having to bother about shares in a business it never wanted to part own any way.

Holdsworth walks away with whatever he made on the million pound set up fee he charged for fixing up the loan, Anderson gets most if not all of the shares and BM gets some payment and a direct deal with Anderson and the club.

That's my best guess - I might be miles off the mark though!

i thought i read somewhere that Deano had secured his loan against the club assets? If that's the case does that have any bearing on what happens today?

Tweet from Iles -

I understand today's winding-up hearing will be adjourned to allow for further negotiations between Sports Shield BWFC and BluMarble.

I hope they don't delay too long as I would have thought this needs to be sorted out before Parky can delve into the transfer market with any confidence.

Norpig wrote:i thought i read somewhere that Deano had secured his loan against the club assets? If that's the case does that have any bearing on what happens today?

No one really knows mate.

It's a bit of a mess but I'll try and explain what I think I understand.

Holdsworth via his business SSBWFC got half the shares in the club and immediately got a £5 million loan from BluMarble.

He somehow got the loan secured on the club - even though he wasn't the majority share holder.

Was this legal - I don't know but I guess it must have been or they wouldn't have done it.

He then lent the club that money.

However the club according to Anderson only received £4 million - Holdsworth claiming the other million had gone on setting up fees for the deal!

Anderson apparently said that his deal with Holdsworth was that Dean had to put £5 million (not £4 million) into the club and that he would not be putting in his money until that missing million was stumped up!

That's were all the mistrust started.

Holdsworth apparently has not made any repayments and the debt is now reported to be £7 million.

Anderson also claims apparently that because Holdsworth did not fulfil his obligations that triggered a part of their agreement giving Anderson some of Holdsworth's shares and thus making KA the majority share holder.

Holdsworth as certainly acted as a minor partner - he said he was going to be chairmen when he took on the club for instance and that never happened - but he doesn't seemed to have given up any of his share holding either.

Anyway back to the BluMarble story -

On the 8th Feb 2017, Anderson stated this -

"For the record, I would also like to mention that I took no part in the original discussions with Blu Marble. Furthermore, the club does not have an agreement with Blu Marble; it has an agreement with Sports Shield and I am currently disputing the validity of this".

The club however clearly has the security to the BM loan to SSBWFC set against its assets - so I'm not sure if we've no agreement of somesort with BM how that could be?

BM are taking SSBWFC to court because they dealt with them directly and the £5 million loan is with them.

SSBWFC doesn't seem to have anything of value but Holdsworth's shares in Burnden Leisure (which is the body that owns the club, hotel, school, etc).

Anderson claimed recently (13th May) that he'd bought most of these for a considerable amount -

"Normally speaking, I wouldn't seek to justify myself but the fact is that the agreement between Dean and myself was completed and substantial monies changed hands. 

There was a second agreement in respect of some more of Dean's shares and it is this agreement that is currently being delayed due to the BluMarble matters, which l would again point out relate to Sports Shield BWFC and not the club".

So my thinking was that this was part of a three way agreement between Anderson, Holdsworth and BM, where maybe Holdsworth walks away with no further questions asked about the million pound arrangement fee he charged, the majority of shares going to Anderson for a sum of money which will be exactly the amount BluMarble are looking for - maybe the accrued interest on the loan?
 
Anderson thus ending up with the majority of the shares and perhaps a better renegotiated deal with BluMarble in respect of the outstanding capital and future interest rate and/or period of loan.
 
With Blumarble getting a significant sum of money as renegotiation of the loan and maybe a minor shareholding, rather than taking on all of the shares in a business it never really wanted to be buying into in the first place?


Anyway that was my best guess I could make of what seemed to be happening but with a probable adjournment now, it looks as though things hadn't been worked out to everybody's interest and there are still outstanding issues to resolve even after all this time.

Blumarble have been granted an adjournment until 12th June as discussions are underway for full payment

Tweet from Lee Anderson -

Evening all . Extremely positive and successful day , good news will follow tomorrow



Wonder what that might be?

Sluffy wrote:Tweet from Lee Anderson -

Evening all . Extremely positive and successful day , good news will follow tomorrow



Wonder what that might be?

Trotter has signed on pay as you play....

Yaya...Yaya....Yaya ....

I don't get it.

Complain to Cecil / Cedric / Whatever His Name Is This Week then.

Bread2.0 wrote:Complain to Cecil / Cedric / Whatever His Name Is This Week then.

Don't make out I'm a slag.

WANDERERS’ ownership issues could be resolved within three weeks after a court granted them extra time yesterday.

Finance company BluMarble requested an adjournment until June 12 to allow talks to continue with Dean Holdsworth’s Sports Shield BWFC and Whites chairman Ken Anderson.

A winding-up petition had been raised at the London Royal Courts of Justice to reclaim a £5million loan plus interest taken out by SSBWFC last March.

Anderson wants to buy their stake and become sole owner but has thus far been unable to force a deal to completion.

He remains optimistic a swift resolution will be found but could now face competition, with SSBWFC confirming to The Bolton News they too have been in talks with potential investors.

It is understood at least three groups have expressed an interest in taking over their shareholding.

“We have been informed by Ken Anderson's lawyers Walker Morris, that they had not been able to reach a financial agreement with BluMarble before today's hearing,” the statement read.

“However, after discussions with BluMarble over the weekend regarding potential investment and investors showing interest in the club's future, we believe the adjournment will enable the potential investors and legal teams enough time to conclude those negotiations in that time frame given.”

[You must be registered and logged in to see this link.]

If Holdsworth continues dropping caltrops onto the road of recovery like this, he wants slapping.

Do us all a favour, Dean: Hand your shares over in return for absolution from any financial liability towards Blumarble and fuck off back darn sarf, you greasy-haired, toothy gimp.

Looks like this new interest are the ones referred to in previous posts, who were just waiting for confirmation of our promotion. All of a sudden were worth fighting over. 
KA will have to be careful, otherwise the price might increase well out of his price range.

Extract from Anderson's Chairman's briefing of today -

The Bolton News comment that Sports Shield is talking to a number of potential investors is, in my opinion, good news and l look forward to receiving clarification on this in due course.

Neither Bolton Wanderers Football Club, Inner Circle Investments or myself attended the court hearing as the winding-up hearing related to Sports Shield and not the Club.

The Club does not have a loan from BluMarble - Sportshield does and it is currently in default.

The shareholdings in Bolton Wanderers Football Club stand at 57.5% in favour of Inner Circle Investments and 37.5% in favour of Sports Shield .

Inner Circle Investments recently acquired circa 30% of Sports Shield with a view to assisting in resolving their current issues with BluMarble.

As it currently stands, Blu Marble do not own any shares in the club and it is Sport Shield I am negotiating with on the shares. 

Inner Circle Investments have made an offer to BluMarble to repay the Sports Shield loan. This offer is currently being considered and is one of the reasons why the hearing was adjourned.

The sooner that this matter is resolved, the better for all concerned.

Iles rewrite of the above (not sure why he uses the word 'claims' about Anderson's offer to pay BM in full - almost as though he doesn't believe him - even though the court did when BM themselves said the very same thing when asking for the adjournment!).

Bolton Wanderers chairman Ken Anderson claims repayment offer on £5million BluMarble loan

KEN Anderson hopes for a swift resolution to financial issues at Wanderers after claiming he has made an offer to repay an outstanding loan of more than £5million.

The Whites chairman claims he is in negotiation with finance company BluMarble to clear an overdue £5m debt, plus interest, owed by Sports Shield BWFC, which was taken out during the takeover last March.

A winding-up petition issued by BluMarble was adjourned in court earlier this week to enable further talks.

Settling the loan has proved a complex obstacle for Wanderers, who will be unable to come out of transfer embargo until the debt is cleared and this year’s financial accounts are filed.

Anderson claims his company, Inner Circle Investments Ltd, has made an offer which is currently under consideration. If it is accepted, the Switzerland-based businessman will be able to press ahead with his plans to bring aboard investment and present a business plan to the EFL in an effort to lift the transfer restrictions.

If he fails to do so before the case is reconvened on June 12, it is possible Sports Shield could be put into liquidation and BluMarble could be given authority to sell off the shares .

Anderson currently claims to own 57.5 per cent of the shares in Wanderers, with Holdsworth’s company owning 37.5 per cent - though those figures have been disputed.

A 47.5 split is listed at Companies House – but a club spokesman confirmed to The Bolton News yesterday the figures will change when accounts are filed on May 31.

Anderson also confirmed a 30 per cent chunk of Sport Shield’s shares were purchased by ICI in March. An agreement to transfer complete control of the company was announced by Wanderers in March – but it has since emerged the deal broke down.

“Inner Circle Investments recently acquired circa 30 per cent of Sports Shield with a view to assisting in resolving their current issues with BluMarble,” Anderson said. “As it currently stands, BluMarble do not own any shares in the club and it is Sport Shield I am negotiating with on the shares. ICI have made an offer to BluMarble to repay the Sports Shield loan. This offer is currently being considered.”

[You must be registered and logged in to see this link.]

Update taken from Iles article today on the hope of signing Spearing and Morais -

Meanwhile, Dean Holdsworth’s Sports Shield BWFC face a winding-up petition in court this morning from finance company BluMarble Ltd.

A second adjournment will be requested as negotiations continue to repay the £5million loan, plus interest, taken out last March.

Sports Shield BWFC adjourned for a final 4 weeks at Blumarble's request. Next hearing on the 10th July 2017