Club Future - Administration or bust?

It' s sickening that Ken will be pocketing the £5 million he "borrowed" off Eddie Davies in the last week of his life.Legal but sickening

Growler wrote:It' s sickening that Ken will be pocketing the £5 million he "borrowed" off Eddie Davies in the last week of his life.Legal but sickening

Is that for sure? No deal has been announced yet has it? And unless the Davies's write it off it or having spent it on dragging out his tenure becomes part of the settlement it wouldn't be legal. But he has spent it on the club so I can't see how he would be pocketing it, although he will be negotiating for some sort of payoff, which I suspect is the reason for the delay.

Fingers crossed for a result today.

Cajunboy wrote:Fingers crossed for a result today.

Don't be too hopeful Cajun, deals such as these aren't usually done on Sundays because it would need banks and solicitors to be working to transfer and confirm receipts of the money and completing of all the necessary legal paperwork.

Sluffy wrote:

Cajunboy wrote:Fingers crossed for a result today.

Don't be too hopeful Cajun, deals such as these aren't usually done on Sundays because it would need banks and solicitors to be working to transfer and confirm receipts of the money and completing of all the necessary legal paperwork.

..and then there's the Anderson factor.

Getting bored now. Just take the money and f*** off Anderson.

wanderlust wrote:Getting bored now. Just take the money and f*** off Anderson.

It's not as simple as that.

As I've been saying all along, he can't sell the club whilst there is a lien on the ownership shares of the club.

Until he can find the £5 million (or whatever it is if interest etc is added) to do this he can't sell.

Maybe he's hoping that the buyer would advance him the money to do that but I doubt anyone will be doing that.

Add on to that, that he's said he will pay the players wages on Monday.

I think he's going to have to find some money from somewhere otherwise the club would be trading whilst insolvent - which could ultimately put him in jail.

Interesting days ahead!

KEXIT and BREXIT all in one week.

Sluffy wrote:

wanderlust wrote:Getting bored now. Just take the money and f*** off Anderson.

It's not as simple as that.

As I've been saying all along, he can't sell the club whilst there is a lien on the ownership shares of the club.

Until he can find the £5 million (or whatever it is if interest etc is added) to do this he can't sell.

Maybe he's hoping that the buyer would advance him the money to do that but I doubt anyone will be doing that.

Add on to that, that he's said he will pay the players wages on Monday.

I think he's going to have to find some money from somewhere otherwise the club would be trading whilst insolvent - which could ultimately put him in jail.

Interesting days ahead!

At this point he still has control of the shares which he is selling so theoretically, couldn't he try to negotiate that the debt is settled as part of the bill? I had assumed that was the case, but may be wrong. I suspect he wants a price that would cover his outstanding debt and leave him with a nice payoff and if so that is perhaps the sticking point. 
Even if there is a claim on the shares, if they come to agreement that the debt will be paid one way or another and can sign a contract to that effect there's no reason why they couldn't make the announcement and let the paperwork follow.

So what do we think? 

1. Deal announced in the morning or 
2. Anderson coughs up for the wages or 
3. No deal and no wages (a press release from Anderson listing a load of reasons, excuses and promises?)
4. Something else?

Ken pays, but still no deal.

Deal collapses is my guess and the club liquidates.

Hipster_Nebula wrote:Deal collapses is my guess and the club liquidates.

lol

In all seriousness though, I think some sort of arrangement to split the players wages due will be agreed for the sale to finally go ahead tomorrow.

Don’t think it will drag past tomorrow

wanderlust wrote:

Sluffy wrote:

wanderlust wrote:Getting bored now. Just take the money and f*** off Anderson.

It's not as simple as that.

As I've been saying all along, he can't sell the club whilst there is a lien on the ownership shares of the club.

Until he can find the £5 million (or whatever it is if interest etc is added) to do this he can't sell.

Maybe he's hoping that the buyer would advance him the money to do that but I doubt anyone will be doing that.

Add on to that, that he's said he will pay the players wages on Monday.

I think he's going to have to find some money from somewhere otherwise the club would be trading whilst insolvent - which could ultimately put him in jail.

Interesting days ahead!

At this point he still has control of the shares which he is selling so theoretically, couldn't he try to negotiate that the debt is settled as part of the bill? I had assumed that was the case, but may be wrong. I suspect he wants a price that would cover his outstanding debt and leave him with a nice payoff and if so that is perhaps the sticking point. 
Even if there is a claim on the shares, if they come to agreement that the debt will be paid one way or another and can sign a contract to that effect there's no reason why they couldn't make the announcement and let the paperwork follow.

The repayment date for the loan as passed so Anderson is in default.  The loan as not been called in, so Anderson is owner of the club in name only.

Eddies estate will not discharge the lien until it is paid in full.

So he can't do anything until he settles up.

The consortium will not deal with Anderson until there is no lien on the shares, so there is deadlock.

Time's ticking because the HMRC winder is due on the 20th of this month.

There is also the players wages to pay tomorrow.

If they are not settled soon then the club can't continue trading as it has become insolvent.  

Any new bidder for the club won't have any time to due any financial due diligence on it - so would be buying it blind.

As for Basran, on the face of it, he doesn't seem to have money left after purchase to invest in the club.

I don't put much store in the Kenyon link.

Anderson seemed to be looking for £2 million after clearing all debts from final purchase settlement - maybe less now.

Do you still believe Ron Billionaire couldn't have afford that from his reported £3 billion worth of wealth?

(I still chuckle at that one!).

Sluffy wrote:

wanderlust wrote:

Sluffy wrote:

wanderlust wrote:Getting bored now. Just take the money and f*** off Anderson.

It's not as simple as that.

As I've been saying all along, he can't sell the club whilst there is a lien on the ownership shares of the club.

Until he can find the £5 million (or whatever it is if interest etc is added) to do this he can't sell.

Maybe he's hoping that the buyer would advance him the money to do that but I doubt anyone will be doing that.

Add on to that, that he's said he will pay the players wages on Monday.

I think he's going to have to find some money from somewhere otherwise the club would be trading whilst insolvent - which could ultimately put him in jail.

Interesting days ahead!

At this point he still has control of the shares which he is selling so theoretically, couldn't he try to negotiate that the debt is settled as part of the bill? I had assumed that was the case, but may be wrong. I suspect he wants a price that would cover his outstanding debt and leave him with a nice payoff and if so that is perhaps the sticking point. 
Even if there is a claim on the shares, if they come to agreement that the debt will be paid one way or another and can sign a contract to that effect there's no reason why they couldn't make the announcement and let the paperwork follow.

The repayment date for the loan as passed so Anderson is in default.  The loan as not been called in, so Anderson is owner of the club in name only.

Eddies estate will not discharge the lien until it is paid in full.

So he can't do anything until he settles up.

The consortium will not deal with Anderson until there is no lien on the shares, so there is deadlock.

Time's ticking because the HMRC winder is due on the 20th of this month.

There is also the players wages to pay tomorrow.

If they are not settled soon then the club can't continue trading as it has become insolvent.  

Any new bidder for the club won't have any time to due any financial due diligence on it - so would be buying it blind.

As for Basran, on the face of it, he doesn't seem to have money left after purchase to invest in the club.

I don't put much store in the Kenyon link.

Anderson seems to be looking for £2 million after clearing all debts from final purchase settlement.

Do you still believe Ron Billionaire couldn't afford that from his reported £3 billion worth of wealth?

(I still chuckle at that one!).

Sluffy - As Anderson claims he uncovered hidden debts after he bought in, I'm wondering if you think there are other outstanding liabilities that new owners might find.  

Obviously Monday's payroll will be critical.  If it is not met, I doubt we will be playing Tuesday night.  So, Anderson has to make a big decision and finance the payroll himself or sell on quickly.  Monday will be interesting.

observer wrote:Sluffy - As Anderson claims he uncovered hidden debts after he bought in, I'm wondering if you think there are other outstanding liabilities that new owners might find.  

Obviously Monday's payroll will be critical.  If it is not met, I doubt we will be playing Tuesday night.  So, Anderson has to make a big decision and finance the payroll himself or sell on quickly.  Monday will be interesting.

There's always going to be something, somewhere, in the books that needs some sort of explanation, even if there is nothing untoward about it.

I've never thought Anderson was here to be crooked about anything unlike some, but rather be a hardnosed businessman, with balls of steel.

I doubt then there would be anything illegal in the books but yes, I've no doubt there are more than a few skeletons to be found, that need to be dealt with.

Buyer beware and all that - hence why due diligence in buying anything, is always a good idea.

For someone to come in and buy without going through the books first is always going to be a risk.

I think something has to happen tomorrow about the wages, otherwise the EFL will call the game off.

Never a dull moment being a Wanderers fan, eh!

Sluffy wrote:

observer wrote:Sluffy - As Anderson claims he uncovered hidden debts after he bought in, I'm wondering if you think there are other outstanding liabilities that new owners might find.  

Obviously Monday's payroll will be critical.  If it is not met, I doubt we will be playing Tuesday night.  So, Anderson has to make a big decision and finance the payroll himself or sell on quickly.  Monday will be interesting.

There's always going to be something, somewhere, in the books that needs some sort of explanation, even if there is nothing untoward about it.

I've never thought Anderson was here to be crooked about anything unlike some, but rather be a hardnosed businessman, with balls of steel.

I doubt then there would be anything illegal in the books but yes, I've no doubt there are more than a few skeletons to be found, that need to be dealt with.

Buyer beware and all that - hence why due diligence in buying anything, is always a good idea.

For someone to come in and buy without going through the books first is always going to be a risk.

I think something has to happen tomorrow about the wages, otherwise the EFL will call the game off.

Never a dull moment being a Wanderers fan, eh!

And to think it wasn't that long ago we were doing well in international competitions under BSA.  But like other clubs, that led to our possible liquidation... though I don't think it will come to that.  Anderson seems to wait until the last possible moment to make or strike a deal.  Tomorrow (or today for you already) will be interesting.  It starts with the players getting paid.  After that, anything is possible.

Talking of skeletons in the cupboard, there are (unsubstantiated as yet) rumours that Anderson has previously sold off parts of the ground and that there are charges on other bits. Now I know that this is a sore topic with some folk but I pray to God it isn't true, however as we haven't seen any accounts for a long, long time we really don't know what the current position is or what he's done.

As for Ron Billionaire "not being able to afford to pay off the debts" that was never the issue. The issue was an unwillingness to meet Anderson's unreasonable demands and from what I heard a personal dislike of the man after initial discussions. Given the vast amount of money Ron invested in the Pittsburgh Penguins which took them from bankruptcy to perennial champions and a new stadium I don't think that money is the issue, but it is notable that he originally bought them out of bankruptcy. I believe he's a very laid back guy who simply thought Anderson was a jumped up duplicitous little prick who he couldn't be arsed to deal with.

Still concerned that Basran etc have no money and that even if the deal goes through it will be a sideways move -  some people suggesting that if they do end up getting the club there will be a focus on youth development, hence Warburton's involvement - Nixon actually said we could become "the Brentford of the North" FFS although I take everything he says with a pinch of salt.

Kenyon could be a much better prospect so I agree there are plenty of twists and turns to come in this debacle - but I doubt Ron will be bothering to come back again unfortunately - that gravy train has long since disappeared down the tracks.

God knows how we'll come out of this mess. I only know it's been coming for two years now and I still can't work out why Anderson appears so unprepared for it - him being such an astute businessman and all.