Club Future - Administration or bust?

rammywhite wrote:

xmiles wrote:

Hipster_Nebula wrote:NIXON: tid bit this morning new owners have been sounded out about a ground share. Strange one.

With Chorley?

More likely Horwich RMI if they still exist

Horwich RMI moved to Leigh and changed their name to Leigh Genesis.

Things went bad for them and from being in the Conference as recently as ten years ago are now playing as an amateur team in a pub league based in Atherton!

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Sluffy wrote:

rammywhite wrote:

xmiles wrote:

Hipster_Nebula wrote:NIXON: tid bit this morning new owners have been sounded out about a ground share. Strange one.

With Chorley?

More likely Horwich RMI if they still exist

Horwich RMI moved to Leigh and changed their name to Leigh Genesis.

Things went bad for them and from being in the Conference as recently as ten years ago are now playing as an amateur team in a pub league based in Atherton!

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How many years before we join them?

Sluffy wrote:

rammywhite wrote:

xmiles wrote:

Hipster_Nebula wrote:NIXON: tid bit this morning new owners have been sounded out about a ground share. Strange one.

With Chorley?

More likely Horwich RMI if they still exist

Horwich RMI moved to Leigh and changed their name to Leigh Genesis.

Things went bad for them and from being in the Conference as recently as ten years ago are now playing as an amateur team in a pub league based in Atherton!

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

Thanks Sluffy- you must have time on your hands! Any good at decorating? We'll pay good rates.

Christ this is dragging on now.

Will it be finalised before the weekend?

karlypants wrote:Christ this is dragging on now.

Will it be finalised before the weekend?

Iles saying it could now go on until next week, which could be perilous as the HMRC winding up order is next week.

Hopefully Basran gave Ken some of his own medicine and reduced their offer today after the midweek results made relegation more nailed on.It will be a shitter for Ken if it drags on long enough for him to have to pay the wages again.

Oh Martin you’re such a naive fool.

The club is in no danger of admin or liquidation, you fell for this last time when ken took over.. we were no where near admin or liquidation.

NIXON: strange one, barsan has been talking to Owen coyle about a potential return to Bolton if he takes over. Fancies him as a sporting director. Wants to get the fans on side early

Hipster_Nebula wrote:NIXON: strange one, barsan has been talking to Owen coyle about a potential return to Bolton if he takes over. Fancies him as a sporting director. Wants to get the fans on side early

Now that's the sort of post that won you "Bolton Banter Poster of the Year 2006".

Coyle will drive more fans away than Parkinson

Deary me

If that isa the case, I hope his financial decisions are better than footballing ones.

Natasha Whittam wrote:

Hipster_Nebula wrote:NIXON: strange one, barsan has been talking to Owen coyle about a potential return to Bolton if he takes over. Fancies him as a sporting director. Wants to get the fans on side early

Now that's the sort of post that won you "Bolton Banter Poster of the Year 2006".

I haven't lost it nat.

I never doubted it for a minute.

Natasha Whittam wrote:

Hipster_Nebula wrote:NIXON: strange one, barsan has been talking to Owen coyle about a potential return to Bolton if he takes over. Fancies him as a sporting director. Wants to get the fans on side early

Now that's the sort of post that won you "Bolton Banter Poster of the Year 2006".

Agreed!

It certainly made me laugh!

So, as far as I can understand what is happening, it is -

KA can't sell without lien taken off shares.

Davies executer allowing KA to talk to Basran.

Deal close but Basran hasn't got all the money.

KA needs around £10 million minimum - to pay off the lien on the shares and around £2 million for himself.

HMRC winder next Wednesday.

No transfer of ownership whilst winder exists.

Only Burnden Leisure can pay off winder.

Even if Burnden Leisure can pay off HMRC, the winder still goes to court and any other outstanding creditor can be included on it even at this late stage (?).

Basran therefore needs to come to some agreement with all creditors to ensure no one asks for liquidation.

James aboard with Basran, Moonshift/Davies should not be a problem but KA (Inner Circle Investments) is also a creditor and could push for liquidation (in other words KA's leverage).

Winder could possibly be deferred to a later date (probably will if it came to it if both Basran and KA tell it that a deal is close) but seems on the face of it no money in the club to continue trading - so leverage for Team Basran.

It seems with creditors in agreement Basran could in effect lead a pre-pack Administration to take ownership of the club but if so needs to do it before the end of March 28th(?) for Administration points deduction to fall this season - otherwise we would start next season on minus 12 points.

The longer KA can keep going the stronger his hand gets nearer the end of March (assuming the points deduction falling into next season is a big issue to the new owners).

Seems KA holding out for someone (Basran, Davies, Other?) to give(?) him money to settle HMRC.

I guess this would be compounded if others add their claims to the winder also?

KA needs to balance between trading insolvently (in which case he becomes personally liable for debts) and holding on long enough to get paid what he considers acceptable to him.

Basran, Davies, others need to balance between paying KA what he will settle for, or inadvertently letting the club fall into liquidation.

Other possible solutions include Davies estate cutting Anderson out of the loop and claim back the shares ownership due to default - but time and possible legal challenges against this.

Another being a third party swoop in at last moment as liquidation is imminent (a bit like KA himself did) however James (in his position as a creditor) seems to be all in with Basran, so counting out any late new bids from others.

Clock ticking.

MartinBWFC wrote:Coyle will drive more fans away than Parkinson

Oh god

So the club is sold "in principle" subject to 500 ducks forming an orderly queue.

Its worse than buying a house with a long chain !

Thanks for that summary Sluffy.

Some serious work and time spent on that.

We seem to be in a bit of a flux!!