Club Future - Administration or bust?

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Court list for tomorrow.

xmiles wrote:

gloswhite wrote:Maybe we should ask Sir Jim Ratcliffe to buy us out. he's got a bob or two spare.

Just as long as we didn't have to relocate to Monaco.

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You can forget the billionaire Brexiteers...they all farted in the room and left.

Just a pointer Martin about tweets...

If you click on the down arrow on the particular tweet, it will give you the option to embed tweet.

Select embed tweet and then copy the text in the box and paste it in the post box here.

The tweet will display correctly in the thread then.

Ken hiding from going on the radio again doesn't bode well.He loved being in the limelight  at the start of the season when the team had a surprisingly good start

That didn't last long!

If there is a buyer in the offing and if Anderson is prepared to do a deal with them then it's not surprising he doesn't want to go on the radio and answer questions about it as he wouldn't be in a position to comment until things are finalised.
Equally if there's no real prospect of a deal, he wouldn't want to go on the radio to be questioned about WTF has he done/is doing.
Why talk Sport ever imagined that he'd give them an interview right now I can't imagine unless they think he is incredibly gullible.

Growler wrote:Ken hiding from going on the radio again doesn't bode well.He loved being in the limelight  at the start of the season when the team had a surprisingly good start

I don't think Anderson is a player in this anymore.

From what someone with a clear knowledge on insolvency and is clearly close to what is going on is saying the most likely outcome is as follows (as I understand it).

Admin is not an option because in simple terms the EFL won't allow it (they have a 'golden share' in each clubs ownership that gives them this right) unless whoever funds the Admin can show proof of being able to pay off all secured creditors  and 25% of the total of all unsecured debt, the aggregated total being said to be around £20 million.

Only the owner or defaulted creditor can do that - so Anderson can't afford to and it would cost HMRC more to fund the club in Admin (estimated to be about £1.5m per month), than the debt owing to them of £1.2m.

Moonshift will NOT call in the ownership shares because they then would be responsible for ALL the clubs current debts!

The Winder at the moment is a 'petition' and if it is cleared before the court hearing, other outstanding creditors can 'piggyback' on to it - which in turn costs more to stop the winder.

Anderson can't afford to pay back the reported £8m from Moonshift to gain control again and Basran doesn't either or they would simply deal with Moonshift direct to take control of the ownership share ownership debt - then serve Anderson a 14 days taking control of the goods (default) notice.

So putting all together this is how it is believed things will play out -

The winder 'petition' will be granted tomorrow and an 'order' made.

Liquidation however does not commence until a liquidator is appointed which usually takes seven days.

In that time the debt is bought from Moonshift, notice served on Anderson and then winder 'order' (which now remember can't be piggybacked on by other creditors) paid off in full.

As the club hasn't gone into Administration, there will be no points deduction or embargo.

There are however lots of stuff I don't really understand - mainly what is in it for the new owners to do all this - how do they recover their investment - but no doubt there must be a plan.

So if I've understood everything correctly and we are served a Compulsory Liquidation Order tomorrow, there is still a further week or so for everything to be made ok.

Fingers crossed anyway!

karlypants wrote:Just a pointer Martin about tweets...

If you click on the down arrow on the particular tweet, it will give you the option to embed tweet.

Select embed tweet and then copy the text in the box and paste it in the post box here.

The tweet will display correctly in the thread then.

Translation: Martin you dipshit.

Natasha Whittam wrote:

karlypants wrote:Just a pointer Martin about tweets...

If you click on the down arrow on the particular tweet, it will give you the option to embed tweet.

Select embed tweet and then copy the text in the box and paste it in the post box here.

The tweet will display correctly in the thread then.

Translation: Martin you dipshit.

Possibly not.

Probably doesn't work with protected tweets...

Bolton Wanderers Football Club can confirm that discussions with one of the interested parties have now been mutually terminated.
The Club can also confirm that discussions are ongoing with other parties.
A further update will be made in due course.

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Presumably this is Basran's Consortium.

Sluffy was right all along saying that this saga would  go on up until the court date tomorrow. Just thought I’d give him some credit

Boggersbelief wrote:Sluffy was right all along saying that this saga would  go on up until the court date tomorrow. Just thought I’d give him some credit

Climb out.

MartinBWFC wrote:

Boggersbelief wrote:Sluffy was right all along saying that this saga would  go on up until the court date tomorrow. Just thought I’d give him some credit

Climb out.

Bloody hell Martin, you reminded me of a girl that I was very friendly with, and this was something she used to say  

Ah...overly friendly I see Glos...one of those friends.

Boggersbelief wrote:Sluffy was right all along saying that this saga would  go on up until the court date tomorrow. Just thought I’d give him some credit

Thank you, it's appreciated.

I've only ever been stating the blindingly obvious for some months now - this was taken from a post I made as far back as the 14th January -

Sluffy wrote:Anyway I thought you were the 'know it all' who knows everything about anything.  Aren't you the one who is a big pal of Ron Billionaire and have all those friends who are 'contacts' and 'know things'!!!

The obvious next step is to see if KA settles the Moonshift loan or decides to hand over ownership of the club, which is due for settlement apparently in a few weeks time.

...although at least one on here believed they knew better (probably still does!).

There is a poster on WandersWays (Howard) who turned up out of the blue a week or so ago and clearly knows details of insolvency law (plus EFL Rules and Regs on finance) and what seems to be going on behind the scenes, which fills in far more detail of what is likely to happen than I ever could.

The obvious question to me is why he's suddenly appeared and what his motive is - he says he is a Bolton fan and just wanting to let other fellow fans what is going on based on his knowledge and info in the public domain.

Who am I to doubt his word but I think it runs much deeper than that.

Whatever the case he's been right far, far more often of unfolding events than the odd scraps he seemed to have been challenged on as being misleading or incorrect.

He's certainly been getting his message out though and I guess tomorrow we will know for sure he knows what he is talking about if indeed the Winding up 'petition' is made into an 'order' - and not a late Basran deal as Nixon seems to still be pushing.

Iles for once is noticeably silent on the matter - which suggest to me his usual 'financial experts' sources feeding him their news for him to tweet about, are conspicuously out of the loop as to what is going on - and more to the point - their lack of expertise and knowledge to know what may/probably be happening. 

Even the anti-Anderson 'expert' on insolvency, Kieran Maguire, lecturer at Liverpool University in Football Finance, doesn't even seem to know that an option 4 (Buy the debt off Moonshift AFTER the Winding Up Order) even exists!

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They do say though that 'those that can do, those that can't teach'.

The LoV is also silent on the future - which again shows that their normal leaks from the club don't have a clue what's happening as clearly non of them are involved in it.

Obviously I hope/trust/think Howard is correct - his track record in the last week as been phenomenally good - but we will find out one way or another soon enough.

Fingers crossed and all that.

Thanks

Hopefully it is Basran who has gone as there was no evidence to suggest they have the kind of money needed anyway. Hopefully now Kenyon or better still Ron Billionaire's representatives can step in who, as reported at the time, felt the problem was Anderson who now seems to have finally run out of options.

I think there's a reasonable chance of liquidation happening tomorrow as if the rumours I reported last year are true i.e. the dealbreaker was that potential buyers found Anderson to be obnoxious, they may wish to let him lose his ass which is what would happen in liquidation. 

That wouldn't necessarily be the end of the world as an early offer with supporting evidence of sufficient funding in place could see the liquidation order rescinded as is the legal prerogative.

I've said all along that we would have been better off going into administration back in 2016 instead of Anderson arriving - when we could actually afford to go into administration and get everything sorted out back then - and as that didn't happen that Anderson would inevitably bring us to this point - but now it all boils down to two simple issues.
1) Is there really a potential buyer who is still interested and ready to swoop and if so 2) Will they be able to do a deal before we are liquidated or are they prepared to let it happen with a view to trying to get it rescinded when Anderson is out of the equation?

If liquidation happens tomorrow we'll just have to hold our breath for a few days and pray. A lot. Because there would still be a chance we could be saved, albeit a slim one.

wanderlust wrote:Hopefully it is Basran who has gone as there was no evidence to suggest they have the kind of money needed anyway. Hopefully now Kenyon or better still Ron Billionaire's representatives can step in who as reported at the time felt the problem was Anderson who now seems to have finally run out of options.

People who are avidly following/plagiarising Howardroark on WW who mysteriously appeared around the time I got banned from here would know that.

Hahaha - you really do make me laugh out loud!

Of course Anderson as run out of options - he's up in Winders court in a few hours!

Are you really trying to accuse me of plagiarism???  I simply sum up what he's said for the benefit of those who haven't the time or the understanding to follow his posts throughout the day.  Christ I even post the summaries on WandersWays - and have had Howard himself thanking me for them!!! 

And are you now trying to claim you are Howard or something as he turned up on Wways on the very day you had off from here???

 

Which for the record isn't true anyway, he was posting a few days earlier than that.

PS. If you did bother to read Howard you would know he's stated several times that Kenyon isn't after purchasing Bolton.