Club Future - Administration or bust?

Boggersbelief wrote:I hope they’re rich enough to rename it the reebok

New Burnden would be better

Or the Lion of Vienna stadium

Hopefully ken gets a stand named after him.

y2johnny wrote:

Boggersbelief wrote:I hope they’re rich enough to rename it the reebok

New Burnden would be better

Or the Lion of Vienna stadium

Boggers isn’t old enough to remember Burnden Park Johnny.

It's gone a bit quiet- I wonder if they're getting cold feet!

rammywhite wrote:It's gone a bit quiet- I wonder if they're getting cold feet!

Due diligence

Boggersbelief wrote:

rammywhite wrote:It's gone a bit quiet- I wonder if they're getting cold feet!

Due diligence

I'm aware of that but there is no moratorium from either party whilst the EFL carries this out. I would have expected some sort of statement by now from at least one of the  interested parties.

rammywhite wrote:

Boggersbelief wrote:

rammywhite wrote:It's gone a bit quiet- I wonder if they're getting cold feet!

Due diligence

I'm aware of that but there is no moratorium from either party whilst the EFL carries this out. I would have expected some sort of statement by now from at least one of the  interested parties.

Why release a statement until they pass the fit and proper tests?

Boggersbelief wrote:

rammywhite wrote:

Boggersbelief wrote:

rammywhite wrote:It's gone a bit quiet- I wonder if they're getting cold feet!

Due diligence

I'm aware of that but there is no moratorium from either party whilst the EFL carries this out. I would have expected some sort of statement by now from at least one of the  interested parties.

Why release a statement until they pass the fit and proper tests?

On the basis that they see themselves as fit and proper persons to take on the role and to start building confidence amongst the club employees and supporters. Its not subject to  the City code on Takeovers and Mergers where there is a duty of silence. They can say what they want as the takeover aspect- the transfer of shares is agreed.
If I were the new owners I would be all over the club like a rash trying to jump start what's left of the season .

I like that they’re waiting for all the official approval. Very professional

Taking their time aren't they.

Must be raiding a few piggy banks

It’s just another tyre kicker folks.

Nothing to see here!...

karlypants wrote:It’s just another tyre kicker folks.

Nothing to see here!...

Please, let me enjoy just a few days optimism, !! Please !!!

Taking a while this isn't it.

Taking a while?

Take note of the phrases "in principle" and "due diligence".
The fact is that in order for the prospective buyers to proceed they have to be happy that the accounts are honest and a fair reflection of the business and now they've actually got sight of them.

IMO nothing Anderson has done over the last two years suggest that he would present accounts that truly reflect what is happening. We haven't seen the last two year's accounts so God knows what Mickey Mouse story Anderson is trying to flog now that he's run out of money and options.

Is it a coincidence that the business bank accounts now appear to be frozen? Is it a coincidence that the process "is taking longer than expected"?

There is every chance that Anderson is trying to sell them a pup and has been rumbled. That would give the prospective buyers two options - to make a reduced offer that reflects the true state of the business or to pull out.

If it turns out to be the case that he has been telling porkies, Anderson also has two options - to accept a reduced offer or to put us into administration.

Personally, I wouldn't be hanging my hat on a smooth takeover at this point in time, but I suspect we'll find out before long.

As I've said all along, I trust Anderson about as far as I can throw Blackpool Tower so don't be surprised if it all goes tits up. Either way we can be assured of a PR statement telling us what a great job he has done.

I must admit to finding it strange to find that neither Nixon or Iles have posted anything on the takeover by now today - they both love to rush out as much bad news as they can usually.

They obviously have contacts at the club who blab to them, so considering the bank accounts seem to be frozen, players and staff not paid and this 'consortium' takeover as been on, off and on again a number of times now - I fully expected both of them to be dishing up the latest on things - but no, nothing, zip!

I'm wondering therefore if something as happened away from the club so that the 'moles' don't have anything to feed to the two esteemed journalists?

Could it be that the Moonshift 'factor' as kicked in?  Anderson had to sort the lien out on the ownership shares around this time (Feb/March?) maybe the deadline as been missed and the ownership as defaulted to Eddie's estate?

Maybe takeover talks are going on but with Moonshift far away from the prying eyes and ears of the clubs staff?

It would explain both the reason why the bank accounts been frozen and having no news about anything really from the news hounds?

Just a thought.

If only they had made a reality show of the KA years!  I wouldn't miss an episode.

observer wrote:If only they had made a reality show of the KA years!  I wouldn't miss an episode.

They did, only fools and horses.

MartinBWFC wrote:My understanding ( and I stand to be corrected ) of the position is as follows 
Moonshift Investments  ( ie the Eddie Davies Family trustee ) would and do have total control of any administration process If an act of default was to occur
I have mentioned previously on here the legal charge that Moonshift has over Inner Circle Investments ( Ken Anderson's Company ) which can be viewed on this link 
[You must be registered and logged in to see this link.]
Most of it looks to be standard stuff but attached (if you scroll to the last 4 or so pages ) to that document are undated but signed 
Share transfer forms of all Kens shares in Burnden Leisure ( undated ) 
His directors resignation letter in respect of Burnden Leisure ( again undated ) 
So , If Eddie Family Trustee demands repayment from Ken of the loan due to Moonshift and he does not repay it on the due date  they simply date and file his already signed resignation letter and appoint a director to replace him , and date and file his already signed share transfer form and put those shares into the a name of any person of their choosing. At that point  Ken Anderson is history. 
It is true Ken still has a charge over nothing in particular - and it may be worthless as there is probably nothing for him to pin that charge on when the other charge holders and all the creditors will be lining up  for satisfaction of their debts
That begs the wider question as to why  prospective investors are even still bothering to talk to Ken given the perilous financial position of the club. 
If his personal  financial demands for his own  exit are greater than the costs of putting the club into administration surely potential investors will start separate talks with those parties who in reality hold control - Eddies trustee , Brett Warburton and Michael James ( Prescot Business Parks )  to engineer taking Ken out of the discussions altogether. 


This is a post from WW and outlines the situation between KA and moonshift.

This is a very interesting bit of information, however I noticed that none of the Annexures that would kick in if a default occurred are signed, including Anderson's letter of resignation (Annex 2 part 1) nor do they appear to have been redacted. 
I'm sure that the facts will come to light before too long as the financial pressure is mounting and must be close to critical by now. Interesting times ahead.