Norpig wrote:Instead is just sneering at me just explain it because i honestly don't understand any of the documents.
Has the Hotel been put into liquidation now and why does Kenocchio's name keep appearing?
The hotel is a business.
The business is a limited company, which means the ownership of it is by those who hold shares in it. It is called a limited company because the liability of those who own the shares for any debt the business builds up and can't pay off is 'limited' to the face value of the issued shares.
So if say I had a company and took it to the 'Dragons' Den' on TV and one of the dragons wanted to invest in it for 50% of the company, then I would issue another share in the company so that there were now two shares (I would have needed to create one for myself when setting up the company) and although the Dragon might have invested say £100k in my business the share he would receive would normally have a face value of just £1.
He (or I) could always sell our share at some later date for hundreds or even thousands of pounds but the face value of the share would always be a pound - and if the business ever did go bust, whoever owned the share at the time would be liable from his own personal wealth up to the value of the amount of that share.
This is done so you don't lose your house, car, or even the shirt off your back if things do turn out bad - and gives people the confidence to build and invest in companies knowing their risk is ultimately limited.
When Eddie Davies bought the club and hotel he basically ended up by having three seperate (but interrelated) companies to do so - one for the football club (Bolton Wanderers Football and Athletic Club), one for the hotel (Bolton Whites Hotel) and the 'head' company they both answered to (Burnden Leisure) but operated independently from it.
Ken Anderson and Dean Holdsworth bought the shares in Burnden Leisure and the other companies through their own companys - Inner Circle Investments and Sports Shield BWFC - and thus became the new owners of everything.
To cut a long story short, the football club couldn't cut its expenditure enough to match the income it was bringing in and without Eddie plugging the gap from his own pocket anymore it basically went bust, dragging down the other two company's with it.
The Administrator decided that the company's were not worth saving but their assets (the stadium, car parks, land and hotel, etc), could be sold off to someone else as they would receive more money from a sale than a liquidation - and that's what happened with Sharon and Mike James /PBP forming (well Parminder Basran initially) Football Ventures (Whites) to basically take the place of Burnden Leisure, FVWL Football Ltd to take on the club and FVWL Hotel Limited to take on the hotel.
So as far as most people (including yourself - no disrespect intended of you - or them) are concerned nothing has changed - but in law, in fact a great deal has.
Once the assets from Burnden Leisure, Bolton Whites Hotel and BWFAC had been sold on to Sharon, the remaining shell's of those company's had to be wound up by being liquidated - which is what you are basically viewing in the link Bob posted.
Anderson has long gone, the hotel is still very much alive (but now owned under a different company name)
and the club also.
(The 'old' name of Bolton Wanderers Football and Athletic Club has been 'transfered' from the Administrator to FV, in order that the clubs 'history' lives on and isn't lost through liquidation).
It really is complexed stuff understanding Company Law and company accounts and those of us who do, have been trained in a professional capacity and have many years work experience behind us in those specialisms - so there's no need to feel as though you aren't understanding things - most people simply don't (and never will!).
As for the hotel it hasn't really paid for itself since it was built, iirc it did make some profits for a few years but also showed losses in other years too.
No doubt part of FV plan on buying the club with the hotel is to increase revenue from that business but unfortunately they've not really had enough time to do so before Covid hit.
Hopefully things will improve for the hotel in the coming years.
Hope that makes things a bit clearer for you?