[You must be registered and logged in to see this link.] wrote:
Worthy isn't an accountant, Sluffy, but he appears to have passed himself off on TW as some sort of finance expert. Its clear though that his knowledge is rather limited and his ability to rationalise might best be described as of the 'clutching at straws' variety.
How come though that no-one else noticed that Pjsl (Paul Aldridge's business)was owed £169.8K, the Athos Group (Lee Anderson) £45K and Inner Circle Sports and Media (ICSM) £60K when the Administrators were appointed in 2019.
The fact that all these remained on the books or unpaid is highly significant. Its also notable that there was no mention of the outstanding £60K in the 2017 audited accounts. It must have been on the Burnden Leisure books at that time because KA disposed of his interest in ICSM in January 2018 and it never received any of the £525K consultancy fees referred to in the audited accounts or any fees whatsoever, according to its new owners. Neither did it have any money owed to it.
The task of figuring out how FV came to the sum of £28.5m for the tangible and intangible assets remains outstanding. I'm not sure it can be done with much certainty because there seem to be a few unknowns but its a big figure and FV owed more than that at the last count. There are bound to be a lot of Administration costs and fees wrapped up in it all and one might think that was one of many reasons why Eddie Davies did all he could do to try to avoid it.
I've not followed TW closely for years now, so apologies if I've credited Worthy as an accountant if he is not, he certainly was (still is?) their financial 'guru' on there that everybody else seemed to accept what he said without queering it.
He does seem to have some knowledge of accountancy but he clearly put that a poor second to his personal prejudice in his dislike for Anderson and accordingly, for me anyway, by putting his personal view before his professionalism made me question his competence in the understanding of what was actually going on.
I likened him to some extent to Wanderlust on here who claimed to be a 'business consultant' who similarly let his personal hatred of Anderson cloud whatever professional knowledge he claimed he had.
I switched off from seeking out Worthy's diatribes against Anderson, in the same way as I had to constantly correct Wanderlust's many rants about KA on here, as clearly neither of them could understand what and how he had to run an insolvent company and still keep it trading whilst at the same time keep the right side of the law whilst doing so.
To be fair Bob I'm pretty sure Iles made mention of Aldridge being an unsecured creditor and maybe even ICSM and Athos (I can't remember now without looking it up) but you are right in the sense that very few if any, pondered on why that had come about/allowed to have happened - seeing that KA and Aldridge would both know full well the financial state of the company.
Perhaps if the likes of Worthy and Wanderlust had kept their professional heads on (rather than their prejudicial ones) then maybe the could have thought 'how odd' and 'I wonder why that happened' (which was the stage I got too) and applied their 'business advisor' skills to try to work out why that was, rather ignore it completely due to their blind hatred of Anderson instead.
Unfortunately there were many to easily influenced with the views of Iles and the ST (fed no doubt from the inside by Holdsworth) rather than understand that in the simplest terms the business was bust, Anderson had no liability to keep it funded from his own pocket and not all bills and wages could be paid on time (if at all).
Anderson ran the club in a way to keep it going until a buyer could ultimately be found (within the limits of Company Law) - Eddie Davies tried hard to sell the club and failed - that's why we ended up with Holdsworth and Anderson - there clearly wasn't any credible buyers out there lining up to buy the club off KA until Sharon's consortium eventually turned up - otherwise the Administrator would have sold it to them and not go through all the trouble waiting for Sharon to get all her finances in order first.
Anyway all water under the bridge now and instead we have new queries to consider such as why the businesses debt now exceeds all its assets, and who is paying the bills and why?
At least I say 'we' have new queries to consider because apart from you and I, haven't seen anyone else with the least concern about it.
They most certainly would if Sharon (or whoever is footing the bills) pulled the plug anytime soon!