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Wanderers Ways - passion not fashion

Chris Custodiet

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Everything posted by Chris Custodiet

  1. I have to admit that I sometimes find myself thinking that George Bower wasn't entirely wrong about one thing but it is incredibly frustrating. Why not for once address the issue and tell me if you think there should be an independent investigation or should it just be forgotten that Bury have gone out of the league and Bolton come close to it?
  2. In the days before computers accountants spent most of their time trying to get the manual records to balance. Some were better at it than others but I recall one of the slower members of staff being described thus, ''he couldn't balance a pound of tea and a pound of sugar''. It reminded me a bit of a description of Gary Megson who allegedly ''couldn't trap a bag of cement''. P.S. Can you read?
  3. Please accept my apologies, Sluffy, but just after I had posted my last comment and gone to put the kettle on, I realised there was one bit that was incorrect so I shortly afterwards took that bit out. You have responded to the unamended posting. Ken claims he was owed £7.5m inferring that there were no net repayments of his loan account being monies that he had borrowed from Eddie and owed to Eddie's estate. Rubins on the other hand included only £1.6m. Although I expect the accusation may be made, it is simply not consistent with any known facts or logic that Ken took out the difference. On the other hand it is more than possible that he took out c.£900K around the time of the Madine sale in lieu of fees for achieving the sale, persuading Blumarble to reduce their demands by c.£1m and turning in an overall profit for the first time in years whilst also maintaining Championship status. I expect that any amounts withdrawn by Ken would initially be recorded in the books as directors loan repayments rather than fees until such time as the exact fee was formalised. Its fairly normal for this kind of transaction to be dealt with following discussions with the external accountants/auditors. I don't believe the £525K is part of this at all. That was in the previous year and although I believe that it essentially funded the acquisition of Holdsworth's shares whilst avoiding unwelcome tax charges, he was also setting down a precedent. He actually went one step further by calling an AGM, at a cost of c.£10K, giving minority shareholders an opportunity to question it. It was an obvious question but no-one asked it. Did Ken know that Rubins were going to mark down his loan account by £5.9m? Who knows, but I expect Ken will have known that if he didn't bring in Quantuma as administrators to the hotel he was in the brown stuff up to his neck. It seems to me to have been a tactic forced upon him with all the consequences that flowed from it. Members of the House of Commons and House of Lords have all expressed their various concerns and had their say about Bolton and Bury but now the whole thing needs independent investigation sponsored by key stakeholders like the EFL and PFA. Questions must be asked, lessons must be learned.
  4. Sorry Sluffy but I suspect you may be going round in circles a bit. Its perfectly clear that Eddie lent KA c.£5m in September 2018 mainly to repay Blumarble just days before he died. That £5m was therefore owed by BWFC/BL to Ken who in turn owed it to Eddie and following his death to the EDT. That £5m seems to have been excluded from Rubin's statement thereby misstating the debts of BL by £5m or more and leaving KA wholly exposed to claims from EDT without reliance on the security he obtained when making himself (and possibly his wife) personally responsible for repayment. There's then a further £2.5m. I've explained what I believe happened on a number of occasions but I'll have another go.The 2017 balance sheet showed that the club, despite promotion, would be starting its next financial year with unsustainable debt and significant expected losses and any amount of financial plate-spinning was unlikely imo to see the club through to Christmas without some new funds. I didn't know what had happened or where funds might have come from until Howard provided a strong clue early this year, that they must have come from Eddie via a loan to Ken. At the end of January 2018, Gary Madine was sold to Cardiff for a surprisingly large fee of c.£6m. It was enough to repay some pressing debt, but nowhere near all of it, and an opportunity for Ken to take back some of the £2.5m loan in lieu of fees. Remember that he had claimed that the £525K fees for the previous year were justified by achieving promotion. I think it was a red herring. They weren't and there simply wasn't the money to pay them, so I suspect that all that really happened was a bookkeeping entry was made in the sum of £525K and that was sufficient to avoid unaffordable tax charges relating to payments out of club funds for Holdsworth's shares. This is supposition, but I think it very possible that the £1.6m reported by Rubins was the £2.5m from Eddie's loan less any amounts taken out by KA but without making any allowance for any KA fees for 2017/18. Although these accounts have not been signed off by the auditors they have probably been supplied some time ago to the EFL and KA's claim that they will show a small profit fits in perfectly with all other known factors. Thanks for copyying the Sun article. This provides some interesting detail which, if correct, puts a rather different colour on the stridency of Paul Appleton but does not explain what has happened to the £1.6m. Now the club has been saved from the present threat, I expect most will have no appetite for any inquest but I do think an inquiry is needed and should be done independently at the behest of the EFL, a key stakeholder. If KA or anyone else has been guilty of any serious wrongdoing they should be held to account and important lessons need to be learned from both the Bury and BWFC difficulties. Anyway good luck to the new regime.They've got off to an excellent start. I hope they can keep it up.
  5. Someone had to. None of the other accountants who contribute to WW seem to have noticed that the debts according to the administrators were £3m less than the debts according to the auditors two years ago and that the club had lost three or four million in the meantime.
  6. In which case why did Phil ban him and why has Iles got a framed copy of the email banning him in his house? Or is that untrue? It came from Iles himself. I suspect that later, after Phil had re-instated him, he was man enough to hold no grudge for whatever it was Iles had done to warrant the ban in the first place. And don't you remember, when Phil was dying of cancer and Eddie brought in Trevor Birch to handle the financial crisis, how both Iles and Bonnar piled in as if they were some sort of football finance experts when neither of them had a clue and probably never run anything bigger than a cakestall. P.S. I never found Phil fractious but I expect he could have been when riled. Always gave me the impression he loved the club to bits, just as Eddie did.
  7. Not suggesting he's a ladies man, but hears hoping he gets on a bit better with smiley Sharron than he did with fractious Phil or crotchety Ken.
  8. Aren't you rather missing the point that the administrators misstated the amounts of the loans owed to Ken Anderson resulting in a lengthy, bitter and costly confrontation that risked the collapse of the FV bid and resulted in BWFC starting the season under threat of expulsion from the league and playing matches with a team of teenagers. The rest was simply clarification of the amounts paid to Phil Gartside. P.S. Owners are only entitled to a share of profits if there are profits to share out
  9. If it was £2m for three years it would be outrageous. But is this true or is it just more fake news? One thing that has not been cleared up, is what has happened to the £1.6m Rubins said was owed to Anderson when the true figure was £7.5m. Has the £1.6m also been written off? Whether it has or hasn't, the EFL, as a stakeholder, should demand an independent regulatory investigation as to why this gross misstatement occurred with all the costs, anxieties, confrontations and delays that inevitably flowed from the misstatement and the reasons for it. P.S. After relegation from the Premiership in 2012, CEO Alan Duckworth left with a large pay off whilst Phil Gartside took on the combined roles of chairman and CEO on a total salary of c.£400K. His average for the previous ten years was £366K, the averages in later years being boosted by bonuses, presumably related to retention of Premiership status. Combining the roles of chairman and CEO rarely turns out for the better.
  10. He paid his son for doing a job that needed to be done. It may or may not have been higher if he'd paid some other agent but the amounts are relatively insignificant. I don't think you understand business or finance MK, but KA claims to have put in £7.5m that he borrowed from Eddie. All the evidence I have seen suggests that that is true and that the losses over the last two years were a fraction of what they had been previously, despite significantly less revenue. I know you don't want to hear that but its just the way it is, I'm afraid. I was thinking the other day if there were league tables of greed, where would KA be? Conference imo but lower down than Holdsworth and well behind Lineker, Allardyce and Chunky Taylor.
  11. They all had their different agendas, some reasonable some not so reasonable, but serial loss-making BWFC simply didn't have the money to pay £35m owed to creditors of the club and hotel, most of it well overdue. Without charging £500 per hour for not very much and incurring a12 point penalty, all KA could do was to try to reduce the losses which he did quite successfully and defer debt repayment whilst trying to find someone with very deep pockets to take over the debt. He failed. If you've got 300 creditors and over 200 employees that you can't pay on time because there simply isn't the money there, you're not going to be Mr Popularity but I suppose you could get a bit irked when some of the least deserving, egged on by the local rag, push themselves to the front of the queue.
  12. I defend the truth, not Ken Anderson or anyone else. Of course he was in it to try to make a profit. Do you think Michael and Sharron are in it because one's Santa Claus and the other's the Tooth Fairy?
  13. If he'd syphoned money out of BWFC, can you explain to me why the liabilities of the hotel and club were £3m less in 2019 than the auditors said they were in 2017?
  14. And his memorial service was played out to a half-empty Parish Church. No Anderson's, no Holdsworth and no Allardyce who couldn't resist slagging him off in his wretched book.
  15. Which one? The loss-making one that cost all of £10K but owes five times that to the bank? Anyway its not his and his wife resigned as a director in February.
  16. Not really, but what do they say about the kingdom of the blind?
  17. What made anyone think he was so wealthy that he could afford to lose six million quid?
  18. Bit of a slippery thing to do that, Boby Have you ever noticed that miracles is an anagram of Marc Iles? Miracles would never cease if he ever got round to reporting how much Dean Holdsworth cost BWFC or how much Ken Anderson stood to lose if he didn't strike a deal with EDT. Iles' article today makes no mention of Michael James or Sharron Brittan, focussing only on the bitter diatribe of an administrator who tried to pull a fast one on Ken Anderson and seemed to have a few hissy fits when KA would have none of it. Some may remember me saying that KA would put his family's financial wellbeing first. That's exactly what he did and I couldn't help noticing it months ago.
  19. Congratulations to Michael James and Sharron Brittan, most importantly for getting it over the line, but also for their impeccable conduct throughout the entire process and testing circumstances. They are an example to those who ought to know better. Lets hope the whingers, whiners and bellyachers will allow them at least a bit of time before resuming normal service.
  20. Several cases involving Blackpool. This is just one of them: https://www.bbc.co.uk/news/uk-england-lancashire-34771007
  21. Administrators are required to submit a report on the conduct of directors and other professionals have obligations under POCA. So the suggestion that Ken Anderson is trying to avoid that is completely bogus. On the other hand, chucking malicious or unfounded rumours about on t'internet is summat else. I heard that one Blackpool fan had to pay a heavy price for thinking that was his right. We haven't seen the last two years accounts but the administrators reports seem to accord with Ken Anderson's previous statements about trading results. If they had not been true, the liabilities would probably have been significantly higher than the administrators have reported.
  22. Did someone say you were an accountant?
  23. Good question Professor. Fildraw didn't lend the money to ICIL, which you will see from the accounts you'll find here: https://beta.companieshouse.gov.uk/company/09782053/filing-history The money was lent to Ken Anderson and another redacted name. That's probably Mrs Anderson secured on assets owned between the two of them with a back-up security on the small value of shares in BL. Can't see anybody lending £5m quid on the security of a £200K property, can you? Anyway Mr and Mrs Anderson are unlikely to have seen much, if any, of the £5m most of it going to repay the Blumarble loan taken out in March 2016 by Holdsworth, legal costs and other overdue accounts of BWFC, before any of the rest left the solicitors office. The £10m is different. See note 21 of the 2017 Group accounts here: https://beta.companieshouse.gov.uk/company/09782053/filing-history Then we have the £1.6m that Rubins reported was all that was owed to Ken. Ken says it should be £7.5m. Say no more about that for now. I'd prefer to avoid anotherTLDR.
  24. Leeds really have got some numbnuts that support them but I think we've a few that would give 'em a run for their money any day of the week
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