Moderators Casino Posted July 14, 2017 Moderators Share Posted July 14, 2017 (edited) ream and odelusi, not holding Edited July 14, 2017 by Casino Quote Link to comment Share on other sites More sharing options...
nantwichwhite Posted July 14, 2017 Share Posted July 14, 2017 Maybe mistaken but I thought I read somewhere that the BM loan does not have to be paid until 2018 Quote Link to comment Share on other sites More sharing options...
Moderators Casino Posted July 14, 2017 Moderators Share Posted July 14, 2017 aye, seen both dates is it not SS owe it by 2017 but bwfc owe SS by 2018? Quote Link to comment Share on other sites More sharing options...
Sluffy Posted July 14, 2017 Share Posted July 14, 2017 Maybe mistaken but I thought I read somewhere that the BM loan does not have to be paid until 2018 The 'Group' (The club, hotel, etc) has until 10th March, 2018 to repay SSBWFC the loan of £4 million (note NOT £5 million) plus interest charged by SSBWFC of 24%. If I remember reading something correctly (one of Anderson's broadsides at Holdsworth I think?) SSBWFC only took out the loan for only a week or so - it's repayment date was only a matter of days from when the loan was taken out. The implications being that a third party (Holdsworth's partner prior to Anderson stepping in) paid the loan off whilst he and DH profited at a rate of around £1 million per year interest paid to SSBWFC, as well as the 'full' sum of the loan being paid back by March 2018. It would seem that not only was £1 million of the original £5 million loan 'lost' in setting up fees, that SSBWFC would also gain a further £2 million in interest it was charging the 'Group' (the club) over the two year loan but also it had not actually put any money of its own into the club (an allegation that is constantly thrown at Anderson), with the CLUB paying the loan back in full. Add to this the Group also paid SSBWFC £250,000 in May 2016, in relation to charges incurred by them in effecting the change of ownership (Note 28 Related Party Transactions). Holdsworth also received a further £50,000 and had his legal fees paid by the Group when his case against his termination of employment at the club (Head of Football or something like that was his job title I seem to recall). Quote Link to comment Share on other sites More sharing options...
Eavesy Posted July 14, 2017 Share Posted July 14, 2017 ream and odelusi, not holding Ahhh that was it. Did Kellett go for free? So the next ones should include holding, clough, the striker that went to Wigan? Quote Link to comment Share on other sites More sharing options...
bwfcfan5 Posted July 14, 2017 Share Posted July 14, 2017 aye, seen both dates is it not SS owe it by 2017 but bwfc owe SS by 2018? Yep. SS in default. Why it is going through court. If SS placed into admin we're potentially in a right mess. Quote Link to comment Share on other sites More sharing options...
Sluffy Posted July 14, 2017 Share Posted July 14, 2017 I don't understand much of this, but isn't the blue marble loan to deano's bwfc/sport shield company, which is still ongoing in the courts, and as such isn't owed by the club? Now unless ka is putting some away for a 'rainy day' if shit hits the fan and the club end up having to pay it (or at least part), surely income now will be used just to finance the club. Given the wage bill has been reduced massively, and we have signed a number of new players, it suggests we are already on a much more sustainable level of operating. Holdsworth's SSBWFC took out a loan from BM for £5 million. The club for some reason I don't fully understand guaranteed the loan by having it secured against club assets. SSBWFC loaned the club £4 million of this money - the remaining million was used to set up the loan it has been reported. SSBWFC charged the club an interest of 24% for this. The loan was to be repaid by the club to SSBWFC by the 10th March, 2018 (Note 21 Loans and Overdraughts) My understanding was that SSBWFC was to repay BM the loan in full within a week or so from when the loan was taken out. The loan was not repaid and SSBWFC has been in default ever since. The club also paid SSBWFC £250,000 for in May 2016, in relation to charges incurred by them in effecting the change of ownership (Note 28 Related Party Transactions). As BM has not been paid it is seeking the money from SSBWFC. SSBWFC doesn't seem to have any money but does have a 38% ownership of the 'Group' (the club, hotel, etc). It also has the 'group' as a debtor to it with the loan it has made to the club. BM is seeking to liquidate SSBWFC and force a sale of these shares. There is also the side question of whether they will then take legal action against the 'group' to recover their money if there is still a shortfall after SSBWFC is liquidated. So although the matter is between BM and SSBWFC at this stage, the outcome of the dispute will directly effect the club and thus Anderson would be unwise to put his own money into the club until he knows the outcome. It would seem however a resolution is only a few weeks away hence the latest court adjournment. Hope this helps your understanding of the matter. Quote Link to comment Share on other sites More sharing options...
Moderators Casino Posted July 14, 2017 Moderators Share Posted July 14, 2017 the 38% of the shares aren't they pretty much worthless? Quote Link to comment Share on other sites More sharing options...
Site Supporter Tonge moor green jacket Posted July 14, 2017 Site Supporter Share Posted July 14, 2017 So ka could be looking to acquire these 38% which would enable ssbwfc to pay the loan (or some of it)? Quote Link to comment Share on other sites More sharing options...
Sluffy Posted July 14, 2017 Share Posted July 14, 2017 the 38% of the shares aren't they pretty much worthless? Not at all, they certainly have a decent inherent value. I guess it depends on how much people want to pay for them. Don't forget the Group owns other assets than the club, the hotel for instance. 38% would be a minority share holding in the group but the total business arms seems to have enough assets even now to cover its debts (it owns the stadium for instance). I'm also sure that Anderson would get a much greater deal in selling the club on if he owned 95% of the shares than his current 57%. I think they are far from worthless. Quote Link to comment Share on other sites More sharing options...
Take Hunt Off Posted July 14, 2017 Share Posted July 14, 2017 Ken has issued another statement on the official site .Very candid I reckon but also enlightening regarding our debts to Eddie Davies Brett Warby & Peter James . Can't do the link stuff sure someone else will. Quote Link to comment Share on other sites More sharing options...
Sluffy Posted July 14, 2017 Share Posted July 14, 2017 So ka could be looking to acquire these 38% which would enable ssbwfc to pay the loan (or some of it)? He's already acquired 30% of SSBWFC on 17th March of this year (Note 27 Events after the reporting date). I can't see SSBWFC having the funds to pay off the BM loan. My guess would be that KA has already made offers to both SSBWFC and BM to move forward. With SSBWFC to acquire the shares and with BM to accept a renegotiated repayment agreement to the 'Group'. The group should already have budgeted for the repayment to SSBWFC in full by 2018 in any event. I'm guessing part of the ongoing delay revolves around the £1 million charge in setting up the loan from BM via SSBWFC to the group. Quote Link to comment Share on other sites More sharing options...
Moderators Casino Posted July 14, 2017 Moderators Share Posted July 14, 2017 Ken has issued another statement on the official site .Very candid I reckon but also enlightening regarding our debts to Eddie Davies Brett Warby & Peter James . Can't do the link stuff sure someone else will. ill have a look but that smurf twat bangs on about the peter james loan ken says it was more a 'here you need some money, pay it back when you can' type of thing Quote Link to comment Share on other sites More sharing options...
Moderators Casino Posted July 14, 2017 Moderators Share Posted July 14, 2017 one thing i think we all forget in the barmy world of football you can say one million very quickly it seems like nowt in the days of 100 million footballers in reality its a fcuking fortune Quote Link to comment Share on other sites More sharing options...
Sluffy Posted July 14, 2017 Share Posted July 14, 2017 Ken has issued another statement on the official site .Very candid I reckon but also enlightening regarding our debts to Eddie Davies Brett Warby & Peter James . Can't do the link stuff sure someone else will. http://forum.boltonnuts.co.uk/t15300p210-ken-anderson-update#343559 Quote Link to comment Share on other sites More sharing options...
bwfcfan5 Posted July 14, 2017 Share Posted July 14, 2017 Usual suspects on twitter banging on about Ken using £250K of club money to settle shares dispute with Holdsworth. Questioning the legality....anyone on here with knowledge on this? Quote Link to comment Share on other sites More sharing options...
Moderators Casino Posted July 14, 2017 Moderators Share Posted July 14, 2017 just read it and he once again he nails it so positive so open so pleased we have him Quote Link to comment Share on other sites More sharing options...
Moderators Casino Posted July 14, 2017 Moderators Share Posted July 14, 2017 Usual suspects on twitter banging on about Ken using £250K of club money to settle shares dispute with Holdsworth. Questioning the legality....anyone on here with knowledge on this? hes obviously a very busy bloke when hes less busy, id fcuking love it if he went after some of these wankers Quote Link to comment Share on other sites More sharing options...
Kane57 Posted July 14, 2017 Share Posted July 14, 2017 Usual suspects on twitter banging on about Ken using £250K of club money to settle shares dispute with Holdsworth. Questioning the legality....anyone on here with knowledge on this? Not the foggiest Quote Link to comment Share on other sites More sharing options...
Sluffy Posted July 14, 2017 Share Posted July 14, 2017 Usual suspects on twitter banging on about Ken using £250K of club money to settle shares dispute with Holdsworth. Questioning the legality....anyone on here with knowledge on this? See page 32 of the club accounts - Note 28, Related part Transactions. The reporting of the matter is not very clear (I assume deliberately so?) Link here - https://www.bwfc.co.uk/siteassets/documents/burnden-leisure-consolidated-accounts-2016.pdf Quote Link to comment Share on other sites More sharing options...
Kane57 Posted July 14, 2017 Share Posted July 14, 2017 Ken has issued another statement on the official site .Very candid I reckon but also enlightening regarding our debts to Eddie Davies Brett Warby & Peter James . Can't do the link stuff sure someone else will. Just slipped in the bit about Eddie writing off 5m more. That was (very welcome) news to me Quote Link to comment Share on other sites More sharing options...
bwfcfan5 Posted July 14, 2017 Share Posted July 14, 2017 See page 32 of the club accounts - Note 28, Related part Transactions. The reporting of the matter is not very clear (I assume deliberately so?) Link here - https://www.bwfc.co.uk/siteassets/documents/burnden-leisure-consolidated-accounts-2016.pdf I'd read that yesterday. That wasn't what I asked. Quote Link to comment Share on other sites More sharing options...
Sluffy Posted July 14, 2017 Share Posted July 14, 2017 Not the foggiest Chris, whilst you are on, why has your LoV site blocked Bolton Nuts on twitter? You are blocked from following @LionOfViennaSte and viewing @LionOfViennaSte's Tweets. Quote Link to comment Share on other sites More sharing options...
Kane57 Posted July 14, 2017 Share Posted July 14, 2017 No idea mate I don't have anything to do with twitter. I'll try and sort it out this afternoon. Quote Link to comment Share on other sites More sharing options...
gonzo Posted July 14, 2017 Share Posted July 14, 2017 I'll ask again. Who is gazza crompton? Quote Link to comment Share on other sites More sharing options...
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