Howardroark Posted May 6, 2019 Share Posted May 6, 2019 1 minute ago, RedBloodzCell said: Then who would fund it? KA? The funds are there to fund short term admin Link to comment Share on other sites More sharing options...
onlyoneawalker Posted May 6, 2019 Share Posted May 6, 2019 1 minute ago, RedBloodzCell said: Then who would fund it? KA? If the director or moonshift puts it on admin it’s in admin the court can’t prevent or trigger it I think? of the clubs not on admin the court has the option to liquidate again I think Link to comment Share on other sites More sharing options...
barrycowdrill Posted May 6, 2019 Share Posted May 6, 2019 2 minutes ago, boltondiver said: The trustees have to work on behalf of the beneficiaries They may have to act in a professional / obligatory capacity but anyone thinking they get as misty eyed and panicked about the situation the same as Eddie did would be foolish. Them stepping in to save the day above and beyond their remit in my opinion is very remote Link to comment Share on other sites More sharing options...
Mantra Posted May 6, 2019 Share Posted May 6, 2019 1 minute ago, Howardroark said: The funds are there to fund short term admin But there’s no one to our knowledge that has the finances to enable a short term admin. So it’s either some mystery person has the money/FV find more money and we get short term admin. Or we ask for an adjournment. Or someone funds a longer term admin. Link to comment Share on other sites More sharing options...
Howardroark Posted May 6, 2019 Share Posted May 6, 2019 3 minutes ago, Mantra said: But there’s no one to our knowledge that has the finances to enable a short term admin. So it’s either some mystery person has the money/FV find more money and we get short term admin. Or we ask for an adjournment. Or someone funds a longer term admin. Longer term admin is unlikely, administrators would simply wind down the business if an outright sale cannot be achieved. Link to comment Share on other sites More sharing options...
Chrisj Posted May 6, 2019 Share Posted May 6, 2019 5 minutes ago, Howardroark said: Longer term admin is unlikely, administrators would simply wind down the business if an outright sale cannot be achieved. What’s your view on what will happen then Link to comment Share on other sites More sharing options...
Howardroark Posted May 6, 2019 Share Posted May 6, 2019 Just now, Chrisj said: What’s your view on what will happen then I suspect fixed creditors will appoint fixed charge receivers to recoup their funds over the summer by sale of associated assets and then a buyer to take out of admin after that process has been completed. Link to comment Share on other sites More sharing options...
Sluffy Posted May 6, 2019 Share Posted May 6, 2019 Howard, sorry to bother you but could you clarify the difference between Eddies estate and Moonshift please. I am aware that Moonshift have a sum of money in the club (circa £15m ?) which I understand to be unsecured - and which is to be repaid on achieving certain levels of performance within a set timeframe. I am also aware of Eddie's personal loan to KA (ICI Ltd) (£8m of which only £5m is secured?) but was never fully sure if that was from himself or authorised from Moonshift's account, I believe it to be the former? I assume therefore that unless Kier Gordon is representing Moonshift also, then Eddie's estate is really only interested in dealing with ICI Ltd for the outstanding loan - and as such wouldn't have much interest or reason in taking the club into Administration? And if Moonshift's loan is only repayable on performance achievements that are simply not going to be reached in the timescale stated, then I can't see how it would benefit them to put the club into Admin (and take on the whole outstanding arrears of the club) either - as they've effectively lost the money if the club survives without going into Admin and it will cost them more than they gain if they put the club into Admin themselves. The only benefit of doing so as you say as a bridge for others to gain control from Pre Pact Admin (which of course can't be done unless the 28 day(?) grace period the ST have on having first dibs on a club entering Admin can somehow be worked around?), not to mention nobody seems to have the required sum of money to bring it out of Pre Pact even if the ST 'hurdle' could be easily overcome? The bit I can't quite get straight in my head is who exactly 'own's' the shares right now as you have said it is about forcing 'Moonshift's' hand to recall his (KA's) shares - I thought Eddies estate held the lien over the shares - but clearly they can't because it's Moonshift that has the charge over them as per Companies House records. Is Moonshift part of Eddies estate that Mr Gordon is dealing with, if so who is his client, the heirs of Eddies estate and the share holders of Moonshift - or are they one and the same people and if not is there potentially conflicts of interest between the two? If they are both completely separate to each other how did the charge on the share ownership pass from Eddie to Moonshift - and if it has wouldn't that have meant the Eddies Davies estate in the matter have been settled at that time in full? I seemed to have missed something, somewhere, and would be grateful if you could enlighten me as to where I've gone wrong and what the relationship between the two really is. Many thanks. Link to comment Share on other sites More sharing options...
DomRepWanderer Posted May 6, 2019 Share Posted May 6, 2019 (edited) 11 minutes ago, Howardroark said: I suspect fixed creditors will appoint fixed charge receivers to recoup their funds over the summer by sale of associated assets and then a buyer to take out of admin after that process has been completed. And where would that leave us as a football club? This from Iles. Marc Iles @MarcIles 4h4 hours ago More Replying to @gregjdawson @KieranMaguire Looks like Eddie Davies's family will press the admin button on Tuesday as KA (apparently) prevented from doing so as per a contract with Bassini. Hoped there will be a quick sale. Edited May 6, 2019 by DomRepWanderer Link to comment Share on other sites More sharing options...
Howardroark Posted May 6, 2019 Share Posted May 6, 2019 8 minutes ago, Sluffy said: Howard, sorry to bother you but could you clarify the difference between Eddies estate and Moonshift please. I am aware that Moonshift have a sum of money in the club (circa £15m ?) which I understand to be unsecured - and which is to be repaid on achieving certain levels of performance within a set timeframe. I am also aware of Eddie's personal loan to KA (ICI Ltd) (£8m of which only £5m is secured?) but was never fully sure if that was from himself or authorised from Moonshift's account, I believe it to be the former? I assume therefore that unless Kier Gordon is representing Moonshift also, then Eddie's estate is really only interested in dealing with ICI Ltd for the outstanding loan - and as such wouldn't have much interest or reason in taking the club into Administration? And if Moonshift's loan is only repayable on performance achievements that are simply not going to be reached in the timescale stated, then I can't see how it would benefit them to put the club into Admin (and take on the whole outstanding arrears of the club) either - as they've effectively lost the money if the club survives without going into Admin and it will cost them more than they gain if they put the club into Admin themselves. The only benefit of doing so as you say as a bridge for others to gain control from Pre Pact Admin (which of course can't be done unless the 28 day(?) grace period the ST have on having first dibs on a club entering Admin can somehow be worked around?), not to mention nobody seems to have the required sum of money to bring it out of Pre Pact even if the ST 'hurdle' could be easily overcome? The bit I can't quite get straight in my head is who exactly 'own's' the shares right now as you have said it is about forcing 'Moonshift's' hand to recall his (KA's) shares - I thought Eddies estate held the lien over the shares - but clearly they can't because it's Moonshift that has the charge over them as per Companies House records. Is Moonshift part of Eddies estate that Mr Gordon is dealing with, if so who is his client, the heirs of Eddies estate and the share holders of Moonshift - or are they one and the same people and if not is there potentially conflicts of interest between the two? If they are both completely separate to each other how did the charge on the share ownership pass from Eddie to Moonshift - and if it has wouldn't that have meant the Eddies Davies estate in the matter have been settled at that time in full? I seemed to have missed something, somewhere, and would be grateful if you could enlighten me as to where I've gone wrong and what the relationship between the two really is. Many thanks. Moonshift are the client of Kier Gordon and are simply the commercial arm/investment vehicle of ED Trustees. They are one and the same. Taking back the shares and putting the club into admin costs them £5M immediately and puts them at risk of personal liability over some debts if KA has indulged in fraudulent trading (which he has technically done with both Doidge and the final season ticket payment). Link to comment Share on other sites More sharing options...
Howardroark Posted May 6, 2019 Share Posted May 6, 2019 16 minutes ago, DomRepWanderer said: And where would that leave us as a football club? This from Iles. Marc Iles @MarcIles 4h4 hours ago More Replying to @gregjdawson @KieranMaguire Looks like Eddie Davies's family will press the admin button on Tuesday as KA (apparently) prevented from doing so as per a contract with Bassini. Hoped there will be a quick sale. There would still be a club, just a redevelopment of the car parks and probably more houses near training ground. Bassini won’t stand in KA’s way, he knows he doesn’t have the money, does he really want to be the guy who got BWFC liquidated without even owning them, even for him that’s impressive. Link to comment Share on other sites More sharing options...
DomRepWanderer Posted May 6, 2019 Share Posted May 6, 2019 Just now, Howardroark said: There would still be a club, just a redevelopment of the car parks and probably more houses near training ground. Bassini won’t stand in KA’s way, he knows he doesn’t have the money, does he really want to be the guy who got BWFC liquidated without even owning them, even for him that’s impressive. Thank you. Link to comment Share on other sites More sharing options...
Benny The Ball Posted May 6, 2019 Share Posted May 6, 2019 1 hour ago, Howardroark said: Moonshift will require a watertight agreement with a buyer to put in to administration. That buyer will have to have done DD and be ready to acquire within 24 hours of administration. Without a guaranteed buyer there will not be an administration. That does only leave FV but unless they have new backing, they still can’t afford it. Whats your take on the fact that Parminder Basran is no longer part of The football ventures bid ? Link to comment Share on other sites More sharing options...
Howardroark Posted May 6, 2019 Share Posted May 6, 2019 1 minute ago, Benny The Ball said: Whats your take on the fact that Parminder Basran is no longer part of The football ventures bid ? I don’t know what value he added in the first place, still don’t know where the cash is coming from, especially if he is ‘out’. Link to comment Share on other sites More sharing options...
Sluffy Posted May 6, 2019 Share Posted May 6, 2019 7 minutes ago, Howardroark said: Moonshift are the client of Kier Gordon and are simply the commercial arm/investment vehicle of ED Trustees. They are one and the same. Taking back the shares and putting the club into admin costs them £5M immediately and puts them at risk of personal liability over some debts if KA has indulged in fraudulent trading (which he has technically done with both Doidge and the final season ticket payment). Thank you for your help. Very much appreciated. Link to comment Share on other sites More sharing options...
RoadRunnerFan Posted May 6, 2019 Share Posted May 6, 2019 (edited) 1 hour ago, Howardroark said: Some would argue that the debt accrued in that time provided fans with a decade of enjoyment beyond their wildest dreams, that this was a gift from one man cannot be overlooked. Not true. Most of the debt was accrued in trying to stay in the Prem and return to it, not in pushing for Europe. Though this does not diminish what Eddie did for the club. Edited May 6, 2019 by RoadRunnerFan Link to comment Share on other sites More sharing options...
Benny The Ball Posted May 6, 2019 Share Posted May 6, 2019 Just now, Howardroark said: I don’t know what value he added in the first place, still don’t know where the cash is coming from, especially if he is ‘out’. That's the interesting bit - I would expect you to know in your circles who is funding who - and I just wonder whether Michael James has somehow brought two sets of "Tyre Kickers" together and part of the fallout in so doing is Basran himself - just a thought Link to comment Share on other sites More sharing options...
gonzo Posted May 6, 2019 Share Posted May 6, 2019 Can someone not just pay the tax bill? Link to comment Share on other sites More sharing options...
Howardroark Posted May 6, 2019 Share Posted May 6, 2019 16 minutes ago, Benny The Ball said: That's the interesting bit - I would expect you to know in your circles who is funding who - and I just wonder whether Michael James has somehow brought two sets of "Tyre Kickers" together and part of the fallout in so doing is Basran himself - just a thought With the exception of Steve Morgan, no names have really been mentioned. Link to comment Share on other sites More sharing options...
sleepingindian Posted May 6, 2019 Share Posted May 6, 2019 5 minutes ago, gonzo said: Can someone not just pay the tax bill? often thuaght that would be more simpler Link to comment Share on other sites More sharing options...
RedBloodzCell Posted May 6, 2019 Share Posted May 6, 2019 4 minutes ago, Howardroark said: With the exception of Steve Morgan, no names have really been mentioned. Reckon he's involved or just rumours? Link to comment Share on other sites More sharing options...
Howardroark Posted May 6, 2019 Share Posted May 6, 2019 1 minute ago, sleepingindian said: often thuaght that would be more simpler No, there’s more than one creditor on the WU Link to comment Share on other sites More sharing options...
Howardroark Posted May 6, 2019 Share Posted May 6, 2019 Just now, RedBloodzCell said: Reckon he's involved or just rumours? Couldn’t verify so assume rumour Link to comment Share on other sites More sharing options...
Mounts Kipper Posted May 6, 2019 Share Posted May 6, 2019 12 minutes ago, Howardroark said: With the exception of Steve Morgan, no names have really been mentioned. What’s steve Morgan got to do with this, presuming you mean Redrow guy? Link to comment Share on other sites More sharing options...
Site Supporter RONNIE PHILLIPS Posted May 6, 2019 Site Supporter Share Posted May 6, 2019 1 hour ago, Howardroark said: He didn’t have the collateral to support the level of funding he desired. Surely nobody with any common sense really believed otherwise... Link to comment Share on other sites More sharing options...
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