Benny The Ball Posted May 13, 2019 Share Posted May 13, 2019 (edited) 40 minutes ago, Mounts Kipper said: Isn’t there a 21 day period where potential buyers have a chance to express interest. The 24 hour option was only if moonshift took back the shares and regained ownership of the club. To be honest I genuinely dont know , which is why I was hoping Howard would update us , as to whether as Boothy mentioned the fact that Fildraw triggered administration and not Moonshift is significant in its own right Until we we went to Court last week I dont remember reading anything about Fildraw within the 600 plus pages of this thread and know absolutely nothing about it as a legal entity other than the fact that it is part of EDs trust. So you might be correct , but as Howard was spot on about the Notice to Put us into administration , ( I reckon he is very close to Keir Gordon at CRS ) I would not just dismiss it out of hand. Personally I do hope he is wrong , for no other reason than the 3 week period you refer to will bring more prospective purchasers to the table A final thought - there was much debate that if Moonshift triggers admin then Ken walks away with £5 million - could that be why Fildraw have triggered it ? Edited May 13, 2019 by Benny The Ball Link to comment Share on other sites More sharing options...
Howardroark Posted May 13, 2019 Share Posted May 13, 2019 56 minutes ago, Benny The Ball said: Both Fildraw & Moonshift are controlled by ED Trustees , I would have thought Howards scenario would be equally applicable to either ? Afterall ED Trustees made the decision to put us into Administration - and If you take Howard at his word and he is correct - something should happen tomorrow " 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." Maybe Howard can update us ? Ask ST why they refused to waive their ‘exclusivity period’ Link to comment Share on other sites More sharing options...
Moderators Casino Posted May 13, 2019 Moderators Share Posted May 13, 2019 I thought I'd read they don't have exclusivity? And if they do, are you suggesting they are going to get in the way? Link to comment Share on other sites More sharing options...
Benny The Ball Posted May 13, 2019 Share Posted May 13, 2019 2 minutes ago, Howardroark said: Ask ST why they refused to waive their ‘exclusivity period’ So a buyer was ready and willing to complete tomorrow ? Link to comment Share on other sites More sharing options...
Jol_BWFC Posted May 13, 2019 Share Posted May 13, 2019 8 minutes ago, Benny The Ball said: To be honest I genuinely dont know , which is why I was hoping Howard would update us , as to whether as Boothy mentioned the fact that Fildraw triggered administration and not Moonshift is significant in its own right Until we we went to Court last week I dont remember reading anything about Fildraw within the 600 plus pages of this thread and know absolutely nothing about it as a legal entity other than the fact that it is part of EDs trust. So you might be correct , but as Howard was spot on about the Notice to Put us into administration , ( I reckon he is very close to Keir Gordon at CRS ) I would not just dismiss it out of hand. Personally I do hope he is wrong , for no other reason than the 3 week period you refer to will bring more prospective purchasers to the table A final thought - there was much debate that if Moonshift triggers admin then Ken walks away with £5 million - could that be why Fildraw have triggered it ? Moonshift’s name was on the security when it was registered at Companies House, hence why the name comes up in this thread. That’s what people see when they search CH. However, the debt and security may have been transferred from Moonshift to another entity of ED trust (Fildraw) prior to the notice of intention to appoint administrators. Fildraw would then be the party with the benefit of the qualifying floating charge in that security, enabling them to appoint administrators. Link to comment Share on other sites More sharing options...
Benny The Ball Posted May 13, 2019 Share Posted May 13, 2019 11 minutes ago, Jol_BWFC said: Moonshift’s name was on the security when it was registered at Companies House, hence why the name comes up in this thread. That’s what people see when they search CH. However, the debt and security may have been transferred from Moonshift to another entity of ED trust (Fildraw) prior to the notice of intention to appoint administrators. Fildraw would then be the party with the benefit of the qualifying floating charge in that security, enabling them to appoint administrators. Thanks for that Just wonder If the transfer is significant , be Interesting to see what happens with ICI and Moonshift Link to comment Share on other sites More sharing options...
Sluffy Posted May 13, 2019 Share Posted May 13, 2019 (edited) 1 hour ago, Jol_BWFC said: Moonshift’s name was on the security when it was registered at Companies House, hence why the name comes up in this thread. That’s what people see when they search CH. However, the debt and security may have been transferred from Moonshift to another entity of ED trust (Fildraw) prior to the notice of intention to appoint administrators. Fildraw would then be the party with the benefit of the qualifying floating charge in that security, enabling them to appoint administrators. Eddie was the beneficial owner of Fildraw Private Trust which is based in Bermuda and Moonshift Investment Limited thought to be registered in the British Virgin Islands of which Eddie had a 'beneficial' interest in - so in other words he does have some rights to profits from the company but he might not even be the owner of it, was brought into provide a line of credit of over £100m into the club. All this offshore business seemed a bit murky and beyond my depth of knowledge in the subject that all I could do was to accept it at face value. I have found a link to a report on this but unfortunately it doesn't seem to work any more. The link below is to Nuts where a poster copied and pasted a chunk of the original link out. Hope in makes more sense to others. https://forum.boltonnuts.co.uk/t12393-accounting-geniuses#267136 Edited May 13, 2019 by Sluffy grammar errors Link to comment Share on other sites More sharing options...
Krimzon Posted May 13, 2019 Share Posted May 13, 2019 Im 46 , My ticker is about to explode and Im rapidly losing my eyesight, karma if you will, * I still have a cassette of mark came equalising against swindon......twice. Ill just listen to that on loop til I pop me cloggs . Started in 79 -till now , greatest roller coaster ever known to man . Games that no matter how you try , can never be described in words, ...wouldnt change a thing . *thats what you get for outdrinking Jazza Link to comment Share on other sites More sharing options...
green genie Posted May 14, 2019 Share Posted May 14, 2019 7 hours ago, Howardroark said: Ask ST why they refused to waive their ‘exclusivity period’ They'd have to agree to fund the administrator and other costs until buyout complete presumably. That was scenario down here in 2011. "Luckily" we had Ridsdale selling off anything of value to fund ours including his consultancy fees. Link to comment Share on other sites More sharing options...
hughmungus Posted May 14, 2019 Share Posted May 14, 2019 So am i right in thinking that based on what was reported about the Chinese connection, that there is a bid ready to go but it will possibly be held up by the ST wanting a place at the table. Link to comment Share on other sites More sharing options...
Wullie Posted May 14, 2019 Share Posted May 14, 2019 ST haven't been offered the chance in regards to owning or being part of the club , so they can't waive anything yet. Administartion has to go through EVERYTHING now, so no sale until they do all this.....my understanding anyway Link to comment Share on other sites More sharing options...
sleepingindian Posted May 14, 2019 Share Posted May 14, 2019 st said if there is a proper bid that is good for bwfc they will step aside and let it happen Link to comment Share on other sites More sharing options...
marcx666 Posted May 14, 2019 Share Posted May 14, 2019 12 minutes ago, sleepingindian said: st said if there is a proper bid that is good for bwfc they will step aside and let it happen I wouldn't trust them to tell me whether it's raining, let alone what a good bid consists of. Link to comment Share on other sites More sharing options...
deane koontz Posted May 14, 2019 Share Posted May 14, 2019 New owner? Uncle Bob Link to comment Share on other sites More sharing options...
Boby Brno Posted May 14, 2019 Share Posted May 14, 2019 27 minutes ago, deane koontz said: New owner? Uncle Bob BBC Breakfast reporting from Carrs Pasties this morning. It’s all going on in Bolton. I did some work for Warburtons with the Muppetts costumes. I couldn’t publicise it though due to Disney’s copyright issues. Link to comment Share on other sites More sharing options...
bwfcfan5 Posted May 14, 2019 Share Posted May 14, 2019 9 hours ago, Howardroark said: Ask ST why they refused to waive their ‘exclusivity period’ There isn't an exclusivity period. The administrators have to meet with any supporters trust within 21 days and give them a chance to bid for the club. But it isn't exclusive. Its just the timescale laid out by the league. However, you know as well as I do that no sale can occur that quickly in administration other than via pre-pack which is not allowed. The administrator has to demonstrate best value which means once they've done their initial report on the business (say 2/3 weeks but sometimes can take 2 months!) they then will have to market it for a period - to determine whether they can achieve a suitable return that way. Link to comment Share on other sites More sharing options...
chrisw99 Posted May 14, 2019 Share Posted May 14, 2019 40 minutes ago, Boby Brno said: BBC Breakfast reporting from Carrs Pasties this morning. It’s all going on in Bolton. I did some work for Warburtons with the Muppetts costumes. I couldn’t publicise it though due to Disney’s copyright issues. Are Warburtons still Bolton based? £500 million a year turnover, surely they could buy into us. If they can afford Robert De Niro for the latest ad... Link to comment Share on other sites More sharing options...
chrisw99 Posted May 14, 2019 Share Posted May 14, 2019 13 hours ago, MalcolmW said: I think the failure to fulfil fixtures will result in a 3 point deduction, applied to this season's table. The -12 will definitely be due to be applied next season. Awarding the non played game as a 0-1 home defeat is already a points deduction as we could have won that one Link to comment Share on other sites More sharing options...
bwfcfan5 Posted May 14, 2019 Share Posted May 14, 2019 6 minutes ago, chrisw99 said: Are Warburtons still Bolton based? £500 million a year turnover, surely they could buy into us. If they can afford Robert De Niro for the latest ad... Quick google suggests they make ~£23M profit annually. Holding about £50M cash. In what way are they able to run and prop up a football club that loses £5M a year and invest in it? Warbies is a business that does nicely for itself. But businesses generally aren't in a place to sink millions into other loss making businesses without serious questions from their shareholders..... Link to comment Share on other sites More sharing options...
Okocha10 Posted May 14, 2019 Share Posted May 14, 2019 Look at Blackpool for example, they went into receivership on the 13th February only just now there in the process of putting a deadline for the bidders who want to buy the club: https://www.blackpoolfc.co.uk/news/2019/may/statement-from-joint-receivers/ I know receivership in it ways is different to administration but won't we be looking at the same timescale? The receivers at Blackpool are the same people who are working with administration at our club (David Rubin & Partners). Link to comment Share on other sites More sharing options...
Traf Posted May 14, 2019 Share Posted May 14, 2019 11 minutes ago, Okocha10 said: Look at Blackpool for example, they went into receivership on the 13th February only just now there in the process of putting a deadline for the bidders who want to buy the club: https://www.blackpoolfc.co.uk/news/2019/may/statement-from-joint-receivers/ I know receivership in it ways is different to administration but won't we be looking at the same timescale? The receivers at Blackpool are the same people who are working with administration at our club (David Rubin & Partners). And the same ones that took ages at Coventry , whose plight is possibly worse now than before they entered administration. Link to comment Share on other sites More sharing options...
chrisw99 Posted May 14, 2019 Share Posted May 14, 2019 (edited) 3 minutes ago, Traf said: And the same ones that took ages at Coventry , whose plight is possibly worse now than before they entered administration. Coventry is slightly different in that the administrator then liquidated after ages in admin, and sold the company back to SISU holdings who were the owners before administration. Not really sure how that can be legal, but that's what happened. Edited May 14, 2019 by chrisw99 Link to comment Share on other sites More sharing options...
Tommy Banks Posted May 14, 2019 Share Posted May 14, 2019 It’s gonna be a long painful summer Link to comment Share on other sites More sharing options...
deane koontz Posted May 14, 2019 Share Posted May 14, 2019 https://www.theboltonnews.co.uk/news/17637911.bolton-wanderers-set-up-emergency-food-bank-for-unpaid-staff/ Link to comment Share on other sites More sharing options...
Site Supporter Steejay Posted May 14, 2019 Site Supporter Share Posted May 14, 2019 1 minute ago, deane koontz said: https://www.theboltonnews.co.uk/news/17637911.bolton-wanderers-set-up-emergency-food-bank-for-unpaid-staff/ Donaldson'll be first in the queue, poor lamb... Link to comment Share on other sites More sharing options...
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