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Wanderers Ways - passion not fashion

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1 minute ago, Romiley White said:

I'm recruiting. 3 season ticket holders + 2 Liverpool, 1 United and 1 Sheff United. Seen you and raised you.

Cracking effort. You can make our B squad with the Offerton Whites with that

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15 minutes ago, jules_darby said:

It’s a small area of Cherry Tree 

It's a suburb of Stockport that is a more desirable place to support Bolton from than Marple.

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If FV buy the club and pay off the creditors, then Bassini and his legal team overturn the sale and acquire BWFC, do FV get their money back? If so what would happen to the money the creditors have been paid? Surely that can’t be taken back from them. Even if Bassini is going to pay them what he promised.

Just seems a huge mess to sort that out.

Impossible to say, I know, and everyone has their opinions but seems a big risk for FV or whoever completes a sale while this rumbles on. People saying it’s now between KA and LB but still a chance the sale could be overturned.

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As Bassini has promised to pay all creditors in full (therefore more than FV) I presume he would repay FV what they have paid and then pay the balance to the Creditors. 

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33 minutes ago, Mantra said:

If FV buy the club and pay off the creditors, then Bassini and his legal team overturn the sale and acquire BWFC, do FV get their money back? If so what would happen to the money the creditors have been paid? Surely that can’t be taken back from them. Even if Bassini is going to pay them what he promised.

Just seems a huge mess to sort that out.

Impossible to say, I know, and everyone has their opinions but seems a big risk for FV or whoever completes a sale while this rumbles on. People saying it’s now between KA and LB but still a chance the sale could be overturned.

Please can we just stop with this utter nonsense that Bassini can ever just be handed the club by a court. He cannot. It just isn’t happening. By the time it comes to a point where a decision might be made on whether he has a claim on Burnden Leisure it will have been liquidated one way or another. The assets won’t be there. 

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51 minutes ago, Romiley White said:

It's a suburb of Stockport that is a more desirable place to support Bolton from than Marple.

Wow, Laurence is that you?

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2 minutes ago, bwfcfan5 said:

Please can we just stop with this utter nonsense that Bassini can ever just be handed the club by a court. He cannot. It just isn’t happening. By the time it comes to a point where a decision might be made on whether he has a claim on Burnden Leisure it will have been liquidated one way or another. The assets won’t be there. 

Bassini's race is run. He's done. As I said before, whatever his motivation, it wasn't a love of the club, it was an opportunity to make money.

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2 minutes ago, jules_darby said:

Wow, Laurence is that you?

Definitely not, I wouldn't have worn that coloured suit, or used that tailor. And he couldn't afford a house in Romiley. Marple perhaps.....

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11 minutes ago, Romiley White said:

Definitely not, I wouldn't have worn that coloured suit, or used that tailor. And he couldn't afford a house in Romiley. Marple perhaps.....

But Lozzer, the average house price in Marple is £50k more than Romiley...

Anyway, what colour suit do you prefer?

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2 minutes ago, Widnes Two Hats said:

Have I accidently walked into the Blue Oyster Bar

You forget that a lot of us know you 

Accidentally? 👀

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1 hour ago, Casino said:

Did I not read that burnden leisure was wound up, earlier

Not from me you didn't.

BL is basically a holding company for the ownership of the shares that Eddie had and is the umbrella company reporting overall for the group.

It isn't trading as such.

These shares were sold jointly to Sports Shield BWFC Ltd and Inner Circle Investment Ltd, with Ken buying Holdsworth sometime later.

These shares are alleged to have been sold on to Bassini for £200k, with £1 down and the remainder to have followed - I'm absolutely amazed that no one other than the ever astute and observant @Chris Custodiet had picked up on @Matthew1234 comment on this (he having attended the court in person today).  This being the whole foundation of Bassini's case and why the judge hasn't thrown the case out yet until he's determined how accurate this claim is and if anything goes to the heart of making this claim void.

Bolton Wanderers Football and Athletic Club and the hotel are trading but the Administrator has stated that BWFAC is insolvent and can't be saved and will be compulsory liquidated once the club is sold (or if the sale collapses unless someone (secured creditor) funds it until a sale can be made - but why would they do that when they can simply obtain their money from liquidation?

No doubt once the position on the club and the hotel is resolved, then BL itself will be liquidated.

Hope this helps answer your query?

Edited by Sluffy
Grammar errors

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2 hours ago, bwfcfan5 said:

Please can we just stop with this utter nonsense that Bassini can ever just be handed the club by a court. He cannot. It just isn’t happening. By the time it comes to a point where a decision might be made on whether he has a claim on Burnden Leisure it will have been liquidated one way or another. The assets won’t be there. 

You are wrong in law but probably not in reality.

Put simply whoever can prove title to the shares owns them - and even if someone else has bought the shares in good faith, they will have to hand them back to the true owner once title has been established.

The judge and the clubs Administrator both clearly believe that a sale will go ahead - The Administrator even giving in his statement to the judge that an adjournment would not impact on the sale.

I would guess FV may hold fire and see what happens at the next court hearing on the 2nd September though.

I suggest you read back through the thread at @Escobarp extremely knowledgeable and informative contributions, particularly in respect of the last couple of days and @Matthew1234 reporting of Bassini's SAP consideration that he made (I'm amazed no one else seems to have picked up on this other than @Chris Custodiet ).

Bassini may well not be successful with his claim but if the judge rules for him he will be the lawful owner of Burnden Leisure and as it stands  the club AND hotel (as he would now control 94.5% of the company - which in turn owns them - I was unsure as to exactly what Bassini thought he was buying until Matthew so helpfully reporting on what was said in court today).

It could be viewed however that assets of Burnden Leisure may have to be sold to keep the company solvent and as such the club and hotel could be sold to new owners, the sale used to pay off creditors and Bassini's position as owner (if so determined by the judge) remain the same - namely he bought BL for £200k plus debts (a load of them!) and after sale of assets (say the football club to FV) the money received was used to pay off those creditors - and thus Bassini still has bough BL  for £200k but now with no debts! - although all he would have is a shell company with no assets - and as such he's basically paid £200k for a bunch of worthless share certificates.

The selling of the assets and paying off of creditors would not be detrimental to the value of the shares he bought, and thus Bassini would have no longer any claim on the clubs ownership.

No doubt which would probably trigger a myriad of legal claims and counterclaims.

And being such the book I recommend for tonight therefore is Dickens, Bleak House.

 

Edited by Sluffy
Grammar errors

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Just now, Flannel Truscott said:

How can LB prove legal title to shares he hasn't exchanged money for? 

The right to buy, and legal title of, are different surely. 

He has exchanged money though.

See this -

Up to the judge to assess the consequences resulting, obviously.

It's the cornerstone of Bassini's case - and the judge hasn't thrown it out, which he could have done today if he thought it carried no weight at all.

He didn't so he must think he has something of a case?

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6 minutes ago, Flannel Truscott said:

Iles said BL struck off on his blog at 3.38pm.

Can't add a screenshot, not had the training. 

He means struck off from its name appearing on the injunction, not that the Company has been struck off!

 

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6 minutes ago, Sluffy said:

He has exchanged money though.

See this -

Up to the judge to assess the consequences resulting, obviously.

It's the cornerstone of Bassini's case - and the judge hasn't thrown it out, which he could have done today if he thought it carried no weight at all.

He didn't so he must think he has something of a case?

Awesome. I'm gonna go and put £1 deposits on as many houses as possible and sue anyone who pulls out when I don't pony up with the balance. The fucking loon.

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6 minutes ago, Sluffy said:

He means struck off from its name appearing on the injunction, not that the Company has been struck off!

 

Ahh, critical difference, ta 

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Isn’t it mentioned somewhere that he couldn’t pay the £199,999 due to the accounts being frozen? Not sure if this plays any part in it. I assume not. 

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When you’ve edited a post you don’t have to put a reason why. Just leave the box empty. 

JSL 

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22 minutes ago, Matty said:

Isn’t it mentioned somewhere that he couldn’t pay the £199,999 due to the accounts being frozen? Not sure if this plays any part in it. I assume not. 

I believe you can pay money in but not out of a frozen account

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