Sluffy Posted May 1, 2019 Share Posted May 1, 2019 1 hour ago, Mantra said: Nixon’s making it out to be a simple process but I don’t think it will be. Can see it going to admin and dragging on further. Hope not. There is two types of Administration, one where the club has no plan really as how to get out of the mess they are in and get someone in like Trevor Birch to sort things out (for a hefty price whilst doing so), the other type is where people have been working behind the scenes, doing deals and got into a position where they can 'formalise' the deals by going into a notional Admin period, and come out of it almost immediately. The first sort can last for months and costs the reported £1m a month to keep the club running through out the Admin period, the latter is a 'done deal' by all the major creditors involved and costs practically nothing. Coming out of Admin requires certain guaranteed agreements, namely that all secured creditors are paid in full and all non secured a minimum of 25% of what is owing to them. If some of the secured creditors are part of the new owners consortium then I guess they could do a deal to exchange debt for equity, or defer payment of their debt. This would reduce the upfront money needed to exit Admin for the new prospective owners. There are one or two hurdles that need to be overcome first though, namely the issue of who 'owns' the club whilst the ownership shares have an unsettled debt of at least £5m on them and also the 'first dibs' ST's have on clubs wanting to exit Admin. There is also the question of the 12 point penalty we 'should' get for entering Admin (plus whatever sanctions we suffer through our wonderful players going on strike (knowing full well they are going to get paid no matter what and also all but a few won't even be with us next season, even though the club fans (of which we are) are in it for life - Bolton until I die meaning literally that for many of us). Anyway I digress. I can only assume for the type of Admin Nixon believes is happening that Eddie's estate are somehow agreeable to it (or whoever is now holding the debt against the share ownership) and that the ST is in some part involved as the new purchasers - maybe in name only with the funds coming from others? The Admin allows the write off of 75% of all the unsecured debts - and I guess the longer the Bassini pantomime has been going on, the more debts have built up - and thus the more that can be written off? Maybe Anderson's paid no one because he's like that anyway, or because it helps lower the overall debt up to the time the new owners take on the club - or something in between - but it does validate something that Casino said some days back about the 'way out' is via Admin - but for it to be delayed as long as possible. Anderson on paper has a secured debt of £5m - but he also has a personal debt outstanding for £5m also. Maybe if the money is offset against each other, and James and Warburton turning their debt into equity, then there would be no secured creditors to settle when existing Admin and thus all that is needed is the suggested sum of £10m or so to find to settle all unsecured creditors, to date, with what around 5 months wages (Mar, Apr, May, Jun, Jul) at say £600k (£3m total) to add to that for players wages - you know those tender, dear, vulnerable snowflakes who felt it was right to strike and have match postponements and God knows what future sanctions against us, knowing all the while the thousands of pounds owed to them was always going to hit their bank accounts sooner or later, irrespective if the club survives and there is any wreckage at all for the rest of us to cling on to, when they have long gone. Still seems like a lot of money to spend to own a third tier club kicking off next season with probably minus 12 points AND probably a fine, further points deduction (or both) because the poor darlings felt they had to make a stand. Anybody remember the Ashton Gate Eight of the early eighties - they put our pampered prima donnas to shame - they really do. https://www.bbc.co.uk/sport/football/38750475 Hope Andy Taylor and his mates see this and reflect on the stance they've taken. Bolton till I die certainly doesn't apply to a single one of them. Anyway we live to fight another day and for now that is all that matters. Maybe Pre Pack will happen tomorrow/or sometime soon - as the 8th May is starting to loom ominously over us and its shadow is growing ever bigger by the day! Dr Faustus, its time for you to fold or scrunch, from front to back or back to front, whilst siting or standing. At least I'm keeping you regular if nothing else. Link to comment Share on other sites More sharing options...
stevieb Posted May 1, 2019 Share Posted May 1, 2019 49 minutes ago, birch-chorley said: Local tyre kickers apparently main man drives a Nissan Micra thats all I recall from previous posts on here Wonder if he got it from a Nissan Main Dealer #90sjokes Link to comment Share on other sites More sharing options...
Mantra Posted May 1, 2019 Share Posted May 1, 2019 (edited) That’s a pretty solid theory Sluffy. Can only hope there’s a group in place to get us in and out of admin quickly. I’ll try and be optimistic but as you say for a third tier club with points deduction. It’s a big ask for any interested party. Edited May 1, 2019 by Mantra Link to comment Share on other sites More sharing options...
Mantra Posted May 1, 2019 Share Posted May 1, 2019 1 hour ago, kent_white said: Who the bloody hell are the Gaspard group? 🙂 I'm well out of the loop! The group that Iles did a story on a few weeks ago, saying they were close to buying the club, then Ken said in some notes that they were time-wasters/tyre kickers. Supposedly a local group that is in the name of 'Naeema Khilji', called Gaspard Holdings on Companies House, I believe. Benny has vouched for them previously saying they've got backing from others with more money. Link to comment Share on other sites More sharing options...
embankment Posted May 2, 2019 Share Posted May 2, 2019 Will this thread make 600 posts ?? 100% And possibly 658 !!! Link to comment Share on other sites More sharing options...
BIGBW Posted May 2, 2019 Share Posted May 2, 2019 I used to think that the Oyston's were a benchmark that could never be reached. But while the Oyston's did asset strip their club, they also put a ton of money into throughout the years. In addition, they always paid their staff. I still think they were some of the world's worst owners, but I think Ken Anderson has somehow managed to eclipse them. I don't think there has been a football owner this dishonest...ever. Link to comment Share on other sites More sharing options...
Pricey Posted May 2, 2019 Share Posted May 2, 2019 With the players receiving part payment now from the PFA, what does that mean for Olkowskis notice? Does it still stand? Link to comment Share on other sites More sharing options...
Site Supporter Biggish Dave Posted May 2, 2019 Site Supporter Share Posted May 2, 2019 12 minutes ago, Pricey said: With the players receiving part payment now from the PFA, what does that mean for Olkowskis notice? Does it still stand? Yes - until wages paid by the club. Presumably in full too Link to comment Share on other sites More sharing options...
Tommy Banks Posted May 2, 2019 Share Posted May 2, 2019 According to Nixon he can leave even if he is now paid in full Link to comment Share on other sites More sharing options...
Rizlar Posted May 2, 2019 Share Posted May 2, 2019 If he wants he can leave now for all I care! Link to comment Share on other sites More sharing options...
waffer cup 07 Posted May 2, 2019 Share Posted May 2, 2019 12 minutes ago, Tommy Banks said: According to Nixon he can leave even if he is now paid in full Not up for the fight, like the rest of the squad. Link to comment Share on other sites More sharing options...
Blondi Posted May 2, 2019 Share Posted May 2, 2019 Apart from the kids, they can all do one for me. Link to comment Share on other sites More sharing options...
irvtheswerv Posted May 2, 2019 Share Posted May 2, 2019 10 hours ago, birch-chorley said: Retard?? Is this another ‘its just an Ipswich fan on a wind up’ conspiracy theory? He clearly knew more than most, thus the Andersons ‘job Gault’ feeling the need to come on here and make some counter arguments Bollocks. He knew what you could obtain from publically available documents. Link to comment Share on other sites More sharing options...
Marc505 Posted May 2, 2019 Share Posted May 2, 2019 24 minutes ago, waffer cup 07 said: Not up for the fight, like the rest of the squad. He's been confused by everything and not helped by the language barrier apparently. He had his pick of 2 or 3 clubs around Europe and after first few weeks looked like being a class apart in our team. I want to know what the hell we promised him in negotiations to get him here in the first place. Link to comment Share on other sites More sharing options...
Morizio Posted May 2, 2019 Share Posted May 2, 2019 5 hours ago, BIGBW said: I used to think that the Oyston's were a benchmark that could never be reached. But while the Oyston's did asset strip their club, they also put a ton of money into throughout the years. In addition, they always paid their staff. I still think they were some of the world's worst owners, but I think Ken Anderson has somehow managed to eclipse them. I don't think there has been a football owner this dishonest...ever. Are you sure about them putting in lots of money? The court case with Belekon and the Oyston’s were that VB had been unfairly prejudiced with Oystons withdrawal of money. Hence OO being removed from the club and still having to pay VB millions. Link to comment Share on other sites More sharing options...
Blondi Posted May 2, 2019 Share Posted May 2, 2019 4 minutes ago, Marc505 said: He's been confused by everything and not helped by the language barrier apparently. He had his pick of 2 or 3 clubs around Europe and after first few weeks looked like being a class apart in our team. I want to know what the hell we promised him in negotiations to get him here in the first place. That'll be free accommodation at the hotel. Link to comment Share on other sites More sharing options...
Chris Custodiet Posted May 2, 2019 Share Posted May 2, 2019 (edited) https://twitter.com/KieranMaguire Kieran Maguire published figures on Championship wages 2017/18 the other day. Our figures have not been released yet but are likely to have been somewhere near the Burton/Barnsley level of £10 -10.6m resulting in a small overall profit for the year following the proceeds of the Madine sale. Not enough to clear the masses of overdue creditors though and no surprise that there were cash flow issues last summer resulting in a players strike which set the scene for further toxic squabbles. Its hard to see how BWFC wages could have been got down much below the Burton level in 2018/19 at all, let alone maintaining any modicum of competitiveness. So it was inevitable that a financial crisis could only be avoided by the miracle of another Madine-type sale or someone appearing on the scene with money to burn. As the season progressed it became increasingly clear that it would not be a Championship club for sale but a League1 club. Any player that did not see this coming has only himself and/or his agent to blame. Edited May 2, 2019 by Chris Custodiet Link to comment Share on other sites More sharing options...
bwfcfan5 Posted May 2, 2019 Share Posted May 2, 2019 Hearing that Bassini has pulled out.... Link to comment Share on other sites More sharing options...
Matty Posted May 2, 2019 Share Posted May 2, 2019 Just now, bwfcfan5 said: Hearing that Bassini has pulled out.... Wouldn’t be surprising if he has. Link to comment Share on other sites More sharing options...
Mounts Kipper Posted May 2, 2019 Share Posted May 2, 2019 1 minute ago, bwfcfan5 said: Hearing that Bassini has pulled out.... Fantastic news. Link to comment Share on other sites More sharing options...
Dr Faustus Posted May 2, 2019 Share Posted May 2, 2019 shame his dad didnt Link to comment Share on other sites More sharing options...
bwfcfan5 Posted May 2, 2019 Share Posted May 2, 2019 Unconfirmed by the way. Some staff at the club think he's walked away. But lots of talk there apparently today..... Link to comment Share on other sites More sharing options...
Matt Lofthouse Posted May 2, 2019 Share Posted May 2, 2019 12 minutes ago, Dr Faustus said: shame his dad didnt 😂 Link to comment Share on other sites More sharing options...
bwfcfan5 Posted May 2, 2019 Share Posted May 2, 2019 1 minute ago, Mr Grey said: Of his lady or BWFC ? I'm not having he has a lady..... Link to comment Share on other sites More sharing options...
Breightmet Boy Posted May 2, 2019 Share Posted May 2, 2019 7 minutes ago, bwfcfan5 said: Unconfirmed by the way. Some staff at the club think he's walked away. But lots of talk there apparently today..... Im not surprised its unconfirmed, mind games and rumours do happen when things aint going to plan. Pinch of salt, its the end product im interested in, not that im being negative to your post though Link to comment Share on other sites More sharing options...
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