Take Over

[ProfessorWoland]

Is there any significance in KA not being represented in court? The judge made reference to it so it struck him as surprising and there's a note of finality about the chairman's notes. Once the club goes into admin is he fully out of the picture, bar any status as a creditor?

[burnden]

Just to add that just listened to The Wanderer podcast and Maggie Tetlow said this fella was at court on behalf of the Supporters Trust.

Edited May 8, 2019 by burnden
added info

[Stu123]

8 minutes ago, Howardroark said:

I have today learned that Moonshift putting the club in to admin does not result in the collection and transfer of collateral (shares) from KA. Therefore KA will still owe Moonshift £5M on the fixed charge.

The main issue for Moonshift is the funding of administration and I’m told this will be done by 

a) Reducing club outgoings by allowing players and staff to walk, or alternatively making them redundant upon appointment of administrators. 

b) Some funding provided by FV 

c) Club funds currently in place 

The reason that FV are considered to be favourites and are probably going to be the only bidder is because they have a deal   with PBP & Warburton that will see the novation of the debt obligation to FV. This reduces the costs of buying from admin by £8M. 

Worth noting though that FV fell at the same hurdle as Bassini and for the exact same reason- couldn’t provide EFL with proof of funds for ongoing support.

I didn’t realise FV had been speaking to the EFL, I didn’t think it’d got that far? I thought they pulled out when they realised the size of debt

[ProfessorWoland]

On 07/05/2019 at 12:49, Howardroark said:

From what I hear there won’t be administration tomorrow, but will probably be something called a ‘notice of intent to appoint administrators’. 

This would suspend the court action for 10 days without triggering administration 

https://www.begbies-traynorgroup.com/articles/insolvency/what-is-a-notice-of-intent

Looks like you were right on this one Mr Rourk. 

[Howardroark]

15 minutes ago, Stu123 said:

I didn’t realise FV had been speaking to the EFL, I didn’t think it’d got that far? I thought they pulled out when they realised the size of debt

Nope, they met on three occasions I believe, to present funding and future plans, the new debt they found effectively scuppered the plans as presumably it hadn’t been accounted for.

[Razaldo9]

2 minutes ago, Howardroark said:

Nope, they met on three occasions I believe, to present funding and future plans, the new debt they found effectively scuppered the plans as presumably it hadn’t been accounted for.

Do you know who Nixon was saying they had agreed to join forces with (Was it Gaspard?)

And do you know how they plan to fund it now? Basran and this other consortium out of the picture.

[Matthew1234]

26 minutes ago, Howardroark said:

I have today learned that Moonshift putting the club in to admin does not result in the collection and transfer of collateral (shares) from KA. Therefore KA will still owe Moonshift £5M on the fixed charge.

The main issue for Moonshift is the funding of administration and I’m told this will be done by 

a) Reducing club outgoings by allowing players and staff to walk, or alternatively making them redundant upon appointment of administrators. 

b) Some funding provided by FV 

c) Club funds currently in place 

The reason that FV are considered to be favourites and are probably going to be the only bidder is because they have a deal   with PBP & Warburton that will see the novation of the debt obligation to FV. This reduces the costs of buying from admin by £8M. 

Worth noting though that FV fell at the same hurdle as Bassini and for the exact same reason- couldn’t provide EFL with proof of funds for ongoing support.

The thing that baffles/interests me the most is if Alan Nixon is correct, in that FV lined up far eastern investors, but they have now cut ties - why this would be the case. One would assume that, if as you say, the liabilities arising on the purchase of the club are £8m lower, that this perhaps would lessen their need for such investors. It does make me incredibly nervous however, whether they can actually fund us as a going concern for the period of time the EFL require.  Had they had such cash behind them, its hard to see why the deal with KA in the first place did not complete, unless they always felt that administration was a nigh on certainty, and therefore there was no need for them to incur a higher amount of consideration to acquire the club. 

The source of their finance worries me/lack of finance. On the other hand, they could be genuine people, with creditors on board, and therefore could deliver a period of stability when it is needed most. To their credit, they really have stuck around so I would hope they have the right intentions. Once the full picture becomes clearer on their financing and the key individuals in the deal, it will be easier for most of us to form an opinion. 

[Okocha10]

@Howardroark Is Ken Anderson completely out of the picture now? 

[Howardroark]

6 minutes ago, Razaldo9 said:

Do you know who Nixon was saying they had agreed to join forces with (Was it Gaspard?)

And do you know how they plan to fund it now? Basran and this other consortium out of the picture.

Yes it was. 

No idea now, not sure they know either.

[Okocha10]

Supposedly the far east investors was the ones who took of Portsmouth was working with FV, all you need to do is some re-search in regards to them & see how bad they was.

Named Sulaiman Al Fahim

[MickyD]

Regarding extra sanctions by the EFL for not playing the Brentford game; who actually called it?

Am I right in thinking the club would have played it but with younger squad members but the EFL just awarded the win to Brentford?

If that's the case, can they further punish us for not completing the fixture?

(This may have already been raised but with just under 600 pages, I don't want to be reading through)

[Howardroark]

5 minutes ago, Okocha10 said:

@Howardroark Is Ken Anderson completely out of the picture now? 

Not until an administrator walks through the door

[Howardroark]

3 minutes ago, Okocha10 said:

Supposedly the far east investors was the ones who took of Portsmouth was working with FV, all you need to do is some re-search in regards to them & see how bad they was.

Named Sulaiman Al Fahim

He’s in prison

[lowcarbon]

Brentford was cancelled due to Bolton Council issuing a Prohibition Notice after a Safety Advisory Group meeting, 

[Razaldo9]

4 minutes ago, MickyD said:

Regarding extra sanctions by the EFL for not playing the Brentford game; who actually called it?

Am I right in thinking the club would have played it but with younger squad members but the EFL just awarded the win to Brentford?

If that's the case, can they further punish us for not completing the fixture?

(This may have already been raised but with just under 600 pages, I don't want to be reading through)

Think it was due to a lack of a safety certificate. (Down to people not being paid?)

Not sure if there was a workaround to play it elsewhere/ behind closed doors. Also not sure the EFL registration embargo will have helped us get a team together either

Edited May 8, 2019 by Razaldo9

[Okocha10]

@Howardroark Thought he was involved? Sure it got mentioned a while ago on this forum 

[Spider]

It'll be reet, lads.

We're just going to be a bit skint for fair while longer.

Who do we want first up? Lincoln away?

[Breightmet Boy]

The less KA gets from this the better, ED would be livid like us this happening to our town club.

[Leyther_Matt]

11 minutes ago, lowcarbon said:

Brentford was cancelled due to Bolton Council issuing a Prohibition Notice after a Safety Advisory Group meeting, 

Don’t overlook the fact that it was initially postponed because our players refused to turn out, because the EFL certainly won’t be ignoring that. 

[burnden]

7 minutes ago, Spider said:

It'll be reet, lads.

We're just going to be a bit skint for fair while longer.

Who do we want first up? Lincoln away?

[HomerJay]

look at all those derbies. boom!

Edited May 8, 2019 by HomerJay

[Tommy Banks]

We need to get some players first. Anyone still got footy boots 

[lowcarbon]

Get Southend and Ipswich away early in the season,  they are furthest travel wise. Blackpool or Fleetwood away on a warm Saturday or Sunday afternoon.

[Mantra]

Howard, do you think there’s any chance that the “intent” to appoint an administrator is just more time wasting? Or is this the end to the conspiracy theories and we should have administrators in the next 10 days as a certainty?

Even if we reach admin, I fear that as you are saying, FV or whichever interested party is around doesn’t have enough money to even get us out of admin and the business will have to be wound down by the administrator.

Don’t want to be doom and gloom but also don’t want to just accept administration as a fact given all the previous misleading claims.

[Mounts Kipper]

@Howardroark Are there a number of other potential bidders for the club now that we are going into admin?