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Wanderers Ways. Neil Thompson 1961-2021

Take Over


Kane57

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1 hour ago, tomski said:

Do you know that FV don’t have it? I only ask because if I was buying something I wouldn’t go on about how minted I was till the transaction was at minimum completed?

They may well not be minted but do you know or are you speculating?

Nothing to do with being minted or not. If they had £25M quid ready to go we'd not be in this position. The reason we are is because they've been negotiating with creditors trying to lessen the cost. I'm not having a go by the way. I'm just frustrated that Nixon seems taken in by any madman who at this stage rocks up saying they'll throw £25M in. Even if they have it that's a huge huge committment for even a mad billionaire Bolton fan let alone someone with no connection to the club.

I have absolutely no idea how much FV members are worth - we don't even know who they all are. But I do know that anyone mad enough to throw £25M in upfront would have been our owner long long before now. 

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8 hours ago, ZicoKelly said:

I want to go just to see who turns up, other than Jim White

8 hours ago, radcliffewhite1 said:

Be a few oddballs there no doubt 

hope he turns up on his jack he needs sectioning 

I think SkyTV have a group of toothless imbeciles they bring out each time they film at Reebok. All instructed to gurn at the camera and show both their teeth.

 

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3 minutes ago, MickyD said:

I think SkyTV have a group of toothless imbeciles they bring out each time they film at Reebok. All instructed to gurn at the camera and show both their teeth.

 

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8 hours ago, Sluffy said:

As the Administrator said in his report, there is a hierarchy of aims, the first is to keep the company trading (and he talks about doing it by a CVA), and secondly, in the best interests of the creditor, namely by a sale.

There are only two secured creditors listed KA and James.

If there was no agreement between the two major creditors as to the way forward, then a CVA is not an option...

...but what if one of the secured creditors changes their minds and there is an agreement on the way forward, then I suggest that even if a sale process had in the meantime begun, that it can be withdrawn and a CVA can go ahead at very short notice.

Looks to me that Anderson wanted his money back in full as a secured creditor, created a fake demand for the hotel (Bassini/Sullivan/Fawaz), refused an option of a CVA and sat back and waited.  The Administrator was forced to go down the 'sale' route, which pushed the timescale beyond the start of the season and forced JV to do a deal.

If my reasoning is correct the hotel sale to JV through PBP's head claim and KA's 'objections being settled and in agreement with the CVA, could go through more or less immediately, and presumably hand in hand with that of the club - and negates carrying on with the sale process.

All that's needed is for JV to stump up the required cash (which I assume they have in place) and BWFC lives to fight another day.

So you're saying that Anderson has deliberately manipulated the process in order to screw FV our of money that Ken almost certainly never ever put into the business? 

I think that is the case too - but its a wild ride if that is your theory. 

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1 hour ago, bwfcfan5 said:

Point still stands that anyone who had 25M quid ready to go could have bought us at any point in the past two years. Forget the debt being higher that sort of cash up front would have absolutely blown the doors off. FV don’t have it and that’s why there are delays. Making agreements. Staggering payments etc. But Nixon is deluded if he thinks anyone will come in and just throw 25M at it. If they were doing that they’d already be here.

Of course £25m would get you the club, Ken bought us for £1 FFS 

However £25m cash would have got you a club with another £15m debt 

Now £25m cash will get a club with £0 debt but -12points deduction and a transfer embargo 

Not that FV seem to be putting anywhere near £25m cash on the table 

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9 minutes ago, bwfcfan5 said:

So you're saying that Anderson has deliberately manipulated the process in order to screw FV our of money that Ken almost certainly never ever put into the business? 

I think that is the case too - but its a wild ride if that is your theory. 

By not running the administrations concurrently the hotel valuation has risen - the whole process is flawed - just follow the money and look who benefits  

Theory is quite plausible  

 

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26 minutes ago, Okocha10 said:

The lot who went to Forest Green will be turning up tonight no doubts! 

Part of me wants to go out of a sense of morbid curiosity. A bit like when I went to the Brexit Party do.

I'd just be terrified of being caught on Sky Sport's cameras so would need to go incognito.

:)

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9 hours ago, Sluffy said:

As the Administrator said in his report, there is a hierarchy of aims, the first is to keep the company trading (and he talks about doing it by a CVA), and secondly, in the best interests of the creditor, namely by a sale.

There are only two secured creditors listed KA and James.

If there was no agreement between the two major creditors as to the way forward, then a CVA is not an option...

...but what if one of the secured creditors changes their minds and there is an agreement on the way forward, then I suggest that even if a sale process had in the meantime begun, that it can be withdrawn and a CVA can go ahead at very short notice.

Looks to me that Anderson wanted his money back in full as a secured creditor, created a fake demand for the hotel (Bassini/Sullivan/Fawaz), refused an option of a CVA and sat back and waited.  The Administrator was forced to go down the 'sale' route, which pushed the timescale beyond the start of the season and forced JV to do a deal.

If my reasoning is correct the hotel sale to JV through PBP's head claim and KA's 'objections being settled and in agreement with the CVA, could go through more or less immediately, and presumably hand in hand with that of the club - and negates carrying on with the sale process.

All that's needed is for JV to stump up the required cash (which I assume they have in place) and BWFC lives to fight another day.

I don’t know that he could have refused a CVA without there having been a vote on the proposals under the CVA. CVA voting is weighted based on the debt value and requires 75% approval to pass, surely MJ/PBP held 75% of the debt....? 

The hotel will have genuine interest, it may well show as loss making but there is a big consideration for the percentage of ‘shared costs’ it takes.

 

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49 minutes ago, birch-chorley said:

Of course £25m would get you the club, Ken bought us for £1 FFS 

However £25m cash would have got you a club with another £15m debt 

Now £25m cash will get a club with £0 debt but -12points deduction and a transfer embargo 

Not that FV seem to be putting anywhere near £25m cash on the table 

As RRV's homework was eaten by his dog, let me tell you that KA paid a total of £472,277 to acquire BL with a net debt of  £26.2m. That was after Eddie had written off £170m.

The debt was about the same a year later mainly because Eddie had written off another £5.2m.

If we ever get to see the 2018 accounts the position will probably show a slight improvement as a result of the Madine sale and a bigger improvement if Eddie wrote off any more in that year.

It rather looks like Hilary Stonefrost may have been told some FIBS in 2016. The Sports Shield consortium (who came up with that hyperbole?) didn't have £7.5m to save BWFC. Only £4m came from Blumarble and that was due for repayment in less than three weeks whilst Monsieur Holdsworth had snaffled £250K+ within a couple of months.

Edited by Chris Custodiet
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