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Wanderers Ways. Neil Thompson 1961-2021

Take Over


Kane57

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19 minutes ago, Rubberkex said:

Hello boys and girls...pie eater here. This is now beyond rivalry and should give nobody any pleasure. Living local I know Bowton fans ( mostly decent although 1 or 2 knobheads ) and they are going through shite. Take this or leave it but I wish you well on this subject and hope it can be sorted.

Fair play to you for coming on and saying that.  There are always a few. 

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10 minutes ago, Howardroark said:

Just in respect of Marc Iles’ comments on twitter regarding administration; 

None of the secured debts are in default, 

Ken is in default to Moonshift but that only means that Moonshift can put ICI in to administration, not BWFC. They would also have to fund the administration of ICI which includes monthly payments to Ken & Lee..... 

The only administration option is a CVA but that requires Ken to provide 3 months running costs and will require £20M upfront cash to get out of. Basran doesn’t have £20M upfront and so wouldn’t do a deal in administration, it’s cheaper for him to buy now for £8-£10M and do deals with creditors.

Hi Howard yesterday you said you thought a deal was the most likely out come before liquidation. Does basrin have the funds to do a deal at over 10 million ? 

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10 minutes ago, Farnywhite said:

Hi Howard yesterday you said you thought a deal was the most likely out come before liquidation. Does basrin have the funds to do a deal at over 10 million ? 

So £10M is broken down as: 

£5M to repay Moonshift secured loan 

£3M to clear unsecured loans to Moonshift 

£2M golden goodbye 

Ken may negotiate on the last one, but he won’t on the other two. 

They would then almost immediately need to deal with every unsecured creditor to prevent piggybacking on the HMRC WU. 

The actual issue here is that Moonshift will not do a deal with Basran to defer or reduce the debt amount because they don’t believe he has the funds. 

Ultimately Basran needs more up front funds than they have. 

To buy from administration they’d need £20M minimum. 

Basically  they need to persuade Ken to take £8M and my guess is that he will but he wants a payment relating to future performance as compensation for waiving the £2M. This does however make the assumption that Basran has £8M + the amount to deal with unsecured creditors.

Edited by Howardroark
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2 minutes ago, Howardroark said:

So £10M is broken down as: 

£5M to repay Moonshift secured loan 

£3M to clear unsecured loans to Moonshift 

£2M golden goodbye 

Ken may negotiate on the last one, but he won’t on the other two. 

They would then almost immediately need to deal with every unsecured creditor to prevent piggybacking on the HMRC WU. 

The actual issue here is that Moonshift will not do a deal with Basran to defer or reduce the debt amount because they don’t believe he has the funds. 

Ultimately Basran needs more up front funds than they have. 

To buy from administration they’d need £20M minimum. 

Basically  they need to persuade Ken to take £8M and my guess is that he will but he wants a payment relating to future performance as compensation for waiving the £2M. This does however make the assumption that Basran has £8M + the amount to deal with unsecured creditors.

I thought your money was on someone else buying?

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45 minutes ago, Rubberkex said:

Hello boys and girls...pie eater here. This is now beyond rivalry and should give nobody any pleasure. Living local I know Bowton fans ( mostly decent although 1 or 2 knobheads ) and they are going through shite. Take this or leave it but I wish you well on this subject and hope it can be sorted.

At last. A post on this thread that I fully understand.

Cheers pal. I've never had any time for Latics, or Wiganers in general tbh, but I'd rather you were around than not.

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Just now, Howardroark said:

And just another quick point on the Basran bid, 

Under a WU you can’t dispose (sell) of any assets at below their market value, KA may be using this to justify his demands.

What is their market value?

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Just now, bwfcfan5 said:

What is their market value?

Technically you would say zero, but in reality Ken would probably be able to claim that they have value (for example he could establish the transfer rates of all the players, the sale of all assets etc and then deduct that from the debt to get value estimate). A friendly valuer would be a likely compadre.

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17 minutes ago, Howardroark said:

So £10M is broken down as: 

£5M to repay Moonshift secured loan 

£3M to clear unsecured loans to Moonshift 

£2M golden goodbye 

Ken may negotiate on the last one, but he won’t on the other two. 

They would then almost immediately need to deal with every unsecured creditor to prevent piggybacking on the HMRC WU. 

The actual issue here is that Moonshift will not do a deal with Basran to defer or reduce the debt amount because they don’t believe he has the funds. 

Ultimately Basran needs more up front funds than they have. 

To buy from administration they’d need £20M minimum. 

Basically  they need to persuade Ken to take £8M and my guess is that he will but he wants a payment relating to future performance as compensation for waiving the £2M. This does however make the assumption that Basran has £8M + the amount to deal with unsecured creditors.

Ken wants a golden goodbye plus someone to pay off his £3million unsecured loan, does he? Before offering anything, I'd want to know where the £3m went but at present I don't see Ken being in the driving seat or a strong bargaining position.

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3 minutes ago, Chris Custodiet said:

Ken wants a golden goodbye plus someone to pay off his £3million unsecured loan, does he? Before offering anything, I'd want to know where the £3m went but at present I don't see Ken being in the driving seat or a strong bargaining position.

He does, and I believe that’s the question being posed to him- “account for every penny and we will consider it”. 

He is not in a strong position, quite correct, liquidation leaves him on the hook. 

The problem does however remain that Basran needs to have the funds to complete, deal with the unsecured debt, and pass F&PP. 

If KA is the largest unsecured creditor then what hope do they have?

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Just now, Daveh said:

Changing tack slightly here, I’m still a little confused as to why the season ticket DD’s have still not been taken.

The club promised an update, but it’s all gone quiet 🤔

In insolvency you can’t take funds for something you might not be able to deliver.

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3 minutes ago, Howardroark said:

In insolvency you can’t take funds for something you might not be able to deliver.

Thanks Howard. That’s what I feared. I was made redundant 18 months ago after working for a long-standing airline for 29 years.

Sadly this has all the hallmarks of what I experienced then 😟

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17 minutes ago, Daveh said:

Thanks Howard. That’s what I feared. I was made redundant 18 months ago after working for a long-standing airline for 29 years.

Sadly this has all the hallmarks of what I experienced then 😟

Just to reduce the fears a little bit, ‘insolvency’ in this case is defined as being  subject to a winding up petition, it may not actually be insolvent in the literal sense 

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7 minutes ago, Howardroark said:

Just to reduce the fears a little bit, ‘insolvency’ in this case is defined as being  subject to a winding up petition, it may not actually be insolvent in the literal sense 

But very probably is.....

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7 minutes ago, Howardroark said:

Just to reduce the fears a little bit, ‘insolvency’ in this case is defined as being  subject to a winding up petition, it may not actually be insolvent in the literal sense 

So Howard, just to be certain, you are offering your personal guarantee that everything will be hunky-dory, promotion to the EPL is certain within five years, and all hotdogs will be buttered once we can afford a tub of lurpak?

 

surely there is no middle ground?

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21 minutes ago, Dr Faustus said:

So Howard, just to be certain, you are offering your personal guarantee that everything will be hunky-dory, promotion to the EPL is certain within five years, and all hotdogs will be buttered once we can afford a tub of lurpak?

 

surely there is no middle ground?

That really depends on what you consider to be "hunky-dory"..... certainly not EPL and definitely not Lurpak, have you seen the price?

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