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Kane57

Takeover - action stations everyone

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Posted (edited)

They would want the income . didn’t stop Glasgow rangers dop to the level they dropped can’t see England being any different for a mid level club 

Edited by Farnywhite
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1 hour ago, Howardroark said:

Didn’t pay NI contributions I believe.

Partly right. They had set up an employee benefit Trust which at the time was a legal tax avoidance loophole. 

HMRC and the government closed the loophole and went after anyone who had used this method of tax avoidance. 

They then became liable for all the PAYE and NI that would have been due on the monies held in trust

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Just in respect of the poster who said “too many people have too much money to lose”..... 

Whilst people will lose money, it absolutely will not be anybody who has the financial means to the save the club. 

The assets that would be sold are worth more than the value of the secured debt (PBP, Ken/Moonshift, Warbs) therefore they would receive in full. 

It’s the residual creditors who take an equal share (pence in the £) that lose out. 

The only saving grace is that under liquidation Ken would not get anything, unless he did a deal with Moonshift to pay back less.

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That’s good to know so what does ken and the club have to cover to avoid liquidation ? 

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Kin ell, approx 200 e mails about the takeover. Can someone paraphrase (word of the month) where we are at please

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2 minutes ago, royal white said:

Kin ell, approx 200 e mails about the takeover. Can someone paraphrase (word of the month) where we are at please

In the shit

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1 minute ago, Farnywhite said:

That’s good to know so what does ken and the club have to cover to avoid liquidation ? 

Officially £1.2M

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3 minutes ago, royal white said:

Kin ell, approx 200 e mails about the takeover. Can someone paraphrase (word of the month) where we are at please

Iles and Nixon say we are in the shit

Howard says hold on tight

Twists and turns to come

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3 minutes ago, Casino said:

Iles and Nixon say we are in the shit

Howard says hold on tight

Twists and turns to come

Many thanks! 

 

No change then 

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3 minutes ago, darwen_white said:

The deal must be off for a reason.

What reason?

Another bidder, surely...

Doesn’t have enough up front money to appease all creditors sufficiently to avoid a series of WU’s.

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2 minutes ago, Howardroark said:

Doesn’t have enough up front money to appease all creditors sufficiently to avoid a series of WU’s.

Which is what you said all along

Why did it get far

Are debts coming to light that were previously unknown

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Once again Iles has fucked off when it matters

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1 minute ago, Casino said:

Which is what you said all along

Why did it get far

Are debts coming to light that were previously unknown

A little bit of extra debt- the financing against the season tickets and EFL money, but ultimately they had a budget for upfront costs and they couldn’t get under it/couldn’t attract further investment. 

Partly that’s due to Ken’s demands etc but also because creditors won’t do deals because they think there will be a saviour. 

Bringing MJ on reduced the upfront cost by £5.5M but not enough, Warburton apparently agreed to wait, that’s another £2.5M, but not enough, so the costs remaining were Ken/Moonshift and the unsecured creditors. 

As I’ve said, they had some money, but not enough, Ken/Moonshift + creditors won’t budge. 

Moonshift perhaps won’t budge if they doubt the on-going financing ability rather than just being stubborn.

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It's a fukin circus, not sure what acts on next.

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I assume that Basran is now waiting for the creditors to come to him the closer it gets to Weds without a breakthrough.

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13 minutes ago, Ands1 said:

It's a fukin circus, not sure what acts on next.

The bearded fat lady is clearing her throat... 

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Why on earth would we tear up the lower leagues if we were some reborn team? We’d have very little backing or support and it certainly wouldn’t be much reminiscent of BWFC. You’d essentially be plumping to support a new lower leagues team and the infrastructure that comes with it. 

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Posted (edited)
7 minutes ago, Boothy said:

Why on earth would we tear up the lower leagues if we were some reborn team? We’d have very little backing or support and it certainly wouldn’t be much reminiscent of BWFC. You’d essentially be plumping to support a new lower leagues team and the infrastructure that comes with it. 

If we cant attract people for Championship games we're definitely going to struggle for Oxford Grove at home.

Edited by Marc505

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1 hour ago, Farnywhite said:

They would want the income . didn’t stop Glasgow rangers dop to the level they dropped can’t see England being any different for a mid level club 

It was a different system in Scotland at the time with the top four divisions completely separate from the non-league and Junior teams, so the Third Division was the lowest that Rangers could drop to (nowadays it would be the Lowland League so effectively only a further division lower). 

Decent precedents in England are the rebirths of Nuneaton, Telford and Scarborough who were allowed to re-form two divisions below the division that the original club were in. If we went bust in League One then I doubt the EFL would accept an application so the best hope would be an application to the National League - when Boston had to apply for Conference membership when they finished bottom of League Two, they were relegated two divisions in to Conference North. 

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11 minutes ago, stevieb said:

The bearded fat lady is clearing her throat... 

casino not shaved again 😃

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Posted (edited)

I think basrans playing games and wiil end up buying club by Wednesday.Hope im wrong though and a new bidder with money steps in.Looks like mods are censoring my posts.Dont blame them,serves me rite for posting under the influence.

Edited by Watsmore

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Posted (edited)

For those asking questions of Alan Nixon on Twitter, these are facts

1) Ken Anderson is a secured creditor, not a football creditor, there are no football creditors. 

2) Administration will cost somebody £15-20M in up front cash and is therefore not a possibility for either Basran or Ken- this is due to the EFL rules and the level of secured creditors.

3) Davies family are not on-board with the Basran consortium, too busy with the other bidder. 

 

Edited by Howardroark
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