Anderson pay off

[RoadRunnerFan]

4 minutes ago, Chris Custodiet said:

If it was £2m for three years it would be outrageous. But is this true or is it just more fake news?

One thing that has not been cleared up, is what has happened to the £1.6m Rubins said was owed to Anderson when the true figure was £7.5m. Has the £1.6m also been written off?

Whether it has or hasn't, the EFL should demand an independent regulatory investigation as to why this gross misstatement occurred with all the costs, anxieties, confrontations and delays that inevitably flowed from the misstatement and the reasons for it.

P.S. After relegation from the Premiership in 2012, CEO Alan Duckworth left with a large pay off whilst Phil Gartside took on the combined roles of chairman and CEO on a total salary of c.£400K. His average for the previous ten years was £366K, the averages in later years being boosted by bonuses, presumably related to retention of Premiership status.

PS Phil Gartside and Allan Duckworth were EMPLOYEES. Just like the managers, the star centre forward, the reserve goalkeeper and the folks in the ticket office. 

The comparison between those two and Anderson is disengenuous. The owner takes on the RISKS and rewards of ownership, just ask the EDT. 

[Chris Custodiet]

13 minutes ago, RoadRunnerFan said:

PS Phil Gartside and Allan Duckworth were EMPLOYEES. Just like the managers, the star centre forward, the reserve goalkeeper and the folks in the ticket office. 

The comparison between those two and Anderson is disengenuous. The owner takes on the RISKS and rewards of ownership, just ask the EDT. 

Aren't you rather missing the point that the administrators misstated the amounts of the loans owed to Ken Anderson  resulting in a lengthy, bitter and costly confrontation that risked the collapse of the FV bid and resulted in BWFC starting the season under threat of expulsion from the league and playing matches with a team of teenagers.

The rest was simply clarification of the amounts paid to Phil Gartside.

P.S. Owners are only entitled to a share of profits if there are profits to share out

Edited August 30, 2019 by Chris Custodiet

[bwfcfan5]

28 minutes ago, Chris Custodiet said:

If it was £2m for three years it would be outrageous. But is this true or is it just more fake news?

One thing that has not been cleared up, is what has happened to the £1.6m Rubins said was owed to Anderson when the true figure was £7.5m. Has the £1.6m also been written off?

Whether it has or hasn't, the EFL, as a stakeholder, should demand an independent regulatory investigation as to why this gross misstatement occurred with all the costs, anxieties, confrontations and delays that inevitably flowed from the misstatement and the reasons for it.

P.S. After relegation from the Premiership in 2012, CEO Alan Duckworth left with a large pay off whilst Phil Gartside took on the combined roles of chairman and CEO on a total salary of c.£400K. His average for the previous ten years was £366K, the averages in later years being boosted by bonuses, presumably related to retention of Premiership status.

Combining the roles of chairman and CEO rarely turns out for the better.

The problem was that Anderson used security on both hotel and club and the forensic accounting could not determine what security related to what part of the business. Hence it was in dispute. I think both admins also took the view that the loan would be better sorted directly between KA and EDT - and needn't involve the deal for the club. Which ultimately seems to have been the case. 

[HomerJay]

Can't we just move on now?

 

[L/H White]

Just now, HomerJay said:

Can't we just move on now?

 

agreed.

all threads in regards to him should be closed

we've moved on

[Chris Custodiet]

6 minutes ago, bwfcfan5 said:

The problem was that Anderson used security on both hotel and club and the forensic accounting could not determine what security related to what part of the business. Hence it was in dispute. I think both admins also took the view that the loan would be better sorted directly between KA and EDT - and needn't involve the deal for the club. Which ultimately seems to have been the case. 

Twaddle

[Leyther_Matt]

38 minutes ago, L/H White said:

agreed.

all threads in regards to him should be closed

we've moved on

Ban all mention of financial talk up to until 28/08/2019. Sorted.

[Marc505]

This may trigger a few on here

https://mobile.twitter.com/MarcIles/status/1167353099062861824

[bwfcfan5]

10 minutes ago, Marc505 said:

This may trigger a few on here

https://mobile.twitter.com/MarcIles/status/1167353099062861824

Not a huge fan but I honestly think he's done well here Marc. Listened to the LoV podcast before the takeover was done, and without naming him he called out Nixon's bullshit - he actually seemed quite angry.

Edited August 30, 2019 by bwfcfan5

[L/H White]

wheres marc from?

sure i run past him in astley last week

Edited August 30, 2019 by L/H White

[Leyther_Matt]

10 minutes ago, L/H White said:

wheres marc from?

sure i run past him in astley last week

From down south somewhere originally I think but he lives in Astley. Often seen getting the V1 from Tyldesley heading in to Manchester to get the train to an away game.

[Traf]

FFS, he's a two bit hack doing what's expected of him.

Good job this week wasn't pencilled in for his holiday or decorating duties.

[Carlos]

TBF he's somewhat unfortunately had to cover not one but two clubs that have been in intensive care. As a sports hack, he's done about as well as could be expected. Still won't acknowledge WW exists whilst wanking off over a blog, but whatever.

[Spider]

How much do you reckon he's on for being a BN journo?

[Traf]

£35k

[jules_darby]

39 minutes ago, Traf said:

FFS, he's a two bit hack doing what's expected of him.

Good job this week wasn't pencilled in for his holiday or decorating duties.

This

[Chris Custodiet]

11 minutes ago, Carlos said:

TBF he's somewhat unfortunately had to cover not one but two clubs that have been in intensive care. As a sports hack, he's done about as well as could be expected. Still won't acknowledge WW exists whilst wanking off over a blog, but whatever.

Not suggesting he's a ladies man, but hears hoping he gets on a bit better with smiley Sharron than he did with fractious Phil or crotchety Ken.

[Carlos]

Iles and Phil were fine.

[Roger_Dubuis]

12 minutes ago, Carlos said:

Iles and Phil were fine.

I remember a long 2 page interview with Gartside in the BN during November of Megson's final season. He said Megson's job was safe and then sacked him the following month.Iles got the interview.

Ken did a runner and went hiding when the results turned to shit, he wouldn't give interviews to any media. Talksport and Sky couldn't get anything from him

[Chris Custodiet]

18 minutes ago, Carlos said:

Iles and Phil were fine.

In which case why did Phil ban him and why has Iles got a framed copy of the email banning him in his house?

Or is that untrue? It came from Iles himself.

I suspect that later, after Phil had re-instated him,  he was man enough to hold no grudge for whatever it was Iles had done to warrant the ban in the first place.

And don't you remember, when Phil was dying of cancer and Eddie brought in Trevor Birch to handle the financial crisis, how both Iles and Bonnar piled in as if they were some sort of football finance experts when neither of them had a clue and probably never run anything bigger than a cakestall.

P.S. I never found Phil fractious but I expect he could have been when riled. Always gave me the impression he loved the club to bits, just as Eddie did.

Edited August 30, 2019 by Chris Custodiet

[Tombwfc]

4 hours ago, Chris Custodiet said:

Aren't you rather missing the point that the administrators misstated the amounts of the loans owed to Ken Anderson  resulting in a lengthy, bitter and costly confrontation that risked the collapse of the FV bid and resulted in BWFC starting the season under threat of expulsion from the league and playing matches with a team of teenagers.

The rest was simply clarification of the amounts paid to Phil Gartside.

P.S. Owners are only entitled to a share of profits if there are profits to share out

 

At the risk of boring everyone to tears... who says the administrators misstated the amounts?

[Traf]

Just now, Tombwfc said:

 

At the risk of boring everyone to tears... who says the administrators misstated the amounts?

Custard Cream

[RONNIE PHILLIPS]

17 minutes ago, Tombwfc said:

 

At the risk of boring everyone to tears... who says the administrators misstated the amounts?

They must have... Ken doesn't tell fibs 😉

[Sluffy]

3 hours ago, Chris Custodiet said:

If it was £2m for three years it would be outrageous. But is this true or is it just more fake news?

One thing that has not been cleared up, is what has happened to the £1.6m Rubins said was owed to Anderson when the true figure was £7.5m. Has the £1.6m also been written off?

I did say it was an estimate so I hope people aren't taking it as fake news.

I know you believe the figure to be less than the £2m (of which I include the money he took out to purchase Holdsworth shares) and to be honest. of which I'm more than willing to accept your professional judgement about - you've been proved correct in your financial views on the club countless times in the past - but for the sake of balance I looked to see what someone else who is in the financial world and is a known anti-Anderson protagonist believes the position to be - and simply stated somewhere in between in an attempt to present my post as impartially as I could.

The point I was attempting to make at the time was that even the most ardent of Anderson's detracts who had known financial expertise were not suggesting that he had plundered ten's of millions from the accounts as many believed and some no doubt still do.

As for the £1.6m - wouldn't that be what Rubins believed he had secured in BL and BWFAC, with the remainder to have been shown under the hotel's secured assets?

As I'm on I'd like to point out another thing that hasn't seemed to have been mentioned.

The hotel sold to FV apparently for £7.4m

The group will pay around £10m for the club side of the deal and a further £7.4m for the hotel.

Which I would suspect meant PBP received their £5.5m in full and that Anderson received £1.9m as the secured creditors(?)

As the Hotel Administrator was going to pay 15p in the £ to non secured creditors I assume that would no longer be the case?

Also and part of the same Nixon article he reports this -

The ruling Davies family started off by asking for £17.4m when the club went into administration but will settle for around £5m paid over the next three years.

https://www.thesun.co.uk/sport/football/9815835/bolton-wanderers-saved-football-ventures/

IF this being so - remember it is Nixon - I'm wondering if the presumed £1.9m to Anderson for the hotel has been offset somehow?

No doubt it will come out in the wash eventually.

I'll attempt again to withdraw discreetly from posting on the finances (I only did so this time to clarify to Chris Custard my thinking on my original post) but would like to thank those who have spoke kindly of me since my previous post.

Very much appreciated.

[Chris Custodiet]

15 minutes ago, Traf said:

Custard Cream

Someone had to. None of the other accountants who contribute to WW seem to have noticed that the debts according to the administrators were £3m less than the debts according to the auditors two years ago and that the club had lost three or four million in the meantime.