The Owners

[Sluffy]

9 minutes ago, Hoppy510 said:

If you don't think that the value of an item is what someone is actually willing to pay for it I have a pair of underpants for sale (washed) - a bargain at £500.

You don't have an "agreed" price when you go out to tender/have an auction.

Clearly you've no experience of tendering and are showing your ignorance of the process.

Well done for not mentioning I've banned you from Nuts, you usually do.

Have a nice day.

[barrycowdrill]

23 minutes ago, Burndens Bogs said:

He’s right,there was not a wealthy gay investor to be seen.

Gives an insight in to my auto correct 😂

[bwfcfan5]

15 minutes ago, Sluffy said:

You don't have an "agreed" price when you go out to tender/have an auction.

Clearly you've no experience of tendering and are showing your ignorance of the process.

Well done for not mentioning I've banned you from Nuts, you usually do.

Have a nice day.

There is in admin though in effect a "reserve price". Where an administrator cannot sell below given their need to get a deal for creditors. 

[Sluffy]

6 minutes ago, bwfcfan5 said:

There is in admin though in effect a "reserve price". Where an administrator cannot sell below given their need to get a deal for creditors. 

It's not as black and white as that.

It isn't as simple as at a normal auction, as no doubt which you are comparing it to, because you can't simply take back the club and sell it at a later day.

The company BWFAC was in such a position that if the club could not be sold when the market was tested then it would have had to be liquidated, taking the club with it too.

Liquidation doesn't in itself guarantee that even the secured creditors would receive all their money back - as per what happened with Anderson's 'security' in the hotel after PBP's £5.5m as head creditor is repaid first.

No doubt a 'reserve price' would have been worked to - indeed £25m was talked about by the club Administrator at the start of the process (which included the hotel?) but no doubt if the best tender offer was considerably less than that I have no doubt that it wouldn't have been rejected out of hand.  It may well have been that the main secured creditor of the club EDT would have accepted less simply to keep the club in existence.

In fact that in a round about way that is what happened when EDT came to their agreement with Anderson for the sale to FV go through.

It's all water under the bridge now but the point Custard was making (and that Hoppy clearly did not understand) is that the price paid doesn't necessarily equal the value of the goods or services won during a tendering event.

Sometimes you can win big...

...and sometimes it can cost you millions!

https://www.theguardian.com/politics/2018/may/16/east-coast-rail-line-to-be-temporarily-renationalised-virgin-stagecoach

[bwfcfan5]

1 minute ago, Sluffy said:

It's not as black and white as that.

It isn't as simple as at a normal auction, as no doubt which you are comparing it to, because you can't simply take back the club and sell it at a later day.

The company BWFAC was in such a position that if the club could not be sold when the market was tested then it would have had to be liquidated, taking the club with it too.

Liquidation doesn't in itself guarantee that even the secured creditors would receive all their money back - as per what happened with Anderson's 'security' in the hotel after PBP's £5.5m as head creditor is repaid first.

No doubt a 'reserve price' would have been worked to - indeed £25m was talked about by the club Administrator at the start of the process (which included the hotel?) but no doubt if the best tender offer was considerably less than that I have no doubt that it wouldn't have been rejected out of hand.  It may well have been that the main secured creditor of the club EDT would have accepted less simply to keep the club in existence.

In fact that in a round about way that is what happened when EDT came to their agreement with Anderson for the sale to FV go through.

It's all water under the bridge now but the point Custard was making (and that Hoppy clearly did not understand) is that the price paid doesn't necessarily equal the value of the goods or services won during a tendering event.

Sometimes you can win big...

...and sometimes it can cost you millions!

https://www.theguardian.com/politics/2018/may/16/east-coast-rail-line-to-be-temporarily-renationalised-virgin-stagecoach

Indeed. I suppose the point is that the sale was a mixture of "cash" and re-negotiating existing debts. The business is not debt free as part of the takeover will have been FV agreeing terms of repayment and security with EDT and potentially other creditors. 

[Chris Custodiet]

21 hours ago, Casino said:

Christopher, if the debt was reduced from one year to the next, does that not say that we were profitable, albeit with no cash?

Sorry, I'm only skimming your post 

Not exactly. Its  quite possible for debts to be reduced, for example, by sale of assets, new equity investment or debt write off as Sluffy has pointed out. The sale of Madine would have reflected positively on the profit and loss account too but as most of it was needed to meet operating costs there wouldn't have been much of it left for debt reduction.

But all that's getting away from the point I was making that FIBS, Maguire, JME and Uncle Tom Cobley and all failed to notice the true facts about how much BWFC's ongoing losses had been substantially reduced under its rogue chairman and that FV didn't pull out first time round because they'd discovered a pile of unexpected debt.

Anyway today is the first anniversary of the death of Eddie Davies and there's an 'in memoriam' in IOM Today. You'll find it here:

https://www.legacy.com/obituaries/iomtoday-uk/obituary.aspx?n=eddie-davies&pid=193861199

Can anyone tell me where I can find any mention of it in the Beeno?

Edited September 11, 2019 by Chris Custodiet

[bwfcfan5]

26 minutes ago, Chris Custodiet said:

Not exactly. Its  quite possible for debts to be reduced, for example, by sale of assets, new equity investment or debt write off as Sluffy has pointed out. The sale of Madine would have reflected positively on the profit and loss account too but as most of it was needed to meet operating costs there wouldn't have been much of it left for debt reduction.

But all that's getting away from the point I was making that FIBS, Maguire, JME and Uncle Tom Cobley and all failed to notice the true facts about how much BWFC's ongoing losses had been substantially reduced under its rogue chairman and that FV didn't pull out first time round because they'd discovered a pile of unexpected debt.

Anyway today is the first anniversary of the death of Eddie Davies and there's an 'in memoriam' in IOM Today. You'll find it here:

https://www.legacy.com/obituaries/iomtoday-uk/obituary.aspx?n=eddie-davies&pid=193861199

Can anyone tell me where I can find any mention of it in the Beeno?

Taking into account the disputed £7.5M and hotel and club debts combined that takes you to roughly the £40M figure for a solvent sale widely reported to have put off FV who were told by Anderson it was £25M does it not?

[Chris Custodiet]

3 minutes ago, bwfcfan5 said:

Taking into account the disputed £7.5M and hotel and club debts combined that takes you to roughly the £40M figure for a solvent sale widely reported to have put off FV who were told by Anderson it was £25M does it not?

I'm not party to what exactly Anderson told FV but I do wonder why they would sign HOT's without at least looking  at the last audited balance sheet, available FOC to anyone with the vaguest interest. These btw showed liabilities of £43.7m (including deferred income) and there was every reason to expect the debt to be increasing with every month that passed.

[bwfcfan5]

20 minutes ago, Chris Custodiet said:

I'm not party to what exactly Anderson told FV but I do wonder why they would sign HOT's without at least looking  at the last audited balance sheet, available FOC to anyone with the vaguest interest. These btw showed liabilities of £43.7m (including deferred income) and there was every reason to expect the debt to be increasing with every month that passed.

We know Anderson marketed it as a £25M sale. That was leaked. Quite a few people from within seem to be saying that even before that Anderson had two good offers on the table the year before but refused both because he thought he could get more. I think what is clear is that any chance of any solvent deal was scuppered by Anderson's negotiation tactics and general behavior. 

[HomerJay]

[Chris Custodiet]

2 minutes ago, bwfcfan5 said:

We know Anderson marketed it as a £25M sale. That was leaked. Quite a few people from within seem to be saying that even before that Anderson had two good offers on the table the year before but refused both because he thought he could get more. I think what is clear is that any chance of any solvent deal was scuppered by Anderson's negotiation tactics and general behavior. 

We know because it was leaked is hearsay but it is possible to get down to c£25m if you exclude deferred income and the remaining £10m of Eddie's old loans. That much would be obvious to any interested party.

Whether Eddie had or had not intended to write off the £10m is a moot point but I'd always thought he would and that he had left it on the books for tactical reasons  but never expected to get it back.

The rest about 'good offers' is also hearsay. There's no shortage of chancers around but when push comes to shove 'proof of funds' frequently turns out to be a bit of a stumbling block.

[RoadRunnerFan]

8 hours ago, HomerJay said:

We're just two lost souls swimming in a fish bowl, year after year.

Running over the same old ground and how we found the same old fears. 

[Werder barmen]

 

[Lt. Aldo Raine]

"Wanderers chairman" 

[Casino]

Maybe I'm old, but no problem with using chairman to describe her

[MickyD]

6 minutes ago, Casino said:

Maybe I'm old, but no problem with using chairman to describe her

Agreed. In fact, I hate the term Chairperson which attempts to take out the gender-related issue. Chairman is a position rather than a person.

[Cheese]

 

[Sluffy]

 

[Cheese]

A genuinely nice person. What a wonderfully refreshing change. 

[Burndens Bogs]

5 minutes ago, Cheese said:

A genuinely nice person. What a wonderfully refreshing change. 

Isn't it just.

We needed a fresh start from top to bottom and now we've got it.

I get the feeling we're in good hands.

[Ani]

What a couple of brilliant interviews. 

 

Custard and Sluffy need to move on. 

[bwfcfan5]

I like her. Seems genuine. Everything we wanted I think.

[Spider]

We're back to being a sleeping giant.

Couple of years and we'll be dishing out bloody noses and annoying clubs all over the land.

Can't fucking wait.

[Ros Coe]

Loved that, I think she genuinely cares and that’ll do for me..

i’m Bloody choked here, again!

[L/H White]

Great interview. X

Keep her away from DazBob tho, jesus.