Benny The Ball

He'll want to go 50-50 on this one ..

Just think on there's nowt wrong with a bit of literary criticism . We should rejoice in the fact that the academics have already evaluated our esteemed characters for us .... take for example Character Analysis Howard Roark: you either love him or you hate him. You either succumb to his enigmatic charms or you find him to be a sinister dirtbag. To call him polarizing is the understatement of the century. Most people credit him with having a boatload of artistic talent, but when it comes to liking or respecting him it's a whole different story.

Sorry I tend to think of Ken as something other than that ! Excluding Ken I mean

Don't you think all the secured creditors will work together to find a deal that suits not only themselves but at the same time can be supportive of a suitable prospective purchaser ?

Cash incomings just services the debt taken on in the first 12-18 months. 3 years of ticket sales-factored, sponsorship deals- factored, hotel reservations-factored, corporate boxes-factored. The issue comes when the expected volume for factoring is far greater than the actual amount, especially when the factoring company handles all your merchant accounts and releases funds after their payment.... The above is one of the issues Basran faces, in a typical takeover you would raise funds against assets, in this case there are literally no assets that aren’t charged or collateral. Howard The above was a conversation that you and I had on friday - this was within the first couple of hours of you venturing onto this site . Now I better understand where your information is coming from , I assume that you have not seen a recent cash analysis for Burnden Leisure and associated companies ? Are you any the wiser than any of us in say knowing how much KA has taken out and put into the business since the last accounts were filed ?

OK and the £2 million for Ken ?

The most recently filed accounts are to June 2017 Thats 20 months out of date When you say " an overview of their most recent accounts " are we talking draft June 2018 accounts and Management accounts thereafter ? The £2 million for Ken - where specifically is that detailed ? I heard from good sources he had dropped his asking price to £1 million before christmas and more recently would take whatever he could get Therefore to say " KA has put his price on the table, it’s £10M to buy him out" is potentially wide of the mark

When you first came on here you said the information you were quoting was in the public domain or was based on rational assumptions This is if correct very specific information are you sure you are not very close to events ?

I would go along with your assumption that there might be other options available The so called dark horse theory If that is the case it would suggest to me that in reality KA must be just a bystander and is in reality playing no active part in discussions Whats your take ?

... I had you down as a CRS lad ...

Thanks for all your Input today by the way - its most informative the WW very own version version of Wikileaks !! You said earlier that A clever PE fund would acquire the business for £5M through buying the Moonshift debt and seizing control. They then arrange a pre-pack administration and settle the unsecured at discount with secured paid in full. But in reality you are now saying Moonshift aren't going to sell for less than £8M ? Can't KA not just be cut adrift altogether ? He's trading an insolvent business and it looks like he was before he slapped that charge on the company ? Would he be entitled to any payment at all In an administration process ? Unsecured creditors wouldn't be very happy to be queuing up behind him !!

Had heard we had borrowed a substantial sum against the EFL payment that came through in late January and presumed that was a one off and is in part why our cash flow is now so dire The picture you are painting of borrowings against future EFL payments begs the question where has all the cash gone with unsecured creditors at the levels they are ?

I would have thought they ( and they would presumably be supported by Brett Warburton and Michael James on this ) would point out to Ken and his solicitor that he has knowingly traded the club whilst it is insolvent which would potentially have serious consequences for him as a director , and would be threatening to put the club into administration and pointing out that in that scenario he would get nothing . Therefore accept whatever figure they are prepared to offer as an alternative to nothing , so take the money sign this NDA and go back to Monaco and behave yourself Ken will keep throwing his toys out of the pram until he realises they are not bluffing and will eventually settle at an agreed sum Presumably at the same time they will be looking to sell on Kens shares to an agreed buyer for a nominal sum providing at some point in the future that agreement incorporates a repayment plan for them to get their monies back . None of them want to run a football club - they just want their money back and I would guess have waited this long for it they will work with the new owner and not demand immediate repayment if that's what it takes to get a deal over the line Would trust them to act in the clubs best interests ahead of Ken all day long

I'm not suggesting it would drag on for weeks - It just strikes me as others have pointed out on here as difficult for the likes of Peter Kenyon to do all the necessary and complete by tomorrow

This is potentially very good news It may well mean that Eddies trustees and the other secured creditors are now conducting their own negotiations with prospective buyers , be very surprised if they aren't If that is the case it may well mean between them they will undertake to fund the club in the immediate short term until a deal is concluded That then reduces the urgency to get any deal over the line at any price and gives prospective buyers the opportunity to undertake all necessary due diligence. Wonder If there is another as yet unknown bidder out there ? Interesting

Bolton MPS have sent a joint letter to EFL demanding investigation into club Finances Calling for Full Transparency At this rate we' ll have the Serious Fraud Office rolling up on monday

Could that anger be because Eddies Trustees have stepped in and have decided to sideline him and have taken over negotiations with prospective buyers ? Nixon commented this morning "Ownership battle taking some interesting twists . More than one way to skin a cat "

Sounds like he's gone

The Academy is located entirely on former agricultural land that was part of the now demolished Lostock Hall Farm . It is still designated as green belt . It is not on the former British Aerospace site and at its nearest point is a couple of hundred yards away from the former buildings

Think it was never connected when it opened to save money - its on green belt land and was a fair distance from mains supply and was only being used by academy staff , over the years its been expanded , the first team have relocated from Euxton , floodlights have been installed and it now must cost more to be off grid annually than to pay to have it connected to the mains Same situation applies with water - there is no connection to mains drainage its all septic tanks , which must cost a fair bit to empty Mains connections are a lot closer now than when it opened given all the housing that's gone up on the old British aerospace cricket pitch

The training ground that is supposedly shut with all staff sent home has suddenly sprung into life in the last 20-30 minutes - floodlights are on and maybe 30-40 cars have parked up - wondering if its a players meeting ? Anyone know of anything going on down there tonight ?

Of all the events that have gone on over the last week or so , I am not surprised by the non payment of staff , the continued non payment of creditors , Issues with due diligence and the supposed breakdown in talks with prospective buyers , but the bit I really struggle to get my head around is the non collection of the season ticket direct debit monies. The line we are being fed ( and I have checked this with a contact close to what is going on within the club - who is usually a reliable source of information ) is that the direct debit collection company was not paid . I struggle to believe that KA would not pay the one business that must each month put £200k - £300k per month into the clubs bank account ? ( I have no idea as to the actual amount its 10% of season ticket sales that have elected to pay by DD and the amount must be significant ) Why would he do that ? It just does not make any sense - its so out of character - When it comes to monies coming in I have him down as a card counter at a Poker table type who would know where every last penny was coming from and when and would do everything to protect that line of cash because that was what kept him in power and that was what gave him access to funds Cannot help but think there is a lot more to this than we are being told at the moment NB Think under the Direct Debit charter ( or whatever its called ) club need to write to every season ticket holder and cannot collect for 10 days

The original signed documents which will be on Burnden Leisure / Inner Circle Investments headed paper are not in the public domain What is clear from what is filed at companies house ( the legal charge ) is the signing of those documents was conditional to ED releasing the monies to KA

My understanding ( and I stand to be corrected ) of the position is as follows Moonshift Investments ( ie the Eddie Davies Family trustee ) would and do have total control of any administration process If an act of default was to occur I have mentioned previously on here the legal charge that Moonshift has over Inner Circle Investments ( Ken Anderson's Company ) which can be viewed on this link https://beta.companieshouse.gov.uk/company/09782053/charges/fm5WZUnhZHCq-kA5LdXv1g9627M Most of it looks to be standard stuff but attached (if you scroll to the last 4 or so pages ) to that document are undated but signed Share transfer forms of all Kens shares in Burnden Leisure ( undated ) His directors resignation letter in respect of Burnden Leisure ( again undated ) So , If Eddie Family Trustee demands repayment from Ken of the loan due to Moonshift and he does not repay it on the due date they simply date and file his already signed resignation letter and appoint a director to replace him , and date and file his already signed share transfer form and put those shares into the a name of any person of their choosing. At that point Ken Anderson is history. It is true Ken still has a charge over nothing in particular - and it may be worthless as there is probably nothing for him to pin that charge on when the other charge holders and all the creditors will be lining up for satisfaction of their debts That begs the wider question as to why prospective investors are even still bothering to talk to Ken given the perilous financial position of the club. If his personal financial demands for his own exit are greater than the costs of putting the club into administration surely potential investors will start separate talks with those parties who in reality hold control - Eddies trustee , Brett Warburton and Michael James ( Prescot Business Parks ) to engineer taking Ken out of the discussions altogether.

I always like to think that Freddie Mercury wrote "We are The Champions " with Ian Greaves and us fans in mind - afterall it was only released during that 77/78 promotion season , so we were very much the pioneers in making it into a Football Anthem Music associations with particular games / eras is an interesting discussion in itself Its not often on the radio these days but whenever I hear Manhattan Transfer singing " Chanson D'Amour " I am immediately taken back to half time on a packed away terrace at a night game at Burnley circa 1977 when most of the Wanderers fans spontaneously sang along .............