Howardroark

Yes

He via ICI are a preferred creditor, secured by charge over the assets of BWFC.

I would imagine that Fildraw will object to KA’s chose administrator, as is their right, and will try and force their own through.

With so few creditors I doubt that it would even be looked at. Likelihood is he will recoup the £5M, pay out to various parties including Lee etc then close the business by having it struck off, Moonshift can object but pointless really. He’s covered by LTD company protection.

Re: Fildraw vs Anderson in ‘who filed first’. Anderson needed to file first to avoid any investigation in to his fiduciary duty to do so. Fildraw have almost certainly done so as a backup to ensure administration does actually occur. Watch out for Anderson shortly putting ICI in to voluntary liquidation to avoid paying the £5M back.

Of course, in the right hands and with the right contacts, the assets have significant value. I would expect there to be a queue of 3-5 year ‘flippers’.

They were credible, but again, there are certain regions of the world with religious caveats that prohibit the purchase of distressed assets, likewise certain countries have trade rules relating to outward investment.

There’s no real gain in doing so, it’s part of the formal administration process. There are no new bidders on a solvent sale and they wouldn’t have time to complete DD. It’s just formality.

He’s in prison

Not until an administrator walks through the door

Yes it was. No idea now, not sure they know either.

Nope, they met on three occasions I believe, to present funding and future plans, the new debt they found effectively scuppered the plans as presumably it hadn’t been accounted for.

I have today learned that Moonshift putting the club in to admin does not result in the collection and transfer of collateral (shares) from KA. Therefore KA will still owe Moonshift £5M on the fixed charge. The main issue for Moonshift is the funding of administration and I’m told this will be done by a) Reducing club outgoings by allowing players and staff to walk, or alternatively making them redundant upon appointment of administrators. b) Some funding provided by FV c) Club funds currently in place The reason that FV are considered to be favourites and are probably going to be the only bidder is because they have a deal with PBP & Warburton that will see the novation of the debt obligation to FV. This reduces the costs of buying from admin by £8M. Worth noting though that FV fell at the same hurdle as Bassini and for the exact same reason- couldn’t provide EFL with proof of funds for ongoing support.

Perhaps you could reveal who you are first, you know, lead by example etc

In respect of people being ‘in court ready to pay’ (Nixon)...... no, they would have to literally clear every unsecured creditor given how many are now on the WU. Who is going to underwrite that?

It’ll be a condition of the bid that they display the required funding and background to pass.

Because admin brings out all kinds, the lure of a cheap deal etc. There are 4 areas of land that have significant value in the right hands. KA hasn’t been able to do anything with them because two parts remain under charge and one hasn’t yet redeemed it’s value (the relief road). Stadium itself has no real value due to the protection order

Admin will run like an auction process for a set period of time, the administrators will invite interested parties to make a bid. The highest bid in respect of payments to creditors will win and move to completion. Its complete and utter nonsense that FV are in any way in ‘pole position’, that is unless Nixon knows the position of every single party considering making a bid during admin..... You can’t do a quick deal with a single party, EFL simply won’t allow it. With no games to fulfil the EFL have no pressure to simply bend the rules for FV, especially when they failed FPP last time around.....

EFL have rules in place: All Football Creditors Fixed percentage of unsecured creditors (which in turn means secured creditors must be paid in full).

With a paintbrush

Cuban heel

No nothing on my side, admin will bring a number of bidders, FV wouldn’t win an auction. Nixon doesn’t understand administration process for a football club, there can’t be a ‘favourite’ it’s highest bidder wins (above threshold).

Not an easy conversion

FV is unlikely and the link up with MJ is detrimental as it doesn’t allow for the sale of a valuable asset to fund growth.

Debt is £43M Running Costs are £14M New Players £15M Total £72M