Howardroark

Look at what the Pozzo’s purchased Watford for versus what they were offered for it last year. Those types of gains would excite any contrarian/speculative investor. The acquisition costs are more than offset by the value of the assets, those assets only have value to those with an insight in to the true value of land.

If there was a desire to make that information public then it would already be public. Yes, but only through a shared survey

If Bassini walks then very high

Yes

Clings on to the club by not acknowledging the transfer of shares. He is between a rock and a hard place because the judge’s decision didn’t eliminate us, quite the opposite. He needs to sell to Bassini or voluntarily liquidate.

Writing off the £13.3M allows them to spend more on players under FFP

Time pressures

He couldn’t legally sell it, move money, put it into admin or liquidation. The fear is that the club is left in a state of limbo whilst he clings on.

No, that offer is no longer valid.

Yes

We still intend to exercise our option to buy on Tues/Weds, that may or may not involve a share recall depending on the situation with the other buyer and what he may offer as compensation.

Yes but he also couldn’t do anything with the business whilst he objected

Fortunately it’s very simple: On the 10th KA is legally required to the sign the letter transferring the shares. That action simultaneously causes us to place ICI in to administration (funded by us). ICI has the following assets- £5M owed to it by BWFC ICI has the following creditors- BWFC £13.3M Moonshift £3M Therefore KA receives nothing other than a demand for £8.3M. That £8.3M is used partly to pay off the additional debt stemming from the factoring (if recovered).

The security is typically that they invoice the payee (other football club/EFL) and receive the funds directly before dispersing the difference to the factorer (ICI). However this invoice was replaced by one from KA......

My buyers, as a secured creditor

Essentially yes, them paying the £13.3M that is owed to various factoring companies but currently listed as an intercompany debt. It came from the due diligence and it’s not broken down by anything other than creditor reference.

This is why KA sought the deal with Bassini and why he wasn’t originally going to contest the first liquidation. He DID NOT want the extension to the 8th May. ICI will be put in to administration on Weds 10th and as such BWFC will become a creditor of ICI to the tune of £13.3M. One would hope/assume that there are significant funds in ICI accounts that the administrators can access. The gamble KA took was Bassini completing before the 10th so that he takes his payout and keeps the ICI funds.

I’m a snow plough

It’s not RFF directly, just a collection of those with links to RFF.

An offer wouldn’t have been made prior to due diligence

You need to look at the backers of RFF, it’s the other way round

Yes and partly

Bahrain, U.S & UK

Yes they know but as the acquisition is of the debt they won’t comment until the share recall.

I don’t think it’s a question of him having the cash, it’s if it’s reputable, the EFL do actually turn down prospective bidders (mainly far eastern and African states) and as such have to tread carefully before an influx of individuals start to seek struggling clubs through which to launder their funds. Not suggesting that Mr Bassini’s backers are laundering, but there are issues with the region. As I’ve said, we retain the option to take control on the 9th/10th, what is left by then is anybody’s guess.