irvtheswerv

Can't already be signed and dated. From the point at which it's signed and dated it's enforceable and Ken wouldn't currently be a director of ICI or Burnden.

OK I've had a better read of that now. The letter that's been posted can only be the Part 1 letter then? For that to be enforced needs a signed and dated part 2 letter. Can't see Ken signing that any time soon.

I'm not an expert and happy to be proved wrong. I've not read the whole of this thread - is someone saying there a copy of a signed resignation letter somewhere? Because if it's signed and dated, that would mean Ken's no longer a director of ICI and therefore no longer the owner of shares in Burnden Leisure, which would mean he's no longer a director of the club. He's still in place so I'm not sure that letter can exist?

I've seen a few posts about forensic examination of the accounts. You can see all the filed accounts here -> https://beta.companieshouse.gov.uk/company/00335699/filing-history?page=1 Ken's been paying himself and son as consultants. There's a tangled web of associated companies in Switzerland, British Virgin islands, Guernsey. A forensic examination won't help as these places are used by all and sundry to hide wealth and an examination will get nowhere. The other directors loans were accruing interest at 5 -7% above base rate. They were not doing this out of the goodness of their hearts either. The Bluemarble loan was 24% interest. Holdsworth seems to have borrowed £5 million, lent the club £4 Million and pocketed the rest. Then pissed off leaving the debt with the club. Sad to say it, but Ken as Director isn't personally legally obliged to pay any wages or costs. He a secured creditor, seems to have borrowed off Eddie Davies, lent it to himself, then lent to club as a secured creditor. He'll get paid if it liquidates, so he's no incentive to pay anything to anyone. Ken's a shifty cunt, but he seems to be quite good at this stuff. This Howard bloke is saying a consortium can claim ken's shares, but it's not going to be that easy. The shares seem to have been used as collateral for a loan to from Eddie Davies to Inner Circle investment. I can't be arsed to read all the paperwork in detail, but it looks like whoever has done a deal with the Davies Estate will have to force ICI into administration in order to seize the shares. That won't be without cost in time and money, and ken can liquidate the club to make this meaningless. The address for serving documents on Ken is in the agreement with Davies though, so I don't see how Howard's lot could have got that wrong, unless Ed and ken agreed in writing to changing it without telling Howard's lot. We could go on and on with this shite. But basically our beloved Wanderers is not currently a going concern. It will only survive if someone pumps enough money in to pay off all the secured creditors.

February's wages were paid from the hotel account. AFAIK that's not been paid back (happy to be corrected). So the Winder on the hotel will have to be dealt with in full, any admin/liquidation on the hotel prior to 8th May will see that money requested back from the club. And there's none to pay it.

There's no money to pay the players, staff. The game can't go ahead without that. If Ken doesn't pay up, nothing has changed. And there's still a winding up petition on the Whites Hotel Tuesday 16th April to deal with.