Winding Up Orders

[Casino]

Last I heard, it was court tomorrow

 

ST and Lies reported 3, including Heathcotes mob

 

KA said that was old news, leaving 2

 

 

Now, I can see HMRC is definitely a club issue,but the other is Sport Shield

 

If we assume KA can deal with HMRC debt - I'd have been happier if he had sorted that one already, tbf- that 'just' leaves SS and blumarble

 

If the court agrees to wind up SS, do we know what that means and also the impact on BWFC

Edited May 21, 2017 by Casino

[radcliffe white]

Lost with all this court shite now where we're up to

 

It got boring months back

[enzo gambaro]

Sports Shield is 194 of 195 on tomorrow's list.

 

Can't find anything against Burnden Leisure.

[Casino]

That can't be true

 

Lies would've shouted it from the rooftops

[Mounts Kipper]

Last I heard, it was court tomorrow

 

ST and Lies reported 3, including Heathcotes mob

 

KA said that was old news, leaving 2

 

 

Now, I can see HMRC is definitely a club issue,but the other is Sport Shield

 

If we assume KA can deal with HMRC debt - I'd have been happier if he had sorted that one already, tbf- that 'just' leaves SS and blumarble

 

If the court agrees to wind up SS, do we know what that means and also the impact on BWFC

I'm no expert on this but if SS are wound up who's then liable for the blu marble debt? Does that debt disappear? Can't see that SS any assets Or would DH personally be liable? Is SS a limited company? All sounds dodgy as hell. I'm just hoping that BWFC not liable for Blu marble loan. Edited May 21, 2017 by Mounts Kipper

[Casino]

That was my reason for asking the question

 

This is another way I feel the trust fail

 

I'd have no issue with the bwfcst explaining the legal position in a factual, non opinion, way

 

They could even say they have no idea

[Whites man]

I think Ken took on the BluMarble liability when he took sole control of the club but the debt in question predates that and is Holdsworth's responsibility.

[Guest]

Court tomorrow is only sports shield bwfc vs blumarble.

 

Other winding up orders will be later if at all, and Ken says at least two of those three are sorted.

 

Sports shield bwfc are just the company formed to buy Deano's portion of shares. As I understand it, it is possible that Blumarble get the shares from ssbwfc (presumably the only assets that company holds). Other options is for Deano to pay them what is owed. Which I assume Ken would have to lend him.

[Sluffy]

Court tomorrow is only sports shield bwfc vs blumarble.

 

Other winding up orders will be later if at all, and Ken says at least two of those three are sorted.

 

Sports shield bwfc are just the company formed to buy Deano's portion of shares. As I understand it, it is possible that Blumarble get the shares from ssbwfc (presumably the only assets that company holds). Other options is for Deano to pay them what is owed. Which I assume Ken would have to lend him.

 

Anderson has stated that he had already purchased a large amount of Holdsworth shares for a significant amount.

 

So I guess he bought them from SSBWFC and therefore there is some money in the business for BluMarble.

 

With the amount of time this has been going on behind the scenes I would imagine some deal has been done between the three camps - maybe Holdsworth walks away with no further questions asked about the million pound arrangement fee he charged, the majority of shares going to Anderson for a sum of money which will be exactly the amount BluMarble are looking for - maybe the accrued interest on the loan?

 

Anderson thus ending up with the majority of the shares and perhaps a better renegotiated deal with BluMarble in respect of the outstanding capital and future interest rate and/or period of loan.

 

With Blumarble getting a significant sum of money as renegotiation of the loan and maybe a minor shareholding.

 

Of course I could be completely wrong about everything!

[Mounts Kipper]

I thought the share deal from DH to KA hadn't been done. Think iles said as much.

[Mounts Kipper]

That was my reason for asking the question

 

This is another way I feel the trust fail

 

I'd have no issue with the bwfcst explaining the legal position in a factual, non opinion, way

 

They could even say they have no idea

If they commented they'd be accused of scaremongering or doom mongering if they say nothing people would say what they doing. They really can't seem to win and that's the difficulty in running a trust and trying to please folk. Edited May 21, 2017 by Mounts Kipper

[Guest]

I thought the share deal from DH to KA hadn't been done. Think iles said as much.

He did. Ken then said one deal had been done for some shares. To be honest it is very unclear what is going on. Don't think Iles knows anymore than we do.

[Escobarp]

My understanding is SS held the shares which are spoken of as "deans shares".BM will have a debenture over the assets of SS as well as a letter of negative pledge and some form of agreement which will require BM to consent to any share sales or transfers

 

As such and funds paid to SS for its shares will have gone to BM or be sat in the company.

 

If SS were placed into administration or liquidation then the value held in the assets namely the shares would become

The property of the administrator or liquidator who would seek to obtain value from those assets

 

Also any debt in the company which was owed by other debtors would be sought by the administrator.

 

This would then result in a commercial negotiation between the administrator and the entity which the shares relate to which would be burnden leisure (correct me if I'm wrong) unless ken and the other shares in BWFC are held in another company

 

I also suspect there are personal gtees from DH to BM which means he's absolutely fucked if this whole thing proceeds.

[Sluffy]

I'm not sure all of that is correct, mate.

 

Companies House shows that there are no charges laid against SSBWFC

 

https://beta.companieshouse.gov.uk/company/09910069

 

...but there are against Burnden Leisure one being on behalf of Blumarble Capital Ltd.

 

https://beta.companieshouse.gov.uk/company/00335699/charges/QpS1PaxqCDFoBahSpmFGfsTnZCQ

 

The only asset SSBWFC would have I would imagine is Holdsworth's shares in the club.

 

Anderson made the following statement on the 13th May -

 

"Normally speaking, I wouldn't seek to justify myself but the fact is that the agreement between Dean and myself was completed and substantial monies changed hands. 

There was a second agreement in respect of some more of Dean's shares and it is this agreement that is currently being delayed due to the BluMarble matters, which l would again point out relate to Sports Shield BWFC and not the club".

 

I can't link you to the clubs official site as the article seems to have been taken down but the link below was the article printed in full on the day and posted on Bolton Nuts -

 

http://forum.boltonnuts.co.uk/t15300p120-ken-anderson-update#338935

 

If Anderson really did buy most of Holdsworth shares - and there is no reason to doubt his word, then the only assets Holdsworth's SSBWFC would seem to have is this sum of money and whatever shares Holdsworth retains.

 

Finally I think Anderson's shares where bought by his company Inner Circle.

 

 

I can't guarantee much of the above to be currently accurate but it is the best information I am aware about based on the links I give above.

 

 

 

I can't imagine Anderson bought Holdsworth shares without BluMarbles knowledge/consent, so I'm guessing the money he paid for them must be agreeable to BM.

 

If there are no other creditors in BM then I would imagine SSBWFC would be put into liquidation with everything (the money and remaining shares) going to BM.

 

This I would imagine take Holdsworth out of the picture as far as Anderson and BWFC would be concerned.

 

But all this is just guess work on my part and may be miles wide of the mark.

 

 

[Sluffy]

Just to be clear, when I talk above about Anderson buying shares from Holdsworth I mean shares in the club (Burnden Leisure plus all the other bits and pieces such as the hotel) and NOT Holdsworth's shares in his business Sports Shield BWFC.

[Escobarp]

Thanks for clarifying. That's worse though as BM have direct recourse to burnden leisure and BL must owe money to BM rather than SS.

[Sluffy]

Thanks for clarifying. That's worse though as BM have direct recourse to burnden leisure and BL must owe money to BM rather than SS.

 

I would have though so - it is after all there in black and white at Companies House - but this is what Anderson said on the 8th February -

 

"For the record, I would also like to mention that I took no part in the original discussions with Blu Marble. Furthermore, the club does not have an agreement with Blu Marble; it has an agreement with Sports Shield and I am currently disputing the validity of this".

 

http://www.bwfc.co.uk/news/article/2016-17/a-note-from-the-chairman-3563486.aspx#gvZtUCq3s4jYKmkA.99

 

 

I'm non the wiser than anybody else really - only those in the know actually know, obviously.

 

I remember reading somewhere the Holdsworth deal with BluMarble was to be paid back with SIX DAYS - which obviously it wasn't. 

 

I guess the original plan was that it was a bridging loan until somebody else invested - which never took place - remember that he went into the courtroom originally with the plan to go into partnership with Michael Collins (iirc) and walked out instead as Ken Anderson as his partner!

 

Whatever happened - and I can't remember where I saw this and with the court case tomorrow there's not much point trying to find it now - I think the most logical guess I can make is that a deal between the three parties has been done and the court case tomorrow will somehow legalise it, which in turn will allow Anderson and the auditors to confirm the club future, thus allow the accounts to be signed off, which then leads the path open towards having the embargo lifted.

 

I've no idea if I'm correct in these assumptions but it seems as good a plan than any.

[Escobarp]

I can't see why it would be in the high court for the deal to be ratified though. More likely BM are using the court case to bully KA and the club.

 

I'm sure it's under control either way

[Sluffy]

I don't know - you may well be right.

 

I just think that talks between the three - certainly between Anderson and BM must have been going on for quite sometime now as I don't think Holdsworth has ever made any repayment on the loan.

 

It also seems convenient that a deal seems to have now been done recently in Anderson buying a large chunk of Holdsworth's shares for a "substantial" sum of money as I imagine they are the only significant asset of SSBWFC and I would have thought BM would have had some say in the matter?

 

I'm sure BM would rather have a wodge of cash to get its hands on than to bother itself with share ownership in something it would not have wanted to acquire in the first place.

 

If so I can't real see how or why BM is bullying Anderson or the club - strictly speaking the court case tomorrow doesn't even involve them directly.

 

It just seems to me that as you say "things are under control" and all three of the camps know what the outcome will be tomorrow and have agreed to it, reluctantly or not.

 

But that is all just pure speculation on my part.

[Guest]

I can't see why it would be in the high court for the deal to be ratified though. More likely BM are using the court case to bully KA and the club.

 

I'm sure it's under control either way

 

I have been wondering why BM are going through SSBWFC when you'd have thought their case was against the club or Burnden leisure directly?

[Sluffy]

Because SSBWFC took out the loan with BM, then loaned it on again to the club (less £1 million).

 

SSBWFC were the ones who had to pay BM back (not the club).

 

The club / BL dealt with SSBWFC not BM.

[Sluffy]

Tweet from Iles -

 

I understand today's winding-up hearing will be adjourned to allow for further negotiations between Sports Shield BWFC and BluMarble.

[Gonk]

Tweet from Iles -

 

I understand today's winding-up hearing will be adjourned to allow for further negotiations between Sports Shield BWFC and BluMarble.

Deano's vehicle not Burnden Leisure

[Guest]

Because SSBWFC took out the loan with BM, then loaned it on again to the club (less £1 million).

 

SSBWFC were the ones who had to pay BM back (not the club).

 

The club / BL dealt with SSBWFC not BM.

 

But the charges are laid against BL/club....

[Casino]

am i right that at worst, BM will have call over 5m + interest worth of BWFC assets?

 

and only then if BM can convince a court that SS actually owned said assets?