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, 20179 yr by Casino

What is Christ's name was dean holdsworth thinking??

 

Fuck me

That's fair enough. Wonder what happens to the million dh supposedly took for sorting this out? Could the court not go after that?

I completely agree that this is all a mess and the structure of the takeover is horrible but not unexpected as I always thought it would be a leveraged takeover. But without the loan Deano secured we'd probably have been wound up 15 months ago? There was no money coming from anywhere else

anyone have a clue what that means for us? 

 

https://twitter.com/BBCRMsport/status/899590244865114112

I hope KA now puts out a statement on what happens next?

To be fair to Deano, he's lost a quid

Greasy will have something planned. If not a hastely prepared dismissive Club statement.

https://twitter.com/BBCRMsport/status/899590244865114112

Good explanation that and clears up that BluMarble don't own the shares, they are just still owed c£7m

To be fair to Deano, he's lost a quid

He drew salary and this mooted £1 million by basically flogging a sinking ship in our good name.

Good explanation that and clears up that BluMarble don't own the shares, they are just still owed c£7m

 

so, nobody owns the shres

 

but the receiver will look to sell them to pay off SS creditors?

 

which in this case is BM

 

obviously, nobody will pay 7 million

 

so leaving a shortfall

 

and thats where the dispute lies

 

is it SS debt or BWFC debt

 

i think?

Is this not where the ST step in? - they must be able to raise £7M from their members, some of whom have "high net worth" - they want a piece of the action, this is the perfect opportunity for them surely

Is this not where the ST step in? - they must be able to raise £7M from their members, some of whom have "high net worth" - they want a piece of the action, this is the perfect opportunity for them surely

 

 

unfortunately, they value 35% of the club at half a million

 

which is why little daniel is OUT

Fucked

Administrators won't find anyone that would pay £7m for 37.5% of the club.  Maybe BM would accept a smaller amount for the shares from KA and write the rest off rather than go through the rigmarole and likely lengthy legal battle to get hold of club assets to pay off the loan.  The Andersons don't appear to be worried and I'm sure they've prepared for this outcome.

Is this not where the ST step in? - they must be able to raise £7M from their members, some of whom have "high net worth" - they want a piece of the action, this is the perfect opportunity for them surely

They've spunked what money they had on a wifi mast

They've spunked what money they had on a wifi mast

They can hold another vanity match. Sorry, I mean charity match.

so, nobody owns the shres

 

but the receiver will look to sell them to pay off SS creditors?

 

which in this case is BM

 

obviously, nobody will pay 7 million

 

so leaving a shortfall

 

and thats where the dispute lies

 

is it SS debt or BWFC debt

 

i think?

Yes. BluMarble would be entitled to call in the guarantee for the outstanding amount after the sale of the shares. I assume SSBwfc have no other assets and hopefully no other creditors.

 

Equally BluMarble might also just agree a reasonable repayment plan with Ken.

Yes. BluMarble would be entitled to call in the guarantee for the outstanding amount after the sale of the shares. I assume SSBwfc have no other assets and hopefully no other creditors.

 

Equally BluMarble might also just agree a reasonable repayment plan with Ken.

It'll be interesting to see what happens to the 'missing million', that Deano has apparently pocketed. If he has done then I would be very surprised if he is allowed to just walk away with it.

will the BWFCST be holding SSBWFC to account?

will the BWFCST be holding SSBWFC to account?

Someone who uses Twatter get this tweeted to them. It's a fair point Cassie raises.

Someone who uses Twatter get this tweeted to them. It's a fair point Cassie raises.

They've blocked us all!

They've blocked us all!

Bleeding insane!

Someone posted up Anderson's response to Holdsworth at the time of their spat just after the Clough sale to Forest over on Nuts.

 

I found it interesting to reflect back on now that Holdsworth no longer owns any part of the club.

 

There is an awful lot in there to make you wonder about -

 

 

 

I have seen the comments that Dean has made concerning my web notes and whilst I also do not wish to become embroiled in a public debate with him, (as I think that this is best done through our respective lawyers) there are certain elements of his comments that I believe I need to respond to.
This is a shame as like Dean, for the benefit of the club and the supporters, I would have preferred to keep the details of our dispute out of the press, but unfortunately, the filing of the accounts by Deloitte and recent events have made this impossible.
I do not accept that my comments were 'misleading and without foundation', I merely stated the facts, as I saw them.
Firstly, as I have learnt to expect from statements and comments from Dean over a period of time, he is very economical with the truth. On numerous occasions from the very outset, back in March 2016, when we both became directors/shareholders, Dean has been requested to personally contribute towards the club's ongoing funding requirements, alongside me.
However, he has always declined to contribute, even when he was full time employed (as the highest paid club employee, outside of players) and actively involved in the day-to-day operations, so fully aware of the club's financial position.
Once again, for the record, unlike Dean, who has taken substantial monies (circa £1.5m) out of the club, one way or the other, I have never taken a salary despite working virtually full time and tirelessly on both club and hotel matters.
Apart from when I have been away on holiday, I have attended virtually every home and away game this season. The same cannot be said for Dean, who has been conspicuous by his absence at many games and comments have been made by others about this.
Dean and I have discussed the sale of various players since day one. I do accept though that we did not specifically discuss Zach Clough on transfer deadline day. However, how else did he think the club could survive financially and pay the salaries and ongoing running costs, once he had made it absolutely clear that he was not prepared to fund the business alongside me?
He is more than welcome to contact me whenever he wishes to discuss football, or any other matters, but has chosen not to. Indeed, he has little or no contact with me, the manager or other staff. I have never stopped him talking to any of the staff.
As for his comments about not receiving financial information, this has been provided to him by both Anthony Massey and John Pelling in the past and is still readily available to him, but unfortunately, he has never made himself available to attend board meetings, despite numerous requests.
Furthermore, once we became suspicious that Dean might be leaking sensitive financial information, we took the decision to only make financial information available to him at the club premises or board meetings and not in emails etc. I am always prepared to meet with Dean on a weekly basis, or monthly at a board meeting to discuss anything if he so wishes.
Dean is and has always been aware of the club's ongoing current and past financial requirements, and was asked to contribute, alongside me again, only last week to help pay the salaries etc. But as is becoming the norm, he failed to respond to emails, (he is very selective in what he does and doesn't respond to) which therefore left me with little or no choice but to reluctantly sell Zach Clough, for the reasons I have previously explained.
Dean is correct in saying that the short term loans that I made to the club have subsequently been repaid, but at least l can say I have continuously advanced interest free, unsecured funds to the club to ensure that salaries etc were paid, whereas, he has declined, or failed to respond, on each and every occasion, that he was requested to assist.
The substantial monies that I have provided, as and when required, have been referred to in the notes to the accounts that Deloitte have now filed and which are available to download from our website.
Again, for the record, Dean has never put any personal money into the club. He did arrange with Michael Collins, a Sports Shield consultant and an associate of his (now serving a four years and three months prison sentence for mortgage fraud) a £4m loan to the club through his own company Sports Shield repayable in March 2018, but unlike my loans, he secured the loan on behalf of Blu Marble against club assets for £5m plus interest at 24% per annum.
Like my funds, this loan has to be repaid but at a cost of several million pounds in interest, arrangement and exit fees!
Dean failed to tell us that the loan he had obtained from BluMarble to Sports Shield on or about the 10th March 2016, was repayable (as I now understand and believe) on the 26th March 2016, only 16 days later, but subsequently changed, I now understand and believe to the 24th April 2016, at an interest rate of 30% per annum. This has also been referred to in the notes to the accounts filed by Deloitte, earlier this week.
Dean also failed to tell us at the time, about a subsequent side letter he/Sports Shield had signed with BluMarble.  As it currently stands, Sports Shield have failed to repay the BluMarble loan and are therefore, technically, as I understand it, in default and the club may be called upon in respect of the guarantees Dean/Sports Shield provided. I am disputing the validity and legality of these guarantees. This has been also referred to in the notes to the accounts, filed by Deloitte.
I find it very interesting that Dean should comment about 'prior approval of the board issues', as he personally and solely signed the loan agreement, on behalf of his company Sports Shield and also as a director, on behalf of the club (i.e. he signed solely, on behalf of both parties)  without my prior authorisation, or knowledge of the agreement, with no board meeting having ever taken  place, or anything  being minuted.
As previously stated, the legality of these documents are disputed by me and will be challenged through the courts.
As the notes to the accounts suggest, there are a number of post balance sheet items which are disputed between the directors and to which I have previously referred to, that will be the subject of future litigation. Unfortunately, until these are resolved, I am unable to comment on them, other than to say that in my opinion, they are not commercially prudent or in the club's best interests.
As regards, Dean's comments about the delays in completing the audit and filing of the accounts, I am happy to say that he is mainly to blame for this.
Ken

 

 

Izza is on GMR at 6pm tonight with Jimmy Wagg

Note from the Chairman:

 

As many of you will be aware, the BluMarble winding-up application against Sports Shield BWFC came before the court today and culminated in them being wound up.

 

Once again, l would like to reiterate that the application was against Dean Holdsworth’s company Sports Shield BWFC and not the club, although l accept that there could be detrimental knock-on effects for the club, but l am doing my upmost to ensure this does not happen.

 

Over the last couple of months, l have had a number of approaches from both UK and international prospective buyers/investors to sell my shares in the club and in order to ensure that these offers are dealt with in a professional and business-like manner and with the club’s best interests in mind, l asked Paul Aldridge to manage the various discussions.

 

As l have said in the past, if someone with the wherefore and financial resources to take the club forward comes along, then l am always happy to meet with them.

 

So far, however, the various people who have said they are in a position to do so have been unable to provide financial proof of funds and to be honest, have wasted a great deal of our time.

 

Furthermore, the vultures and pariahs need not apply as this club has achieved a great deal over the last 18 months and is not in the financial position it was when l first became involved.

 

It is a much more attractive proposition on the field as well having achieved promotion from League One at its first attempt, which in itself is a major achievement and even more so when you consider the transfer embargo.

 

As l have said in the past, the efforts and achievements by the management, staff and supporters in achieving this should never be forgotten.

 

That said, l fully appreciate that Bolton Wanderers is and always will be a big club and that will automatically mean that there will be a great deal of interest in this fantastic club.

 

This was only reiterated by Harry Redknapp’s recent comments regarding our manager and also our stature as a football club in England.

 

For someone of his experience in the game to give us such high praise is something we should be very proud of. The club has moved a long way forward from those dark days of 2015/16 when it was relegated and in dire financial straits.

 

That is not to say that we are out of the woods, but we can say that we do see light at the end of the tunnel and with the continued support of our staff, sponsors and supporters, anything is possible. You only have to look at Huddersfield Town to see proof of that.

 

The financial position of the club today is at its best since l became involved and the sustainable business plan will be completed by the end of this season, albeit that it is a long way from what l inherited and whilst some of my actions have not always been pleasant, they have been necessary to ensure the club has a sustainable future.

 

We are in a very good place on the field as has been evidenced with the manager and Steve Parkin signing their new contracts and strengthening the squad throughout the summer months with numerous talented players.

 

I would also like to acknowledge the support that our Supporters’ Trust are giving to the Academy Fund and we endeavour to work closely with them from hereon in for the benefit of this great football club.

 

I have every confidence in the people who run the club, hotel and associated businesses on a daily basis, however, and I can honestly say that they are all doing an excellent job in getting the club back where it belongs and on a sustainable footing for the future.

 

I will do my best to keep everyone abreast of the consequences of the SSBWFC winding up over the next few days, but as always l am optimistic on the outcome.

 

Together, we will succeed.

 

Ken