It's happening. 

https://www.theboltonnews.co.uk/sport/17405193.bolton-wanderers-close-to-takeover-from-uk-based-consortium/

Thank fuck

6 minutes ago, Tommy Banks said:

From what’s been posted previously by Howard the administrators are duty bound to accept the highest bid over the the threshold that is set by the administrators 

Where on earth has that come from? 

19 hours ago, Sluffy said:

If you were simply attempting to be helpful in this respect then thank you

you're welcome

9 hours ago, Tommy Banks said:

From what’s been posted previously by Howard the administrators are duty bound to accept the highest bid over the the threshold that is set by the administrators 

Im no expert but I don't believe that is the case. Like I said previously, they have to accept an offer for who they think is the most stable pair of hands for the club, to be accepted by the EFL and to satisfy future creditors. Bassini for example, could walk through with 30m cash but that wouldn't necessarily mean he would own the club if he's the highest bidder. 

That's why forging relationships with key creditors like FV did is important. Don't get me wrong, we could get some rich Chinese owners. From what I've read they sound pretty stable and have been decent in China. I think the biggest problem will be that if FV have the cash and are UK based, this may put them ahead of the pecking order in the eyes of the administrator. At the end of the day none of us know exactly what will happen, I just don't want to get over excited for them to takeover and then it drag for 2 months and never happen. The last month's of this stuff has been pretty painful if I'm honest. 

On 07/05/2019 at 19:35, Howardroark said:

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).

As posted by Howard, love him or hate him. This is where my info came from

29 minutes ago, Tommy Banks said:

As posted by Howard, love him or hate him. This is where my info came from

I’m assuming that the threshold to which he refers is the one set by the EFL rules as to payment of creditors, rather than being one set by administrators.

The administrators are required to act in the best interest of the creditors as a whole and will seek to maximise returns for them. The highest bid may well achieve that, and usually does (more cash = greater funds for distribution to creditors), but there are also wider considerations eg can that bidder show proof of funds, will they actually complete, will they pass fit and proper person test, are there other conditions attached to their offer which make it less attractive etc. 

Howard is right on many things regarding the insolvency process, but he simplifies matters (presumably for ease of understanding). It’s pretty complicated as you would imagine.

Edited May 12, 20197 yr by Jol_BWFC

51 minutes ago, Matthew1234 said:

Im no expert but I don't believe that is the case. Like I said previously, they have to accept an offer for who they think is the most stable pair of hands for the club, to be accepted by the EFL and to satisfy future creditors.

I’m pretty sure that’s not the case.

I'm with you

My understanding is that the administrators are working for the creditors

I suppose if the offer exceeds all debts, that's a game changer, but if it doesn't, then it would have to be highest bid wins

7 minutes ago, Jol_BWFC said:

I’m pretty sure that’s not the case.

Well, it is.  Highest bidder wins will only really happen if there's 2 genuine bidders and the surplus cash is obviously a game changer. An administrator has to work in the best interests of the creditors and ensuring we remain a going concern. If the highest bidder was someone they felt could deliver uncertainty, it's less likely they'd take the club. Id imagine this is another reason there's such a dispute over who appoints the administrator as they will use different firms.

All pretty irrelevant anyway as we can't influence the process, and aren't even in admin yet. We couldn't even do that right, it was meant for Friday. 

Edited May 12, 20197 yr by Matthew1234
.

The administrator is there to work to realise the best outcome for all creditors simple as that. They have a duty to attempt to realise more for the creditors than would have been expected in a liquidation. 

The efl processes run at the side of the admin in such as for the club to continue as a going concern the efl would have to approve the new ownership. If the only bidders in town are not approved then the only option would be to liquidate ultimately  

So this bollocks about “future creditors” is just that. Bollocks. 

An administrator is dealing with the here and now not somebody who may be owed money in the future. 

 

24 minutes ago, Mr Grey said:

...and I'm assuming it won't be the UNIBOL next year, than fuck that corrupt VC will have fuck all to do with my club.

You mean the man who drives around in a Chauffer driven car with a minder, something very weird about that chap.

8 minutes ago, Escobarp said:

The administrator is there to work to realise the best outcome for all creditors simple as that. They have a duty to attempt to realise more for the creditors than would have been expected in a liquidation. 

The efl processes run at the side of the admin in such as for the club to continue as a going concern the efl would have to approve the new ownership. If the only bidders in town are not approved then the only option would be to liquidate ultimately  

So this bollocks about “future creditors” is just that. Bollocks. 

An administrator is dealing with the here and now not somebody who may be owed money in the future. 

 

Is the correct answer.

10 hours ago, embankment said:

Just been to the Little Yang Sing.

8 guys in suits having a meal , 4 of them wearing bwfc shirts under the jackets.

Believe me , its happening.

 

Did they appear to have more money than they know what to do with?

2 hours ago, Matthew1234 said:

Im no expert but I don't believe that is the case. Like I said previously, they have to accept an offer for who they think is the most stable pair of hands for the club, to be accepted by the EFL and to satisfy future creditors. Bassini for example, could walk through with 30m cash but that wouldn't necessarily mean he would own the club if he's the highest bidder. 

That's why forging relationships with key creditors like FV did is important. Don't get me wrong, we could get some rich Chinese owners. From what I've read they sound pretty stable and have been decent in China. I think the biggest problem will be that if FV have the cash and are UK based, this may put them ahead of the pecking order in the eyes of the administrator. At the end of the day none of us know exactly what will happen, I just don't want to get over excited for them to takeover and then it drag for 2 months and never happen. The last month's of this stuff has been pretty painful if I'm honest. 

FV do not have the free cash to purchase from administration or to satisfy the EFL funding requirements. 

Doing ‘deals’ with the secured creditors does not offer a long term solution that an administrator, or indeed EFL would look for. All it shows is a desire to further reduce the entry costs and that is not indicative of a secure bidder. 

The only way that FV would be approved over a Chinese consortium would be if the money saved by doing ‘deals’ was used to repay the unsecured creditors at a higher rate than 25%. 

So the auction that I mentioned will be on the repayments to the unsecured creditors as this is the only flexibility. 

 

8 minutes ago, Howardroark said:

FV do not have the free cash to purchase from administration or to satisfy the EFL funding requirements. 

Doing ‘deals’ with the secured creditors does not offer a long term solution that an administrator, or indeed EFL would look for. All it shows is a desire to further reduce the entry costs and that is not indicative of a secure bidder. 

The only way that FV would be approved over a Chinese consortium would be if the money saved by doing ‘deals’ was used to repay the unsecured creditors at a higher rate than 25%. 

So the auction that I mentioned will be on the repayments to the unsecured creditors as this is the only flexibility. 

 

Bet there's a few who need the cash quickly too.

11 hours ago, Traf said:

Howard also said the Davies family were taking Ken's shares off him a month ago.

#attentionseekingbullshittingfantasist

Howard,

You could have called me a cunt publicly on here, rather than sending me a private message.

Rattled?

xxx

Thought it’s just mr grey who calls people cunts 

12 minutes ago, Traf said:

Howard,

You could have called me a cunt publicly on here, rather than sending me a private message.

xxx

Can i do it then?

 

 

Only joking C  

That’s not very ladylike Howard. 

1 hour ago, Traf said:

Howard,

You could have called me a cunt publicly on here, rather than sending me a private message.

Rattled?

xxx

Not wishing to get involved in your private spat, but I doubt Howard is the kind of person to be rattled. Maybe he just sits there at times shaking head head at some responses on here, like we all do.

anyway back to the main discussion, is it happening or what ?

1 hour ago, Traf said:

Howard,

You could have called me a cunt publicly on here, rather than sending me a private message.

Rattled?

xxx

Not rattled at all, just a little ploy to determine if you were on a personal crusade to discredit my posts and if you could be reasoned with. 

 I do feel sorry for you, wife beaters do typically get found out by their passive aggressiveness on interest forums 🙂

3 minutes ago, hughmungus said:

Not wishing to get involved in your private spat, but I doubt Howard is the kind of person to be rattled. Maybe he just sits there at times shaking head head at some responses on here, like we all do.

anyway back to the main discussion, is it happening or what ?

If we go into admin on Monday or Tuesday then we can think positively, if not then I’m back to panic stations.

Bad feeling that Ken and Fildraw might be at loggerheads over who the admin is. Still don’t know who is funding the admin either...

Edited May 12, 20197 yr by Mantra

7 minutes ago, Mantra said:

If we go into admin on Monday or Tuesday then we can think positively, if not then I’m back to panic stations.

Bad feeling that Ken and Fildraw might be at loggerheads over who the admin is. Still don’t know who is funding the admin either...

yep that how i feel

 

29 minutes ago, Howardroark said:

Not rattled at all, just a little ploy to determine if you were on a personal crusade to discredit my posts and if you could be reasoned with. 

 I do feel sorry for you, wife beaters do typically get found out by their passive aggressiveness on interest forums 🙂

For someone supposedly in PR you do seem to get a bit touchy

14 minutes ago, Duck Egg said:

For someone supposedly in PR you do seem to get a bit touchy

Touchy in respect of defamation of character? Not particularly, as you correctly state, PR is my trade, personal reputation is left at the door. 

 

Howard, do us a favour love and close the door on your way out. PR isn’t a trade, it’s made up bullshit.