It's happening. 

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

Thank fuck

56 minutes ago, Benny The Ball said:

Both  Fildraw & Moonshift are controlled by ED Trustees , I would have thought Howards scenario would be equally applicable to either ?

Afterall ED Trustees made the decision to put us into Administration - and If you take Howard at his word and he is correct - something should happen tomorrow 

" Moonshift will require a watertight agreement with a buyer to put in to administration. That buyer will have to have done DD and be ready to acquire within 24 hours of administration. Without a guaranteed buyer there will not be an administration."

Maybe Howard can update us ? 

Ask ST why they refused to waive their ‘exclusivity period’

I thought I'd read they don't have exclusivity?

And if they do, are you suggesting they are going to get in the way?

2 minutes ago, Howardroark said:

Ask ST why they refused to waive their ‘exclusivity period’

So a buyer was ready and willing to complete tomorrow ? 

8 minutes ago, Benny The Ball said:

To be honest I genuinely dont know , which is why I was hoping Howard would update us , as to whether as Boothy mentioned the fact that Fildraw triggered administration and not Moonshift is significant in its own right 

Until we we went to Court last week I dont remember reading anything about Fildraw within the 600 plus pages of this thread and know absolutely nothing about it as a legal entity other than the fact that it is part of EDs trust. 

So you might be correct , but as Howard was spot on about the Notice to Put us into administration , ( I reckon he is very close to Keir Gordon at CRS ) I would not just dismiss it out of hand. 

Personally I do hope he is wrong , for no other reason than the 3 week period you refer to will bring more prospective purchasers to the table 

A final thought - there was much debate that if Moonshift triggers admin then Ken walks away with £5 million - could that be why Fildraw have triggered it ? 

Moonshift’s name was on the security when it was registered at Companies House, hence why the name comes up in this thread. That’s what people see when they search CH.

However, the debt and security may have been transferred from Moonshift to another entity of ED trust (Fildraw) prior to the notice of intention to appoint administrators. Fildraw would then be the party with the benefit of the qualifying floating charge in that security, enabling them to appoint administrators.

11 minutes ago, Jol_BWFC said:

Moonshift’s name was on the security when it was registered at Companies House, hence why the name comes up in this thread. That’s what people see when they search CH.

However, the debt and security may have been transferred from Moonshift to another entity of ED trust (Fildraw) prior to the notice of intention to appoint administrators. Fildraw would then be the party with the benefit of the qualifying floating charge in that security, enabling them to appoint administrators.

Thanks for that 

Just wonder If the transfer is significant , be Interesting to see what happens with ICI and Moonshift 

1 hour ago, Jol_BWFC said:

Moonshift’s name was on the security when it was registered at Companies House, hence why the name comes up in this thread. That’s what people see when they search CH.

However, the debt and security may have been transferred from Moonshift to another entity of ED trust (Fildraw) prior to the notice of intention to appoint administrators. Fildraw would then be the party with the benefit of the qualifying floating charge in that security, enabling them to appoint administrators.

Eddie was the beneficial owner of Fildraw Private Trust which is based in Bermuda and Moonshift Investment Limited thought to be registered in the British Virgin Islands of which Eddie had a 'beneficial' interest in - so in other words he does have some rights to profits from the company but he might not even be the owner of it, was brought into provide a line of credit of over £100m into the club.

All this offshore business seemed a bit murky and beyond my depth of knowledge in the subject that all I could do was to accept it at face value.

I have found a link to a report on this but unfortunately it doesn't seem to work any more.

The link below is to Nuts where a poster copied and pasted a chunk of the original link out.

Hope in makes more sense to others.

https://forum.boltonnuts.co.uk/t12393-accounting-geniuses#267136

 

 

 

Edited May 13, 20197 yr by Sluffy
grammar errors

Im 46 , My ticker is about to explode and Im rapidly losing my eyesight, karma if you will,   *

I still have a cassette of mark came equalising against swindon......twice.

Ill just listen to that on loop til I pop me cloggs . Started in 79 -till now , greatest roller coaster ever known to man .

Games that no matter how you try , can never be described in words, ...wouldnt change a thing .

 

 

*thats what you get for outdrinking Jazza

7 hours ago, Howardroark said:

Ask ST why they refused to waive their ‘exclusivity period’

They'd have to agree to fund the administrator and other costs until buyout complete presumably. That was scenario down here in 2011. "Luckily" we had Ridsdale selling off anything of value to fund ours including his consultancy fees.

So am i right in thinking that based on what was reported about the Chinese connection, that there is a bid ready to go but it will possibly be held up by the ST wanting a place at the table.

ST haven't been offered the chance in regards to owning or being part of the club , so they can't waive anything yet. Administartion has to go through EVERYTHING now, so no sale until they do all this.....my understanding anyway

st said if there is a proper bid that is good for bwfc they will step aside and let it happen

 

12 minutes ago, sleepingindian said:

st said if there is a proper bid that is good for bwfc they will step aside and let it happen

 

I wouldn't trust them to tell me whether it's raining, let alone what a good bid consists of.

New owner? Uncle Bob

 

 

27 minutes ago, deane koontz said:

New owner? Uncle Bob

 

 

BBC Breakfast reporting from Carrs Pasties this morning. It’s all going on in Bolton.

I did some work for Warburtons with the Muppetts costumes. I couldn’t publicise it though due to Disney’s copyright issues.

9 hours ago, Howardroark said:

Ask ST why they refused to waive their ‘exclusivity period’

There isn't an exclusivity period. The administrators have to meet with any supporters trust within 21 days and give them a chance to bid for the club. But it isn't exclusive. Its just the timescale laid out by the league.

However, you know as well as I do that no sale can occur that quickly in administration other than via pre-pack which is not allowed. The administrator has to demonstrate best value which means once they've done their initial report on the business (say 2/3 weeks  but sometimes can take 2 months!) they then will have to market it for a period - to determine whether they can achieve a suitable return that way. 

40 minutes ago, Boby Brno said:

BBC Breakfast reporting from Carrs Pasties this morning. It’s all going on in Bolton.

I did some work for Warburtons with the Muppetts costumes. I couldn’t publicise it though due to Disney’s copyright issues.

Are Warburtons still Bolton based?  £500 million a year turnover, surely they could buy into us.  If they can afford Robert De Niro for the latest ad...

13 hours ago, MalcolmW said:

I think the failure to fulfil fixtures will result in a 3 point deduction, applied to this season's table.

The -12 will definitely be due to be applied next season.

Awarding the non played game as a 0-1 home defeat is already a points deduction as we could have won that one

 

6 minutes ago, chrisw99 said:

Are Warburtons still Bolton based?  £500 million a year turnover, surely they could buy into us.  If they can afford Robert De Niro for the latest ad...

Quick google suggests they make ~£23M profit annually. Holding about £50M cash. In what way are they able to run and prop up a football club that loses £5M a year and invest in it?

Warbies is a business that does nicely for itself. But businesses generally aren't in a place to sink millions into other loss making businesses without serious questions from their shareholders.....

Look at Blackpool for example, they went into receivership on the 13th February only just now there in the process of putting a deadline for the bidders who want to buy the club: 

 https://www.blackpoolfc.co.uk/news/2019/may/statement-from-joint-receivers/ 

I know receivership in it ways is different to administration but won't we be looking at the same timescale?

The receivers at Blackpool are the same people who are working with administration at our club (David Rubin & Partners).

11 minutes ago, Okocha10 said:

Look at Blackpool for example, they went into receivership on the 13th February only just now there in the process of putting a deadline for the bidders who want to buy the club: 

 https://www.blackpoolfc.co.uk/news/2019/may/statement-from-joint-receivers/ 

I know receivership in it ways is different to administration but won't we be looking at the same timescale?

The receivers at Blackpool are the same people who are working with administration at our club (David Rubin & Partners).

And the same ones that took ages at Coventry , whose plight is possibly worse now than before they entered administration.

3 minutes ago, Traf said:

And the same ones that took ages at Coventry , whose plight is possibly worse now than before they entered administration.

Coventry is slightly different in that the administrator then liquidated after ages in admin, and sold the company back to SISU holdings who were the owners before administration.   Not really sure how that can be legal, but that's what happened.

Edited May 14, 20197 yr by chrisw99

It’s gonna be a long painful summer 

https://www.theboltonnews.co.uk/news/17637911.bolton-wanderers-set-up-emergency-food-bank-for-unpaid-staff/

1 minute ago, deane koontz said:

https://www.theboltonnews.co.uk/news/17637911.bolton-wanderers-set-up-emergency-food-bank-for-unpaid-staff/

Donaldson'll be first in the queue, poor lamb...

9 hours ago, Sluffy said:

Eddie was the beneficial owner of Fildraw Private Trust which is based in Bermuda and Moonshift Investment Limited thought to be registered in the British Virgin Islands of which Eddie had a 'beneficial' interest in - so in other words he does have some rights to profits from the company but he might not even be the owner of it, was brought into provide a line of credit of over £100m into the club.

All this offshore business seemed a bit murky and beyond my depth of knowledge in the subject that all I could do was to accept it at face value.

I have found a link to a report on this but unfortunately it doesn't seem to work any more.

The link below is to Nuts where a poster copied and pasted a chunk of the original link out.

Hope in makes more sense to others.

https://forum.boltonnuts.co.uk/t12393-accounting-geniuses#267136

As I commented at the time, whatever the interpretation of the "ownership" of these companies it was obvious the nature of the tax vehicle was somewhat irrelevant. They/he lent us money and then wrote off the debt.

"Beneficial interest" in a company simply means having significant financial investment in a company you don't technically own, even if all the money in it is yours - and the whole point in setting up an offshore company in a resident's name (probably the bank or investment company) is that they are entitled to local taxation rates whereas you as e.g. a Brit are not.

So you pay your profits to the offshore company for "services" leaving you with no profit to pay tax on here, and they pay the local rate on that money. Which in BVI is zero. You just have to slip them a few bob for providing the service instead of paying gazillions to the IR.