Take Over

[Howardroark]

Just to confirm, if the other party were successful in purchasing the Inner Circle/KA debts from Moonshift and the shares were recalled, this would only cover the £5M, KA or whichever entity he used would still be liable for the £3M additional. 

This is why the Basran bid & approach has never made any sense. If they do a deal with Ken they pay off ALL his debts, the full £8M. 

If they had gone through Moonshift then they would’ve been able to get £3M of the £8M back but still achieve the same result- ownership. 

As I have long stated on here, and in contrast to Alan Nixon, Basran does not have the support of Moonshift directly- they don’t feel he’s a legitimate bidder/owner.

 

[Howardroark]

7 minutes ago, Matt said:

Howard you’re not that Ipswich fan Zico fucked over all those years back are you?

No, Ipswich, Jim Magilton et al have a very special place in hell waiting for them.

[Mounts Kipper]

12 minutes ago, Howardroark said:

Just to confirm, if the other party were successful in purchasing the Inner Circle/KA debts from Moonshift and the shares were recalled, this would only cover the £5M, KA or whichever entity he used would still be liable for the £3M additional. 

This is why the Basran bid & approach has never made any sense. If they do a deal with Ken they pay off ALL his debts, the full £8M. 

If they had gone through Moonshift then they would’ve been able to get £3M of the £8M back but still achieve the same result- ownership. 

As I have long stated on here, and in contrast to Alan Nixon, Basran does not have the support of Moonshift directly- they don’t feel he’s a legitimate bidder/owner.

 

I’m not sure how you know moonshift don’t support the Basran bid. Can you elaborate? 

[Howardroark]

5 minutes ago, Mounts Kipper said:

I’m not sure how you know moonshift don’t support the Basran bid. Can you elaborate? 

They support in that they’d be happy to get all of their money back; 

However if they supported it to the tune of truly believing in the financial means and intentions of the group then a deal would’ve been done by now, given that they could theoretically reduce the ‘purchase price’ to almost zero (assuming PBP and Brett are on-board) by agreeing to a delayed payment on the £8M. That they won’t do that/haven’t offered that suggests they don’t support it.

[snowball]

More i read more im thinking Phil Parkinson is going to be the last ever manager of Bolton Wanderers Football Club.

 

On 15/03/2019 at 21:18, Howardroark said:

Yes, Tuesday the creditors start getting worried there’s no saviour and cash out at high discount. Possibly delays HMRC.

 

[Rizlar]

Just now, snowball said:

More i read more im thinking Phil Parkinson is going to be the last ever manager of Bolton Wanderers Football Club.

 

 

I am of this opinion think it's looking too late to be saved what a way to end it beaten 5-2 by that shower of shit.

[Howardroark]

1 minute ago, Rizlar said:

I am of this opinion think it's looking too late to be saved what a way to end it beaten 5-2 by that shower of shit.

Technically that wouldn’t count, so the last result would be the last day of last season...... not that it’ll come to that.

[mickbrown]

Jesus, there's some drama queens on here.

It'll be reet you big fannies.

[Howardroark]

It bothers me when people misquote me on Twitter; 

To be 100% clear, only creditors of BWFC can piggyback on to the WU petition, and only if HMRC one is settled. 

Moonshift cannot piggyback because they are owed by InnerCircle and Ken.

[Howardroark]

Ken won’t put the club in to administration because he’s still on the hook for £8M, it was loaned to him/ICI, not the club. He also can’t afford the on-going costs of administration. 

His only option to get out from under the debt is to sell, but when your only buyer doesn’t have the funds, what can you do? 

Ken has always had that 1 figure in mind- £10M, maybe he comes down to £8.1M tomorrow but it still won’t be enough of a drop for Basran who wants it at £0 entry. 

Also, if and when Ken’s shares get called in, he will have 14 days to repay the £5M to avoid the action.  

Realistically he still has 9 days to do a deal if he dares go down that route.

[Benny The Ball]

8 minutes ago, Howardroark said:

Technically that wouldn’t count, so the last result would be the last day of last season...... not that it’ll come to that.

I dont think It will come to that either but just supposing it did  does anyone know how the league would be brought back into balance ?

I assume 2 would go down from the Championship and with us gone 3 go up from League one  and the championship has 24 clubs 

With only 2 going down to League one that would leave them with 23 clubs so do only 3 go down to league two and 4 go up from league two to league one ?

And presumably only one drops out of league two and 2 come up from the National League is that correct ? 

If if it is  correct the main beneficiaries would be whoever finishes 2nd bottom of league two probably Yeovil Notts County or Macclesfield 

 

 

 

[bwfcfan5]

Just now, Howardroark said:

Ken won’t put the club in to administration because he’s still on the hook for £8M, it was loaned to him/ICI, not the club. He also can’t afford the on-going costs of administration. 

His only option to get out from under the debt is to sell, but when your only buyer doesn’t have the funds, what can you do? 

Ken has always had that 1 figure in mind- £10M, maybe he comes down to £8.1M tomorrow but it still won’t be enough of a drop for Basran who wants it at £0 entry. 

Also, if and when Ken’s shares get called in, he will have 14 days to repay the £5M to avoid the action.  

Realistically he still has 9 days to do a deal if he dares go down that route.

On Wednesday, in court - if we haven't any deal on the table - what happens?

[Howardroark]

1 minute ago, Benny The Ball said:

I dont think It will come to that either but just supposing it did  does anyone know how the league would be brought back into balance ?

I assume 2 would go down from the Championship and with us gone 3 go up from League one  and the championship has 24 clubs 

With only 2 going down to League one that would leave them with 23 clubs so do only 3 go down to league two and 4 go up from league two to league one ?

And presumably only one drops out of league two and 2 come up from the National League is that correct ? 

If if it is  correct the main beneficiaries would be whoever finishes 2nd bottom of league two probably Yeovil Notts County or Macclesfield 

 

 

 

I think that’s correct.

[Howardroark]

2 minutes ago, bwfcfan5 said:

On Wednesday, in court - if we haven't any deal on the table - what happens?

A winding up order is issued (it’s currently a winding up petition), the court will then appoint an official receiver (liquidator). That process takes about a week. 

Once the receiver is appointed the club will be dissolved and sold.

[bwfcfan5]

1 minute ago, Howardroark said:

A winding up order is issued (it’s currently a winding up petition), the court will then appoint an official receiver (liquidator). That process takes about a week. 

Once the receiver is appointed the club will be dissolved and sold.

Was my understanding too. In the week between the order and the appointment - do you have time/ability to do anything  or is the order "it"? I only know from smaller business who have gone through this who once the order was granted - "packed up and that was it". 

[Farnywhite]

2 minutes ago, Howardroark said:

A winding up order is issued (it’s currently a winding up petition), the court will then appoint an official receiver (liquidator). That process takes about a week. 

Once the receiver is appointed the club will be dissolved and sold.

so why don't you think it will come to liquidations then Howard ? Sounds must likely outcome going of above post  

[Howardroark]

1 minute ago, bwfcfan5 said:

Was my understanding too. In the week between the order and the appointment - do you have time/ability to do anything  or is the order "it"? I only know from smaller business who have gone through this who once the order was granted - "packed up and that was it". 

Yes, you can pay off the debt, seek administration or arrange a sale that includes payment of the debt within the 7 days. 

[bwfcfan5]

1 minute ago, Howardroark said:

Yes, you can pay off the debt, seek administration or arrange a sale that includes payment of the debt within the 7 days. 

And can you seek administration if the winding up petitioners (HMRC in this case) do not agree to that course of action?

[Howardroark]

1 minute ago, Farnywhite said:

so why don't you think it will come to liquidations then Howard ? Sounds must likely outcome going of above post  

Because the other buyer will probably do Ken a deal on £3M he owes them to get him to relinquish the shares before the 27th. 

[Howardroark]

Just now, bwfcfan5 said:

And can you seek administration if the winding up petitioners (HMRC in this case) do not agree to that course of action?

No, they can block it if they don’t believe administration will raise the necessary funds, which it wouldn’t, however administration will deliver more funds than liquidation so.....

[bwfcfan5]

Just now, Howardroark said:

No, they can block it if they don’t believe administration will raise the necessary funds, which it wouldn’t, however administration will deliver more funds than liquidation so.....

And HMRC policy with football clubs.....?

[Howardroark]

Just now, bwfcfan5 said:

And HMRC policy with football clubs.....?

HMRC will seek liquidation in this case due to a) Past history b) No obvious buyer of the assets, with a proven £20M anyway c) Nobody to fund administration (run the club whilst the asset sale is on-going) 

If the HMRC debt had been £5M and there weren’t lots of other creditors, HMRC May have funded administration themselves, but for £1.2M out of £20M and a monthly running cost of however much, it’s not worth it.

[bwfcfan5]

Just now, Howardroark said:

HMRC will seek liquidation in this case due to a) Past history b) No obvious buyer of the assets, with a proven £20M anyway c) Nobody to fund administration (run the club whilst the asset sale is on-going) 

If the HMRC debt had been £5M and there weren’t lots of other creditors, HMRC May have funded administration themselves, but for £1.2M out of £20M and a monthly running cost of however much, it’s not worth it.

Right. So we are at a point whereby either someone buys the club by 27th or club ceases to exist. It is that stark. 

[Zicolee]

'Because the other buyer will probably do Ken a deal on £3M he owes them to get him to relinquish the shares before the 27th'. 

Howard, in one of your previous posts, my reading was you were confident that the 'other bidder' would show their hand by tomorrow?

Are you still confident  this is the case  - if so would this not mean that a deal is virtually done with Moonshift, allowing them to make such a move?

[Howardroark]

Just now, bwfcfan5 said:

Right. So we are at a point whereby either someone buys the club by 27th or club ceases to exist. It is that stark. 

Either somebody buys the club from Ken by the 27th 

or 

Somebody buys the ICI debt, calls Ken’s shares in, he agrees to relinquish them by the 27th and that buyer either enters administration (would be approved if they could prove funds to take them out) or pays off the debt to HMRC. 

Unfortunately the power is with Ken still due to the 14 day notice period on the share recall.