Take Over

[Biggish Dave]

I find it incredible there are still massive cash drains after 3 years of austerity and having received £8-10m in transfer fees.

we either have some serious hangover contracts from Garty’s time - or there is some serious other fingers in the pie going on.

[Boothy]

Or Bonnar was rat arsed and catching up on this thread...

[jules_darby]

7 hours ago, embankment said:

Neil Bonnar , now tweeting that because of undisclosed giant cash drains no way will anyone buy BWFC at this time

He’s still got an axe to grind and he drinks more than Sweep and Garrp put together. Ignore his pissed up ramblings 

[jules_darby]

7 hours ago, Chris Custodiet said:

Not a big fan of Andy Murray either tbh but prefer him to Tiger (sulky chops) Woods. Been much happier if Molinari had won it. As for Masters winners, give me Ballesteros, Olazabal, Langer and Garcia any day of the week.

Was he rude to you in a lift by any chance?

Sounds like you just don’t like winners 

[DLH]

6 hours ago, Casino said:

As Howard said

Howard is Bonnar 

[Chris Custodiet]

1 minute ago, jules_darby said:

Was he rude to you in a lift by any chance?

Sounds like you just don’t like winners 

Some winners I like, some winners I don't like.

I've never liked Man  U, I hate media mush and there are plenty of golfers I'd rather won the Masters than old sulky chops.

Augusta always reminds me a bit of Caddy Shack, especially when Danny Willett won it, but it just seemed more so this year for some reason

[Duck Egg]

This was my go to thread to see if someone had finally taken us over.

Just when I thought things couldn't get any duller it's become a feckin golf thread

[jules_darby]

15 minutes ago, Chris Custodiet said:

Some winners I like, some winners I don't like.

I've never liked Man  U, I hate media mush and there are plenty of golfers I'd rather won the Masters than old sulky chops.

Augusta always reminds me a bit of Caddy Shack, especially when Danny Willett won it, but it just seemed more so this year for some reason

controlled aggression and sulking are very different beasts

If Tiger was a sulky chops he’d still be at 1,000+ in the world as mentally you don’t make the climb back if you are in that frame of mind.

If you want to see a sulky chops I give you Gary Madine

[radcliffe white]

A wide range of talk on here, keeps it interesting 

takeover, Howard, tanned traf, who’s the bigger club, tosh lines, slag wellies, 1 poster who has beef with another, how shit Parkinson is & golf 

probably missed loads more 

[Steejay]

1 hour ago, jules_darby said:

Was he rude to you in a lift by any chance?

Sounds like you just don’t like winners 

He was bullied at school...

[bolty58]

9 hours ago, Chris Custodiet said:

Not a big fan of Andy Murray either tbh but prefer him to Tiger (sulky chops) Woods. Been much happier if Molinari had won it. As for Masters winners, give me Ballesteros, Olazabal, Langer and Garcia any day of the week.

 

Showing a certain amount of astuteness there sir. A right miserable git but, of course, he had reason to be.

[Mounts Kipper]

Can the accountants on here confirm or deny the asset stripping comments that have been made, is this because Ken has left debt on the BWFC books by paying no one and paid transfers, EFL money etc into Inner circle and then lent it back to BWFC ? Think this is what What Bonnar is alluding too. 

Edited April 15, 2019 by Mounts Kipper

[irvtheswerv]

18 hours ago, Benny The Ball said:

Just Interested to know how others see the next few days panning out 

Setting aside whether or not we have a buyer who is close to a takeover or not 

We have a situation where on the one hand the club are talking about trying to get a validation order to unfreeze the bank accounts to enable the players to be paid - at least that's what the players have been told and whats appeared in the press ,  and at the same time we have Bolton Whites in the High Court on wednesday facing a winding up petition 

Whilst there has been a lot of focus on the two petitions against the football club which were reported minute by minute and attracted national interest  , the one against the hotel is not of that much interest to anyone , but could this be the petition that actually does the damage 

The reason I mention it is because , whilst on the one hand the Hotel is trading at a loss and clearly owes money all over the place ,  the one asset that it has , at least in theory is a substantial amount of money due to it from the football club  - just shy of £1 million in last filed accounts and most likely a lot more now. 

Will a judge look favourably on the hotel and give it time to get its house in order or might he be persuaded that the best course of action is to put the Hotel into administration and could we then see the club quickly follow , as an administrator asks the football club for the money it owes the hotel 

Is there a realistic prospect of getting a validation order lifted to play players with a winding up petition pending over another part of the group ?

Or does the fact that there has been talk of the validation order being lifted and players being paid suggest that a takeover is only days away ? 

I dont know the answers , just interested  to see how others see things developing this next few days ? 

 

 

 

 

Said some of this about 200 pages back.  The hotel paid the football clubs wages in February.  Believe other payments made by hotel on behalf of club in addition to what is owed in the accounts.  If the hotel is put into administration, the administrator will seek to recover monies owed by the club.  The club can't afford to pay that back unless someone puts more money in, because if it had money it would have paid the February wages and not the hotel.  This Wednesday is potentially the key day for the club. 

https://www.thegazette.co.uk/notice/3233667 

Rumour is debt to MCLCreate is 6 figures.  If anyone else jumps on the winder, the debt will increase.  Although we don't know how much/if that will happen until the day. 

a 6 figure debt (let's just say £100,000) is a small debt for a business the size of the hotel though, so I would expect some type of agreement to be made and this to be dismissed or adjourned.  Guess it depends if there is any chance of a deal and any money the all in the pot, as we don't know and are just guessing.  Chances now are the hotel will be fine, and use evidence as a takeover same as the club did for an adjournment.

[Biggish Dave]

8 minutes ago, Mounts Kipper said:

Can the accountants on here confirm or deny the asset stripping comments that have been made, is this because Ken has left debt on the BWFC books by paying no one and paid transfers, EFL money etc into Inner circle and then lent it back to BWFC ? Think this is what What Bonnar is alluding too. 

I would think if the club is a huge cash drain, then you would walk away at the earliest opportunity - cut your losses and run. That is of course unless you are aware of where the drain runs to and ends. If the club is the drain, Anderson is the sewer rat - in my opinion, not fact though 

[Mounts Kipper]

2 minutes ago, Biggish Dave said:

I would think if the club is a huge cash drain, then you would walk away at the earliest opportunity - cut your losses and run. That is of course unless you are aware of where the drain runs to and ends. If the club is the drain, Anderson is the sewer rat - in my opinion, not fact though 

So it’s possible that this is what Ken is doing? If he is and he can’t sell the club before the next adjournment, is voluntary liquidation the next step? Or is that out of his hands and the judge will put us into liquidation? 

[Biggish Dave]

I'm no expert but I can't see a judge allowing it to go on past 8th May with bills racking up - something has to give on or by then. We've been given more than enough chances now

[irvtheswerv]

39 minutes ago, Mounts Kipper said:

Can the accountants on here confirm or deny the asset stripping comments that have been made, is this because Ken has left debt on the BWFC books by paying no one and paid transfers, EFL money etc into Inner circle and then lent it back to BWFC ? Think this is what What Bonnar is alluding too. 

You can't do it this way.  EFL will only pay money to the club.  Same for transfers, that money is paid to/received from FA so it can't have gone direct to inner circle. 

[Chris Custodiet]

24 minutes ago, Biggish Dave said:

I would think if the club is a huge cash drain, then you would walk away at the earliest opportunity - cut your losses and run. That is of course unless you are aware of where the drain runs to and ends. If the club is the drain, Anderson is the sewer rat - in my opinion, not fact though 

The Championship is one huge cash drain and BWFC is only an exception in that it has no parachute money and no Sugar Daddy. Keeping cash drains going is hard enough, getting someone to buy them is harder still.

Sorry to be repetitive but anyone who wants to begin to understand should stop wasting their time following Twitter and start by reading the first few pages of the club's 2017 FULL ACCOUNTS that can be found here:

https://beta.companieshouse.gov.uk/company/00043026/filing-history

[Mounts Kipper]

7 minutes ago, irvtheswerv said:

You can't do it this way.  EFL will only pay money to the club.  Same for transfers, that money is paid to/received from FA so it can't have gone direct to inner circle. 

But it could go to the club and then be transferred to Inner circle who could then lend it back to BWFC, is that correct? 

[wakey]

2 minutes ago, Mounts Kipper said:

But it could go to the club and then be transferred to Inner circle who could then lend it back to BWFC, is that correct? 

Howard's allegation is we borrowed against future income with the borrowed brass going to ICI (the actual EFL etc payments going into the club but matched by brass owed to factoring company).

Worth pointing out that this all comes from Howard who's not been an entirely reliable source, so treat with a pinch of salt for now. If the numbers are as big as claimed and we are genuinely as fucked as we seem, then sadly it'll all come out in the wash if there's owt in it.

 

[Wanderlust]

12 minutes ago, irvtheswerv said:

You can't do it this way.  EFL will only pay money to the club.  Same for transfers, that money is paid to/received from FA so it can't have gone direct to inner circle. 

The theory is it didn't go directly to IC.

EFL pays club, club (Anderson) "lends" cash to IC (Anderson), IC moves money elsewhere e.g. an offshore account till there's nothing left in IC, Anderson then liquidates a now bankrupt IC leaving club with an unrecoverable debt. That's  the way to do it and I heard that's pretty much what Anderson did before when he got banned.

[DLH]

57 minutes ago, Mounts Kipper said:

Can the accountants on here confirm or deny the asset stripping comments that have been made, is this because Ken has left debt on the BWFC books by paying no one and paid transfers, EFL money etc into Inner circle and then lent it back to BWFC ? Think this is what What Bonnar is alluding too. 

Not from anything currently in the public domain...

The accounts for 2016/17 show that BL was owed £3.4m in trade debtors and £0.3m of other debtors at 30 June 17, doesn't say if any of that was to ICI.

If its been happening as suggested then 2017/18 accounts would be the place to look when they are published and compared the debtor positions... its still unlikely to show for certain. Published financial accounts very rarely tell you the absolute truth of a companies performance... True and fair is all they need to do. 

[Chris Custodiet]

4 minutes ago, DLH said:

Not from anything currently in the public domain...

The accounts for 2016/17 show that BL was owed £3.4m in trade debtors and £0.3m of other debtors at 30 June 17, doesn't say if any of that was to ICI.

If its been happening as suggested then 2017/18 accounts would be the place to look when they are published and compared the debtor positions... its still unlikely to show for certain. Published financial accounts very rarely tell you the absolute truth of a companies performance... True and fair is all they need to do. 

Last time I looked there were 45 pages of information that was only 'true and fair'

If any of it wasn't true or wasn't fair, tell us more. We can take it.

[Wanderlust]

The final day for filing  the 2017/18 accounts is end of June so we'll know a bit more when that happens although I had hoped that a takeover would ensure earlier publication (baselining the new ownership) Whilst the accounts don't tell the whole story they do give a pretty good picture of what has happened so it would be worthwhile having a look at the balance sheet which showed that the club was worth in excess of £45 million (i.e. the total assets were worth £45 million more than the total debts) when Anderson took over and comparing that to the newly published "value".

[ProfessorWoland]

Does anyone know the nature of these ongoing hidden cash drains (possibly a stupid question as they wouldn't be hidden otherwise)... 

I've been slowly coming round to administration, painful as that would be, but with the prospect of a new start without a massive debt burden.  So, a grim few years ahead and possibly a second relegation, but in the medium term grounds for optimism.

Now Bonnar seems to suggest there's a vast hole beneath the stadium sucking all the revenue away. Anyone got any ideas wtf he's on about?