Take Over

[radcliffe white]

I’m sure I’ve read we can start in administration 

[Jol_BWFC]

14 minutes ago, Spider said:

Kieran Maguire was complaining that the admins have charged £372.00 an hour.

What he wouldn’t answer - and I asked him - was how many people were working on it for that money.

Lets say it’s 20 people. Which I think is underestimating anyway.

Thats £18.50 an hour per person, most of whom will be graduates and professional types who have earned the right to charge that and more besides.

Im only guessing of course, but this Maguire seems to think they should do it for fuck all because other people have run a business into the bog.

He really need to focus his displeasure at Ken and the various other figures that have caused this.

£372 per person per hour (or whatever it is) as an average. Professional fees are a bitch. Unless you’re one of them.

Edited July 24, 2019 by Jol_BWFC

[Ros Coe]

1 hour ago, Spider said:

You’ve got VD

Yeah but fortunately, my brother’s bigger than your brother and he’s gonna batter you!

[Spider]

We can play whilst in admin for as long as the EFL allow, so pretty much indefinitely.

i know I sound stuck, but a business deal of this complexity needs time and patience.

As long as the club survives and gets the best possible solution in place, does a few weeks really matter in the grand scheme?

Let’s all assume it’s going to be a shit season, and anything else is a real bonus.

If there’s a BWFC team to support, playing home and away, meaning we can all balloon around with our mates/family as we have for years, then surely that’s all that actually matters?

 

[HomerJay]

12 minutes ago, Spider said:

Kieran Maguire was complaining that the admins have charged £372.00 an hour.

What he wouldn’t answer - and I asked him - was how many people were working on it for that money.

Lets say it’s 20 people. Which I think is underestimating anyway.

Thats £18.50 an hour per person, most of whom will be graduates and professional types who have earned the right to charge that and more besides.

Im only guessing of course, but this Maguire seems to think they should do it for fuck all because other people have run a business into the bog.

He really need to focus his displeasure at Ken and the various other figures that have caused this.

Nah. That will be per man hour.

[Spider]

Just now, HomerJay said:

Nah. That will be per man hour.

Doesn’t say that?

[RoadRunnerFan]

17 minutes ago, Chris Custodiet said:

I do think that's odd. Very odd. There are a few things that are odd. As a qualified accountant you will know that its IMPOSSIBLE to produce reliable 2019 management accounts without producing reliable management accounts for 2018. Do you agree?

Yes I agree. 

So why do you infer that Maguire is muckraking for pointing this out?  And why try to deflect the challenge back to you with talk of going concern and auditors remuneration which don't form a part of management accounts in any case? 

[Jol_BWFC]

1 minute ago, Spider said:

Doesn’t say that?

Have a look at Appendix 3 (for the hourly rates) and Appendix 3A and 4A (for the costs incurred).

Senior partners charging £550per partner per hour.

[peelyfeet]

On 24/07/2019 at 21:09, Spider said:

 

f. 

Edited August 5, 2019 by peelyfeet

[RoadRunnerFan]

3 minutes ago, Spider said:

Doesn’t say that?

It does theres a big table of chargeable rates by hour by grade - appendix 3a. 

I'm clearly in the wrong branch of accounting. 

 

[e2e4]

18 minutes ago, Mounts Kipper said:

It’s looking increasingly unlikely that this takeover will happen either before the EFL deadline (if that is tomorrow) or even before the season begins, would a failure to finalise the deal mean we’re not included in this seasons league or is there a way we can take our place in the league while in Admin? ;were blackpool in admin for part of the last couple of seasons? 

 

https://en.m.wikipedia.org/wiki/Administration_(British_football)

shows teams in administration and the dates , they didnt deny rotherham , leeds , bournemouth etc their places in the league when it spanned over two seasons. 

some of those listed were in administration for months , one of the portsmouth ones listed were well over one year, its been about 10 weeks for bolton.

 

[Roger_Dubuis]

20 minutes ago, Mounts Kipper said:

It’s looking increasingly unlikely that this takeover will happen either before the EFL deadline (if that is tomorrow) or even before the season begins, would a failure to finalise the deal mean we’re not included in this seasons league or is there a way we can take our place in the league while in Admin? ;were blackpool in admin for part of the last couple of seasons? 

 

Other clubs have started seasons in admin but they've been paying their players wages.Somebody will have to agree to tip up and pay the  players wages by the end of next week.Marc Iles says there's no chance of liquidation so he must be very confident that one of EDT/Warburtons/James will sort the wages out if takeover doesn't happen.

 

 

[Spider]

5 minutes ago, RoadRunnerFan said:

It does theres a big table of chargeable rates by hour by grade - appendix 3a. 

I'm clearly in the wrong branch of accounting. 

 

Fair enough, thanks for letting me know.

its steep, for sure, but it’s a capitalist system so very much tough shit.

Theyve earned the right to charge these fees. They don’t owe us charity rates.

[RoadRunnerFan]

8 minutes ago, Spider said:

Fair enough, thanks for letting me know.

its steep, for sure, but it’s a capitalist system so very much tough shit.

Theyve earned the right to charge these fees. They don’t owe us charity rates.

Aye it is what it is - and still a good deal cheaper per hour than Blind Ben. 

[gonzo]

30 minutes ago, Mounts Kipper said:

It’s looking increasingly unlikely that this takeover will happen either before the EFL deadline (if that is tomorrow) or even before the season begins, would a failure to finalise the deal mean we’re not included in this seasons league or is there a way we can take our place in the league while in Admin? ;were blackpool in admin for part of the last couple of seasons? 

 

Blackpool were never in admin as they’ve never owed anyone any money. 

They were placed in receivership after Oyston was ordered by the high court to pay belikon what he was entitied to. 

[Lt. Aldo Raine]

30 minutes ago, Spider said:

We can play whilst in admin for as long as the EFL allow, so pretty much indefinitely.

i know I sound stuck, but a business deal of this complexity needs time and patience.

As long as the club survives and gets the best possible solution in place, does a few weeks really matter in the grand scheme?

Let’s all assume it’s going to be a shit season, and anything else is a real bonus.

If there’s a BWFC team to support, playing home and away, meaning we can all balloon around with our mates/family as we have for years, then surely that’s all that actually matters?

 

The one thing the EFL are terrified of happening is a club being wound up mid-season. They'll therefore probably want cast iron guarantees that we have enough funding available to get through a full campaign if we're planning to start the season in administration, and I think we all know that we currently don't.

But then again I imagine they also don't want to be seen as the ones putting the final nail in the coffin, so who knows what's going to happen.

[Lt. Aldo Raine]

20 minutes ago, Roger_Dubuis said:

Other clubs have started seasons in admin but they've been paying their players wages.Somebody will have to agree to tip up and pay the  players wages by the end of next week.Marc Iles says there's no chance of liquidation so he must be very confident that one of EDT/Warburtons/James will sort the wages out if takeover doesn't happen.

 

 

I think only directors can pay the wages of staff, which rules those three out. I don't know if EDT being the creditor who appointed the administrator changes things for them, though. Maybe they can, but I suspect not.

[HomerJay]

37 minutes ago, Spider said:

Doesn’t say that?

doesnt matter, i know how it works

[tomski]

35 minutes ago, Spider said:

Fair enough, thanks for letting me know.

its steep, for sure, but it’s a capitalist system so very much tough shit.

Theyve earned the right to charge these fees. They don’t owe us charity rates.

They’ve not done their one job yet. I’ll reserve reservation 

Edited July 24, 2019 by tomski

[birch-chorley]

Aye 

Hourly rates for these lot are huge, it’s not a high street accountant doing a self assessment, It is what it is 

I bet Hilary Stonefrost was charging thousands of pounds an hour! 

Then again, what are some of the players and agents getting paid 

[Steejay]

Just now, birch-chorley said:

Aye 

Hourly rates for these lot are huge, it’s not a high street accountant doing a self assessment, It is what it is 

I bet Hilary Stonefrost was charging thousands of pounds an hour! 

Then again, what are some of the players and agents getting paid 

Nothing  😂

[Chris Custodiet]

39 minutes ago, RoadRunnerFan said:

Yes I agree. 

So why do you infer that Maguire is muckraking for pointing this out?  And why try to deflect the challenge back to you with talk of going concern and auditors remuneration which don't form a part of management accounts in any case? 

Because Maguire was referring to the accounts on public record, the audited accounts, the ones that are filed at Companies House, the ones that interested parties will look at. He was trying to make out that the audited accounts had not been filed at CompaniesHouse because Anderson wanted to conceal any fees paid to him or any company or person associated with him.

Iles was similarly trying it on on Sunday inferring  that there was something suspicious about the renogotiated hotel lease in 2016. No -one in their right mind would have lent £5.5m on the security of the old short-term lease but Iles' habit seems always to try to raise suspicion where none should exist. He can't help it though , its ingrained and predictable as cats chasing mice.

[birch-chorley]

1 minute ago, Steejay said:

Nothing  😂

They will gat paid all right, just not had to work the hours 

[RoadRunnerFan]

25 minutes ago, Chris Custodiet said:

Because Maguire was referring to the accounts on public record, the audited accounts, the ones that are filed at Companies House, the ones that interested parties will look at. He was trying to make out that the audited accounts had not been filed at CompaniesHouse because Anderson wanted to conceal any fees paid to him or any company or person associated with him.

Iles was similarly trying it on on Sunday inferring  that there was something suspicious about the renogotiated hotel lease in 2016. No -one in their right mind would have lent £5.5m on the security of the old short-term lease but Iles' habit seems always to try to raise suspicion where none should exist. He can't help it though , its ingrained and predictable as cats chasing mice.

Think you are being unduly harsh on Maguire he highlights in red the 1617 audited accounts in the table and the para referencing last season's management accounts. Only thing he is 'guilty' of is not explicitly drawing a distinction between audited and management accounts, which considering he is character limited on twitter is fair enough - only accountants would be that bothered about the difference between the two anyway imo. 

On Iles fair enough, though I don't know why you are bringing him into the conversation with me as I didn't mention him. 

Edited July 24, 2019 by RoadRunnerFan

[bwfcfan5]

42 minutes ago, Lt. Aldo Raine said:

I think only directors can pay the wages of staff, which rules those three out. I don't know if EDT being the creditor who appointed the administrator changes things for them, though. Maybe they can, but I suspect not.

I mean surely anyone can loan or gift the business money to do what it wants with? Or more likely act as a guarantor for the EFL to advance the structural payment? 

Someone is going to have to explore options pretty quickly because surely there is a risk FV don’t complete in time. And we have to have a plan b to compete in the first fixture.