Take Over

[RONNIE PHILLIPS]

Not enough in the pot is likely if FV have to pay more than they bargained for the hotel I would imagine? If that is the case then I can see another year or two of kicking the can down the road until we're back to square one... If they actually complete that is. 

[leadfrog1]

1 minute ago, RONNIE PHILLIPS said:

Not enough in the pot is likely if FV have to pay more than they bargained for the hotel I would imagine? If that is the case then I can see another year or two of kicking the can down the road until we're back to square one... If they actually complete that is. 

Exactly, if they can't squeeze out an extra few million (if it's even that much) how do they expect to ever recoup the money they spend buying the club, there's no money to be made in L1, well not the sort that'd cover £30m. 

It's the lack of any information that bothers me more than anything. I don't buy that the NDA is preventing communication.

[blackleywhite]

Jesus christ

This is like pulling teeth.

I'll just put my fingers in my ears saying "naahnaahnaah" til I've got a club or I haven't. 

Lock the fucker...

[bwfcfan5]

https://www.theboltonnews.co.uk/sport/17860141.takeover-delay-prompts-concern-bolton-wanderers/

iles mentions liquidation for first time. My understanding is that there isn’t enough to pay wages as things stand.

As for Nixon the hotel and club were both included in the deal that was in place Friday. 

[Chris Custodiet]

14 hours ago, Sluffy said:

Those were my initial thoughts as well and why I posted Iles tweet tbh - EDT v ICI Ltd re loan.

Maybe there's some agreement for EDT to take less as a secured creditor on the club - thus allowing Ken to increase his secured amount to greater than the £1.6m stated but I would imagine that's more of a separate side deal than anything the Administrator would be involved in.  Can't in all honesty even imagine that such a deal would be struck in any event.

Can't think of anything else but I bow to Escabarp's undoubted knowledge on insolvency issues and all that comes with them.

 

Had a few days off to reflect on my previous conduct and comments, Sluffy.

Its the sanatogen wine wot does it. A couple of glasses of an evening and I start to get these weird delusions that there might be greater injustices in our society than Ken Anderson's disinclination to flush his life's savings down the crapper.

I know Crafty Ken is never going to be as popular as the Cockermouth Kid but when he said he wasn't another Eddie Davies and that Eddie had spent £185m on BWFC, I believed him. And when he said that the club made a small profit in 2017/18 I believed that too, cutting btw the average loss over the last two years to about £2m p.a.

And without evidence to the contrary, I'm also inclined to believe that the amount owed to him is closer to the £7.5m he says it is than the £1.6m Rubins included in their statement. One question though is how much of that was borrowed from Eddie and how much from anyone else and what are their representatives going to do if he doesn't come up with the dosh?

[wakey]

3 minutes ago, Chris Custodiet said:

And without evidence to the contrary, I'm also inclined to believe that the amount owed to him is closer to the £7.5m he says it is than the £1.6m Rubins included in their statement. One question though is how much of that was borrowed from Eddie and how much from anyone else and what are their representatives going to do if he doesn't come up with the dosh?

Could the discrepancies between the amounts owed to EDT and KA relate to the money loaned to KA in September, i.e. EDT trying to cut ICI out on the basis that that money is owed immediately to them and should go directly to them rather than via ICI. Contractually it has to go to ICI first, but Ken's only reason to object to (a purely hypothetical) variation suggested by EDT would be that he had no intention of actually paying them back.

 

[gonzo]

Must admit Marc Iles tone is quite concerning  

[Tonge moor green jacket]

Just now, gonzo said:

Must admit Marc Iles tone is quite concerning  

Don't worry, it'll will just be the paint fumes from his walls.

[SilentBob]

On 24/08/2019 at 15:01, Sluffy said:

Not sure why you are arguing unless you are somehow embarrassed about your original reply to me?

I never said or even suggested that Iles asked McGinlay or Dearden about the position - it was you who wrongly jumped to that conclusion - my point was clearly the credence of how accurate Iles information was, was totally dependant on who he canvassed in those twenty minutes between his posts on the blog - and seeing he posted something else on the blog between times, suggests he didn't roam too far to get them.

Maybe he asked a person/s who did know what was happening, maybe he didn't we simply don't know, and that's why I haven't taken such hearsay that it was all Anderson's fault as gospel, unlike some.

Seeing that you've just now accepted that I had never believed Iles would have asked Jack and John, it makes your original reply to me somewhat misjudged and pointless.

Time to move on I suggest as I do know that endless ad nauseam arguments won't be tolerated on this forum.

Jesus, you're still doing this? 

 

You made a snide comment, the guy replied saying those clearly won't be his sources, and then you say that's not what you said, when you clearly did? 

 

I've not been on here for months and one of the first things I see is you picking an argument with someone and then blaming them for 'arguing'. Find something better to do with your time you old fart. 

[SilentBob]

10 hours ago, Benny The Ball said:

I find Nixon's comments fascinating because for months now he has been banging on about his alternative bidder. 

Marc Iles ends his match report on the Ipswich game with the following comment

“The structure of the Football Ventures takeover may have met with league approval but it has proved to be continually problematic. If there are other credible options out there, perhaps they should be explored before it is too late? “

So my question – is there an alternative credible option ?.

Tonight Nixon is agreeing on twitter that it would be a good idea if his bidders made it clear that they would bid for the club and not just the hotel.

On 5^th August he tweeted “Bolton. Bid now made for hotel from group backed by Kamani family. Over 7m. Now in hands of administrators. First step to move for whole club. Game. On. “ 

Important point to note he refers to Group backed by the Kamani family NOT the family themselves.  ( I am aware several of the family have said they are not buying a football club )  

Nixon had predicted the bid for the hotel a couple of weeks earlier  

So who might this Group be ?

If we go back to the end Of March Nixon was suggesting that Peter Kenyon was Interested “Kenyon has been trying for a couple of months. Still active. Money behind him. So I’ve been taking his efforts seriously. But ultimately that means nothing. Down to who can deal with Anderson?

Within a week of that last tweet referring to Peter Kenyon , Bassini was in talks with KA and thereafter as we all know the club went into administration. ( On this thread Kenyon barely got the time of day because Howard was holding court and we swiftly moved on to focus on Bassini )  

Maybe because of the way events unfolded it just never went anywhere at the time . Maybe the two are one and the same -the money behind Kenyon could be Kamani – there is the obvious  Manchester connection, and maybe the group backed by the Kamani family is led by Peter Kenyon.

It may be I am completely wrong about Kenyon and the group is made up of others .

But is there anything in what Nixon is saying ?

The way things are going we desperately  need an alternative to FV  , and it would certainly  provide some hope and shake things up  If this Kamani Group makes a statement of intent  

In fact it may turn out that they are a better bet than our supposed " preferred bidders "

 

I think he's since said that it isn't Kenyon and that they walked a long time ago. I think there probably is someone waiting to get it done, but he keeps saying they won't go public, but everyone involved in the deal knows who they are. 

 

Seems strange no one else has information on them, but to be fair, Nixon is the only one that has maintained throughout everything that a deal isn't close or done until hotel is sorted, while everyone else has been played like a puppet by the administrators.

[Farrelli]

5 minutes ago, gonzo said:

Must admit Marc Iles tone is quite concerning  

It is, none of the parties seem to be backing down or are willing to find a compromise. There must be an increasing possibility that FV will walk away. 

[Duck Egg]

9 minutes ago, Farrelli said:

It is, none of the parties seem to be backing down or are willing to find a compromise. There must be an increasing possibility that FV will walk away. 

I'm sure that the only thing keeping them at the table for now is the money they've already spent. There must be many inside of FV who are asking "do we really want to buy a football club that much?" & arguing that they should just cut and run now.

[Benny The Ball]

17 minutes ago, SilentBob said:

I think he's since said that it isn't Kenyon and that they walked a long time ago. I think there probably is someone waiting to get it done, but he keeps saying they won't go public, but everyone involved in the deal knows who they are. 

 

Seems strange no one else has information on them, but to be fair, Nixon is the only one that has maintained throughout everything that a deal isn't close or done until hotel is sorted, while everyone else has been played like a puppet by the administrators.

Well even Mark Iles seems to be warming to Nixons  idea 

( and I do accept it may not be Kenyon - and that it was just a possibility ) 

Replying to

@Dan_C1990

Can be sorted as quickly as it was torn down. Could also see BooHoo boys putting in a proper offer and giving everyone something to think about. There are options.

8:23 am · 26 Aug 2019·Twitter Web App

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karvan

 

@karvan40115346

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Replying to

@MarcIles

and

@Dan_C1990

Now is the time for them to sweep in. They would have the fans, creditors and EFL onboard. FV just didn’t have the cash to smooth this through quickly enough.

[Mounts Kipper]

18 minutes ago, Farrelli said:

It is, none of the parties seem to be backing down or are willing to find a compromise. There must be an increasing possibility that FV will walk away. 

This might need to happen so that the other buyer/buyers can enter the process, that’s if these other parties exist, Iles seemingly intimating that they do. 

Edited August 26, 2019 by Mounts Kipper

[SilentBob]

Just now, Benny The Ball said:

Well even Mark Iles seems to be warming to Nixons  idea 

( and I do accept it may not be Kenyon - and that it was just a possibility ) 

Oh, yeah, didn't mean to make it sound like I disagreed.

I think there is someone but Kenyon doesn't exactly stay private in his deals and Nixon mentioned that the current alternative to FV won't go public for whatever reason. To me that rules out Kenyon or anyone else we've seen in the past. 

 

Hopefully if there is actually someone waiting in the wings they show up today, have to assume they've already done some sort of due diligence before putting in a last minute bid. Don't think we can risk this going on for another 2 weeks. 

[Benny The Ball]

Just now, SilentBob said:

Oh, yeah, didn't mean to make it sound like I disagreed.

I

Did not take it that way 

[Chris Custodiet]

Just looked up the Twitter page of JME19742.

In a banner down the right-hand side it said:

You may also like

Ian Firth

Marc Iles

GWB29

Philip Shortland

 

Interesting! A full house of FIBS

[peelyfeet]

1 hour ago, Chris Custodiet said:

 

I know Crafty Ken is never going to be as popular as the Cockermouth Kid but when he said he wasn't another Eddie Davies and that Eddie had spent £185m on BWFC, I believed him. And when he said that the club made a small profit in 2017/18 I believed that too, cutting btw the average loss over the last two years to about £2m p.a

If the club made a profit in 17/18 and the average loss for last 2 years is £2m pa, why is there a list of 300 unpaid creditors. If it's because Ken didn't have sufficient funds to supplement the loss, why did he takeover the club in the first place, and why didn't he attempt to get out much earlier? I believe it's because he wanted to manipulate the finances for his own personal gain, with no concern over the long term welfare of the club. It's wrong. The law is an ass. You shouldn't be able to make any profit from a loss making entity.

[Chris Custodiet]

1 hour ago, wakey said:

Could the discrepancies between the amounts owed to EDT and KA relate to the money loaned to KA in September, i.e. EDT trying to cut ICI out on the basis that that money is owed immediately to them and should go directly to them rather than via ICI. Contractually it has to go to ICI first, but Ken's only reason to object to (a purely hypothetical) variation suggested by EDT would be that he had no intention of actually paying them back.

 

I'm not sure I could explain all this again for the  99th time without accusations of being patronising, all too often the last refuge of those with no rational answers.

[Ratwhite]

This thread could now be renamed 

“inject ones piss into ones eyeballs for better enjoyment”

[wakey]

6 minutes ago, Chris Custodiet said:

I'm not sure I could explain all this again for the  99th time without accusations of being patronising, all too often the last refuge of those with no rational answers.

is that a yes?

[Guest]

2 minutes ago, Ratwhite said:

This thread could now be renamed 

“inject ones piss into ones eyeballs for better enjoyment”

Or at least "takeover" rater than "take over"

[Chris Custodiet]

1 minute ago, wakey said:

is that a yes?

It means you are not exactly right but not too far off. If you think ICIL borrowed money off Eddie, this says he didn't:

https://beta.companieshouse.gov.uk/company/09782053/filing-history

But as for Ken, that's another matter

[Farrelli]

46 minutes ago, Mounts Kipper said:

This might need to happen so that the other buyer/buyers can enter the process, that’s if these other parties exist, Iles seemingly intimating that they do. 

Yes I suppose so but, even if the new buyer comes in at that point, the lack of time available will take us to the absolute limit.

[SilentBob]

https://www.bwfc.co.uk/news/2019/august/statement-on-behalf-of-paul-appleton-joint-administrator-for-bolton-wanderers4/