Take Over

[onlyoneawalker]

17 minutes ago, Howardroark said:

Yes but unlikely to lavish it on a football club. 

Put it this way, if they can acquire the club for £10-12M lien/charge free then its instant profit as the assets are worth more than that. 

Problem now is PBP won’t deal with another party so key is how much Ken/Moonshift agree on to settle.

Instant profit on paper but how do they actually extract it ..... wait for the Thai money laundering billionaire?

[barrycowdrill]

Kinel what next, SJM as director of finance? 

[Howardroark]

Just now, onlyoneawalker said:

Instant profit on paper but how do they actually extract it ..... wait for the Thai money laundering billionaire?

Ken has had plenty of interest over the past 3 years, the problem has always been him, nobody legitimate wants to deal with him.

[Sluffy]

42 minutes ago, DomRepWanderer said:

NIXON: strange one, Basran has been talking to Owen coyle about a potential return to Bolton if he takes over. Fancies him as a sporting director. Wants to get the fans on side early

Think DomRep has fallen for a wind up that was posted on Nuts.

I don't think it is a genuine Nixon tweet.

Made me laugh when I read it anyway!

 

[darrener]

28 minutes ago, Howardroark said:

Ken has had plenty of interest over the past 3 years, the problem has always been him, nobody legitimate wants to deal with him.

Do you think this basran guy is legit or do you think he's trying to get the club cheap and sell it on ASAP for a quick profit? 

[Howardroark]

1 minute ago, darrener said:

Do you think this basran guy is legit or do you think he's trying to get the club cheap and sell it on ASAP for a quick profit? 

I think he’s legit but just doesn’t have the funds, if he gets in I think it’ll be run responsibly, wouldn’t spend so much time just to flip it.

[Mounts Kipper]

48 minutes ago, Sluffy said:

Think DomRep has fallen for a wind up that was posted on Nuts.

I don't think it is a genuine Nixon tweet.

Made me laugh when I read it anyway!

 

If true, fans onside fuck in hell, coyle most likely get lynched. 

Edited March 14, 2019 by Mounts Kipper

[dazl1212]

The Coyle idea is such a bad idea.... Words can't do it justice.

[Marc505]

Trawler netting now required.

[MickyD]

Read the thread. It started as a wind up and is still a wind up.

[Mounts Kipper]

1 minute ago, MickyD said:

Read the thread. It started as a wind up and is still a wind up.

Didn’t read it back. Good wind up. 

[Tonge moor green jacket]

Aye good one; he's actually coming back as manager.

[Marc505]

7 minutes ago, Mr Grey said:

You got the coat fella 😉

Fisherman's Friend!

[Sluffy]

What have we learned today?

So, as far as I can understand what is happening, it is -

KA can't sell without lien taken off shares.
Davies executer allowing KA to talk to Basran.
Deal close but Basran hasn't got all the money.
KA needs around £10 million minimum - to pay off the lien on the shares and around £2 million for himself.
HMRC winder next Wednesday.
No transfer of ownership whilst winder exists.
Only Burnden Leisure can pay off winder.
Even if Burnden Leisure can pay off HMRC, the winder still goes to court and any other outstanding creditor can be included on it even at this late stage (?).
Basran therefore needs to come to some agreement with all creditors to ensure no one asks for liquidation.
James aboard with Basran, Moonshift/Davies should not be a problem but KA (Inner Circle Investments) is also a creditor and could push for liquidation (in other words KA's leverage).
Winder could possibly be deferred to a later date (probably will if it came to it if both Basran and KA tell it that a deal is close) but seems on the face of it no money in the club to continue trading - so leverage for Team Basran.
It seems with creditors in agreement Basran could in effect lead a pre-pack Administration to take ownership of the club but if so needs to do it before the end of March 28th(?) for Administration points deduction to fall this season - otherwise we would start next season on minus 12 points.
The longer KA can keep going the stronger his hand gets nearer the end of March (assuming the points deduction falling into next season is a big issue to the new owners).
Seems KA holding out for someone (Basran, Davies, Other?) to give(?) him money to settle HMRC.
I guess this would be compounded if others add their claims to the winder also?
KA needs to balance between trading insolvently (in which case he becomes personally liable for debts) and holding on long enough to get paid what he considers acceptable to him.
Basran, Davies, others need to balance between paying KA what he will settle for, or inadvertently letting the club fall into liquidation.
Other possible solutions include Davies estate cutting Anderson out of the loop and claim back the shares ownership due to default - but time and possible legal challenges against this.
Another being a third party swoop in at last moment as liquidation is imminent (a bit like KA himself did) however James (in his position as a creditor) seems to be all in with Basran, so counting out any late new bids from others.

Clock ticking.

[Biggish Dave]

6 hours ago, Sluffy said:

What have we learned today?

So, as far as I can understand what is happening, it is -

KA can't sell without lien taken off shares.
Davies executer allowing KA to talk to Basran.
Deal close but Basran hasn't got all the money.
KA needs around £10 million minimum - to pay off the lien on the shares and around £2 million for himself.
HMRC winder next Wednesday.
No transfer of ownership whilst winder exists.
Only Burnden Leisure can pay off winder.
Even if Burnden Leisure can pay off HMRC, the winder still goes to court and any other outstanding creditor can be included on it even at this late stage (?).
Basran therefore needs to come to some agreement with all creditors to ensure no one asks for liquidation.
James aboard with Basran, Moonshift/Davies should not be a problem but KA (Inner Circle Investments) is also a creditor and could push for liquidation (in other words KA's leverage).
Winder could possibly be deferred to a later date (probably will if it came to it if both Basran and KA tell it that a deal is close) but seems on the face of it no money in the club to continue trading - so leverage for Team Basran.
It seems with creditors in agreement Basran could in effect lead a pre-pack Administration to take ownership of the club but if so needs to do it before the end of March 28th(?) for Administration points deduction to fall this season - otherwise we would start next season on minus 12 points.
The longer KA can keep going the stronger his hand gets nearer the end of March (assuming the points deduction falling into next season is a big issue to the new owners).
Seems KA holding out for someone (Basran, Davies, Other?) to give(?) him money to settle HMRC.
I guess this would be compounded if others add their claims to the winder also?
KA needs to balance between trading insolvently (in which case he becomes personally liable for debts) and holding on long enough to get paid what he considers acceptable to him.
Basran, Davies, others need to balance between paying KA what he will settle for, or inadvertently letting the club fall into liquidation.
Other possible solutions include Davies estate cutting Anderson out of the loop and claim back the shares ownership due to default - but time and possible legal challenges against this.
Another being a third party swoop in at last moment as liquidation is imminent (a bit like KA himself did) however James (in his position as a creditor) seems to be all in with Basran, so counting out any late new bids from others.

Clock ticking.

Please update like this every day - saves reading 10 pages of shite and I might be a bit fuzzy in the morning too

[Mounts Kipper]

Think this is good appraisal of the possible position of the takeover, see Bowers tweet.

 

 

 

[bwfc2003]

Is mark warburton still involved??

[Tonge moor green jacket]

Mounts, is Bower also Howardroark?

 

[Walkden White]

12 hours ago, barrycowdrill said:

Kinel what next, SJM as director of finance? 

Brilliant! and Gary Megson doing Public Relations 

[MickyD]

5 minutes ago, Walkden White said:

Brilliant! and Gary Megson doing Public Relations 

Assisted by Little Sammy Lee...

Or any other manager since Big Sam. (They all saw positives where there weren't any!)

[Howardroark]

23 minutes ago, Tonge moor green jacket said:

Mounts, is Bower also Howardroark?

 

No it’s not, although a lot of sense from his tweets, as per previous comments from me, administration saves up to 75% on the unsecured debt (as per EFL golden share rules) saving £9M possibly. Note, it’s not £15M because under EFL rules, ALL creditors must receive 25% minimum, that means full payment to the secured creditors and 25% to the rest, hence £21M.

The issue is the transfer ban I think and there may be more parties interested if it goes to pre-pack. Likewise, Basran consortium doesn’t have the upfront funds (£21M) to fund pre-pack.

Edited March 15, 2019 by Howardroark
Addition

[Chris Custodiet]

9 hours ago, Sluffy said:

What have we learned today?

So, as far as I can understand what is happening, it is -

KA can't sell without lien taken off shares.
Davies executer allowing KA to talk to Basran.
Deal close but Basran hasn't got all the money.
KA needs around £10 million minimum - to pay off the lien on the shares and around £2 million for himself.
HMRC winder next Wednesday.
No transfer of ownership whilst winder exists.
Only Burnden Leisure can pay off winder.
Even if Burnden Leisure can pay off HMRC, the winder still goes to court and any other outstanding creditor can be included on it even at this late stage (?).
Basran therefore needs to come to some agreement with all creditors to ensure no one asks for liquidation.
James aboard with Basran, Moonshift/Davies should not be a problem but KA (Inner Circle Investments) is also a creditor and could push for liquidation (in other words KA's leverage).
Winder could possibly be deferred to a later date (probably will if it came to it if both Basran and KA tell it that a deal is close) but seems on the face of it no money in the club to continue trading - so leverage for Team Basran.
It seems with creditors in agreement Basran could in effect lead a pre-pack Administration to take ownership of the club but if so needs to do it before the end of March 28th(?) for Administration points deduction to fall this season - otherwise we would start next season on minus 12 points.
The longer KA can keep going the stronger his hand gets nearer the end of March (assuming the points deduction falling into next season is a big issue to the new owners).
Seems KA holding out for someone (Basran, Davies, Other?) to give(?) him money to settle HMRC.
I guess this would be compounded if others add their claims to the winder also?
KA needs to balance between trading insolvently (in which case he becomes personally liable for debts) and holding on long enough to get paid what he considers acceptable to him.
Basran, Davies, others need to balance between paying KA what he will settle for, or inadvertently letting the club fall into liquidation.
Other possible solutions include Davies estate cutting Anderson out of the loop and claim back the shares ownership due to default - but time and possible legal challenges against this.
Another being a third party swoop in at last moment as liquidation is imminent (a bit like KA himself did) however James (in his position as a creditor) seems to be all in with Basran, so counting out any late new bids from others.

Clock ticking.

Leaving aside any HMRC interest, what makes you think, Sluffy, that Tom Morris (owner of 80% of PBP)  would be (or was) content for Michael James to walk of with a debt of £5.5m owed to PBP and for it then to become a secured tax-free debt due to MJ?

As for whether it could be considered a bad or doubtful debt, you could take a look at what the company had to say about it when the most recent accounts of PBP were signed off and filed. You'll find it all in note 3 of the accounts filed on 28 December 2018.

https://beta.companieshouse.gov.uk/company/07345546/filing-history

Edited March 15, 2019 by Chris Custodiet

[Howardroark]

19 minutes ago, Chris Custodiet said:

Leaving aside any HMRC interest, what makes you think, Sluffy, that Tom Morris (owner of 80% of PBP)  would be (or was) content for Michael James to walk of with a debt of £5.5m owed to PBP and for it then to become a secured tax-free debt due to MJ?

As for whether it could be considered a bad or doubtful debt, you could take a look at what the company had to say about it when the most recent accounts of PBP were signed off and filed. You'll find it all in note 3.

https://beta.companieshouse.gov.uk/company/07345546/filing-history

Please suggest what you think has happened in respect of this then, are you suggesting that the loan and MJ joining the board are unrelated?

[Chris Custodiet]

5 minutes ago, Howardroark said:

Please suggest what you think has happened in respect of this then, are you suggesting that the loan and MJ joining the board are unrelated?

Don't be silly. Of course the loan and MJ joining the FV board are related. But, until we are reliably informed otherwise, the loan is owed to PBP not to MJ and I cannot see how he can get it into his own name without the agreement of Tom Morris and without tax consequences.

[Tonge moor green jacket]

46 minutes ago, Howardroark said:

No it’s not, although a lot of sense from his tweets, as per previous comments from me, administration saves up to 75% on the unsecured debt (as per EFL golden share rules) saving £9M possibly. Note, it’s not £15M because under EFL rules, ALL creditors must receive 25% minimum, that means full payment to the secured creditors and 25% to the rest, hence £21M.

The issue is the transfer ban I think and there may be more parties interested if it goes to pre-pack. Likewise, Basran consortium doesn’t have the upfront funds (£21M) to fund pre-pack.

Fair enough. His profile mentioned business qualifications, and there was similar, calm language. Though the constraints of Twitter may lead to slightly less well chosen words.