1 minute ago, Howardroark said:

All you can do is leave it in the hands of the solicitors and relevant authorities.

Fair enough. I can’t decide whether you’ve got him by the balls if Bassini falls through or whether he’s got you by the balls.

sounds like a stand off if it comes to you recalling the shares. 

Unless you settle somehow.

Howard - Can your group prevent him liquidating the club, purely to line his pockets and avoiding his legal obligations? And does a voluntary liquidation have to be approved by the courts, due to the other creditors interests? If so, would this be delayed until May 8th, when the courts sit again. thereby bringing your group into play in any such hearing?

Edited April 4, 20197 yr by white noise

Just now, Mantra said:

Fair enough. I can’t decide whether you’ve got him by the balls if Bassini falls through or whether he’s got you by the balls.

sounds like a stand off if it comes to you recalling the shares. 

Unless you settle somehow.

It’s neither, you should read up on the prisoner paradox and game theory.

The way I am reading this now is that it's Bassini or bust, he isn't going to allow the shares to be taken when he has the option of liquidating the club. Just when you think there is a light at the end of the tunnel

Ken still seems to be holding all the aces? He can sell to who he wants & get his pay off - or he can take us into liquidation and get an even bigger pay off. I get the feeling he won’t be leaving quietly.

3 minutes ago, white noise said:

Howard - Can your group prevent him liquidating the club, purely to line his pockets Nd avoiding his legal obligations? And does a voluntary liquidation have to be approved by the courts, due to the other creditors interests? If so, would this be delayed until May 8th, when the courts sit again. thereby bringing your group into play in any such hearing?

Voluntary liquidation has to be approved by 75% of the shareholders. 

Once the insolvency practitioner is appointed it is irreversible.

4 minutes ago, Howardroark said:

It’s neither, you should read up on the prisoner paradox and game theory.

Game theory needs 2 rational parties doesn't it? 

1 hour ago, radcliffewhite1 said:

Loads recently vale Bury Oldham 

and there will be other championship clubs going same way, in debt and losing money 

Bury is losing £2.8 million on a £4.5 million turnover. It's bankrupt unless someone chucks some money in.  Nearly all clubs lose money.  Bury's total ticket sales will be circa £1.6million for the season.  A decent league 2 striker wants £200k a year. Football isn't really a business.  If it were run purely based on the actual turnover of a club, players would be on about 35 grand a year.

1 minute ago, DLH said:

Game theory needs 2 rational parties doesn't it? 

Rational being acting in ones best interests, financially.

7 minutes ago, Howardroark said:

Voluntary liquidation has to be approved by 75% of the shareholders. 

Once the insolvency practitioner is appointed it is irreversible.

and because he owns 94.5% he can approve it himself then?

Based on your explanation of what you can do to his shares and ICI, he's bound to liquidate us as it suits him miles better.

Only drawback, and it is a big one, is the investigation that will commence on him for liquidating a big company like us?

10 minutes ago, Howardroark said:

It’s neither, you should read up on the prisoner paradox and game theory.

I really like that Howard 

For those not familiar.............

A judge tells a condemned prisoner that he will be hanged at noon on one weekday in the following week but that the execution will be a surprise to the prisoner. He will not know the day of the hanging until the executioner knocks on his cell door at noon that day.

Having reflected on his sentence, the prisoner draws the conclusion that he will escape from the hanging. His reasoning is in several parts. He begins by concluding that the "surprise hanging" can't be on Friday, as if he hasn't been hanged by Thursday, there is only one day left - and so it won't be a surprise if he's hanged on Friday. Since the judge's sentence stipulated that the hanging would be a surprise to him, he concludes it cannot occur on Friday.

He then reasons that the surprise hanging cannot be on Thursday either, because Friday has already been eliminated and if he hasn't been hanged by Wednesday noon, the hanging must occur on Thursday, making a Thursday hanging not a surprise either. By similar reasoning he concludes that the hanging can also not occur on Wednesday, Tuesday or Monday. Joyfully he retires to his cell confident that the hanging will not occur at all.

The next week, the executioner knocks on the prisoner's door at noon on Wednesday — which, despite all the above, was an utter surprise to him. Everything the judge said came true.

 

2 minutes ago, WestStandUpper said:

and because he owns 94.5% he can approve it himself then?

Based on your explanation of what you can do to his shares and ICI, he's bound to liquidate us as it suits him miles better.

Only drawback, and it is a big one, is the investigation that will commence on him for liquidating a big company like us?

Howard did mention the word "prison" a few days back. Not sure if it's been removed or not, can't be arsed checking.

 

13 minutes ago, Howardroark said:

Voluntary liquidation has to be approved by 75% of the shareholders. 

Once the insolvency practitioner is appointed it is irreversible.

 

I once bought £200 worth of Burnden Leisure shares when they first went public (like I'm sure many on here did).   Think they were 10p a share?  Wasn't that long before they were 0.0001p a share or something and we were told BDL was no more.

Whatever happened to those?   I still hear the name Burnden Leisure, is it a different entity.  Am I still a shareholder??

 

I believe you are but he carries all the voting rights

I’m in the same boat

17 minutes ago, irvtheswerv said:

Bury is losing £2.8 million on a £4.5 million turnover. It's bankrupt unless someone chucks some money in.  Nearly all clubs lose money.  Bury's total ticket sales will be circa £1.6million for the season.  A decent league 2 striker wants £200k a year. Football isn't really a business.  If it were run purely based on the actual turnover of a club, players would be on about 35 grand a year.

Seems like Stewart day ( former owner) has fucked off leaving some historical debts

I honestly can’t believe the EFL, authorities or whoever else would stand by and watch a football club voluntarily liquidated by its ‘owner’ in order to benefit himself financially when there is a valid and financially sound alternative on the table to enable it to continue 

7 minutes ago, chrisw99 said:

 

I once bought £200 worth of Burnden Leisure shares when they first went public (like I'm sure many on here did).   Think they were 10p a share?  Wasn't that long before they were 0.0001p a share or something and we were told BDL was no more.

Whatever happened to those?   I still hear the name Burnden Leisure, is it a different entity.  Am I still a shareholder??

 

I bizarrely paid approx 67p a share for them when they first floated.

To be quite blunt, they’re not worth a wank now.

6 minutes ago, radcliffewhite1 said:

Seems like Stewart day ( former owner) has fucked off leaving some historical debts

eg the deal to use the carrington training ground was for £1 a year rent.  Provided Bury cover the £300,000 annual running costs.

Prison or I would think the hire an Albanian hit man web site is crashing about now. 

1 minute ago, barrycowdrill said:

I honestly can’t believe the EFL, authorities or whoever else would stand by and watch a football club voluntarily liquidated by its ‘owner’ in order to benefit himself financially when there is a valid and financially sound alternative on the table to enable it to continue 

They can't do anything mate even if they wanted... 

As KA is the sole owner, he can basically do what he wants.

12 minutes ago, chrisw99 said:

 

I once bought £200 worth of Burnden Leisure shares when they first went public (like I'm sure many on here did).   Think they were 10p a share?  Wasn't that long before they were 0.0001p a share or something and we were told BDL was no more.

Whatever happened to those?   I still hear the name Burnden Leisure, is it a different entity.  Am I still a shareholder??

 

Debt converted to equity diluted your shareholding.  Essentially worthless.  You've probably got something like 0.00000001% of shares/voting rights.

1 minute ago, WestStandUpper said:

They can't do anything mate even if they wanted... 

As KA is the sole owner, he can basically do what he wants.

I know. It’s a shambles really 

football clubs becoming Ltd Co’s. Games dead 

17 minutes ago, Benny The Ball said:

I really like that Howard 

For those not familiar.............

A judge tells a condemned prisoner that he will be hanged at noon on one weekday in the following week but that the execution will be a surprise to the prisoner. He will not know the day of the hanging until the executioner knocks on his cell door at noon that day.

Having reflected on his sentence, the prisoner draws the conclusion that he will escape from the hanging. His reasoning is in several parts. He begins by concluding that the "surprise hanging" can't be on Friday, as if he hasn't been hanged by Thursday, there is only one day left - and so it won't be a surprise if he's hanged on Friday. Since the judge's sentence stipulated that the hanging would be a surprise to him, he concludes it cannot occur on Friday.

He then reasons that the surprise hanging cannot be on Thursday either, because Friday has already been eliminated and if he hasn't been hanged by Wednesday noon, the hanging must occur on Thursday, making a Thursday hanging not a surprise either. By similar reasoning he concludes that the hanging can also not occur on Wednesday, Tuesday or Monday. Joyfully he retires to his cell confident that the hanging will not occur at all.

The next week, the executioner knocks on the prisoner's door at noon on Wednesday — which, despite all the above, was an utter surprise to him. Everything the judge said came true.

 

You’re going to have to explain to me how that ties in with our situation. That just confused me...

Looks like Howard's mob aren't the white Knight after all, them being around will push us over the edge. Let's hope bassini can find the money