It's happening. 

https://www.theboltonnews.co.uk/sport/17405193.bolton-wanderers-close-to-takeover-from-uk-based-consortium/

Thank fuck

I wonder if the dire financial situation is one reason the ACV on the Unibol annoyed KA so much?

https://www.theboltonnews.co.uk/news/15119372.Supporters_gain_legal_protection_for_the_Macron_Stadium/

1 minute ago, Howardroark said:

You big scary beast you.

Someone tweeted Nixon your latest post and he quoted it and said “devil in the detail, who says gotten?”

Someone replied “Americans” and Nixon said “Exactly”.

Not sure what that’s meant to imply. I say gotten every now and then so even if you were American what difference does that make?

We're gonna need a bigger boat again 😀

https://mobile.twitter.com/huntysheroes/status/1115949518858723329

Just now, Marc505 said:

We're gonna need a bigger boat again 😀

https://mobile.twitter.com/huntysheroes/status/1115949518858723329

The bit about ICI “factoring” (selling cash receivables .... loans made, unpaid invoices) doesn’t stack up. ICI have no track record and filed non-trading accounts; there’s no trace of any charges over assets (either fixed or floating). 

Questions for Howard - what assets have been factored? How has the factor company secured their rights?

Too much of it doesn't make sense. 

4 minutes ago, Mantra said:

Someone tweeted Nixon your latest post and he quoted it and said “devil in the detail, who says gotten?”

Someone replied “Americans” and Nixon said “Exactly”.

Not sure what that’s meant to imply. I say gotten every now and then so even if you were American what difference does that make?

Seeing something on here then running straight to a reporter from the Sun for verification / acknowledgment 

sad little cunt 

Why is no-one Iles/Nixon/Jim Talk shite White - getting hold of Bassini to see where he is up to, and why he hasnt taken over yet

1 hour ago, Howardroark said:

I suppose it is time that I clarified the position we find ourselves in. As previously discussed, we retain the right to purchase the debt relating to the ICI-Moonshift transaction. This debt is now in default and ICI have now served their 14 day notice period for recalling the collateral. This means that we can, if we so choose, take control of Burnden Leisure and subsequently BWFC. 

The issue's that we face are as follows: 

Whilst quite prepared to pay off the £28.9M debt, and in fact any other legitimate debts, we are not prepared to cover the additional £26.6M loss that we will incur by writing off the inter company obligation owed by ICI whilst also paying off the associated factoring companies.. When the opportunity was initially pitched to us it was initimated that a deal would involve the partial-total repayment of this, this however is not now the case. Whilst we could choose to liquidate ICI, it is unlikely that we will be able to recover any funds. We also have the very real prospect that any of the factoring companies could jump on to the WU petition if we satisfied all other creditors.

Of the £28.9M, we had anticipated being able recover some of the investment through re-development of the car parks, the building of a secondary hotel on the Hotel car park and selling the rights to an access road for the new Bolton West road system. This combined with a payment against the £13.3M would have gotten us to a point of comfort in respect of losses over the next 3 years.  

So where are we now? We are talking to two of the previously interested parties (Not Bassini) about recalling the shares, funding administration and then loaning them funds to purchase the business from administration. We are discussing us being able to convert this loan to equity at a fixed point in the future. The issue with this is of course the transfer embargo combined with the loss of ups to 14 senior players, leaving a threadbare squad and a fairly bleak campaign.  

As each day goes by and more & more bills are missed, the debt increases and it becomes much less appetising for a potential buyer, for example they are now £1.7M higher than when FV first started to look at the club and with a future payment already taken (EFL). 

Ultimately administration is going to be the only option to shed the debt, it is still going to require £22-£25M but that is probably acceptable to a consortium looking for a slow re-build, this is typically a fans-backed consortium or involving local people. We ourselves wouldn't be looking for a slow re-build. 

I appreciate that this isn't what you wish to hear, but when overall debts turn out to be nearly double the previously stated, it dopes change the attractiveness of an investment.

Could you shed some light on Inner Circle's £26 million "inter company obligation" for the less informed of us please?

How did this debt come about  and why is the club responsible for it?

Is this all loans made to Anderson by Moonshift?

And this is in addition to the £29 million debt of BL i.e. £55million to buy the club?

 

Edited April 10, 20197 yr by Hoppy510

35 minutes ago, Benny The Ball said:

 

Think it might get even messier - Doesn't Administration also mean that in the first instance the Supporters Trust have to be given an option to buy or participate in a purchase ?

They might as well offer myself the club to buy. It will be the same outcome.

1 minute ago, bwfc2003 said:

Why is no-one Iles/Nixon/Jim Talk shite White - getting hold of Bassini to see where he is up to, and why he hasnt taken over yet

Because they know he has no cash probably... 

Howard, you state your group will pay off the £28.9M debt, and any other legitimate debts, then why would anyone else jump on the WU?
You're not prepared to cover the additional £26.6M loss that we will incur by writing off the inter company obligation owed by ICI whilst also paying off the associated factoring companies.

Way over my head here.
 

1 minute ago, lowcarbon said:

Howard, you state your group will pay off the £28.9M debt, and any other legitimate debts, then why would anyone else jump on the WU?
You're not prepared to cover the additional £26.6M loss that we will incur by writing off the inter company obligation owed by ICI whilst also paying off the associated factoring companies.

Way over my head here.
 

Ok to confirm: 

The club owe a factoring company £13.3M 

This should be covered by the £13.3M paid by the factoring company to ICI. 

The £13.3M to ICI might not be recoverable. 

Therefore we have a £13.3M payment to the factoring company which is in default and so can be substituted in to the WU. 

We don't get the £13.3M from ICI to pay it which leaves us with a £13.3M bill and £13.3M less in receivables than we believed.

Sounds to me the sooner someone is willing put is admin the better, maybe this is reason why Hillary Stonefrost was willing for the club to go into admin 

3 minutes ago, Howardroark said:

We don't know if it has gone or not, simply that it won't be recoverable.

I would have thought that most of it would still be there and should be applied to repay the factoring company. I also would have  thought that Ken had reached some agreement with the factoring company over this and that's why it was  left out of the  prospectus and why the factoring company hadn't been aggressively pursuing BWFC for repayment.

There was a comment on The Times article the other day where the commenter estimated losses at £500K per month. I'd have thought that a decent guess and that some of the current year losses were  already factored into the £28.9m creditors which leaves all or most of the £26m unexplained.

Has there been some misunderstanding?

44 minutes ago, chrisw99 said:

This news needs to be out in the public domain, not just being discussed by a select few here.   As someone said, it's colossal and should be on the front page of tonights Beano.

Only if it's definitely true though................

2 minutes ago, Chris Custodiet said:

I would have thought that most of it would still be there and should be applied to repay the factoring company. I also would have  thought that Ken had reached some agreement with the factoring company over this and that's why it was  left out of the  prospectus and why the factoring company hadn't been aggressively pursuing BWFC for repayment.

There was a comment on The Times article the other day where the commenter estimated losses at £500K per month. I'd have thought that a decent guess and that some of the current year losses were  already factored into the £28.9m creditors which leaves all or most of the £26m unexplained.

Has there been some misunderstanding?

The £13.3M owed to Burnden Leisure is not recoverable.....

Just now, Sweep said:

Only if it's definitely true though................

Like all the official news we've had so far from BWFC has been ?  "takeover completed by the end of the week" 4 weeks ago, etc.

I think someone needs to redo the google maps thing when you type in "Gob Shites".   Maybe make cunt drop onto Ken's office.

 

How does admin affect Ken? I assume not favourably as he had a shit-fit the last time BluMarble were about to do it. 

Is it possible this is leverage against Ken?

Either renegotiate on the 26 million or you’ll be put in admin...

I am way out of my depth here so just tell me if I’m talking shite

Just now, Mantra said:

How does admin affect Ken? I assume not favourably as he had a shit-fit the last time BluMarble were about to do it. 

Is it possible this is leverage against Ken?

Either renegotiate on the 26 million or you’ll be put in admin...

I am way out of my depth here so just tell me if I’m talking shite

Admin doesn't affect Ken really. 

He gets his £5M (without having to pay it back to us) 

He gets a portion of his £3M 

An administrator will try and recover the £13.3M from ICI, but if it isn't there what can you do? 

I refer to a little something called 'Director Loans and the Spongebob Plan'

So are you saying that the factoring company was working on behalf of ICI to recover debt from the club?

Or working on behalf of BWFC to recover debt - and then paying the recovered amount to Anderson?

 

10 minutes ago, Howardroark said:

Ok to confirm: 

The club owe a factoring company £13.3M 

This should be covered by the £13.3M paid by the factoring company to ICI. 

The £13.3M to ICI might not be recoverable. 

Therefore we have a £13.3M payment to the factoring company which is in default and so can be substituted in to the WU. 

We don't get the £13.3M from ICI to pay it which leaves us with a £13.3M bill and £13.3M less in receivables than we believed.

I thought from the hints being dropped a couple of weeks ago as to who the potential backers were, that 13.3M is pocket change to them, like us lot buying something for 50p and finding it's really £1.

 

Just now, chrisw99 said:

I thought from the hints being dropped a couple of weeks ago as to who the potential backers were, that 13.3M is pocket change to them, like us lot buying something for 50p and finding it's really £1.

It may be, but you still need to turn a profit... 

2 minutes ago, Howardroark said:

Admin doesn't affect Ken really. 

He gets his £5M (without having to pay it back to us) 

He gets a portion of his £3M 

An administrator will try and recover the £13.3M from ICI, but if it isn't there what can you do? 

I refer to a little something called 'Director Loans and the Spongebob Plan'

if all this happens will youre guys be owners aor part owners or someone els or still be for sale

1 minute ago, Howardroark said:

The £13.3M owed to Burnden Leisure is not recoverable.....

If that money is not recoverable there is something seriously amiss and there's still another £13m presently unexplained.

I'm not trying to score points, Howard, I'm just trying to reconcile the facts and see if there is some misunderstanding. Some folk on here are pointing the finger at the club's auditors and that's just not on unless based on fact, which I rather doubt it is

Just now, Hoppy510 said:

So are you saying that the factoring company was working on behalf of ICI to recover debt from the club?

Or working on behalf of BWFC to recover debt - and then paying the recovered amount to Anderson?

 

No, 

ICI used its assets (transfer fees and EFL payments of BWFC-Burnden Leisure) to raise funds from a factoring company. 

Factoring company should've been paid directly by the payer (Football clubs and EFL) however they couldn't do that as it would result in an embargo so the money was paid to the club. The club did not pay the factoring company. 

ICI recorded the income as a loan between itself and Burnden Leisure.

 

 

so where has this £13.6m gone?  Ken's back pocket? or a Dubai holiday?