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Wanderers Ways - passion not fashion

Take Over


Kane57
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I’m honestly baffled that a fella who has done more than most over the last 20 - 25 years to make the club as self sufficient as possible is not getting an ounce of credit in some quarters 

he’s made the unsellable sellable. If someone can come in and do a better job then great but no one did so beforehand 

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Just now, RoadRunnerFan said:

Depends on the other options.

There weren't any so it was the least worst option, sad as it has been to see our name dragged through the mud. 

Of course, no issue with it 

I just don’t think you could say Ken has sorted our cash flow out given all the late payments, we’ve clearly had some very big issues at the club 

Granted he took over some crazy player contracts but most of them were up in the early part of Ken’s reign. You’d have to assume that 90% + of our current outgoings are deals signed by Ken himself so it’s on him now 

Ve glad to have all this shite behind us anyway, fingers crossed the new lot have lots of dough they are happy losing 

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22 minutes ago, Casino said:

I bow to your knowledge of accounting terms

Not at all

in essence it’s just For cosmetics and would make the accounts look better and if it’s been removed as we expect then it’s irrelevant. In all likelihood it is unlikely to have been triggered anytime soon and would expect it was time limited anyway rather than open ended 

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Just now, Escobarp said:

Not at all

in essence it’s just For cosmetics and would make the accounts look better and if it’s been removed as we expect then it’s irrelevant. In all likelihood it is unlikely to have been triggered anytime soon and would expect it was time limited anyway rather than open ended 

I wasn't being funny

I dunno what it's called and was happy to be corrected. :)

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9 minutes ago, Mounts Kipper said:

Was good business, just replying to your comment about ken not going down the route of selling everything he could sell. If he could of made 5 million with player sales in January he’d still be holding on to ownership. 

Fortunately for us all our entire playing squad isn’t worth 5m so ken gets paid out and we get new owners. Everyone’s a winner 

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51 minutes ago, birch-chorley said:

Both our income and outgoings have reduced considerably in his time granted 

But I am of the impression that a key indicator of good cash flow is being able to pay your bills on time, we were constantly getting in mither for paying late, that indicates poor cash flow to me 

Ken pulled forward income to stay a float, granted it’s what we had to do but it’s poor from a cash flow perspective surely? 

The failure to pay bills was an inevitability once the parachute payment and ED safety nets were removed though, regardless of who the owner was. Even if KA was in a position to chuck money in to cover those bills then all it would have done was paper over the cracks until we hit the same problem with the next bloke. 

The concerts and rugby won’t bring in millions (it would probably just about scrape in to six figures overall), it does at least show a willingness that has been missing for a decade or more to put the club’s facilities to use.

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He better hand that Tank Top back, club property, and that Trackie his scabby son had on a couple of years ago, actually on second thoughts thowd Kathy's probably wiped her clout on it, he can keep that as a momento.

Yep let that ink dry first.

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2 hours ago, tyldesley_white said:

if it just been Holdsworth, we would now be an ex football league club

 

Have any football league clubs ever gone to the wall? 

Also, if we're giving Ken credit for convincing Eddie to get back involved, does that mean Deano is a legend for bringing us King Ken?

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1 hour ago, Escobarp said:

Not sure it sits on the books. It’s a contingent liability so whilst it may be recorded in the notes it shouldn’t show on the balance sheet when we finally see an upto date set of account. 

If we are talking about the same thing, its in the balance sheet as a debt in the last audited balance sheet. See note 21 here:

https://beta.companieshouse.gov.uk/company/00335699/filing-history

Seems likely to me that there were further discussions on this when Ken asked Eddie to stump up the money to pay off Blumarble. Probably more discussions with Eddie's trustees as part of the takeover negotiations.

It would only have been a contingent liability if had first been written off with the rest of the loan balance and that is not what happened.

 

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16 minutes ago, Chris Custodiet said:

If we are talking about the same thing, its in the balance sheet as a debt in the last audited balance sheet. See note 21 here:

https://beta.companieshouse.gov.uk/company/00335699/filing-history

Seems likely to me that there were further discussions on this when Ken asked Eddie to stump up the money to pay off Blumarble. Probably more discussions with Eddie's trustees as part of the takeover negotiations.

It would only have been a contingent liability if had first been written off with the rest of the loan balance and that is not what happened.

 

I stand corrected. Although looking at this then there is no £15m payable as 5.2m was written off in that period? Would you agree?

And actually this isn’t linked to a return to the PL as sort of a success bonus from the notes so is this the same thing? The 10m was due to be paid within the following year so may well have been renegotiated into a “contingent liability” and actually written off in the next accounting period and made contingent on a PL return within a prescribed period possibly?

I’m not an accountant so slightly confusing to me but sure you will put me straight 

Edited by Escobarp
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8 hours ago, Escobarp said:

I stand corrected. Although looking at this then there is no £15m payable as 5.2m was written off in that period? Would you agree?

And actually this isn’t linked to a return to the PL as sort of a success bonus from the notes so is this the same thing? The 10m was due to be paid within the following year so may well have been renegotiated into a “contingent liability” and actually written off in the next accounting period and made contingent on a PL return within a prescribed period possibly?

I’m not an accountant so slightly confusing to me but sure you will put me straight 

Sorry but I don't understand your second sentence but you are correct that £5.2million of the £15.2million was written off in 2017 reducing the Fildraw debt in the books to £10million and the total  loan debt to £22million, all of it technically repayable within one  year. But then Eddie stumped up another £5million to pay off Blumarble and provide a little bit more cash to help with interest and other costs. This would have increased the total loan debt to £23million before any more write-offs.

You may remember that Ken had earlier put out a document with an asking price of £25million. That would not have been enough to have covered the whole loan debt and other creditors and give Ken a profit. So at that stage he must have expected that some of the £10million Fildraw loan would be written off. After Eddie provided the money to pay off BM, the asking price went up to £30million indicating that Ken needed more leeway, possibly because of re-negotiated terms relating to the secured Fildraw debt.

The figures are leaked and may not tell the whole story but if a top line figure has been agreed at £27million and Ken is taking £2.5 to £3 million of this its not leaving much for unpaid interest and unsecured creditors if the whole loan debt is repaid. My guess would be that some, but not all, of the remaining Fildraw loan is to be repaid with the remainder either written off or carried forward.

P.S. Moonshift and Fildraw are to all intents and purposes the same.

Edited by Chris Custodiet
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The BN resorting to continued besmirching without their resident thumb head headlining the article.

The sooner this is done the better and we can all draw a line under the whole thing.

”Ken loyalists‘ what an absolute cock juggling thundercunt. That’s the whole issue with this thing people hysterically ramping up the situation as if we are in an armed conflict or something and excessive use of hyperbole. Boring as fuck,  just like that article.

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18 hours ago, kent_white said:

I think it's been far from a disaster with PP in charge. A disaster would have been finishing bottom half of league 1 and then getting relegated the season after.

It's not been the prettiest - but I've been celebrating on the pitch at the end of two consecutive seasons.

This is pertinent. He's brought two seasons that can only be described as successful. Sure it hasn't been pretty. And this season will likely not be a success but he's done very well in the circumstances. Its hopefully time for a chance all round but I'll remember him for those two pitch invasions mainly - and Port Vale....

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