It's happening. 

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

Thank fuck

1 minute ago, Mantra said:

Nixon saying takeover will be done before the Forest game

Takeover by who?

Official statement from EFL about games being on.

https://www.efl.com/news/2019/may/efl-statement-bolton-wanderers/

2 minutes ago, Mantra said:

Nixon saying takeover will be done before the Forest game

He said before the next home game, which would be Brentford on Tuesday or Wednesday

Just now, Mounts Kipper said:

Takeover by who?

Bassini or someone else out of admin. He's pretty convinced it's one or the other with no chance of liquidation.

Some good news at last ..

2 minutes ago, Marc505 said:

Bassini or someone else out of admin. He's pretty convinced it's one or the other with no chance of liquidation.

Please not bassini.... unless he’s got backing, serious backing. 

Nixon is on about FV - Brittan but no Basran. And no Warburton.

3 minutes ago, Mounts Kipper said:

Please not bassini.... unless he’s got backing, serious backing. 

Somehow still hanging in there. It's Bassini or -12 basically.

8 minutes ago, Mounts Kipper said:

Takeover by who?

Bassini or a mystery bidder through admin. 

Just now, Marc505 said:

Somehow still hanging in there. It's Bassini or -12 basically.

Its like groundhog day

2 minutes ago, tyldesley_white said:

Its like groundhog day

Been horrendous hasn't it. At least by this time next week we'll know "something". 

1 hour ago, Sluffy said:

There is a saying that 'it is better to say nothing and be thought a fool than to say something and remove all doubt'.

If you hadn't stopped reading at 'taking Howard at his word' you would have clearly seen that I went on to severely question the validity of what he had said - and in fact went on to refute it.

At least you have certainly lived up to your user name on this occasion.

Long may you continue to do so.

Apologies pal. I actually enjoy reading your posts but on this occasion my frustration at what I thought was another 'Will Howard come back/save us?' type post and me being naffed off with the situation,  up early for work etc got the better of me.  Soz 

Nixon is implying this is going to be a pre-pack administration job.

Howard at one point said:

"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."

And also:

"What it means is that the buyer would acquire the club for £8M but then get dragged in to an auction to buy back the assets. They could therefore lose the £8M as they wouldn’t be a creditor. 

Its a gamble that they probably won’t take, but yes, in theory they could if they were convinced nobody else would buy the assets."

 

But then Howard also said you can't pre-pack a football club as the EFL wouldn't approve it so who knows?

 

"To be clear, you cannot do a ‘pre-pack’ on a football club. 

A new owner could theoretically put the club in to administration but the cost to bring out of administration would be £11-£12M plus the original £8M to buy out Moonshift. This would save them £8-£10M on the current debt but obviously the embargo is a killer. 

So it’s £8M up front plus a further £12M to satisfy EFL F&PP requirements..... "

On 08/03/2019 at 17:31, Benny The Ball said:

 

You ( Howard ) said earlier that 

A clever PE fund would acquire the business for £5M through buying the Moonshift debt and seizing control. They then arrange a pre-pack administration and settle the unsecured at discount with secured paid in full. 

But in reality you are now saying Moonshift aren't going to sell for less than £8M ?

Can't KA not just be cut adrift altogether ? He's trading an insolvent business and it looks like he was before he slapped that charge on the company ?

Would he be entitled to any payment at all In an administration process ? Unsecured creditors wouldn't be very happy to be queuing up behind him !!

 

 

 

On 08/03/2019 at 17:36, Howardroark said:

Moonshift won’t budge on the £8M with KA, negotiable to a 3rd party though I imagine. 

He's probably classed as a football creditor as well as being secured and that means he has to be paid in full before EFL will allow administration. 

I have just quoted the above back because I think they will allow it ( Pre Pack ) IF the football creditors are paid in FULL - though I still dont understand why KA is classified as a " Football Creditor" 

 

 

7 minutes ago, Duck Egg said:

Apologies pal. I actually enjoy reading your posts but on this occasion my frustration at what I thought was another 'Will Howard come back/save us?' type post and me being naffed off with the situation,  up early for work etc got the better of me.  Soz 

No worries mate.

It's not a great time for any of us at the moment.

Onwards and upwards though.

COYWM.

 

7 minutes ago, Benny The Ball said:

 

I have just quoted the above back because I think they will allow it ( Pre Pack ) IF the football creditors are paid in FULL - though I still dont understand why KA is classified as a " Football Creditor" 

 

 

Are you thinking these mystery bidders that Nixon has mentioned are the Gaspard group?

Just now, Mantra said:

Are you thinking these mystery bidders that Nixon has mentioned are the Gaspard group?

I do not know who Nixon is referring to - If It does go into administration I would Imagine Gaspard Will be amongst several interested parties 

Remember Blackpool had over 50 expressions of interest with half a dozen serious bidders amongst them 

I would imagine we would attract several serious bidders 

2 minutes ago, Benny The Ball said:

I do not know who Nixon is referring to - If It does go into administration I would Imagine Gaspard Will be amongst several interested parties 

Remember Blackpool had over 50 expressions of interest with half a dozen serious bidders amongst them 

I would imagine we would attract several serious bidders 

Nixon’s making it out to be a simple process but I don’t think it will be. Can see it going to admin and dragging on further. Hope not.

Quote

 

10 minutes ago, Mantra said:

Nixon’s making it out to be a simple process but I don’t think it will be. Can see it going to admin and dragging on further. Hope not.

There's a good article about Blackpool here - worth a read as we have a lot in common 

https://www.gq-magazine.co.uk/article/blackpool-fc-the-futures-bright-the-futures-tangerine

They got rid of the Oystons back in March and have still not got new owners 

It's all horse shit.

We know fuck all more than we did a month ago. There's still no money, and someone needs to buy us or we'll be liquidated. Nowt's changed.  

And if anyone else mentions Howard - you're a fucking retard.

Edited May 1, 20197 yr by irvtheswerv
Blah

Retard?? 

Is this another ‘its just an Ipswich fan on a wind up’ conspiracy theory? 

He clearly knew more than most, thus the Andersons ‘job Gault’ feeling the need to come on here and make some counter arguments 

Not a chance we will have a new owner by next week. We will be in admin and hopefully a responsible administrator is quickly sorting things and finding out who is interested and for what price. But no chance anything will be sorted.

1 hour ago, Mantra said:

Are you thinking these mystery bidders that Nixon has mentioned are the Gaspard group?

Who the bloody hell are the Gaspard group? 🙂

I'm well out of the loop!

Local tyre kickers apparently 

main man drives a Nissan Micra 

thats all I recall from previous posts on here 

1 hour ago, Mantra said:

Nixon’s making it out to be a simple process but I don’t think it will be. Can see it going to admin and dragging on further. Hope not.

There is two types of Administration, one where the club has no plan really as how to get out of the mess they are in and get someone in like Trevor Birch to sort things out (for a hefty price whilst doing so), the other type is where people have been working behind the scenes, doing deals and got into a position where they can 'formalise' the deals by going into a notional Admin period, and come out of it almost immediately.

The first sort can last for months and costs the reported £1m a month to keep the club running through out the Admin period, the latter is a 'done deal' by all the major creditors involved and costs practically nothing.

Coming out of Admin requires certain guaranteed agreements, namely that all secured creditors are paid in full and all non secured a minimum of 25% of what is owing to them.

If some of the secured creditors are part of the new owners consortium then I guess they could do a deal to exchange debt for equity, or defer payment of their debt.

This would reduce the upfront money needed to exit Admin for the new prospective owners.

There are one or two hurdles that need to be overcome first though, namely the issue of who 'owns' the club whilst the ownership shares have an unsettled debt of at least £5m on them and also the 'first dibs' ST's have on clubs wanting to exit Admin.  There is also the question of the 12 point penalty we 'should' get for entering Admin (plus whatever sanctions we suffer through our wonderful players going on strike (knowing full well they are going to get paid no matter what and also all but a few won't even be with us next season, even though the club fans (of which we are) are in it for life - Bolton until I die meaning literally that for many of us).

Anyway I digress.

I can only assume for the type of Admin Nixon believes is happening that Eddie's estate are somehow agreeable to it (or whoever is now holding the debt against the share ownership) and that the ST is in some part involved as the new purchasers - maybe in name only with the funds coming from others?

The Admin allows the write off of 75% of all the unsecured debts - and I guess the longer the Bassini pantomime has been going on, the more debts have built up - and thus the more that can be written off?

Maybe Anderson's paid no one because he's like that anyway, or because it helps lower the overall debt up to the time the new owners take on the club - or something in between - but it does validate something that Casino said  some days back about the 'way out' is via Admin - but for it to be delayed as long as possible.

Anderson on paper has a secured debt of £5m - but he also has a personal debt outstanding for £5m also.  Maybe if the money is offset against each other, and James and Warburton turning their debt into equity, then there would be no secured creditors to settle when existing Admin and thus all that is needed is the suggested sum of £10m or so to find to settle all unsecured creditors, to date, with what around 5 months wages (Mar, Apr, May, Jun, Jul) at say £600k (£3m total) to add to that for players wages - you know those tender, dear, vulnerable snowflakes who felt it was right to strike and have match postponements and God knows what future sanctions against us, knowing all the while the thousands of pounds owed to them was always going to hit their bank accounts sooner or later, irrespective if the club survives and there is any wreckage at all for the rest of us to cling on to, when they have long gone.

Still seems like a lot of money to spend to own a third tier club kicking off next season with probably minus 12 points AND probably a fine, further points deduction (or both) because the poor darlings felt they had to make a stand.

Anybody remember the Ashton Gate Eight of the early eighties - they put our pampered prima donnas to shame - they really do.

https://www.bbc.co.uk/sport/football/38750475

Hope Andy Taylor and his mates see this and reflect on the stance they've taken.

Bolton till I die certainly doesn't apply to a single one of them.

Anyway we live to fight another day and for now that is all that matters.

Maybe Pre Pack will happen tomorrow/or sometime soon - as the 8th May is starting to loom ominously over us and its shadow is growing ever bigger by the day!

Dr Faustus, its time for you to fold or scrunch, from front to back or back to front, whilst siting or standing.

At least I'm keeping you regular if nothing else.