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36 minutes ago, Youri McAnespie said:

The EFL had 'blood on their hands' when we sent back a 1 in 17 bag  'o' biz back from whence he came and our beloved chairman cocked a snook at some yoghurt-weaving, redundancy-happy, deadbeat dad stinky hippy twat.

You missed out the tax-doidging.

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Give it a fucking rest eh  ‘somebody’s moral expectations of someone are very different to the legal obligations you know that and I know that. So why don’t you lay off patronising folk Chris and

I really cannot wait for the day we don’t have to read the words moonshift, Inner fucking circle, blue bastard marble or any piece of shit word associated to this horrible draining 3 year bullshit sag

Fucking massive clear out coming on WW later, either way.

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15 minutes ago, Chris Custodiet said:

How about delayng player wages payment until due diligence is complete and the money in place?

One weeks delay would delay the tax on the wages by five weeks and the tax will, as ever, be a big chunk of it.

I'm sure Ken's  thought of that but he does need to get the deal over the line. Big problems if he can't

I'm sure that is the plan. But of course is reliant on new owners accepting the new debt - and Iles seems to be suggesting they will not....

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Im hoping this is a big drama about fuck all. Surely they haven't been going through all these talks and then suddenly thought "fuck, forgot we have to pay everyone at the end of Feb" Surely they will have been worded up about it and told to be quiet about it because it will all be sorted with the sale. Problem will only be a real one if it falls through. 

Its give Iles something to get all worked up about and in turn all his twitter drones. Half of them reacting with more venom and anger than I think would be acceptable if their own wages were gonna be a bit late. 

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51 minutes ago, bwfcfan5 said:

I'm sure that is the plan. But of course is reliant on new owners accepting the new debt - and Iles seems to be suggesting they will not....

Why would Iles have any insight into what is happening ? 

Ken wont be telling him anything and new buyers will have been warned off.

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2 minutes ago, Ani said:

Why would Iles have any insight into what is happening ? 

Ken wont be telling him anything and new buyers will have been warned off.

God knows. Probably getting information from Holdsworth...seems to be his most reliable (only) source. 

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2 hours ago, Youri McAnespie said:

 

 

What tax-doidging? 😉

You get your taxpayer subsidised company to buy back 20  of your £0.01shares for £7million and lo and behold you've avoided income tax and national insurance on seven million quid.  You'll find it in notes 17,18  & 24 of Ecotricity Group's 2015 accounts. is it legal? I'm afraid it is.

https://beta.companieshouse.gov.uk/company/03521776/filing-history?page=2

Dale (I don't consider I was married other than I signed a piece of paper) Vince.

Edited by Chris Custodiet
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1 hour ago, bwfcfan5 said:

I'm sure that is the plan. But of course is reliant on new owners accepting the new debt - and Iles seems to be suggesting they will not....

The ‘new debt’ will get deducted from the asking price so doesn’t make a difference to the buyer.

Lets say they’ve agreed £27m and there’s £22m net debt in the business to keep it simple. That means that £5m is actually paid by the buyers as cash to Ken (there’s a working cap adjustment as well but it’s unlikely to move the dial).

So say Ken finds £1m to put into the business to pay this months wages, the clubs debt is now £23m as it now also owes Ken £1m. In very simple terms Ken would now get £4m from the sale, but as he is a creditor (for the £1m loan) he would also be paid out from the sale proceeds. The bidder pays the same and Ken receives the same, it’s just structured slightly differently. The only catch could be the unpaid tax on the wages but then that is likely to be considered as normal working capital unless there is more than one months PAYE/NI left to pay (at which point there would be another adjustment to the price).

None of this will surprise any of the parties included in the process, although there is an obvious sticking point as to where the cash for the wages comes from.

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30 minutes ago, Eddie said:

The ‘new debt’ will get deducted from the asking price so doesn’t make a difference to the buyer.

Lets say they’ve agreed £27m and there’s £22m net debt in the business to keep it simple. That means that £5m is actually paid by the buyers as cash to Ken (there’s a working cap adjustment as well but it’s unlikely to move the dial).

So say Ken finds £1m to put into the business to pay this months wages, the clubs debt is now £23m as it now also owes Ken £1m. In very simple terms Ken would now get £4m from the sale, but as he is a creditor (for the £1m loan) he would also be paid out from the sale proceeds. The bidder pays the same and Ken receives the same, it’s just structured slightly differently. The only catch could be the unpaid tax on the wages but then that is likely to be considered as normal working capital unless there is more than one months PAYE/NI left to pay (at which point there would be another adjustment to the price).

None of this will surprise any of the parties included in the process, although there is an obvious sticking point as to where the cash for the wages comes from.

Yes - the issue being - Ken sticking £1M into a business he knows could go pop if the deal falls through - I suspect if that is where it comes to its a very large sticking point - and KA would be looking for some legal assurances that would likely hold the deal up considerably. 

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13 minutes ago, bwfcfan5 said:

Yes - the issue being - Ken sticking £1M into a business he knows could go pop if the deal falls through - I suspect if that is where it comes to its a very large sticking point - and KA would be looking for some legal assurances that would likely hold the deal up considerably. 

I’m not sure he can look for any assurances from them. If they weren’t a thing then it’s still his business that needs to find the cash from somewhere, whether that’s an injection from him or there is money to be received in the near future I’m not sure but one way or the other it has to be sorted regardless of whether there is a transaction taking place, otherwise he loses his business.

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1 hour ago, Chris Custodiet said:

Not when you've got tax and expenses to find and you've spent £472K  paying off Holdsworth and keeping Blumarble at bay until Eddie came to the rescue.

 

I'm only going off what the man himself says about money coming out of the club.

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Non- story everything on track to get deal done - all of the previous non payment of wages have ended in what two parts of fuck all like this one will.

its not ideal but it was bound to happen and if anything it tells me the deal is nearly done

Edited by onlyoneawalker
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1 minute ago, Tombwfc said:

If it's all just a non-story and everything is on track, why make it a story by not commenting or telling staff why they've not been paid, and when they might be?

Slight difference this time not one statement from BWFC, Anderson, Aldridge or club spokesman. 

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Spoke to 3 people at the club today.

No one has a clue what’s going on. No communication whatsoever. 

They, still, maybe paid today they may not.

It’s not pleasant and it’s not right.

Whatever is going on behind the scenes, at least have the decency to tell the staff what is going on.

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56 minutes ago, Boby Brno said:

Spoke to 3 people at the club today.

No one has a clue what’s going on. No communication whatsoever. 

They, still, maybe paid today they may not.

It’s not pleasant and it’s not right.

Whatever is going on behind the scenes, at least have the decency to tell the staff what is going on.

Perhaps they can’t under NDA?

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5 minutes ago, Mounts Kipper said:

Surely that would not be part of an NDA just a message to say will be paid on a certain date would suffice. 

How can Ken promise that? Won’t be his responsibility if it goes through. And he cannot say when people will get paid. Nor potentially can he say ‘it’s ok cavalry is coming’ under an NDA...

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i think folk need to realise we are a business about to go bust

it happens

and when companies go bust, people lose jobs

at the moment, i dont think anybody has lost their job

so hold tight and hope for the best and maybe we wont go bust and maybe youll all have jobs for a few more years

 

i know it sounds heartless, but its the truth

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4 minutes ago, Casino said:

ps losing your job is shit

happened a couple of times to me and after a bit you get over it and crack on

Too true... Hopefully it won't come to that; should the worst happen, I trust the wider Wanderers family will do all they can to help

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