Take Over

[RONNIE PHILLIPS]

22 minutes ago, Howardroark said:

Ah, so we are relying on the insanity of others? 

I’m not having a go, I just don’t like that it comes down to ED trustees yet again, they thought they were rid two years ago. 

In my opinion the person who stands head and shoulders above any other in respect of the blame game is Dean Holdsworth.

Not having a go either H but it's like having  a dying relative & needing the money for a life saving operation... you really don't care where it comes from, you just care about your loved one surviving. 

[Howardroark]

13 minutes ago, Take Hunt Off said:

Ok assuming that you have the 'moral ' high ground what happens next 

Dont hide behind a half baked ST plan please.

Moonshift will require a watertight agreement with a buyer to put in to administration. That buyer will have to have done DD and be ready to acquire within 24 hours of administration. Without a guaranteed buyer there will not be an administration.

That does only leave FV but unless they have new backing, they still can’t afford it.

[Howardroark]

6 minutes ago, RONNIE PHILLIPS said:

Not having a go either H but it's like having  a dying relative & needing the money for a life saving operation... you really don't care where it comes from, you just care about your loved one surviving. 

But I don’t think ED Trustees view the club as such.

[Mantra]

2 minutes ago, Howardroark said:

Moonshift will require a watertight agreement with a buyer to put in to administration. That buyer will have to have done DD and be ready to acquire within 24 hours of administration. Without a guaranteed buyer there will not be an administration.

That does only leave FV but unless they have new backing, they still can’t afford it.

How is that different from a pre pack? 

[Howardroark]

12 minutes ago, Mantra said:

So you don’t think the Davies family will/should put the club in admin but you’re 100% that we won’t be liquidated.

It doesn’t leave us with many options other than Ken or HMRC putting us into admin. We know that Ken putting us into admin could mean Bassini causing a fuss and why would HMRC fund admin, doesn’t make financial sense?

so where’s the 0% chance of liquidated coming from? 

This is just about KA forcing Moonshift’s hand. 

Them forcing admin means the £5M ends up in his pocket because they’d have to recall his shares. 

KA can’t have liquidation though because he would almost certainly become personally liable for vast amounts of the unsecured debt, so my guess would be that if there’s truly no buyers in play with Moonshift then KA will propose admin to the court on Weds.

[Howardroark]

5 minutes ago, Mantra said:

How is that different from a pre pack? 

Pre-pack is agreed with the administrators in advance. 

The above scenario require the waiving of the ST rights and creditor approval.

[Chrisj]

Just now, Howardroark said:

This is just about KA forcing Moonshift’s hand. 

Them forcing admin means the £5M ends up in his pocket because they’d have to recall his shares. 

KA can’t have liquidation though because he would almost certainly become personally liable for vast amounts of the unsecured debt, so my guess would be that if there’s truly no buyers in play with Moonshift then KA will propose admin to the court on Weds.

But why then won’t we be liquidated 

[Mantra]

From the sounds of it, all of the options - other than the court being nice and giving us more time - are fucked.

Ken won’t want to pay for admin and even if he does apparently Bassini could legally challenge him.

ED Trustees don’t want to be responsible again.

Not enough time for a new buyer to show up and do DD.

[Howardroark]

1 minute ago, Mantra said:

From the sounds of it, all of the options - other than the court being nice and giving us more time - are fucked.

Ken won’t want to pay for admin and even if he does apparently Bassini could legally challenge him.

ED Trustees don’t want to be responsible again.

Not enough time for a new buyer to show up and do DD.

Forget Bassini

[birch-chorley]

29 minutes ago, Howardroark said:

Some would argue that the debt accrued in that time provided fans with a decade of enjoyment beyond their wildest dreams, that this was a gift from one man cannot be overlooked.

No arguments with the ten years in the sun when it was great 

However we spent three years languishing in the championship squandering our parachute monies when we should have been attempting to live within our means 

Ben Amos signing on for £1m a year over 3 or 4 years just before the music stops one of many catastrophic decisions. He didn’t have to keep putting money in, however when he decided enough was enough he should have prepared the club for that day much better than he did  

of course, his overall contribution has been massive but he’s had a hand in our death as things stand. Saying that, when he first came in we were at deaths door 

 

[Mantra]

6 minutes ago, Howardroark said:

Forget Bassini

Alright then, so revised options are:

- ED Trust blinks first and forces admin.

- Gets to Wednesday ED Trust still holding fire. Ken puts us into admin.

- Get liquidated on Wednesday if Ken doesn’t ask for admin.

- Ask for more time and get another adjournment. Essentially restarting the blinking contest and perhaps allowing more potential buyers to surface.

 

First two options seem most likely to me but who knows where the fuck this goes next.

 

edit: I know you’re saying there’s no chance of liquidation, Ken being liable for unsecured debt and such, but whilst we’re under a winding up order, it’s still a possibility for me.

Edited May 6, 2019 by Mantra

[waffer cup 07]

2 minutes ago, Howardroark said:

Forget Bassini

So then H please spell out the options left, if there are any other than administration.

[RONNIE PHILLIPS]

4 minutes ago, Howardroark said:

Forget Bassini

We were led to believe your lot were funding him iirc? 

 

 

[Howardroark]

1 minute ago, Mantra said:

From the sounds of it, all of the options - other than the court being nice and giving us more time - are fucked.

Ken won’t want to pay for admin and even if he does apparently Bassini could legally challenge him.

ED Trustees don’t want to be responsible again.

Not enough time for a new buyer to show up and do DD.

Forget Bassini

[Tombwfc]

10 minutes ago, RONNIE PHILLIPS said:

We were led to believe your lot were funding him iirc? 

 

Was this after they bought the shares off the Davies family six weeks ago?

 

Quote

Them forcing admin means the £5M ends up in his pocket because they’d have to recall his shares

 

Isn't that money in BluMarble's pocket?

Edited May 6, 2019 by Tombwfc

[onlyoneawalker]

Ed Davies and his family owe BWFC nothing and it’s an absolute piss take to say they do.

BWFC is a business and it’s bust it needs putting in admin by its current directors this absolute fucking farce needs drawing to a close.

 

[barrycowdrill]

ED loved the club. The rest of his estate don’t appear to give 2 shits. That’s entirely their prerogative.

if we’re being told to forget Bassini I’d also forget the ED party too 

[Howardroark]

14 minutes ago, RONNIE PHILLIPS said:

We were led to believe your lot were funding him iirc? 

 

 

He didn’t have the collateral to support the level of funding he desired.

[RedBloodzCell]

What if the court rejects admin though?

[Howardroark]

4 minutes ago, onlyoneawalker said:

Ed Davies and his family owe BWFC nothing and it’s an absolute piss take to say they do.

BWFC is a business and it’s bust it needs putting in admin by its current directors this absolute fucking farce needs drawing to a close.

 

Exactly

[onlyoneawalker]

Just now, RedBloodzCell said:

What if the court rejects admin though?

I don’t think they can

[Howardroark]

7 minutes ago, Tombwfc said:

 

Was this after they bought the shares off the Davies family six weeks ago?

 

 

Isn't that money in BluMarble's pocket?

BWFC per KA £5M, if Moonshift recall his shares then he doesn’t have to pay it back to them.

[Guest]

1 minute ago, barrycowdrill said:

ED loved the club. The rest of his estate don’t appear to give 2 shits. That’s entirely their prerogative.

if we’re being told to forget Bassini I’d also forget the ED party too 

The trustees have to work on behalf of the beneficiaries

[RedBloodzCell]

Just now, onlyoneawalker said:

I don’t think they can

Then who would fund it? KA?

[Howardroark]

17 minutes ago, waffer cup 07 said:

So then H please spell out the options left, if there are any other than administration.

There aren’t any other than admin, but that still requires there to be a buyer with £23M cash plus £14M to satisfy EFL