It's happening. 

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

Thank fuck

https://www.drpartners.com/asher-miller/

Our administrators are Arsenal fans, make of that what you will.

The BWFC website doesn't mention points deductions.   Other places are saying that is confirmed.

https://www.stokesentinel.co.uk/sport/football/football-news/stoke-city-bolton-wanderers-administration-2863414

 

 

1 minute ago, Mantra said:

https://www.drpartners.com/asher-miller/

Our administrators are Arsenal fans, make of that what you will.

And a couple of reports about the same chap's dealing with Coventry...

 

https://www.coventrytelegraph.net/news/coventry-news/coventry-city-liquidator-charged-over-8105978

https://www.coventrytelegraph.net/sport/football/football-news/coventry-city-administrator-hits-back-3903639

 

Drags his feet deliberately to make a fortune out of it?

 

How much say does Ken get in admin, as a creditor he has to be "satisfied" with the deal, but can he make it awkward?

What I'm getting at is, can the administrators guarantee him a minimum amount that will keep him quiet, or can he express his dissatisfaction until he gets what he wants?

The liquidator of Coventry City Football Club Ltd has charged the company more than £444,000 for his services since the business went into administration.

Paul Appleton, of London-based joint administrators David Rubin and Partners, has charged CCFC Ltd £146,147 for the 12 months up to September 26 this year.

The figure came to light in the Liquidator’s Progress Report recently filed with Companies House.

The latest amount is in addition to the £298,109 claimed by Mr Appleton’s firm for services while CCFC Ltd was in administration, from March 2013, before later entering liquidation.

 

Hmm, so they got liquidated after being in admin for months.  Is that what we can expect now the same chap is in charge?

Well at least something concrete as happened, and no doubt the next few weeks there will be speculation about who buys it out of administration. With regard to Howard or anyone else who has posted information about the processes of takeover etc. I always take things at face value unless there is information to the contrary 

so at what point does KA lose his job?

2 minutes ago, ZicoKelly said:

so at what point does KA lose his job?

Think that would be today

6 minutes ago, chrisw99 said:

The liquidator of Coventry City Football Club Ltd has charged the company more than £444,000 for his services since the business went into administration.

Paul Appleton, of London-based joint administrators David Rubin and Partners, has charged CCFC Ltd £146,147 for the 12 months up to September 26 this year.

The figure came to light in the Liquidator’s Progress Report recently filed with Companies House.

The latest amount is in addition to the £298,109 claimed by Mr Appleton’s firm for services while CCFC Ltd was in administration, from March 2013, before later entering liquidation.

 

Hmm, so they got liquidated after being in admin for months.  Is that what we can expect now the same chap is in charge?

Quickly skim-reading some of those articles has my head spinning, sounds like it was/is as complicated as our situation.

Hopefully we have a quick solution but that's not the best reading to introduce our admins.

Just now, Mantra said:

Quickly skim-reading some of those articles has my head spinning, sounds like it was/is as complicated as our situation.

Hopefully we have a quick solution but that's not the best reading to introduce our admins.

Yeah, and then you read some of the articles from 2 years later...

"It is more than two years since Coventry returned to the Ricoh Arena after a season in exile in Northampton, thinking their troubles were over. But they are now a club in crisis.

They do not own their ground, their academy has been taken over by their Ricoh landlords Wasps and they are in danger of a return to the Football League's basement for the first time since 1959."

 

2 minutes ago, Mantra said:

How much say does Ken get in admin, as a creditor he has to be "satisfied" with the deal, but can he make it awkward?

What I'm getting at is, can the administrators guarantee him a minimum amount that will keep him quiet, or can he express his dissatisfaction until he gets what he wants?

I don't think you've understand anything at all about this have you?

Once the Administrator has been appointed the existing shareholders of the club have been replaced by him - so Ken has no longer any say in the running of the process whether he's happy or not.

As a creditor he won't get a penny until the club EXITS Administration, at which time he's entitled to receive 100% of his 'secured' charge on the club which amounts to £5m.

As far as I'm aware he still owes Moonshift £5m also for the loan Eddie made to Ken's company ICI Ltd..

(It will be interesting to see if ICI Ltd is soon put into voluntary liquidation or not).

 

5 minutes ago, Sluffy said:

I don't think you've understand anything at all about this have you?

Once the Administrator has been appointed the existing shareholders of the club have been replaced by him - so Ken has no longer any say in the running of the process whether he's happy or not.

As a creditor he won't get a penny until the club EXITS Administration, at which time he's entitled to receive 100% of his 'secured' charge on the club which amounts to £5m.

As far as I'm aware he still owes Moonshift £5m also for the loan Eddie made to Ken's company ICI Ltd..

(It will be interesting to see if ICI Ltd is soon put into voluntary liquidation or not).

 

Thanks for the update answers my questions

9 minutes ago, Sluffy said:

I don't think you've understand anything at all about this have you?

Once the Administrator has been appointed the existing shareholders of the club have been replaced by him - so Ken has no longer any say in the running of the process whether he's happy or not.

As a creditor he won't get a penny until the club EXITS Administration, at which time he's entitled to receive 100% of his 'secured' charge on the club which amounts to £5m.

As far as I'm aware he still owes Moonshift £5m also for the loan Eddie made to Ken's company ICI Ltd..

(It will be interesting to see if ICI Ltd is soon put into voluntary liquidation or not).

 

Question is whether Ken will play ball with the administrators...does his history suggest he will? He will be required to provide a lot of information. I bet his mobile phone suddenly stops working. 

or they have the wrong number...

57 minutes ago, Traf said:

How long before Ken tries to claim he was on the verge of doing it himself?

I thought he filed for admin last week, the same day that Fildraw did?

We can only hope that Fildraw had sufficient interest in buying the club out of administration to take action as a long-winded admin will rack up the bills, however I suspect they could see no end to Anderson's games and perhaps acted for that reason.

As for the possibility of ICI liquidating and the money doing a vanishing act, question is whether or not the EFL money and the money from transfers which was allegedly "loaned" to ICI will go along with the £5 million ED loan? Asset stripping, plain and simple - although if that happens, how could the authorities fail to see it for what it is? Surely something a bit more devious would be required?

29 minutes ago, HomerJay said:

are we assuming admin will last until players contracts expire and running costs are at a minimum before we see any real light?

Shouldn’t be the case.  The cost of funding admin will be met by the business and the administrators sit at the top of the food chain when it comes to being paid. 

as such the costs of having them in situ will far far outweigh the wage bill or any cost savings associated with this I imagine. As such it is beneficial for the club to have a deal done as soon as feasible and out of administration. 

Just now, Burndens Bogs said:

I thought he filed for admin last week, the same day that Fildraw did?

You don't think there's a possibility he lied do you?

Out of interest, what does this mean for the staff who haven't been paid for a couple of months.  Will they now get paid by the administrator ASAP?

3 minutes ago, Burndens Bogs said:

I thought he filed for admin last week, the same day that Fildraw did?

Notice of intent was lodged  by both parties. 

 

Basically so ken can say he was about to pull the trigger and wasn’t sat idly by which we all suspect he possibly had been to date. 

Edited May 13, 20197 yr by Escobarp

2 minutes ago, Sluffy said:

I don't think you've understand anything at all about this have you?

Appreciate the answer, but you've always got to throw a sly dig in there. You can't just answer MY questions in a polite way.

You must be an ex-teacher as someone who revels in knowing more about something than someone else and uses that to put people down to make up for the fact that you never amounted to anything significant yourself.

Not a dig at teachers but you remind me of the bitter ones.

I'm not thick, so if I'm not fully following the process then I'm sure many more aren't and that's what this forum is for, discussing, debating and asking questions about the takeover. Indeed, Mr Rizlar has already understood the process more clearly from your answer to my question. So it's not just me is it?

Despite your knowledge, it's a shame you feel the need to look down your nose so much, I hope you don't wear glasses as they must fall off a lot.

I await your response lambasting me for 5 paragraphs about how I've not read the thread in detail enough. I did think you were a reasonable chap, turns out you're as crabby as Ken and his family.

Thanks for answering my question though. x

3 minutes ago, bwfcfan5 said:

Question is whether Ken will play ball with the administrators...does his history suggest he will? He will be required to provide a lot of information. I bet his mobile phone suddenly stops working. 

Maybe, we shall see.

No doubt Paul Aldridge will be co-operative though as presumably being the Finance Director for the club since he was contracted to work as Mr Anderson's consultant he has a statutory requirement to have ensured the company as been run in compliance with legal requirements.

I'm sure he will be as helpful as he can.

EFL confirmation.

 

https://www.efl.com/news/2019/may/efl-statement-bolton-wanderers3/

 

6 minutes ago, Escobarp said:

Notice of intent was lodged  by both parties. 

 

Basically so ken can say he was about to pull the trigger and wasn’t sat idly by which we all suspect he possibly had been to date. 

I think he did applied for Administration to protect his own interests of securing his £5m by taking possession of the hotel. (That's the very same reason BM threatened Admin - and KA's £5m in effect replaced BM's security on the hotel directly following their settlement).

However James also applied for Admin too - to protect his security on the hotel also.

I would imagine the various potential Administrators could see what was potentially happening and deferred to Fildraw, who sought Administration for everything (the club, the hotel, as well as Burnden Leisure).

3 minutes ago, chrisw99 said:

Out of interest, what does this mean for the staff who haven't been paid for a couple of months.  Will they now get paid by the administrator ASAP?

Probably not 

They will all most likely have their contacts terminated with immediate effect 

Some key staff - Security , accounts , Groundsmen may be retained or more likely terminated and re - employed by the administrator 

Staff will get a letter telling them about administration process and will have to put in claims for unpaid wages including holiday pay and separately a claim for statutory redundancy - the amount they get  is capped and paid from Government funds

That said hopefully most if not all will be offered jobs by the buyer of the club 

Most of the relevant details are on Government website https://www.gov.uk/your-rights-if-your-employer-is-insolvent/your-rights