Jump to content
Wanderers Ways. Neil Thompson 1961-2021

Take Over


Kane57
 Share

Recommended Posts

  • Moderators
1 hour ago, kent_white said:

"I'm trying to run a high-class bureau-de-change, not some two-bit nipple peep show in Rio de Janeiro"

Looks like Unai Emery 

S01E04-rrQmr6pK.jpg

Link to comment
Share on other sites

5 hours ago, Moon boy said:

I may have missed this but can anyone explain how/why the Hotel has been hived off and being dealt with separately 

As far as I understand it, it goes something like this -

- The hotel is valued at around £8.5m as per its last accounts.
- At the time Holdsworth took on the club some of this value had been used as security on loans to keep the club running - the person who seemed to have loaned money against it up to that point was Michael James.
- Holdsworth took out a loan (some say for £4m, others say for £5m) but it seems the hotel was used to secure the loan - and for an amount of £5m.  This could have been on the basis of £4m capital plus an anticipated interest of a further £1m to ensure the full amount of the total debt would be covered in full - or simply a loan of £5m and matching assets secured against it - either way we were looking at £5m worth of hotel assets secured against the loan (which is the important part in regards to this explanation.
- I assume that if the BM loan was for £5m and James had secured his funds against the hotel too, then it's reasonable to assume (seeing that we were skint) his loan amounted to £3.5m, and thus the full £8.5m book value of the hotel was now in hock.
- When the loan was defaulted and BM took action to recover their money they threatened to put the hotel (note not the club or the umbrella company Burnden Leisure) into Administration and take ownership of the asset in lieu of the defaulted debt owing to them and which had gone past settlement date.
- Eddie loaned KA (ICI Ltd) the £5m to pay it off, secured against the ownership shares of the club.
- Ken put £5m into the club to pay off the loan and secured it in his own name against the hotel - because payment of the BM loan meant that there was now £5m of assets now free of debt that he could secure his money against.
- I have a bit of a problem at this stage that nobody seems to be interested in but me, which is how could KA secure this £5m against the hotel assets until the BM loan was cleared first?  It's a bit like saying you've insured your car for say £20k being the full book value but you then go to another insurer and insure it again!? As it's illegal to claim twice on the car if it became a write off, then I would imagine it would also be illegal to secure money on assets that were already in hock to their full value?
- The timeline at Companies House clearly shows the loan for BM was paid off first before KA replaced it by securing his £5m against the hotel in its place some few days afterwards?
- That would make sense to me but mean that KA had used Eddies money to pay off the BM loan and THEN put £5m of his own into the club - now that he was certain he could get it back as a secured creditor - but no one wants to give any credence to that view - they much prefer that it's the same £5m the Eddie gave Ken and KA somehow found a way of fiddling the timeline to show he both paid off the loan and secured the same money against the hotel - both at the same time.  I can't see that being legal myself?
- Anyway we move on to the current HMRC winders petition that ultimately led to the Administration we are in now.  It seems clear to me that some sort of agreement/deal has been struck with KA for him to get his money back from the hotel and the club and umbrella company would be dealt with without Andersons involvement.
- It would seem logical to me that all parties are looking for a sale of the hotel with Ken (and probably James to an extent) being paid off.
- It was hoped that whoever was going to buy the club would buy the hotel too - but from what we are being told today (yet to be confirmed by the Administrator) that doesn't seem to be the case.
- Selling the hotel off separately and paying off two secured creditors (KA in full and MJ up to £3.5m of his secured £5.5m) would have the benefit of lowering the cost to those wanting to buy the club by something like £8.5m if the hotel fetches its book price - and I guess those wanting to buy the club would only now have to show funds of (£25m - £8.5m =  ) £16.5m.
- of course this isn't an ideal situation (and may not even come about) but it does (to my mind at least) explain why Anderson is focusing on the hotel and why he is the one who put the Hotel into Admin and brought in the Administrators and Fildraw/Eddie didn't.

Hope this helps makes things a little clearer for you?

Edited by Sluffy
grammar errors
Link to comment
Share on other sites

I find it a bit amusing some journos are already speculating, and saying sources at the club etc. The data room is a sealed unit, the only people who have access to it are the admininstrators, only they know who has bid, no one from the club has been allowed near it, so I'm not paying too much attention to the speculation, we'll find out next week

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.