Jump to content
Wanderers Ways - passion not fashion

Recommended Posts

1 hour ago, DLH said:

@Sluffy what if Moonshift paid ICI the £5m... does that help your conundrum? 

The Moonshift loan was/is secured against ICI and BL assets, not the hotel.

At the time of that loan, I'll hazard a guess that all assets in the hotel were borrowed against via PBP and BM.

 

Thanks for the input but if check back in my posts over the last couple of days you will note that was indeed my starting position as to how Ken had the £5m to 'secure'/pay off the BM loan in the first place.

It is once the money enters the club that my problem occurs namely and as simply as I can word it...

£5m goes into the club, yet £10m comes out of it?

How can that be?

If the money was secured on other assets and then the BM loan was paid off - the club would be £5m less of debt owing to a long standing creditor but have secured an asset of £5m back free of debt from paying off BM - so a cost neutral transaction - with KAs new £5m loan still secured on £5m of assets other than those BM had their loan against - again in balance - as once the loan is paid back the club will again have £5m of these other assets free of debt too.

Similarly if the club 'found' £5m to pay off BM and thus had £5m of assets to then loan against and Ken then put the £5m against that - then again everything would be in balance.

However as it is being put to me (or at least how I understand it is being put to me) £5m was secured, which was used to both pay off the BM loan and still be there in existence to be redeemed some months later - or in other words you put £5m into a company - pay a £5m creditor in full, THEN take out another £5m - and say everything has balanced.

It hasn't!

I'm sorry I just can't see it, I don't think I'm being thick or bloody minded, or anything, or not willing to be able to hold my hand up and say I got it wrong - I simply don't see how £5m in equals £10m out.

I've had my say now, I realise people are getting sick of me raising the point and no doubt it will come out in the wash one way or another but I still maintain the logic simply doesn't hold up to examination in the way most/or even everybody but me, says it does - and if I'm right then I doubt that accountancy rules would allow this to happen.

I think that's fair comment from me surely?

Anyway I'll let it drop now.

Edited by Sluffy
Grammar errors
Link to post
Share on other sites
  • Replies 28.2k
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Popular Posts

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.

Posted Images

  • Site Supporter

Gudni, besides being a bit of a playing legend, has a lot of time for the club, and is the sort of character you'd want at the helm. Responsible, a deep understanding of football, and a bright individual with business and law experience. He'd do for me, big time.

Would put some bums on seats and give the place a boost.

On that basis, sounds to good to be true! :)

Link to post
Share on other sites
6 minutes ago, Tonge moor green jacket said:

Gudni, besides being a bit of a playing legend, has a lot of time for the club, and is the sort of character you'd want at the helm. Responsible, a deep understanding of football, and a bright individual with business and law experience. He'd do for me, big time.

Would put some bums on seats and give the place a boost.

On that basis, sounds to good to be true! :)

Gundi personally recommended Daniel Izza to the ST and who went on to be its Chair.

Just saying like.

 

Link to post
Share on other sites
1 hour ago, DLH said:

@Sluffy what if Moonshift paid ICI the £5m... does that help your conundrum? 

The Moonshift loan was/is secured against ICI and BL assets, not the hotel.

At the time of that loan, I'll hazard a guess that all assets in the hotel were borrowed against via PBP and BM.

 

 

The Moonshift loan is secured against the assets of BL, probably as a second charge behind KA's charge. Moonshift also has a charge on the shares of ICIL which frankly seem to be worth very little. The charge however operated so as to limit the time allowed for repayment.

Its a misconception to think that if company A has a charge on the assets or shares of Company B, it must be in respect of loans between A and B. That's not the case. To take one obvious example, Blumarble were granted security over the assets of Burnden Leisure, BWFC, Bolton Whites Hotel and every other member of the group in relation to a loan BM made to SSBWFC. i. e. No members of the group.

What route did the money take in September 2018? Probably from Moonshift to Blumarble via the lawyers involved in a three-way transaction.

 

Edited by Chris Custodiet
Link to post
Share on other sites
12 minutes ago, Traf said:

5 bidders remain in the hunt.
Best offers including verification of funds by Wednesday, head of terms to be signed friday.

Fingers crossed we are at the end.

Link to post
Share on other sites

BN saying a proposed 2 game trip to Germany pre-season has been shelved. Suggests someone's making at least tentative pre season plans in the background.

(My bank account also says thank you)

Link to post
Share on other sites
46 minutes ago, Tonge moor green jacket said:

Maybe. Don't care either way.

But you're a ken sympathiser, so I'll take that with a pinch of salt 

Believe what you want mate.

This was his short bio under his picture when he was on the ST Board -

"Daniel Izza is a qualified solicitor of over 20 years and set up his own commercial practice in 2010, after spending time as a partner in three Manchester-based firms. He was recommended to the Trust by former Wanderers captain Gudni Bergsson.

https://www.burndenaces.co.uk/2016/07/12/bwfcst-announce-board-after-scrapping-election-process.html

Link to post
Share on other sites
11 minutes ago, Dr Faustus said:

If someone wrote it on the Internet it must be true! 

 

I don't care either BTW 

 

JSL

It was written on the BWFCST's official web site at the time.

Izza's picture and bio has since been removed but the BA site copied and pasted what was there when the famous five were originally voted in elected.

I don't care either way myself also, so that's the three of us - my point was more aimed towards hopefully getting the best person to do the job for us rather than some random ex-Wanderer who could kick a ball straight (but not necessarily shoot straight, obviously, as in the case of Mr Dean 'Wembley' Holdsworth).

Edited by Sluffy
grammar error
Link to post
Share on other sites

I do wonder what the scoring criteria is and what kind of proposal bidders are required to submit.

is it purely financial?

short term? 

Long term?

is a ‘football plan’ required?

Link to post
Share on other sites
Guest
This topic is now closed to further replies.

Announcements


×
×
  • Create New...

Important Information

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