13 hours ago, Casino said:

It takes weeks to buy a 300k house

Why folk thinks this happens in a day or two defies belief

 

#thickasfuck

 

It wasn't some random crank on Twitter who said heads of terms would be signed last week and is now saying it'll hopefully be next. Presumably that person isn't unaware of how longs these things take.

I'm not saying there's anything untoward, but given there must have been over a dozen missed deadlines for this or that related to BWFC this year... I can understand why people would be wary.

They should just say “look, it might take 8 weeks. At least Ken’s fucked off”

4 minutes ago, Spider said:

They should just say “look, it might take 8 weeks. At least Ken’s fucked off”

Exactly, but by setting deadlines and making them deadlines public, people are obviously going to get concerned when the deadlines have passed and there isn't any word. Then to find out there is a delay with the HoTs and I get that doesn't mean much, but when I saw that, i just thought for fuck sake here we go again

Detailed Heads of Terms should hopefully make the actual drafting of the legal documents much quicker as most of the main points will have already been thrashed out.

I imagine the draft documents are being worked up in parallel to the HOT's given how time critical it is to the purchaser.

1 hour ago, radcliffewhite1 said:

Who signed the clown Amos 

lennon?

Daring Dougie actually after Bogdan left for Liverpool.

Think the only fee paid by Lennon was 400k for Twatstick from Celtic.. mmmm

21 minutes ago, Tombwfc said:

 

It wasn't some random crank on Twitter who said heads of terms would be signed last week and is now saying it'll hopefully be next. Presumably that person isn't unaware of how longs these things take.

I'm not saying there's anything untoward, but given there must have been over a dozen missed deadlines for this or that related to BWFC this year... I can understand why people would be wary.

They aren’t saying head of terms hopefully next week. They are saying completed deal hopefully next week. Head of terms will be this week. Like exchange and completion when buying a house.

2 minutes ago, Take Hunt Off said:

Daring Dougie actually after Bogdan left for Liverpool.

Think the only fee paid by Lennon was 400k for Twatstick from Celtic.. mmmm

Neil Lennon signed him on a free. He’d been on loan previously. 

4 minutes ago, bwfcfan5 said:

Neil Lennon signed him on a free. He’d been on loan previously. 

Fair enough but he was still on 16k a week.

1 hour ago, radcliffewhite1 said:

Who signed the clown Amos 

lennon?

I think it was Bill Ridding?   (One for the owd ’uns) 

1 hour ago, bwfcfan5 said:

They aren’t saying head of terms hopefully next week. They are saying completed deal hopefully next week. Head of terms will be this week. Like exchange and completion when buying a house.

Not really. On exchange of contracts on you are legally obliged to complete the purchase of the house (on the terms of the contract). When signing HoTs, there is no legal obligation to complete the sale and purchase. It’s just parties agreeing the commercials terms of the deal.

Using your analogy, signing HoTs is more like having the estate agent send the solicitors the memorandum of sale (although it’s not the best of analogies as there aren’t detailed terms on residential sales). The solicitors will then look at the terms of the memorandum of sale and prepare the sale documents. 

What should hopefully speed up the process here is that:

(a) unlike on a house sale - where solicitors receive the memorandum and then start their legal due diligence - here, the DD should have been done already; and

(b) as Super Bock said above, solicitors will no doubt already have prepared draft sale documents in anticipation of the sale, which would then only need to be tweaked to reflect the final agreed terms per the HoTs. 

Edited June 19, 20197 yr by Jol_BWFC

2 hours ago, radcliffewhite1 said:

Who signed the clown Amos 

lennon?

Surely the right question is who authorised the financial aspect of the deal. Circa 16k on a 4 year deal when it was clear we didnt have a pot to piss in?

Oh aye and he was shite as well. Should have gone to specsavers for his medical 

Heads of Agreement/Heads of Terms etc not being finalised yet is a worry as the implication is that they are still negotiating which means that the buyer could still walk away if they don't get the agreement they want - and even when they are agreed the buyer could still walk away if they change their mind so all this talk about the takeover is a bit premature. All very frustrating as the clock is ticking and we're desperate for news - ideally good news - but there's no point in stressing about it until we get an official announcement.

The best we can hope for is that the potential buyer has a plan and is working in parallel with the purchase negotiations to set up targeted signings "in principle" rather than thinking they'll deal with that once the sale goes through.

6 minutes ago, snowball said:

Surely the right question is who authorised the financial aspect of the deal. Circa 16k on a 4 year deal when it was clear we didnt have a pot to piss in?

Oh aye and he was shite as well. Should have gone to specsavers for his medical 

The Amos deal is the worst of the lot for me, as you say the cat was already out the bag about our finances and then we go and do that. Absolutely bonkers.

Instead of everyone flapping and trying to be the new Alan Turing, trying to decode all delays, silences and sentences written. Let the administrators do their job

once all is done and dusted we can then start doing our job of criticising the new owners, trying to unearth how much money they haven’t got and wishing we had someone else 

The Amos deal was the one Bogdan turned down.

So, either way we were paying £16k-£18k (depending who you believe) a week for a shit ginger cunt.

If indeed that £1m was paid into the clubs accounts, then the first would be to play the playing staff, just to stop them walking away of their contracts.

Delay in the HoTs could be the remaining squad becoming fewer and fewer. It could also be any other reason too.

49 minutes ago, Marc505 said:

The Amos deal is the worst of the lot for me, as you say the cat was already out the bag about our finances and then we go and do that. Absolutely bonkers.

Nearly as mental as When ken said all the player deals were shit but other than Amos he’d negotiated them all😂

its clear we have had muppets in charge for ages

1 hour ago, Traf said:

The Amos deal was the one Bogdan turned down.

So, either way we were paying £16k-£18k (depending who you believe) a week for a shit ginger cunt.

Vile

Does anyone know how much cheaper it was to buy us out of admin, rather than buy us from The Sweaty One?

Edited June 19, 20197 yr by Burndens Bogs

didnt ken want circa 40m, whereas admin is around 15m with additional 10m required by efl as running costs?

Starting to think Ive misread this admin situation somewhat. 

I presumed that the admin process, bis deadlines etc were designed so that once all bids were in, the administrators pick their preferred option and they buy the club has they agreed in their bid. Both parties already agreed sale price, and what they were getting for their money, then we crack on. 

Why does it now seem that there isnt't actually an agreement as yet and I presume the potential buyers could just walk if they felt the deal wasnt right. Why is all that shit still up in the air at this stage?

i think fans are right to be more than a little concerned that the process THEY set out is now nothing of the sort in reality. We have seen that quite a few times already tbf, and have even had "HOT" agreed and announced (yet to happen this time) and its still gone Pete Tong. 

1 hour ago, HomerJay said:

didnt ken want circa 40m, whereas admin is around 15m with additional 10m required by efl as running costs?

Is that write down of £25m purely down to the administration reduced payment to creditors?

or are you suggesting ken Anderson wanted £25 more for the club?

1 minute ago, leebwfc said:

Starting to think Ive misread this admin situation somewhat. 

I presumed that the admin process, bis deadlines etc were designed so that once all bids were in, the administrators pick their preferred option and they buy the club has they agreed in their bid. Both parties already agreed sale price, and what they were getting for their money, then we crack on. 

Why does it now seem that there isnt't actually an agreement as yet and I presume the potential buyers could just walk if they felt the deal wasnt right. Why is all that shit still up in the air at this stage?

i think fans are right to be more than a little concerned that the process THEY set out is now nothing of the sort in reality. We have seen that quite a few times already tbf, and have even had "HOT" agreed and announced (yet to happen this time) and its still gone Pete Tong. 

Some of this will be about how they pay for the club, an financing deals, upfront money, contracted players, manager and other staff, it isn't just as simple and as quick as buying the club, so I wouldn't be too worried, these deals are a lot more complicated then people realise

1 hour ago, HomerJay said:

didnt ken want circa 40m, whereas admin is around 15m with additional 10m required by efl as running costs?

Ken had a sale price of £25M officially. But in due diligence the true debt level was revealed as £40M plus. 

yeah suppose, cheers for that. Still concerns me that there is seemingly no "commitment to buy" as I previously thought. I realise the details would need more work but there would have at least have been a "you have agreed to buy this for that amount" kind of deal and now just finishing off the finer parts. I think I just thought it was further down the road than it now seems to be. Hopefully that concern is false and we are all buzzing next week waiting for signings and new kits etc. 

Think the best thing to avoid fan panic would have been to not start giving us completion dates and just tell us all to fuck off for a bit and we will let you know when its done.