Jump to content
Wanderers Ways - passion not fashion

Recommended Posts

  • Site Supporter
6 minutes ago, Tommy Banks said:

Iles just tweeted hotel owes club 1.2m

 

4150578F-717D-408B-8EFB-C5AD3DDB7F9B.jpeg

i wonder what that bill is for?

i reckon it will be for fuck all... nothing but creative accounting, hence its being argued.

 

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
Just now, HomerJay said:

will they get back payment if they break contract? ie 4 months of wages up the swanny?

i honestly dont know the answer to this, due to the footballer creditor bollocks

Probably

I was of the impression they will get paid all wages owed from when they were under contract

Couldn't say for certain though

 

Link to post
Share on other sites
20 minutes ago, Tommy Banks said:

Iles just tweeted hotel owes club 1.2m

 

4150578F-717D-408B-8EFB-C5AD3DDB7F9B.jpeg

But he hasn't noticed that Club owes the hotel £2.9m. See page 31 of 61.

The guys floundering as usual but what can you expect from a geezer, ten years in the job, who still thinks Gordon Hargreaves paid for the Reebok

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

But he hasn't noticed that Club owes the hotel £2.9m. See page 31 of 61.

The guys floundering as usual but what can you expect from a geezer, ten years in the job, who still thinks Gordon Hargreaves paid for the Reebok

 

Beeno, Simple Simon, Gordon Hargreaves, David Conn, Sam Allardyce, Dean Holdsworth. It's just the same shit constantly on loop.

 

 

Thought it was interesting Gordon Taylor said yesterday something to the effect of that the takeover needed to happen or the club needed to let the remaining players leave. Could be that he's misinformed, but also could be something else keeping Oztumer, Magennis etc. at the club.

Link to post
Share on other sites
5 hours ago, Mounts Kipper said:

I read he chucked in 6 million immediately at Forest then sacked off a raft of managers( paid them off) at least he was trying to get the club successful, then sold club to Greek shipping magnate, I’d take that type of shit club ownership at the moment.😂

For the club to survive, somebody is going to have to get their money out and pay the players wages in the next fortnight.
 
I don't think Football Ventures suggestion of having the wages deferred is good enough.If that's the only offer on the table in a fortnight I think we will be thrown out of the league and liquidated.The League won't put up with an unreliable club cancelling matches because they don't pay their wage bill.
 
IF Fawaz will get his money out and pay the wages then he should be welcomed, even if he has a history of incompetently appointing shit managers.
 
Link to post
Share on other sites
1 minute ago, Roger_Dubuis said:
For the club to survive, somebody is going to have to get their money out and pay the players wages in the next fortnight.
 
I don't think Football Ventures suggestion of having the wages deferred is good enough.If that's the only offer on the table in a fortnight I think we will be thrown out of the league and liquidated.The League won't put up with an unreliable club cancelling matches because they don't pay their wage bill.
 
IF Fawaz will get his money out and pay the wages then he should be welcomed, even if he has a history of incompetently appointing shit managers.
 

Anyone who will get out £25M immediately would be welcomed. I think the difficulty is that it really is that sort of amount to pay off creditors and fund the football club operation. If Fawaz will do it then  great. I somehow suspect that would not be the case and we'd be looking at another set of false promises. 

Link to post
Share on other sites
38 minutes ago, Chris Custodiet said:

But he hasn't noticed that Club owes the hotel £2.9m. See page 31 of 61.

The guys floundering as usual but what can you expect from a geezer, ten years in the job, who still thinks Gordon Hargreaves paid for the Reebok

The £2.9 million was the amount when the administrators took control. The £1.2 million is the current amount according to the list of creditors. Why I don’t know. For the record, in the other unpublished report it gives the figure as uncertain.

Link to post
Share on other sites

What have we learned today - Hotel Administrators Report

Loads of stuff in here  so let's start out with a crowd pleaser first then

- Ken's not been cooperating with the Administrator - Appendix 1, para 6.1, page 8.  Boo, hiss!

- Now that's got rid of 90% of the haters, we can settle down and go through this dispassionately and note that indeed PBP/(Michael James) are indeed the First Charge holder (Iles 0, Sluffy 1) and Ken in second place, with no others shown as secured.

- Kens charged as I had previously stated was splattered across Burnden Leisure and everything else under their umbrella (surprising what knowledge you can apparently pick up from Google and CH isn't it?), and as such what he gets from the clubs administrator will be offset against his claim against the hotel.

-  The Administrator has estimated that after the sale there would be some monies left to pay 15p in the £ to them (well 15.33p actually).

- This then would show an estimated sale to bring in around £9.5m being James £5.5m, Ken £3.5m (£5m less £1.5m the club Administrator and assuming the other alleged £2.5m he claims as part of his £7.5m charge is not accepted by these Admins in the same way they hadn't with the clubs Admin) and around £350k as 15.33% of the unsecured creditors who total £2.4m) - in which case James would be the major creditor unless nearly all the unsecured creditors (with their gross claims - not the 15p in the £ settlement amount) would have to vote with Ken to have majority say and seeing that the single largest unsecured creditor is BWFC itself for £1.2m and that's now under the clubs Admins control then it is hard to see that happening.  The Town Hall is next highest with £675k owing to them (us if you pay your Council Tax to Bolton Council)

- The Administrator specifically makes this crucial point - "...the company [the Hotel] is inextricably linked to the football club, the sale of the hotel is highly contingent on the sale of the football club" - App 1, 5.5, page 7.  

- The Administrator states that there is a hierarchy of what is job is about, the first being to save the business, the second to do the best for the creditors (App 1, 4.1/4.2, p 6.) and seems to say that equates to seeing if he could achieve a CVA first and foremost, if not the a sale comes next.  I can only speculate with the clear delay in attempting to market and sell the hotel whose future (and value) is "inextricably linked" to the fate of the club, that the hotel Admin has tried to go down the CVA road first, failed, and now is playing catch up on a sale?  Otherwise his actions of not marketing and seeking a buyer much sooner could be majorly prejudicial to the creditors he represents if the value of the hotel to potential purchasers plummet if the club fails to find a buyer (because of the hotel not being in a position to be sold) and has to be liquidated because of it?  Anyway, it is how it is and we move on.  It is though worth noting that point 1.3 in the Executive Summary (page 3) that they state they believed a CVA was achievable!

- It's worth noting also that the Hotel is currently trading but not profitable enough to pay its outstanding creditors (App 1, 4.3, p6), so in no way - and totally contrary to Nixon's public assertions (and I believe Iles more restrained ones) could the hotel fund the football club and keep it solvent from its own trading position.

- Finally there's a great deal about the Administrators charges that to be honest I'm not particularly interested in - they are what they are - but it seems from the Executive Summary that he states his fee to be somewhere in excess of £525k (Expenses table, 1.4, page3)  The table also shows an anticipated trading loss of £250k, which I presume(?) would be for the hotel during the period of Administration (I'm not absolutely sure though).


Hope this helps a bit in understanding some of the stuff the report is saying.

Link to post
Share on other sites
5 minutes ago, Boby Brno said:

The £2.9 million was the amount when the administrators took control. The £1.2 million is the current amount according to the list of creditors. Why I don’t know. For the record, in the other unpublished report it gives the figure as uncertain.

Think you might be getting things slightly confused?

The £1.2m is shown as a creditor to the hotel - so obviously the hotel owes them that money but the £2.9m Chris is talking about is shown as a 'Book Value' debtor to the hotel - someone the owes it money.

As debtors and creditor amounts are frozen at the time of Administration and Administration was done at the same time for the club and the hotel I think the position is as the hotel Administrator sees it that the club owes the hotel £2.9m, whilst at the same time owing the club £1.2m.

Up to the two separate Administrators to come to some agreement amongst themselves as to what the actual amounts are.

 

Link to post
Share on other sites
1 minute ago, Boby Brno said:

The £2.9 million was the amount when the administrators took control. The £1.2 million is the current amount according to the list of creditors. Why I don’t know. For the record, in the other unpublished report it gives the figure as uncertain.

Sorry Boby, but are you not mixing up debits with credits?The £2.9m was shown as a hotel debtor not a creditor. If that's what happened, shouldn't a £4.1m swing in the space of a few weeks have had some explanation?

And should there not also be an explanation of the  £10m owed to the ED Trust and the £1.75m owed to Ken Anderson in Rubin's report.

You have it. What does it say about the secured loans to enable creditors to understand it all?

Link to post
Share on other sites

It's about time the admins gave FV a definitive deadline of say this weekend to complete or they get on board with other interested parties, the way things stand, players are in the dark, the manager is in the dark, the fans are in the dark, if FV had any real interest they would have at least spoken to the players to ask for their patience, but apparently they haven't so to me that tells us they aren't interested in the Football club.

Link to post
Share on other sites
3 hours ago, Sweep said:

I'm surprised it's taken this long to be honest

Parkinson spoke openly how he felt magennis didn’t work hard enough on GMR and oz never got a look it. I hope they have to give themselves and their families a chance 

Link to post
Share on other sites
1 minute ago, DomRepWanderer said:

It's about time the admins gave FV a definitive deadline of say this weekend to complete or they get on board with other interested parties, the way things stand, players are in the dark, the manager is in the dark, the fans are in the dark, if FV had any real interest they would have at least spoken to the players to ask for their patience, but apparently they haven't so to me that tells us they aren't interested in the Football club.

This shows a complete misunderstanding of the process. Give them a deadline - hotel admins can't meet. Open up to another party who also needs hotel - Mike James is top secured creditor and wants full payment...

FV aren't in full control. Neither are Rubin and partners nor Quantuma. 

Its shit but putting deadlines in place helps nobody here. 

 

 

Link to post
Share on other sites
3 minutes ago, Chris Custodiet said:

Sorry Boby, but are you not mixing up debits with credits?The £2.9m was shown as a hotel debtor not a creditor. If that's what happened, shouldn't a £4.1m swing in the space of a few weeks have had some explanation?

And should there not also be an explanation of the  £10m owed to the ED Trust and the £1.75m owed to Ken Anderson in Rubin's report.

You have it. What does it say about the secured loans to enable creditors to understand it all?

Yep. Trying to get some work done whilst skimming the report.👍

Link to post
Share on other sites
8 minutes ago, bwfcfan5 said:

This shows a complete misunderstanding of the process. Give them a deadline - hotel admins can't meet. Open up to another party who also needs hotel - Mike James is top secured creditor and wants full payment...

FV aren't in full control. Neither are Rubin and partners nor Quantuma. 

Its shit but putting deadlines in place helps nobody here. 

 

 

So by giving them a all the time in the world we end up with no players at all, we won't start the season, kicked out of the football league, and all the history this club has ever created will be totally wiped out, simply because FV can't or wont meet the admins demands?

Link to post
Share on other sites

It seems the hotel sales prospectus is out.  Also seems if true what Nixon says that the hotel Administrator is accepting around 27.5p in the £ on the clubs £2.9m to the hotel.

 

Link to post
Share on other sites
7 minutes ago, DomRepWanderer said:

So by giving them a all the time in the world we end up with no players at all, we won't start the season, kicked out of the football league, and all the history this club has ever created will be totally wiped out, simply because FV can't or wont meet the admins demands?

I'd suggest the season is the deadline everyone knows about. Also this has nothing to with with FV meeting admins demands. 

This is the requirement for EFL to sign off on the deal - and the business plan the EFL have approved requires FV to own the hotel. 

So until that happens FV can sign the SPA - but the league will not grant them control without the hotel - since their business plan seemingly requires it. 

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

It seems the hotel sales prospectus is out.  Also seems if true what Nixon says that the hotel Administrator is accepting around 27.5p in the £ on the clubs £2.9m to the hotel.

 

Can't really blame Nicko. BWFC is just one of the clubs he has to follow but the club's owed money to the hotel ever since PBP put in £5.5m over three years ago, most of it being moved upstairs to prop up BWFC. Previous to that it was t'other way round and it was ED that was propping up both. Not that anyone at the Beeno noticed and they only had one club to follow.

Edited by Chris Custodiet
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.