radcliffe white Posted March 7, 2019 Posted March 7, 2019 33 minutes ago, Chris Custodiet said: I refer you to my earlier answer:; 'Of course it was obvious that expenditure still exceeds income. Not quite as obvious though is that the small profit Ken refers to will be the result of Ken negotiating a £1million reduction in the SSBWFC/Blumarble interest charges, most of the net proceeds of the Madine sale being swallowed up in last season's operating deficit. Ken doesn't mention the £472k it cost him to acquire Holdsworth's shares, Holdsworth's £250k p.a. salary, another £250K to pay Holdsworth's expenses, £50K compensation for loss of office plus legal fees and £150K paid to Quantuma to avoid foreclosure in 2017. Why has KA not mentioned these things? NDA possibly. Why has the BN barely mentioned them? Different question.' I would use the word 'cost' rather than 'creamed.' e.g. The £150K would all be costs as would all the legal fees (including the club's undisclosed legal fees).What's more is that for Ken to find the £472K, he needed to draw £525K to cover tax and expenses. If the £525K had been paid to a UK company he would have to have drawn a good deal more than that. Cheers
radcliffe white Posted March 7, 2019 Posted March 7, 2019 21 minutes ago, Mr Grey said: In his pants or monetary value? All over that slag Lyndsey dawn
Chris Custodiet Posted March 7, 2019 Posted March 7, 2019 7 minutes ago, Traf said: So, approx £1.2m? At one time Ken put the figure at £1.5m but I suspect that that included interest Holdsworth was demanding but which Ken wasn't paying. It starts to get complicated when you consider the tax implications of the £250K expenses payment and the £150K Quantuma payment. On the face of it these are additional to the £472K KA spent on Holdsworth's shares. But I also have a suspicion that they may not be and may form part of the £472K to avoid some unwelcome tax charges that the club could ill afford. It seems to me that whatever the figure, Dean Holdsworth was the biggest problem Ken Anderson faced in his attempts to manage a difficult situation whilst attempting to find new owners with the wherewithal to take the club forward.
Burndens Bogs Posted March 7, 2019 Posted March 7, 2019 (edited) Oooh, Iles exlusive on the BN website today “The takeover could be completed soon” We already know that you dope, because Ken told us yesterday. Edited March 7, 2019 by Burndens Bogs
snowball Posted March 7, 2019 Posted March 7, 2019 That made me smile yesterday when an article said the takeover which 'Marc Iles has written expertly on' Fookin expert now and esteemed he will be up for pulitzer prize next
Ani Posted March 7, 2019 Posted March 7, 2019 3 minutes ago, snowball said: That made me smile yesterday when an article said the takeover which 'Marc Iles has written expertly on' Fookin expert now and esteemed he will be up for pulitzer prize next Imagine submitting a report and saying you had written it expertly. I might start adding that and if a PowerPoint mention that have added pretty pictures with a strong artistic aspect.
Boothy Posted March 7, 2019 Posted March 7, 2019 Come on fellas, didn’t you know it’s all very kitsch to be judgemental about our esteemed, expert local journalist?
Chris Custodiet Posted March 7, 2019 Posted March 7, 2019 19 minutes ago, snowball said: That made me smile yesterday when an article said the takeover which 'Marc Iles has written expertly on' Fookin expert now and esteemed he will be up for pulitzer prize next Not exactly Pulitzer but he was up for a North West sportswriter prize for his incomparably useless reporting of the 'Sports Shield' takeover. He didn't get it though. It went to that incomparably prejudiced meathead, David Conn, who thought that interest that could only be paid out of further lending that would never be repaid, barring a miracle, was somehow 'handy for Eddie Davies.
Guest Posted March 7, 2019 Posted March 7, 2019 57 minutes ago, snowball said: That made me smile yesterday when an article said the takeover which 'Marc Iles has written expertly on' Fookin expert now and esteemed he will be up for pulitzer prize next Unibolgate
Burndens Bogs Posted March 7, 2019 Posted March 7, 2019 2 minutes ago, boltondiver said: Unibolgate Let's shorten it to Bolgate for ease of use.
Tombwfc Posted March 7, 2019 Posted March 7, 2019 2 hours ago, Ani said: You can agree/be forced to agree not to comment on certain subjects. The fact as you say Ken is avoiding going like a bull at a gate for once could imply the deal is imminent and he is not rocking the boat as much as usual He did go for Holdsworth though, by implying £1m of the BluMarble money went straight into his flat cap. And that's the bit that isn't really true. That whole arrangement (Holdsworth finding Ken at the 11th hour, then them falling out almost instantly) was an odd one from the start. Here's hoping for better luck this time round.
Guest Posted March 7, 2019 Posted March 7, 2019 51 minutes ago, Tombwfc said: He did go for Holdsworth though, by implying £1m of the BluMarble money went straight into his flat cap. And that's the bit that isn't really true. That whole arrangement (Holdsworth finding Ken at the 11th hour, then them falling out almost instantly) was an odd one from the start. Here's hoping for better luck this time round. How do we know that? We know he promised £5M but delivered only £4M....
DazBob Posted March 7, 2019 Posted March 7, 2019 Jesus wept. This is duller and as misinformed as the Brexit thread. Folk, with the exception of a couple, who know fuck all but are happy to put assumptions and gut feelings down as fact. Who gives a fuck if Ken has made a few quid? Just move on and hope this takeover happens sharpish.
Sluffy Posted March 7, 2019 Posted March 7, 2019 33 minutes ago, Tombwfc said: He did go for Holdsworth though, by implying £1m of the BluMarble money went straight into his flat cap. And that's the bit that isn't really true. That whole arrangement (Holdsworth finding Ken at the 11th hour, then them falling out almost instantly) was an odd one from the start. Here's hoping for better luck this time round. Where did it go then? If Holdsworth and Collins took out a £5 million loan as Anderson states and only £4 million was paid to the club then what happened to the missing £1 million? An unsecured creditor of Sports Shield BWFC (who one assumes is BluMarble) submitted a claim for £8,311,922.29 outstanding to them according to 2nd October, 2018 Progress Report of Liquidator. https://beta.companieshouse.gov.uk/company/09910069/filing-history As for what happened to Michael Collins some months after the take over - https://www.theboltonnews.co.uk/news/14900955.ex-business-associate-of-investment-firm-that-took-over-wanderers-jailed-for-part-in-loan-and-mortgage-fraud-racket/ Which includes the line... "Collins was also involved in fraudulent activity to secure loans".
Traf Posted March 7, 2019 Posted March 7, 2019 3 minutes ago, Sluffy said: An unsecured creditor of Sports Shield BWFC (who one assumes is BluMarble) submitted a claim for £8,311,922.29 outstanding to them according to 2nd October, 2018 Progress Report of Liquidator. https://beta.companieshouse.gov.uk/company/09910069/filing-history It was indeed BluMarble who had Holdsworth's Sport Shield wound up.
Tombwfc Posted March 7, 2019 Posted March 7, 2019 31 minutes ago, Sluffy said: Where did it go then? If Holdsworth and Collins took out a £5 million loan as Anderson states and only £4 million was paid to the club then what happened to the missing £1 million? It seems that Blumarble only ever advanced £4million but took security for up to £5million presumably because of their concerns and to cover potential interest and charges in the event of default on repayment. I'm no legal expert, but I wouldn't have thought it'd be legal for Holdsworth to just pocket the £1m for himself (in the same way the Oystons have come a cropper with Belokon). Certainly Ken would've been screaming about it at every opportunity over the past two years. Christ, he'd have probably had the details painted on the West Stand.
Chris Custodiet Posted March 7, 2019 Posted March 7, 2019 1 hour ago, Tombwfc said: He did go for Holdsworth though, by implying £1m of the BluMarble money went straight into his flat cap. And that's the bit that isn't really true. That whole arrangement (Holdsworth finding Ken at the 11th hour, then them falling out almost instantly) was an odd one from the start. Here's hoping for better luck this time round. Wouldn't it have been odder if they hadn't fallen out almost instantly?
Take Hunt Off Posted March 7, 2019 Posted March 7, 2019 40 minutes ago, Traf said: It was indeed BluMarble who had Holdsworth's Sport Shield wound up. Take it the 8 mill was nowt to do with Burnden Leisure or Inner Circle ?
athywhite1958 Posted March 7, 2019 Posted March 7, 2019 3 hours ago, radcliffewhite1 said: All over that slag Lyndsey dawn I bet you would though wouldn't you 😛
Chris Custodiet Posted March 7, 2019 Posted March 7, 2019 (edited) 1 hour ago, Traf said: It was indeed BluMarble who had Holdsworth's Sport Shield wound up. We can see from Sluffy's link that the 150K was for 37% of the Burnden Leisure shares. 47% cost Inner Circle 402K in total, so we can deduce that the other 10% cost it 252K. Then there's the other 70K Inner Circle spent on shares that proved worthless. Probably the 30% of SSBWFC shares previously reported in Burnden Leisure accounts, signed off by both Anderson and Holdsworth. Its interesting that documents filed at Companies by or on behalf of Dean Holdsworth declare that SSBWFC was 'dormant'. So dormant in fact that, according to Quantuma, it had run up debt of 8.3million! Read all about it in the esteemed journal that brings all the latest news and insights to the attention of its discerning readership in Bolton and their representatives in Parliament. Edited March 7, 2019 by Chris Custodiet
Sluffy Posted March 7, 2019 Posted March 7, 2019 25 minutes ago, Tombwfc said: I'm no legal expert, but I wouldn't have thought it'd be legal for Holdsworth to just pocket the £1m for himself (in the same way the Oystons have come a cropper with Belokon). Certainly Ken would've been screaming about it at every opportunity over the past two years. Christ, he'd have probably had the details painted on the West Stand. I'm no legal expert either but I found this interesting from the same Progress Report from the Liquidator of Holdsworth's SSBWFC - "The initial assessment identified matters that warranted further investigation. A creditor has raised a potential avenue of recovery which we are currently investigating. We cannot provide any further detail at this stage in order to avoid jeopardising the investigation". I have posted before that Anderson had stated publicly about the £1 million in question - during the time of his public disagreements with Holdsworth. How else would I have known about it otherwise? He's never mentioned it again until yesterday following the financial settlement between their legal representatives. It does seem probable therefore that he came to some arrangement not to I would suggest.
Guest Posted March 7, 2019 Posted March 7, 2019 48 minutes ago, Tombwfc said: I'm no legal expert, but I wouldn't have thought it'd be legal for Holdsworth to just pocket the £1m for himself (in the same way the Oystons have come a cropper with Belokon). Certainly Ken would've been screaming about it at every opportunity over the past two years. Christ, he'd have probably had the details painted on the West Stand. Ken mentioned the £1M frequently and it was referenced in one set of accounts to as "being in dispute". I think Ken would have challenged it legally were it not for DH eventually agreeing to sell his shares.
Chris Custodiet Posted March 7, 2019 Posted March 7, 2019 (edited) Its curious that the last filed accounts of Blumarble Capital show total debtors of only 4.6million. So there is more to this than we know. Need to get Iles and Bonnar, Bolton's own version of Woodward and Bernstein, on the case. Edited March 7, 2019 by Chris Custodiet
dazl1212 Posted March 7, 2019 Posted March 7, 2019 is it a fact that Basran is in the lead with regards to buying the club or is it just press speculation?
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