It's happening. 

https://www.theboltonnews.co.uk/sport/17405193.bolton-wanderers-close-to-takeover-from-uk-based-consortium/

Thank fuck

From what I can gather after reading several posts is that due to the injunction the Hotel cannot or won’t be sold to anyone until that court action is done......is this correct?

 

“The joint administrators are grateful to Prescott Business Park for their assistance throughout this process, particularly in relation to the small improvements programme which is currently being undertaken at the hotel. The improvements in the quality and profitability of the business combined with the improvements being made to the hotel make the business a far more attractive prospect to interested parties.”

 

So MJ through PBP has helped make the hotel more attractive to buyers so FV can be outbid? This doesn’t make sense to me.

26 minutes ago, Tommy Banks said:

We need players can’t see us being able to sign any until takeover complete. Two weeks is to long

We are all but relegated now, don't forget there is another deduction to come. This is about survival. Anderson needs to have his bags packed as no buyer wants to deal with him. If this happens then we can build again. 

There’s a professional football ground in the BL area currently doing fuck all, perhaps we could utilise that, after all, there’s not a big daft hotel to piss people off and it’ll take very little staff to run it, should they decide to knock our ground down of course.   

Just now, Casino said:

Meaning FV will be told kamanis price?

If so, let's say they can do it, what then, Quantuma get kamani to up his offer?

Doesn't sound very promising in that scenario

 

It could have been sealed bids, in which case the parties may not know what the other has bid when they put their offer in. However, if the administrators are running two bids simultaneously, both parties must have agreed to pay similar prices one way or another, so I imagine they will know more or less what the other has bid.

1 minute ago, Breightmet Boy said:

There’s a professional football ground in the BL area currently doing fuck all, perhaps we could utilise that, after all, there’s not a big daft hotel to piss people off and it’ll take very little staff to run it, should they decide to knock our ground down of course.   

If this situation wasnt so frustrating, embarrassing and sad for our great club it would be the best thing on TV as a long running 7 season saga, with many more twists and turns to come. Carrie Mathison for chairwoman! 

9 minutes ago, TrickyTrotter said:

“The joint administrators are grateful to Prescott Business Park for their assistance throughout this process, particularly in relation to the small improvements programme which is currently being undertaken at the hotel. The improvements in the quality and profitability of the business combined with the improvements being made to the hotel make the business a far more attractive prospect to interested parties.”

 

So MJ through PBP has helped make the hotel more attractive to buyers so FV can be outbid? This doesn’t make sense to me.

They assumed no other bidders.

7 minutes ago, nantwichwhite said:

We are all but relegated now, don't forget there is another deduction to come. This is about survival. Anderson needs to have his bags packed as no buyer wants to deal with him. If this happens then we can build again. 

I agree it’s about survival but these kids can’t see out a 46 game season, plus cup ties even though we will get knocked out very early

2 minutes ago, Damocles said:

They assumed no other bidders.

And there probably aren't any in reality, just a fake bid to make the other party up their offer?

Im fairly sure that a small improvement program hasn't suddenly made others think "hang on maybe it is worth buying a hotel that doesnt make much profit and will make a shit load less if we kill the club its joined to. 

Edited August 18, 20196 yr by leebwfc

2 minutes ago, Jol_BWFC said:

It could have been sealed bids, in which case the parties may not know what the other has bid when they put their offer in. However, if the administrators are running two bids simultaneously, both parties must have agreed to pay similar prices one way or another, so I imagine they will know more or less what the other has bid.

The value is one element to the bid, it’s form is another. You would assume Boohoo to be upfront cash, FV if they have matched the valuation (said to be £8M) would almost certainly have to be staggered given what we know of their financial situation. 

 

2 minutes ago, leebwfc said:

And there probably aren't any in reality, just a fake bid to make the other party up their offer?

Kamani bid seems legitimate and they aren’t really from the seedy world of KA, no need to be his or Quantuma patsy.

1 minute ago, Damocles said:

Kamani bid seems legitimate and they aren’t really from the seedy world of KA, no need to be his or Quantuma patsy.

So you think their intention would be to genuinely want the hotel, even if it means the club dies as a result? 

9 minutes ago, leebwfc said:

So you think their intention would be to genuinely want the hotel, even if it means the club dies as a result? 

I think they are able to take emotion out of the transaction, yes. 

I also think if FV withdraw then there will be another buyer, eventually, the administrators will find the means to support until such a point. 

Removing the hotel from the mix actually makes the club a far clearer transaction as the PBP/MJ link just muddies the waters.

Removing the hotel means a bidder could sell and lease back the stadium and all but clear the debts (to EFL requirements). Sound familiar?

Edited August 18, 20196 yr by Damocles

So as far as we know, Larry hasn’t bid for either the club or hotel (with the Administrators) presumably because he thinks he still has the legal right to purchase said businesses?

2 minutes ago, Damocles said:

I think they are able to take emotion out of the transaction, yes. 

I also think if FV withdraw then there will be another buyer, eventually, the administrators will find the means to support until such a point. 

Removing the hotel from the mix actually makes the club a far clearer transaction as the PBP/MJ link just muddies the waters.

Can see it but would be one hell of a risk to reputation to show your evil money making side to the world by killing a founder member of the league or at least fucking things up royally to buy what I presume wouldn't be a gold mine of a hotel to begin with. 

I agree the sole club sale without the hotel would be a cleaner transaction but only if there is someone who wants that, there doesn't seem to be at the minute other than FV. 

Just now, leebwfc said:

Can see it but would be one hell of a risk to reputation to show your evil money making side to the world by killing a founder member of the league or at least fucking things up royally to buy what I presume wouldn't be a gold mine of a hotel to begin with. 

I agree the sole club sale without the hotel would be a cleaner transaction but only if there is someone who wants that, there doesn't seem to be at the minute other than FV. 

Well they caused 1400 redundancies last week so I’m not sure they are majorly concerned.... (likewise the rag trade isn’t littered with CSR devotees)

3 minutes ago, Ros Coe said:

So as far as we know, Larry hasn’t bid for either the club or hotel (with the Administrators) presumably because he thinks he still has the legal right to purchase said businesses?

Yes because of the apparent illegality of the old KA switcheroo.

7 hours ago, Sluffy said:

'Swift Incorporations are clearly a business that 'sets up' companies for others - 1,688 of them at the last count -

https://beta.companieshouse.gov.uk/officers/ECUndNb3s10X5w6_CrlbMJhJDN0/appointments

Endell Properties are shown to have of £1,659.8m investments in their March 2018 accounts.

https://beta.companieshouse.gov.uk/company/06434799/filing-history

I suggest your research is somewhat incomplete and misleading.

You are so clever!

No really, you're wasted on here spending all your time doing all those hours of research even if it's only to agree with me seven hours later that Endell exists in other forms and that Swift are involved in loads of companies. Your commitment to finding fault with anything that implies you are anything other than right all the time is exemplary, even if that implication is just in your head.

I couldn't do that. I could only manage 90 seconds of research to find out that Endell exists in other forms .

Honestly, if I had no life and happened to be a pedantic wanker, I'd love to be like you when I grow up. You're a shining example to pedantic wankers everywhere. Thank you.

 

 

4 minutes ago, leebwfc said:

Can see it but would be one hell of a risk to reputation to show your evil money making side to the world by killing a founder member of the league or at least fucking things up royally to buy what I presume wouldn't be a gold mine of a hotel to begin with. 

I agree the sole club sale without the hotel would be a cleaner transaction but only if there is someone who wants that, there doesn't seem to be at the minute other than FV. 

It would bring the cost down to a level that could support a fan-owned model.

2 minutes ago, Damocles said:

Well they caused 1400 redundancies last week so I’m not sure they are majorly concerned.... (likewise the rag trade isn’t littered with CSR devotees)

fair point. Surely we could get a few thousand wanderers fans to fuck their new shiny hotel right up for em tho if the worst happens 

Just to reassure, the sale of the hotel to the Boohoo lot would reduce the capital requirements to acquire the club. This may well open the door to new buyers, especially when the assets can be leveraged still. 

Administrators wanted proof of funding to £28M previously.

1 minute ago, Damocles said:

It would bring the cost down to a level that could support a fan-owned model.

Not sure I'm following that. Are you saying that buying the club cheap without the hotel would create a situation where a fan owned club could be sustainable?

In that stadium? With someone else's hotel in it? I'd have thought that merely maintaining the infrastructure would eat up all income. I suppose the fans could bring some white emulsion and a roller to every home game or offer their trade services for free and do a bit of maintenance before matches as they do at Wimbledon. What model do you have in mind?

1 minute ago, Hoppy510 said:

Not sure I'm following that. Are you saying that buying the club cheap without the hotel would create a situation where a fan owned club could be sustainable?

In that stadium? With someone else's hotel in it? I'd have thought that merely maintaining the infrastructure would eat up all income. I suppose the fans could bring some white emulsion and a roller to every home game or offer their trade services for free and do a bit of maintenance before matches as they do at Wimbledon. What model do you have in mind?

True, we are never being fan owned and playing in that stadium at the same time

1 minute ago, Hoppy510 said:

Not sure I'm following that. Are you saying that buying the club cheap without the hotel would create a situation where a fan owned club could be sustainable?

In that stadium? With someone else's hotel in it? I'd have thought that merely maintaining the infrastructure would eat up all income. I suppose the fans could bring some white emulsion and a roller to every home game or offer their trade services for free and do a bit of maintenance before matches as they do at Wimbledon. What model do you have in mind?

I thought Bassini brought the ‘Rollers’ to games? 

 

35 minutes ago, Escobarp said:

Depends who owns the hotel as the injunction now rests on ICI? Sluffy will advise 

Sorry, I've been out all evening and just sat down to read the thread.

Bassini thought he bought the shares of Burnden Leisure (from ICI Ltd) pre Administration, so which Administrator is working for which creditor is not a factor in the injunction, the relevancy is what was the position of the SPA Anderson and Bassini at the time (if the judge rules one in fact was created).

Bolton Whites Hotel and Bolton Wanderers Football and Athletic Club are arms of Burnden Leisure and as such if Bassini bought the BL shares he became at that moment the owner of the hotel and club.

The injunction issued and served on Appleton (erroneously  as it turned out) was intended to prevent a sale of the club.

I wasn't absolutely sure what Bassini was saying he had bought from Anderson (maybe he was trying to buy BWFAC only?) but once it became clear it was his share ownership of BL, then the logic must follow that the injunction was also placed on the hotel Administrators also - although they have not made comment on that themselves - as the hotel is part of BL.

As we know the injunction preventing a sale was removed from Burnden Leisure by the judge to allow a sale to progress but Benny has since indicated that there was something in the wind about Bassini seeking an injunction against the respective Administrators companies to continue to a sale, which again has not been made public (if such was been considered) but again would have meant both Administrators making absolutely certain of their legal position before proceeding further towards any sale.

Fwiw I did predict that if I was advising either of the Administrators that I would wait until the written copy of the judges statement was in my possession before doing anything (which will probably be the middle of the coming week) and that as the next court hearing is as close as the 2nd September to wait a further few more days just in case the court makes a judgement between Bassini and Anderson.

I don't have much confidence it will, these things tend to drag on but you never know and from the middle of the coming week to the 2nd September is only another week later and it is better to work in complete certainty of the situation (if that happened) rather than not.

Hence why it comes as no surprise to me that the hotel Administrator is talking about a further two weeks before he can arrive at any decision.

From Bassini's position he believes he's bought the shares that entitles him to the club and the hotel.

As we know only too well part of Burnden Leisure (BWFAC) is insolvent and has been deemed to be not worth saving by the Administrator "without a substantial injection of working capital" (Section 5.2 of the Administrators report).  So they have properly acted to sell the club (BWFC) from the company, then liquidate the company.

Sale of assets are allowed in Administration if it is beneficial to the secured creditors of that company - and that is why the judge has allowed the sales to proceed by removing the injunction.

The question arises though, what if Bassini proves he had bought the club pre-Administration and he has got the "substantial injection of working capital" available to prevent the need for a sale of the club or indeed the compulsory liquidation of BWFAC planned for after the sale of the club?

The hotel's situation is somewhat different in that it is a going concern but it is insolvent at this moment in time and needs rescuing by a sale - but again if Bassini has bought the shares and has the required working capital then again there would not be any requirement of the Administrators making the sale.

I think it safe to say it is far better for everyone to hold off on everything until at least the 2nd September and see what if anything that day brings.

However if you look at it from the footballing side, FV would not wish to progress and invest any more cash further until the position has clarity.  Certainly the hotel will not be being sold for the next two weeks at least, to anyone.

The EFL would be stuck between the Devil and the deep blue sea - do they allow the club to play further games hoping all will be resolved favourably for FV, or do they start postponing matches like they are doing to Bury?  Certainly I can't imagine players will be joining before the transfer deadline date.

What if FV walks away, who funds the continuing Administration with no potential owner if Bassini loses his case?

What happens to the clubs golden share to be able to play in the league?

What happens if EDT and/or PBP are paid up in full by Bassini?  Would EDT dismiss the Administrator and walk away.  Would PBP walk away from the hotel sale - if so would that be terminal to FV's planned purchase (I suspect it would).

My view is that has to be taken a step at the time and nothing much is going to happen until the 2nd Sept court hearing - maybe things will become clearer then?