Ken Anderson - Old Owner (Definitely. For Ever ..... )

[TANGODANCER]

Just read in B.N that the staff are waiting for good news on February's wages. Surely they should be paid by the owner, paricularly as he'll surely come out of it with a fat wallet in addition to all his "fees" so far?

[Dave Sutton's barnet]

Just read in B.N that the staff are waiting for good news on February's wages. Surely they should be paid by the owner, paricularly as he'll surely come out of it with a fat wallet in addition to all his "fees" so far?

Depends whether he actually has £600,000 to give.

[malcd1]

Just read in B.N that the staff are waiting for good news on February's wages. Surely they should be paid by the owner, paricularly as he'll surely come out of it with a fat wallet in addition to all his "fees" so far?

Depends whether he actually has £600,000 to give.

He will be hoping this deal goes through this week so he doesn’t have pick up the wage bill for the month. Delay for a couple of days and expect the new owner to pay for it.

[Jim_McDonuts]

Baz'n'Shaz. Lol, that's it for me now. Who's gonna mock-up the trotter-mobile windscreen with fake photos and green sun-visor names?

No income tax, no VAT...

please someone with gif magic make this happen

[Hoboh]

Has he gone yet

[TANGODANCER]

Has he gone yet

Not yet, but the February wages have according to B.N. They won't be paid on time.

[Dave Sutton's barnet]

Has he gone yet

Not yet, but the February wages have according to B.N. They won't be paid on time.

...and until it was updated an hour ago ("The Football Ventures group will continue the process of due diligence today but a takeover is not now expected to be completed by the weekend"), that wasn't even the main story on the BN's Wanderers page. That's how much fiscal f*ckery has been normalised.

[TonyDomingos]

Has he gone yet

Not yet, but the February wages have according to B.N. They won't be paid on time.

...and until it was updated an hour ago ("The Football Ventures group will continue the process of due diligence today but a takeover is not now expected to be completed by the weekend"), that wasn't even the main story on the BN's Wanderers page. That's how much fiscal f*ckery has been normalised.

I began this thread back in November 2016; I'm looking forward to starting a new version within the next few weeks (though I remain sceptical that a deal will ever be completed!).

[officer_dibble]

A deal will happen.
It could be following admin, messy.
Or Ken will be pushing it to the brink and a deal will get done. Sadly there are losers in this scenario in terms of the staff and players. :-/

[Dave Sutton's barnet]

A deal will happen.
It could be following admin, messy.
Or Ken will be pushing it to the brink and a deal will get done. Sadly there are losers in this scenario in terms of the staff and players. :-/

It's ugly, isn't it? I don't think he has the money to swallow this £600,000 wage bill, and I certainly don't think he has the intention. Which means he has to try to get the new folks to pay it, which I doubt is entirely fair, or accept is as a hit on his bounty, which I doubt he wants to do. A deal can be struck but it's worrying.

[BWFC_Insane]

A deal will happen.
It could be following admin, messy.
Or Ken will be pushing it to the brink and a deal will get done. Sadly there are losers in this scenario in terms of the staff and players. :-/

It's ugly, isn't it? I don't think he has the money to swallow this £600,000 wage bill, and I certainly don't think he has the intention. Which means he has to try to get the new folks to pay it, which I doubt is entirely fair, or accept is as a hit on his bounty, which I doubt he wants to do. A deal can be struck but it's worrying.

It was however, surely not an unknown when the exclusivity deal was struck...certainly wouldn't have been as soon as the buyers got their hands on the books last week.

[TonyDomingos]

A deal will happen.
It could be following admin, messy.
Or Ken will be pushing it to the brink and a deal will get done. Sadly there are losers in this scenario in terms of the staff and players. :-/

It's ugly, isn't it? I don't think he has the money to swallow this £600,000 wage bill, and I certainly don't think he has the intention. Which means he has to try to get the new folks to pay it, which I doubt is entirely fair, or accept is as a hit on his bounty, which I doubt he wants to do. A deal can be struck but it's worrying.

It was however, surely not an unknown when the exclusivity deal was struck...certainly wouldn't have been as soon as the buyers got their hands on the books last week.

Indeed. If a deal is struck, then it will be from a particular date in the future. At that point, the new owners become liable. I suppose it's possible they might agree to picking up this month's wages as part of the deal. But, if that was the case, you'd expect the money to have been paid over.

[TANGODANCER]

Might be wrong, but seems to me that any unpaid bills regarding the day to day running of a business should be paid up to the time of actual signing unless agreed to the contrary? Owing wages is hardly the best start for new owners introduction. The sooner this is over the better it will be for everybody. I'm not normally suspicious, but.......

[BWFC_Insane]

A deal will happen.
It could be following admin, messy.
Or Ken will be pushing it to the brink and a deal will get done. Sadly there are losers in this scenario in terms of the staff and players. :-/

It's ugly, isn't it? I don't think he has the money to swallow this £600,000 wage bill, and I certainly don't think he has the intention. Which means he has to try to get the new folks to pay it, which I doubt is entirely fair, or accept is as a hit on his bounty, which I doubt he wants to do. A deal can be struck but it's worrying.

It was however, surely not an unknown when the exclusivity deal was struck...certainly wouldn't have been as soon as the buyers got their hands on the books last week.

Indeed. If a deal is struck, then it will be from a particular date in the future. At that point, the new owners become liable. I suppose it's possible they might agree to picking up this month's wages as part of the deal. But, if that was the case, you'd expect the money to have been paid over.

I guess its as simple as "the business does not have the money to pay February's wages". Ken as owner is liable. But not in the sense that he has to personally pay them. So if Burnden Leisure cannot afford the salaries with a takeover in due diligence, what would a reasonable solution be?

[BWFC_Insane]

Might be wrong, but seems to me that any unpaid bills regarding the day to day running of a business should be paid up to the time of actual signing unless agreed to the contrary? Owing wages is hardly the best start for new owners introduction. The sooner this is over the better it will be for everybody. I'm not normally suspicious, but.......

The business does not have the cash in the bank to pay wages....so you have as I see it two choices...business placed into admin (but who funds admin?) or the payment of wages is added to the deal with prospective new buyers who, one assumes don't want the business placed into admin or liquidated.....

[Dave Sutton's barnet]

Might be wrong, but seems to me that any unpaid bills regarding the day to day running of a business should be paid up to the time of actual signing unless agreed to the contrary? Owing wages is hardly the best start for new owners introduction. The sooner this is over the better it will be for everybody. I'm not normally suspicious, but.......

The business does not have the cash in the bank to pay wages....so you have as I see it two choices...business placed into admin (but who funds admin?) or the payment of wages is added to the deal with prospective new buyers who, one assumes don't want the business placed into admin or liquidated.....

So Ken plays the brinksman until they blink.

[Lost Leopard Spot]

Has he gone yet

Not yet, but the February wages have according to B.N. They won't be paid on time.

...and until it was updated an hour ago ("The Football Ventures group will continue the process of due diligence today but a takeover is not now expected to be completed by the weekend"), that wasn't even the main story on the BN's Wanderers page. That's how much fiscal f*ckery has been normalised.

I began this thread back in November 2016; I'm looking forward to starting a new version within the next few weeks (though I remain sceptical that a deal will ever be completed!).

Has No Deal been ruled out yet?

[BWFC_Insane]

Might be wrong, but seems to me that any unpaid bills regarding the day to day running of a business should be paid up to the time of actual signing unless agreed to the contrary? Owing wages is hardly the best start for new owners introduction. The sooner this is over the better it will be for everybody. I'm not normally suspicious, but.......

The business does not have the cash in the bank to pay wages....so you have as I see it two choices...business placed into admin (but who funds admin?) or the payment of wages is added to the deal with prospective new buyers who, one assumes don't want the business placed into admin or liquidated.....

So Ken plays the brinksman until they blink.

Well if you take the football emotion out of it...

A business is going bust - it enters into bailout talks with a buyer - talks progress to exclusivity periods - a deal is believed to be close.....the staff aren't paid their wages because the business has no cash in the bank....

What would happen? Usually the new owners would take on outstanding wages as part of the overall debt package when buying said business. If they did not want to...the deal would collapse...and business placed in administration or liquidated.

Should Ken himself pay the wages - he would only be loaning the money to Burnden Leisure - and consequently it would be a debt the new owners would have to take on for any deal. I see no way that this resolves positively without the new owners accepting a further debt and/or the amount being knocked off the deal price...(and KA taking a hit on the deal). The problem with the latter being it doesn't solve the lack of cash flow to pay wages in the short term....

[Dave Sutton's barnet]

Might be wrong, but seems to me that any unpaid bills regarding the day to day running of a business should be paid up to the time of actual signing unless agreed to the contrary? Owing wages is hardly the best start for new owners introduction. The sooner this is over the better it will be for everybody. I'm not normally suspicious, but.......

The business does not have the cash in the bank to pay wages....so you have as I see it two choices...business placed into admin (but who funds admin?) or the payment of wages is added to the deal with prospective new buyers who, one assumes don't want the business placed into admin or liquidated.....

So Ken plays the brinksman until they blink.

Well if you take the football emotion out of it...

A business is going bust - it enters into bailout talks with a buyer - talks progress to exclusivity periods - a deal is believed to be close.....the staff aren't paid their wages because the business has no cash in the bank....

What would happen? Usually the new owners would take on outstanding wages as part of the overall debt package when buying said business. If they did not want to...the deal would collapse...and business placed in administration or liquidated.

Should Ken himself pay the wages - he would only be loaning the money to Burnden Leisure - and consequently it would be a debt the new owners would have to take on for any deal. I see no way that this resolves positively without the new owners accepting a further debt and/or the amount being knocked off the deal price...(and KA taking a hit on the deal). The problem with the latter being it doesn't solve the lack of cash flow to pay wages in the short term....

So Ken plays the brinksman until they blink.

I mean, I'm not condoning it. And he must be wondering, what if they don't blink? But here we are again.

[BWFC_Insane]

Might be wrong, but seems to me that any unpaid bills regarding the day to day running of a business should be paid up to the time of actual signing unless agreed to the contrary? Owing wages is hardly the best start for new owners introduction. The sooner this is over the better it will be for everybody. I'm not normally suspicious, but.......

The business does not have the cash in the bank to pay wages....so you have as I see it two choices...business placed into admin (but who funds admin?) or the payment of wages is added to the deal with prospective new buyers who, one assumes don't want the business placed into admin or liquidated.....

So Ken plays the brinksman until they blink.

Well if you take the football emotion out of it...

A business is going bust - it enters into bailout talks with a buyer - talks progress to exclusivity periods - a deal is believed to be close.....the staff aren't paid their wages because the business has no cash in the bank....

What would happen? Usually the new owners would take on outstanding wages as part of the overall debt package when buying said business. If they did not want to...the deal would collapse...and business placed in administration or liquidated.

Should Ken himself pay the wages - he would only be loaning the money to Burnden Leisure - and consequently it would be a debt the new owners would have to take on for any deal. I see no way that this resolves positively without the new owners accepting a further debt and/or the amount being knocked off the deal price...(and KA taking a hit on the deal). The problem with the latter being it doesn't solve the lack of cash flow to pay wages in the short term....

So Ken plays the brinksman until they blink.

I mean, I'm not condoning it. And he must be wondering, what if they don't blink? But here we are again.

What option does he have?