Administration and recovery

[Worthy4England]

bit like an auction isnt it -- Wednesday afternoon will be going..... going... gone
If you haven't got your act together ... then tough luck

I wonder when an announcement will be made ?
On signing Heads Of Terms - this Friday ?

Reads like Friday...but there might not be an announcement if it's still under NDA (or there could be an announcement that doesn't tell us who it is - guess we'd find out soon enough if it was Bassini). We have of course trumpeted "Heads of Agreement" twice this year already. Let's hope with what's in the data room, people are better informed this time around...

[Dave Sutton's barnet]

https://www.theboltonnews.co.uk/sport/1 ... wanderers/

Bassini is one of the five

[malcd1]

Shit. I thought he had been quiet.

[officer_dibble]

He’s leaked to the BN when signed up to a confidential process. Yet again, further confirmation that he’s an untrustworthy toad! If he’s the next owner I’ll be fuming. I can’t see it though.

[Dave Sutton's barnet]

He’s leaked to the BN when signed up to a confidential process. Yet again, further confirmation that he’s an untrustworthy toad! If he’s the next owner I’ll be fuming. I can’t see it though.

We just have to trust the admins. If they think he's the best man, imagine the others.

TBF there's no quotes so it would be hard to prove the NDA has been broken. And given Football Ventures are also named, let's not go defenestrating babies with bathwater.

[Worthy4England]

He’s leaked to the BN when signed up to a confidential process. Yet again, further confirmation that he’s an untrustworthy toad! If he’s the next owner I’ll be fuming. I can’t see it though.

We just have to trust the admins. If they think he's the best man, imagine the others.

TBF there's no quotes so it would be hard to prove the NDA has been broken. And given Football Ventures are also named, let's not go defenestrating babies with bathwater.

Probably right, but it is couched in "BN understands" for Bassini and "BN believes" for Football Ventures. We have a 4 in 5 chance of someone looking more credible than Bassini. In normal circumstances, you'd probably take those odds from what we've seen so far...but then again the saying "never give a mug a chance" is still writ large.

[Dave Sutton's barnet]

We just have to trust the admins. If they think he's the best man, imagine the others.

TBF there's no quotes so it would be hard to prove the NDA has been broken. And given Football Ventures are also named, let's not go defenestrating babies with bathwater.

Probably right, but it is couched in "BN understands" for Bassini and "BN believes" for Football Ventures. We have a 4 in 5 chance of someone looking more credible than Bassini. In normal circumstances, you'd probably take those odds from what we've seen so far...but then again the saying "never give a mug a chance" is still writ large.

Aye. But so far he's just had to satisfy certain criteria; proving he's the best option among five is a much higher bar, and one which will presumably allow the admins to use qualitative as well as quantitative assessment.

In other words, unlike those US immigration cards, they can hardly have a question saying "Are you clearly mad?" - but they can decide whether he's the least mad of the options available.

[Bruce Rioja]

We just have to trust the admins. If they think he's the best man, imagine the others.

You need to bear in mind, Barnetto, that it's the job of the administrators to find the best deal for the creditors, not the future of the club. That's where the utterly feckless EFL come in to it.

[Dave Sutton's barnet]

We just have to trust the admins. If they think he's the best man, imagine the others.

You need to bear in mind, Barnetto, that it's the job of the administrators to find the best deal for the creditors, not the future of the club. That's where the utterly feckless EFL come in to it.

Fair point Bruce, but Bassini ain't winning by that score either.

Seems to me that the best deal for the creditors will come from the bidder with the best combination of trustworthiness, deep pockets and long arms. I don't see that as being rampantly different to what the club needs.

As well as being feckless, the EFL are fairly toothless. When the admins suggest someone, who by definition has already proven funds and passed the EFL's FPP test, it would be an earth-shattering surprise if the EFL were to overturn that.

[Lost Leopard Spot]

And what do the Administrators do, if Bassini is the best candidate by far, and yet even the Administrators can see he's a financial toad? Do they kiss him and hope he turns into a princess, or do they start again, or do they just carve up what remains of the assets and say bye-bye club???
Because to be honest after years of searching for a new owner I don't believe the Administrators are in possession of a magic wand capable of conjuring up realistic prospects in just weeks.

[Dave Sutton's barnet]

And what do the Administrators do, if Bassini is the best candidate by far, and yet even the Administrators can see he's a financial toad? Do they kiss him and hope he turns into a princess, or do they start again, or do they just carve up what remains of the assets and say bye-bye club???
Because to be honest after years of searching for a new owner I don't believe the Administrators are in possession of a magic wand capable of conjuring up realistic prospects in just weeks.

A couple of weeks ago you didn't think there were actually five bidders.

Guess we'll see soon. Obviously you're entitled to your pessimism, just as you're entitled to your optimism that we won't get any sanction at all for failing to fulfil our fixtures. Obviously I hope you're right on the latter and wrong on the former, and I suspect you do too, because where you and I do meet is in a mutual love of BWFC and hope for the best.

As it happens, I'm completely the other way round: I think that the EFL, knowing that other clubs are struggling to pay players, will hammer us as an example (both to players, not to make threats, and to clubs, not to leave them hanging). But I'm reasonably confident the admins will find us someone far better than Ken (insert phrase here) and more realistic than late-period Eddie/Garty. I don't blame anyone for not buying off Ken, and there were only three months (including court steps) between Eddie writing off his debts and Ken/Deano buying the club. Add in that admin can make a club more attractive (by lessening debts) and it kinda makes sense that more have come forward now.

[Lost Leopard Spot]

And what do the Administrators do, if Bassini is the best candidate by far, and yet even the Administrators can see he's a financial toad? Do they kiss him and hope he turns into a princess, or do they start again, or do they just carve up what remains of the assets and say bye-bye club???
Because to be honest after years of searching for a new owner I don't believe the Administrators are in possession of a magic wand capable of conjuring up realistic prospects in just weeks.

A couple of weeks ago you didn't think there were actually five bidders.

Guess we'll see soon. Obviously you're entitled to your pessimism, just as you're entitled to your optimism that we won't get any sanction at all for failing to fulfil our fixtures. Obviously I hope you're right on the latter and wrong on the former, and I suspect you do too, because where you and I do meet is in a mutual love of BWFC and hope for the best.

As it happens, I'm completely the other way round: I think that the EFL, knowing that other clubs are struggling to pay players, will hammer us as an example (both to players, not to make threats, and to clubs, not to leave them hanging). But I'm reasonably confident the admins will find us someone far better than Ken (insert phrase here) and more realistic than late-period Eddie/Garty. I don't blame anyone for not buying off Ken, and there were only three months (including court steps) between Eddie writing off his debts and Ken/Deano buying the club. Add in that admin can make a club more attractive (by lessening debts) and it kinda makes sense that more have come forward now.

I merely questioned whether there were five. Sometimes I need a little proof to believe stuff.
I'm also only putting forward an opinion - the fact you have an exact and opposite opinion goes to show we all live in a world that is both insecure and malleable.
But as you say, we both want the best for our club...

So on that score, could you revisit my question, ram on a seriously pessimistic hat and contemplate what would happen if (just if) I was right and you was wrong? What option would the administrators take given they have three choices (or more if I've failed to see another solution).

[Obviously the future will show what potential the present now holds, but if we withhold debate each time and wait for the future to unfold, we'd never discuss anything].

[Dave Sutton's barnet]

If the option was Bassini or liquidation, I guess we'd take Bassini. Wouldn't we? I know I would. The man's totally hat-stand but it's preferable to non-existence.

I guess they could declare an invalid contest and reopen the bidding, but by then we'd be in serious danger of failing to be ready for 2019/20.

[Lost Leopard Spot]

If the option was Bassini or liquidation, I guess we'd take Bassini. Wouldn't we? I know I would. The man's totally hat-stand but it's preferable to non-existence.

I guess they could declare an invalid contest and reopen the bidding, but by then we'd be in serious danger of failing to be ready for 2019/20.

Yep, I get that we'd both go Bassini as opposed to liquidation, but that wasn't the question: the question was what would they do. My concern is that maybe the Administrators might not go for the choice we see as the obvious one. After all, from their point of view, the only real difference is the timetable and responsibility for who decides when we go tits up. The Administrators might take the longer term view that the creditors they are responsible to would get more in the pound if they folded us now. The administrators aren't fans, they're businessmen: and if Bassini is the best of six (one already folded), then God help us - because in that case I think they'd go for the middle option of reopening the contest, and as you say that would seriously jeopardise 2019/20 season, while retaining the assets, but make it almost certain that they'd plump for liquidation on second time of asking.

[Dave Sutton's barnet]

If the option was Bassini or liquidation, I guess we'd take Bassini. Wouldn't we? I know I would. The man's totally hat-stand but it's preferable to non-existence.

I guess they could declare an invalid contest and reopen the bidding, but by then we'd be in serious danger of failing to be ready for 2019/20.

Yep, I get that we'd both go Bassini as opposed to liquidation. My concern is that maybe the Administrators might not. After all the only real difference is the timetable and responsibility for who decides when we go tits up. The Administrators might take the longer term view that the creditors they are responsible to would get more in the pound if they folded us now. The administrators aren't fans, they're businessmen: and if Bassini is the best of six (one already folded), then God help us - because in that case I think they'd go for the middle option of reopening the contest, and as you say that would seriously jeopardise 2019/20 season, while retaining the assets, but make it almost certain that they'd plump for liquidation on second time of asking.

Aye, sounds feasible (in the event that Bassini is the best bet, which is somewhat less believable ).

Personally I'm not entirely sure the proceeds of liquidation would amount to very much. I suppose the land the stadium is on has its worth, given its proximity to a motorway junction and retail park, but it hardly feels like the Middlebrook is bursting at the seams and ready to double in size. Bit of land where the training ground is, little better than untold acres of farmland elsewhere nearby.

[Lost Leopard Spot]

If the option was Bassini or liquidation, I guess we'd take Bassini. Wouldn't we? I know I would. The man's totally hat-stand but it's preferable to non-existence.

I guess they could declare an invalid contest and reopen the bidding, but by then we'd be in serious danger of failing to be ready for 2019/20.

Yep, I get that we'd both go Bassini as opposed to liquidation. My concern is that maybe the Administrators might not. After all the only real difference is the timetable and responsibility for who decides when we go tits up. The Administrators might take the longer term view that the creditors they are responsible to would get more in the pound if they folded us now. The administrators aren't fans, they're businessmen: and if Bassini is the best of six (one already folded), then God help us - because in that case I think they'd go for the middle option of reopening the contest, and as you say that would seriously jeopardise 2019/20 season, while retaining the assets, but make it almost certain that they'd plump for liquidation on second time of asking.

Aye, sounds feasible (in the event that Bassini is the best bet, which is somewhat less believable ).

Personally I'm not entirely sure the proceeds of liquidation would amount to very much. I suppose the land the stadium is on has its worth, given its proximity to a motorway junction and retail park, but it hardly feels like the Middlebrook is bursting at the seams and ready to double in size. Bit of land where the training ground is, little better than untold acres of farmland elsewhere nearby.

I'm seriously hoping Bassini is not the best bet. Really, really.
But, I have this horrible sinking feeling in the pit of my stomach that the other four are as equally 'pinocchio'/'billy liar'.
I have no idea how an administrator weighs up in the balance actual tangible assets that are worth fxck all against fantasy proposals from knobheads that will supposedly propel us into a rosy future...

[Lost Leopard Spot]

So... 4pm come and gone. And we're still no wiser.

[nelson66]

Aye - the bidding book has closed - and the calculators are out...... fingers crossed its a filthy rich Sheik/Oligarch/anybody just as long as their filthy rich with it burning a big hole in their pocket

[Worthy4England]

So... 4pm come and gone. And we're still no wiser.

Not sure we'd expect much to be fair. They will need to spend some time evaluating the BAFO offers, which may have arrived at 16:00 on the dot...

[Dave Sutton's barnet]

So... 4pm come and gone. And we're still no wiser.

Not sure we'd expect much to be fair. They will need to spend some time evaluating the BAFO offers, which may have arrived at 16:00 on the dot...

And the process is still in train, with NDAs presumably also signed by the admins, so they’re not going to say “and our grand finalists are...”

They could say how many there are, but they don’t have to. Remind me, what’s Friday - did the admins say they’d make a decision, announce it or what?