Red Hats and One-eyed Snakes - the ups and downs of new management.

[Dave Sutton's barnet]

Every time I see "forensic accountant" I think of a bloke in a suit, smart glasses and latex gloves...

[Lost Leopard Spot]

The reason Ken wants admin is because there is no time for another sale - he risks the club being devalued by further sanctions from the EFL (given games need re-arranging by Thursday or else) potentially even expulsion and/or liquidation by the court.

Ken is more open to scrutiny in admin than he is with a sale into which he can simply add an NDA as part of any agreement.

Go on, justify the above. Let's see quotes!
What, you don't have any? Just your overrated opinion!

[Lost Leopard Spot]

Every time I see "forensic accountant" I think of a bloke in a suit, smart glasses and latex gloves...

BWFC_insane in his role playing game where he's prime minister, justice secretary, and chairman of Bolton Wanderers.

[bristol_Wanderer3]

Please just stop with this. Its from the already discredited Howard...its nonsense.

The reason Ken wants admin is because there is no time for another sale - he risks the club being devalued by further sanctions from the EFL (given games need re-arranging by Thursday or else) potentially even expulsion and/or liquidation by the court.

Ken is more open to scrutiny in admin than he is with a sale into which he can simply add an NDA as part of any agreement.

John Galt on t'other site said after forensic accounting the debt is far higher than first thought. The BEN suggested Basran had found over £10m worth of additional debt, and even though he mentioned some possibilities of what it might be, that would only account for a fraction of it. Howard did go on about it, there have been a lot of rumblings about Ken's use of Inner Circle and unusual financial methods for some time. It could all be rubbish, but personally I don't think it is. Everything that has happened supports it. Seemingly reputable buyers do DD and pull out, Bassini gets sold a 94.5% shareholding without having done DD or any plan or any evidence of money. Lots of statements out there suggesting there is interest but no one wants to deal with Ken.

Nixon is suggesting that Ken might force admin against the wishes of new mystery buyers who would want to avoid admin...

[tweet] https://twitter.com/reluctantnicko/stat ... 2116723712 [/tweet]

Oh good. Another random poster on a forum saying some stuff is evidence of something.

Same poster said Bassini was great and had extensive backing. Which bit of his are you going to pick up on?

Nixon says a lot - I think he's reliable - but he's a football reporter - his understanding of business is worse than mine. Some of the unrealistic things he says are too obvious.

John Galt has been on there briefly again recently and seems straight up, said he was part of the team that looked into valuing the sale. He might be a fantasist I guess, but hardly posts on there, so is a pretty lazy one if so. Bassini is very likely to at least believe he has backing, unless you believe he is a savvy property developer who has flipped enough London property in two years to go from not paying his rent, to having £20m-£50m in spare cash to spend on BWFC.

Nixon has arguably been the best source in all of this, at times the only one. He was the one who broke news of Bassini's interest when it seemed ludicrous. I mean you have two random posters who I agree we should give little credence to, but clearly have had some knowledge of the subject, you have Iles, you have Nixon all hinting at or clearly suggesting something. The facts bear it out. It might be a case of 2+2=5 but to me there is enough there when set against what we see from Ken's management of the club and his own personal history to think it might be much more than "nonsense".

Anyway, I still say we really need to hope Bassini fails is 7pm test, and we are far better off in admin with all traces of Ken and Bassini gone.

[Lost Leopard Spot]

Nixon says a lot... his understanding of business is worse than mine. Some of the unrealistic things he says are too obvious.

You really do have an outstanding opinion of yourself.

[Dave Sutton's barnet]

Anyway, I still say we really need to hope Bassini fails is 7pm test, and we are far better off in admin with all traces of Ken and Bassini gone.

That's the worry. It's like agreeing to a very risky operation, hoping it will sort the long-term problem. Kenectomy.

If Bassini does get approval (and Ken actually leaves the building), it's not beyond possibility that previous enquirers will restart negotiations with the new guy. But again, we'd have to see.

[Lost Leopard Spot]

Modern football fans have no patience at all. Zero. Zilch. Nada.

You are the most insufferable smug arsehole I've ever encountered...

[BWFC_Insane]

The reason Ken wants admin is because there is no time for another sale - he risks the club being devalued by further sanctions from the EFL (given games need re-arranging by Thursday or else) potentially even expulsion and/or liquidation by the court.

Ken is more open to scrutiny in admin than he is with a sale into which he can simply add an NDA as part of any agreement.

Go on, justify the above. Let's see quotes!
What, you don't have any? Just your overrated opinion!

How on earth would quotes justify the above?

Admin is Ken's protection against liquidation. If he thinks a solvent sale can be achieved he will push for it. But the clock is very close to stopping and admin mitigates that risk. It also protects him from EDs trust finally stepping in and recalling the shares and/or someone buying said debt...

[Lost Leopard Spot]

The reason Ken wants admin is because there is no time for another sale - he risks the club being devalued by further sanctions from the EFL (given games need re-arranging by Thursday or else) potentially even expulsion and/or liquidation by the court.

Ken is more open to scrutiny in admin than he is with a sale into which he can simply add an NDA as part of any agreement.

Go on, justify the above. Let's see quotes!
What, you don't have any? Just your overrated opinion!

How on earth would quotes justify the above?

Admin is Ken's protection against liquidation. If he thinks a solvent sale can be achieved he will push for it. But the clock is very close to stopping and admin mitigates that risk. It also protects him from EDs trust finally stepping in and recalling the shares and/or someone buying said debt...

"The reason Ken wants...", "Ken is more open to scrutiny in admin than..." - these are merely your opinions, which you present as facts. Quotes would help to cut the bullshit. But then you go on to represent more of your opinions as facts in defence of a lack of quotes. Great.

[BWFC_Insane]

The reason Ken wants admin is because there is no time for another sale - he risks the club being devalued by further sanctions from the EFL (given games need re-arranging by Thursday or else) potentially even expulsion and/or liquidation by the court.

Ken is more open to scrutiny in admin than he is with a sale into which he can simply add an NDA as part of any agreement.

Go on, justify the above. Let's see quotes!
What, you don't have any? Just your overrated opinion!

How on earth would quotes justify the above?

Admin is Ken's protection against liquidation. If he thinks a solvent sale can be achieved he will push for it. But the clock is very close to stopping and admin mitigates that risk. It also protects him from EDs trust finally stepping in and recalling the shares and/or someone buying said debt...

"The reason Ken wants...", "Ken is more open to scrutiny in admin than..." - these are merely your opinions, which you present as facts. Quotes would help to cut the bullshit. But then you go on to represent more of your opinions as facts in defence of a lack of quotes. Great.

If you want every single statement on here to be backed up with an appropriately sourced independent verification this forum could become rather dull. Given I was arguing against a viewpoint based on the witterings of Howard from Wanderersways are you telling me I'm wrong? If so - then I'm all ears....

[irie Cee Bee]

It's very striking how the images of Laurence Bassini, Ken Anderson and Shaun Harvey all morph into the same person. Football Borg.

Indeed.

[bristol_Wanderer3]

Anyway, I still say we really need to hope Bassini fails is 7pm test, and we are far better off in admin with all traces of Ken and Bassini gone.

That's the worry. It's like agreeing to a very risky operation, hoping it will sort the long-term problem. Kenectomy.

If Bassini does get approval (and Ken actually leaves the building), it's not beyond possibility that previous enquirers will restart negotiations with the new guy. But again, we'd have to see.

Kenectomy I like that!

Yes I had also thought of that, currently interested parties buying from Bassini either very soon after he gets control (heaven forbid) or when there is the inevitable crisis. The possible issues I see there are:

1.) Ken might have sold to Bassini with certain conditions attached, and he would be likely to still be a secured creditor so could influence any future sale.
2.) Bassini could do untold further damage if he gets control making it (even) less attractive for a potential buyer. Bad player/management decisions, bad commercial decisions etc.
3.) Given it seems a nonsensical financial proposition in the first place, any current interest dissipates and there is simply no interest when the next crisis arises.

[bristol_Wanderer3]

Admin is Ken's protection against liquidation. If he thinks a solvent sale can be achieved he will push for it . But the clock is very close to stopping and admin mitigates that risk. It also protects him from EDs trust finally stepping in and recalling the shares and/or someone buying said debt...

Just to say, that is not what Nixon is suggesting, in fact it is close to the opposite of what he is suggesting. He is saying that Ken would push for administration over the option of a solvent sale, which the latest mystery party would prefer.

[BWFC_Insane]

Anyway, I still say we really need to hope Bassini fails is 7pm test, and we are far better off in admin with all traces of Ken and Bassini gone.

That's the worry. It's like agreeing to a very risky operation, hoping it will sort the long-term problem. Kenectomy.

If Bassini does get approval (and Ken actually leaves the building), it's not beyond possibility that previous enquirers will restart negotiations with the new guy. But again, we'd have to see.

Kenectomy I like that!

Yes I had also thought of that, currently interested parties buying from Bassini either very soon after he gets control (heaven forbid) or when there is the inevitable crisis. The possible issues I see there are:

1.) Ken might have sold to Bassini with certain conditions attached, and he would be likely to still be a secured creditor so could influence any future sale.
2.) Bassini could do untold further damage if he gets control making it (even) less attractive for a potential buyer. Bad player/management decisions, bad commercial decisions etc.
3.) Given it seems a nonsensical financial proposition in the first place, any current interest dissipates and there is simply no interest when the next crisis arises.

There is a risk in that. But the risks are the same if not greater going into administration. How many STs do you think we'll sell next season if we are in admin for a portion of the summer on -12 points with potentially no 5/6 senior contracted players? Admin made more sense in March - be out of it by May with hopefully a new owner.

Go into admin and you're talking what - July before its all done and dusted. With a new owner, hopefully. And then what? They need to come in, get things moving. Work on the managerial team. Sort out players. That's a season where if we stay up its a minor miracle if we're being realistic.

[BWFC_Insane]

Admin is Ken's protection against liquidation. If he thinks a solvent sale can be achieved he will push for it . But the clock is very close to stopping and admin mitigates that risk. It also protects him from EDs trust finally stepping in and recalling the shares and/or someone buying said debt...

Just to say, that is not what Nixon is suggesting, in fact it is close to the opposite of what he is suggesting. He is saying that Ken would push for administration over the option of a solvent sale, which the latest mystery party would prefer.

Yes because I'm arguing that Ken has run out of time for a solvent sale to another party. How do you agree terms, do due diligence, get through the legals, pass EFL, and get the games on? Unless the party would pay before that is all done....who would do that and trust Ken?

[Dave Sutton's barnet]

Nixon seems certain admin won't take long. I'm not so sure myself. But it's worth reporting that Nixon seems confident things will progress very rapidly if Bassini's takeover collapses. I guess now it has to, because we're in grave danger of expulsion from the league.

[BWFC_Insane]

Nixon seems certain admin won't take long. I'm not so sure myself. But it's worth reporting that Nixon seems confident things will progress very rapidly if Bassini's takeover collapses. I guess now it has to, because we're in grave danger of expulsion from the league.

Yeah - this is where for me Nixon is a bit naive. I'm sure prospective buyers are telling him they'll move quickly in administration. But the administrator has to spend an amount of time working out how best to maximise the return. They have up to 8 weeks to do this I think. I guess it will be shorter here but the ST have a number of weeks initially don't they to discuss with the administrator?

[bristol_Wanderer3]

Nixon seems certain admin won't take long. I'm not so sure myself. But it's worth reporting that Nixon seems confident things will progress very rapidly if Bassini's takeover collapses. I guess now it has to, because we're in grave danger of expulsion from the league.

Admin does seem potentially quite complicated:

- Would it be the football club only, or would it also include the hotel, which has its own winding up order?
- If the whole thing, what is to stop people bidding for certain assets with no interest in the football side? Property developers etc
- Obviously the footballing penalties consign us to L1 or L2 for a while. Even if we stay up in L1 we still have an embargo the next season and three more teams coming down at a much higher level.
- Less footballing prospects = falling attendances = bigger losses = more problems for owners.

On the other hand with Bassini in charge, it is hardly enticing for players, managers, supporters to know that even without footballing penalties we are very likely to go through another ownership crisis soon, and we have a clown in charge of the club making all the decisions.

[Dave Sutton's barnet]

Bassini's single greatest plus-point is that he's not Ken. That would help him with the staff (not just players, of which there won't be many left) who've been hung out to dry so many times.

Not for long, like.

[TANGODANCER]

Nixon seems certain admin won't take long. I'm not so sure myself. But it's worth reporting that Nixon seems confident things will progress very rapidly if Bassini's takeover collapses. I guess now it has to, because we're in grave danger of expulsion from the league.

Since none of this is the club's fault as such, could they not just expel Ken and Bassini from the league instead? Solve a lot of problems and give us a fresh start till we find an owner....