The Debt.

[Prufrock]

Even if I accept all that, which I very much do not by the way, but even if I do, why on earth would he do it? What is he getting?

He owes the money to himself. If he did that, Burnden Leisure (him) would now not owe £160m - HOORAY. Moonshift (also him) would no longer be owed £160m - BOOOO.

What's the upside?

[Lord Kangana]

He's free to walk away, I'm guessing with a small but not inconsiderable payout from ourselves. Its all hypothetical. But we do have a mountain of debt, and I am starting to wonder as to what mechanisms they'll use to clear it. Involuntary administration is less preferable than voluntary, by the way.

[Lord Kangana]

And he doesn't owe himself any money. A company he is director of owes money to another company he is director of. Its really not as simple as "its his money". Its technically company money. He has to deal with that in a legal way.

[Prufrock]

He's free to walk away now! As you say, the companies owe/are owed the money, not him. What do you think the actual benefit to ED is from going into administration? End game of your reasoning, imagine this happens as you're saying, what he would get out of it that he would need to put BL into administration to get?

Coz I can't see anything!

[Prufrock]

And he doesn't owe himself any money. A company he is director of owes money to another company he is director of. Its really not as simple as "its his money". Its technically company money. He has to deal with that in a legal way.

Or what? He get sued by himself for breaching his fiduciary duties to himself?

[Gravedigger]

I'm surprised his company allowed him to "Borrow" £150 Million without questions. Could be a tax benefit thing or maybe the Stadium and surrounding area are collateral, though I can't see the value being anything like the debt. Don't his partners invest in supermarket construction and maybe schools? On the other hand he might just be an eccentic fan.

[Lord Kangana]

And he doesn't owe himself any money. A company he is director of owes money to another company he is director of. Its really not as simple as "its his money". Its technically company money. He has to deal with that in a legal way.

Or what? He get sued by himself for breaching his fiduciary duties to himself?

He'd get pursued by the authorities for not acting in the best interests of his company - in this case Moonshift.

[bobo the clown]

And he doesn't owe himself any money. A company he is director of owes money to another company he is director of. Its really not as simple as "its his money". Its technically company money. He has to deal with that in a legal way.

Or what? He get sued by himself for breaching his fiduciary duties to himself?

He'd get pursued by the authorities for not acting in the best interests of his company - in this case Moonshift.

... and get barred from being a director of any business for a good while.

Now THAT would be interesting !!

[Lord Kangana]

He is old. Would he care that much? (I'm not saying he will, by the way!)

[bobo the clown]

He is old. Would he care that much? (I'm not saying he will, by the way!)

It'd fck us up though !!

[Lord Kangana]

Anyway, I was only reading in the paper yesterday of a business that went tits up with liabilities of abou £600k, but they couldn't pursue the directors appropriately because the record keeping was so shoddy! We could all learn a lesson from that! They got a ban, but what does that even mean?

[Enoch]

They got a ban, but what does that even mean?

Does it mean they nominate the wife and labrador as directors of the next venture?

[bobo the clown]

They got a ban, but what does that even mean?

Does it mean they nominate the wife and labrador as directors of the next venture?

Aye, but what will they know about 4-4-2 or a 3 central defenders with wing backs formation ?

OK, the dog may be able to grasp it, but ....

[Enoch]

They got a ban, but what does that even mean?

Does it mean they nominate the wife and labrador as directors of the next venture?

Aye, but what will they know about 4-4-2 or a 3 central defenders with wing backs formation ?

OK, the dog may be able to grasp it, but ....

Maybe that's the future! We sign three alsatians and a rottweiller to play at the back.

[Gravedigger]

Is that's what's known as dogged doggerel and would they hound him if he was found out.

[Izual_Rebirth]

There seem to be growing rumours doing the rounds about us going into administration on a voluntary basis. Can't see what the advantage would be as the debt is owed to one man, but then I have no understanding of global finance.

I'm happy that other people have as much foresight as me.

[Izual_Rebirth]

The debt isn't the issue. It's the fact we're leaking money left right and centre to the tune of 50M+ a year.

In the best case scenario that he left the club and wiped all the money we owe him that doesn't stop the fact that this time next year we'll be looking at another 50M+ loss with no one to pick up the bill.

[Izual_Rebirth]

He's free to walk away now! As you say, the companies owe/are owed the money, not him. What do you think the actual benefit to ED is from going into administration? End game of your reasoning, imagine this happens as you're saying, what he would get out of it that he would need to put BL into administration to get?

Coz I can't see anything!

It's not a case of him getting his money back. It's too late for that. To make his money back not only do we have to turn round a 50M+ per year loss and turn it into a profit but we need to make 150M+ worth of profit. Looking

How many years would it realistically take for the club to make a profit of 150M to pay that debt back? Even if you say from next year we turn in a 15M profit it would still take 10 years to pay it all back. It's just not feasible.

[BWFC_Insane]

He's free to walk away, I'm guessing with a small but not inconsiderable payout from ourselves. Its all hypothetical. But we do have a mountain of debt, and I am starting to wonder as to what mechanisms they'll use to clear it. Involuntary administration is less preferable than voluntary, by the way.

Haven't we established that there is no payout for him in the event of administration?

I think there is more chance of us being promoted this season than there is of administration.

[Lord Kangana]

Er, no we haven't. In administration the principle creditors (those who are owed money) will be made an offer of p/£. That could be 100. It could be 1. Moonshift is the principle creditor. What Moonshift then do with that money is entirely up to their directors and shareholders, and what, if any loans may or may not have been made to it. Etc etc. It becomes a Moonshift issue.