The breaking News thread...

[BWFC_Insane]

As I understand it, the administrators try to sell off anything they can to either wind up the business and pay creditors or keep it going whilst trying to find a buyer (if they believe one can reasonably be found). Out of the stuff that gets flogged they take their exorbitant fees. The fee will depend largely on how long the saga goes on for and how much of a piss take they are. I suspect choosing your own means you can try and appoint one less inclined to take the piss.

They have to try and keep the business as a going concern if at all possible.

[malcd1]

I'm told by our resident finance expert that the costs are simply the business operating costs as well as paying the administrators.

That could be expensive overall. But I assume often administrators would sell assets to raise that money, so not sure why we are doing it in advance.

Unless, as pointed out additionally, we're going in as pre-pack.....which might explain why we're paying off some loans (like the Warburtons loan for example).

Or the £3m loan to Eddie Davies.

[Abdoulaye's Twin]

Wouldn't (logically) paying yourself and fellow board members off immediately before administration to ensure you get paid (fcuk everyone else) come under dodgy financial shennaigans that should be illegal?

[plymouth wanderer]

How much are the Warburtons worth? fecking fortune I'd imagine. Why haven't they bailed us out?

[jetsetwilly]

Does anybody actually think any of these 'bids' are real? I said weeks ago, the only way Eddie is getting a big chunk of money back from the club is to asset strip and liquidate.

If he cared, would he be on his holidays in Barbados?

I can never prove this, and I know many doubt it, but Eddie is not out of pocket from his time at the club and he is now grabbing every last penny he can realistically get. This is all part of his plan.

BWFC is his plaything, he doesn't care one bit about the fans.

The role of administration is either to get the club into a shape where it can be sold, or to sell off everything to raise money to pay creditors (Eddie).

Selling stuff off makes us far less attractive to any buyer. I only see this going one way.

[jetsetwilly]

How much are the Warburtons worth? fecking fortune I'd imagine. Why haven't they bailed us out?

I think you will find that Mr Warburton is one of those asking for his directors loan back, so zero chance of any bailout.

[BWFC_Insane]

Bolton sales. Car park possible. Zach not sure. Davies difficult. Vela blocked by wee Eddie so far.

Bolton car park thing. Would bring on cash. But makes club assets less appealing for any future buyer. This is not a good place to be in.

Latest from Nixon.

[Hoboh]

Bolton sales. Car park possible. Zach not sure. Davies difficult. Vela blocked by wee Eddie so far.

Bolton car park thing. Would bring on cash. But makes club assets less appealing for any future buyer. This is not a good place to be in.

Latest from Nixon.

I thought we'd already sold the bloody car park?

[BWFC_Insane]

Bolton sales. Car park possible. Zach not sure. Davies difficult. Vela blocked by wee Eddie so far.

Bolton car park thing. Would bring on cash. But makes club assets less appealing for any future buyer. This is not a good place to be in.

Latest from Nixon.

I thought we'd already sold the bloody car park?

We sold an unnamed portion of it. Not all of it. Clearly the car park has some significant value that is lost on me.....

[Dave Sutton's barnet]

I thought we'd already sold the bloody car park?

No. We sold "a parcel" of it about six (?) weeks ago. A bit later came rumours that Middlebrook's Mr Big (sorry, I forget his name - Peter summat?) was interested in buying the land. (I don't think he wants the car park for its own sake.)

[jetsetwilly]

Bolton sales. Car park possible. Zach not sure. Davies difficult. Vela blocked by wee Eddie so far.

Bolton car park thing. Would bring on cash. But makes club assets less appealing for any future buyer. This is not a good place to be in.

Latest from Nixon.

I thought we'd already sold the bloody car park?

We sold an unnamed portion of it. Not all of it. Clearly the car park has some significant value that is lost on me.....

At £6 per car it creates decent weekly revenue. But more likely, if sold off to a retail developer, carries much more income from rental if a superstore sits on top of it. Wonder what Normid are doing these days?

[jetsetwilly]

Does anybody actually think any of these 'bids' are real? I said weeks ago, the only way Eddie is getting a big chunk of money back from the club is to asset strip and liquidate.

If he cared, would he be on his holidays in Barbados?

I can never prove this, and I know many doubt it, but Eddie is not out of pocket from his time at the club and he is now grabbing every last penny he can realistically get. This is all part of his plan.

BWFC is his plaything, he doesn't care one bit about the fans.

The role of administration is either to get the club into a shape where it can be sold, or to sell off everything to raise money to pay creditors (Eddie).

Selling stuff off makes us far less attractive to any buyer. I only see this going one way.

You've said this a few times now - have you got any proof? ED has always been quite a secretive guy, even when we were flying high. Are you privy to his daily itinerary? I'm hardly a fan of his given recent events, but I find it hard to believe that he's on his jollies whilst there's multiple advanced negotiations going on to sell his business in the face of it all burning down around him.

It was reported in the BN yesterday that he is currently in Barbados

[Hoboh]

Does anybody actually think any of these 'bids' are real? I said weeks ago, the only way Eddie is getting a big chunk of money back from the club is to asset strip and liquidate.

If he cared, would he be on his holidays in Barbados?

I can never prove this, and I know many doubt it, but Eddie is not out of pocket from his time at the club and he is now grabbing every last penny he can realistically get. This is all part of his plan.

BWFC is his plaything, he doesn't care one bit about the fans.

The role of administration is either to get the club into a shape where it can be sold, or to sell off everything to raise money to pay creditors (Eddie).

Selling stuff off makes us far less attractive to any buyer. I only see this going one way.

You've said this a few times now - have you got any proof? ED has always been quite a secretive guy, even when we were flying high. Are you privy to his daily itinerary? I'm hardly a fan of his given recent events, but I find it hard to believe that he's on his jollies whilst there's multiple advanced negotiations going on to sell his business in the face of it all burning down around him.

I heard the boss of the environment agency was taking advice off him!

[midlands exile]

I'm told by our resident finance expert that the costs are simply the business operating costs as well as paying the administrators.

That could be expensive overall. But I assume often administrators would sell assets to raise that money, so not sure why we are doing it in advance.

Unless, as pointed out additionally, we're going in as pre-pack.....which might explain why we're paying off some loans (like the Warburtons loan for example).

Or the £3m loan to Eddie Davies.

Yep

The initial reported bid of £3m matching the estimated figure for ED's personal loans to the club (that are not to be wiped if the club is sold off, so he obviously really wants that money back by hook or crook). Hmmmmm....

[Jugs]

Bolton sales. Car park possible. Zach not sure. Davies difficult. Vela blocked by wee Eddie so far.

Bolton car park thing. Would bring on cash. But makes club assets less appealing for any future buyer. This is not a good place to be in.

Latest from Nixon.

Interesting turn of events. Holding out for more money or thinks he's going to be an important part of whatever future we have?

[midlands exile]

I can never prove this, and I know many doubt it, but Eddie is not out of pocket from his time at the club and he is now grabbing every last penny he can realistically get. This is all part of his plan.

BWFC is his plaything, he doesn't care one bit about the fans.

I would disagree, ED has always treated the club as an investment / business, not a plaything where he's cheerfully thrown money around. The commercial rates of interest, the offshore holding companies, the washout of the original shareholders, the switch to a private limited company...

And before anyone mentions his gallant wiping of the "big debt", his attitude towards the much smaller personal loans (which must be paid back to him) strengthens my suspicions that the £170m wasn't a true figure.

[jetsetwilly]

"A penny for the thoughts of outgoing owner Eddie Davies, currently in Barbados, while Trevor Birch thrashed out more last-gasp negotiations yesterday"

Written by Marc Iles on Monday

http://www.theboltonnews.co.uk/sport/14 ... Wanderers/" onclick="window.open(this.href);return false;

[jetsetwilly]

I can never prove this, and I know many doubt it, but Eddie is not out of pocket from his time at the club and he is now grabbing every last penny he can realistically get. This is all part of his plan.

BWFC is his plaything, he doesn't care one bit about the fans.

I would disagree, ED has always treated the club as an investment / business, not a plaything where he's cheerfully thrown money around. The commercial rates of interest, the offshore holding companies, the washout of the original shareholders, the switch to a private limited company...

And before anyone mentions his gallant wiping of the "big debt", his attitude towards the much smaller personal loans (which must be paid back to him) strengthens my suspicions that the £170m wasn't a true figure.

Exactly. He is making sure he is not out of pocket from all of this. Doubt anyone will ever prove it, but it is hard to explain why a guy writing off 175m is insisting that he gets a seperate 3m loan paid in full. Doesn't add up.

[BWFC_Insane]

Exactly. He is making sure he is not out of pocket from all of this. Doubt anyone will ever prove it, but it is hard to explain why a guy writing off 175m is insisting that he gets a seperate 3m loan paid in full. Doesn't add up.

I imagine because the bulk of the money he invested came from loans via his other businesses or sale of other business.

The 3M is described as a "personal loan" which perhaps means was directly money from his own personal accounts.

[Hoboh]

I can never prove this, and I know many doubt it, but Eddie is not out of pocket from his time at the club and he is now grabbing every last penny he can realistically get. This is all part of his plan.

BWFC is his plaything, he doesn't care one bit about the fans.

I would disagree, ED has always treated the club as an investment / business, not a plaything where he's cheerfully thrown money around. The commercial rates of interest, the offshore holding companies, the washout of the original shareholders, the switch to a private limited company...

And before anyone mentions his gallant wiping of the "big debt", his attitude towards the much smaller personal loans (which must be paid back to him) strengthens my suspicions that the £170m wasn't a true figure.

Exactly. He is making sure he is not out of pocket from all of this. Doubt anyone will ever prove it, but it is hard to explain why a guy writing off 175m is insisting that he gets a seperate 3m loan paid in full. Doesn't add up.

I'm just reminded of a former colleague of mine, who knew a bit about finance, once said to me about our 'debt' a couple of years ago that in the time Eddie has been involved with the club, he'd have put no more than a couple of million in on a revolving basis, cash in cash back out plus interest. He also added that he would have acted to guarantee some expenditure, but not put actual personal cash in.
This might be his 'no write off' of the £3 million 'loan', his own hard cash!