Administration and recovery

[Lost Leopard Spot]

Once upon a time there were 4 little pigs. One pig had a structure made of concrete that could house any number of little piglets. The other three pigs had houses built of straw, swarf' and mud.
The pigs hatched a plan and gathered all the pigswill they could and presented the plan to a big bad wolf.
The big bad wolf looked at the plan and said deposit as much pigswill as you can in my den.
Unfortunately, because the pig with the concrete house couldn't access any pigswill, because it was mostly hidden in the concrete sty, he asked a nephew pig to deposit some pigswill.
Then when the big bad wolf started demanding deposits of the pigswill, the pig who lived in a mud house decided he'd had enough. The pigs in the straw and swarf' houses still carried on like nothing had happened.
Too much pigswill has been deposited for Straw Pig or Swarf' Pig, nor Big Bad Wolf to admit the plan for pigsville has gone tits up.
Concrete Pig can't cover his pigswill. Straw pig is desperately searching for another pig with a mud house.
Big bad wolf is beginning to huff and puff, but his cousin has already started to blow the concrete house down.

^
That isn't a fairytale. It's a metaphor.

[Athertonian]

I fear for the future of the club more now than at any other time. If the club fulfills it's first few games I'll be surprised. I can see FV getting really peed off and pulling out. Does that leave the way for Bassini or will the club be liquidated.
I personally can't see how the club can participate with all this going on, I now fear the worst.

[Bertie Wooster]

I'm starting to believe Bassini may have had a point

Bassini would only have a point if he could demonstrate that his bid (the one within the timeframe) was better than FV's, which he probably can't do as he won't have seen FV's...

Perhaps he now has ammunition, as its now public knowledge (stated by the club admins) that FV's bid was conditional on also acquiring the hotel, if his was unconditional he may have grounds for challenging the decision.

[BWFC_Insane]

I'm starting to believe Bassini may have had a point

Bassini would only have a point if he could demonstrate that his bid (the one within the timeframe) was better than FV's, which he probably can't do as he won't have seen FV's...

Perhaps he now has ammunition, as its now public knowledge (stated by the club admins) that FV's bid was conditional on also acquiring the hotel, if his was unconditional he may have grounds for challenging the decision.

You don’t seem to quite understand this. There is a lump of cash needed up front. To complete the deal and pay creditors. Then a commercial business plan to fund the running of the club.

Bassini did not prove the first part let alone the second. And was weeks and weeks two late.

It is FV or nobody.

[Worthy4England]

I fear for the future of the club more now than at any other time. If the club fulfills it's first few games I'll be surprised. I can see FV getting really peed off and pulling out. Does that leave the way for Bassini or will the club be liquidated.
I personally can't see how the club can participate with all this going on, I now fear the worst.

Not as cut and dried as FV or liquidate as lo g as it's being funded through admin. Problem is it's not cost a shitload to run through the off-season, that will change when we start incurring more serious running expense alongside admin fees.

[Bertie Wooster]

I'm starting to believe Bassini may have had a point

Bassini would only have a point if he could demonstrate that his bid (the one within the timeframe) was better than FV's, which he probably can't do as he won't have seen FV's...

Perhaps he now has ammunition, as its now public knowledge (stated by the club admins) that FV's bid was conditional on also acquiring the hotel, if his was unconditional he may have grounds for challenging the decision.

You don’t seem to quite understand this. There is a lump of cash needed up front. To complete the deal and pay creditors. Then a commercial business plan to fund the running of the club.

Bassini did not prove the first part let alone the second. And was weeks and weeks two late.

It is FV or nobody.

You are a little patronising don't you think ? and you do seem to like to portray that you know everything or more than others, but again as I asked you earlier I will ask the same question relating to your latest regarding its FV or nobody - is this a fact or are you speculating again ?

[Worthy4England]

I'm starting to believe Bassini may have had a point

Bassini would only have a point if he could demonstrate that his bid (the one within the timeframe) was better than FV's, which he probably can't do as he won't have seen FV's...

Perhaps he now has ammunition, as its now public knowledge (stated by the club admins) that FV's bid was conditional on also acquiring the hotel, if his was unconditional he may have grounds for challenging the decision.

I'm fairly sure he knows where the courthouse is and he has a track record of using it. Our Admins have already said they have legal folks dealing with Bassini, although that seemed to be more from a cease and desist angle.

I'm not sure as a "bidder" he has any "rights" as long as the creditors are happy with the process that's being followed..

[BWFC_Insane]

I'm starting to believe Bassini may have had a point

Bassini would only have a point if he could demonstrate that his bid (the one within the timeframe) was better than FV's, which he probably can't do as he won't have seen FV's...

Perhaps he now has ammunition, as its now public knowledge (stated by the club admins) that FV's bid was conditional on also acquiring the hotel, if his was unconditional he may have grounds for challenging the decision.

You don’t seem to quite understand this. There is a lump of cash needed up front. To complete the deal and pay creditors. Then a commercial business plan to fund the running of the club.

Bassini did not prove the first part let alone the second. And was weeks and weeks two late.

It is FV or nobody.

You are a little patronising don't you think ? and you do seem to like to portray that you know everything or more than others, but again as I asked you earlier I will ask the same question relating to your latest regarding its FV or nobody - is this a fact or are you speculating again ?

I’m not speculating. But can only relay what I’m told second hand from administrators.

However admins explaining that there was only one suitable bid in the end is in public domain I think. Reported in creditors report which was in BN.

[Bertie Wooster]

I'm starting to believe Bassini may have had a point

Bassini would only have a point if he could demonstrate that his bid (the one within the timeframe) was better than FV's, which he probably can't do as he won't have seen FV's...

Perhaps he now has ammunition, as its now public knowledge (stated by the club admins) that FV's bid was conditional on also acquiring the hotel, if his was unconditional he may have grounds for challenging the decision.

I'm fairly sure he knows where the courthouse is and he has a track record of using it. Our Admins have already said they have legal folks dealing with Bassini, although that seemed to be more from a cease and desist angle.

I'm not sure as a "bidder" he has any "rights" as long as the creditors are happy with the process that's being followed..

In major public sector competitive tenders, there is normally a mandatory standstill period following contract award whereby any unsuccessful bidders can challenge the contract award decision should they feel that the decision was unfair & not evaluated correctly - I appreciate that this is not the same, however surely in this case the other bidders could challenge the 'preferred bidder' decision now that this FV 'conditional on the hotel' bid has now come to light, Bassini doesn't have a leg to stand on as he didn't submit his bid within the stated bid process timescales.

[bristol_Wanderer3]

I fear for the future of the club more now than at any other time. If the club fulfills it's first few games I'll be surprised. I can see FV getting really peed off and pulling out. Does that leave the way for Bassini or will the club be liquidated.
I personally can't see how the club can participate with all this going on, I now fear the worst.

Have to say...

This is a crisis, a large crisis. In fact, if you got a moment, it's a twelve-storey crisis with a magnificent entrance hall, carpeting throughout, 24-hour portage, and an enormous sign on the roof, saying 'This Is a Large Crisis'

[Athertonian]

I fear for the future of the club more now than at any other time. If the club fulfills it's first few games I'll be surprised. I can see FV getting really peed off and pulling out. Does that leave the way for Bassini or will the club be liquidated.
I personally can't see how the club can participate with all this going on, I now fear the worst.

Have to say...

This is a crisis, a large crisis. In fact, if you got a moment, it's a twelve-storey crisis with a magnificent entrance hall, carpeting throughout, 24-hour portage, and an enormous sign on the roof, saying 'This Is a Large Crisis'

I honestly cannot see how this serason can go ahead. There needs to be a minor miracle for this to happen. It's the biggest crisis at a football club in modern times, Bolton Wanderers are very close to going bang.

[Worthy4England]

I'm starting to believe Bassini may have had a point

Bassini would only have a point if he could demonstrate that his bid (the one within the timeframe) was better than FV's, which he probably can't do as he won't have seen FV's...

Perhaps he now has ammunition, as its now public knowledge (stated by the club admins) that FV's bid was conditional on also acquiring the hotel, if his was unconditional he may have grounds for challenging the decision.

I'm fairly sure he knows where the courthouse is and he has a track record of using it. Our Admins have already said they have legal folks dealing with Bassini, although that seemed to be more from a cease and desist angle.

I'm not sure as a "bidder" he has any "rights" as long as the creditors are happy with the process that's being followed..

In major public sector competitive tenders, there is normally a mandatory standstill period following contract award whereby any unsuccessful bidders can challenge the contract award decision should they feel that the decision was unfair & not evaluated correctly - I appreciate that this is not the same, however surely in this case the other bidders could challenge the 'preferred bidder' decision now that this FV 'conditional on the hotel' bid has now come to light, Bassini doesn't have a leg to stand on as he didn't submit his bid within the stated bid process timescales.

Yup done plenty of Pub Sector bids, and I think you've answered your own question. This isn't the same.

Given that no other bidders shelled out £25k to see the books, could you see any of them being prepared to fund an expensive legal action that they have a fair chance of losing? There'll almost certainly have been standard disclaimers in the bid docs to cover the admins which effectively day their decision is final yadda yadda, they're in pretty much every set of private sector bid docs I've ever seen...

[Branagan]

I fear for the future of the club more now than at any other time. If the club fulfills it's first few games I'll be surprised. I can see FV getting really peed off and pulling out. Does that leave the way for Bassini or will the club be liquidated.
I personally can't see how the club can participate with all this going on, I now fear the worst.

Have to say...

This is a crisis, a large crisis. In fact, if you got a moment, it's a twelve-storey crisis with a magnificent entrance hall, carpeting throughout, 24-hour portage, and an enormous sign on the roof, saying 'This Is a Large Crisis'

I honestly cannot see how this season can go ahead. There needs to be a minor miracle for this to happen. It's the biggest crisis at a football club in modern times, Bolton Wanderers are very close to going bang.

This is my feeling now as well. If it's all fixed tomorrow then next season is a bad one. More likely I think FV will pull out with a week to go and that's us done.

[TANGODANCER]

"Second verse, same as first...!" Players out on strike again....

[Dave Sutton's barnet]

For Bruce etc:

Iles: Understand that Football Ventures won't be getting a loan from the PFA but are still pressing ahead with the bid. I suppose that means they have restructured their own plan, or found an alternate way? #bwfc

[Worthy4England]

For Bruce etc:

Iles: Understand that Football Ventures won't be getting a loan from the PFA but are still pressing ahead with the bid. I suppose that means they have restructured their own plan, or found an alternate way? #bwfc

Sorta good but doesn't resolve the fundamental issue of needed to sort out the Hotel element...

[BWFC_Insane]

For Bruce etc:

Iles: Understand that Football Ventures won't be getting a loan from the PFA but are still pressing ahead with the bid. I suppose that means they have restructured their own plan, or found an alternate way? #bwfc

Sorta good but doesn't resolve the fundamental issue of needed to sort out the Hotel element...

Perhaps releasing up front cash in bid allows space to satisfy EFL 2 year funding requirements? Perhaps they'll just scrap any plans to build a squad. "Go with what we've got".

[Lost Leopard Spot]

For Bruce etc:

Iles: Understand that Football Ventures won't be getting a loan from the PFA but are still pressing ahead with the bid. I suppose that means they have restructured their own plan, or found an alternate way? #bwfc

Or, are just hoping to get the hotel, and find further funds.

And why won't they be getting a loan from the PFA - because the players and staff are guaranteed pay anyway. Why the hell would the PFA want to try and claim money back from FV when their plan's gone tits up before it even begins.

[Prufrock]

Don't think the players are guaranteed anything if it comes to liquidation. They will just be unsecured creditors I think.

[BWFC_Insane]

Don't think the players are guaranteed anything if it comes to liquidation. They will just be unsecured creditors I think.

The only reason they get anything is because the league will not allow participation if they aren't paid in full. If being liquidated that is no longer an issue so they will at that point just join the list. And in all likelihood receive nowt.