Administration and recovery

Where fellow sufferers gather to share the pain, longing and unrequited transfer requests that make being a Wanderer what it is...

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Lost Leopard Spot
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Re: Administration and recovery

Post by Lost Leopard Spot » Sat Aug 03, 2019 1:09 pm

BWFC_Insane wrote:
Sat Aug 03, 2019 12:47 pm
Lost Leopard Spot wrote:
Sat Aug 03, 2019 12:43 pm
BWFC_Insane wrote:
Sat Aug 03, 2019 12:39 pm
From Marc Iles matchday live...

Well, since Thursday the official line from administrators and club was that the takeover was set to be completed. I am told one of the creditors asked for a change in a legal document late last night, which has (once again) caused an issue.

I have been told on half a dozen occasions now that the takeover will be completed "tomorrow" or that it's "imminent" from various people in the deal - and not just from the PR camp, who may have a vested interest in keeping a lid on the mania.
That'll be Michael James then...

But, however, Iles also reported some scrambled Bollox about a five month PFA loan being repaid.

He also pointed out that the wages being paid was only partial truth - the amount paid was nowhere near the full amount.
He posted the truth about wages. Admins paid them minus the wages individuals had loaned from PFA. Their reasoning was that in short term players would have all they owed and the loans that they had to be repaid to PFA would be settled following takeover.
That's about as garbled as Marc Iles's report.
A few things: not everybody had a 'loan' and of those who did, Magennis amongst them, the PFA loans were given out as an emergency payment, and were taxed as such. The 'wages' paid to the players (actually backpay owed) had whatever amount of emergency pay had been recieved deducted, and was then calculated with full deductions (tax, NI, etc) thus compounding the amount deducted...( in some cases like Magennis 45% deducted in a loan that was then taxed at 40% - that's a fairly large wedge) And yes, sure HMRC will repay them at the end of the tax year, but it is still not a payment of the full amount expected, is it!?
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Re: Administration and recovery

Post by BWFC_Insane » Sat Aug 03, 2019 1:14 pm

Lost Leopard Spot wrote:
Sat Aug 03, 2019 1:09 pm
BWFC_Insane wrote:
Sat Aug 03, 2019 12:47 pm
Lost Leopard Spot wrote:
Sat Aug 03, 2019 12:43 pm
BWFC_Insane wrote:
Sat Aug 03, 2019 12:39 pm
From Marc Iles matchday live...

Well, since Thursday the official line from administrators and club was that the takeover was set to be completed. I am told one of the creditors asked for a change in a legal document late last night, which has (once again) caused an issue.

I have been told on half a dozen occasions now that the takeover will be completed "tomorrow" or that it's "imminent" from various people in the deal - and not just from the PR camp, who may have a vested interest in keeping a lid on the mania.
That'll be Michael James then...

But, however, Iles also reported some scrambled Bollox about a five month PFA loan being repaid.

He also pointed out that the wages being paid was only partial truth - the amount paid was nowhere near the full amount.
He posted the truth about wages. Admins paid them minus the wages individuals had loaned from PFA. Their reasoning was that in short term players would have all they owed and the loans that they had to be repaid to PFA would be settled following takeover.
That's about as garbled as Marc Iles's report.
A few things: not everybody had a 'loan' and of those who did, Magennis amongst them, the PFA loans were given out as an emergency payment, and were taxed as such. The 'wages' paid to the players (actually backpay owed) had whatever amount of emergency pay had been recieved deducted, and was then calculated with full deductions (tax, NI, etc) thus compounding the amount deducted...( in some cases like Magennis 45% deducted in a loan that was then taxed at 40% - that's a fairly large wedge) And yes, sure HMRC will repay them at the end of the tax year, but it is still not a payment of the full amount expected, is it!?
Absolutely. But the admins were trying to find a way of paying players to get game on....and were incredibly limited into what they had available to do so. I believe they may have had to arrange some borrowing to pay what they did....

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Re: Administration and recovery

Post by Lost Leopard Spot » Sat Aug 03, 2019 1:20 pm

BWFC_Insane wrote:
Sat Aug 03, 2019 1:14 pm
Lost Leopard Spot wrote:
Sat Aug 03, 2019 1:09 pm
BWFC_Insane wrote:
Sat Aug 03, 2019 12:47 pm
Lost Leopard Spot wrote:
Sat Aug 03, 2019 12:43 pm
BWFC_Insane wrote:
Sat Aug 03, 2019 12:39 pm
From Marc Iles matchday live...

Well, since Thursday the official line from administrators and club was that the takeover was set to be completed. I am told one of the creditors asked for a change in a legal document late last night, which has (once again) caused an issue.

I have been told on half a dozen occasions now that the takeover will be completed "tomorrow" or that it's "imminent" from various people in the deal - and not just from the PR camp, who may have a vested interest in keeping a lid on the mania.
That'll be Michael James then...

But, however, Iles also reported some scrambled Bollox about a five month PFA loan being repaid.

He also pointed out that the wages being paid was only partial truth - the amount paid was nowhere near the full amount.
He posted the truth about wages. Admins paid them minus the wages individuals had loaned from PFA. Their reasoning was that in short term players would have all they owed and the loans that they had to be repaid to PFA would be settled following takeover.
That's about as garbled as Marc Iles's report.
A few things: not everybody had a 'loan' and of those who did, Magennis amongst them, the PFA loans were given out as an emergency payment, and were taxed as such. The 'wages' paid to the players (actually backpay owed) had whatever amount of emergency pay had been recieved deducted, and was then calculated with full deductions (tax, NI, etc) thus compounding the amount deducted...( in some cases like Magennis 45% deducted in a loan that was then taxed at 40% - that's a fairly large wedge) And yes, sure HMRC will repay them at the end of the tax year, but it is still not a payment of the full amount expected, is it!?
Absolutely. But the admins were trying to find a way of paying players to get game on....and were incredibly limited into what they had available to do so. I believe they may have had to arrange some borrowing to pay what they did....
They probably borrowed it off the PFA, so that the loans were paid at source, thus reducing the amount of loan required to pretend the full wages were being paid. And we wonder why Magennis got pissed off. "Here's all the dosh you've been owed for five months, minus the tax on the loan you took out which we've repaid for you directly from source... You can claim that 45% of your wages back in April 2020..."...
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Re: Administration and recovery

Post by BWFC_Insane » Sat Aug 03, 2019 1:22 pm

Lost Leopard Spot wrote:
Sat Aug 03, 2019 1:20 pm
BWFC_Insane wrote:
Sat Aug 03, 2019 1:14 pm
Lost Leopard Spot wrote:
Sat Aug 03, 2019 1:09 pm
BWFC_Insane wrote:
Sat Aug 03, 2019 12:47 pm
Lost Leopard Spot wrote:
Sat Aug 03, 2019 12:43 pm
BWFC_Insane wrote:
Sat Aug 03, 2019 12:39 pm
From Marc Iles matchday live...

Well, since Thursday the official line from administrators and club was that the takeover was set to be completed. I am told one of the creditors asked for a change in a legal document late last night, which has (once again) caused an issue.

I have been told on half a dozen occasions now that the takeover will be completed "tomorrow" or that it's "imminent" from various people in the deal - and not just from the PR camp, who may have a vested interest in keeping a lid on the mania.
That'll be Michael James then...

But, however, Iles also reported some scrambled Bollox about a five month PFA loan being repaid.

He also pointed out that the wages being paid was only partial truth - the amount paid was nowhere near the full amount.
He posted the truth about wages. Admins paid them minus the wages individuals had loaned from PFA. Their reasoning was that in short term players would have all they owed and the loans that they had to be repaid to PFA would be settled following takeover.
That's about as garbled as Marc Iles's report.
A few things: not everybody had a 'loan' and of those who did, Magennis amongst them, the PFA loans were given out as an emergency payment, and were taxed as such. The 'wages' paid to the players (actually backpay owed) had whatever amount of emergency pay had been recieved deducted, and was then calculated with full deductions (tax, NI, etc) thus compounding the amount deducted...( in some cases like Magennis 45% deducted in a loan that was then taxed at 40% - that's a fairly large wedge) And yes, sure HMRC will repay them at the end of the tax year, but it is still not a payment of the full amount expected, is it!?
Absolutely. But the admins were trying to find a way of paying players to get game on....and were incredibly limited into what they had available to do so. I believe they may have had to arrange some borrowing to pay what they did....
They probably borrowed it off the PFA, so that the loans were paid at source, thus reducing the amount of loan required to pretend the full wages were being paid. And we wonder why Magennis got pissed off. "Here's all the dosh you've been owed for five months, minus the tax on the loan you took out which we've repaid for you directly from source... You can claim that 45% of your wages back in April 2020..."...
You’d think people might see the bigger picture. Keeping a founder member of the football league alive. Mind seems even some of our fans often miss that is what people are trying to do here.

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Re: Administration and recovery

Post by Lost Leopard Spot » Sat Aug 03, 2019 1:28 pm

BWFC_Insane wrote:
Sat Aug 03, 2019 1:22 pm
Lost Leopard Spot wrote:
Sat Aug 03, 2019 1:20 pm
BWFC_Insane wrote:
Sat Aug 03, 2019 1:14 pm
Lost Leopard Spot wrote:
Sat Aug 03, 2019 1:09 pm
BWFC_Insane wrote:
Sat Aug 03, 2019 12:47 pm
Lost Leopard Spot wrote:
Sat Aug 03, 2019 12:43 pm
BWFC_Insane wrote:
Sat Aug 03, 2019 12:39 pm
From Marc Iles matchday live...

Well, since Thursday the official line from administrators and club was that the takeover was set to be completed. I am told one of the creditors asked for a change in a legal document late last night, which has (once again) caused an issue.

I have been told on half a dozen occasions now that the takeover will be completed "tomorrow" or that it's "imminent" from various people in the deal - and not just from the PR camp, who may have a vested interest in keeping a lid on the mania.
That'll be Michael James then...

But, however, Iles also reported some scrambled Bollox about a five month PFA loan being repaid.

He also pointed out that the wages being paid was only partial truth - the amount paid was nowhere near the full amount.
He posted the truth about wages. Admins paid them minus the wages individuals had loaned from PFA. Their reasoning was that in short term players would have all they owed and the loans that they had to be repaid to PFA would be settled following takeover.
That's about as garbled as Marc Iles's report.
A few things: not everybody had a 'loan' and of those who did, Magennis amongst them, the PFA loans were given out as an emergency payment, and were taxed as such. The 'wages' paid to the players (actually backpay owed) had whatever amount of emergency pay had been recieved deducted, and was then calculated with full deductions (tax, NI, etc) thus compounding the amount deducted...( in some cases like Magennis 45% deducted in a loan that was then taxed at 40% - that's a fairly large wedge) And yes, sure HMRC will repay them at the end of the tax year, but it is still not a payment of the full amount expected, is it!?
Absolutely. But the admins were trying to find a way of paying players to get game on....and were incredibly limited into what they had available to do so. I believe they may have had to arrange some borrowing to pay what they did....
They probably borrowed it off the PFA, so that the loans were paid at source, thus reducing the amount of loan required to pretend the full wages were being paid. And we wonder why Magennis got pissed off. "Here's all the dosh you've been owed for five months, minus the tax on the loan you took out which we've repaid for you directly from source... You can claim that 45% of your wages back in April 2020..."...
You’d think people might see the bigger picture. Keeping a founder member of the football league alive. Mind seems even some of our fans often miss that is what people are trying to do here.
Tell you what, you sacrifice 45% of your last five months salary until April 2020, for the bigger picture. You can cut the crap about the bigger picture when it comes to individuals.
FV should have signed by now if they were fully legit. They're not. David Rubin & Partners are desperately trying to hold the entire pile of balsa wood together and have forgotten to be truthful: you don't fxcking say, in a meeting, we are paying all your wages, and then pull a sneaky fxcking trick and expect everybody to be onboard for the BIGGER FXCKING PICTURE.
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Re: Administration and recovery

Post by BWFC_Insane » Sat Aug 03, 2019 1:32 pm

I don’t really agree. The business is insolvent. If FV pull out that’s it. Individuals might be greedy but I’ve done loads in my time to help out struggling organisations I worked for. Including accepting late wages, reduced salary for periods and even not claiming any owed expenses. Sure it does come to a point where as an individual you have to look after yourself. I don’t suspect communication has been very good. And I get why players are fed up.

But regardless we’ve all got to pray this deal happens. Or it’s curtains.

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Re: Administration and recovery

Post by Lost Leopard Spot » Sat Aug 03, 2019 1:38 pm

BWFC_Insane wrote:
Sat Aug 03, 2019 1:32 pm
I don’t really agree. The business is insolvent. If FV pull out that’s it. Individuals might be greedy but I’ve done loads in my time to help out struggling organisations I worked for. Including accepting late wages, reduced salary for periods and even not claiming any owed expenses. Sure it does come to a point where as an individual you have to look after yourself. I don’t suspect communication has been very good. And I get why players are fed up.

But regardless we’ve all got to pray this deal happens. Or it’s curtains.
I think you are missing my point. People quite often sacrifice things when faced with unpleasant alternatives. What people don't fxcking like is being told all your wages are being paid only to find they haven't been... And then, when everybody turns on you and people get hysterical. It's not like BWFC is going to collapse because Magennis has had a hissy fit at being lied to. If BWFC are to collapse it's because of the people doing the fxcking lying... Which at the moment are The Administrators and the Takeover Shyster Merchants (aided and abetted by the EFL).
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Re: Administration and recovery

Post by truewhite15 » Sat Aug 03, 2019 1:48 pm

Parkinson has been out on the pitch for the last ten mins - and all that time on the phone.

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Re: Administration and recovery

Post by Lost Leopard Spot » Sat Aug 03, 2019 1:49 pm

truewhite15 wrote:
Sat Aug 03, 2019 1:48 pm
Parkinson has been out on the pitch for the last ten mins - and all that time on the phone.
I hope it's not a company phone. Imagine the bill.
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Re: Administration and recovery

Post by BWFC_Insane » Sat Aug 03, 2019 2:31 pm

EFL allowing the three I mentioned today to be registered in time is either ridiculous favouritism on their part or a sign they agree things are very close. Their registration was contingent on takeover being done yesterday...perhaps they see things moving forwards?

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Re: Administration and recovery

Post by Lost Leopard Spot » Sat Aug 03, 2019 2:37 pm

BWFC_Insane wrote:
Sat Aug 03, 2019 2:31 pm
EFL allowing the three I mentioned today to be registered in time is either ridiculous favouritism on their part or a sign they agree things are very close. Their registration was contingent on takeover being done yesterday...perhaps they see things moving forwards?
Perhaps they've been bamboozled. It's who you know not what you know what counts you know.
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Re: Administration and recovery

Post by bristol_Wanderer3 » Sat Aug 03, 2019 2:52 pm

Hate to break this to many of you, but apparently Jack Dearden got 18-1...

EDIT - oops was meant for match thread #NURSE

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Re: Administration and recovery

Post by Lost Leopard Spot » Sat Aug 03, 2019 3:51 pm

Anyway, despite Worthy's objection (duly noted) I still declare the winners of the Great Bolton Wanderers Takeover Sweepstake to be Nicholado, LeverEnd, Crazy Horse, and, of course, me.
We have boasting rights each for 2.75 weeks (spend them wisely!)
Unfortunately the internet £s promised to the winners have already been spent on promotions and other expenses.
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Re: Administration and recovery

Post by Enoch » Sat Aug 03, 2019 3:54 pm

Lost Leopard Spot wrote:
Sat Aug 03, 2019 3:51 pm
Anyway, despite Worthy's objection (duly noted) I still declare the winners of the Great Bolton Wanderers Takeover Sweepstake to be Nicholado, LeverEnd, Crazy Horse, and, of course, me.
We have boasting rights each for 2.75 weeks (spend them wisely!)
Unfortunately the internet £s promised to the winners have already been spent on promotions and other expenses.
I think you may have made a mistake there, Mister.

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Re: Administration and recovery

Post by Lost Leopard Spot » Sat Aug 03, 2019 4:03 pm

Enoch wrote:
Sat Aug 03, 2019 3:54 pm
Lost Leopard Spot wrote:
Sat Aug 03, 2019 3:51 pm
Anyway, despite Worthy's objection (duly noted) I still declare the winners of the Great Bolton Wanderers Takeover Sweepstake to be Nicholado, LeverEnd, Crazy Horse, and, of course, me.
We have boasting rights each for 2.75 weeks (spend them wisely!)
Unfortunately the internet £s promised to the winners have already been spent on promotions and other expenses.
I think you may have made a mistake there, Mister.
In what way, sir?
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Re: Administration and recovery

Post by Worthy4England » Sat Aug 03, 2019 4:06 pm

Fake news. 10th September... It'd be like me changing my guess to "not before 20:00 Thursday" then claming the win.

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Re: Administration and recovery

Post by Lost Leopard Spot » Sat Aug 03, 2019 4:09 pm

Worthy4England wrote:
Sat Aug 03, 2019 4:06 pm
Fake news. 10th September... It'd be like me changing my guess to "not before 20:00 Thursday" then claming the win.
You're just a bitter old man. (Although not as bitter as me. And certainly not as old as Enoch). Anyway, like Ken, I'm in charge here.
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Re: Administration and recovery

Post by Lost Leopard Spot » Sat Aug 03, 2019 4:12 pm

Lost Leopard Spot wrote:
Sat Aug 03, 2019 4:03 pm
Enoch wrote:
Sat Aug 03, 2019 3:54 pm
Lost Leopard Spot wrote:
Sat Aug 03, 2019 3:51 pm
Anyway, despite Worthy's objection (duly noted) I still declare the winners of the Great Bolton Wanderers Takeover Sweepstake to be Nicholado, LeverEnd, Crazy Horse, and, of course, me.
We have boasting rights each for 2.75 weeks (spend them wisely!)
Unfortunately the internet £s promised to the winners have already been spent on promotions and other expenses.
I think you may have made a mistake there, Mister.
In what way, sir?
And if you're quoting that 'private message' you sent me, claiming to be about to claim Saturday 15:01, it was never in the public domain. And if it ever reaches the public domain, that'll be a breach of data protection rules...
Ooops :oops:
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Re: Administration and recovery

Post by Worthy4England » Sat Aug 03, 2019 4:16 pm

Lost Leopard Spot wrote:
Sat Aug 03, 2019 4:09 pm
Worthy4England wrote:
Sat Aug 03, 2019 4:06 pm
Fake news. 10th September... It'd be like me changing my guess to "not before 20:00 Thursday" then claming the win.
You're just a bitter old man. (Although not as bitter as me. And certainly not as old as Enoch). Anyway, like Ken, I'm in charge here.
Compliments aren't going to change my view.

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Re: Administration and recovery

Post by Lost Leopard Spot » Sat Aug 03, 2019 4:21 pm

Nicholado, LeverEnd, CrazyHorse and me.
What a team. I've got a quid, Nicholado knows a bit about football, CrazyHorse has managed not to do a 'chernobyl' on any of our power stations, and LeverEnd isn't a millionaire who owes himself three million pounds in a hotel he doesn't own.
We could be the future, I'd venture!
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