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 » Tue Aug 27, 2019 5:03 pm

Prufrock wrote:
Tue Aug 27, 2019 1:57 pm
Hoboh wrote:
Tue Aug 27, 2019 12:11 pm
I know what you said,
This is my non - ITK reckon inferred from the bits we do know. It is also pretty positive so would appreciate if nobody came along pointing out the flaws.

But!!
That would obviously be bad for KA. So I imagine the trustees are saying that they will also accept the eg 80% from KA but there is negotiation over some sort of indemnity for the trustees if they get sued down the line (i.e. Ken, MJ, FV, someone picks up the tab).
I really cannot get my head around this part, who the hell could sue EDT and for what exactly??

Sorry :oops:
I said no questions!

I mean sued by the beneficiaries of the EDT (e.g. ED's kids, grandkids, any charities who benefit).

Remember we have £5m loan from EDT to KA (don't know if we know if it was to KA personally or to a corporate vehicle). And then £5m loan from KA to club.

I *imagine* what is happening is FV have said to Ken, we'll give you e.g. £3.5m and he's said "fine, as long as EDT will take £3.5m from me". Now one way of looking at that is this is the best way for EDT to get as much money back. If they say no, club goes bust, Ken gets pennies in the £ and so EDT get pennies in the £. Another way is for EDT to say to Ken "you owe us £5M. That you then lent it to an insolvent football club is your problem, we want our £5m". Option b) would make the most sense but Christ only knows how Ken's assets are structured and how easy it would be for EDT to actually get their £5m, so they might decide a guaranteed £3.5m is better than a risky £5m.

Trustees are personally liable if they f*ck up when administering a trust. So it's possible that if EDT take option a) (settle for £3.5m), down the road one of Eddie's grandkids could sue the trustees saying that they should have taken option b) and there'd be more money.

I (baselessly) suspect that the trustees are only happy to sign off on taking e.g. £3.5m (and so Ken is only happy to sign off on taking £3.5m, no chance he'll agree to be out of pocket if he can help it) if someone indemnifies them against the risk of the trustees suing them later on.

My hope comes because it sounds like the hold up in the deal is Ken (he won't sign off on getting £3.5m if he owes EDT £5m). However, if push comes to shove, in liquidation he'd likely get much less than this e.g. £3.5m, still owing £5m, and so will sign off eventually).

Hope that makes sense, for the almost nothing that it is worth!
All of that ^ sounds spot on. The trouble with it is, I believe, that FV are offering nowhere near 80%. The trouble is as each problem arises their potential purchase price decreases, they are probably now at about 50%, if that. Which just increases the froth around who owes what to whom at which percentage.
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dave the minion
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Re: Administration and recovery

Post by dave the minion » Tue Aug 27, 2019 5:03 pm

...and 5pm passes....
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Lost Leopard Spot
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Re: Administration and recovery

Post by Lost Leopard Spot » Tue Aug 27, 2019 5:09 pm

dave the minion wrote:
Tue Aug 27, 2019 5:03 pm
...and 5pm passes....
Time doesn't actually exist, it's just a concept invented by the human brain... according to a book I've just finished (minutes ago... :wink: )
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Re: Administration and recovery

Post by Dave Sutton's barnet » Tue Aug 27, 2019 5:13 pm

Club statement:

"Discussions are ongoing with all parties and a further statement will be issued later this evening." CODE: SELECT ALL

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Re: Administration and recovery

Post by Gooner Girl » Tue Aug 27, 2019 5:15 pm

Dave Sutton's barnet wrote:
Tue Aug 27, 2019 5:13 pm
Club statement:

"Discussions are ongoing with all parties and a further statement will be issued later this evening." CODE: SELECT ALL
Surely that’s promising? 🤞🏼🤞🏼🤞🏼

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Re: Administration and recovery

Post by jmjhb » Tue Aug 27, 2019 5:16 pm

Haven't there been discussions since about April?

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Re: Administration and recovery

Post by Prufrock » Tue Aug 27, 2019 5:16 pm

It's certainly better than we're packing up and going home, but it's not a message we haven't heard before.
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Re: Administration and recovery

Post by Dave Sutton's barnet » Tue Aug 27, 2019 5:19 pm

It should be pointed out that the 5pm deadline is when a Football League meeting starts. There's presumably time thereafter, while they're all round the table, for an exciting "MRS ROBINSOOOOOOONNNNNNN!" interjection.

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Re: Administration and recovery

Post by Burnden Paddock » Tue Aug 27, 2019 5:22 pm

Dickheads jumping in front of the camera outside the ground, live on SSN. fecking idiots! :roll:

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Re: Administration and recovery

Post by Dave Sutton's barnet » Tue Aug 27, 2019 5:23 pm

Burnden Paddock wrote:
Tue Aug 27, 2019 5:22 pm
Dickheads jumping in front of the camera, live on SSN. fecking idiots! :roll:
One of them's not even a Bolton fan and is there on the wind-up. He might have to mind himself.

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Re: Administration and recovery

Post by Hoboh » Tue Aug 27, 2019 5:24 pm

Dave Sutton's barnet wrote:
Tue Aug 27, 2019 5:19 pm
It should be pointed out that the 5pm deadline is when a Football League meeting starts. There's presumably time thereafter, while they're all round the table, for an exciting "MRS ROBINSOOOOOOONNNNNNN!" interjection.
If I had a meeting at 5pm it wouldn't really start until 7 when I left the restaurant, bloody heathens!

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Re: Administration and recovery

Post by LeverEnd » Tue Aug 27, 2019 5:29 pm

Dave Sutton's barnet wrote:
Tue Aug 27, 2019 5:19 pm
It should be pointed out that the 5pm deadline is when a Football League meeting starts. There's presumably time thereafter, while they're all round the table, for an exciting "MRS ROBINSOOOOOOONNNNNNN!" interjection.
Exactly. This countdown stuff is pathetic and embarrassing. SSN their loudmouth wanker in chief Jim White are bad enough but also lots of our fans on Twitter talking like the club will disappear into a black hole at 5:01.
Even if the EFL decide to give notice, that's still 14 days. And they'd probably extend it if something was happening last minute.
The rest of it is where it's at and sadly I expect it to go right to the end of the 14 days as usual while people go unpaid.

I'm afraid Bury are gone, which is desperately sad.
...

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Re: Administration and recovery

Post by LeverEnd » Tue Aug 27, 2019 5:32 pm

Dave Sutton's barnet wrote:
Tue Aug 27, 2019 5:23 pm
Burnden Paddock wrote:
Tue Aug 27, 2019 5:22 pm
Dickheads jumping in front of the camera, live on SSN. fecking idiots! :roll:
One of them's not even a Bolton fan and is there on the wind-up. He might have to mind himself.
Just seen him with the drying his eyes gesture. Absolute moron. I hope he doesn't mind himself and somebody has a stern word.
...

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Re: Administration and recovery

Post by CrazyHorse » Tue Aug 27, 2019 5:35 pm

LeverEnd wrote:
Tue Aug 27, 2019 5:32 pm
Dave Sutton's barnet wrote:
Tue Aug 27, 2019 5:23 pm
Burnden Paddock wrote:
Tue Aug 27, 2019 5:22 pm
Dickheads jumping in front of the camera, live on SSN. fecking idiots! :roll:
One of them's not even a Bolton fan and is there on the wind-up. He might have to mind himself.
Just seen him with the drying his eyes gesture. Absolute moron. I hope he doesn't mind himself and somebody has a stern word.
I hope someone decks the c*nt.
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Re: Administration and recovery

Post by knobpolisher » Tue Aug 27, 2019 5:36 pm

Sadly it looks like Bury have met their Waterloo.

Of course from a EFL point of view it would even the numbers up if we went as well. See every cloud ......
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Re: Administration and recovery

Post by bristol_Wanderer3 » Tue Aug 27, 2019 5:43 pm

New potential buyers emerging for Bury deep into injury time...
CODE: SELECT ALL

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Re: Administration and recovery

Post by LeverEnd » Tue Aug 27, 2019 5:48 pm

CrazyHorse wrote:
Tue Aug 27, 2019 5:35 pm
LeverEnd wrote:
Tue Aug 27, 2019 5:32 pm
Dave Sutton's barnet wrote:
Tue Aug 27, 2019 5:23 pm
Burnden Paddock wrote:
Tue Aug 27, 2019 5:22 pm
Dickheads jumping in front of the camera, live on SSN. fecking idiots! :roll:
One of them's not even a Bolton fan and is there on the wind-up. He might have to mind himself.
Just seen him with the drying his eyes gesture. Absolute moron. I hope he doesn't mind himself and somebody has a stern word.
I hope someone decks the c*nt.
Yep. 😁
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Lost Leopard Spot
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Re: Administration and recovery

Post by Lost Leopard Spot » Tue Aug 27, 2019 5:49 pm

bristol_Wanderer3 wrote:
Tue Aug 27, 2019 5:43 pm
New potential buyers emerging for Bury deep into injury time...
CODE: SELECT ALL
That'll be Bassini...
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LeverEnd
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Re: Administration and recovery

Post by LeverEnd » Tue Aug 27, 2019 5:50 pm

bristol_Wanderer3 wrote:
Tue Aug 27, 2019 5:43 pm
New potential buyers emerging for Bury deep into injury time...
CODE: SELECT ALL
The problem is, Dale genuinely thinks he deserves a fat payoff. And obviously nobody agrees or wants to give it to him.
I hope they're saved but still think they will go because of him.
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LeverEnd
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Re: Administration and recovery

Post by LeverEnd » Tue Aug 27, 2019 5:51 pm

Lost Leopard Spot wrote:
Tue Aug 27, 2019 5:49 pm
bristol_Wanderer3 wrote:
Tue Aug 27, 2019 5:43 pm
New potential buyers emerging for Bury deep into injury time...
CODE: SELECT ALL
That'll be Bassini...
Then he'll sit down and start ranting about Football Ventures. "Did I say Bury on the phone? Slip of the tongue riiiight."
...

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