Administration and recovery

[Worthy4England]

£4m you say? Bassini might have had access to that much!

[Lost Leopard Spot]

£4m you say? Bassini might have had access to that much!

Yeh, he migt have, though I doubt it. What he wouldn't have had is the rest of the necessary.
What I, personally, don't understand, is what is so criminal about financing a buy-out by the major means of selling off an asset to then rent it back. Balfour Beatty, Carillion, Bombardier, Serco, Hitachi, etc have all performed the same trick.
It's not exactly asset stripping, and it's certainly more morally acceptable.

[Lost Leopard Spot]

£4m you say? Bassini might have had access to that much!

Yeh, he migt have, though I doubt it. What he wouldn't have had is the rest of the necessary.
What I, personally, don't understand, is what is so criminal about financing a buy-out by the major means of selling off an asset to then rent it back. Balfour Beatty, Carillion, Bombardier, Serco, Hitachi, etc have all performed the same trick.
It's not exactly asset stripping, and it's certainly more morally acceptable.

Of course, if David Sullivan could be persuaded to lend Laurence Bassini the missing funds to plug the gap that Future Ventures have, so long as they are merely buying the UniBol to rent it back to themselves, in different names, with different companies registered, then all will be OK. Nirvana will fxcking reign, obviously, because all you need to run a fxcking football club is dosh, obviously...
Christ on a stick.

[Lost Leopard Spot]

I'll give it 48 hours before we are told that it'll be 48 hours before the Next Big Announcement. That announcement will probably tell us that an announcement will be made next week, probably before Friday.

...but don't worry, the record length of time to sell a football club is up in the centuries: Vatican City FC have been in administration searching for an owner since 1478.

[BWFC_Insane]

Admins have made 3 announcements. 1) Preferred bidder selected. 2) HoTs signed. 3) Preferred bidder formally named.

Not sure what other announcements have been promised and not made - the only thing left to announce is signing of SPA followed by completion. They might simply wait for change of control to complete before doing that. But nothing else has been promised.

[Lost Leopard Spot]

Admins have made 3 announcements. 1) Preferred bidder selected. 2) HoTs signed. 3) Preferred bidder formally named.

Not sure what other announcements have been promised and not made - the only thing left to announce is signing of SPA followed by completion. They might simply wait for change of control to complete before doing that. But nothing else has been promised.

Who, apart from you, mentioned anything about promises?

[Dave Sutton's barnet]

I empathise with LLS's point: we're constantly told it's just round the corner.

But that's because the people involved seem to think it is, so the journalists they talk to repeat that, so the people who read the journalists prepare the party-poppers.

The alternative is a huge ongoing media silence, and I don't think people would react calmly to that.

[BWFC_Insane]

The administrators are not giving out timescales - because the issues that need resolving are not in their control. Hence they cannot make things happen any quicker. If the media report stuff in terms of "timings" its not coming from the administrators or certainly is an interpretation of what is being said. It is "close" is all that is being said behind closed doors- but has been this way for a week. Close is meaningless because the agreements required could be struck in a minute and the legal paperwork done in a couple of days or it could drag on ad-infinitum until agreements are reached. Nothing has been said about 48 hours or an announcement coming or anything.

When we went into administration I think I (or DSB) pointed out that no club had exited administration outside of pre-pack in under 3 months most going close to 6 months or more. As frustrating and ultimately disappointing it is to see this drag on - in reality this was always the likelihood as soon as administration was announced in the last week of May.

The fault with our current situation lies solely on the shoulders of Ken Anderson who knowing what he knew should have filed for admin in the first week of March. Avoiding a points deduction for next season, avoiding the close season being wiped out and avoiding this very situation. Because he didn't we are now where we are.

[Enoch]

The alternative is a huge ongoing media silence, and I don't think people would react calmly to that.

Oh I don't know!

[Lost Leopard Spot]

I empathise with LLS's point: we're constantly told it's just round the corner.

But that's because the people involved seem to think it is, so the journalists they talk to repeat that, so the people who read the journalists prepare the party-poppers.

The alternative is a huge ongoing media silence, and I don't think people would react calmly to that.

When the Sun is in ascendency
And The Times aligns with t'Mail
Then peace will guide the Telegraph
And the Grauniard will fail

This is the dawning of the Age of The Media
The Age of The Media
The Media! The Media!

Harmony and understanding
Sympathy and trust abounding
No more falsehoods or derisions
Golden living…

[TANGODANCER]

^^ Listen Spots, about those flowers in your hair mate....

[TonyDomingos]

Screenshot_20190709-223000_Twitter.jpg (562.67 KiB) Viewed 2195 times

People with very small genitalia may see this as BIG news.

[Dave Sutton's barnet]

Lordy.

https://www.theboltonnews.co.uk/sport/1 ... creditors/

[Worthy4England]

Strangest thing around that (given the "number" isn't unadjacent to where people thought it might have been) is that our old friends Forest Green Rovers don't get any sort of mention. I assume somehow we'd got that to a "not debt" position...

[jimbo]

Strangest thing around that (given the "number" isn't unadjacent to where people thought it might have been) is that our old friends Forest Green Rovers don't get any sort of mention. I assume somehow we'd got that to a "not debt" position...

Do they come under the umbrella term of ‘football creditors’?

It’s a pretty damning list and shows the cost to local businesses and services of our ineptitude. It also flies in the face of Ken’s relatively recent proclamations of our sound financial health.

[officer_dibble]

I imagine it would be the same at most championship clubs were owners to pull the plug.

The amount to Ken seems low?

[TANGODANCER]

Strangest thing around that (given the "number" isn't unadjacent to where people thought it might have been) is that our old friends Forest Green Rovers don't get any sort of mention. I assume somehow we'd got that to a "not debt" position...

Do they come under the umbrella term of ‘football creditors’?

It’s a pretty damning list and shows the cost to local businesses and services of our ineptitude. It also flies in the face of Ken’s relatively recent proclamations of our sound financial health.

I think he refers to his own bank balance. Everything else , to use your own description, seems total ineptitude. The man's a total charlatan. Not often I jump on these sort of band-waggons, but in his case....Again, lack of real information could prove me wrong....?

[BWFC_Insane]

I believe Ken and at least one other secured creditor are contesting the amounts they are owed - and people wonder why this takeover hasn't just "happened".

To further complicate it - much of the secured debt was against assets in BL - the club and hotel. So it is very difficult to accurately split some of those assets between the two administrations. Which means subsequently managing any challenges is very difficult.

[Bruce Rioja]

I'd love to know which of the creditors are football agents. You know? Every cloud and all that

[bristol_Wanderer3]

Initial observations:

1.) KA much lower than expected £1.5m v £5m
2.) BW slightly higher £3m v £2.5m
3.) PBP secured debt not quantified presumably due to MJ being involved in the takeover,but that was reported to be £6.5m. Interesting that PBP also have £248k unsecured debt as well.
4.) Football creditors (£2.75m) are supposed to get paid in full so total unsecured based on 35p in the pound for the rest would be around £5.5m. Then whatever the individual secured creditors would be prepared to accept.
5.) Given the split between club and hotel it looks a hugely complex deal.