Administration and recovery

[BWFC_Insane]

Hi,

I'm a Sunderland fan alerted to this thread via the readytogo message board. Just wanted to sign up and offer support for your situation. My first away game was at Bolton in the late 90s and I had a great time, not just the football but in the town and in the pubs (despite not being old enough to drink). Its a ridiculous state of affairs that it has got to the stage where you are now and I sincerely hope it sorts itself out for you. We would hate to see Bolton disappear. You are a proper club and would be missed. Anyway, not much to add as i don't know fully what the current status is but good luck for the season ahead and for resolving whatever the owners/new owners are managing to cock up so massively.

P.s. Jay Jay Okocha was class.

Thank you. Your club has been through similar and it really is a crying shame. Sadly we are staring down a barrel and running out of friends. I still believe there is a chance it gets sorted - but until it is its very concerning for us all.

[Worthy4England]

Much mirth as Nixon asked to explain how BWFC could actually have a "mass walkout" - bit of levity in dark times.

[Lost Leopard Spot]

Have to say, based on this scale:

1. Stop moaning you bunch of panic fannies.
2. Don't panic
3. DON'T PANIC
4. DON'T MOTHERFECKING PANIC
5. It's over, we're doomed

I am about 2.6.

Up to 4.3.

Starting to wonder if there are complications after our Kenectomy and a follow up operation might be needed, which I am not sure we are strong enough to survive...

The kenectomy was a minor part of the financeotomy that the patient (BWFC) undertook. Unfortunately the successful allogenic transplantation of the FV organ into the body required more stitches than had been planned for. The patient is now undergoing total parenteral nutrition and mechanical ventilation (provided by Administration), with a pacemaker (supplied by Iles Surgical Co.) and a little bit of dialysis (mainly home supplied by @reluctantnicko).
The patient is in intensive care and the outlook is uncertain but Dr Insane believes he knows the best cure and is adamant that if the patient dies he'll be able to pinpoint the cause, and if the patient lives it's because his advice was followed.

I'm at 2.5
By this Friday if a hospital update hasn't been provided by the surgeon (Mr Appleton) then I'll be at or close to 4.5

Well, despite it being only 3pm, I'm officially declaring Friday over. And as the Surgeon hasn't emerged from the operating theatre I can say that I'm now definitely at level 5.
I'm beginning to come to terms with it. It might be less painful than sinking down to the Conference overall...

[Prufrock]

Much mirth as Nixon asked to explain how BWFC could actually have a "mass walkout" - bit of levity in dark times.

[bristol_Wanderer3]

Apparently unsecured hotel creditors get 15.3p in the pound?

Weren't unsecured creditors from the club getting 25p (or was it 35p?). Regardless the club/hotel credit/debt pretty much cancels itself out?

EDIT - Just realized that Nixon is suggesting that the club owes hotel £727k AFTER the deduction of what the hotel owes club. Hmmm

[Lost Leopard Spot]

Apparently unsecured hotel creditors get 15.3p in the pound?

Weren't unsecured creditors from the club getting 25p (or was it 35p?). Regardless the club/hotel credit/debt pretty much cancels itself out?

I doesn't cancel itself out when you calculate that the full amount, and not 15.3 p in the pound, was used as the basis for security as part of the package for buying the club. Not only does it not cancel itself out, it makes the offer from FV to buy the hotel (once they are the club) inoperable. Which makes the entire plan implausible because they need the stadium (with the hotel) to be able to sell and rent back out again in order to finance the plan in the first place...
Wheels within wheels, cogs within cogs, holes within holes, does not make for clockwork, it's makes for a grinding shuddering halt.

[Lost Leopard Spot]

The only one who ever had money in his back pocket was Mr Basran. When he saw the hole and walked, that was the end.

[bristol_Wanderer3]

Interested to know if "uncertain" here means uncertainty to the amount of debt owed, or whether there is a debt owed?

[Lost Leopard Spot]

Interested to know if "uncertain" here means uncertainty to the amount of debt owed, or whether there is a debt owed?

...as to whether there is a debt owed, because the money is also claimed as a debt in the club.

Neither of which makes an iota of difference to the FV/James situation.

[BWFC_Insane]

Mike James is apparently lead secured creditor for the hotel. Which is contrary to what Iles and Nixon were claiming last week.

[Worthy4England]

Mike James is apparently lead secured creditor for the hotel. Which is contrary to what Iles and Nixon were claiming last week.

That never made any sense from either of them. Had been widely reported for years that James had £5.5m on hotel.

[tweet]https://mobile.twitter.com/reluctantnic ... 4851693573[/tweet]

Mumblings about a new recruit.

[Dave Sutton's barnet]

Mike James is apparently lead secured creditor for the hotel. Which is contrary to what Iles and Nixon were claiming last week.

That never made any sense from either of them. Had been widely reported for years that James had £5.5m on hotel.

Mumblings about a new recruit.

FYP

For Bruce: "Bolton. Football Ventures have a new financial ally. So they’re still trying. But the thing with the players is a shocker."

[Worthy4England]

Thanks for sorting that out DSB!

[Lost Leopard Spot]

For Bruce: "Bolton. Football Ventures have a new financial ally. So they’re still trying...."

Shock, horror!
They have supposedly shown proof and source of funds to run the club for at least 2 seasons (according to Insano!!!!!!!). Either they have the funds or they don’t. Looks like they don't...

[Bruce Rioja]

Much mirth as Nixon asked to explain how BWFC could actually have a "mass walkout" - bit of levity in dark times.

So full of shit I'm amazed he doesn't spill some when he moves his head.

[Worthy4England]

They supposedly showed proof and source according to the published statements from the Administrators...

[LeverEnd]

Much mirth as Nixon asked to explain how BWFC could actually have a "mass walkout" - bit of levity in dark times.

So full of shit I'm amazed he doesn't spill some when he moves his head.

At least he's stopped bumming Bassini.
Bet he wears shit shoes as well.

[Worthy4England]

^^ Hush Puppies

[Lost Leopard Spot]

They supposedly showed proof and source according to the published statements from the Administrators...

...yeh. If the plan worked. But the administrators have known for weeks now that the plan is donut shaped with a fxckin' big hole in the middle.

[BWFC_Insane]

I will say again. FV were required to show proof of funds to buy the club from admin and pay off
Creditors. They did this.

They then had to show a business plan for two years of running costs to the EFL. I have never claimed they showed two years worth of cash. Just a business plan that was acceptable to EFL.