Administration and recovery

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

Moderator: Zulus Thousand of em

Post Reply
User avatar
TANGODANCER
Immortal
Immortal
Posts: 43134
Joined: Fri Sep 02, 2005 9:35 pm
Location: Between the Regency and the Rubaiyat and forever trying to light penny candles from stars.

Re: Administration and recovery

Post by TANGODANCER » Sun Aug 25, 2019 11:11 pm

BWFC_Insane wrote:
Sun Aug 25, 2019 9:13 pm

What I do care about is the club surviving. But hey I’m clearly weird like that....
And the rest of us are just here for the conversation and to pass the time..?
Si Deus pro nobis, quis contra nos?

User avatar
BWFC_Insane
Immortal
Immortal
Posts: 36011
Joined: Mon Jul 09, 2007 4:07 pm

Re: Administration and recovery

Post by BWFC_Insane » Mon Aug 26, 2019 8:10 am

TANGODANCER wrote:
Sun Aug 25, 2019 11:11 pm
BWFC_Insane wrote:
Sun Aug 25, 2019 9:13 pm

What I do care about is the club surviving. But hey I’m clearly weird like that....
And the rest of us are just here for the conversation and to pass the time..?
A few seem to have a weird fetish with ensuring Ken Anderson gets a nice big cheque. I’ve no idea why.

Bertie Wooster
Dedicated
Dedicated
Posts: 1158
Joined: Mon Jun 17, 2019 11:49 am

Re: Administration and recovery

Post by Bertie Wooster » Mon Aug 26, 2019 8:42 am

So to summarise Ken Anderson is continuing to personally ruin BWFC, even in administration ?

If these rumours are true that these delays are just down to Ken Anderson then it needs to put out in the media, last week all we heard was how bad it is at Bury & Steve Dale's name was all over the news as the bad guy - the same needs to be done with Anderson, if it is just down to him then he needs to be named & shamed.

User avatar
BWFC_Insane
Immortal
Immortal
Posts: 36011
Joined: Mon Jul 09, 2007 4:07 pm

Re: Administration and recovery

Post by BWFC_Insane » Mon Aug 26, 2019 8:49 am

Bertie Wooster wrote:
Mon Aug 26, 2019 8:42 am
So to summarise Ken Anderson is continuing to personally ruin BWFC, even in administration ?

If these rumours are true that these delays are just down to Ken Anderson then it needs to put out in the media, last week all we heard was how bad it is at Bury & Steve Dale's name was all over the news as the bad guy - the same needs to be done with Anderson, if it is just down to him then he needs to be named & shamed.
It is in the media. It’s a bit more complex though. Secured creditors need to take deals because FV don’t have cash to pay them off in full. And currently nobody else has said they want the club with suitable funds either. So as it stands FV is only chance to save club. Deal is agreed then one of the secured creditors changes their mind.

Ken this time. The issues are all over the ED loan given to Ken who subsequently loaned it to the club to cover the Blumarble loan. It’s not about money so much as how that loan is repaid by whom, when and using what security. EDT were unhappy, deal changed now Ken is unhappy.

The problem being that all this messing is in effect killing Bolton Wanderers. I can accept creditors being unhappy. What I can’t accept is the time wasting games they are playing.

Bertie Wooster
Dedicated
Dedicated
Posts: 1158
Joined: Mon Jun 17, 2019 11:49 am

Re: Administration and recovery

Post by Bertie Wooster » Mon Aug 26, 2019 8:56 am

BWFC_Insane wrote:
Mon Aug 26, 2019 8:49 am
Bertie Wooster wrote:
Mon Aug 26, 2019 8:42 am
So to summarise Ken Anderson is continuing to personally ruin BWFC, even in administration ?

If these rumours are true that these delays are just down to Ken Anderson then it needs to put out in the media, last week all we heard was how bad it is at Bury & Steve Dale's name was all over the news as the bad guy - the same needs to be done with Anderson, if it is just down to him then he needs to be named & shamed.
It is in the media. It’s a bit more complex though. Secured creditors need to take deals because FV don’t have cash to pay them off in full. And currently nobody else has said they want the club with suitable funds either. So as it stands FV is only chance to save club. Deal is agreed then one of the secured creditors changes their mind.

Ken this time. The issues are all over the ED loan given to Ken who subsequently loaned it to the club to cover the Blumarble loan. It’s not about money so much as how that loan is repaid by whom, when and using what security. EDT were unhappy, deal changed now Ken is unhappy.

The problem being that all this messing is in effect killing Bolton Wanderers. I can accept creditors being unhappy. What I can’t accept is the time wasting games they are playing.
I'm not disputing anything you have said, and I agree that these people are playing with the future of BWFC, however I'll say it again its been in the news again this morning regarding tomorrows deadline - but no mention of any names like there was with Bury, they need to be named & shamed on the BBC news, ITV news etc. if its squabbling between EDT & Ken Anderson it needs to made public to shame them into sorting it out, as no one likes their names to be aired in public & known that its them putting the future of BWFC at risk.

User avatar
BWFC_Insane
Immortal
Immortal
Posts: 36011
Joined: Mon Jul 09, 2007 4:07 pm

Re: Administration and recovery

Post by BWFC_Insane » Mon Aug 26, 2019 9:11 am

Bertie Wooster wrote:
Mon Aug 26, 2019 8:56 am
BWFC_Insane wrote:
Mon Aug 26, 2019 8:49 am
Bertie Wooster wrote:
Mon Aug 26, 2019 8:42 am
So to summarise Ken Anderson is continuing to personally ruin BWFC, even in administration ?

If these rumours are true that these delays are just down to Ken Anderson then it needs to put out in the media, last week all we heard was how bad it is at Bury & Steve Dale's name was all over the news as the bad guy - the same needs to be done with Anderson, if it is just down to him then he needs to be named & shamed.
It is in the media. It’s a bit more complex though. Secured creditors need to take deals because FV don’t have cash to pay them off in full. And currently nobody else has said they want the club with suitable funds either. So as it stands FV is only chance to save club. Deal is agreed then one of the secured creditors changes their mind.

Ken this time. The issues are all over the ED loan given to Ken who subsequently loaned it to the club to cover the Blumarble loan. It’s not about money so much as how that loan is repaid by whom, when and using what security. EDT were unhappy, deal changed now Ken is unhappy.

The problem being that all this messing is in effect killing Bolton Wanderers. I can accept creditors being unhappy. What I can’t accept is the time wasting games they are playing.
I'm not disputing anything you have said, and I agree that these people are playing with the future of BWFC, however I'll say it again its been in the news again this morning regarding tomorrows deadline - but no mention of any names like there was with Bury, they need to be named & shamed on the BBC news, ITV news etc. if its squabbling between EDT & Ken Anderson it needs to made public to shame them into sorting it out, as no one likes their names to be aired in public & known that its them putting the future of BWFC at risk.
I sort of agree. However, it’s more complex than Bury and not in gift of a single person. I believe there were plans to go public on a few things but reasoning is if they do then there is no going back and its possible doing so kills deal chances dead so potentially it’s best to wait until it’s the very last resort.

User avatar
Prufrock
Immortal
Immortal
Posts: 23959
Joined: Tue Mar 25, 2008 11:51 pm

Re: Administration and recovery

Post by Prufrock » Mon Aug 26, 2019 9:16 am

More pressing than any 14 day deadline from the EFL might well be that presumably wages are due on Friday. Not sure what the admins do there is the takeover isn't done..
In a world that has decided
That it's going to lose its mind
Be more kind, my friends, try to be more kind.

User avatar
BWFC_Insane
Immortal
Immortal
Posts: 36011
Joined: Mon Jul 09, 2007 4:07 pm

Re: Administration and recovery

Post by BWFC_Insane » Mon Aug 26, 2019 10:16 am

Prufrock wrote:
Mon Aug 26, 2019 9:16 am
More pressing than any 14 day deadline from the EFL might well be that presumably wages are due on Friday. Not sure what the admins do there is the takeover isn't done..
As Iles says in his piece today the option of liquidation is certainly on the table. Whether Mike James would DUP in his pocket again to prevent that I do not know.

I will say that we’re Mike James not part of FV I fervently believe we’d have gone already.

User avatar
BWFC_Insane
Immortal
Immortal
Posts: 36011
Joined: Mon Jul 09, 2007 4:07 pm

Re: Administration and recovery

Post by BWFC_Insane » Mon Aug 26, 2019 10:28 am

https://www.bwfc.co.uk/news/2019/august ... anderers4/

Liquidation Wednesday if deal not done say club administrators.

Bertie Wooster
Dedicated
Dedicated
Posts: 1158
Joined: Mon Jun 17, 2019 11:49 am

Re: Administration and recovery

Post by Bertie Wooster » Mon Aug 26, 2019 10:35 am

BWFC_Insane wrote:
Mon Aug 26, 2019 10:28 am
https://www.bwfc.co.uk/news/2019/august ... anderers4/

Liquidation Wednesday if deal not done say club administrators.
Apologies for repeating myself, but its now become even more important.

As I said earlier to focus minds, names (i.e. Ken Anderson) should now be put out into the public via BBC news, ITV news, Sky news ASAP and he should be named & shamed and let the entire country know that's its down to him, Ken Anderson that Bolton Wanderers may cease to exist.

Jugs
Dedicated
Dedicated
Posts: 1949
Joined: Mon Sep 03, 2012 10:31 pm
Location: On a shelf

Re: Administration and recovery

Post by Jugs » Mon Aug 26, 2019 10:39 am

I think we'll be torpedoed tomorrow. We'll be gone

jimbo
Passionate
Passionate
Posts: 3127
Joined: Fri Aug 25, 2006 9:34 am

Re: Administration and recovery

Post by jimbo » Mon Aug 26, 2019 10:44 am

Christ. Don’t think there’s a number for this on the panic fanny scale.

User avatar
BWFC_Insane
Immortal
Immortal
Posts: 36011
Joined: Mon Jul 09, 2007 4:07 pm

Re: Administration and recovery

Post by BWFC_Insane » Mon Aug 26, 2019 10:44 am

Bertie Wooster wrote:
Mon Aug 26, 2019 10:35 am
BWFC_Insane wrote:
Mon Aug 26, 2019 10:28 am
https://www.bwfc.co.uk/news/2019/august ... anderers4/

Liquidation Wednesday if deal not done say club administrators.
Apologies for repeating myself, but its now become even more important.

As I said earlier to focus minds, names (i.e. Ken Anderson) should now be put out into the public via BBC news, ITV news, Sky news ASAP and he should be named & shamed and let the entire country know that's its down to him, Ken Anderson that Bolton Wanderers may cease to exist.
They’ve put name there. Difficulty is this requires EDT and KA to strike a deal more than anything else. The loan is the central issue. So it isn’t down to Ken alone.

User avatar
Dave Sutton's barnet
Immortal
Immortal
Posts: 28435
Joined: Sun May 14, 2006 4:00 pm
Location: Hanging on in quiet desperation
Contact:

Re: Administration and recovery

Post by Dave Sutton's barnet » Mon Aug 26, 2019 10:45 am

BWFC_Insane wrote:
Mon Aug 26, 2019 10:28 am
https://www.bwfc.co.uk/news/2019/august ... anderers4/

Liquidation Wednesday if deal not done say club administrators.
No they don't.
At 5pm on Friday August 23, the completion of the sale of the football club and the hotel had been agreed by all parties and undertakings had been issued by all solicitors except those of Ken Anderson.

Devastatingly, on Saturday morning that deal collapsed. At this stage, there seems little point in apportioning blame because that makes no difference to the staff, players, management, supporters and the community who have once more seen their club taken back to the brink.

My team have spent the last 48 hours working around the clock, striving to get a deal back on track and trying to convince the parties still in conflict that the very fate of Bolton Wanderers depends on them finding a compromise.

The EFL have made their position clear by insisting on a 5pm deadline on Tuesday for a deal to be completed or give compelling reasons for an extension. They have also written to everybody concerned in the process to underline that sense of urgency.

On Sunday evening, there was some tentative dialogue but we are still some way from reaching a solution. Therefore, I am appealing to those parties whose position seems intractable to do everything to reach a compromise.

In just over 24 hours, the club will have its membership of the EFL revoked. Over and above that, the club is currently not in a position to carry on trading and, as such, the process of closing down the company will commence on Wednesday.

This will ultimately lead to its liquidation, the expulsion of the club from the EFL and the inevitable loss of over 150 jobs. More than that, it will devastate a community for whom the football club is a beacon of hope and expectation.

I reiterate, unless there is a change of position from any of the parties involved, the process of closing down the club and ultimately placing Bolton Wanderers into liquidation will begin this week.
"The process will begin this week."

Rubin is also frankly wrong on the mechanics. What happens on Tuesday, if this deadline doesn't work, is that the EFL start the gun on the two-week notice - as they did for Bury, a fortnight and change ago.

It's a scary prospect but frankly some people need scaring. However, nowhere in that does it say liquidation on Wednesday.

Bertie Wooster
Dedicated
Dedicated
Posts: 1158
Joined: Mon Jun 17, 2019 11:49 am

Re: Administration and recovery

Post by Bertie Wooster » Mon Aug 26, 2019 10:51 am

I think that this statement i.e. the liquidation process commencing on Weds, is more about the fact that there is no money in the pot to continue after Tuesday, with all August salaries due this week.

User avatar
BWFC_Insane
Immortal
Immortal
Posts: 36011
Joined: Mon Jul 09, 2007 4:07 pm

Re: Administration and recovery

Post by BWFC_Insane » Mon Aug 26, 2019 10:52 am

Dave Sutton's barnet wrote:
Mon Aug 26, 2019 10:45 am
BWFC_Insane wrote:
Mon Aug 26, 2019 10:28 am
https://www.bwfc.co.uk/news/2019/august ... anderers4/

Liquidation Wednesday if deal not done say club administrators.
No they don't.
At 5pm on Friday August 23, the completion of the sale of the football club and the hotel had been agreed by all parties and undertakings had been issued by all solicitors except those of Ken Anderson.

Devastatingly, on Saturday morning that deal collapsed. At this stage, there seems little point in apportioning blame because that makes no difference to the staff, players, management, supporters and the community who have once more seen their club taken back to the brink.

My team have spent the last 48 hours working around the clock, striving to get a deal back on track and trying to convince the parties still in conflict that the very fate of Bolton Wanderers depends on them finding a compromise.

The EFL have made their position clear by insisting on a 5pm deadline on Tuesday for a deal to be completed or give compelling reasons for an extension. They have also written to everybody concerned in the process to underline that sense of urgency.

On Sunday evening, there was some tentative dialogue but we are still some way from reaching a solution. Therefore, I am appealing to those parties whose position seems intractable to do everything to reach a compromise.

In just over 24 hours, the club will have its membership of the EFL revoked. Over and above that, the club is currently not in a position to carry on trading and, as such, the process of closing down the company will commence on Wednesday.

This will ultimately lead to its liquidation, the expulsion of the club from the EFL and the inevitable loss of over 150 jobs. More than that, it will devastate a community for whom the football club is a beacon of hope and expectation.

I reiterate, unless there is a change of position from any of the parties involved, the process of closing down the club and ultimately placing Bolton Wanderers into liquidation will begin this week.
"The process will begin this week."

Rubin is also frankly wrong on the mechanics. What happens on Tuesday, if this deadline doesn't work, is that the EFL start the gun on the two-week notice - as they did for Bury, a fortnight and change ago.

It's a scary prospect but frankly some people need scaring. However, nowhere in that does it say liquidation on Wednesday.
Well yes. If they intend to act as liquidators then I don’t think it’s that long of a process.

Regardless this is very very bad. But not surprising. We’ve been at this point a few times. The club is insolvent.

User avatar
Worthy4England
Immortal
Immortal
Posts: 32273
Joined: Wed May 16, 2007 6:45 pm

Re: Administration and recovery

Post by Worthy4England » Mon Aug 26, 2019 11:01 am

Should also note that the EFL are nothing to do with the liquidation process per se. They could give a 14 day, 21 day etc. Extension, but if the Club doesn't have funds to run, then yer a bit fooked.

User avatar
officer_dibble
Immortal
Immortal
Posts: 13819
Joined: Sun Oct 17, 2004 9:33 pm
Location: Leeds

Re: Administration and recovery

Post by officer_dibble » Mon Aug 26, 2019 11:05 am

Wouldn’t be Ken if it wasn’t done at 5 to midnight on deadline day so he can trouser a few extra quid. The snake.

User avatar
Dave Sutton's barnet
Immortal
Immortal
Posts: 28435
Joined: Sun May 14, 2006 4:00 pm
Location: Hanging on in quiet desperation
Contact:

Re: Administration and recovery

Post by Dave Sutton's barnet » Mon Aug 26, 2019 11:13 am

What this does is concentrate minds.

I spent my bank holiday Sunday writing a 5,000-worder for FourFourTwo about Bury, us and the EFL. The main drift (in case it now never appears) is that deadlines focus minds. It's not much but it helps.

Iles has summed it up in a tweet:
Four options:
⚽️ KA agrees to what was agreed on Friday.
⚽️ EDT compromise their position.
⚽️ Someone comes in with a cash bid for club.
⚽️ Admins commence liquidation.

The other one, connected to the third, is that FV fail in hotel bid, then withdraw their wagons. The rest would have to happen pretty quickly but: other hotel bidders (presumably Kamanis) complete on that, then decide whether or not they want the club while Bassini hops up and down at the window. Dear.
Last edited by Dave Sutton's barnet on Mon Aug 26, 2019 11:20 am, edited 1 time in total.

User avatar
Dave Sutton's barnet
Immortal
Immortal
Posts: 28435
Joined: Sun May 14, 2006 4:00 pm
Location: Hanging on in quiet desperation
Contact:

Re: Administration and recovery

Post by Dave Sutton's barnet » Mon Aug 26, 2019 11:15 am

officer_dibble wrote:
Mon Aug 26, 2019 11:05 am
Wouldn’t be Ken if it wasn’t done at 5 to midnight on deadline day so he can trouser a few extra quid. The snake.
Interestingly, one of the things Iles reply-tweeted earlier this weekend was that Ken wanted "a little more money and lot less liability". For what?

Who is online

Users browsing this forum: dave the minion, Prufrock, The_Gun and 90 guests