Administration and recovery
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- Lost Leopard Spot
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Re: Administration and recovery
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.Prufrock wrote: ↑Tue Aug 27, 2019 1:57 pmI said no questions!Hoboh wrote: ↑Tue Aug 27, 2019 12:11 pmI 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!!
I really cannot get my head around this part, who the hell could sue EDT and for what exactly??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).
Sorry
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!
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Re: Administration and recovery
...and 5pm passes....
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Re: Administration and recovery
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... )
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Re: Administration and recovery
Club statement:
"Discussions are ongoing with all parties and a further statement will be issued later this evening."
"Discussions are ongoing with all parties and a further statement will be issued later this evening."
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Re: Administration and recovery
Surely that’s promising?Dave Sutton's barnet wrote: ↑Tue Aug 27, 2019 5:13 pmClub statement:
"Discussions are ongoing with all parties and a further statement will be issued later this evening."
Re: Administration and recovery
Haven't there been discussions since about April?
Re: Administration and recovery
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
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
Dickheads jumping in front of the camera outside the ground, live on SSN. fecking idiots!
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Re: Administration and recovery
One of them's not even a Bolton fan and is there on the wind-up. He might have to mind himself.Burnden Paddock wrote: ↑Tue Aug 27, 2019 5:22 pmDickheads jumping in front of the camera, live on SSN. fecking idiots!
Re: Administration and recovery
If I had a meeting at 5pm it wouldn't really start until 7 when I left the restaurant, bloody heathens!Dave Sutton's barnet wrote: ↑Tue Aug 27, 2019 5:19 pmIt 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.
Re: Administration and recovery
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.Dave Sutton's barnet wrote: ↑Tue Aug 27, 2019 5:19 pmIt 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.
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
Just seen him with the drying his eyes gesture. Absolute moron. I hope he doesn't mind himself and somebody has a stern word.Dave Sutton's barnet wrote: ↑Tue Aug 27, 2019 5:23 pmOne of them's not even a Bolton fan and is there on the wind-up. He might have to mind himself.Burnden Paddock wrote: ↑Tue Aug 27, 2019 5:22 pmDickheads jumping in front of the camera, live on SSN. fecking idiots!
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Re: Administration and recovery
I hope someone decks the c*nt.LeverEnd wrote: ↑Tue Aug 27, 2019 5:32 pmJust seen him with the drying his eyes gesture. Absolute moron. I hope he doesn't mind himself and somebody has a stern word.Dave Sutton's barnet wrote: ↑Tue Aug 27, 2019 5:23 pmOne of them's not even a Bolton fan and is there on the wind-up. He might have to mind himself.Burnden Paddock wrote: ↑Tue Aug 27, 2019 5:22 pmDickheads jumping in front of the camera, live on SSN. fecking idiots!
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Re: Administration and recovery
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 ......
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
New potential buyers emerging for Bury deep into injury time...
Re: Administration and recovery
Yep.CrazyHorse wrote: ↑Tue Aug 27, 2019 5:35 pmI hope someone decks the c*nt.LeverEnd wrote: ↑Tue Aug 27, 2019 5:32 pmJust seen him with the drying his eyes gesture. Absolute moron. I hope he doesn't mind himself and somebody has a stern word.Dave Sutton's barnet wrote: ↑Tue Aug 27, 2019 5:23 pmOne of them's not even a Bolton fan and is there on the wind-up. He might have to mind himself.Burnden Paddock wrote: ↑Tue Aug 27, 2019 5:22 pmDickheads jumping in front of the camera, live on SSN. fecking idiots!
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Re: Administration and recovery
That'll be Bassini...bristol_Wanderer3 wrote: ↑Tue Aug 27, 2019 5:43 pmNew potential buyers emerging for Bury deep into injury time...
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Re: Administration and recovery
The problem is, Dale genuinely thinks he deserves a fat payoff. And obviously nobody agrees or wants to give it to him.bristol_Wanderer3 wrote: ↑Tue Aug 27, 2019 5:43 pmNew potential buyers emerging for Bury deep into injury time...
I hope they're saved but still think they will go because of him.
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Re: Administration and recovery
Then he'll sit down and start ranting about Football Ventures. "Did I say Bury on the phone? Slip of the tongue riiiight."Lost Leopard Spot wrote: ↑Tue Aug 27, 2019 5:49 pmThat'll be Bassini...bristol_Wanderer3 wrote: ↑Tue Aug 27, 2019 5:43 pmNew potential buyers emerging for Bury deep into injury time...
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