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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Worthy4England
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Re: Administration and recovery

Post by Worthy4England » Sat May 18, 2019 10:02 am

TonyDomingos wrote:
Sat May 18, 2019 8:52 am
bristol_Wanderer3 wrote:
Fri May 17, 2019 6:25 pm
https://www.bbc.co.uk/sport/football/48282292

^^Interesting article on Watford. Covers Bassini, winding up petitions, hidden debts, new owners, FA cup finals. Hopefully even though KA outdid Bassini and we have gone further into the abyss, we might eventually have a similar outcome, and that doesn't mean starting with Bassini taking over!! Wasn't he supposed to be submitting his extra large bag of Minstrels with a pouch of Hoola Hoops bid just about now?

Pour yourself a stiff drink, sit down and take a deep breath. I've got some shocking news: there was no bid by Bassini yesterday. I am crushed.
How do you know? It's not like he'd have drawn any attention to it! :-)

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Re: Administration and recovery

Post by TonyDomingos » Sat May 18, 2019 10:16 am

Worthy4England wrote:
Sat May 18, 2019 10:02 am
TonyDomingos wrote:
Sat May 18, 2019 8:52 am
bristol_Wanderer3 wrote:
Fri May 17, 2019 6:25 pm
https://www.bbc.co.uk/sport/football/48282292

^^Interesting article on Watford. Covers Bassini, winding up petitions, hidden debts, new owners, FA cup finals. Hopefully even though KA outdid Bassini and we have gone further into the abyss, we might eventually have a similar outcome, and that doesn't mean starting with Bassini taking over!! Wasn't he supposed to be submitting his extra large bag of Minstrels with a pouch of Hoola Hoops bid just about now?

Pour yourself a stiff drink, sit down and take a deep breath. I've got some shocking news: there was no bid by Bassini yesterday. I am crushed.
How do you know? It's not like he'd have drawn any attention to it! :-)

I am Lawrence Bassini. 8)
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Re: Administration and recovery

Post by TANGODANCER » Sat May 18, 2019 10:20 pm

Owen Coyle telling it like it is in the B.N. The comments alone are worth a read.

https://www.theboltonnews.co.uk/sport/1 ... oss-coyle/
The wisest and the best of men, nay, the wisest and best of their actions, may be rendered ridiculous by a person whose first object in life is a joke...Darcy. Pride and Prejudice.

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Re: Administration and recovery

Post by TANGODANCER » Sun May 19, 2019 9:37 am

Thought inspiring article by Marc Iles in today's B,N.

https://www.theboltonnews.co.uk/sport/1 ... final-day/
The wisest and the best of men, nay, the wisest and best of their actions, may be rendered ridiculous by a person whose first object in life is a joke...Darcy. Pride and Prejudice.

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Re: Administration and recovery

Post by Lost Leopard Spot » Sun May 19, 2019 1:07 pm

TANGODANCER wrote:
Sun May 19, 2019 9:37 am
Thought inspiring article by Marc Iles in today's B,N.

https://www.theboltonnews.co.uk/sport/1 ... final-day/
I thought that was quite toe curling to be truthful.
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Re: Administration and recovery

Post by TANGODANCER » Sun May 19, 2019 1:10 pm

Lost Leopard Spot wrote:
Sun May 19, 2019 1:07 pm
TANGODANCER wrote:
Sun May 19, 2019 9:37 am
Thought inspiring article by Marc Iles in today's B,N.

https://www.theboltonnews.co.uk/sport/1 ... final-day/
I thought that was quite toe curling to be truthful.
Maybe so amigo, but how far from the truth is it? ; that's what I meant by thought inspiring. This is Bolton Wanderers?
The wisest and the best of men, nay, the wisest and best of their actions, may be rendered ridiculous by a person whose first object in life is a joke...Darcy. Pride and Prejudice.

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Re: Administration and recovery

Post by Lost Leopard Spot » Sun May 19, 2019 1:19 pm

TANGODANCER wrote:
Sun May 19, 2019 1:10 pm
Lost Leopard Spot wrote:
Sun May 19, 2019 1:07 pm
TANGODANCER wrote:
Sun May 19, 2019 9:37 am
Thought inspiring article by Marc Iles in today's B,N.

https://www.theboltonnews.co.uk/sport/1 ... final-day/
I thought that was quite toe curling to be truthful.
Maybe so amigo, but how far from the truth is it? ; that's what I meant by thought inspiring. This is Bolton Wanderers?
I'm not saying it's untruthful. Nor that it's not thought inspiring. I just find the whole food bank thing a bit... toe curling. Here you go, have a pack of sausages, sorry I couldn't have paid your i-phone payment instead.
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Re: Administration and recovery

Post by TonyDomingos » Tue May 21, 2019 5:24 pm

Club statement:

Paul Appleton, the Joint Administrator for Bolton Wanderers, has confirmed that all non-football related staff will receive their salaries for the period following the Joint Administrators appointment last week.

The Joint Administrators will, pursuant to the insolvency rules, adopt the employment contracts of those employees from the time of administration (May 13) and will review the position on a month-by-month basis. 

Mr Appleton said: “I understand this has been a period of great uncertainty, which has caused considerable hardship for so many members of staff. 

“The loyalty shown has been remarkable and it is clear the football club could not function  on a day-to-day basis without the sacrifices they have made. 

“On that basis, the Administrators undertake to pay wages and holiday pay to all non-playing staff from the time of our appointment. 

“The first payment will be this week with staff receiving a week’s pay in arrears and a week in advance. They will then be paid on a weekly basis from the administration until such time as a new owner is found whilst funds permit. 

“Unfortunately, we cannot pay any wages outstanding from before the date of our appointment.

“There will be an update on the position of all football-related employees in the next few days.”
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Contra os canhões marchar, marchar!

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Re: Administration and recovery

Post by Jim_McDonuts » Wed May 22, 2019 12:32 pm

How long are we talking that staff have already gone without pay, and wonder if they'll ever get it back?

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Re: Administration and recovery

Post by Jim_McDonuts » Wed May 22, 2019 12:32 pm

CODE: SELECT ALL asked if buyer immanent: "no"

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Re: Administration and recovery

Post by BWFC_Insane » Wed May 22, 2019 8:29 pm

£25M is cost to buy the club set by administrators.

£25M for a league one club and loss making hotel...sheesh....

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Re: Administration and recovery

Post by Dave Sutton's barnet » Wed May 22, 2019 9:04 pm

CODE: SELECT ALL

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Re: Administration and recovery

Post by BWFC_Insane » Wed May 22, 2019 9:20 pm

Dave Sutton's barnet wrote:
Wed May 22, 2019 9:04 pm
CODE: SELECT ALL
You still need to prove access to £25M to get through the door....doesn’t matter how you slice it, that’s a fair chunk for what we are.

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Re: Administration and recovery

Post by Dave Sutton's barnet » Wed May 22, 2019 9:24 pm

CODE: SELECT ALL CODE: SELECT ALL

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Re: Administration and recovery

Post by nelson66 » Thu May 23, 2019 10:56 am

So the administrators deal is:
Give us £25k to look at the books, and at the same time show us the £25m you've got in the bank, show us that you have passed the EFL fit and proper test and proof that your business plan has been approved by the EFL
Should sort out the men from the boys
Serious players only please
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Re: Administration and recovery

Post by Dave Sutton's barnet » Thu May 23, 2019 10:58 am

nelson66 wrote:
Thu May 23, 2019 10:56 am
So the administrators deal is:
Give us £25k to look at the books, and at the same time show us the £25m you've got in the bank, show us that you have passed the EFL fit and proper test and proof that your business plan has been approved by the EFL
Should sort out the men from the boys
Serious players only please
Almost as if they know what they're doing, isn't it?

Pleasing, too, to see that they seem in favour of Getting The F*ck On With It.

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Re: Administration and recovery

Post by BWFC_Insane » Thu May 23, 2019 11:35 am

Dave Sutton's barnet wrote:
Thu May 23, 2019 10:58 am
nelson66 wrote:
Thu May 23, 2019 10:56 am
So the administrators deal is:
Give us £25k to look at the books, and at the same time show us the £25m you've got in the bank, show us that you have passed the EFL fit and proper test and proof that your business plan has been approved by the EFL
Should sort out the men from the boys
Serious players only please
Almost as if they know what they're doing, isn't it?

Pleasing, too, to see that they seem in favour of Getting The F*ck On With It.
In fairness it is the price Ken set and the cost of seeing the books is far higher than Ken set....

So whilst they've clearly moved very very quickly on this one and administration will put us in a better position for a sale and a new buyer - the costs are still huge for a league one club on at least -12 points.

There are potentially things that can offset some cost - but still - I'll be interested in how many of the 30 interested parties can genuinely meet those demands. I'm guessing the administrators have gone public in this way because they want to get rid of time-wasters quickly. End of the day we only need one......

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Re: Administration and recovery

Post by Dave Sutton's barnet » Thu May 23, 2019 11:58 am

It's the public price Ken set. Christ alone knows what else went on.

Didn't Ken ask bidders for £500,000 to see the books?

EDIT: Aye, so it's said:
https://www.theboltonnews.co.uk/news/15 ... ers-court/
The ‘third party’ has also been in contact with The Bolton News to give their version of events. Speaking via a spokesperson, it is claimed Mr Anderson asked for a non-refundable £500,000 to allow access to the club’s books and a total £5m by Monday morning.

"That offer was put to him on Friday and firmed up on Saturday,” the spokesperson continued.

“He then wanted £1m for staying in the Championship during the 2017/18 season and a further £4m if the club reached the Premier League in the next three seasons. This is for a business in which he owned 57.5 per cent of the shares, the whole 95 per cent having only been purchased for £1 in March last year.”
That's from 2017 but Iles last night said "20 times as much [...] to see the data room". £25,000 x20 is £500,000. I can't imagine Ken was asking £1,250 (x20 = £25,000).

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Re: Administration and recovery

Post by Worthy4England » Thu May 23, 2019 12:30 pm

Dave Sutton's barnet wrote:
Thu May 23, 2019 11:58 am
It's the public price Ken set. Christ alone knows what else went on.

Didn't Ken ask bidders for £500,000 to see the books?

EDIT: Aye, so it's said:
https://www.theboltonnews.co.uk/news/15 ... ers-court/
The ‘third party’ has also been in contact with The Bolton News to give their version of events. Speaking via a spokesperson, it is claimed Mr Anderson asked for a non-refundable £500,000 to allow access to the club’s books and a total £5m by Monday morning.

"That offer was put to him on Friday and firmed up on Saturday,” the spokesperson continued.

“He then wanted £1m for staying in the Championship during the 2017/18 season and a further £4m if the club reached the Premier League in the next three seasons. This is for a business in which he owned 57.5 per cent of the shares, the whole 95 per cent having only been purchased for £1 in March last year.”
That's from 2017 but Iles last night said "20 times as much [...] to see the data room". £25,000 x20 is £500,000. I can't imagine Ken was asking £1,250 (x20 = £25,000).
This does on the face of it, seem to be the "all-in" price. It's nigh on impossible to say whether it represents the same things as Anderson "set", bearing in mind that two sets of bidders that agreed "heads of terms" then walked away saying the ying and yang didn't match.

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Re: Administration and recovery

Post by Lost Leopard Spot » Thu May 23, 2019 12:57 pm

"More than 30 expressions of interest already... "

I wonder how many expressions of interests are left after deducting Bassini, the Supporter's Trust, Bassini, the Supporter's Trust, the Supporter's Trust, the Supporter's Trust, Bassini... .... ...
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