Administration and recovery

[BWFC_Insane]

Also worth noting that Nixon’s understanding of what is happening and the actual admin process is frighteningly inaccurate.

[Lost Leopard Spot]

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.

You said they had cash in a bank account. You also said it was cash not credit notes. I can't be bothered to look it up and repost it...

[Lost Leopard Spot]

If you had bid for a property at auction - 10% down within an hour of the hammer coming down - and the balance within 28 days
FV need to pull their fingers out before Bassini or Liquidators pile in

If you bid for a property you offer a price and pay it.

Buying a football club from admin requires - separate deals with each secured creditor, an offer to unsecured creditors of at least 25p in the £, a business plan showing the ability to run the club for 2 years that gains EFL approval, proof of funds (in an account - not just pieces of paper or "credit" as some make out) and passing the various EFL tests...

Its a little more involved and a lot more complicated.

Actually I could be arsed ^ the above is just one of many times you've said it

[Lost Leopard Spot]

There is a difference between proving funds to buy the business from administrators - which requires cash in a bank account - hence why Bassini's "letters of intent" or credit notes were rejected and proof of funds to the EFL to run the club for two years. The requirements are different.

It is possible that FV have a hole in their business plan - as a result of the hotel or MJs security against it...but not possible that they have a hole in the cash required to purchase from administrators (unless administrators are colluding and lying).

Here's another time you said it ^^^

[Bruce Rioja]

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.

You said they had cash in a bank account. You also said it was cash not credit notes. I can't be bothered to look it up and repost it...

Has anybody mentioned circularity in relation to your tedious squabble?

[Worthy4England]

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.

You said they had cash in a bank account. You also said it was cash not credit notes. I can't be bothered to look it up and repost it...

Has anybody mentioned circularity in relation to your tedious squabble?

[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.

You said they had cash in a bank account. You also said it was cash not credit notes. I can't be bothered to look it up and repost it...

Let me say this slowly....and only once more....

There are two separate parts..

1) buying the club from administrators. This requires proof of funds. Which amounts to proving the money is there in a bank account. This has to be done ahead of HoTs as it stops administrators wasting time when funds are not in place. This is how any admin process works. Or like if you are buying a house for cash. You have to prove you have the money and it’s legal.

2) EFL proof of funding for 2 years. This is a business plan where you explain how you will cover the next two years of funding for the club. This will require proof of any funds you plan to use and the league will want to know source and origin of the money. But it may also include parts of the business plan to raise cash - and the EFL have to be satisfied any such plans are credible.

Administrators absolutely need to see the money. The EFL will also want to if cash injection is being used to cover the funding gap. But clearly if your plan is to sell a hotel for example, and I have no idea if that is the FV plan...but if it were the proof would be ownership of said hotel and a valuation or letter of intent from a buyer...FV are putting some cash in to run the club so for the EFL to have approved their plan they will need to be satisfied those funds exist, are available and where it comes from. It would appear that most of their ongoing costs will come out of future commercial plans though....

[Jugs]

For the first real time (probably because I either just ignored it or expected it all to get done in time), the whole sorry situation is really starting to upset me. 2 weeks to go until the start of the season and we're in such a mess.

[TonyDomingos]

For the first real time (probably because I either just ignored it or expected it all to get done in time), the whole sorry situation is really starting to upset me. 2 weeks to go until the start of the season and we're in such a mess.

Throw the weather, Love Island and Boris Johnson into the mix and I'm on a right downer.

[LeverEnd]

Iles says Oz and McGennis gave notice weeks ago but admins are blocking it. I can't see how they can given the lack of payment. Surely the contracts are void? Anyone?

[TonyDomingos]

Iles says Oz and McGennis gave notice weeks ago but admins are blocking it. I can't see how they can given the lack of payment. Surely the contracts are void? Anyone?

Puzzled me too. Possibly the players have to take some form of legal action to prove their contracts have been breached?

[Worthy4England]

Iles says Oz and McGennis gave notice weeks ago but admins are blocking it. I can't see how they can given the lack of payment. Surely the contracts are void? Anyone?

I wonder if the Contract is null and void but it's to do with us still holding the registration which we're arguing we want a fee to transfer?

[jimbo]

Iles says Oz and McGennis gave notice weeks ago but admins are blocking it. I can't see how they can given the lack of payment. Surely the contracts are void? Anyone?

I wonder if the Contract is null and void but it's to do with us still holding the registration which we're arguing we want a fee to transfer?

This confused me too. The club have breached the contract by not paying them, so surely they can’t hold them to it?

The registration thing is interesting. Suggests we couldn’t stop them going if they wanted to work at Aldi, but if they want to PLAY for another football club then we need to release their registration which we’re not bound to do. I’m not sure that would hold much sway in a legal setting.

[Worthy4England]

Iles says Oz and McGennis gave notice weeks ago but admins are blocking it. I can't see how they can given the lack of payment. Surely the contracts are void? Anyone?

I wonder if the Contract is null and void but it's to do with us still holding the registration which we're arguing we want a fee to transfer?

This confused me too. The club have breached the contract by not paying them, so surely they can’t hold them to it?

The registration thing is interesting. Suggests we couldn’t stop them going if they wanted to work at Aldi, but if they want to PLAY for another football club then we need to release their registration which we’re not bound to do. I’m not sure that would hold much sway in a legal setting.

Me neither on the last part.. Other than players in football are an intangible asset of the business.

[Harry Genshaw]

Didn't the Administrators initially try to play hard ball with Celtic over Connell?

They may just be trying to delay things or even wangle a fee out of potential buyers by being difficult. Since Olkowski and Ameobi both walked away from their contracts and nothing has changed, i.e they've still not been paid, then I don't see any way we can stop these two going.

[nicholaldo]

For the first real time (probably because I either just ignored it or expected it all to get done in time), the whole sorry situation is really starting to upset me. 2 weeks to go until the start of the season and we're in such a mess.

For what it's worth, I still think FV will get a deal done in time (just).

[nicholaldo]

Didn't the Administrators initially try to play hard ball with Celtic over Connell?

They may just be trying to delay things or even wangle a fee out of potential buyers by being difficult. Since Olkowski and Ameobi both walked away from their contracts and nothing has changed, i.e they've still not been paid, then I don't see any way we can stop these two going.

It just can't be legal. It's not materially different to the Bosman ruling, surely?

[TANGODANCER]

Saddest part of it all is that the good name of the club will always be associated with the inefficient financial aspects and dealings of the boards. The players leaving/left, will only remember what happened at "Bolton", and it won't be about football. It might take years (if ever) to win our good name back.

[Worthy4England]

I'm not sure whether Admins are preventing them leaving or saying they could but there needs to be a transfer fee. I know the way the piece is written suggests the former not the latter..

[jimbo]

Preston’s off now.