Administration and recovery

[LeverEnd]

It's only a circularity if the same pot is being used twice. MJ converting his debt to equity is not in itself a circularity.

Indeed it isn't. I was indirectly addressing "Logically if the issue was funds to complete the club deal"...
Wheels within wheels at work.
Whether Mr Morris has enough actual cash to address the various issues I have no idea. But in my gut, I doubt it very much.

He probably does. But is he daft enough to chuck it into a bottomless pit?

[Lost Leopard Spot]

It's only a circularity if the same pot is being used twice. MJ converting his debt to equity is not in itself a circularity.

Indeed it isn't. I was indirectly addressing "Logically if the issue was funds to complete the club deal"...
Wheels within wheels at work.
Whether Mr Morris has enough actual cash to address the various issues I have no idea. But in my gut, I doubt it very much.

He probably does. But is he daft enough to chuck it into a bottomless pit?

Do you think so? Has he got five million a year for the next five years at least?
And, are we talking Morris Major, or Morris Minor - there seems to be some confusion/debate over exactly who the new fourth person in the FV consortium is.
But sadly, even if he has, as you quite pertinently ask, is he daft enough to throw it into a bottomless pit?

[Lost Leopard Spot]

https://beta.companieshouse.gov.uk/comp ... ng-history

Rubins' Admin proposal now up on Companies House shows us doing £13m Rev and losing £4.2m for year ended 13 June 2019...

Shit. PDF won't open for me. Fxcking pdfs on Android...

Keeps on reopening the Quantuma download...

[Lost Leopard Spot]

https://beta.companieshouse.gov.uk/comp ... ng-history

Rubins' Admin proposal now up on Companies House shows us doing £13m Rev and losing £4.2m for year ended 13 June 2019...

Shit. PDF won't open for me. Fxcking pdfs on Android...

Keeps on reopening the Quantuma download...

Wasn't turnover circa £8 million last trading year?
How come revenue is up by £5 million on reduced prospects in a lower division. That in itself seems a tad optimistic. A bit like Dragon's Den... So you've valued your shite business as turning over £13 million next year even though you've just lost money, have no stock, and just have a wild swivel-eyed plan based on optimism alone.... Hmmmmmm.

[LeverEnd]

I agree. I'm still thinking Portsmouth (again)

[bristol_Wanderer3]

According to this 2017 article, assuming the Keith Morris we are talking about, is the ex owner of Sabre insurance, was worth £185m. How much of that he might be prepared to invest in BWFC we don't know, but in theory he could provide significant financial support.

https://www.insurancebusinessmag.com/uk ... 66956.aspx

[Enoch]

in theory he could provide significant financial support.

I can find no record of him ever suffering mental illness.

[Lost Leopard Spot]

in theory he could provide significant financial support.

I can find no record of him ever suffering mental illness.

[Lost Leopard Spot]

According to this 2017 article, assuming the Keith Morris we are talking about, is the ex owner of Sabre insurance, was worth £185m. How much of that he might be prepared to invest in BWFC we don't know, but in theory he could provide significant financial support.

https://www.insurancebusinessmag.com/uk ... 66956.aspx

Cheers.
£185 million uh? Hmmmm. Let's hope it's him, and he's had a mental meltdown.

[Worthy4England]

https://beta.companieshouse.gov.uk/comp ... ng-history

Rubins' Admin proposal now up on Companies House shows us doing £13m Rev and losing £4.2m for year ended 13 June 2019...

Shit. PDF won't open for me. Fxcking pdfs on Android...

Keeps on reopening the Quantuma download...

Wasn't turnover circa £8 million last trading year?
How come revenue is up by £5 million on reduced prospects in a lower division. That in itself seems a tad optimistic. A bit like Dragon's Den... So you've valued your shite business as turning over £13 million next year even though you've just lost money, have no stock, and just have a wild swivel-eyed plan based on optimism alone.... Hmmmmmm.

Last published accounts showed £8.x m T/O. That was in L1 and we lost £12.xm. This number £13m is this last year in the Chumps...and we lost £4m. So we've reduced running costs some, but still seems very high...

When you download from Co House in Andriod you need to tell it to overwrite the previous file as they're all called pdf. Pdf...

[Worthy4England]

Oh and just to put a cheery spin on, that's £17m in running costs presumably without the big payments like rates (£1.7m) HMRC (£2m), yadda yadda, which we defaulted on. It looks like without paying any players, our running costs would outstrip L1 income of ~£8.x m...

[Lost Leopard Spot]

When you download from Co House in Andriod you need to tell it to overwrite the previous file as they're all called pdf. Pdf...

Ahhh, thanks. I thought fxcking Google had a conspiracy against me...

[Worthy4England]

Bury apparently had EFL statement that they have 14 days to get their shit together or membership could be revoked - our statement or a similar nature can't be too far off, I wouldn't have thought...

[Branagan]

Bury apparently had EFL statement that they have 14 days to get their shit together or membership could be revoked - our statement or a similar nature can't be too far off, I wouldn't have thought...

Jesus

[BWFC_Insane]

Bury apparently had EFL statement that they have 14 days to get their shit together or membership could be revoked - our statement or a similar nature can't be too far off, I wouldn't have thought...

Take the point though I assume we provided assurances within 14 days of administration as per rules.

But yes I'm sure the EFL are asking the same sort of questions already.

[Harry Genshaw]

Bury apparently had EFL statement that they have 14 days to get their shit together or membership could be revoked - our statement or a similar nature can't be too far off, I wouldn't have thought...

I've been wondering what's happening with them. Since the news broke they'd agreed terms with debtors as far as I can tell they've signed no players and not played any friendlies. Same as us.

Is that grounds for optimism since we haven't had ours yet?

[TANGODANCER]

Bury apparently had EFL statement that they have 14 days to get their shit together or membership could be revoked - our statement or a similar nature can't be too far off, I wouldn't have thought...

Take the point though I assume we provided assurances within 14 days of administration as per rules.

But yes I'm sure the EFL are asking the same sort of questions already.

Apropos of the solution (is there one?): Main question as to why we are in this deplorable state is who actually put us there? There has to be a decision maker who didn't put the warning signs up, even if way too late. I'm talking post E.D's write off of course. To rephrase the question on a tangent: Why did Ken Anderson, smart operator that he is, buy the club and Lawrence Bassini want to follow suit if things are so hopeless?

[Worthy4England]

Bury apparently had EFL statement that they have 14 days to get their shit together or membership could be revoked - our statement or a similar nature can't be too far off, I wouldn't have thought...

Take the point though I assume we provided assurances within 14 days of administration as per rules.

But yes I'm sure the EFL are asking the same sort of questions already.

That's all good - but those assurances that might have been made a while back seem to be wafer thin right now...I doubt anyone has much confidence at this stage that there's evidence they hold good. Bury will have also had to provide assurances within 14 days...

[Bruce Rioja]

Hang on, my reading of the EFL statement is that they have until close of play TODAY to show that they can sort their shit out.

[BWFC_Insane]

Bury apparently had EFL statement that they have 14 days to get their shit together or membership could be revoked - our statement or a similar nature can't be too far off, I wouldn't have thought...

Take the point though I assume we provided assurances within 14 days of administration as per rules.

But yes I'm sure the EFL are asking the same sort of questions already.

Apropos of the solution (is there one?): Main question as to why we are in this deplorable state is who actually put us there? There has to be a decision maker who didn't put the warning signs up, even if way too late. I'm talking post E.D's write off of course. To rephrase the question on a tangent: Why did Ken Anderson, smart operator that he is, buy the club and Lawrence Bassini want to follow suit if things are so hopeless?

Hard to answer those questions. Ken bought the club for £1 - and taking on the debts - but seemingly didn't ever intend to seriously invest any money. His hope was a quick sale and a tidy and not minor profit. But as the debts racked up that became harder. Bassini is completely delusional I wouldn't take anything he says seriously at all. He's had two chances to actually buy it and hasn't done so either time....

The cost to buy the club and pay off all creditors is around £25M (to pay it all off it one go). Whether that is hopeless or not I do not know. It just seems to be that football ventures were the only serious bidder but will or can only complete if they also get the hotel. Which is a separate process because KA refused to put the club into admin. I think like most things you are looking at a perfect storm of events to get us here. For example were ED still with us I have no doubt a far easier solution would have been found.