Administration and recovery

[Bruce Rioja]

Can one of you keyboard Perry Mason's translate what's actually going on into laymen's terms please? Thanks

[bristol_Wanderer3]

Administrators statement per Iles Blog (presumably club administrators (Rubins)):

Statement from the administrators...

I note the reports about the findings in Court today which state the injunction has been amended, allowing the sale of the football club to continue unimpeded by this issue.



I know it has been a frustrating few days for all involved, causing a continuing delay.



Now we must progress to completion as quickly as possible in order to secure the future of the club. Accordingly, my lawyers and I are in contact with all parties to progress to completion as soon as possible and give everybody connected with Bolton Wanderers the good
news they deserve.

[nicholaldo]

Put aside the question of whether they have the finances, I'm puzzled as to why FV would complete a takeover when another party has a live claim of ownership?

[Lost Leopard Spot]

Can one of you keyboard Perry Mason's translate what's actually going on into laymen's terms please? Thanks

We are back to where we were last Wednesday night Bruce. We await the imminent purchase from FV which will be completed sometime soon. We are on the brink. But some lawyers somewhere are advising they take the time to employ them to make sure that traps aren't fallen into. Or some bollocks...

[Lost Leopard Spot]

Put aside the question of whether they have the finances, I'm puzzled as to why FV would complete a takeover when another party has a live claim of ownership?

He's had a live claim on ownership since May! So why should they not complete, especially as they were on the brink last Thursday, supposedly. The Shysters.

[Hoboh]

Call me pessimistic well I suppose in this case I am but KA going, ecstatic, Bazzer not in the frame, over the moon, FV? Well we will see because I don't from what I've seen believe they have much of a P to P in if you get my drift.

[Worthy4England]

Can one of you keyboard Perry Mason's translate what's actually going on into laymen's terms please? Thanks

Fcuk all, sums it up

[nicholaldo]

Put aside the question of whether they have the finances, I'm puzzled as to why FV would complete a takeover when another party has a live claim of ownership?

He's had a live claim on ownership since May! So why should they not complete, especially as they were on the brink last Thursday, supposedly. The Shysters.

Because as of today, a judge has confirmed in court that his claim has at least some merit. That's slightly different than him saying it.

[Bruce Rioja]

Can one of you keyboard Perry Mason's translate what's actually going on into laymen's terms please? Thanks

We are back to where we were last Wednesday night Bruce. We await the imminent purchase from FV which will be completed sometime soon. We are on the brink. But some lawyers somewhere are advising they take the time to employ them to make sure that traps aren't fallen into. Or some bollocks...

Cheers, Spotto. What's this potential further claim of ownership though? The Judge has said that the administrators are free to proceed through to sale, no?

I won't be getting any celebratory drinks out until this whole fecking shambles has finally and legally been concluded.

[officer_dibble]

I’m sure FV will be “taking legal advice”.

Get it sorted now, get some signings made and smash the bin men on Saturday! Easy peasy!

[Lost Leopard Spot]

Can one of you keyboard Perry Mason's translate what's actually going on into laymen's terms please? Thanks

We are back to where we were last Wednesday night Bruce. We await the imminent purchase from FV which will be completed sometime soon. We are on the brink. But some lawyers somewhere are advising they take the time to employ them to make sure that traps aren't fallen into. Or some bollocks...

Cheers, Spotto. What's this potential further claim of ownership though? The Judge has said that the administrators are free to proceed through to sale, no?

I won't be getting any celebratory drinks out until this whole fecking shambles has finally and legally been concluded.

Basically in his opinion the sale won't be affected because in his opinion the onus for compo, should Bassini prove victorious, will be against Ken. Burnden Leisure has been dissolved. FV won't be buying Burnden Leisure, therefore the risk to them, or any other purchaser, is diminished to the point of invisibility, according to the Judge. September's conflict will pit Lozzo against Kenni in an enclosed room - where nobody can hear you scream...

[Lost Leopard Spot]

Put aside the question of whether they have the finances, I'm puzzled as to why FV would complete a takeover when another party has a live claim of ownership?

He's had a live claim on ownership since May! So why should they not complete, especially as they were on the brink last Thursday, supposedly. The Shysters.

Because as of today, a judge has confirmed in court that his claim has at least some merit. That's slightly different than him saying it.

See my post above in reply to Bruce. The judge has said it's fine.

[Lost Leopard Spot]

I'll still bet we won't see Shazza for dust though, not because of any legal risk, but because she's got no fxcking money...

[nicholaldo]

Put aside the question of whether they have the finances, I'm puzzled as to why FV would complete a takeover when another party has a live claim of ownership?

He's had a live claim on ownership since May! So why should they not complete, especially as they were on the brink last Thursday, supposedly. The Shysters.

Because as of today, a judge has confirmed in court that his claim has at least some merit. That's slightly different than him saying it.

See my post above in reply to Bruce. The judge has said it's fine.

The judge's comments stating that the a sale can proceed despite the injunction wouldn't preclude Bassini, should his legal action against Anderson prove successful, lodging a separate legal action against FV with a view to obtaining a court order directing that the shares be sold to back to him.

[Lost Leopard Spot]

Put aside the question of whether they have the finances, I'm puzzled as to why FV would complete a takeover when another party has a live claim of ownership?

He's had a live claim on ownership since May! So why should they not complete, especially as they were on the brink last Thursday, supposedly. The Shysters.

Because as of today, a judge has confirmed in court that his claim has at least some merit. That's slightly different than him saying it.

See my post above in reply to Bruce. The judge has said it's fine.

The judge's comments stating that the a sale can proceed despite the injunction wouldn't preclude Bassini, should his legal action against Anderson prove successful, lodging a separate legal action against FV with a view to obtaining a court order directing that the shares be sold to back to him.

And why would that be a risk to them. They won't be buying the same shares. The company has been dissolved. Bassini can't win control of shares in a new company that Anderson has never been involved with.

[TANGODANCER]

And why would that be a risk to them. They won't be buying the same shares. The company has been dissolved. Bassini can't win control of shares in a new company that Anderson has never been involved with.

That seems to make sense to me. (I state "seems" because in this Mad Hatter's ball just about anything can jump through the looking glass.)

[Bertie Wooster]

And why would that be a risk to them. They won't be buying the same shares. The company has been dissolved. Bassini can't win control of shares in a new company that Anderson has never been involved with.

Good summary this LLS, totally agree.

[nicholaldo]

Put aside the question of whether they have the finances, I'm puzzled as to why FV would complete a takeover when another party has a live claim of ownership?

He's had a live claim on ownership since May! So why should they not complete, especially as they were on the brink last Thursday, supposedly. The Shysters.

Because as of today, a judge has confirmed in court that his claim has at least some merit. That's slightly different than him saying it.

See my post above in reply to Bruce. The judge has said it's fine.

The judge's comments stating that the a sale can proceed despite the injunction wouldn't preclude Bassini, should his legal action against Anderson prove successful, lodging a separate legal action against FV with a view to obtaining a court order directing that the shares be sold to back to him.

And why would that be a risk to them. They won't be buying the same shares. The company has been dissolved. Bassini can't win control of shares in a new company that Anderson has never been involved with.

The subsidiary company is still in existence and Bassini would have a legal right of ownership over it in the event the judge rules in his favour against Anderson. Should he then also be successful in a separate legal action against FV, he would be required to pay the administrations costs in full, as well as satisfying all creditors etc. so it would be a hefty sum and likely take a very long time. It's doubtful that it would ever get to that stage but Bassini hasn't shown any signs of giving up.

[BWFC_Insane]

Put aside the question of whether they have the finances, I'm puzzled as to why FV would complete a takeover when another party has a live claim of ownership?

He's had a live claim on ownership since May! So why should they not complete, especially as they were on the brink last Thursday, supposedly. The Shysters.

Because as of today, a judge has confirmed in court that his claim has at least some merit. That's slightly different than him saying it.

See my post above in reply to Bruce. The judge has said it's fine.

The judge's comments stating that the a sale can proceed despite the injunction wouldn't preclude Bassini, should his legal action against Anderson prove successful, lodging a separate legal action against FV with a view to obtaining a court order directing that the shares be sold to back to him.

And why would that be a risk to them. They won't be buying the same shares. The company has been dissolved. Bassini can't win control of shares in a new company that Anderson has never been involved with.

The subsidiary company is still in existence and Bassini would have a legal right of ownership over it in the event the judge rules in his favour against Anderson. Should he then also be successful in a separate legal action against FV, he would be required to pay the administrations costs in full, as well as satisfying all creditors etc. so it would be a hefty sum and likely take a very long time. It's doubtful that it would ever get to that stage but Bassini hasn't shown any signs of giving up.

It’s such a tiny risk given Bassinis claim has already been described as ‘weak’ by the Judge that it would only put FV off if they needed an excuse. Which wouldn’t surprise me entirely.

But in reality we are talking months if not years before the legal action is cleared up so the choice is FV complete or we liquidate. My hope is Mike James will make sure we exist.

[nicholaldo]

Put aside the question of whether they have the finances, I'm puzzled as to why FV would complete a takeover when another party has a live claim of ownership?

He's had a live claim on ownership since May! So why should they not complete, especially as they were on the brink last Thursday, supposedly. The Shysters.

Because as of today, a judge has confirmed in court that his claim has at least some merit. That's slightly different than him saying it.

See my post above in reply to Bruce. The judge has said it's fine.

The judge's comments stating that the a sale can proceed despite the injunction wouldn't preclude Bassini, should his legal action against Anderson prove successful, lodging a separate legal action against FV with a view to obtaining a court order directing that the shares be sold to back to him.

And why would that be a risk to them. They won't be buying the same shares. The company has been dissolved. Bassini can't win control of shares in a new company that Anderson has never been involved with.

The subsidiary company is still in existence and Bassini would have a legal right of ownership over it in the event the judge rules in his favour against Anderson. Should he then also be successful in a separate legal action against FV, he would be required to pay the administrations costs in full, as well as satisfying all creditors etc. so it would be a hefty sum and likely take a very long time. It's doubtful that it would ever get to that stage but Bassini hasn't shown any signs of giving up.

It’s such a tiny risk given Bassinis claim has already been described as ‘weak’ by the Judge that it would only put FV off if they needed an excuse. Which wouldn’t surprise me entirely.

But in reality we are talking months if not years before the legal action is cleared up so the choice is FV complete or we liquidate. My hope is Mike James will make sure we exist.

I don't doubt it's only a slight possibility, particularly considering the judge's comments about the strength of his case against Anderson, but I think two things are worth bearing in mind:

1. It's a possibility, and therefore a risk, and so needs to be thought through properly before proceeding further.

2. Bassini isn't a rational actor.