Administration and recovery

[Burnden Paddock]

Jim White on TalkSport said he'd had a 3word text from KA: Ongoing talks. Optimistic.

Read into that what you will.....

He's giving us hope, before he pulls the rug from under us. Wanker! (KA, not you DtM )

[Prufrock]

Seen it tweeted that it's Nat's birthday today.

Which is nice.

[Enoch]

Brian O'Neil? The bloke out of Love Story?
#OneForTheTeenagers

I remember Rodney Harrington, the bloke out of Peyton Place.
#OneForTheOctogenarians

[Dave Sutton's barnet]

Anytime anyplace anywhere, it's Bassini Time!

https://www.theboltonnews.co.uk/sport/1 ... quidation/

“I understand that the administrators are currently exploring a deal with Boohoo concerning Bolton Wanderers Football Club. This is extremely concerning given my repeated overtures and insistence that I have the means and ability to take over the club, including paying all creditors of the club in full.

“As you are aware, in May this year I spoke with and received written confirmation from Shaun Harvey that I had approval from the EFL to become the owner of Bolton Wanderers Football Club and that I had passed the EFL Owners’ and Directors’ Test (Appendix 3). I understand from the recent Court hearing that it is the EFL’s belief I have not passed that test.


“After reviewing Appendix 3 I do not believe that I am currently subject to any “Disqualifying Condition” and I would be grateful if you could please urgently confirm the same.

“I can supply to the EFL any such information which it may reasonably require in order to demonstrate my compliance with the requirements of Appendix 3. In addition, I believe that I am well placed to reach an agreement with Ken Anderson given my ongoing injunction concerning Inner Circle Investments.


“Given the imminent deadline in respect of the Club’s survival, I would be prepared to attend your Preston offices today at 3pm with my lawyers and an independent witness in order to provide you with evidence that I have sufficient funds available in respect of my proposed takeover of Bolton Wanderers Football Club in the sum of £39 million personally, so there can be no further dispute regarding the same.

“I appreciate that the Football Ventures are still considered the ‘preferred bidder’ by the administrators. My bid, once verified and agreed by the EFL, will result in a better outcome for creditors and staff of the club. I have therefore copied Paul Appleton into this email as I believe his attendance at the above meeting is vital given the current uncertainty regarding Football Ventures.

“I can confirm that in the event I am awarded preferred bidder status Mr Appleton in order to enable me to purchase the club, I will agree to enter into NDAs in respect of all claims which I currently have or may have in the future concerning my involvement in the proposed takeover of Bolton Wanderers Football Club.

“I look forward to hearing from you as a matter of urgency.”

[Bertie Wooster]

Lets be honest, if it was Bassini or liquidation surely most fans would be ok with Bassini.

[Prufrock]

I'm going to take a punt and suggest Me Appleton might *not* take up that offer.

It's like the pub nutter walking in with his harmonica during the wake of a regular.

"Not today, Terry".

[Burnden Paddock]

If nothing else, we must find out where Bassini invests his money. His £30m has grown to £39m over the course of a weekend!

Just feck off and stop wasting everyone's time, you ballooning melt!

[Hoboh]

I 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!!

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).

I really cannot get my head around this part, who the hell could sue EDT and for what exactly??

Sorry

[Hoboh]

A deal is definitely needed today and a secure deal for sure. Someone eluded to an odd number of clubs in the league if Bury folds, the EFL have now got that covered and I suspect nothing short of rock solid will suffice now.

[Dave Sutton's barnet]

I suspect it's over liability if/when any buried bodies surface. Someone mentioned the Doidge deal. I suspect there may have been other Doidgey deals.

I don't know why such claims would end up against EDT rather than KA. Equally, I don't know precisely how a debt settlement could provide indemnity. But what I have been told over the weekend is that Ken wants to become barley from any future fall-out.

[bristol_Wanderer3]

Sounds like Bassini is just getting ready to go through the first step of the admin process, the one that was required in early May.

I'm sure he will arrive for a look round the hotel (the one he has only just realized exists) in December with a view to refurbishing the bar, as the north, west and east stands are being demolished. Feckwit!

Anyway positive thinking is required. In December all four stands will actually be there, we will actually be celebrating hitting zero points, King Harmes will be in the England U18 squad, and a statue of Michael James will be being built outside the North Stand offices.

[Cornish addick]

Hello, Charlton supporter here.

Really hope this ends up ok for BWFC, such a great club. I’ve always had a soft spot, Dad was born in Bolton and my Grandad was a big fan in the Lofthouse era.

Good luck fellas.

[Worthy4England]

Hello, Charlton supporter here.

Really hope this ends up ok for BWFC, such a great club. I’ve always had a soft spot, Dad was born in Bolton and my Grandad was a big fan in the Lofthouse era.

Good luck fellas.

Thanks for the message of support - lot of parallels between Charlton and Bolton from Curbs and Allardyce

[Dave Sutton's barnet]

FEEEEEEEEEESH

[Dave Sutton's barnet]

Iles: "Been told by the club administrators that they have informed the EFL they are NOT in discussion with http://BooHoo.com (as per Laurence Bassini statement) or anyone else, other than Football Ventures. "

[Worthy4England]

Iles: "Been told by the club administrators that they have informed the EFL they are NOT in discussion with http://BooHoo.com (as per Laurence Bassini statement) or anyone else, other than Football Ventures. "

I don't think that means necessarily that the hotel admins aren't in discussions...we believe the hotel admins were considering two different bids...

[Dave Sutton's barnet]

Iles: "Been told by the club administrators that they have informed the EFL they are NOT in discussion with http://BooHoo.com (as per Laurence Bassini statement) or anyone else, other than Football Ventures. "

I don't think that means necessarily that the hotel admins aren't in discussions...we believe the hotel admins were considering two different bids...

I have no reason to disbelieve that. But it's four hours until the EFL meeting that serves as our deadline for the club, not the hotel. Yes, they can claim progress, but if the Mysterious Other Bidders aren't even "in discussions" with the EFL yet, they're gonna have to talk real fast. Leave it much later and they'll have to gabble like Peter O'Sullevan on a bad wrap of whizz.

[Desensitized43]

Villa fan here.
Just wanted to hop on and send my support and best wishes on our behalf.
Frankly, what's happening to you guys is disgraceful and 12 months ago it could very easily have been my club.
I know it won't give you any comfort but it seems crazy that a club the size of Bolton and all the history that it has could be in this state with all the money in the game.
What's for sure is that the game needs to change. Owners like Anderson can't be allowed to run clubs that are so integral to our communities. The EFL really have a lot to answer for.

Good luck for today and going forward.

[Prufrock]

I 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!!

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).

I really cannot get my head around this part, who the hell could sue EDT and for what exactly??

Sorry

I said no questions!

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!

[Bruce Rioja]

Villa fan here.
Just wanted to hop on and send my support and best wishes on our behalf.
Frankly, what's happening to you guys is disgraceful and 12 months ago it could very easily have been my club.
I know it won't give you any comfort but it seems crazy that a club the size of Bolton and all the history that it has could be in this state with all the money in the game.
What's for sure is that the game needs to change. Owners like Anderson can't be allowed to run clubs that are so integral to our communities. The EFL really have a lot to answer for.

Good luck for today and going forward.

Many thanks for your support, Chief, it's appreciated. I can't remember the last time I felt anything like this nervous.

You're absolutely bang-on. However, the EFL's 'fit and proper person test' was brought in specifically to keep Anderson and his ilk out, yet they'll be amongst those possibly pulling the plug in three hours.

For as long as football continues to operate under the economics of the madhouse then I'm certain that we and Bury won't be the last to go through this.

Good luck for the season - I've little doubt that Mings will be absolutely immense for you.