Bolton get winding up petition from HMRC!

Boggersbelief wrote:Sounds worse than it is.

Breadman wrote:Nothing's really changed though, has it?

The hearing's scheduled for the 18th of Jan, so nowt's going to happen before then.

Other than the bank possibly freezing the club's account and there's cock all in there anyway.

This was always going to happen in my honest opinion because I've suspected ED was playing the aforementioned game of brinksmanship all along and everybody involved in the takeover talks would have been expecting this.

Hence why the talks have been dragging on - why would a potential new owner stump up this £10 million that ED's been demanding if they knew this was coming?

I wouldn't. I'd just sit on my hands and say "There's the bid - take it or leave it."

ED's fucked up a bit here because as Lusty says, by inviting HMRC to take this action through not paying the tax bill, he's played right into the potential new owners' hands.

Just my initial thoughts and I may well be wrong, as usual.

Sluffy wrote:Well I might end up with egg on my face here but I can't believe anyone really does believe there is a deal to be reached in selling the club!

I would think for a start that HMRC just didn't serve a Winding Up petition just because the club missed paying the players wages last month - I would strongly suspect they've been in talks with the club for sometime prior to that regarding paying the taxman his dues - it wouldn't surprise me if they had previously missed payment deadlines to them and this latest default was one too much.

I also can't believe anybody would take on the club as it is - it is just not financially viable to pay its way.  Anybody remotely interesting in buying it now is only there for one reason - to asset strip.  It makes far, far more sense for anyone seriously wanting to buy the club as a going concern to buy it out of Administration.

Any deal to be done will be via Administration and a CVA.

It's not rocket science.

Norpig wrote:

karlypants wrote:You don't make it easy do you!

 how do i do it myself KP? 

Boggersbelief wrote:I have a feeling one or two numpties get off on trying to see the worst in anything bwfc related.

Sluffy wrote:Well I might end up with egg on my face here but I can't believe anyone really does believe there is a deal to be reached in selling the club!

I would think for a start that HMRC just didn't serve a Winding Up petition just because the club missed paying the players wages last month - I would strongly suspect they've been in talks with the club for sometime prior to that regarding paying the taxman his dues - it wouldn't surprise me if they had previously missed payment deadlines to them and this latest default was one too much.

I also can't believe anybody would take on the club as it is - it is just not financially viable to pay its way.  Anybody remotely interesting in buying it now is only there for one reason - to asset strip.  It makes far, far more sense for anyone seriously wanting to buy the club as a going concern to buy it out of Administration.

Any deal to be done will be via Administration and a CVA.

It's not rocket science.

karlypants wrote:

Norpig wrote:

karlypants wrote:You don't make it easy do you!

 how do i do it myself KP? 

I was meaning that I hadn't a clue where you got the the text from so had to google to find the webpage.

If you copy the text to notepad, it removes all formatting so when you copy it into your post from notepad, you can then use the formatting tools here.

Hope that helps.

Norpig wrote:

karlypants wrote:

Norpig wrote:

karlypants wrote:You don't make it easy do you!

 how do i do it myself KP? 

I was meaning that I hadn't a clue where you got the the text from so had to google to find the webpage.

If you copy the text to notepad, it removes all formatting so when you copy it into your post from notepad, you can then use the formatting tools here.

Hope that helps.

can i have that in English please KP? 

wanderlust wrote:

Sluffy wrote:Well I might end up with egg on my face here but I can't believe anyone really does believe there is a deal to be reached in selling the club!

I would think for a start that HMRC just didn't serve a Winding Up petition just because the club missed paying the players wages last month - I would strongly suspect they've been in talks with the club for sometime prior to that regarding paying the taxman his dues - it wouldn't surprise me if they had previously missed payment deadlines to them and this latest default was one too much.

I also can't believe anybody would take on the club as it is - it is just not financially viable to pay its way.  Anybody remotely interesting in buying it now is only there for one reason - to asset strip.  It makes far, far more sense for anyone seriously wanting to buy the club as a going concern to buy it out of Administration.

Any deal to be done will be via Administration and a CVA.

It's not rocket science.

TBF you've said this all along Sluffy and I can see where you are coming from but you are predicating it on the principle that there is little or no residual value in BWFC and therefore there's nothing to attract potential buyers. Is that right?

If so I'd argue that although a lot of the assets and futures are mortgaged we don't know the extent to which they are mortgaged and with ED claiming he doesn't want to be paid as a creditor that nominal value would increase. Only a revised balance sheet would give some indication of the net worth of the business.

If we assume there is some value and potential buyers are just hanging around to cash in on it i.e. asset-strip you'd think a deal would have been concluded weeks ago unless for example, ED is insisting on guarantees to protect the club (which I personally think is a likely scenario given the time and money he has invested over the years)

So I think that the club are trying to find a buyer who sees the value in the club and accepts the terms that will prevent blatant asset stripping and I think that's been the case all along.

It's a lot to hope for, and hopefully the pressure exerted on the club by HMRC won't force the club to reduce their demands for guarantees.

We could still come out of this smelling of roses but today's events haven't helped our chances.

Boggersbelief wrote:

Norpig wrote:

karlypants wrote:

Norpig wrote:

karlypants wrote:You don't make it easy do you!

 how do i do it myself KP? 

I was meaning that I hadn't a clue where you got the the text from so had to google to find the webpage.

If you copy the text to notepad, it removes all formatting so when you copy it into your post from notepad, you can then use the formatting tools here.

Hope that helps.

can i have that in English please KP? 

How are you allowed to work in a hospital?

Boggersbelief wrote:

Norpig wrote:

karlypants wrote:

Norpig wrote:

karlypants wrote:You don't make it easy do you!

 how do i do it myself KP? 

I was meaning that I hadn't a clue where you got the the text from so had to google to find the webpage.

If you copy the text to notepad, it removes all formatting so when you copy it into your post from notepad, you can then use the formatting tools here.

Hope that helps.

can i have that in English please KP? 

How are you allowed to work in a hospital?

Norpig wrote:

Boggersbelief wrote:

Norpig wrote:

karlypants wrote:

Norpig wrote:

karlypants wrote:You don't make it easy do you!

 how do i do it myself KP? 

I was meaning that I hadn't a clue where you got the the text from so had to google to find the webpage.

If you copy the text to notepad, it removes all formatting so when you copy it into your post from notepad, you can then use the formatting tools here.

Hope that helps.

can i have that in English please KP? 

How are you allowed to work in a hospital?

Fortunately my knowledge of pharmaceuticals is better than my knowledge of computers  and animal sex

terenceanne wrote:Somat I don't quite understand about the take over ....... if there are issues regarding the amount of money the consortium has ....then why would same consortium want to take over the club in the first place?  So they can blow every penny they have and not have enough to keep it going....that doesn't make sense to me.
Also If the new owners run out of money a year from now .....what business is it of Eddie & Company...they will be gone.  We will be Fooooked as per usual.  At worst we will be back were we started again.