These bloody accounts!

boltonbonce wrote:Bolton Wanderers chairman Ken Anderson,a former football agent, was disqualified as a company director from 2005 until 2013 for transgressions including diverting company funds into personal accounts, VAT discrepancies and failure to cooperate with receivers. The Football League say Anderson passed their owners and directors test because his sentence has been served.


This bloke is far too canny to have been 'played' by DH and his mob.

Norpig wrote:it's more likely Deano has been played by whoever he jumped into bed with, as Rammy says, he is probably a bit thick.

Norpig wrote:

It is amazing that Deano got a loan on the strength of assets he didn't even own at the time, surely that can't be legal?

wanderlust wrote:

Norpig wrote:

It is amazing that Deano got a loan on the strength of assets he didn't even own at the time, surely that can't be legal?

That's how mortgages work. A bank or building society will lend money to buy a property and immediately take charge of ownership until the borrower pays up.

Some other points:

Rammy thanks for the update re HMRC attitude to Auditors not signing off.

Gobsmacked at the interest rate on the loan. 

Equally gobsmacked at the scale of the liabilities that are still creeping up day by day.

We are still a very long way from turning this around and if recent comments from KA are to be believed it's likely to get worse.

Sluffy wrote:

Norpig wrote:it's more likely Deano has been played by whoever he jumped into bed with, as Rammy says, he is probably a bit thick.

I simply don't believe he 'loved' Bolton so much that he jumped through all those hoops (and set up a new business specifically remember - Sport Shield Bolton Wanderers - or whatever is its exact title) simply just to be the owner of a club he just run up a massive £5 million debt on it he couldn't possibly pay back himself.

He might not be Einstein but he must have had a good idea of what he was getting himself into, in my opinion.

observer wrote:

rammywhite wrote:I'm not surprised that KA is challenging the loan made to DH's investment vehicle which seems to suggest that he pledged the clubs assets as security. That would be like you and your brother each borrowing to buy a house jointly and your brother pledging the house to the bank without your knowledge before the house was bought. . You as joint owner could legally challenge that. Its a bit like me borrowing £1000 from Barclays to buy shares in British Gas and pledging the assets of British gas as security. It wouldn't work in law- and I'm not in the least bit surprised that KA is quite rightly challenging this in court. And I think he'll win.
I get the impression more and more that Dean is a bit thick and he's being manipulated like some dim-witted patsy or frontman into buying the club by sophisticated quasi-criminals who are using him to get the club assets and sell them off.. No-one sensible would go into a deal like this unless they were naïve and easily bewildered. A 24% pa interest rate?? Who in their right minds pays that. . And its rising to 30%!!

But where were the overseers?  The trustee, the FA, and the courts who approved the deal?

Norpig wrote:

Sluffy wrote:

Norpig wrote:it's more likely Deano has been played by whoever he jumped into bed with, as Rammy says, he is probably a bit thick.

I simply don't believe he 'loved' Bolton so much that he jumped through all those hoops (and set up a new business specifically remember - Sport Shield Bolton Wanderers - or whatever is its exact title) simply just to be the owner of a club he just run up a massive £5 million debt on it he couldn't possibly pay back himself.

He might not be Einstein but he must have had a good idea of what he was getting himself into, in my opinion.

 I reckon he got carried along with the hype and the thought of being our saviour, he had very little business acumen or history before all this didn't he? 
He probably thought he would get the chairman job and be the face of the club and let his dodgy mates actually run the club

observer wrote:

rammywhite wrote:I'm not surprised that KA is challenging the loan made to DH's investment vehicle which seems to suggest that he pledged the clubs assets as security. That would be like you and your brother each borrowing to buy a house jointly and your brother pledging the house to the bank without your knowledge before the house was bought. . You as joint owner could legally challenge that. Its a bit like me borrowing £1000 from Barclays to buy shares in British Gas and pledging the assets of British gas as security. It wouldn't work in law- and I'm not in the least bit surprised that KA is quite rightly challenging this in court. And I think he'll win.
I get the impression more and more that Dean is a bit thick and he's being manipulated like some dim-witted patsy or frontman into buying the club by sophisticated quasi-criminals who are using him to get the club assets and sell them off.. No-one sensible would go into a deal like this unless they were naïve and easily bewildered. A 24% pa interest rate?? Who in their right minds pays that. . And its rising to 30%!!

But where were the overseers?  The trustee, the FA, and the courts who approved the deal?

boltonbonce wrote:It looks pretty bleak Rammy. I,like many other supporters not too savvy when it comes to club finances,tend to lean toward a Micawberish ethos of 'something's bound to turn up'.
Seeing this in black and white,I'm starting to think that,whatever does turn up might be very very unwelcome.

Sluffy wrote:

Norpig wrote:

Sluffy wrote:

Norpig wrote:it's more likely Deano has been played by whoever he jumped into bed with, as Rammy says, he is probably a bit thick.

I simply don't believe he 'loved' Bolton so much that he jumped through all those hoops (and set up a new business specifically remember - Sport Shield Bolton Wanderers - or whatever is its exact title) simply just to be the owner of a club he just run up a massive £5 million debt on it he couldn't possibly pay back himself.

He might not be Einstein but he must have had a good idea of what he was getting himself into, in my opinion.

 I reckon he got carried along with the hype and the thought of being our saviour, he had very little business acumen or history before all this didn't he? 
He probably thought he would get the chairman job and be the face of the club and let his dodgy mates actually run the club

I think you give him too much credit for wanting the club - I don't believe the hype at all that he 'loved' the club that much.

In fact he played more games and scored more goals for Wimbledon than he did us and he played more or less 75% of his career at clubs other than Bolton.

Christ he wasn't really that much loved here following his Wembley miss!

You're a nice bloke Norpig and you clearly want to see the good in him but I could never understand why he wanted to buy the club so badly (don't forget we were losing a £1 million per month at the time and scheduled to do so for the following 18 months or so as well!).

Something clearly wasn't right to my mind.

And nobody is that dumb.

Sluffy wrote:

observer wrote:

rammywhite wrote:I'm not surprised that KA is challenging the loan made to DH's investment vehicle which seems to suggest that he pledged the clubs assets as security. That would be like you and your brother each borrowing to buy a house jointly and your brother pledging the house to the bank without your knowledge before the house was bought. . You as joint owner could legally challenge that. Its a bit like me borrowing £1000 from Barclays to buy shares in British Gas and pledging the assets of British gas as security. It wouldn't work in law- and I'm not in the least bit surprised that KA is quite rightly challenging this in court. And I think he'll win.
I get the impression more and more that Dean is a bit thick and he's being manipulated like some dim-witted patsy or frontman into buying the club by sophisticated quasi-criminals who are using him to get the club assets and sell them off.. No-one sensible would go into a deal like this unless they were naïve and easily bewildered. A 24% pa interest rate?? Who in their right minds pays that. . And its rising to 30%!!

But where were the overseers?  The trustee, the FA, and the courts who approved the deal?

I'm not sure who would be the trustee at the time but Holdsworth deal with BluMarble was signed as him being the owner and the club secretary at the time being the witness - see I think that is the trustee part answered?

The FA looked for £7.5 million running costs for the year - Holdsworth met his part with the loan (secured on club assets) and Anderson obviously proved he had access to his £2.5 million part of the deal, so the FA must have been happy enough.

The court was only bothered about settling the claim of the taxman - which was done from Holdsworth loan - so they were happy I guess.

I can't really see anything untoward - even Holdsworth deal.

I understands Rammy's analogy about buying gas shares - but what if he bought the whole of British gas and financed the deal from their assets - I think that is legal isn't it - and if so that is broadly what Holdsworth did I think?

Sluffy wrote:Holdsworth responds to the Bolton News -

Holdsworth has now issued his own statement to The Bolton News, pledging to take his concerns to the Football League.

"It is wrong of Ken Anderson to use the Club's website as his private mouthpiece to publish false and defamatory allegations about me. I will not dignify his absurd accusations with a response in public.
 
"I am seeking legal advice on my options and am considering complaining to The Football League about Ken's behaviour which is undoubtedly damaging the image and integrity of the club and The League."

[You must be registered and logged in to see this link.]

Bread2.0 wrote:

Sluffy wrote:Holdsworth responds to the Bolton News -

Holdsworth has now issued his own statement to The Bolton News, pledging to take his concerns to the Football League.

"It is wrong of Ken Anderson to use the Club's website as his private mouthpiece to publish false and defamatory allegations about me. I will not dignify his absurd accusations with a response in public.
 
"I am seeking legal advice on my options and am considering complaining to The Football League about Ken's behaviour which is undoubtedly damaging the image and integrity of the club and The League."

[You must be registered and logged in to see this link.]

I'm reading that as: "I am guilty as fuck on all points but I'm going to go and cry to the Football League because that's all I've got left."

He's a pathetic, greasy-haired, goofy fuckwit and he deserves a slap.