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Bolton Nuts » BWFC » Bolton Wanderers Banter » Accounts for Inner Circle Investments (Ken's Company!)

Accounts for Inner Circle Investments (Ken's Company!)

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Norpig

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Nat Lofthouse
Nat Lofthouse
[You must be registered and logged in to see this link.] wrote:Bring back Eddie Davies.
 What so he can shaft us again and leave us in the lurch?

y2johnny


Tony Kelly
Tony Kelly
Two more games with anderson and hopefully parkinson too.

Next season will be a fresh start regardless of what happens

Hipster_Nebula

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Nat Lofthouse
Nat Lofthouse
[You must be registered and logged in to see this link.] wrote:
[You must be registered and logged in to see this link.] wrote:Bring back Eddie Davies.
 What so he can shaft us again and leave us in the lurch?

Yes.

Norpig

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Nat Lofthouse
Nat Lofthouse
Glad that's all cleared up then, not sure why i forgot about your legendary sarcasm Hipster  Very Happy

wanderlust

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Nat Lofthouse
Nat Lofthouse
[You must be registered and logged in to see this link.] wrote:
[You must be registered and logged in to see this link.] wrote:So as the partial accounts are vague and ambiguous is it fair to say that the short version is that Ken has given away a chunk of the club to "an unknown person", possibly his son, and has financed his tenure as owner with loans against club assets rather than his own money?

In effect that would be taking the club's assets and rather than use them as collateral to build the team, use them to buy shares that he then gives to someone, possibly family and friends?

If it's not a fair summary, would it be possible to explain why without adding a personal attack and a lecture on morality?

Wrong.

Why do you constantly persist in stating that Anderson has funded his purchase of Holdsworth's shares from the liquidator from the clubs (Burnden Leisure Ltd) accounts???

If he had there would be a charge against ICI as security that the loan would be repaid.  There is no charge from anyone against ICI - otherwise it would be shown on the Companies House records - just like the BluMarble loan is shown as a charge against Burnden Leisure.

Of course it could have been an unsecured loan but nobody as been aware of the club having the best part of half a million laying about doing nothing, nor any sale of assets / or private investment into the club again to the tune of half a million.

So where did this half million supposedly have come from to give to ICI (as an unsecured loan) when the club as clearly not had the cash available, nor sold any assets (also remember around this time HMRC was chasing the club for outstanding tax debts)?

The sale of Madine came after the purchase of the shares, so it couldn't have come from there and the Championship instalment payments were received in January (iirc) which in turn were used to pay off the HMRC.

So if the club couldn't possibly have come up with half million and nobody has loaned it to ICI (otherwise there would have been a charge against there assets to secure the loan) then where else could it have come from but Anderson's own pocket?

I get that you don't like Anderson but persistently making stuff up / jumping to unwarranted and wild conclusions, without a single shred of proof to back up your position and make your views seem somehow justifiable, is absolutely ridiculous.

You just couldn't quite manage it could you?  :rofl:

Reebok Trotter

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Nat Lofthouse
Nat Lofthouse
Isn't Ken holding an AGM next week? Open to all BWSA members as I understand.

Sluffy

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Admin
[You must be registered and logged in to see this link.] wrote:Isn't Ken holding an AGM next week? Open to all BWSA members as I understand.

AGM's are intended for shareholders of the company.

I guess they could invite others (in this case BWSA members also) if they wanted to - as guests or observers - but they might be asked to leave if there is confidential items to be discussed - and obviously they can not partake in voting (which seeing Mr Anderson has all but 95% of the shares makes it somewhat irrelevant anyway).

The BWSA were supposed to be having their own AGM recently but that was cancelled due to poor numbers wishing to attend.

I believe they are pushing that the youth teams are allowed a lap of honour before the Forest game - which seems like a good idea.

There is no news whatsoever from the ST about their AGM - they never had one in 2017 - and their accounts are showing as outstanding since July 2016!!!

In other news though Holdsworth is looking to take over Worcester City FC!

see here -

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

Sluffy

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Admin
I really have been busy recently, so I apologise to the person who pm-ed me these messages (in regards to this subject) about a week ago, which I post in full - (thank you for sending them to me by the way) -

Re:Purchase of Holdsworth's shares posted on BN website yesteday:
Frensic Fred 27th April 9:49 am
Burnden Leisure's audited accounts show that £525,000 was paid to Inner Circle for consultancy fees on which Inner Circle would, of course, be liable to pay tax. The Inner Circle accounts show that it paid £472,275 for the Holdsworth shares. So it seems that the consultancy fees did not line Anderson's pockets but went to Holdsworth which seems to explain how the Sports Shield companies became so cash rich.
If the club is now worth more than £1 isn't much of that the result of the Anderson's efforts.
Now what else has been paid to Holdsworth and/or his advisors?

And...

Please take a close look at Note 28 in the Burnden Leisure 2017 accounts to see further money paid to Sports Shield and the amount of interest Holdsworth tried to charge the club.



To be honest I've simply not had the time to delve through all the references you have highlighted but I understand your gist in that 'the club' paid for Holdsworth shares from the liquidator rather than Anderson did - as I have contended.

However I still stand by my point.

Even if this was the case and Anderson 'billed' the club the amount to pay for the shares (less tax), then that would equally mean that Anderson had NOT paid himself anything for all the work he's put into the club.

It's rather like a six and two threes to me.

He's either paid himself a 'wage' of £525,000 for the work he's done at the club, then out of his now 'own' money paid back an equivalent sum (less tax) to buy Holdsworth shares from the liquidator - or he's worked for FREE for the best part of two years and 'manipulated' (if that is the right word?) a sum of money from the club to acquire these shares - either way he's given something from himself - ie two years FREE LABOUR or £475,000 or thereabouts from his OWN POCKET - which he got from paying himself a wage/services provided by ICI.

He's simply not taken a £525,000 'wage' then used the clubs money to purchase the shares from the liquidator as well!


I also wonder if the time line supports your proposition - it may well do, as I have not checked.  Did Mr Anderson know the precise amount the liquidator for SSBWFC wanted when he invoiced for the £525,000.  Indeed was SSBWFC even in the hands of the liquidator at the point in time?  I don't know and I tend to think it is all moot anyway simply because in one way or another Anderson has given something of his own for the Holdsworth shares - either his time for free for the best part of two years or the £475,000 from his own pocket.



As for the second point raised, I post something from todays Bolton News comments from Frensic Fred that I think covers that point -

Marc (Iles) has given a good report on the AGM but one of the things that I particuarly noted when attending the meeting was the absence of any questions on the audited financial statements. Indeed I had the strong impression that very few of those who raised their hands to approve them had actually read them.

Notes 21, 27 and 28 in the accounts are of particular interest because its here that you will find, amongst other things, that it was not Blumarble that was charging the club 24% interest but Dean Holdsworth's company, Sports Shield BWFC. Its here that you will also find reference to the £1m discrepancy between the £5m Blumarble 'facility letter' and the £4m that reached Burnden Leisure.

This most unsatisfactory state of affairs seems to have been finally resolved in September 2017 with KA agreeing to pay a total of nearly half a million pounds for Holdsworth's shares, agreement to the cancellation of £1.3m interest charges from Sports Shield and a further agreement to repay Blumarble £4m plus £300K interest by 10 March 2018.

There was no comment on the fact that this date had also passed.

KA has had a lot to deal with and still has but it was clear that he had done enough to have earned the appreciation of the shareholders for his efforts.


I also note that the two muppets who tried to get on my case in regards to this very thread Shortland (SuffolkWhite) and Firth (White Smurf) - see post 19 above - have also been on the case of the author of the above post!

Who would have thought it!



Anyway, thank you once again for bringing these points to my attention and apologies from me that I've not had time to attend to them sooner (or in much greater depth than I have).

Natasha Whittam

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Nat Lofthouse
Nat Lofthouse
Why are you posting to yourself?

It's the second sign of madness. The first being expecting BWFC to win on Sunday.

wanderlust

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Nat Lofthouse
Nat Lofthouse
Interesting interpretation of what happened regarding the £525 thousand bill Anderson gave the club, the outcome of which after all is said and done is that the club is £525K poorer and the Andersons now have shares worth £525K. 
Struggling to see how that can be described as an investment in the club, especially as the Andersons will cash in and get it all back, and possibly more when the club is sold.

finlaymcdanger

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El Hadji Diouf
El Hadji Diouf
[You must be registered and logged in to see this link.] wrote:Why are you posting to yourself?

It's the second sign of madness. The first being expecting BWFC to win on Sunday.

Feeling worse for wear one morning after a heavy session, I noticed that I'd been messaging myself the night before.

I had been texting myself to find out which boozer I was in and then responding with 'What? I'm here too! Where are you?'

:drink:

boltonbonce

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Nat Lofthouse
Nat Lofthouse
[You must be registered and logged in to see this link.] wrote:
[You must be registered and logged in to see this link.] wrote:Why are you posting to yourself?

It's the second sign of madness. The first being expecting BWFC to win on Sunday.

Feeling worse for wear one morning after a heavy session, I noticed that I'd been messaging myself the night before.

I had been texting myself to find out which boozer I was in and then responding with 'What? I'm here too! Where are you?'

:drink:
Very Happy  Did you meet these two?


Two men were sitting next to each other at a bar. After a while, one guy looks at the other and says, "I can't help but think, from listening to you, that you're from Ireland."

The other guy responds proudly, "Yes, that I am!"

The first guy says, "So am I! And where abouts from Ireland might you be?"

The other guy answers, "I'm from Dublin, I am." 

The first guy responds, "Sure and begora, and so am I! And what street did you live on in Dublin?" 

The other guy says, "A lovely little area it was, I lived on McCleary Street in the old central part of town." 

The first guy says, "Faith & it's a small world, so did I! And to what school would you have been going?"

 The other guy answers, "Well now, I went to St. Mary's of course." 





The first guy gets really excited, and says, "And so did I. Tell me, what year did you graduate?" 

The other guy answers, "Well, now, I graduated in 1964." 

The first guy exclaims, "The Good Lord must be smiling down upon us! I can hardly believe our good luck at winding up in the same bar tonight. Can you believe it, I graduated from St. Mary's in 1964 my own self." 

About this time, another guy walks into the bar, sits down, and orders a beer. The bartender walks over shaking his head & mutters, "It's going to be a long night tonight." 

The guy asks, "Why do you say that?"

"The Murphy twins are drunk again."








Sluffy

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Admin
Again apologies for the late reply to the person who anonymously contacted the forum to give further details to this thread.

I'd first like to mention that in the manner you contact the forum ALL the Administrators receive a copy of your correspondence. I trust them all implicitly but if you wanted to contact me personally you would have to join as a member and send me personal messages directly.

To answer your question, of course I'd be happy to learn anything you may want to share with me on the club particularly now we have survived relegation and look to build for a brighter future.

Hope to hear from you again at your earliest convenience.

Thank you for all that you have informed me of so far although much was already known about and posted by myself and others on this forum in the past.

Enjoy the rest of this great Wanderers day - I know I will!

Very Happy

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