[You must be registered and logged in to see this link.] wrote:
i thought i read somewhere that Deano had secured his loan against the club assets? If that's the case does that have any bearing on what happens today?
No one really knows mate.
It's a bit of a mess but I'll try and explain what I think I understand.
Holdsworth via his business SSBWFC got half the shares in the club and immediately got a £5 million loan from BluMarble.
He somehow got the loan secured on the club - even though he wasn't the majority share holder.
Was this legal - I don't know but I guess it must have been or they wouldn't have done it.
He then lent the club that money.
However the club according to Anderson only received £4 million - Holdsworth claiming the other million had gone on setting up fees for the deal!
Anderson apparently said that his deal with Holdsworth was that Dean had to put £5 million (not £4 million) into the club and that he would not be putting in his money until that missing million was stumped up!
That's were all the mistrust started.
Holdsworth apparently has not made any repayments and the debt is now reported to be £7 million.
Anderson also claims apparently that because Holdsworth did not fulfil his obligations that triggered a part of their agreement giving Anderson some of Holdsworth's shares and thus making KA the majority share holder.
Holdsworth as certainly acted as a minor partner - he said he was going to be chairmen when he took on the club for instance and that never happened - but he doesn't seemed to have given up any of his share holding either.
Anyway back to the BluMarble story -
On the 8th Feb 2017, Anderson stated this -
"For the record, I would also like to mention that I took no part in the original discussions with Blu Marble. Furthermore, the club does not have an agreement with Blu Marble; it has an agreement with Sports Shield and I am currently disputing the validity of this".
The club however clearly has the security to the BM loan to SSBWFC set against its assets - so I'm not sure if we've no agreement of somesort with BM how that could be?
BM are taking SSBWFC to court because they dealt with them directly and the £5 million loan is with them.
SSBWFC doesn't seem to have anything of value but Holdsworth's shares in Burnden Leisure (which is the body that owns the club, hotel, school, etc).
Anderson claimed recently (13th May) that he'd bought most of these for a considerable amount -
"Normally speaking, I wouldn't seek to justify myself but the fact is that the agreement between Dean and myself was completed and substantial monies changed hands.
There was a second agreement in respect of some more of Dean's shares and it is this agreement that is currently being delayed due to the BluMarble matters, which l would again point out relate to Sports Shield BWFC and not the club".
So my thinking was that this was part of a three way agreement between Anderson, Holdsworth and BM, where maybe Holdsworth walks away with no further questions asked about the million pound arrangement fee he charged, the majority of shares going to Anderson for a sum of money which will be exactly the amount BluMarble are looking for - maybe the accrued interest on the loan?
Anderson thus ending up with the majority of the shares and perhaps a better renegotiated deal with BluMarble in respect of the outstanding capital and future interest rate and/or period of loan.
With Blumarble getting a significant sum of money as renegotiation of the loan and maybe a minor shareholding, rather than taking on all of the shares in a business it never really wanted to be buying into in the first place?
Anyway that was my best guess I could make of what seemed to be happening but with a probable adjournment now, it looks as though things hadn't been worked out to everybody's interest and there are still outstanding issues to resolve even after all this time.