Ken Anderson - update.

From twitter

Laurence Bassini has told me that he will meet with EFL CEO Shaun Harvey tomorrow to show proof of funds in order to complete the deal which will see him take over at
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LB “I will show proof of funds and start the process of getting this Club on the right track again”

After Ken's deadline though so I assume no deal.

Unless ken was just talking shite.... Can't be that surely.

Hipster_Nebula wrote:After Ken's deadline though so I assume no deal.

Unless ken was just talking shite.... Can't be that surely.

Ken hasn't release a statement. Aldridge is believed to have cleared his desk.

And this is also added

Bassini has told me he’s “anxious to keep the
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supporters up to speed on the process”

Hipster_Nebula wrote:After Ken's deadline though so I assume no deal.

Unless ken was just talking shite.... Can't be that surely.

For once no Hipster. Apparently the League decided to step in late yesterday in a bid to break the deadlock. They asked Bassini if he was serious then basically said "OK prove it to us tomorrow" (now today).

If he doesn't satisfy them he has the money and a proper plan in place at that meeting the entire deal's off. If he can prove he's got it then the League are going to 'expedite' the takeover in order to get it done before the Forest match.

What it boils down to is the EFL have said to Bassini "put up or shut up".

Now all we can do is wait to see which it is.

I think it is going to be  "SHUT UP".

Why the hell have they given this clown two more days? Surely if he was serious he'd have walked into the meeting tonight with everything the league asked him to bring. Personally I think Bassini's a clown and the league should simply have said, "OK, no info means no deal."

Even administration would be preferable to continuing this farce.

As a matter of interest, who pays the bills if we go into administration?

Hes definitely fit and proper. The bankruptcy stuff is a blip.

gloswhite wrote:As a matter of interest, who pays the bills if we go into administration?

The administrator I think who then claims it all back and is the first to be paid - I think that’s what someone said previously

gloswhite wrote:As a matter of interest, who pays the bills if we go into administration?

Any future bills are paid by the Administrator. Any outstanding bills ( excepting preferential and pre-referential creditors) will probably not be paid . A deal will be negotiated with them to pay them so much  in the pound. Many will not supply us again ,so its a fraught time. Preferential creditors will be paid but will have to wait unless they decide to apply for a winding up order when it will probably be liquidation. There is a distinct possibility that the club will cease to exist and will have to be resurrected as a Newco and apply for permission to re-join the league. Where, is a matter of conjecture.
Unless the Warburtons and other wealthy Boltononians buy us out of Admin quickly as a pre-pack then we might maintain out league status.
A pre-pack is where a deal is done before Administration where we will be bought almost immediately by an interested party- its a regular feature in failing commercial organisations to protect the assets and where generally the creditors get  a percentage of what they are owed. Generally they accept it as getting something is better than getting nothing

Here we go again, back on talkSPORT.

boltonbonce wrote:Here we go again, back on talkSPORT.

Did anybody say anything worth listening to?

rammywhite wrote:

boltonbonce wrote:Here we go again, back on talkSPORT.

Did anybody say anything worth listening to?

Bassini wasn't on.
Simon Jordan said Bassini has made problems for himself promising things he hasn't delivered.Jordan criticised the players for going on strike because they'll get paid eventually and thinks Ken will put the club in administration.Another pundit said the players had the right to go on strike after not being paid for so long.
It was just chat no new update
 
Jim White said he received a text from Bassini at 5.55 am one morning saying get in touch immediately - White got no response when he contacted Bassini later in the day

rammywhite wrote:

gloswhite wrote:As a matter of interest, who pays the bills if we go into administration?

Any future bills are paid by the Administrator. Any outstanding bills ( excepting preferential and pre-referential creditors) will probably not be paid . A deal will be negotiated with them to pay them so much  in the pound. Many will not supply us again ,so its a fraught time. Preferential creditors will be paid but will have to wait unless they decide to apply for a winding up order when it will probably be liquidation. There is a distinct possibility that the club will cease to exist and will have to be resurrected as a Newco and apply for permission to re-join the league. Where, is a matter of conjecture.
Unless the Warburtons and other wealthy Boltononians buy us out of Admin quickly as a pre-pack then we might maintain out league status.
A pre-pack is where a deal is done before Administration where we will be bought almost immediately by an interested party- its a regular feature in failing commercial organisations to protect the assets and where generally the creditors get  a percentage of what they are owed. Generally they accept it as getting something is better than getting nothing

Thanks for that Rammy and forgive me for not posting sooner (I've been a bit busy recently) but I'm not 100% certain that can apply with football clubs because the governing body states that the relevant Supporters Trust be given an amount of time (three weeks I think it is) to come to an arrangement first, prior to everyone else.

I guess that maybe this can be circumvented though IF the ST is the 'notional' new owner (even if funded by others in order to complete the purchase) or in some way waives their rights to having first dibs at the club.

Sluffy wrote:

rammywhite wrote:

gloswhite wrote:As a matter of interest, who pays the bills if we go into administration?

Any future bills are paid by the Administrator. Any outstanding bills ( excepting preferential and pre-referential creditors) will probably not be paid . A deal will be negotiated with them to pay them so much  in the pound. Many will not supply us again ,so its a fraught time. Preferential creditors will be paid but will have to wait unless they decide to apply for a winding up order when it will probably be liquidation. There is a distinct possibility that the club will cease to exist and will have to be resurrected as a Newco and apply for permission to re-join the league. Where, is a matter of conjecture.
Unless the Warburtons and other wealthy Boltononians buy us out of Admin quickly as a pre-pack then we might maintain out league status.
A pre-pack is where a deal is done before Administration where we will be bought almost immediately by an interested party- its a regular feature in failing commercial organisations to protect the assets and where generally the creditors get  a percentage of what they are owed. Generally they accept it as getting something is better than getting nothing

Thanks for that Rammy and forgive me for not posting sooner (I've been a bit busy recently) but I'm not 100% certain that can apply with football clubs because the governing body states that the relevant Supporters Trust be given an amount of time (three weeks I think it is) to come to an arrangement first, prior to everyone else.

I guess that maybe this can be circumvented though IF the ST is the 'notional' new owner (even if funded by others in order to complete the purchase) or in some way waives their rights to having first dibs at the club.

Thanks Sluffy- I was aware of the exceptional rules that apply to football league clubs, rules that seem to contradict normal commercial law, and I fully expect HMRC to test these again in court to see if they can be upheld. As regards the ST and their privileged position  it would be good if we could see any realistic chance that ,in our case, they amount to a realistic set  of events that would see them take over the club. But I don't think they will for two reasons. Firstly they are a well meaning set of amateurs who wouldn't have the capacity to manage the club on a full time basis. I can see them given a role on the board (such as a NED) but not a major role as they don't have the wherewithal to bail us out of the hole that we are in.
Secondly BWFC is a sizeable SME with a large payroll and very substantial debts and that demands a full time professional set of owners with realistic access to substantial capital sums who can run the club properly. I know Portsmouth managed something and that other ST groups are peripherally involved in management ,but we are bigger than them and therefor need something more than a bunch of well meaning amateurs. They're useful as a ginger group but not much else than that. I can't see any of them subscribing serious capital or putting their personal assets in hock to bail out a football club where there is no realistic outcome in terms of financial benefit.
Anyway- we'll know by 7pm this evening whether Bassini has proved he has or can get access to the capital that the EFL want to see evidence of.

Bassini is claiming he's already done it on Sky Sports and that he's seeking assurances there'll be no points deduction next season due to an "attempt" to put us in admin earlier this year. Personally I think that's a smokescreen he's using to provide him with an excuse when he fails to provide the proof of funding by 7pm today since the EFL, BBC and of course BWFC have all said nothing whatsoever about Bassini's 'proof' as yet.

Here's what I'm expcting him to say later on or perhaps tomorrow.

"I provided all the necessary information to the EFL as to proof of funding for my proposed takeover of BWFC but they were unable to assure me that the club would not have points deducted as a result of the current ownerships actions. Since such a deduction would make it effectively impossible for me to take the club forward in a timely fashion my advisors and I have decided with regret to withdraw from the negotiations. We wish Bolton Wanderers all the best for the future."

Or something along those lines. Ken will say "He failed to keep any of the promises he made regarding wages and totally failed to satisfy either myself or the Football League that he was in fact in possession of the funds he claimed. As a result these negotiations are now over and the board and I will look at alternative courses of action and other potential purchasers."

In short, we'll be exactly where we've been for the last year or so but with a court date just five days away.

Sounds about right that Peter.

The court will just be adjourned for another period.  Every deadline and threat is quite simply a load of bollocks.

Peterpiper
You seem to forget that KA is the Board. That has been half the problem.