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Ken Anderson - update.

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151Ken Anderson - update. - Page 6 Empty Re: Ken Anderson - update. on Wed May 01 2019, 10:22

boltonbonce

boltonbonce
Nat Lofthouse
Nat Lofthouse
Here we go again, back on talkSPORT.

152Ken Anderson - update. - Page 6 Empty Re: Ken Anderson - update. on Wed May 01 2019, 10:26

rammywhite

rammywhite
Frank Worthington
Frank Worthington
[You must be registered and logged in to see this link.] wrote:Here we go again, back on talkSPORT.

Did anybody say anything worth listening to?

153Ken Anderson - update. - Page 6 Empty Re: Ken Anderson - update. on Wed May 01 2019, 10:37

Growler


Tony Kelly
Tony Kelly
[You must be registered and logged in to see this link.] wrote:
[You must be registered and logged in to see this link.] 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

154Ken Anderson - update. - Page 6 Empty Re: Ken Anderson - update. on Wed May 01 2019, 18:47

Sluffy

Sluffy
Admin
[You must be registered and logged in to see this link.] wrote:
[You must be registered and logged in to see this link.] 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.

155Ken Anderson - update. - Page 6 Empty Re: Ken Anderson - update. on Thu May 02 2019, 17:01

rammywhite

rammywhite
Frank Worthington
Frank Worthington
[You must be registered and logged in to see this link.] wrote:
[You must be registered and logged in to see this link.] wrote:
[You must be registered and logged in to see this link.] 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.

156Ken Anderson - update. - Page 6 Empty Re: Ken Anderson - update. on Thu May 02 2019, 17:14

luckyPeterpiper

luckyPeterpiper
Frank Worthington
Frank Worthington
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.

157Ken Anderson - update. - Page 6 Empty Re: Ken Anderson - update. on Thu May 02 2019, 17:45

karlypants

karlypants
Nat Lofthouse
Nat Lofthouse
Sounds about right that Peter.

158Ken Anderson - update. - Page 6 Empty Re: Ken Anderson - update. on Thu May 02 2019, 19:11

Hipster_Nebula

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

159Ken Anderson - update. - Page 6 Empty Re: Ken Anderson - update. on Thu May 02 2019, 20:55

maconman


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

160Ken Anderson - update. - Page 6 Empty Re: Ken Anderson - update. on Thu May 02 2019, 21:05

BoltonTillIDie

BoltonTillIDie
Nat Lofthouse
Nat Lofthouse
Further to the club statement made on Tuesday 30 April 2019 we would like to update supporters on the current position.
Following the request from  Mr Bassini  to allow him a further 48 hours to complete his funding package and present this to the EFL, we can now confirm that no subsequent meeting took place and nothing further has been presented for the board of the EFL to consider.
 
Given the urgency of the situation, which has been expressed to Mr Bassini, we now consider his approach for the club at an end and no further discussions will be entered into on the matter with him. We thank him for his efforts on behalf of the club and wish him well with any future interests to return to football following his previous brief spell at Watford.
 
The club would not wish to get into detail in respect of a number of comments attributed to Mr Bassini; however, we would like to confirm that despite repeated offers to allow his professional advisors to carry out due diligence in the club's data room this work has never been undertaken so we are at a loss as to understand the comments regarding additional debt that he claimed to have discovered. We can only assume the ongoing cash flow requirements for the next two seasons as required by the EFL for all potential acquirers of a club are what Mr Bassini refers to when talking about ‘additional debt’.
 
The potential issues the club faces following notification from the EFL are purely due to the Chairman allowing time for Mr Bassini to complete his takeover of the club. In hindsight this has not been helpful but we are sure supporters will understand his desire to give the possibility of a solvent deal every chance of success. We will work with the EFL to answer the questions they have raised surrounding recent events.
 
Ken Anderson will now consult with his professional advisors and consider the best course of action as a matter of urgency. 
 
Once any further information is available we will make supporters aware through the club's media channels.

161Ken Anderson - update. - Page 6 Empty Re: Ken Anderson - update. on Thu May 02 2019, 21:14

boltonbonce

boltonbonce
Nat Lofthouse
Nat Lofthouse
Well, what a surprise.

162Ken Anderson - update. - Page 6 Empty Re: Ken Anderson - update. on Thu May 02 2019, 21:34

Norpig

Norpig
Nat Lofthouse
Nat Lofthouse
You can be sure Kenocchio will put us into administration as soon as he can now.

163Ken Anderson - update. - Page 6 Empty Re: Ken Anderson - update. on Thu May 02 2019, 21:55

bryan458

bryan458
Tony Kelly
Tony Kelly
What the hell is Bassini Playing at ???? does he have Munchhausen's or something similar ..dunno.. ..dunno.. ..dunno..

164Ken Anderson - update. - Page 6 Empty Re: Ken Anderson - update. on Wed May 08 2019, 10:46

Sluffy

Sluffy
Admin
When Dean Holdsworth and l first got involved with the club three years ago, l recall the late Eddie Davies telling me that ‘he had over 50 expressions of interest, mostly from dreamers and tyre kickers, who had indeed wasted a great deal of everyone’s time.’
Unfortunately, three years on and nothing seems to have changed.
Mr Bassini has failed to provide any adequate and acceptable proof of current and future funding to the EFL, the other secured creditors or me despite him keep telling the media, and anyone else that listens, that he has the ability to perform since early March when first discussions were held with him and his advisors.

His failure to perform has actually caused far greater hardship to the staff than would have occurred if he had not given undertakings he clearly cannot honour. For this I am deeply sorry and offer my apologies to the hard working staff of both the football club and Whites Hotel.

It is very disappointing that despite all of this he continues to make false accusations and promises, which are very misleading.

The question I have been asked is why, given the numerous warnings, I entertained an approach from Mr Bassini, in hindsight this has proved a mistake. However, at the time the only alternative was to place the business in to administration, I felt giving him the opportunity to complete the deal was worth the risk of delaying this process by a few days, which unfortunately became weeks.
I really had no idea that the club, my family and myself would be dragged through the media in such tawdry manner, whilst Mr Bassini seems to show no regard for his own reputation. His continued inaccurate outbursts to anyone that waves a microphone at him have been both damaging and in the most wholly inaccurate.

Mr Bassini, regrettably his continued time wasting and empty promises have caused a great deal of heartache and frustration for the staff and supporters alike and now leave the Eddie Davies Trust and I with little or no choice other than for one of us to place the businesses into administration, as any likelihood of finding any resolution the High Court hearing not possible.
This had been a massive disappointment to me as I understand the serious implications administration will bring to the businesses. But I have been left with no alternative, as this course of action will preserve the football club and all of its proud history.
I would like to thank all my colleagues at Bolton Wanderers and Bolton Whites for all their hard work during my tenure as Chairman and owner. Whilst it is easy to focus on the negatives, the positives will leave me with some fond memories. I wish nothing but the very best for everybody connected with this football club and I have no doubt whatsoever that this great football club will once again stand shoulder to shoulder with the giants of the game.
Ken

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165Ken Anderson - update. - Page 6 Empty Re: Ken Anderson - update. on Wed May 08 2019, 11:14

Norpig

Norpig
Nat Lofthouse
Nat Lofthouse
Always someone else's fault eh Kenocchio?

166Ken Anderson - update. - Page 6 Empty Re: Ken Anderson - update. on Wed May 08 2019, 11:22

boltonbonce

boltonbonce
Nat Lofthouse
Nat Lofthouse
[You must be registered and logged in to see this link.] wrote:Always someone else's fault eh Kenocchio?
Simon Jordan just eviscerated him on the radio.

167Ken Anderson - update. - Page 6 Empty Re: Ken Anderson - update. on Wed May 08 2019, 11:23

Norpig

Norpig
Nat Lofthouse
Nat Lofthouse
i wish someone would do it for real boncey.

168Ken Anderson - update. - Page 6 Empty Re: Ken Anderson - update. on Wed May 08 2019, 11:24

karlypants

karlypants
Nat Lofthouse
Nat Lofthouse
But what if he is telling the truth in his latest piece?

169Ken Anderson - update. - Page 6 Empty Re: Ken Anderson - update. on Wed May 08 2019, 11:26

boltonbonce

boltonbonce
Nat Lofthouse
Nat Lofthouse
[You must be registered and logged in to see this link.] wrote:But what if he is telling the truth in his latest piece?

170Ken Anderson - update. - Page 6 Empty Re: Ken Anderson - update. on Wed May 08 2019, 11:26

Hipster_Nebula

Hipster_Nebula
Nat Lofthouse
Nat Lofthouse
Don't see an issue with the update.

He's tried to sell on to the only supposed interested party.

171Ken Anderson - update. - Page 6 Empty Re: Ken Anderson - update. on Wed May 08 2019, 11:27

Norpig

Norpig
Nat Lofthouse
Nat Lofthouse
Kenocchio wouldn't know the truth if it came up and kicked him in the balls KP. 

He thought he could buy us and turn a good profit for himself but his greed got the better of him and i hope he goes bankrupt as well now.

172Ken Anderson - update. - Page 6 Empty Re: Ken Anderson - update. on Wed May 08 2019, 11:29

karlypants

karlypants
Nat Lofthouse
Nat Lofthouse
Wanderers' case has been adjourned to May 22

173Ken Anderson - update. - Page 6 Empty Re: Ken Anderson - update. on Wed May 08 2019, 11:30

Norpig

Norpig
Nat Lofthouse
Nat Lofthouse
What does that mean though? Has someone stepped in to save us?

174Ken Anderson - update. - Page 6 Empty Re: Ken Anderson - update. on Wed May 08 2019, 11:33

boltonbonce

boltonbonce
Nat Lofthouse
Nat Lofthouse
Saying the judge wasn't impressed that Anderson wasn't represented in the courtroom.

175Ken Anderson - update. - Page 6 Empty Re: Ken Anderson - update. on Wed May 08 2019, 11:34

karlypants

karlypants
Nat Lofthouse
Nat Lofthouse
It appears that Eddie Davies's Trust asked for administration.


Hotel case is still to come up...

176Ken Anderson - update. - Page 6 Empty Re: Ken Anderson - update. on Wed May 08 2019, 11:34

Norpig

Norpig
Nat Lofthouse
Nat Lofthouse
He's long gone now boncey, washed his hands of us and left it to the Davies estate.

177Ken Anderson - update. - Page 6 Empty Re: Ken Anderson - update. on Wed May 08 2019, 11:36

karlypants

karlypants
Nat Lofthouse
Nat Lofthouse
From lion of Vienna twitter...

“ so I believe that Fildraw have requested an intent to put Bolton into administration. Very noisy in here so difficult to confirm. Adjournment was NOT to complete a solvent sale. Bassini not mentioned.“

178Ken Anderson - update. - Page 6 Empty Re: Ken Anderson - update. on Wed May 08 2019, 11:36

karlypants

karlypants
Nat Lofthouse
Nat Lofthouse
It’s just prolonging the pain this!

179Ken Anderson - update. - Page 6 Empty Re: Ken Anderson - update. on Wed May 08 2019, 11:37

karlypants

karlypants
Nat Lofthouse
Nat Lofthouse
Fildraw is Eddie's trust, for those who don't know.”

180Ken Anderson - update. - Page 6 Empty Re: Ken Anderson - update. on Wed May 08 2019, 11:39

karlypants

karlypants
Nat Lofthouse
Nat Lofthouse
Notice of Intention to appoint an administrator is submitted for whites hotel. They are also adjourned to May 22”

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