Ken Anderson - update.

Why the adjournment then? As KP says just prolonging the agony. What happens in 2 week's time?

It’s adjourned so the club has time to appoint an administrator?

Must be that then KP? I don't know anything about all this legal stuff, rammy where are you to explain all this in plain English 

Now saying we aren't in administration yet, will that happen in 2 weeks?

Norpig wrote:Now saying we aren't in administration yet, will that happen in 2 weeks?

I don’t know much about this stuff either but sounds like you need to appoint an administrator to go into administration? 

I could be completely wrong though.

Time for a beer!

Norpig wrote:Must be that then KP? I don't know anything about all this legal stuff, rammy where are you to explain all this in plain English 

Interesting times. The appointment of an Administrator means that an outside company (strictly a person) who is a licensed insolvency practitioner takes over the business. All directors functions cease.
The Administrator then has eight weeks to draw up a Statement of Affairs to outline the survival or liquidation plan and they may ask the current director(s) to help with this. Anderson's past records show that he has not co-operated with an Administrator before so its not likely he'll pitch up and help with this one.  During Administration the business is protected from it's creditors-  they'll just have to wait and see what's on offer for them.
There are special rules for football clubs and I'm not sure how they interact with the Insolvency Rules.
What's interesting is who will appoint the administrator. It could be Ken acting either as a director or a creditor with a floating charge over the assets. Or it could be another creditor such as Fildraw, or it could be the Court.
Who actually appoints them will come out in the wash- but ,having worked in the past in insolvency, I can guarantee that they'll make a shedload of money from it.
But we've got breathing space and I imagine an administrator will be appointed within days..  They'll be queuing up for a high profile one like this.
When he/she/ they are appointed I'll do a bit of research to find something out about them.
But it looks like the club will survive but as  a mere shadow of what we once were.. I don't blame Anderson entirely- its more of a curse of the way that football  has gone over the past few years. Too many greedy sods on the pitch and their agents.

Thanks Rammy.

Rammy, serious question, why would we be a shadow of our former selves?

MartinBWFC wrote:Rammy, serious question, why would we be a shadow of our former selves?

Only in the sense that we were a top eight premiership club with international stars (Okocha, Hierro, Djorkaeff) just a few years ago. Now we'll be a struggling League 1 team with third rate players and our reputation in tatters. We were beating Arsenal  not long ago and next year we'll be struggling to beat Bury

rammywhite wrote:
Only in the sense that we were a top eight premiership club with international stars (Okocha, Hierro, Djorkaeff) just a few years ago. Now we'll be a struggling League 1 team with third rate players and our reputation in tatters. We were beating Arsenal  not long ago and next year we'll be struggling to beat Bury

Oh right I get it now, maybe we will get some good young players recruited, it's anyones guess at the moment, thanks for clearing it up .

Starting with -12 at least and a  transfer embargo meaning we can only get loans and freebies in will lead us straight into league 2 before we know it 

Norpig wrote:Starting with -12 at least and a  transfer embargo meaning we can only get loans and freebies in will lead us straight into league 2 before we know it 

My God, Brickfeet might end up the best player on the books.

I think we might be  a popular attraction to some players. Even though we're on our uppers we've got one of the best stadiums outside the premiership and still got a fabulous history. Despite being temporarily down on our luck I still think we'll be attractive in terms of Premiership loans and players whose best years are behind them.
I think we need a new manager, one who can get some of the remnants of the current squad knocked into shape and then attract some decent players from the lower leagues. There will be hundreds to choose from as the annual clear out takes place -every club offloads  surplus players. OK - we're in the shit, in the seventh circle of hell with Anderson, Bassini and their like at the moment.
But they'll all be gone soon and we can start afresh next season, albeit on minus (at least) 12 points.
But with a bit of luck by the end of November we'll be out of the relegation spots.
I'm beginning to feel a bit more confident that the end of the nightmare is close and we can start fresh next season. I'm going to renew my season ticket as soon as they become available

rammywhite wrote:

Norpig wrote:Must be that then KP? I don't know anything about all this legal stuff, rammy where are you to explain all this in plain English 

Interesting times. The appointment of an Administrator means that an outside company (strictly a person) who is a licensed insolvency practitioner takes over the business. All directors functions cease.
The Administrator then has eight weeks to draw up a Statement of Affairs to outline the survival or liquidation plan and they may ask the current director(s) to help with this. Anderson's past records show that he has not co-operated with an Administrator before so its not likely he'll pitch up and help with this one.  During Administration the business is protected from it's creditors-  they'll just have to wait and see what's on offer for them.
There are special rules for football clubs and I'm not sure how they interact with the Insolvency Rules.
What's interesting is who will appoint the administrator. It could be Ken acting either as a director or a creditor with a floating charge over the assets. Or it could be another creditor such as Fildraw, or it could be the Court.
Who actually appoints them will come out in the wash- but ,having worked in the past in insolvency, I can guarantee that they'll make a shedload of money from it.
But we've got breathing space and I imagine an administrator will be appointed within days..  They'll be queuing up for a high profile one like this.
When he/she/ they are appointed I'll do a bit of research to find something out about them.
But it looks like the club will survive but as  a mere shadow of what we once were.. I don't blame Anderson entirely- its more of a curse of the way that football  has gone over the past few years. Too many greedy sods on the pitch and their agents.

As far as I understand it (I asked the question of Howard - depends if you believe him or not) that...

"Moonshift are the client of Kier Gordon and are simply the commercial arm/investment vehicle of ED Trustees. They are one and the same".

...I'm guess Fildraw falls under the same umbrella?

Also Howard mentioned (and Iles posted on his blog that Keir Gordon had been in touch with...

"David Rubin & Partners were widely reported to be lined-up a few weeks ago. They have also been involved at Blackpool recently",

Just adding to what you have already said above.

Thank you.

I've never blamed Anderson entirely either, I've simply not prejudged, hung, drawn and quartered him in advance like many have.

He's no saint but he isn't the Devil in human form either.

Rammy sorry for being a bit thick,  but how do the administrators make a shed load of money? who pays them?

wessy wrote:sorry for being a bit thick

Apology accepted.

When in Admin who exactly is in charge of the club.....after the admin piece is done....who makes football decisions, who appoints the manager etc. ?

wessy wrote:Rammy sorry for being a bit thick,  but how do the administrators make a shed load of money? who pays them?

They'll take their fees from any sources of income that the business has. If they were appointed by a bank, the bank would guarantee their fees. However if its the club, or more accurately the director(s) then they'll get their fees from ordinary business income. If that's insufficient they can sell assets to pay themselves.
Their fee rates will be agreed/known before they're appointed but it will be substantial.

terenceanne wrote:When in Admin who exactly is in charge of the club.....after the admin piece is done....who makes football decisions, who appoints the manager etc. ?

The Administrator has absolute control and they'll make all the decisions and in BWFC case that will almost certainly mean wholesale redundancy across all pay grades. If they have any sense they'll appoint a football expert (like Trevor Birch) to advise them on what they should do.
 Admin might go on for some time ,but the exit route will be selling the club  to any potential suitable buyer ( EFL suitable personal rules apply) or they might decide to liquidate it if its deemed to be irredeemable. During admin, its the Administrators responsibility to make football decisions as these are ordinary operating decisions for a business such as BWFC. But clearly they would allow the manager ( who they might appoint) to make team selection and training decisions. But buying /selling players (as if we'll buy anyone!!) will fall to the administrator