Anderson to take the Hotel?

Presumably Anderson has a right to claim because when the Club needed £5m he arranged for Eddie to lend him £5m, secured against his shares, which he then lent on to the Club (secured against the assets). His shares are, of course now worthless.

Sluffy wrote:

BoltonTillIDie wrote:This sounds like a great move for the club, apparently we were losing money facilitating the agreement

Fwiw it looks like Anderson told it honestly about how bad this contract really was that he inherited!

But he was the owner for 3 years and failed to do anything about it.
It has taken the administrator 1 week to do sort it

Contracts...the administrator, has the power to terminate the contract

maconman wrote:Presumably Anderson has a right to claim because when the Club needed £5m he arranged for Eddie to lend him £5m, secured against his shares, which he then lent on to the Club (secured against the assets). His shares are, of course now worthless.

Sort of correct.

As I understand it Davies loaned KA's company Inner Circle Investments £5m which was created on the 7th Sept, 2018 -

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Davies (Moonshift) at the same time made a charge against the club 

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Thus meaning that unless the payment was repaid by ICI the ownership of the club defaulted to Eddie - thus there was never an intrinsic value in the shares themselves.

The BluMarble loan was settled on the 24th Sept (the bulk of it as far as I can understand it was set against the hotel as security) -

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Interestingly AFTER the BM loan was settled Ken placed a £5m charge on the same assets which had just been freed up by the BM payment - on the 27th Sept, 2018 

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Now no one has been able to unequivocally explain to me how KA Eddie's £5m both paid off BM AND was able to be a charge against assets 3 days later?

The best I've been told is that there was some delay in the paper work or something but I'm not convinced that is correct?

I suspect it really is KA's money that he used knowing he would always get it back as a secured creditor on the hotel - and hence why he's the one who appointed the Administrator for the hotel and Eddie's estate hasn't bothered with the hotel.

As far as I can figure it out, once Eddie's estate put the club into Admin it wiped the debt between him and ICI because Admin basically took KA's ownership shares off him.

Some (Howard) said the debt still stands but I can't see how it does?

So in very simple terms Eddie put in £5m and ended up paying the BM debt and Ken put in £5m and he gets that back once the hotel is sold.

I can't see how Ken could secure £5m against the hotel, which already had debts fully covering it's worth at the time - that's a bit like taking two insurances out on the same thing and trying to claim on both of them to my way of thinking?

All shares in the club including the 5.5% owned by numerous shareholders are as you said worthless now the club is in Admin.

I may well be wrong about some/all of this but it makes more sense to me than any other claims I've heard.

Hope this is of some help.

Growler wrote:

Sluffy wrote:

BoltonTillIDie wrote:This sounds like a great move for the club, apparently we were losing money facilitating the agreement

Fwiw it looks like Anderson told it honestly about how bad this contract really was that he inherited!

But he was the owner for 3 years and failed to do anything about it.
It has taken the administrator 1 week to do sort it

BTID has answered you above.  Administrators have draconian powers in order to save companies that aren't available to anyone else.

Anderson had to honour the contract that he inherited, the Administrator didn't and hasn't.

No matter what you clearly think about Ken it does look as though the Administrator agrees with him that the Heathcote contract was a very bad one in terms of how it clearly was substantially profiting for itself at a cost to the hotel otherwise he wouldn't go to the considerable trouble of terminating it, TUPEing across the staff and employing them under the Auditors name, prior to TUPEing them again onwards to the eventual purchaser of the hotel.

Considerable trouble?

It's taken a week and it's just part of an administrator's job.If they didn't want the hassle of stuff like that they wouldn't  take work as administrators

Growler wrote:Considerable trouble?

It's taken a week and it's just part of an administrator's job.If they didn't want the hassle of stuff like that they wouldn't  take work as administrators

You're not understanding what I've said.

It's nothing to do with their work as Administrators directly.

The considerable trouble is the vast amount of Human Resources staff and work that will be involved in transferring the Heathcote employees to become employees of the Administrators company and once a sale is completed the transfer on of all these employees to the purchaser.

All that is going to take time and money YET the Administrators must still believe it will still work out considerably cheaper than continuing to pay Heathcote as per its existing contract.

The Admins job is to CUT costs not create them, so clearly Anderson had been stating the truth in respect to how bad a contract this was for the club that he inherited when he took over (and presumably was unable to negotiate down or terminate).

Bolton Whites Hotel could be split from Wanderers in sale

ADMINISTRATORS at the Bolton Whites Hotel insist the business will not necessarily be packaged in with a sale of Bolton Wanderers.

A statement sent out by the club’s administrators on Wednesday suggested £25million proof of funds would cover both businesses – but Quantuma, acting on behalf of the hotel, reject the claim.

Staff were paid their overdue April wages yesterday and May salaries are expected by the end of the month.

Administrators say selling or rebranding the hotel as a separate entity has not been ruled out.

Andrew Hosking, partner at Quantuma, said: “The joint administrators of Bolton Whites Hotel are pleased to note the recent announcement from the football club in relation to potentially interested parties. We are currently focused on the integration of catering and enhancing profit at the hotel.

“For the avoidance of doubt, the football club and the hotel are separate entities, so the joint administrators of Bolton Whites Hotel are instructing their own valuers and agents. Any interested parties in the hotel will need to make direct contact, as neither Bolton Wanderers or their agents have any instructions to discuss or collate offers."

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