OFFICIAL CLUB SOLD TO FV!!!!!

MartinBWFC wrote:Nixon saying FV have a new financial ally on board.

Let's hope for once he is correct.

It's looking grim though.

MartinBWFC wrote:Nixon saying FV have a new financial ally on board.

Probably that clown Bassini.

Cajunboy wrote:

MartinBWFC wrote:Nixon saying FV have a new financial ally on board.

Probably that clown Bassini.

Who'd have thought when that photo in your avi was taken that we'd be in this shit now?

There is some talk in another place that Fawaz Al-Hasawi is poised to step into the shoes of FV if their deal collapses.

Surely there isn't the time before the start of the season for a new deal to be completed?

It's FV or bust?

Cajunboy wrote:There is some talk in another place that Fawaz Al-Hasawi is poised to step into the shoes of FV if their deal collapses.

Surely there isn't the time before the start of the season for a new deal to be completed?

It's FV or bust?

He/they would have to 'buy' into FV in someway.

As long as FV has it's name on the tin, the deal can go through.

If the link between FV and the Administrator collapses, so would BWFAC and that would trigger liquidation of assets - which would mean the service the company provided - that of a football club - would be no more.

Sluffy wrote:
He/they would have to 'buy' into FV in someway.

As long as FV has it's name on the tin, the deal can go through.

If the link between FV and the Administrator collapses, so would BWFAC and that would trigger liquidation of assets - which would mean the service the company provided - that of a football club - would be no more.

Surely though there are opportunities for someone to buy the club out of liquidation.

MartinBWFC wrote:

Sluffy wrote:
He/they would have to 'buy' into FV in someway.

As long as FV has it's name on the tin, the deal can go through.

If the link between FV and the Administrator collapses, so would BWFAC and that would trigger liquidation of assets - which would mean the service the company provided - that of a football club - would be no more.

Surely though there are opportunities for someone to buy the club out of liquidation.

You can’t buy a business from liquidation

Sluffy wrote:

Cajunboy wrote:There is some talk in another place that Fawaz Al-Hasawi is poised to step into the shoes of FV if their deal collapses.

Surely there isn't the time before the start of the season for a new deal to be completed?

It's FV or bust?

He/they would have to 'buy' into FV in someway.

As long as FV has it's name on the tin, the deal can go through.

If the link between FV and the Administrator collapses, so would BWFAC and that would trigger liquidation of assets - which would mean the service the company provided - that of a football club - would be no more.

Thanks Sluffy.

Boggersbelief wrote:

MartinBWFC wrote:Surely though there are opportunities for someone to buy the club out of liquidation.

You can’t buy a business from liquidation

I think you can, as long as all creditors get paid.

MartinBWFC wrote:

Sluffy wrote:
He/they would have to 'buy' into FV in someway.

As long as FV has it's name on the tin, the deal can go through.

If the link between FV and the Administrator collapses, so would BWFAC and that would trigger liquidation of assets - which would mean the service the company provided - that of a football club - would be no more.

Surely though there are opportunities for someone to buy the club out of liquidation.

In liquidation the assets are sold not the 'service' that was provided.

The players would automatically have their contracts terminated, the stadium, car park and land sold off and what ever monies received paid out to the Secured Creditors, if any left the Preferred Creditors HMRC would now have that status because we are no longer bound by EFL rules, then unsecured creditors will be paid at what ever is left at a set p in the £.

There will no longer be footballing creditors anymore, so even the players will get what p in the £ is left for their non wages for the last 5 months (although I'm fairly sure the FPA will pay them the difference).

There is no club.

If you want a new one a phoenix club would have to be started from scratch.

That's where the ST comes in to its own - as I've always been telling anyone who would listen.

MartinBWFC wrote:

Boggersbelief wrote:

MartinBWFC wrote:Surely though there are opportunities for someone to buy the club out of liquidation.

You can’t buy a business from liquidation

I think you can, as long as all creditors get paid.

You think wrongly then mate.

Liquidation means extinction.

Nixon:

Bolton. So Football Ventures pay off Anderson, making hotel cheaper and with James funds in there. Do staged payments with Davies family and find a way to pay players and other football creditors ...

Sounds like Ken’s finally out the way, presumably he’s been holding us to ransom to get the maximum pay out.

Hopefully progress at last.

T.R.O.Y wrote:Nixon:

Bolton. So Football Ventures pay off Anderson, making hotel cheaper and with James funds in there. Do staged payments with Davies family and find a way to pay players and other football creditors ...

Sounds like Ken’s finally out the way, presumably he’s been holding us to ransom to get the maximum pay out.

Hopefully progress at last.

What does that mean from Nixon? Is that happening or just his own proposed solution?

Good question, I read that as happening but it’s not clear. Nixon’s record on the takeover has been patchy throughout though.

Iles tweeting that nobody will let it be liquidated.

MartinBWFC wrote:Iles tweeting that nobody will let it be liquidated.

I expect that's the case if Iles says so. I didn't think there was any chance Eddie Davies would liquidate the club  but thought it was different this time.

We'll probably be "saved" with 5 minutes left before a deadline to gain some extra kudos for whoever takes over.

MartinBWFC wrote:Iles tweeting that nobody will let it be liquidated.

I bet he wouldn’t put his house on it!

MartinBWFC wrote:Iles tweeting that nobody will let it be liquidated.

As usual, he doesn't know any more than we do.

finlaymcdanger wrote:

MartinBWFC wrote:Iles tweeting that nobody will let it be liquidated.

As usual, he doesn't know any more than we do.

Correct.

karlypants wrote:

finlaymcdanger wrote:

MartinBWFC wrote:Iles tweeting that nobody will let it be liquidated.

As usual, he doesn't know any more than we do.

Correct.

I think he probably does though this time, for once.

I believe something like this is/has happened -

As the Hotel Administrator said in his report, there is a hierarchy of aims, the first is to keep the company trading (and he talks about doing it by a CVA), and secondly, in the best interests of the creditor, namely by a sale.
There are only two secured creditors listed KA and James.
If there was no agreement between the two major creditors as to the way forward, then a CVA is not an option...
...but what if one of the secured creditors changes their minds and there is an agreement on the way forward, then I suggest that even if a sale process had in the meantime begun, that it can be withdrawn and a CVA can go ahead at very short notice.
Looks to me that Anderson wanted his money back in full as a secured creditor, created a fake demand for the hotel (Bassini/Sullivan/Fawaz), refused an option of a CVA and sat back and waited. The Administrator was forced to go down the 'sale' route, which pushed the timescale beyond the start of the season and forced JV to do a deal.
If my reasoning is correct the hotel sale to JV through PBP's head claim and KA's 'objections being settled and in agreement with the CVA, could go through more or less immediately, and presumably hand in hand with that of the club - and negates carrying on with the sale process.
All that's needed is for JV to stump up the required cash (which I assume they have in place) and BWFC lives to fight another day.