Sluffy wrote: Ten Bobsworth wrote:It is of academic interest but Ken Anderson's lawyers had filed notice of a charge as security for the money KA lent to the club (or BL).
The problem with the Administrators was that they didn't even recognise the loan, let alone the security for the loan. Yet Blumarble had been paid off. The money must have come from somewhere.
The Administrators Statement had the appearance of an attempt to improve the position of the Eddie Davies Trust but it made no logical sense. The result, it seems to me, was a double administration with all the consequential additional costs and delays.
I'm sure FGR were a football creditor for a disputed amount and would have thought Sharon and Emma went to FGR to try to get it agreed. In other words, a personal charm offensive was likely to get a better result than telephone calls and correspondence.
Vince Btw had another whinge about it all in the accounts that were recently filed late. Read it with a pinch of salt.
I agree that the charge was registered however I never understood how it could have been?
Obviously I bow to your expertise on these matters but on a simplistic approach my thinking was this -
Were all assets already fully secured at the time when KA 'secured' his loan (which I believe they were according to the book valuations at the time) if so what exactly did he secure it on?
If the money was to release BM's security on the hotel (which it was) then how could the money be spent to settle BM's claim, yet still be there to secure the assets that had just been released?
So I came to the same conclusion that the Administrators also did, namely the money was put in (presumably as a cash injection by the sole owner - equity?) to directly settle the BM debt and NOT intended to be used as security on assets that already had been covered to their full value.
Whether my thinking is right in law is another thing but I guess if the Administrator construed similar thinking as I did, then perhaps I was at least in the same ball park as him?
I've no idea why the Administration was done in two and if so why PBP didn't appoint the hotel Administrator rather than KA - they were after all the people first in line who it seems at the time believed their £5.5m security covered the entirety of the assets worth?
As for FGR, my understanding fwiw, is that they were a creditor but possibly not a football one (or at least not for everything they claimed).
There seemed to me to be two issues, the first the wages FGR paid for the player whilst he was on loan to us and the second for 'breach' of contract by not signing him for £1m.
I would suspect the wages (being the lesser sum) was a footballing creditor - and thus paid when the club came out of Administration and into FV's ownership - but wonder if the contract dispute was treated differently - and as such became an unsecured creditor amount?
My reason for thinking this is how can you determine the value of the contract in that it presumably had numerous clauses and 'breaks' within it?
At the time I seem to recall Iles saying something along the lines that although the headline amount was £1m, it was never actually amount to anything like that in reality?
Maybe it was this part of FGR's claim that was set to one side when FV bought the club and brought it out of Administration (so not included as a football creditor as such, which would have need settling in full before Administration could be concluded) and Sharon's charm offensive some time later on her visit to Vince agreeing to the settlement of the matter and associated payments?
I'm really just guessing but it does seem to be the most plausible scenario that anyone has come up with so far?
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