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Post by westandlower on Aug 21, 2017 13:43:59 GMT
News on various outlets that Sports Shield has been wound up. The liquidator will now be looking for someone to buy the 37.5% of shares it owns in Burnden Leisure. The League it seems did not like the "agreement in principle" reached 2 weeks ago or were so inefficient that they could not communicate with Blumarble in time or have had enough of BWFC and decided to force a liquidisation so that they can deduct points and force the club out of business. My guess is that they decided to force a liquidisation and subsequent points deduction to force the club out of business. I don't think that they will take any notice of the niceties such as they could not get back to Blumarble in time and therefore they are (partly) to blame for the winding up or that it is only a share holder that has gone out of business - not the club.
I am ever the pessimist, but any other thoughts? It could of course allow Ken to buy out Blumarble at less than the apparent £7M owed.
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Post by one2many on Aug 21, 2017 15:18:52 GMT
Blumarble clearly had no confidence they would get their money back, hence the action. They were also though aware that they are unlikely to recover the full debt owed, which is why they were willing to postpone the hearing from 14 days ago. Ken Anderson will likely make an offer to buy the shares from the liquidators, can't see who else might be interested apart from perhaps the Supporters Trust. Dean H walks away with his debt discharged but of course will have lost his initial (if any) investment in the purchase. KA (Inner Circle) will now be able to sell the club should anyone be interested in buying.
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Post by Pedro on Aug 21, 2017 18:31:31 GMT
From Ken 4 hrs ago:
"Once again, l would like to reiterate that the application was against Dean Holdsworth’s company Sports Shield BWFC and not the club, although l accept that there could be detrimental knock-on effects for the club, but l am doing my utmost to ensure this does not happen"...... Then what appears to be a long ad for prospective buyers finishing off with this......
"I will do my best to keep everyone abreast of the consequences of the SSBWFC winding up over the next few days, but as always l am optimistic on the outcome.
Together, we will succeed."
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Post by Pedro on Aug 21, 2017 19:09:42 GMT
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Post by OohMac on Aug 22, 2017 9:19:12 GMT
Is it naive to think that whatever happens Ken has 57% investment and all the cards so surely his 57% is worth more in this league than lower. So anything he does and decides will surely be beneficial to the club. For his own sake if nothing else.
Hopefully Ken already has the money men in and can start planning ahead. Still got time to improve the side.
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Post by Deleted on Aug 22, 2017 12:28:18 GMT
Now I am sure there are people on this forum that will know this. Can the Football League deduct points from us, if so how many and how can we afford this from happening ?
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Post by Deleted on Aug 22, 2017 13:33:02 GMT
Now I am sure there are people on this forum that will know this. Can the Football League deduct points from us, if so how many and how can we afford this from happening ? I don't think so , after all its a share holding company that has gone bust not the main company ,all that it means is that the liqudator is entitled to a seat on the board and access to the club accounts ect, my bet is that KA has already got a bid in mind and will most likely succed and get the remainder of shares for peanuts |
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Post by Deleted on Aug 22, 2017 14:47:05 GMT
Cheers owdonlad I am only asking cause it's going to be hard for us to stay up as it is but if the football league do dock points I think that could be it for us. Let's hope that the FL see sense and just let us get on with it.
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Update just been posted on the BN website: Deano's statement and those from a spokesperson Deano was hoping would help but thwarted by huge demands from Ken over the weekend.
