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  #1  
Old 11-09-2018, 08:34 AM
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Bolton going into administration

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I have of course seen this evening's Bolton News article and I am very disappointed that Stuart Wilson and Michael Henson of Blu Marble Capital Ltd have decided to reject my offer to repay the loan they originally made to the club through Sportshield Ltd and place the club in administration.

The amount received by the club was £4m and l offered to repay this plus substantial interest. Unfortunately, this offer was rejected.

As they come to understand and appreciate the consequences and repercussions of this action, l feel sure that they will live to regret their actions for what can only have been personal reasons as their actions do not make commercial sense.

As l understand it they are currently taking legal action against their own lawyers in respect of a negligence claim on the original transaction with Sportshield Ltd and are expecting to receive substantial compensation from the lawyers' PI insurance and this may explain their actions.

They will now need to fund the club administration going forward, which will take a minimum of three months and will automatically put the club in a two-year transfer embargo and a minimum immediate points deduction of 12 points.

In my opinion, their actions will substantially reduce the value of the club in respect of any future sale and will make it far more difficult to find a future investor/buyer.

I would like to take this opportunity to thank the three debenture holders who all agreed to make concessions in order to try and reach a settlement with Blu Marble, but unfortunately these were not accepted and they will all now play a major part in the administration discussions going forward.

I will continue to do everything possible to help the club and have let the administrators know that l will do my best to assist them.

Kind regards

Ken
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Old 11-09-2018, 08:43 AM
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Sad news. We know how that feels.
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Old 11-09-2018, 08:59 AM
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Well at least they have QPR next
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Old 11-09-2018, 09:22 AM
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If it HAD to happen at least its happened near the start of the season so it gives them chance to recover from the minus 12 points. Shitty news for their fans though.
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Old 11-09-2018, 09:36 AM
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Surprised it didn't happen before but seems strange now as they're on the up. Didn't know this could happen if you're actually offering to repay the money you owe?
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Old 11-09-2018, 09:43 AM
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The article explains this.
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Old 11-09-2018, 10:20 AM
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Feel for the fans. This shit is the worst and wouldn't wish it on anyone.
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Old 11-09-2018, 10:25 AM
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I don't understand how a 2 year embargo is helpful for anyone?
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Old 11-09-2018, 10:27 AM
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Originally Posted by mether View Post
Sad news. We know how that feels.
This
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Old 11-09-2018, 11:09 AM
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Very similar to the Jordan administration, a pay day lender called in a debt, but the background is a lot whifffier.
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Old 11-09-2018, 11:48 AM
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Update for those of you following the blog at work. I'm led to believe there has been extended deadline to noon for the legal paperwork to get done.

A last-minute offer was made and provisionally accepted on proviso the funds are moved into the right areas.

At lunchtime we should know for certain whether Wanderers are in administration.
Local Paper.
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Old 11-09-2018, 11:56 AM
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I don't understand how a 2 year embargo is helpful for anyone?
This. Punishment for the sake of it.

If you want to take a hardline then make it an automatic relegation / up the points penalty.
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Old 11-09-2018, 12:03 PM
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Repeating what I said on the GPD thread:

I'm very sad to see any club go into administration.

The whole Dougie thing is well in the past now, so I really couldn't care about that anymore.

And, on a personal level, they gave me a great welcome when I cycled there for the FA Cup game in January 2017

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Old 11-09-2018, 12:06 PM
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FFS

If it's -12 points, they'll only be 1 point from safety.
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Old 11-09-2018, 12:19 PM
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Who are Blu Marble? My sympathy to Bolton fans.
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Old 11-09-2018, 12:32 PM
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Yet again, politics stands in the way of financial common-sense.

Shame for the supporters and the city.
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Old 11-09-2018, 12:40 PM
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Originally Posted by stevek View Post
Repeating what I said on the GPD thread:

And, on a personal level, they gave me a great welcome when I cycled their for the FA Cup ]
I hope you were better with your grammar first time round. Pedantic yet satisfying.
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Old 11-09-2018, 12:43 PM
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I hope you were better with your grammar first time round. Pedantic yet satisfying.
Appalling on my part - and corrected.
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Old 11-09-2018, 12:46 PM
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One of my mates is a ST there. They've been expecting something for ages yet this still came as a shock. He hopes it is merely a tactical ploy. Bit of a blunt one if so.
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Old 11-09-2018, 09:04 PM
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Eddie Davies passed away. RIP. Very strange day for Notlob fans.
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