Re: Ownership of Club Changes : Fri Jan 31, 2014 6:29 pm  

Bulls4Champs wrote:

In a nutshell, can somebody tell me if today's administration of OKBLTD means the club is now in administration, and is this and the change of ownership a good thing for the club and all those employed by the club?

No the club is not in admin. OKB is in admin. The club was sold by the administrator to the new company.

As Adey pointed out, yesterday the staff were employed by an insolvent company with a huge ownership wrangle interminably dragging on, and today they are employed by a new company with no such issues so clearly for them at least it is great news.

Re: Ownership of Club Changes : Fri Jan 31, 2014 6:45 pm  

Bulls4Champs wrote:

In a nutshell, can somebody tell me if today's administration of OKBLTD means the club is now in administration, and is this and the change of ownership a good thing for the club and all those employed by the club?

See FA's succinct and spot-on answer.

Bulls4Champs wrote:

I basically have no idea what is going on to be honest.

Neither do many of those who spout off on the T&A comments.

The crucial difference is, you acknowledge it and ask for guidance (same as the likes of me do to the likes of you on game-related matters), whereas they just try and ram their garbage down peoples' throats.

Re: Ownership of Club Changes : Fri Jan 31, 2014 7:00 pm  

Adeybull wrote:

Rubbish.

And OK can pursue his action against Moore until the cows come home. It has nothing whatsoever to do with the the operating of the club.

I think you might find it has IF the owner of OK Bulls wins AND a result is that a director and material shareholder in the new Bulls ends up bankrupted.

Re: Ownership of Club Changes : Fri Jan 31, 2014 7:11 pm  

Wooden Stand wrote:

I think you might find it has IF the owner of OK Bulls wins AND a result is that a director and material shareholder in the new Bulls ends up bankrupted.

Bankrupted? As I understand it, the amount under dispute is nowhere near on that scale. And of course he is not the only director or shareholder.

In any case, if I was OK, I'd be concentrating now on making sure my own house was in order over the period of my directorship, for when the administrator comes calling.

Now, about that justification for your demands for points deduction that you were going to share with us...?

Re: Ownership of Club Changes : Fri Jan 31, 2014 7:17 pm  

Adeybull wrote:

Now, about that justification for your demands for points deduction that you were going to share with us...?

I'm now on the Virtual Terrace thread on this subject.

Re: Ownership of Club Changes : Fri Jan 31, 2014 7:25 pm  

vbfg wrote:

If I had a penny for everytime a Wakefield fan crowbarred the word "iconic" into a sentence I'd have 72p now.

Make that nearly 30 bob now

Re: Ownership of Club Changes : Fri Jan 31, 2014 7:26 pm  

See RHP is now a director too.

He'd not be doing that unless he was confident?

Re: Ownership of Club Changes : Fri Jan 31, 2014 7:31 pm  

Might be a daft question, but who actually had the power to put the holding company into administration? If Omar Khan still had control of the shares, was it his decision?

Re: Ownership of Club Changes : Fri Jan 31, 2014 7:50 pm  

sirkeith wrote:

Might be a daft question, but who actually had the power to put the holding company into administration? If Omar Khan still had control of the shares, was it his decision?

Not a daft question at all.

A creditor, a debenture holder, the directors, or the company itself can make application to the High Court for the company to be placed in administration. I presume in this case it was the directors, which would be Calvert and Watt, who applied, but it need not have been.

The high Court places the company into administration, and the appointed administrator (a qualified insolvency practitioner) is also an officer of the court.

All the above except a creditor can do it outside of the court as well. I am assuming this will have been done through the High Court, but all these assumptions can only be verified once the relevant information is on public record.

Re: Ownership of Club Changes : Fri Jan 31, 2014 8:03 pm  

Where's Mystic Mick in all this. It's not what he was preaching was going to happen before crimbo.