Re: sammut left : Sat Feb 15, 2014 3:19 pm  

bren2k wrote:

The words of Bradford fans in this thread are broadly similar to what was being said by us Wakey fans when Mr Carter took over, and promptly instigated a George Osborne-eque series of austerity measures that resulted in the culling of our squad.

Fast forward a few months and things look decidedly rosier at BV; admittedly the timing of all this is not great, but if your ownership wrangles can be resolved and the financial landscape becomes clearer, Bradford could emerge from this as a much more stable organisation.

For the fans of the club, I hope that happens - it's an awful situation to be in and we know that better than most.

Problem with that is that we will be relegated by then. You didn't have that issue. Oh or the half pay. That's a special treat reserved for us.

Re: Next bizarre twist : Sat Feb 15, 2014 3:21 pm  

M@islebugs wrote:

Sorry, who are 'WE'?

'We' as in the Bradford Bulls supporters raised 500k to pay debts 'we' didn't run up.

'You' as in all Wakefield fans minus Andrew Glover were asked to do the same and refused. Without Glover, 'you' would have been liquidated.

Andrew Glover may have some right to come on here and hand out sermons on paying debts, but the rest of you, who refused to pay ten pence each need to go buy a mirror because the hypocrisy is stomach churning.

I'm not bothered about the "who is the best fan" argument, but the reality was that if we had stumped up we would have gone into liquidation but maybe a few months later, except a lot of people would have been £1,000 down.

I suspect with hindsight this whole sorry period may turn out to be the best thing that happened. The new company put some distance from OK Bulls, bought some time and allowed someone to come in who reckons he has the business savvy to invest in and run the club. Subject to surviving relegation, this might all be cold coals this time next year.

Your real problem is the timing, in that you haven't had the time to recruit to replace the leavers.

Re: Ownership of Club Changes : Sat Feb 15, 2014 3:29 pm  

I don't understand this anymore. Who is in admin? OK Bulls or BB2014? Who put us into admin? OK Bulls or BB2014?
If OK, then why put us in admin yet want to buy us back? Why are BB2014 getting punished? And surely the half income is connected to OKBulls not the new lot?
So if the new lot come in and pay off the debts, then surely they need full income? And no points deduction. Who is not getting paid in all this?

I am totally confused now.

Re: Ownership of Club Changes : Sat Feb 15, 2014 3:48 pm  

Directors can call in administrators, as happened with OK Bulls.
Moore, Calvert and the other one (i know Moore wasn't actually a director at the time), called in administrators without OK's knowing. This was an attempt to purchase the club as BB2014 and not need to pay Omar for his shares.

They well and truly tried to shaft OK (not saying that's a bad thing), as a result, Omar lost everything he put into the Bulls (by all accounts this was just a load of secured loans).

Re: Next bizarre twist : Sat Feb 15, 2014 4:03 pm  

Slugger McBatt wrote:

I'm not bothered about the "who is the best fan" argument, but the reality was that if we had stumped up we would have gone into liquidation but maybe a few months later, except a lot of people would have been £1,000 down.

I suspect with hindsight this whole sorry period may turn out to be the best thing that happened. The new company put some distance from OK Bulls, bought some time and allowed someone to come in who reckons he has the business savvy to invest in and run the club. Subject to surviving relegation, this might all be cold coals this time next year.

Your real problem is the timing, in that you haven't had the time to recruit to replace the leavers.

You're missing point, Kinley Cat, "knows a fair bit about maning up, taking our medicine, and doing the right thing".

What he/she actually means is I 'know a fair bit about standing to one side while Glover, then Carter pick up the tab and rescue my club."

Who, apart from Glover, has the right to come on here and act righteously? It's trolling without the wit to know it.

[Bulliac]

Re: Ownership of Club Changes : Sat Feb 15, 2014 4:31 pm  

My understanding is that it was the company which gave Whitcut the loan who called for admin and not the directors. They are entitled to do this as creditors.

Re: Ownership of Club Changes : Sat Feb 15, 2014 4:40 pm  

Bulliac wrote: My understanding is that it was the company which gave Whitcut the loan who called for admin and not the directors. They are entitled to do this as creditors. Your right, sure I read it somewhere but it appears the security company called in administrators http://www.thetelegraphandargus.co.uk/news/local/localbrad/10980461.New_Bradford_Bulls_owners_to_seek_approval_of_deal_from_RFL/ The link below seems to indicate the reason for administration was OK's failure to transfer the shares; http://www.bradfordbulls.co.uk/news/article/8854/bulls-complete-ownership-change Confused much?

Bulliac wrote: My understanding is that it was the company which gave Whitcut the loan who called for admin and not the directors. They are entitled to do this as creditors. Your right, sure I read it somewhere but it appears the security company called in administrators http://www.thetelegraphandargus.co.uk/news/local/localbrad/10980461.New_Bradford_Bulls_owners_to_seek_approval_of_deal_from_RFL/ The link below seems to indicate the reason for administration was OK's failure to transfer the shares; http://www.bradfordbulls.co.uk/news/article/8854/bulls-complete-ownership-change Confused much?

Re: Ownership of Club Changes : Sat Feb 15, 2014 5:01 pm  

daveyz999 wrote:

Directors can call in administrators, as happened with OK Bulls.
Moore, Calvert and the other one (i know Moore wasn't actually a director at the time), called in administrators without OK's knowing. This was an attempt to purchase the club as BB2014 and not need to pay Omar for his shares.

They well and truly tried to shaft OK (not saying that's a bad thing), as a result, Omar lost everything he put into the Bulls (by all accounts this was just a load of secured loans).

None of OK's loans were secured.

The company had net liabilities of Well over £1m. My guess is much more. It was insolvent. OK's shares were therefore worthless.

The administrator was appointed on the application to the High Court by a moneylending company to whom Whitcu*t had sold a share and from whom he had had the company borrow £180k, secured on the company's assets. A truly, truly bizarre action by him.

Hope that helps you get your facts straight.

Various outside observers, especially from Wakefield, clearly believed this was all something orchestrated by the RFL and designed to ensure a relatively painless transition to new ownership. If it WAS as they allege, it would seem that the law of unexpected consequences has kicked in. Far from any seamless transition, we now have yet more ongoing uncertainty before knowing who the hell will actually own the club. And a current board who could be turfed out on the decision of the administrator, with fans playing merry hell looking for someone to blame, who could probably be forgiven for concluding why the hell bother?

What an ongoing almighty mess.

Re: Ownership of Club Changes : Sat Feb 15, 2014 5:05 pm  

Adeybull wrote:

Hope that helps you get your facts straight.

Wow, that's the last time I admit I was wrong! ^^

Re: Next bizarre twist : Sat Feb 15, 2014 5:20 pm  

but the £500k you raised wasn't used to pay off debts, it was used to clear directors liabilities so that those that got you in to the mess originally walked away with their houses in tact
When you went in to admin (before OK took over) you still had debts, so the £500k you raised didn't save you from admin, it saved your directors from being homeless