Adeybull wrote:
That is not quite what I said, though.
Last September the business WAS "technically insolvent". Net laibilities or around £1.2m I'd say, based on the loss figure that was reported not long after?
The only reason it was not actually insolvent, as in unable to pay its debts when due, was because Khan was paying money in as required. Or at least sort of, since as with everything involving him the situation never seemed clear. He stopped paying money in when he stood down, did he not? And that started to precipitate the final crisis, did it not? I'm guessing that was why Whitcu*t went hunting moneylenders, to pay the next salaries, but I'll admit that was and remains conjecture.
The comment I think you are alluding to was made in the context of some of the bottom-dwellers from elsewhere stating the club was "bust" last September. (And alleging that the present board were just as cuplable, when my view was and remains precisely the opposite). I said that, provided Khan kept paying money in, it could not be "bust" - as in unable to pay its creditors as and when due. Even if it had a very very sick balance sheet. I went on to say, IIRC, that I did not expect the situation to be sustainable beyond a few more months though. The more that comes out, the more certain I am that I was right in that assertion.
Too bloody right it does.
I think there have been some terrible schenanigans going on.
Without proper books records how can anyone be sure that money was not been syphoned from the bars and other income streams for Ok to even pay Gulfoyle the £25000 a month arrangement he had to "buy" the club.At some point even that stopped and became subject to media interest where allegations of dispute at the changeover date came about.
And given Whitcuts recent insolvency history in a number of bars and hotels I worry the purchases are inflated to prop up those.
I sincerely wish I could get my hands on all the records of OK Bulls Limited but they are now in all probability long gone.
A lot of friends of mine question whether Ok did feed the club the £900000 he stated to the media when wages were delayed in August. The date for that kept moving on.Even 90 pence.Why if he had done that would Whitcut be dealing with a loan shark in September about a month after OK"s announced £900000 injection?
Without a financial controller (bar Whitcu*t)the records are likely to be incomplete.
And left deliberately as clear as mud.
This will not be the first vanishing act Whitcu*t has managed.
Gerry Sutcliffe was a fool for ever getting involved with them.
But that's politics and no doubt they have fund raised over many years for New Labour and his parliamentary office.
If there is any trail at all I sincerely hope Andrew will pursue these enquiries fully.Though he is going to have enough on managing things forward.
Its far too easy for the Insolvency Service to gloss over,ring someone up for a telephone statement and interview and let them off to do it again.
And again.
I, like you Adey, am fuming that good people are left worrying to death.Fans players families and old men like me and you who see things for what they are.
Stupidity.
So the bar rights have now been franchised off do I detect.
On a £315000 turnover that managed properly could have contributed significantly to survival.
Or more importantly gone a long way to the Academys costs.
I think there will have to be an awfull lot more staff cuts at nearly 600 grand in salaries non playing.
Why so many staff?
The bloody psychiatrist must be the most overworked under paid member of staff up there.
To get through to November I think another ring fenced appeal to the 3500 paid up season ticket holders should be made where shares are issued in Bullbuilder who then operate the Academy.The future of the club.
It costs getting on well over £200 grand a year to run with the players and coaches.
Only for Huddesfield and Wigan to benefit because of continual meltdown.And bloody Catalans.
Is there the stomach for the fans to cough up again?
And see it dragged into a black hole as in May 2012?Where through Caisleys coup attempt gave directors the opportunity to manage those funds to ensure they were absolved of the personal guarantees they had given?I doubt it.
But if they see a worthwhile long term strategy, that they would be investing in the long term kids futures maybe.
That Academy has produced some fine players much as they are lambasted for deserting.
The idea would afford some protection that a structure was in place to take over in the event the financial disaster proves a bridge too far.
Its no good burying the heads in the sand the reality is Andrew and his former high profile volunteers are tasked with an almost impossible situation to manage going forward.
The numbers are truly frightening and there is no prospect of a Morrison Tordoff or double glazing millionaire riding in on a white charger.
There was none came forward 18 months ago and things are a whole lot bleaker now.
Average crowds last year dropped a couple of thousand from the year before.
The London crowd (where they wont bring many)will be a good barometer of current mood.
The team can avoid relegation without breaking the bank that's empty.
We proudly sit above money bags Warrington.
It needs another 25 gritty unspectacular performances to get to that November finishing line.
And hope the RFL do not come up with another daft witholding of future sky dosh which could be worth £1.75 million next year.
Plus televised money.
Hope they got a bit of that from last Thursday.To help pay everyone for this month and last.
It will be day to day hand to mouth stuff for a considerable time.
Passed the Lister Hotel just an hour ago.Not a customer in sight.
Always the same.Does anyone think the Whitcu*t"s holed up in there?
The ownership transfer dragging on for 5 months has indeed not helped Andrew one bit.They indeed cannot be expected to put personal funds forward with Ok still owning.Nobody would.So the bottom dwellers are quite wrong to suggest any culpability for a worsening financial position attributable to Andrew.
To be very fair to them they wanted to put it into Admin in October but the erstwhile leaders at Redhall said no.
The ownership issue could have been resolved in time for the season then.Its dragged on and on as the shysters still try to grab back their pound of flesh amidst undisclosed due diligence information that continually kept coming out of the cupboard.
Shows Ok and Whitcut for what they are that in the week before the 31.1 and after the winding up petition had been presented by HMRC Mr Ok was still ringing all and sundry offering HIS business for £300k.
Shambles all of it and it makes me want to vomit.
To FA I doubt the RFL and SL clubs will U turn on the agreement with OK Bulls Limited regarding witholding another £666666 of Sky dosh to this November despite the fact no other club in insolvency has ever had such a punishment.
£666..666 short this year.Not one but two numbers of the beast.Both in hiding I guess.
But I doubt they will impose another and if they don't it backs up that it had been at OK and Sutcliffes suggestion.To try win brownie points and not upset the other SL clubs.No precedent before Bulls for this.
So I would say stuff the creditors take the 6 points and dig in now and motivate the players to survive with what we"ve got.
A proper forensic examination of the OK tenure could possibly make him personally responsible for the creditors.Or some.Provision exists in the Companies Acts but in 30 years I have yet to see it done unless through a proceeds of crime for theft prosecutuion. He should be certainly taken for the Council loan anyway.I shall be pressurising Bradford Council and MP"s (excluding the special one of course)for that.
Whats the betting he used it to buy the assets?
50/50?
Does anyone really know if he even put one penny of his own brass forward?
If he had a property portfolio why did he not make that available earlier than 12 months in?
When the Bulls had by then made losses of £1.45 million in the 12 months to the end of August.
Exacerbated by the pop concert losses estimated at £175000.
And a queer finance charge from the Whitcu*t of £100 grand in August?
Probably an introduction fee to the loan shark.
You could not make it up.
Is that where Batemans fee went?
Conjecture on my part but nothing would surprise me.
These 2 have been the same as all the others who preceded them is my view.Sutcliffe was a fool to have taken a directorship so he could now be dragged in to any investigation.
I doubt he knew the extent of it as he expressed surprise when someone told him the state Ok had left things.But as things stand he WAS a director and could be investigated.Not surprised hes uttered not a word since September other than to accuse the new heroes of "cynical timing" in withdrawing their stewardship of the Titanic.See he did not jump back on board to save the women and children so quick in the christmas period.
Dig in everyone.This is going to be one hell of a season and in the face of all adversity I predict not only survival but a happier spirit all summer.As long as those left get paid.
We might even in the face of all this win the Cup.Now that would be nice would it not after a miserable 8 years.Keep the faith
