Sounds a bit Ominous | Page 5 | Vital Football

Sounds a bit Ominous

Your absolutely bob on Bicky. Congratulations – you have won this weeks 'most incisive comment' award. Unfortunately we only have Ferraris in red but I could lend you a paint brush... and blue emulsion.

SO Deep breath... here we go.. no going to sleep..

As a listed company, IEC accounts were readily available. Me and others checked them out in circa May 2019 and saw that they were a small loss making company with not a lot of cash. If Dave was providing due diligence and care as a seller, he would have seen the same.

But also and detrimental to the club; Dave agreed to the hybrid leveraged scheme 'Working Capita Loans' which created a massive financial burden on the club which we could never hope to relieve ourselves from and in the long term fatal.

The facts. DW and or family or trust received circa £22 million. Dr Choi states IEC only paid £15.9m

Here is the relevant bit of contract agreement.

The capital commitment for the Acquisition is the aggregate of:
(a) £15,900,000 and
(b) the Working Capital Loans (in any event not exceeding £6,475,000)

Explantation: The two protagonists agreed that all the normal working capital paid by DW between May 18 and Nov 18 would be provided as a loan to the club. Then upon completion the club would repay that loan to DW by way of a loan from IEC to the club. So as a result the debt fell upon the club. No different than Glaziers did with Man Utd. Only difference is, they are profitable and generate a lorra cash, we don't!

Further more; Dr Choi stated in his letter to his shareholders and the HK stock market, that the purchase of our club would generate revenue for IEC. (I had to red that several times). Obviously, Choi would have seen our accounts and noted we were serial loss making. This can mean only one thing; he planned to sell our assets – no other explanation. There is another but not plausible – getting into premier league which Choi in fact, did mention. But that can only be speculation. When was last time a club went from L1 to Prem in a season? DW would have been aware of this too if he'd as been as wary and concerned as me and others.

The killer blow to me was when a a BBC mon asked DW if IEC had the financial resources; he hesitated and grinned and said, 'they're enthusiastic'. I've known Dave for over 25 years, this spoke volumes to me. I was totally convinced our future was in jeopardy. I recall after the IEC MD said we were on our way to the Premier League, I wrote on this forum, 'he missed out the word 'northern'.

I wrote a warning letter to Jonathan White SCMP in Oct 2018 with a lorra above in it. But it never used, it got 'lost' within their offices. If you wanna see a copy let me know and I'll PM copy you.

If things go tits up for us I'm going to write a book; Who killed Wigan Athletic?
With pictures of DW, Choi, Darren and Rick. No Au Yueng – he's a stooge but probably £50 k better off in his apartment in HK.

In late May I wrote a 6 page essay titled 'The end of the pier for Wigan Athletic?' I sub headed it;
''For the fans of Wigan Athletic and footy fans in UK this is a damning and frightening story of contradictions, dishonesty, complex finance, betrayal and incompetence''. (Sounds about right now).

Great analysis after another needless dig at the start towards a fellow poster. Why be like that?
 
So we owe this loan after all. Which answers the question why no one has bought us as they don’t fancy a 15 point deficit and effectively owning a league 2. Well and truly fucked.

RIP Wigan Athletic.
 
So we owe this loan after all. Which answers the question why no one has bought us as they don’t fancy a 15 point deficit and effectively owning a league 2. Well and truly fucked.

RIP Wigan Athletic.
I liked this post originally before releasing how wrong that felt and unliked it. True though. Either pay 25p in the pound (around 13m) for a L1 club with a skeleton squad, not including all usual bills and wages, or pay nothing bar admin fees, but for a L2 club in waiting whilst having to pay bills and wages for a year whilst we get slapped about by the likes of Accrington in L1 on our way down. Both options are incredibly unenticing.
 
Gutted. Absolutely gutted.

If the Admins found no evidence of the loan being owed by us initially, then how come we're now considering ourselves liable?

All that said - and I've no idea whether or not this is legal - I'd pay the other non-football creditors what they're due (certainly the 25%), and I'd give Au Yeung sweet FA ........ even if it means starting next season (presuming we have a new owner) 15 point.

I wouldn't give him the steam off my ...........well, you know the rest. Tosser.
 
So all lanegan has to do is just sit there wait for us to die then buy the stadium for peanuts way I see it
 
You wouldn't say it to my face keyboard warrior. Acting the big I am on here cause you know a few big words.

Danny FFS, it's not his fault. He said what would happen almost verbatim to what is actually happening right now but was in general ignored....the ******* in China is the real bastard....he has run rings round the lot of um, starting with DW, the EFL, Admin dickheads, our directors and lastly us, Joe Fucking Public.

No wonder these bidders disappear when they see the scale of this bullshit.
 
Is that the one through the post today? As a shareholder I got one today
Zakky be careful page 2:
This statement of proposals has been produced for the sole purpose of advising creditors pursuant to the provisions of the Insolvency Act 1986. The report is private and confidential and may not be relied upon, referred to, reproduced or quoted from, in whole or in part, by creditors for any purpose other than this report to them, or by any other person for any purpose whatsoever. Any estimated outcomes for creditors included in these proposals are illustrative only and cannot be relied upon as guidance as to the actual outcomes for creditors.
 
Have you read Wilkinson's Q&A thing on WEP Pies if so what is your assessment of it ? Seems to answer most questions
Yeah good article, Provides a lot of answers and provides insight to process going on. I have a lot of questions about the whole debacle but would probably need Mr Krasners input et al.
 
Whatever the origin, validity or destination of the bloody loan there is no way that what the Krays have done is remotely legal. Sure to christ any half arsed lawyer fresh out of law school can find a way to bring these two bas...ds to book.
 
Gutted. Absolutely gutted.

If the Admins found no evidence of the loan being owed by us initially, then how come we're now considering ourselves liable?

All that said - and I've no idea whether or not this is legal - I'd pay the other non-football creditors what they're due (certainly the 25%), and I'd give Au Yeung sweet FA ........ even if it means starting next season (presuming we have a new owner) 15 point.

I wouldn't give him the steam off my ...........well, you know the rest. Tosser.
Who are the administration lot wor
Gutted. Absolutely gutted.

If the Admins found no evidence of the loan being owed by us initially, then how come we're now considering ourselves liable?

All that said - and I've no idea whether or not this is legal - I'd pay the other non-football creditors what they're due (certainly the 25%), and I'd give Au Yeung sweet FA ........ even if it means starting next season (presuming we have a new owner) 15 point.

I wouldn't give him the steam off my ...........well, you know the rest. Tosser.
Said before these admins where brought in by the Chinese and are slowly winding us up
 
Gutted. Absolutely gutted.

If the Admins found no evidence of the loan being owed by us initially, then how come we're now considering ourselves liable?

All that said - and I've no idea whether or not this is legal - I'd pay the other non-football creditors what they're due (certainly the 25%), and I'd give Au Yeung sweet FA ........ even if it means starting next season (presuming we have a new owner) 15 point.

I wouldn't give him the steam off my ...........well, you know the rest. Tosser.
Financial liability is either a fact or not. It's not a choice. Incompetence is no excuse. The loan matter started off last Nov. It's public knowledge. A little old man in Wigan can't be the only one to know. I tried to explain all this to you before. As regards telling them to sod off etc the EFL wouldn't agree. It's mandatory. NFL are a registered creditor. That's it - final.