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Quote: Ferocious Aardvark "I have several times summrised what happened at that meeting and stated that OK produced his proof to the administrator. I am not sure which bit you are having trouble with.
So why mention it again? Everybody who is interested has read all about these facts
Indeed it was not, any more than it is a loan to any other club. But who on earth argued it was a loan? Another of your straw men.
And yet claimed and got admitted as a £1m creditor. And thus voted to that amount. Odd, wouldn't you say?
"Recorded"? Why on earth would it need to be "recorded"? How would it be recorded? For what purpose? A creditors' meeting is attended by - and only by - CREDITORS. There's a clue in the phrase "creditors meeting". Your curious theory is just weird.
Again, nuts. How can there be any dispute as to how much distribution was paid to the Bulls? Unless you think it was paid in cash? The RFL was in fact (and very simply) claiming to be a creditor of OKB on the basis that it claimed OKB having gone into admin, had to pay the distribution money back. If the RFL was right, then it would be a debt. Owed by OKB. To the RFL. It is zero to do with any guarantee. If the RFL wanted to claim any money from OK personally then that would (obviously) be a matter purely between them and him. It would be nothing whatsoever to do with OKB and much less with the administrator of OKB. Either they could prove OK owed them money, or they couldn't. Either way, even you must realise that a creditors meeting of a company in administration is not the forum for a dispute between the RFL and a private individual about a claimed personal debt.
How do you suggest he was "Playing silly buggers"? He was either a creditor or he wasn't. What has that issue got to do with the RFL?
No poop, Sherlock. I have an equally profound revelation

Are you still here? Nothing yet on what Khan produced to prove his £1m claim? Nothing to show that it was accepted by the administrator?

Sky money went into OKB, OK gave a personal guarantee of repayment should OKB enter admin. Sky money DID NOT & WILL NOT appear as a liability on OKB accounts. OKB DID NOT have any liability to repay the funds OK DID & DOES.

As stated the RFL registered their agreement with OK with the administrator to ensure that monies paid into OKB were provable and recorded accurately in OKB's financial accounts. As can be seen OK has attempted to claim investment figures he simply cannot prove. The RFL was simply protecting it's position.

As governing body, and as the organisation that would be funding the running of the business during admin, the RFL was rightly involved in the discussions with the administrator.

You are nothing but an ill informed, ignorant troll.

mat
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Quote: LeagueDweeb "Are you still here? Nothing yet on what Khan produced to prove his £1m claim? Nothing to show that it was accepted by the administrator?

Sky money went into OKB, OK gave a personal guarantee of repayment should OKB enter admin. Sky money DID NOT & WILL NOT appear as a liability on OKB accounts. OKB DID NOT have any liability to repay the funds OK DID & DOES.

As stated the RFL registered their agreement with OK with the administrator to ensure that monies paid into OKB were provable and recorded accurately in OKB's financial accounts. As can be seen OK has attempted to claim investment figures he simply cannot prove. The RFL was simply protecting it's position.

As governing body, and as the organisation that would be funding the running of the business during admin, the RFL was rightly involved in the discussions with the administrator.

You are nothing but an ill informed, ignorant troll.'"


Grief. You really don't know when to sto digging. d040.gif

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Quote: Derwent "Well we do know that there was a signed agreement between OK and the RFL that all SL monies would be required to be repaid if there was another insolvency event because that has been reported publicly in the press, and is also stated in the administrator's background to insolvency report.

What we don't know is the precise nature of that agreement, which is what is causing the confusion. For instance, it may have been the case that the agreement was that the company was responsible for the repayment but it would default to OK being personally liable should the company have insufficient funds to meet the liability. In which case, the RFL would be perfectly entitled to lodge a creditor claim initially against the company for the amount in question. The administrator would then formally declare that the company could not meet said liability and so the RFL would then have proper recourse to pursue OK for the money.'"


Yup. That's pretty well as I see it. Sadly, we can't be certain, and you can't take common-sense or normal sensible agreement-making for granted in anything in this arena!

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Quote: Derwent "Well we do know that there was a signed agreement between OK and the RFL that all SL monies would be required to be repaid if there was another insolvency event because that has been reported publicly in the press, and is also stated in the administrator's background to insolvency report.

What we don't know is the precise nature of that agreement, which is what is causing the confusion. For instance, it may have been the case that the agreement was that the company was responsible for the repayment but it would default to OK being personally liable should the company have insufficient funds to meet the liability. In which case, the RFL would be perfectly entitled to lodge a creditor claim initially against the company for the amount in question. The administrator would then formally declare that the company could not meet said liability and so the RFL would then have proper recourse to pursue OK for the money.'"


Nice to see a couple of posters using some common sense.

OK and RW should be torn limb from limb for the practices they followed when running OK Bulls. They are entirely responsible for the mess that evolved.

OK will pay the price as he is being pursued by Bradford council for repayment of the £200k, and the RFL look as if they will pursue for the £900k he guaranteed.

OK was never 'ill'. The alleged £900k he invested just a month before he stepped down was a ruse. It didn't happen. RW was his front man handling the whole 'story' behind his exit, and the whole legal case for not buying shares is a ruse.

OK wanted out and followed a plan that he thought would get him out without too much collateral damage. It worked for a while because, as is the case in rugby league, everyone blamed the RFL.

It is now becoming apparent that the entire blame lies with those who ran the club, and the group of 'directors' who all jumped on board then jumped ship when it ran aground.

Hopefully Bradford Bulls will recover from this sorry episode.

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Quote: mat "Grief. You really don't know when to sto digging.
Oh do shut up you silly boy.

mat
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Quote: LeagueDweeb "Oh do shut up you silly boy.'"

Ooh insults. Last resort of a desperate troll icon_lol.gif .How about proving some of your claims. Not honest or noble to deride others claims without providing proof of your own, especially when their repeatedly blown out of the water by those who bother to download the legal documents from companies house.

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One of the wisest, and recently-enobled, posters on this forum used to paraphrase Bertrand Russell's famous quote "the whole problem with the world is that fools and fanatics are always so certain of themselves, but wiser people so full of doubts" in his sig.

He wasn't far wrong, was he?

And one of my own: derision is the last refuge of someone who cannot carry an argument.

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Quote: Derwent "Well we do know that there was a signed agreement between OK and the RFL that all SL monies would be required to be repaid if there was another insolvency event because that has been reported publicly in the press, and is also stated in the administrator's background to insolvency report.'"


Is there any evidence of any signed agreement between OK and the RFL? From the interviews I have heard with Solly, he never actually confirmed anything was signed, just that there was an 'agreement'. I just always assumed the claim made by the RFL was just a Bully (Bully) tactic to shut OK up.

By the way, I don't know the answer to the above, if anyone could shine any light....

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Quote: daveyz999 "Is there any evidence of any signed agreement between OK and the RFL? From the interviews I have heard with Solly, he never actually confirmed anything was signed, just that there was an 'agreement'. I just always assumed the claim made by the RFL was just a Bully (Bully) tactic to shut OK up.

By the way, I don't know the answer to the above, if anyone could shine any light....'"


The best available evidence is within the administrator's official report which says....

[iIn return for the granting of the Super League franchise to OK Bulls, as part of the purchase Mr Khan agreed to take a 50% reduction in the amount the company would receive from Central Funding for two seasons. The oniginal proposal by the RFL was that no central fundmg would be paid in season one of the new company, It was subsequently agreed that this would be spread over two seasons. This arrangement was supported by a personal guarantee from Mr Khan which would be called upon to repay central funding advances if the company failed again within that two year penod[/i

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Thanks for that - Still not sure if anything has been signed, although OK has not kicked up a fuss when this went out in the press.

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TBH it would not surprise me if LeagueDweeb was Duffy. LD has all his traits......

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Moderator


I know it is impossible to be the case, but I'm already finding myself refreshing the news feeds and twitter every few minutes for news.

Not that I give a stuff obviously. Way too cool for that.

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Quote: mystic eddie "TBH it would not surprise me if LeagueDweeb was Duffy. LD has all his traits......'"


Who is this Duffy of whom you speak? I don't believe you've mentioned him before in any context.

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Quote: Derwent "The best available evidence is within the administrator's official report which says....

[iIn return for the granting of the Super League franchise to OK Bulls, as part of the purchase Mr Khan agreed to take a 50% reduction in the amount the company would receive from Central Funding for two seasons. The oniginal proposal by the RFL was that no central fundmg would be paid in season one of the new company, It was subsequently agreed that this would be spread over two seasons. This arrangement was supported by a personal guarantee from Mr Khan which would be called upon to repay central funding advances if the company failed again within that two year penod[/i'"


Indeed.

My problem with that wording has always been that it never made clear whether or not there was a contingent liability upon the company? The wording used there implies that the RFL could pursue OK whether or not there was, and whether or not the company actually made any repayment to the RFL?

It would concern me if there WAS a contingent liability upon the company, and at least the existence of said contingent liability was not referred to in the Administrator's Proposals. Not least because, in the unlikely event that there MIGHT be some dividend for the unsecureds, any crystalised RFL claim would massively dilute the claims of the remaining unsecureds.

Which was why my original conclusion was that it seemed unlikely that there would be such a condition applying to the company. Yet, if the RFL did indeed lodge a large claim, that would very much suggest that there WAS?

So it's got me beat!

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Quote: mystic eddie "TBH it would not surprise me if LeagueDweeb was Duffy. LD has all his traits......'"


And FA is apparently Sutcliffe. That's just leaves OK. My thinking is he is roger daly.

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