Bassini's bondholder agreement

[Layton]

Well to be fair GT wasnt afraid to bawl Bassini out in public when he didnt show at the fans forum...

[wfcmoog]

GT wouldn't let anything bad happen, would he mummy?

[Layton]

some of our fans seem to think he is some sort of Father Christmas/Tooth Fairy/Jesus combo , after all his judgement is far from perfect , look at Geoff Thomas for proof

[wfcmoog]

some of our fans seem to think he is some sort of Father Christmas/Tooth Fairy/Jesus combo

Exactly. Whilst GT is an astute and respected football man with an affection for our club, he's not an omnipotent, omniscient being, manipulating time and space to protect his beloved Watford from the dark forces of the world.

[Layton]

and he dumped us for wolves!

[North North Watford]

Exactly. Whilst GT is an astute and respected football man with an affection for our club, he's not an omnipotent, omniscient being, manipulating time and space to protect his beloved Watford from the dark forces of the world.

Nor is he in any way responsible for what Bassini has done.

[Oscar calling]

and he dumped us for wolves!

Just like Sir Alex Ferguson dumped Aberdeen for Man Utd!

[wfcmoog]

Nor is he in any way responsible for what Bassini has done.

Or in any way relevant to most of what's been going on at the club. Which is why it is frustrating to see him invoked on every other thread.

It's either "something good happened because GT willed it so" or it's "nothing bad will happen because GT will not allow it."

[oxhey67]

And GT's first love football wise is Scun†horpe United not WFC.

[Layton]

lets all head for the nearest bridge!!!!!!!!!!!!!!!

[oxhey67]

lets all head for the nearest bridge!!!!!!!!!!!!!!!

Are we gonna spit on who's walking below? If it's who I think it is then I'm on my way!

[North North Watford]

Or in any way relevant to most of what's been going on at the club. Which is why it is frustrating to see him invoked on every other thread.

It's either "something good happened because GT willed it so" or it's "nothing bad will happen because GT will not allow it."

I'll grant you that what he has personally done in the last three years or so has probably been exaggerated. And away from Watford, one or two of the things he did in management were distinctly average. Heck, he is probably the main reason Bobby Robson and Terry Venebles are now seen as demigods by some England fans.

But let's stick to what he did on the Watford board.

Clearly we had to sell players and reduce the wage bill. But without an ex-manager on board, would Brendan Rodgers, Malky Mackay and Sean Dyche have had the occasional well-timed pittance to re-invest on players such as Don Cowie, Mike Williamson, Danny Graham and in Dyche's case half a squad? Would closing the academy have been seen as a way of saving £1m a year?

The truth is that we'll never know whether GT was the deciding factor in these decisions. But the input he would undoubtedly have had on the academy was that it is crucial both financially and football-wise (Sean Murray's performances and eventual transfer fee alone should see to that). On the transfer and wage cut side, he would undoubtedly have pointed out that if a manager is going to have his best players sold above his head, he will at the very least need a percentage with which to re-invest in the transfer market, rather than solely relying on free transfers.

[wfcmoog]

I'll grant you that what he has personally done in the last three years or so has probably been exaggerated. And away from Watford, one or two of the things he did in management were distinctly average. Heck, he is probably the main reason Bobby Robson and Terry Venebles are now seen as demigods by some England fans.

But let's stick to what he did on the Watford board.

Clearly we had to sell players and reduce the wage bill. But without an ex-manager on board, would Brendan Rodgers, Malky Mackay and Sean Dyche have had the occasional well-timed pittance to re-invest on players such as Don Cowie, Mike Williamson, Danny Graham and in Dyche's case half a squad? Would closing the academy have been seen as a way of saving £1m a year?

The truth is that we'll never know whether GT was the deciding factor in these decisions. But the input he would undoubtedly have had on the academy was that it is crucial both financially and football-wise (Sean Murray's performances and eventual transfer fee alone should see to that). On the transfer and wage cut side, he would undoubtedly have pointed out that if a manager is going to have his best players sold above his head, he will at the very least need a percentage with which to re-invest in the transfer market, rather than solely relying on free transfers.

I'm not questioning what he's done as a manager or a coach, but how much he's actually been involved with football and non-football decision making whilst fulfilling what was seemingly a mostly cermonial role as chairman and one which, it appears, was largely a burden to the man at this stage of life.

[Heider Hyde]

As a reader rather than a poster during all this takeover stuff can I thank you guys who have debated all the points so fully in an adult manner too, even when there was disagreement! Thanks HB1, I know we mostly disagree but all your posts I found helpful and informative
I was veering towards parts of the WST statement to begin with but the arguments presented, now see it to be mostly advantageous, and was worried when all seemed lost yesterday. Drew Italy in the sweepstake at work too, is it fate......

[Supporter in Spain]

To be careful legally, I should state firstly that this is only my guesswork based on the rumours and press coverage that I have read, and I do not claim this all definitely happened.
Piecing together all the statements and rumours over the past few months, this is the only sequence of events that I think fits.
Sometime during the latter part of last year, or early this, an event of default happened under the terms of the Bonds. The bond holders lost faith in Bassini, and to protect their investment decided to declare the bonds immediately repayable and look for buyers. They found the Pozzo’s around February, and the rumour got out. All parties denied it as the situation was very premature, and possibly the bondholder’s right to sell over Bassini’s head had not at that time crystallized.
Things have subsequently gone from bad to worse at the Club, partly because Bassini was fighting for his survival there. He is short of cash; hence delays were made in paying wages and creditors.
The negotiations with the Pozzo’s has been going well, but Bassini is not involved as it is the bond holders are selling under their right to sell due to the event of default. Bassini has therefore been trying to derail it with odd press statements which he hopes will put the Pozzo’s off. I think the recent statements issued by Bassini have all the hallmarks of a “woman scorned”.
If I am right, nobody need take any notice of any further statements by Bassini, it is out of his control. The fact that the club itself has announced that talks are still going well, gives me a great deal of optimism.

[North North Watford]

To be careful legally, I should state firstly that this is only my guesswork based on the rumours and press coverage that I have read, and I do not claim this all definitely happened.
Piecing together all the statements and rumours over the past few months, this is the only sequence of events that I think fits.
Sometime during the latter part of last year, or early this, an event of default happened under the terms of the Bonds. The bond holders lost faith in Bassini, and to protect their investment decided to declare the bonds immediately repayable and look for buyers. They found the Pozzo’s around February, and the rumour got out. All parties denied it as the situation was very premature, and possibly the bondholder’s right to sell over Bassini’s head had not at that time crystallized.
Things have subsequently gone from bad to worse at the Club, partly because Bassini was fighting for his survival there. He is short of cash; hence delays were made in paying wages and creditors.
The negotiations with the Pozzo’s has been going well, but Bassini is not involved as it is the bond holders are selling under their right to sell due to the event of default. Bassini has therefore been trying to derail it with odd press statements which he hopes will put the Pozzo’s off. I think the recent statements issued by Bassini have all the hallmarks of a “woman scorned”.

With the same legal caveat, up to this point what you say all adds up.

My main concern right now is that, given the nature of the bond agreement and the circumstances under which the club looks like being sold, I am absolutely certain that Bassini has the ability to force a delay of any sale (either because he in fact does have the final say, or because he could quite legitimately get a legal injunction to delay it). What isn't clear is, if it's the latter, whether it could conceivably be in his interests to do so.

[Hornet36]

The Secured Bonds are subject to a standard set of events of default (“Events of Default”) including
non-payment, cross-default and insolvency. The termination of the appointment of Julian Winter,
Graham Taylor, Stuart Timperley or David Fransen as a director of Watford Leisure or the Club also
comprises an Event of Default. The occurrence of an Event of Default allows any Bondholder to
declare his Secured Bonds immediately due and payable.

interesting so this is why GT left ?

Yeah you can see why GT did jump ship i thought he would of stay to sort this out thank you GT

[Hornet36]

after reading all your post can any one answer me one question what the F.... IS going on is the sale on or off can the club be sold if the bondholders have lost faith in Bass

[555ROB]

after reading all your post can any one answer me one question what the F.... IS going on is the sale on or off can the club be sold if the bondholders have lost faith in Bass

At the moment it seems that the sale is on and the bondholders are hoping to sell the club to the Pozzos

[Supporter in Spain]

With the same legal caveat, up to this point what you say all adds up.

My main concern right now is that, given the nature of the bond agreement and the circumstances under which the club looks like being sold, I am absolutely certain that Bassini has the ability to force a delay of any sale (either because he in fact does have the final say, or because he could quite legitimately get a legal injunction to delay it). What isn't clear is, if it's the latter, whether it could conceivably be in his interests to do so.

When I worked in the City I was involved with the negotiation of many international loan agreements, which always included Events of Default similar to the ones in the Bond Agreement.

To be able to delay things, Bassini would have to have a good case that whatever happened did not constitute a breach of the default clauses. However, the Bondholders would have recieved high quality legal advice, so I doubt Bassini could do that. I think his recent posts are meant to worry the Pozzo's into not dealing with the Bondholders without involving him, probably because he will not get the £12m he is hoping for, or anything probably.

Regarding GT, this is totally outside of his control, he is completely helpless to do anything, so no wonder he resigned when he did. I would have done the same.