It seems that arrival of 1.25 million (unconditional, over two years) from the sale of Faddy has provided the club with enough funds to allow them to make an offer to the creditors. If the offer is accepted by 76% then the offer is binding. As it happens, John Boyle represents 84% of the club's debt. He has agreed to waive his right to a share of the pot and as a result the remaining creditors will enjoy a higher return. They will not receive 100p for every pound they are due. Bryan Jackson will make a ranking of creditors, take the pot of cash to the court and make the creditors an offer.
"There is not a centilla of truth", in the reports that the club could be closed down if players do not receive what the believe they are owed.
Is the club actively seeking a buyer? Yes - the club is looking for a "creditable buyer". JB explained that means someone who has the best interests of the club at heart. A further question elicited that a requirement for being credible would be a willingness to work with the 'Well Trust and that "undertakings" would be sought.
JB and BJ seem to have close and productive working relationship. BJ having a legal duty to protect the creditors while JB concentrates on looking after the interests of Motherwell FC. Indeed, Bryan Jackson was praised for his contribution in delivering the club to its present state of financial stability.
John Boyle confirmed that the club had handed a matter concerning a contractual dispute with John Spencer to the club's lawyers and he suggested that the club were hopeful that Stephen Pearson would agree to an extension to his contract.