Errrr.... Am I missing something here? If he bought the club for £1 and his DLA is in credit for £3.6m then he's lost a hell of a lot of money by taking over this club. Everyone seems to be talking like he's some kind of parasite but if this report is accurate it looks to me like he just made a stupid decision to buy an awfully run football club, never got to grips with the problem and he's now trying to not lose everything he put into Bury. He's been there for less than 9 months so he clearly didn't cause these financial problems either. If I've got the wrong end of the stick I reserve my right to call him a parasitic feck.
The reality is nobody knows what he's actually put into the club. There's no sign that he's put anything in. I'm fact it appears there's been a net flow out in his direction - including the club's trophies and archive moved into another company and maybe the prize money from promotion as well.
It's thought he bought the old directors' loans (loans of around £7m) at a very heavily discounted rate (maybe even with payment to be settled later at a percentage of the final earning) prior to the CVA that reduced their book value to 25% of that £7m. The idea is to make money on the gap between the debt purchase price and the CVA or insolvency price obtained. He put this debt into the name of a company in his son-in-law's name formed the day before the CVA hearing.
When the CVA appeared in front of the business court in Manchester, an additional loan debt had appeared - £3.6m owed to Dale, which would become £900k following the CVA. The court didn't allow the £3.6m debt to be used on voting on the CVA as its existence seemed unclear and it appeared to be double counting of other debts.
It looks like someone has offered to cover the rest of the debt including the original directors'loans at the 25% discounted CVA rate but (like the court) sees that new £3.6m/£900k as a leap too far. On the face of it, Dale is betting on someone rich and emotionally invested cracking in the game of chicken and just giving him the money.
Of course, him and his son in law may genuinely have invested millions in it. It just seems unlikely as his previous businesses are either bankrupt or in receivership, and there's no much sign of the club paying its bills - certainly not bills in excess of the club's normal ticket income etc.