trousers

The Pompey Supporters Trust's response begs the question....why has Birch seemingly jumped the gun by recommending/endorsing Portpin's CVA without waiting for any counter offers and then decide which is "best"?

Ah...here it is..... http://www.pompeytrust.com/index.php?option=com_content&view=article&id=409:pst-statement-080612&catid=34:demo-category PST to table counter-offer in coming days. POMPEY SUPPORTERS TRUST STATEMENT IN RESPONSE TO PORTPINS OFFER TO CREDITORS - 08/06/2012 Following the release today of the details of the Proposal to Creditors for a Company Voluntary Agreement by the Administrators of Portsmouth Football Club (2010) Ltd by PKF (UK) LLP and by Portpin, the PST would like to take the opportunity to respond. The details of the proposal are not unexpected and were discussed at a meeting this morning of the PST Bid team, it is by no means certain that this offer will be accepted by the Creditors. Having now seen the detail of Portpins bid and offer to Creditors, we would like to announce the following. Early next week Antony Fanshawe of Begbies Traynor, acting on behalf of the PST, will have formal discussions with Trevor Birch and PKF with a view to presenting a bid from the PST on behalf of the Community within 7 days. We are confident that this counter-offer will deliver a better return to creditors than the offer made today by Portpin. We would also like to urge all Pompey fans and supporters of the PST and the Community Buy-Out to stand behind us during this process and continue the great support we have had throughout the past few months. We are still accepting Pledges towards our Pre-Share scheme and every one will help if our bid is successful and it will guarantee that the majority Shareholders of Portsmouth Football Club through a Community Buy-Out will be the Fans themselves.

Didn't someone say there was supposed to be a Pompey Trust statement at 3pm? Anyone seen it?

Can someone explain how the 'asset' known as Fratton Park can be valued at £13.2m on the company books yet at the same time be valued at only £1m if it were to be sold on the open market upon liquidation? In other words, how is a company allowed to exagerate the value of something for the purposes of accounting? Surely the ground has one value - i.e. the value anyone is prepared to pay for it at any moment in time. Are they saying that the ground is worth 13x more just because someone is playing League One football on it? And are they assumign the council wouldn't revoke the "football use only" clause if no-one actually wanted to play football there? i.e. the council would rather see the land turn into a waste ground than, say, sell it off to Tesco. All seems like a lot of creative accounting to me in order to make the gap between "CVA" and "Liquidation" as large as possible....

So, according to that, I make it 23rd July as D-Day for Pompey.....i.e. if Birch can't sell them by that date (28 days after the CVA meeting on 25th June) then that's that.....

So, in other words, Chainrai is going to convince AA/UHY Hacker to give up their 6 figure claim so he can claw back the 7 figure sum he is owed....? Seems like one way traffic to me....

Lovely jubbly - cheers

To discourage any other companies they deal with from playing the same immoral game, thus protecting themselves from future losses? If you're a supplier to various companies and you give them the green light to shaft your business time and time again then to vote for a derisory CVA is a false economy in the long run, surely?

I can't get that link to the PDF to work....anyone? cheers

In a nutshell....yes.... Let us know how you get on..... as long as you can convince all the journalists under the sun to sweep your story under the carpet you'll be fine....

I would be up for that. I don't do enough of this kinda thing and got a real buzz out of my charity cycle challenge a couple of years ago (both from a personal achievement perspective and the relatively small contribution one was able to make to the chosen charity). Count me in.

My pleasure sir. Donation just submitted. Good luck

I'm no union man (said the official spokesman from the "The Pope is a Catholic" campaign headquarters....) but I agree with this wholeheartly. Once again, in any other walk of life this employee moral blackmail would be stamped upon relentlessly, but, in the fantasy world of football it's seemingly deemed to be acceptable behaviour....

Down the pub....Just about to slap my colleague....and I quote: "You Saints fans have got a cheek banging on about Pompey seeing that you went into administration not so long ago....stones and glass houses..." Sigh...

Meanwhile.... http://www.portsmouth.co.uk/sport/pompey/pompey-past/mandaric-my-pompey-pain-1-3929187 Mandaric: My Pompey pain Published on Friday 8 June 2012 11:00 Milan Mandaric spoke of his heartache at Pompey’s demise and admitted: It makes me sick. The man who rescued the Blues from administration and established them as a Premier League outfit has today spoken out over his former club’s troubles. And Mandaric hinted that Balram Chainrai has to take responsibility not to ‘destroy’ the side he took over in 1998. The Serb billionaire insisted he has been pained and angered to see the club fall apart in recent seasons. Mandaric, who now owns Sheffield Wednesday, stated he is stunned by the extent of the problems Pompey face. Chainrai looks set to return to the fray as he looks for a return on the £18.5m he is owed. Mandaric believes the Hong Kong-based businessman has to carefully consider his role moving forward. He said: ‘It breaks my heart to see the club where it is now, to be honest. If somebody wanted to destroy the club, they couldn’t do a better job. ‘It makes me sick, to be honest, after everything. ‘I just hope they can sort things out and make some progress there. ‘It just makes me angry because I can’t do anything. ‘To be honest, even if I could I don’t know if it would be possible. ‘It just sounds messed up so much. It needs to be sorted. ‘Maybe some people need to give in a bit to not totally destroy the club. ‘It’s the fans’ club. Unless you can do something to help out – don’t bother.’ Mandaric’s eight-year stint as Pompey’s owner came to a close in 2006 when he sold to Sacha Gaydamak. He admitted he would have thought twice about doing so had he known what would eventually take place at Fratton Park. The 73-year-old delivered an emotional assessment of his feelings towards Pompey fans and his relationship with them. He feels they remain the club’s biggest asset and will not let the Blues die if their problems continue. Mandaric said: ‘Sometimes I blame myself. If I’d known this was going to happen I would never have walked away. ‘It looked good and it looked good in the beginning under Gaydamak but someone, somewhere lost the plot. ‘Portsmouth is my love affair, no matter where I am. ‘I carry my key ring which says “Play up Pompey” everywhere with me. ‘It’s a special club. It’s not only special to me. I have never found one person who has had anything but nice things to say about Portsmouth supporters. ‘It makes me feel good. It’s not only me with the memories. ‘But the way I was accepted and appreciated was wonderful. ‘You either have that relationship or you don’t. ‘You are who you are and the fans took to me. ‘They are special people and will not let their club die.’

Yeah....but the creditors obviously won't fall for that trick again....

Not forgetting ANOTHER £500,000 if they return to the Premier League within 5 years.....

Quote of the week! Love it

PKF issues Portsmouth FC CVA proposals 8 June 2012: Trevor Birch a partner at PKF, and the joint administrator of Portsmouth Football Club (2010) Ltd, has today sent proposals to the club’s creditors for a Company Voluntary Arrangement (CVA). He said: “We have written to all of the club’s creditors to inform them of the CVA proposals, which are based on an offer made by Balram Chainrai’s Portpin. “We believe that these proposals are likely to give the best possible deal for creditors and provide the most realistic opportunity for protecting the club’s financial position going forward and avoid liquidation. “There has been a considerable amount of interest in the club over the past few months but nobody has been able to prove their ability and willingness to complete on a purchase other than Portpin.” Portpin proposes offering creditors £500,000 in cash as an up front payment. In addition, Portpin will settle in full the club’s debts to charities, small local businesses owed less than £2,500 and part-time club employees who are owed wages prior to the administration and who worked for the club during administration. A further £500,000 will be offered to creditors if Portsmouth returns to the Premier League within five years. As a result, PKF estimates that unsecured creditors will initially receive approximately 2p in the pound under the terms of the CVA - although this may rise if Portpin and the administrators succeed in convincing the administrator of Convers Sports Initiatives to waive its claim. The offer from Portpin is conditional on creditors voting in favour of the CVA and certain players agreeing to compromise their future contractual entitlements PKF believes that unsecured creditors would not receive any payment if the club is forced into liquidation. Trevor Birch continues: “We have invited all creditors to a meeting at Fratton Park on Monday 25 June at which they will get an opportunity to vote on the proposals. If the CVA is accepted, it will pave the way for Portpin to acquire the club before the start of the next season. “PKF will continue to work with Portpin, the Football League and the Professional Footballers’ Association to finalise a long term and sustainable business plan for the club. “There is still much to do but Portsmouth Football Club is now a step closer to leaving administration and returning to stability.” Balram Chainrai said of the proposal: "I am delighted that a CVA proposal has now been recommended to creditors. “This proposal has been designed to ensure that the club's current financial position has as minimal an impact as possible by ensuring that charities, small local businesses and certain employees that have supported the club whilst in administration do not lose out and are paid in full. “If approved, the proposal will also ensure the club's survival and give the club an opportunity to steady itself and get back on its feet after a troubled few years. Ultimately the CVA is conditional upon reducing the wage bill of the club and agreeing compromise agreements with certain players but we are confident that the administrators will be able to deliver this. “The club's recent history has been well documented but we remain committed to seeing this through so as to get Portsmouth Football Club into a financially secure position off the field and to improve the club's fortunes on it. The approval of the CVA is vital to this plan as it will ensure that the club does not start the new season with a further points deduction, which is obviously crucial to the club's chances of returning to the Championship the following season. “I would therefore urge all creditors entitled to vote on the CVA to follow the recommendation of the club's administrators and vote in favour of the CVA so as to help save the club and get it back to the position that it should be in.” Ends

Aren't they "debts" by another name....? Anyway, I'm sure they'll use it to pay back some of the charities they still owe....

I guess they'll be adding this 'win' to their expansive honours list? "A Pompey spokesman said: ‘Our army of Twitter and Facebook followers have really got behind this initiative and provided Pompey with the same level of support we have come to expect at Fratton Park on a matchday. "

Not quite.... "The £30,000 prize cannot be used to pay off debts or fund wages."

I just typed "Pompey Takeover News" into Google and this image popped up....

@officialsaints: #SaintsFC will also play two matches in France as part of a week-long training camp in Évian-les-Bains. Details at http://t.co/uOy2bQWx.