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According to the document: Estimated Football Creditor as at 30 June 2012 8,463K The football creditors will fall outside of the CVA and will be satisfied by the purchaser So to buy pompey its going to cost chinny at least 9 million (football creditors + charities/small businesses + 500K for the rest). With only 14 million in Parachute payments (possibly less) to come difficult to see how he will be able to get all his money back.

That's what I suspected but with respect to the items I mentioned: a) Not sure exactly what the Professional Football Players Claim Element's are? I would guess they relate to unpaid wages but surely even then the figure of 25 million is a bit high? b) If they are wages are they not footballing debts that need to paid in full due to the FCR?

What's the difference in the creditors listing between "Statement of Affairs" and "Proof of Debt"? For the 'Professional Football Players Claim Element 1 to 4' the former has all 4 entries zero and the later has 4 entries totalling about £25 million.

Its on the PKF site still (or has it just come back?). 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).

One assumes the trust bid must also be based on the high earners leaving so as thing currently stand both are moot.

of course another option is that this is something of an opening bid from chainrai and that he is prepared to pay more but wants to see what the trust intends to do. If the trust offer 3p and then he comes back and offers 4p what chance the trust coming back with a higher option?

I am not sure we have a handle on the total cost of the current offer as it included paying football creditors in full (does that include the wages that have been forgone?, one suspects not) and the charities as well as the 500k for everyone else.

Think the main thing is that it appears to state this is for distribution only, not voting values in which case BT + HMRC should have enough the vote it down and the reduction given BT even less incentive to vote in favour. In fact odd that its there as it would appear they would need BT to vote for the CVA so why include a condition that gives them even less??

Actually its not going to have as large an effect as I thought. its 5% per year effectively. 7.5% on first April 2012: = 7.5% 7.5% on first August 2012 = 7.5 * (100 - ((5*3)/12))/100 = 7.4% 12.5% on first April 2013 = 12.5 * (100 - ((5*9)/12))/100 = 12.0% 12.5% on first September 2013 = 12.5 * (100 - ((5*16)/12))/100 = 11.7% 30% on first April 2014 = 30.0 * (100 - ((5*21)/12))/100 = 27.4% 20% on 17th June 2015 = 20.0 * (100 - ((5*34)/12))/100 = 17.2% Total 83.2% I think.

Where is the newco to Baker Tilley debt schedule again? Need that and a calculator so we can figure out what value they put on the CVA1 debt.

Are the PFA going to be responsible for paying the wages if the club goes into liquidation? If it is then given the amounts involved I expect they would be keen to reach an agreement that would cost them less.

Is it that certain? If it is then why even go to the effort of sending on the CVA if it is doomed even if they get rid of the big earners?

Anyone have the figures? How much would this cost Chinarai now assuming he does all that is in the proposal, i.e. all football debts, charities under 2.5k and the 0.5M for the rest?

They do appear to be playing the "in the case of liquidation unsecured creditors will get nothing" card rather strongly. Are Baker Tilley bound to accept the scenario that gives the initial creditors the best deal, even if its only one step away from b*gg*r all?

They might as well add another zero or two to that figure.

Expected 2p + 10 on never never, turns out its 2p + 2p on the incredibly unlikely. Can't see HMRC going for that.

"Mother I sold our beloved Ben Haim to a strange man for 5 magic bean!" "You naughty boy" "Why mother?" "You should have tried to sell him the rest of the squad while you were at it!"

So surely someone must be getting the CVA document today and can spill the magical beans? Even the level of filler stories on the news site has reached unprecedented low levels.

Thing is we have got to the point where the only things of any real value are the ground and the golden share. If anything you wonder if chainrai could do a MK Dons (yes I know rules have been tightened on this but what else are lawyers for) and sell the pompey golden share without the baggage of selling the full club with its players and their gold plated contracts.

Difficult to see how they keep the parachute payments in that scenario?

Got mine, working on my cunning (a.k.a. never going to be finished) plan that uses it.

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