benjii

I think that is a very pragmatic and sensible post but if Chanrai hadn't decided to fund administration (at least for a while), which must have been an uncertainty (especially once he had taken ownership of the stadium) then I don't think there is anything that the PL, Fifa or even the mighty Storrie could have done to avert liquidation.

If not all, then much of it (depending on his income from the stadium or if he can sell it). Having said that, the status of Gaydamak and his debts is still uncertain. It's hard to predict with any accuracy because you would have to say there are "question marks" over some of these people's motives.

Yep, pretty much and then negotiate with the council over selling the stadium to Tesco I guess.

Chanrai is like Aviva or Barclays were when we were in admin. He's owed money and any deal to come out of admin will probably need his acceptance. The main difference is that he's also managed to squirrel away the stadium so to a large extent he has any new purchaser over a barrel and so has strengthened his negotiation position.

Er, I think that's almost exactly what Fry said. Remember, when he was doing interviews about how important it was that the club survived and everyone was saying what a top bloke he was? If I remember correctly, someone even suggested he was as much of a legend as MLT....

He's going on a "family holiday" to look for a new builder, was the last I heard.

In fairness I think there are probably quite a few posts predicting that they would go into admin before the second hearing of the winding-up petition.

I'm sure it'll be a bargain for someone. After all, the property market is red hot at the moment.

Oh yeah, good point. Bloody spin doctors.

Awesome - what a cracking bit of oratory. :smt038

Rory Delap probably earns more than Obama FFS.

It reminds me of grannies.

I'm a professional messageboard poster

perm

Hehehe.

Anyone got any Clarky-cat?

"A pot plant" - Lol. Why do I have an image of Storrie, Del-Boy stylee, obtaining a job-lot of pot plants from somewhere. The flipside of this is that I hope no one's mummy's day is spoilt.

Are you a pilot then? I thought you were about 17. No offence, I just did.

Absolutely, it's definitely open to challenge. Any transaction in the 12 months preceding the date of administration is, IIRC.

Maybe, although I don't think that would work. I seem to remember a sugestion that Chanrai had paid a tax bill at some point in the last month or so. Maybe this was done by way of a loan. More likely than a donation. Most lenders don't own 90% of a shower of **** football team

Why are people getting so excited about this incredible revelation that Chanrai has charges registered at Cos House - of course he fecking does. And if you think a couple of ex-football players will have anything intelligible to say on the subject I suggest you'll be disappointed!

The Barclays thing is a massive red-herring. Forget it. As I said above, the second security would have to have been preceded by a fresh loan in the prior 21 days. It's not a "normally"; it's an absolute or your charge would become an equitable charge only, not a legal charge.

I agree. In fact it's not even a question of the court considering whether HMRC can proceed or not. The company will enter admin and the hearing will be stayed - no consideration necessary. Simple as that.

No. The petition hasn't been granted. It's stayed. A winding up hasn't commenced. If it was that easy to cause a company to cease disposing of its assets, you could make all kind of mischieve by going around serving winding up petitions on people. The questions that will need to be addressed is whether or not Chanrai's security can be challenged inder the insolvency act or whether the sale of Fratton Park can. For the former, it would depend if it was a "Preference" (as defined in the Insolvency Act). I think this is unlikely, as on the face of it Chanrai lent them money so granting him the security wasn't treating him in any way unusually and was a perfectly reasonable commercial act. For the latter question, it will depend whether the sale was at an "undervalue" or not. If it was at book value then, again, it's probably ok.