Torres

And don't forget that HMRC are also owed a few million quid by NewCo and will have the equivalent voting rights on the new CVA proposal that affords them.

Chanrai either puts a new offer to PKF which forms a new CVA proposal which is again put to creditors or walks away and awaits another buyer to do similar. Or PKF liquidate.

If the total unsecured debt is indeed £40m, the £16.5m that BT/OldCo are owed is more than enough to block any CVA proposal. I don't see any mechanism by which BT can/need to go back to the creditors of OldCo, no.

Oh, and whichever Revenue man does finally get to paint the Pompey club crest on the nose of his Spitfire will definitely be looking for a promotion. Given that they've not had a pay rise in 2 years everyone's doing everything they can to get up a grade within the civil service.

Oh, and there's not a hope in hell that HMRC are not still out for Pompey blood. They will do anything they can to kill them.

BT should act in the best interests of the creditors of OldCo that they represent. HMRC are probably the biggest sole creditor in that bunch and almost certainly have the largest influence. Certainly BT would rather keep HMRC on side and risk the wrath of Terry the builder rather than the other way around...

For those asking over the last few pages about the voting rights of creditors of CVA1 in CVA2, it's pretty clear - they don't have any. They are due to be paid from the proceeds of the liquidation of OldCo (soon to be known as OldOldCo probably) which includes a payment from NewCo to the sum of £16.5m. This liquidation is being overseen by Baker Tilley. BT, representing OldCo, will have voting rights equal to £16.5m in any NewCo CVA proposal. If that proposal is, as suggested above, 2p in the pound, they'll be offered just £330000 of the £16500000 they are owed. If you were a creditor in CVA1 who was owed, say, £100000 prior to OldCo admin then you could now expect to receive the princely sum of £80 following CVA2. Minus expenses. Lovely.

It will be the coup de grace of this thread if Chinny's takeover is denied by the Football League because Chinny fails a new and improved FPPT, as demanded by Pompey fans last year, and the club is subsequently liquidated.

"May" be "slight" cause for optimism. Well, I'd be reassured by that if were a fish fiddler.

Back from Fort William and back at work (booo) but did Ben Nevis on Saturday. Weather was mixed on the way up until we hit the cloud about 3000ft when we got the snow and hail and gradually lost visibility until it was down to about 20m. Lots and lots of fresh snow up there and ice underneath so it was pretty dicey underfoot and near-impossible to see the path in places. On the final ascent to the top plateau we couldn't make out the next marker cairn but thankfully there were enough people to make a vague human chain and we followed the people in front and the people behind followed us etc etc. Bloody brilliant though. On the topic of kit - I can recommed Cotswold too. I've bought a lot of stuff from them at various stores and their staff are normally very helpful and always knowledgeable. I can only think they only employ people that actually get out there and use the stuff they sell. As for stuff you need - decent boots, a decent softshell is a must IMO (you can wear it as your outer layer in all but the most extreme conditions - I wore mine from sea level to 4000ft on Saturday through the warm sun, the snow, the hail and back to the sunshine) and if you're going to do much in the way of ascents, a pair of walking poles. I used to think poles were only for old buggers but they make life so much easier for everyone on the way up and the way down. Oh, and socks of course. And trousers. And a well fitted bag. And water bladder.

Everybody would, MLG.

It snowed on Nevis yesterday, is snowing today and several hours more expected tomorrow when it will "...deteriorate with strong winds and blizzards... " The entire WHW is pretty high on my To Do list too, ideally before the end of the year but it might gave to wait.

I walked across Scotland from Oban to St Andrews a couple of years ago and passed through some stunning scenery on the first few days, really fantastic. Off to Fort William this weekend to do Ben Nevis if the weather allows. There's snow at the moment and more on the way and we're taking a couple of inexpereinced walkers so might not risk it if the weather's not great. If we don't we'll probably do the last leg of the WHW from Kinlochleven to FW.

180

I am shocked that Premier League bound Reading don't want to sign Haydon Mullins permanently.

So, you're lying to players, possibly leading to them turning on other offers from other clubs in favour of your fantasy? Nice.

Fee undisclosed? Fee not very much, more like.

Pedg - I don't see how the Trust have a hope in hell of getting any deal done, or anywhere near being done, before June 2nd. The only way they'll have a buyer in place is if: - it's someone super-rich who doesn't give a toss about due diligence because they can afford to pay whatever's required - it's someone super-stupid who doesn't give a toss about due diligence because they're too stupid to care - it's someone already involved in the club who has a pretty good idea of the financial situtation. I can only think of 1 person who fits that bill. The only way the Trust could get involved is if they were to piggyback onto one of the deals above. The rich man doesn't need them and they won't deal with the man already involved. So they need someone wealthy and dim to appear, pronto, and there aren't too many like that around.

With such a **** left back it's amazing we were in the top 2 all season.

Wow - a lot of people on here have very detailed, confidential, knowledge of our administration. Of course, everything said so far is fact and not, in any way, rumour and conjecture.

I wish I'd been at the City Ground on Saturday rather than at St Mary's, celebrating our 4-0 victory (our 26th league win of the season) and promotion to the Premier League (our second promotion in successive years). I can only imagine the hilarity of sitting in with the Forest fans watching those crazy Pompey fans throwing beach balls and balloons around!

Oh really, UP? Never heard that before. Interesting. Do you know how much is to be repaid and therefore how much of a haircut Aviva took, if any?

+2. Need beer for the train?

I didn't see any mention of BT in any of the reports from yesterday's meeting either, Trousers. Maybe they don't give a toss and are going to vote "NO" to any proposal, regardless?