Torres

Snoras couldn't possibly be dodgy because they were voted Best Bank In An Emerging Market by The Banker magazine, IIRC. Definite proof they were legit. Poor Steve

Erm, why do UHY Hacker Young owe PFC money? As for the conflict on interest arguments, it was thoroughly disclosed and discussed in court and Norris obviously decided it was not an issue. I doubt that AAs appeal will get that decision changed, at least not any time soon.

Ho, the price is still entirely unrealistic. It'll probably cost upwards of £30m to pay off the creditors in full via a CVA (given HMRCs stance on not getting 100% of what's owed and the likelihood of BT voting with HMRC) and for that a buyer would still get bugger all. The only way anyone buys you for less than that is by not exiting admin with a CVA, for which the FL will hit you with the biggest points deduction ever known. And the buyer still get f-all for their money. As for Norris questioning Chanrai's position, it means absolutely nothing. I'm struggling to understand the joy in Fishville, I really am. They're still screwed.

Maybe Ho could tell us what he expects to happen - at least then we'll be able to cross that off the list of possible outcomes for Pompey.

It may seem outrageous that they are bringing more players in but you have to remember that Birch's job is to get the best return for the creditors. IF, in his view, the best way to do that is by staying in the Championship rather than playing in League1 next season (which, given the greater revenues from TV, gate receipts [lol] and other commercial income it may be) AND the additional cost of doing so is not prohibitive, then he can justify spending a little more in the short term to secure greater long term returns for those creditors.

Excellent.

OK, so whilst the fishy few are dancing like it's VE Day down the road, where are they really? How does it pan out from here? 1) After a period of Admin, a CVA is agreed with the unsecured creditors and, despite the upcoming points deduction, life goes on for PFC2010 Ltd. The trouble here is that HMRC and Baker Tilley will vote together on a CVA. HMRC will not accept less than 100% and so neither will BT and between them, they have plenty enough to block any CVA that doesn't give them 100%. In a CVA, all unsecured creditors must be paid the same amount. That includes CSI, so to exit with a CVA it'll cost north of £35m, plus expenses. 2) After a period of admin, a buyer is found who settles all outstanding debt, this negating the need for a CVA. Cost? North of £35m. 3) After a period of admin, they exit without agreeing a CVA. Cost of this will depend, but they'll be hit with at least a 15 point deduction, if not more, if the FL even allow it. 4) PFK do a little digging around, realise they're too far gone to save and liquidate. On top of this, they still have Chinny kncking around with his charge on their assets, and Gaydamak owns most of the ground around FP. I'm struggling to see much to celebrate, and much of future without pain. Have a I missed an option?

He didn't rule it invalid, FFS. Even if he believed it to be, the validity would be tested in the relevant court, sometime in the future. If the few think this has been done, they really are in for a shock

OK, as far as I know, Norris never said that Chinny's debenture was invalid - I thought I'd missed something. As for the validity of CSI's claim which someone questioned above - one of the concessions offered by the PFC directors in return for having UHY appointed as Administrators was that CSI would decline to sit on the creditors committee. This was offered to reduce the severity of the conflict of interest for UHY being admin of CSI and PFC. Given that, there's little doubt the UHY and the court consider their claim invalid.

Sorry, when did the judge say there was no evidence to support Chanrai's claim on the debenture? I've missed this news...

Yep, the £18m is what CSI owe(d) Chinny for PFC. Payable in installments, secured against Fratton.

CSI owe Portpin £18m, IIRC.

Debt to CSI is £16.8m, according to today's hearing. Debt to OldCo liquidators (Baker Tilley) is 16.5m HMRC only £2m. Other trade creditors £2m.

I'd have thought so Trousers, yes. Not sure how many they'll lose now, but I suspect the FL want to make it enough to ensure the punishment of relegation.

I'd say Lampitt was a winner today - he's not got to worry about being personally liable for their ongoing mess any more.

Trevor Birch was sat next to HMRC's main man on Pompey in court today. I'd say they have a decent relationship. It's the same HMRC guy who has been on their case for years - he was in every previous hearing. There's no love lost between Birch and AA and HMRC and AA. PFK and HRMC seems a different story. I don't think PFK will try to shaft the Revenue going forward.

So I've been, erm, in a meeting all morning - did I miss much?

8 academy players! They can all play this weekend, no? That'd give them a bigger squad than Bompey had at 1 point, including the schoolboy that needed written permission for the headmaster to play!

For all you twitters - @pompeytoaster

This will go 1 of 3 ways over the next couple of weeks: 1 - Admin refused, Winding Up Order on Monday. Good news. 2 - Admin granted, UHY appointed. Good news, as AA will bleed every penny out of them that he possibly can to satisfy Chinny. 3 - Admin granted, UHY not appointed in favour of BT or some other reputable IP. They admit insolvency. I say it will play our over the next couple of weeks as I can easily see today's hearing taking a similar path to the last one, with PFC making all sorts of outlandish claims about their assets, which are then challenged, and a request for a more thorough SoA then made by Justice Norris. PFC then have another date for their diaries in early March.

And can I just say that whatever happens, I'd like to put rivalry aside for a second and wish the likes of Mero the best of luck. He's just a normal football fan like most of us, albeit with appaling taste, rather than a frothing, deluded, cheating moron and he deserves a club of some form to support.

Surely their only hope of convincing the court that they could survive through Admin was for Chanrai to again commit to fund it (regardless of whether he actually went on to do so or not) as nobody, nobody, isn't going to put a single penny into them from today onwards. The much talked about cash in the bank will just about get them into next week if they're allowed access to it. If HMRC, MoneyPenny and Chums block the appointment of Chinny's favourite Insolvency Practioners, he's definitely not going to fund their admin. Has PrettyPenny just done an about turn and, rather than trying to save PFC2010, just stuck the knife into them to hurry along AFC Pompey?

http://www.youtube.com/watch?v=DMQbzLrvwlE

All those now clubless kids formerly of the PFC Academy need some club to go to now, after all....

That list is brilliant