Weston Saint

Best yet, well done.

The suggestion is that Chainrai is a secure creditor so gets all his money ahead of all other unsecure creditors including HMRC. Solent again said this morning that him putting the club into administration may be taken out of his hands by Barclays who have a floating charge over the club. We all know that Gaydamac says he is owed £30.5m and is holding the surrounding property as security. We also know that Barclays have a charge over those properties and we can assume they will also be a preferred creditor. For what reason they have a charge is not known but I assume it is because they loaned the money for Gaydamac to purchase such property. What is Gaydamac really owed? We know Jacob & Storrie have disputed the club owe him the money, they said as much a while back. If Barlcays are owed a substantial amount of that money as a secure creditor it seems, along with Chainrai's, there will be little left for the unsecure creditors. So HMRC who are owed £11.5m or £18m depending what media reports you believe. Udenese are owed *£10m (not a football creditor but a football debt - see below) Gaydamac £30.5m less what he might owe to Barclays, and other unknowns likely to be a few million. Looks to me as if HMRC might well be a unsecure creditor of more that 25% of the pot left after secure creditors. So no CVA and more misery for PFC. Pure speculation based on snippets picked up, of course * As far as the FA are concerned, Football Creditors are: The FA The Premier League, Football League, Football Conference, Northern Premier League, Southern League, Isthmian League and their clubs Any full-time or part-time employee of those clubs (or ex-employee if owed money from their tenure) – note, no distinction is made between footballing and non-footballing employees, so admin staff are considered Football Creditors. The Professional Footballers’ Association The Football Foundation Any Affiliated Association (essentially the County FAs) Any other affiliated clubs or leagues

http://www.mirrorfootball.co.uk/news/Portsmouth-strike-secret-survival-deal-with-Premier-League-exclusive-article333495.html

http://soccernet.espn.go.com/news/story?id=746083&sec=england&cc=5739 Nothing we do not already know but lol at Storries comments. The poor boy is exhausted

Was that not our best team (Schneiderlin & Connolly excepted)? Did we get our tactics wrong? If so how should we have played? What would you all have done to change things? Seems so many unhappy bunnies on here I thought I would ask.

http://www.telegraph.co.uk/sport/football/leagues/premierleague/portsmouth/7300078/Portsmouth-serve-notice-of-administration.html Gives details of Administrator allegedly chosen

http://www.guardian.co.uk/football/2010/feb/23/portsmouth-administration-points-deduction

I have been told Chainrai's charge is on ALL THE assets, enterprise and FUTURE REVENUES of PFC to the value of £17m. He has transferred the freehold of the ground to himself. If he puts the club into admin the PL have indicated they would advance the parachute payment and allow player sales. Chainrai is the only secured creditor. What would any buyer be buying? What would remain would be; All player assets Parachute payment - gone Freehold of the stadium - gone And to get it out of administration, you still have to pay the football creditors IN FULL - £10m and pay Chainrai £1m a year, half the Championship tv revenue, in order to play there. Also, just paying the football creditors means no CVA - which means another points deduction next season.

Injured

Unless Chainrai pays the loanee's wages I think you might be right. But they are fooked anyway so no real benefit to keep them unless contracts tie them to Poopy

It is a question that is puzzling many on here including me.

We were solvent then, we had the backing of the bank and were still looking for investors/buyers. The bank suprisingly (for Lowe & Cowan) pulling the plug was the trigger for insolvency. Admin was not sought until that time. .

No notice of Administration only at this stage. Appointment will be likely be over the weekend. I suspect Chainrai has someone lined up, he is just not saying.

Exactly

South Today - "Who will be the Administrator? Vantis apparently priced themselves out" lol.

The media are advised by insolvency experts so unlikely. We did not make a mistake with dates last year. Lowe expected to be able to trade until at least the end of the season with bank support. The bank withdrew that support and meant we would trade insolvent if we continued so, without alternative investment guarantee he had no alternative.

I suspect an Administrator has been lined up and has seen the books or at least the SoA

He will be a creditor. He will be protected if he is entitled to the money as a football debt and will be paid by the "new owners" when they come out of Admin, or no golden share or a bigger points deduction to start the season. In my opinion

What changed? Possibly the loss on Saturday brought the realisation of relegation as a real possibilty and messed up their figures Possibly, the fact that Chainrai took the stadium out of the equasion and messed up their figures Possibly a meeting with the PL did not go as well as they hoped and messed up their figures. Definately the 5 days notice of Administration to avoid the Winding Up hearing or they were messed up period.

5 calander days, so Saturday or Sunday. They would not have given that notice today otherwise

For all those so called experts who said they could not go into Administration because of the winding up order - none of the media introduced experts say so! Two ways - apply to the courts or give notice of intention to appoint administrators and then after 5 days Administrators step in, just before the winding up hearing. Will come as no suprise to HMRC. They were no doubt expecting it.

The only rule I can find for Premier is the 9 points deduction. If PFC come out of Administration before the end of the season that will likely be that. If the Administration goes past the end of the season and PFC are relegated, as seems certain, they will have to apply to the FL to get the "golden share" and if they have not reached CVA with at least 75% of creditors, and we know the HMRC will not agree one, they will likely be subject to a further points deduction. As it is their second Administration it would likely attract a further 15 points. Anyone who has professional knowledge and wants to challenge my assumptions, I would be interested in their views.

I was wrong then - Friday is still the day. Chainrai is to pay the Administration costs which are thought to be about £3m Chainrai is the new Crouch

4:30pm is the new Friday down fratton way

You need to have sight of the original loan contract and a legal background to answer that.