Weston Saint

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.

BBC Solent this morning said Storrie is locked in discussions with the SA prospective buyers. Chainrai & Kushner were talking to another two interested parties. Storrie is the CEO and therefore acting for the business. It must be clear by now that whatever deal was agreed last week subject to proof of funds has collapsed. Others have speculated why. It could be the result on Saturday, it could be the change in ownership of the stadium, it could be that funds have yet to be transferred or it might simply be lack of any real agreement with the main creditors, HMRC, Chainrai & Gaydamac. I think it is safe to say the SA's were not just going to take over the club and debts without a massive discount. HMRC will not likely budge. Gaydamac can afford to wait as most of his debt is already long term to 2012 and he has the surrounding property as security. Chainria appears to want out as soon as possible. Maybe he has seen what sort of deal is going down, did not see it to his advantage and grabbed the stadium property with a lease back to cover his losses. Now here is the strange thing. Why is Chainrai & Kushner talking to two other potential investors? They do not own the football club, only the stadium. They are creditors. What are creditors doing talking to potential buyers? Puts into perspective the comments "rescue package" I think Chainrai has given up on the SA interest and is trying desperately to recover as much of his money as he can. He will put them into Administration before the week is out. I am not sure of the legal issues because we do not know the terms of the loan secured against the Stadium but I bet he has been clever enough to keep that out of administration. I also suspect he had it valued before the loan security and will be able to demonstrate that his "purchase" for £10m was a fair price to pay should HMRC challenge the legality. But as I say, I am no expert in such matters and we do not have all the facts.

Tony Husband: Chainrai and his partner were not hopeful this morning, Storrie was! Still taking at the moment in London. Looks like the end game is near.

http://www.pompeytrust.com/index.php?option=com_content&view=article&id=128:the-al-fahim-shares-update&catid=53:trust-information The Al-Fahim shares - update Monday, 22 February 2010 10:15 Matt Partridge .The Pompey Supporters’ Trust working committee met with Suleiman Al Fahim at the end of January to discuss the possibility of Mr Fahim donating his 10% share in Portsmouth Football Club to the Trust. The working committee agreed that the offer had been made in good faith, but due to the circumstances of the Club we required financial and legal advice before we’d be in a position to comment further. No formal offer has yet been made to the trust, but appreciating the need for urgency in the current dire situation, the Trust and it's advisors will deal with any formal offer immediately after it's been recieved. A reccomendation based on financial and legal advice will be put to the Pompey Trusts members, who ultimately approve any decisions of this scale. If you require any more information please contact info@pompeytrust.com This e-mail address is being protected from spambots. You need JavaScript enabled to view it Last Updated ( Monday, 22 February 2010 10:56 )

So it the trust now own 10% of the club I assume they also own 10% of the debt?

With all the whispers coming out on message boards and in the media, if there is a SA consortium who prove funds next week, I assume they will then issue a letter of intent whilst they carry out their own due diligence. We know how many false dawns we had. But if they are "saved" let us put it into perspective. They are still favourites to go down. If they are "saved" and avoid relegation at the end of the season so what! Does it affect our support of Saints? Of course it does not. Does it affect our club, the playing staff or our attempt to get out of Div 1? Of course it does not. Do we care? Well I don't. We have had fun, we have taken the ****, we have seen them squirm it total embarrasment and my bet, in the event they are "saved", is that it will not be anywhere near what we have. It will not be long before we regain our rightful premier position on the south coast. Comforting thoughts aren't they

Let us assume they consider Administration next week. Where is the Administrator going to get the money to pay the wages and bills from that date? Cannot risk a loan as the Administrator Company would be responsible should they not find a buyer. They need a "Crouch" figure to keep them going. Would have to be Chainrai or Gydamack but they seem to have decided more money is not the answer. They cannot sell players like we did because of the closed transfer window They cannot mortgage property because it is already mortgaged to Chainrai, Gydermack and Barclays Bank. What else is there? The cupboard is bare. I think for this reason any investor would not wait for Administration as it is possible no one would take in on because of it's gross insolvency. So liquidation would occur and any chance lost. If they come in before Administration/Liquidation they have to immediately find £12M for the tax man plus wages and PAYE/NI said to be conservatively about £3M. Then they have to negotiate with Chainrai and Gaydamack to settle their debt. Chainrai has aleady taken over the stadium for £10m leaving about £7m o/s Gaydamack is owed about £26m I believe. I think then he will release the surrounding property back to the club. Say he gets his initial amount, what was it? £7m and keeps the property short term. Then there is the wages/tax/NI until the end of June at £12m Even not taking into account other running costs they need an immediate pot of £41m just to keep them afloat until June and still have debts approaching £30m and more money needed to develop. Just cannot see anyone investing. Why would they? What profit could they possibly conceive to make in the next few years.

One very good thing I noted yesterday, there were no loanee's in the first 11. They were all under contract with us and were considered our strongest 11. That must be unique it this division and again shows stability and intent.

Delighted with the result. Delighted with the reported way we dominated. Pardew will be able to sleep easy tonight. Consistancy going forward now and we will be that force Cortese craves.

What a great place it is and what nice people. Called in Thursday and was immediately met with a smile and a chat with some of the behind the scenes staff. Some of them know me from previous seasons Then whilst I was waiting for someone from Corporate, some of the players recognised me and came over to chat, Tomlinson and Griffiths in particular. Looking forward to the season start. Taken a membership in the Executive Club this season

But he is right though despite my agreement with the side to start.

Yep, agree with all of this.