Pompey Takeover Saga

[Gemmel]

As I have maintained for a while, they were never going to get liquidated whilst there was still parachute money, coupled with the fact that chinny would end up a small percentage of a very small pot.

 

But it's good news! This ensures a slower death.

 

Some musings;

 

Chinny doesn't get to vote in the CVA (Not that that really matters, it will get passed)

 

HMRC are going after Directors who could potentially become personally liable. They don't really need an investigation to do this, it would have just made it easier. Don't give up on action from the previous admin either. May be Storrie and Lampitt should put their houses in their wives names.

 

The Football Creditors vote could save Chinny millions

 

I reckon the two intrested parties are; The trust and Storries or walshes lot

 

Chinny will be taking back over.

 

Failed CVA will get a points deduction (It simply has to)

 

Voldemore will leave

[Matthew Le God]

At time of writing this article says the PFA is owed £26m...

 

http://www.bbc.co.uk/sport/0/football/17859429

 

I think it is more likely to be £2.6m.

 

I was wrong, this is something new that I don't think anyone here knew about.

 

I asked the BBC reporter about the £26 million figure to the PFA and he said...

 

@MatthewLeGod Sorry for the late reply, yes PFA claim they will be owed £26m in total if the club are liquidated. #pompey

[Sour Mash]

I was wrong, this is something new that I don't think anyone here knew about.

 

I asked the BBC reporter about the £26 million figure to the PFA and he said...

 

@MatthewLeGod Sorry for the late reply, yes PFA claim they will be owed £26m in total if the club are liquidated. #pompey

For what though? Have they been covering some wages or payments?

[trousers]

Failed CVA will get a points deduction (It simply has to)

 

 

This is reliant on the Football League exercising their discretionary powers as they don't have any rules that cover failed CVAs...

[eurosaint]

Shut up you boring skate mong cu nt.

 

So, let me get this straight, the current options for the dcfsb's are :

 

1. liquidation

or

2. Chinny - who has never spent a penny on the club and never will, and that was the cause of a party when they went back into admin as all the stupid thick skate mongs [PFC123 et al] celebrated getting rid of him for good - rides back into town to spend no money once more and rape every last penny from then.

 

What is it that the corpse used to say? Oh yeah, that's it, FPMSFL

 

What was it Pikey123 used to say, ah yes - "Don't you worry, we'll be just fine" !

WTFILN

[Sour Mash]

For what though? Have they been covering some wages or payments?

Or is that to cover the outstanding contracts on the current players that the PFA would facilitate?

[Matthew Le God]

Or is that to cover the outstanding contracts on the current players that the PFA would facilitate?

 

I would think so yes.

[andysstuff]

I was wrong, this is something new that I don't think anyone here knew about.

 

I asked the BBC reporter about the £26 million figure to the PFA and he said...

 

@MatthewLeGod Sorry for the late reply, yes PFA claim they will be owed £26m in total if the club are liquidated. #pompey

 

I would guess that's the value left on the player's contracts. Which I think the PFA will pick up of they are liquidated. Happy to be shown to be wrong (as usual!)

[Gemmel]

Or is that to cover the outstanding contracts on the current players that the PFA would facilitate?

 

Yep, thats it

[Chin Strain]

To be fair, he's in a minority. I know several PFC fans who have understood the situation for ages, who don't claim to be the best fans in the world and don't try to deflect from decent conversation. I prefer to believe fans like PFC123 are a minority. Not just for their sake, I know Saints have a lot of morons too, it's just depressing to accept how stupid a large portion of society is, regardless of football allegiance. PFC123 might just be a prime example of how thick many people are out there, no perspective, no real thought process, objectivity or logic. It's really quite depressing.

 

 

You'd like to hope that this is true, but I know plenty of skates who also seem to think like pikey123, and some of them are actually quite intelligent. It's a depressing reflection on society that football, and the greed that goes with it, blinds so many to the difference between right and wrong.

[Gemmel]

This is reliant on the Football League exercising their discretionary powers as they don't have any rules that cover failed CVAs...

 

There a number of reasons why I am convinced they will (And accept I could end up looking stupid) and simply can't see they have an alternative.

 

1) Football finances are in a mess, other clubs will go into admin, if they don't act it is a green light to all other clubs, to keep gambling on getting to the prem and not honouring CVA's

 

2) If they don't do anything, pfc / chinny could just do exactly the same again....and again

 

3) Chinny isn't the FA or FL's favorite person, if there was a chance to hurt his attempt at getting to the money, they might just do it with a smile, a points deduction would do that.

 

4) The reality is quite simply that there is fundementally no difference between a rejected CVA or a failed CVA.

 

5) Look how the SFA have come down on Rangers. Whilst the FA might not act comparibly with the SFA, they (The FA) won't want to look weak or spineless

[Sour Mash]

I would think so yes.

 

Yep, thats it

So the players are guaranteed their money pretty much straight away, paid up by some sort of insurance scheme. Makes you think a few of them would almost fancy liquidation.

[Pedro]

Will Chanrai pass the F&PP test, can he prove funds to see through next season, will companies give him/PFC credit facilities again. It still don't add up, why are PFC (or whatever they are) given so many more chances than anyone else. Liquidate them, move on.

[rallyboy]

things don't get any better...

I'm trying to buy World Cup finals tickets in the Maradona Suite, Upper Tier of the Limbless Child Stand at the Harbourdome and TicketBa$tard are treating me like a looney.

What is their problem?

 

Anyone know the best to travel to the arena?

I know there is parking for 80,000 and the two new rail stations serving the whole complex run every fifteen minutes to London and Paris, but I'm tempted to go over on the Gosport Ferry.

And with the stadium sticking out halfway across the harbour, if the number of people is too much I could probably jump across.

 

Any good places to eat pre-match in the pompey village complex built on the land compulsory-purchased for £500M?

I've heard that Jamie Oliver's place is quite good, the one next to the underwater casino and leather shop - makes the Spinnaker Tower look like a project delivered six years late with the main item not working.

 

Anyway, need to get back online because if the Southsea 250,000 are on there that'll be most of the World Cup tickets gone.

I take it the new stadium has the traditional hot and cold running fat?

 

Can't wait to see England walk out in the arena, the three lions draped over the huge bronze statues of Storrie and Lampitt....I know it's wrong but as a Saints fan, like the rest of football, I'm really jealous of what they've created.

 

You have to give it to them, it's quite a feat to take the club from where it was fifteen years ago, hopelessly in debt, no future, living in the shadows of rivals, owned by idiots, supported by myth-peddling, heather-selling, sister-bothering simpletons, staring down the barrel of the lower leagues with only charity-raping to look forward to - now look at them!

 

I'm a little green-eyed monster - grrrr.

[Truckasaurus]

Zzzzzzzzz been laughing at the absolute idiots on here coming out with stuff like "We love HMRC" for a long time. They're almost as bad as the Skates in my book, indirectly wasting away millions of tax payers money.

 

As bad as the skates eh! HMRC don't make any rules. Politians make the rules. HMRC adhere to those rules. Got that bit ok?

 

Tax collected is shared out by..........................policies polititians make. Got that bit ok?

 

So basically HMRC IS TOLD WHAT TO DO. Got that bit ok? Money they collect does not belong to HMRC. Money collected by HMRC belongs to the treasury (The government of the day) and that money is spent on..............................

 

Hospitals

Fire engines

Policeman

etc etc etc etc

Go to a third world country (i have) and then come home and moan about HMRC.

 

GOD BLESS HMRC.

[Sour Mash]

As bad as the skates eh! HMRC don't make any rules. Politians make the rules. HMRC adhere to those rules. Got that bit ok?

 

Tax collected is shared out by..........................policies polititians make. Got that bit ok?

 

So basically HMRC IS TOLD WHAT TO DO. Got that bit ok? Money they collect does not belong to HMRC. Money collected by HMRC belongs to the treasury (The government of the day) and that money is spent on..............................

 

Hospitals

Fire engines

Policeman

etc etc etc etc

Go to a third world country (i have) and then come home and moan about HMRC.

 

GOD BLESS HMRC.

You summed up my point perfectly.

[suewhistle]

jealousy? :lol:

 

I burst out in genuine laughter when I saw that.. creased myself more when I saw your post...

[Faz]

things don't get any better...

I'm trying to buy World Cup finals tickets in the Maradona Suite, Upper Tier of the Limbless Child Stand at the Harbourdome and TicketBa$tard are treating me like a looney.

What is their problem?

 

Anyone know the best to travel to the arena?

I know there is parking for 80,000 and the two new rail stations serving the whole complex run every fifteen minutes to London and Paris, but I'm tempted to go over on the Gosport Ferry.

And with the stadium sticking out halfway across the harbour, if the number of people is too much I could probably jump across.

 

Any good places to eat pre-match in the pompey village complex built on the land compulsory-purchased for £500M?

I've heard that Jamie Oliver's place is quite good, the one next to the underwater casino and leather shop - makes the Spinnaker Tower look like a project delivered six years late with the main item not working.

 

Anyway, need to get back online because if the Southsea 250,000 are on there that'll be most of the World Cup tickets gone.

I take it the new stadium has the traditional hot and cold running fat?

 

Can't wait to see England walk out in the arena, the three lions draped over the huge bronze statues of Storrie and Lampitt....I know it's wrong but as a Saints fan, like the rest of football, I'm really jealous of what they've created.

 

You have to give it to them, it's quite a feat to take the club from where it was fifteen years ago, hopelessly in debt, no future, living in the shadows of rivals, owned by idiots, supported by myth-peddling, heather-selling, sister-bothering simpletons, staring down the barrel of the lower leagues with only charity-raping to look forward to - now look at them!

 

I'm a little green-eyed monster - grrrr.

 

You, my friend, have too much time on your hands. Quality.

[suewhistle]

Looks more like Le Saux, if you ask me.

 

I regret to say it, but I'm old enough to be able to tell you that it's Hiley.. or at least, if this wine is stronger than I reckoned - definitely NOT Le Saux...

[BigShadow]

things don't get any better...

I'm trying to buy World Cup finals tickets in the Maradona Suite, Upper Tier of the Limbless Child Stand at the Harbourdome and TicketBa$tard are treating me like a looney.

What is their problem?

 

Anyone know the best to travel to the arena?

I know there is parking for 80,000 and the two new rail stations serving the whole complex run every fifteen minutes to London and Paris, but I'm tempted to go over on the Gosport Ferry.

And with the stadium sticking out halfway across the harbour, if the number of people is too much I could probably jump across.

 

Any good places to eat pre-match in the pompey village complex built on the land compulsory-purchased for £500M?

I've heard that Jamie Oliver's place is quite good, the one next to the underwater casino and leather shop - makes the Spinnaker Tower look like a project delivered six years late with the main item not working.

 

Anyway, need to get back online because if the Southsea 250,000 are on there that'll be most of the World Cup tickets gone.

I take it the new stadium has the traditional hot and cold running fat?

 

Can't wait to see England walk out in the arena, the three lions draped over the huge bronze statues of Storrie and Lampitt....I know it's wrong but as a Saints fan, like the rest of football, I'm really jealous of what they've created.

 

You have to give it to them, it's quite a feat to take the club from where it was fifteen years ago, hopelessly in debt, no future, living in the shadows of rivals, owned by idiots, supported by myth-peddling, heather-selling, sister-bothering simpletons, staring down the barrel of the lower leagues with only charity-raping to look forward to - now look at them!

 

I'm a little green-eyed monster - grrrr.

 

[Truckasaurus]

I think it maybe Ken Monkou

[trousers]

The reality is quite simply that there is fundementally no difference between a rejected CVA or a failed CVA.

 

 

Absolutely.

 

Indeed, one could argue that defaulting on an agreed CVA is worse (morally and logically) than not agreeing a CVA in the first place.

 

At least with the latter the creditors know where they stand from 'day 1'.

 

With no penalty whatsoever for failing to honour a CVA, each and every creditor is effectively in a state of limbo for years on end.

 

If anything, the penalty for failing to honour a CVA should be greater than the penalty for not having one in the first place.

 

IMHO of course.

Edited 26 April, 2012 by trousers

[SaintRichmond]

There a number of reasons why I am convinced they will (And accept I could end up looking stupid) and simply can't see they have an alternative.

 

1) Football finances are in a mess, other clubs will go into admin, if they don't act it is a green light to all other clubs, to keep gambling on getting to the prem and not honouring CVA's

 

2) If they don't do anything, pfc / chinny could just do exactly the same again....and again

 

3) Chinny isn't the FA or FL's favorite person, if there was a chance to hurt his attempt at getting to the money, they might just do it with a smile, a points deduction would do that.

 

4) The reality is quite simply that there is fundementally no difference between a rejected CVA or a failed CVA.

 

5) Look how the SFA have come down on Rangers. Whilst the FA might not act comparibly with the SFA, they (The FA) won't want to look weak or spineless

 

 

But the FA have long since demonstrated that they ARE weak and spineless

 

They would be TOO SCARED to do anything like what the SFA have done

 

They are SPINELESS, TOOTHLESS, USELESS, still run by 19th Century idiots

[suewhistle]

Absolutely.

 

Indeed, one could argue that defaulting on an agreed CVA is worse (morally and logically) than not agreeing a CVA in the first place.

 

At least with the latter the creditors know where they stand from 'day 1'.

 

With no penalty whatsoever for failing to honour a CVA, each and every creditor is effectively in a state of limbo for years on end.

 

If anything, the penalty for failing to honour a CVA should be greater than the penalty for not having one on the first place.

 

IMHO of course.

 

Indeed. Until it actually fails I'm not even sure that businesses can write off the debt against tax.. Clapham???

 

Incidentally, where's Corp these days? He may be a WUM but he's definitely not _quite_ as stupid as PFC, hence his absence here.

[Chez]

The Pony / Sanderson kit is from the mid-late 90s, Ginola left Spurs in 2000 and Le Saux didn't join Saints until 2003 when we sold Wayne Bridge to Chelsea.

 

It's definitely Scott Hiley.

It certainly is Scott Hiley. He is a bit of a cult hero at nottarfkrap by the way. The photo is taken at White Hart Lane in the 3-0 defeat during the 1998/99 season. El Khalej did not play in that game. Oh and Hiley wore Diadora boots, seen clearly in the pic.

[Frank's cousin]

Jealous... yeah, I'm jealous... of clubs like Bayer Levekusen, who get to a champions league final on a 20k gate because they are lucky enough to hold on to player sther have developed for more years than we can in England... Jealous of your cup win? Maybe a little, afterall when we got there we faced a top Arsenal side so loosing 1-0, was not bad, and a trophy is a trophy... but then I look at what it cost you, and what you have become, bitter twisted and ignorant of the real cost of that fleeting success and no I am not jealous, and unlike the mad feckers at Leeds and other clubs, I would NOT swap a tropht for the madness of spending that you did... to suggest that, simply highlights your ignorance and defensiveness...you know its tainted, but you just wont admit it... yes you were solvent then, yes you could afford it then...just, but you had entered into contracts that unless you became champions league you could not afford, because although Gaydamrk was loaning you the cash, there would come a time when he stopped increasing his loands anyway,,, a time BEFORE those contracts were up... not exactly prudent planning.

 

Whta is worse though is that from todays Creditor meeting something than many may have missed, it was afterall a very small comment hidden amongst the ;more impottant stuff; was acomment from Chinneys team - that the club NEEDED additional investment, after it exited admin the last time - and that CSI had provided this 17mil facilty - 17 mil because it could NOT cover its costs and liabilties AFTER it exited admin without it - so with debts of 120 mil + reduced to 16mil throughs some questionable contract, the club then carried on paying the same wages to an extent of -17 mil a year... coventry, Donacaster Forest, even us after we were rightly spanked for our 4 mil overdraft, sold everytiung we could, played cheap players... your club of which you are so proud did not... it carried on as if nothing was wrong - even basic ethics says that if you had 17mil to blow, give to teh feckin creditors to get them off the liabilty list, ship out teh high earners and struggle yes but with a clearer conscience, knowing you have not fecked the competition?

 

This thread is about many things, yes we are now laughing, schardenfreude can be a wonderful thing, but many on here were for some time sympathetic to the fans plight.. that has been eroded to teh point where we are glad toi see you dissappear up your collective arseholes because of the constant refusal to see anything wrong in what has happened and plead ''its so unfair'' - charities and businesses get feck all, but hey we had quality....

 

NOw its about teh rules or lack of them that let clubs do this without suitable sanction... if you cant see that a club having done what portsmouth has done does not deserve a more severe sanction, then you are quite literally as thick as shiet... open your eyes PFC.

[Lazlo78]

From me to the creditors:

 

[Pugwash]

So, what have Baker Tilly been doing while all this has been going on?

[TopGun]

But he doesn't...he gets the ground, with no football club, and therefore there's nothing in his way to change the usage and flog it for development. Alternatively he could take the club over, cover all the football debts (deferred player wages) that eat into remaining parachute payments, cover off any pay offs to players going or, more likely, cover the shortfall in wages for next year. Worst case scenario, nobody leaves and he ends up with a £15m+ wage bill for next season. It'll cost him at least £8 - £10m to cover that...all to chase down £17m.

 

Sure, he may get some transfer fees (not big money though), but it still doesn't stack up. The only way it does is if he either is allowed to sack players (relies on the FCR rule being overturned) or players leave for no pay off. If he can shift enough of them to allow income to cover all expenses, then fair enough. But that's unlikely I'd have thought.

 

I still don't see how he's better off with the club being a going concern, rather than being liquidated and him simply selling the ground to the highest bidder.

 

I'm not sure about this either. Maybe BC isn't too. But better to be in control than not.

[Red and White Army]

So what was the outcome of the creditors meeting yesterday?

[Frank's cousin]

So what was the outcome of the creditors meeting yesterday?

 

Not alot. Chinney and AA hold teh aces and voted down an amendment by HMRC to have the co liquidated for forensic iinvestigation and CVA transferred to new co - same as last time. Creditors agreed CVA is way forward (I think) so creditors committee set up to begin assessment of proposals by Administrator.

 

No buyer yet

NO real interest

Cash only til end of May

 

Chinney says will not allow club to be liquidated so in effect 99% likely to offer around 4-5 mil to pay of creditor debt (around 10p in pound) of which as the main creditor he will get about half back (seriously you could not make this up), Most likely his 'financial advisor (AA), will somehow get creditors to agree to CVA payments not having to be started until 2016 or something... meaning that chinney can get his hands on the parachute cash, and teh other 2 mil of his 'purcahse' would be used to satisfy the football creditors for teh time being.... in effect he could then if he so desires have the club in a position where they could keep hold of the squad, to get them promoted, whilst building up debt again based on the parachute cash funding it....

 

In effect, unless they are given another points penalty for the previosly failed CVA (for which the FL have no rule), they could potentially start L1 with a massive competitive advantage as the parachute cash will count tiowards revenue and this get them around the Fair play rules.... or put it another way, the DCSCs will not only have gotten away with it a 2nd time, but be perfectly placed to do exactly the same thing again and no one can do anything to prevent it.... expect them to challenge for promotion on the back of not having paid either CVA a penny.

[Frank's cousin]

Not alot. Chinney and AA hold teh aces and voted down an amendment by HMRC to have the co liquidated for forensic iinvestigation and CVA transferred to new co - same as last time. Creditors agreed CVA is way forward (I think) so creditors committee set up to begin assessment of proposals by Administrator.

 

No buyer yet

NO real interest

Cash only til end of May

 

Chinney says will not allow club to be liquidated so in effect 99% likely to offer around 4-5 mil to pay of creditor debt (around 10p in pound) of which as the main creditor he will get about half back (seriously you could not make this up), Most likely his 'financial advisor (AA), will somehow get creditors to agree to CVA payments not having to be started until 2016 or something... meaning that chinney can get his hands on the parachute cash, and teh other 2 mil of his 'purcahse' would be used to satisfy the football creditors for teh time being.... in effect he could then if he so desires have the club in a position where they could keep hold of the squad, to get them promoted, whilst building up debt again based on the parachute cash funding it....

 

In effect, unless they are given another points penalty for the previosly failed CVA (for which the FL have no rule), they could potentially start L1 with a massive competitive advantage as the parachute cash will count tiowards revenue and this get them around the Fair play rules.... or put it another way, the DCSCs will not only have gotten away with it a 2nd time, but be perfectly placed to do exactly the same thing again and no one can do anything to prevent it.... expect them to challenge for promotion on the back of not having paid either CVA a penny.

 

... cue their few fans thinking this is fair and how their squad advantage is totally justified and deserved..... and they think its jealously why we hate them.... jeez

[Tamesaint]

Not alot. Chinney and AA hold teh aces and voted down an amendment by HMRC to have the co liquidated for forensic iinvestigation and CVA transferred to new co - same as last time. Creditors agreed CVA is way forward (I think) so creditors committee set up to begin assessment of proposals by Administrator.

 

No buyer yet

NO real interest

Cash only til end of May

 

Chinney says will not allow club to be liquidated so in effect 99% likely to offer around 4-5 mil to pay of creditor debt (around 10p in pound) of which as the main creditor he will get about half back (seriously you could not make this up), Most likely his 'financial advisor (AA), will somehow get creditors to agree to CVA payments not having to be started until 2016 or something... meaning that chinney can get his hands on the parachute cash, and teh other 2 mil of his 'purcahse' would be used to satisfy the football creditors for teh time being.... in effect he could then if he so desires have the club in a position where they could keep hold of the squad, to get them promoted, whilst building up debt again based on the parachute cash funding it....

 

In effect, unless they are given another points penalty for the previosly failed CVA (for which the FL have no rule), they could potentially start L1 with a massive competitive advantage as the parachute cash will count tiowards revenue and this get them around the Fair play rules.... or put it another way, the DCSCs will not only have gotten away with it a 2nd time, but be perfectly placed to do exactly the same thing again and no one can do anything to prevent it.... expect them to challenge for promotion on the back of not having paid either CVA a penny.

 

An excellent summary if I may say.

 

The only thing is that I doubt that Chinny would want to get the club in a position to be able to challenge for promotion from L1. How much will it cost him to keep thesquad together?£17 million? Why would he want to spend this to get his hands on £14 million of parachute payments?

[trousers]

So, what have Baker Tilly been doing while all this has been going on?

 

That's a very good question. And one that I've also been asking over the last few months but nobody seems to know.

 

All I do know is that Pompey seem to have managed to turn £138m of debt (or whatever AA's "valuation" of the debt was at the time of CVA1) into a few million in the space of 2 years.

 

Paul Daniels eat your heart out.

Edited 27 April, 2012 by trousers

[Dark Munster]

An excellent summary if I may say.

 

The only thing is that I doubt that Chinny would want to get the club in a position to be able to challenge for promotion from L1. How much will it cost him to keep thesquad together?£17 million? Why would he want to spend this to get his hands on £14 million of parachute payments?

 

I think this sums it up ..

 

To maximise the harvest that means nil expenditure on players and 2 years of playing the youth team (if one can be cobbled together) during 2 relegations to Blue Square land. Painful for them.

 

It's what I predicted ages ago. Plan A: gamble on promotion to the PL. If that fails, Plan B: cut to the bone, play the kids, keep the rotten corpse on life support just long enough until the last parachute payment has been extracted. And I doubt Chinny is very concerned about any future points penalties (unless he thinks he can find another idiot to keep the club running with filthy money).

[Gingeletiss]

Re Chinny...........some questions that deserve answers methinks!

 

On the FAPPT - how can a guy pass this test (again) if he has:-

 

1) Owned the club twice, and put the club into administration twice (once by default!)

2) Omitted player transfers from the books (Kaboul)

3) Reneged on a promise to pay small creditors

4) Tried to bribe the high court by offering half a millon to have his preferred adminstrator at the club.? any ideas?

[Sevvy]

Re Chinny...........some questions that deserve answers methinks!

 

On the FAPPT - how can a guy pass this test (again) if he has:-

 

1) Owned the club twice, and put the club into administration twice (once by default!)

2) Omitted player transfers from the books (Kaboul)

3) Reneged on a promise to pay small creditors

4) Tried to bribe the high court by offering half a millon to have his preferred adminstrator at the club.? any ideas?

 

 

Just look how long its now taking to take over Reading

[Wes Tender]

You summed up my point perfectly.

 

You're obviously going to think that.

 

But I believe instead that he shot you down in flames.

[Torres]

Re any new CVA, the liquidators of OldCo (BakerTilley) are owed £16.5m. In order for them to be able to block any CVA proposal in the face of all other unsecured creditors voting in favour, the total unsecured debt would have to be £66m or less. In reality, not all other unsecured creditors would vote in favour, most obviously being HMRC, so it seems likely that BakerTilley will be the deciding factor in any CVA proposal being accepted. So what are the chances of them voting in favour of another paltry return?

 

They were appointed by HMRC and so we assume that they are, to some degree, willing to do as HMRC ask. I would think that HMRC are also now the largest unsecured creditor from OldCo's liquidation now that the other large unsecured creditors who (the group of ****ing players like OHara, Quincy, Big Sol, "Jambo") have all been either paid up or left and are no longer owed anything from OldCo's liquidation. This must also give HMRC some weight in influencing BT's voting behaviour. Presumably their duty is still to get the "best" return for OldCo's creditors but if HMRC hold sway, it may be that the "best" return for them is for PFC to hang.

[dronskisaint]

Yes that's right, over 1200 pages because you're all soooo outraged about the plight of local Portsmouth people and the rest. Buuuuull****. You don't give a flying **** about local Pompey people. This thread is ENTIRELY about jealousy and bitterness towards your biggest rivals. ENTIRELY.

 

If you really believe that load of cock above, you should be worried- you're losing your grip on reality....

 

Meltdown....This thread left Corporate toy in a pool of molten plastic and now the desperation is dissolving the grammatically-challenged Pikey 123 (look how high it can count!) in to a similar, fishy-smelling puddle.

 

Like shooting fish in a barrel:D:smug:

Edited 27 April, 2012 by dronskisaint
typo

[OldNick]

El Khalej actually

Duncan im sorry but you are wrong, I'm surprised you made a mistake there, it is not like you.It is Scott Hiley

 

As for yesterday, I notice Meridian did the lead story of 3 Pompey players signing up to the Trust. Do they not realise how pathetic they who are taking massive wages from the club look as they sign?

 

I also thought that Meridian were subtly putting pressure on TBH by mentioning him above all players there, it seems Pompey are trying to turn the screw to make life so bad for him that he will walk.

 

Is it about time TB called Chanrais bluff and put them into liquidation? he keeps playing we are running out of money game, but now they have enough to June,it was not long ago when they weren't going to make the seasons end.

[Doctoroncall]

If Chainrai is the only option left, then much will depend on the make up of unsecured creditors to approve the CVA.

 

Do we know what that is?

[saint si]

Re any new CVA, the liquidators of OldCo (BakerTilley) are owed £16.5m. In order for them to be able to block any CVA proposal in the face of all other unsecured creditors voting in favour, the total unsecured debt would have to be £66m or less. In reality, not all other unsecured creditors would vote in favour, most obviously being HMRC, so it seems likely that BakerTilley will be the deciding factor in any CVA proposal being accepted. So what are the chances of them voting in favour of another paltry return?

 

They were appointed by HMRC and so we assume that they are, to some degree, willing to do as HMRC ask. I would think that HMRC are also now the largest unsecured creditor from OldCo's liquidation now that the other large unsecured creditors who (the group of ****ing players like OHara, Quincy, Big Sol, "Jambo") have all been either paid up or left and are no longer owed anything from OldCo's liquidation. This must also give HMRC some weight in influencing BT's voting behaviour. Presumably their duty is still to get the "best" return for OldCo's creditors but if HMRC hold sway, it may be that the "best" return for them is for PFC to hang.

 

Agree that Baker Tilley are going to be key to it all.

 

A further question then - if their chunk of the debt is reduced by a CVA, then what happens to BT's obligations to the creditors of CVA1? Is that the point at which Baker Tilley then confirms it cannot fulfil CVA1, and CVA1 is deemed to have failed?

[derry]

Yes that's right, over 1200 pages because you're all soooo outraged about the plight of local Portsmouth people and the rest. Buuuuull****. You don't give a flying **** about local Pompey people. This thread is ENTIRELY about jealousy and bitterness towards your biggest rivals. ENTIRELY.

 

If you really believe that load of cock above, you should be worried- you're losing your grip on reality....

 

I think it is basically down to the bitterness felt by SFC supporters over the attitude of PFC supporters when we were relegated and the WBA result together with more bile when we were in administration.

 

When I was young there was competitiveness over derbies and wanting local teams to do well. It is the younger generation of both cities that have fostered the bile and hate and invented the Scummers/Skates. However most SFC supporters are disgusted with the behaviour of PFC in the past four years. I personally think they should be liquidated. Then they can get back to basics. It needs the council to CP Fratton Park. Southampton Council were prepared to purchase the stadium before we were takenover.

[Torres]

Difference between the 2 sitiautions with regards to a CP of the stadia Derry is that St Mary's could, potentially, have been an investment for Southampton Council. Decent crowds meant decent revenue for the club so they could afford rent, plus all the conference and meeting facilities and potential for using it for other events (concerts etc) may have made a case for a decent return on the council's investment.

 

None of that applies to FP.

[hutch]

Re Chinny...........some questions that deserve answers methinks!

 

On the FAPPT - how can a guy pass this test (again) if he has:-

 

1) Owned the club twice, and put the club into administration twice (once by default!)

2) Omitted player transfers from the books (Kaboul)

3) Reneged on a promise to pay small creditors

4) Tried to bribe the high court by offering half a millon to have his preferred adminstrator at the club.? any ideas?

I think he'll have to fill in a form. Then fax it off to FLHQ with a photocopy of his passport. If he hasn't got his own handy, he can fax a copy of somebody else's.

 

FLHQ is a place near Cheltenham where they do top secret investigations into football owners.

[trousers]

@pn_neil_allen: #Pompey player firesale poised to begin. http://t.co/MsAtsooL

[ALWAYS_SFC]

http://www.portsmouth.co.uk/sport/pompey/pompey-past/birch-poised-to-launch-pompey-firesale-1-3779823

[trousers]

Re any new CVA, the liquidators of OldCo (BakerTilley) are owed £16.5m. In order for them to be able to block any CVA proposal in the face of all other unsecured creditors voting in favour, the total unsecured debt would have to be £66m or less. In reality, not all other unsecured creditors would vote in favour, most obviously being HMRC, so it seems likely that BakerTilley will be the deciding factor in any CVA proposal being accepted. So what are the chances of them voting in favour of another paltry return?

 

They were appointed by HMRC and so we assume that they are, to some degree, willing to do as HMRC ask. I would think that HMRC are also now the largest unsecured creditor from OldCo's liquidation now that the other large unsecured creditors who (the group of ****ing players like OHara, Quincy, Big Sol, "Jambo") have all been either paid up or left and are no longer owed anything from OldCo's liquidation. This must also give HMRC some weight in influencing BT's voting behaviour. Presumably their duty is still to get the "best" return for OldCo's creditors but if HMRC hold sway, it may be that the "best" return for them is for PFC to hang.

 

Erm .. Unless I'm Mistaken I don't recall Tilly Baker being represented at the creditors meeting yesterday nor are they on the creditors committee that was appointed? As I say, I may have completely missed it

[Glasgow_Saint]

@pn_neil_allen: #Pompey player firesale poised to begin. http://t.co/MsAtsooL

 

 

:lol: :lol: :lol: :lol: