saint si Posted 8 June, 2012 Share Posted 8 June, 2012 In the FL's eyes, what is the difference between offering a player Xp in the £ within a CVA, and Xp in the £ within a "compromise agreement"? Surely in both cases they have failed to pay their football creditors in full, and therefore the golden share should be with-held? Link to comment Share on other sites More sharing options...
Ken Tone Posted 8 June, 2012 Share Posted 8 June, 2012 of course another option is that this is something of an opening bid from chainrai and that he is prepared to pay more but wants to see what the trust intends to do. If the trust offer 3p and then he comes back and offers 4p what chance the trust coming back with a higher option? I don't think the 2p or the 3p in the pound is the real issue. It's the £18.3 million owed to Chainrai, which Birch seems to have negotiated to Fratton plus £8.3 million -- and of course the big earners. The trust will have to cover that debt to Chainrai somehow, as well as the money to the other creditors. Link to comment Share on other sites More sharing options...
OldNick Posted 8 June, 2012 Share Posted 8 June, 2012 The creditors will accept, the ones who are in CVA1 will have lost any energy to fight and would be expecting nothing and any new ones will be as stupid as the first lot. BC who is worshipped on here as being great is IMO the only reason Pompey were not liquidated 3-4 years ago. if he had not lent them mnoey then they were finished, no AA , no second FA cup final etc etc. He is the reason they will survive now and in time Pompey fans will revere him as he saved them. Link to comment Share on other sites More sharing options...
Torres Posted 8 June, 2012 Share Posted 8 June, 2012 The creditors will accept, the ones who are in CVA1 will have lost any energy to fight... Let me know when they're all getting together to vote, won't you? Link to comment Share on other sites More sharing options...
Gemmel Posted 8 June, 2012 Share Posted 8 June, 2012 Let me know when they're all getting together to vote, won't you? The only probelm with that Torres (Based on my understanding), is that a no show, or they dont vote, is a counted as acceptance Link to comment Share on other sites More sharing options...
Torres Posted 8 June, 2012 Share Posted 8 June, 2012 (edited) The only probelm with that Torres (Based on my understanding), is that a no show, or they dont vote, is a counted as acceptance I meant the creditors from CVA1 who have given up all hope. There's no mechanism in place for them to vote on CVA2, it's purely down to BakerTilley. I think. Edited 8 June, 2012 by Torres Link to comment Share on other sites More sharing options...
tony13579 Posted 8 June, 2012 Share Posted 8 June, 2012 The trust can offer 8.3m from the parachute payments +10m in 4 more years +3p in the pund to other creditors from the trust pledges and then go into administration again before the payments are due. Link to comment Share on other sites More sharing options...
hypochondriac Posted 8 June, 2012 Share Posted 8 June, 2012 What is to stop them from going into admin again before the completion of this CVA and then creating CVA 3 offering 2p of this CVA? Link to comment Share on other sites More sharing options...
trousers Posted 8 June, 2012 Share Posted 8 June, 2012 So how can I buy a £200k house for £800 then? Because I like the sound of that. Is it just local business, charity and taxpayers I have to defraud? In a nutshell....yes.... Let us know how you get on..... as long as you can convince all the journalists under the sun to sweep your story under the carpet you'll be fine.... Link to comment Share on other sites More sharing options...
trousers Posted 8 June, 2012 Share Posted 8 June, 2012 What is to stop them from going into admin again before the completion of this CVA and then creating CVA 3 offering 2p of this CVA? Link to comment Share on other sites More sharing options...
sussexsaint Posted 8 June, 2012 Share Posted 8 June, 2012 Sorry being completely thick here , why would the creditors vote against this, surely its either accept this or get the square root of bugger all ( I appreciate they ammount to virtually the same monetarily) but from a purely business perspective wouldn't they rather have something no matter how small rather than nothing? I know thats not what we would want but .... Link to comment Share on other sites More sharing options...
trousers Posted 8 June, 2012 Share Posted 8 June, 2012 http://www.pkf.co.uk/web/pkf.nsf/9B17ED7F7B6C6DBD80257A1700350840/$file/PFC+%282010%29+Ltd+CVA+proposals+8+06+2012+FINAL+%282%29.PDF I can't get that link to the PDF to work....anyone? cheers Link to comment Share on other sites More sharing options...
Joneth Posted 8 June, 2012 Share Posted 8 June, 2012 Sorry can I just check this is right. They are actually saying "You know that £xxxxx we owe you, well we can't pay that back, sorry. How about we give you 0.34% of it and call it quits?" So a CVA1 creditor owed £10,000 would be awaiting a cheque in the post of £33.60? That is mind-bogglingly criminal. Link to comment Share on other sites More sharing options...
Gruffalo Posted 8 June, 2012 Share Posted 8 June, 2012 I can't get that link to the PDF to work....anyone? cheers Try this one - http://tinyurl.com/crehkwk Link to comment Share on other sites More sharing options...
trousers Posted 8 June, 2012 Share Posted 8 June, 2012 (edited) Sorry being completely thick here , why would the creditors vote against this, surely its either accept this or get the square root of bugger all ( I appreciate they ammount to virtually the same monetarily) but from a purely business perspective wouldn't they rather have something no matter how small rather than nothing? To discourage any other companies they deal with from playing the same immoral game, thus protecting themselves from future losses? If you're a supplier to various companies and you give them the green light to shaft your business time and time again then to vote for a derisory CVA is a false economy in the long run, surely? Edited 8 June, 2012 by trousers Link to comment Share on other sites More sharing options...
Highfield Saint Posted 8 June, 2012 Share Posted 8 June, 2012 The only probelm with that Torres (Based on my understanding), is that a no show, or they dont vote, is a counted as acceptance Is that true??? Link to comment Share on other sites More sharing options...
trousers Posted 8 June, 2012 Share Posted 8 June, 2012 Try this one - http://tinyurl.com/crehkwk Lovely jubbly - cheers Link to comment Share on other sites More sharing options...
Whitey Grandad Posted 8 June, 2012 Share Posted 8 June, 2012 It does make me wonder why the national press doesnt pick up on this. I think it'll make interesting reading to most football fans. Are they worried about losing a few skate readers? Oxymoron. Link to comment Share on other sites More sharing options...
ottery st mary Posted 8 June, 2012 Share Posted 8 June, 2012 (edited) This is a right dogs dinner AND I still find it alarming that this is allowed to carry on.. Football League , Football Association , Judiciary , The Goverment...... Everyone has turned a blind eye, could not care a damn or corruption of some kind.. The only peeps who seem to care are the lovelly peeps on this forum:) The End is surely nigh!!!!!! Cheats NEVER prosper;) OR do they ? Edited 8 June, 2012 by ottery st mary Link to comment Share on other sites More sharing options...
holepuncture Posted 8 June, 2012 Share Posted 8 June, 2012 Wher's that from? I really feel for you! That it absolutely disgraceful and I am sure you are not alone with this scenario. If I were you I would look to get together as many of the smaller creditors as possible and protest outside Football League/FA HQ - invite the press, it isn't even about Pompey anymore. No club should be able to get away with this! You seem to be forgetting that it is all LESS EXPENSES! Also, the complicated sum from above, so in effect, £3000 becomes : 83.2% of £12 = £9.99, less expenses, probably original CVA expenses AND current PKF expenses. So from £3000 original debt, you MIGHT have enough to buy some photo paper for your photo business, as long as it doesn't cost more than about £7! You've gone from being able to afford a Cannon 5D to being able to afford a few bits of photo paper - which will remain blank as you've no camera to take pictures with - assuming you are still using the photographer small business example It is my alias, a bitter and disgruntled creditor, a local freelance photographer who was a sole trader owed £3k by pompey for services to the club. I managed to keep my mortgage going and thus did not lose my house, but I have lost my business due to the failure of CVA MKI. My family have suffered terribly as a result, and I now work in a shop for pittence, but at least pompey didnt completely ruin me. My £3000 has been converted twice in fantasy CVAs drawn up by a viscious hong kong loan shark, and I stand to receive £12 before expenses... as WSS points out, I have enough for a ream of f*cking paper. It might be a hypothetical story, but there are many, many creditors who will have been affected in this way. Its an entirely plausible scenario, and one which I believe justifies why pompey should liquidate and start again in the Wessex league ground sharing with Moneyfields FC. Link to comment Share on other sites More sharing options...
trousers Posted 8 June, 2012 Share Posted 8 June, 2012 Try this one - http://tinyurl.com/crehkwk We attach an Estimated Outcome of the CVA compared with Creditors’ Voluntary Liquidation. This Estimated Outcome comparison confirms that in a Creditors’ Voluntary Liquidation Unsecured Creditors are unlikely to receive any payment at all. Under the CVA, however, it is estimated Unsecured Creditors will receive approximately 2p in the £. However, the Debenture Holder shall work with the Supervisor in an attempt to procure that the administrators of the Club’s parent company, Convers Sports Initiatives plc, to agree to waive their entitlement to a dividend and thereby increase the funds available to creditors. In such circumstances the dividend to Unsecured Creditors would be expected to be greater than 2p in the £ So, in other words, Chainrai is going to convince AA/UHY Hacker to give up their 6 figure claim so he can claw back the 7 figure sum he is owed....? Seems like one way traffic to me.... Link to comment Share on other sites More sharing options...
Gemmel Posted 8 June, 2012 Share Posted 8 June, 2012 POMPEY SUPPORTERS TRUST STATEMENT IN RESPONSE TO PORTPINS OFFER TO CREDITORS - 08/06/2012 Following the release today of the details of the Proposal to Creditors for a Company Voluntary Agreement by the Administrators of Portsmouth Football Club (2010) Ltd by PKF (UK) LLP and by Portpin, the PST would like to take the opportunity to respond. The details of the proposal are not unexpected and were discussed at a meeting this morning of the PST Bid team, it is by no means certain that this offer will be accepted by the Creditors. Having now seen the detail of Portpins bid and offer to Creditors, we would like to announce the following. Early next week Antony Fanshawe of Begbies Traynor, acting on behalf of the PST, will have formal discussions with Trevor Birch and PKF with a view to presenting a bid from the PST on behalf of the Community within 7 days. We are confident that this counter-offer will deliver a better return to creditors than the offer made today by Portpin. We would also like to urge all Pompey fans and supporters of the PST and the Community Buy-Out to stand behind us during this process and continue the great support we have had throughout the past few months. We are still accepting Pledges towards our Pre-Share scheme and every one will help if our bid is successful and it will guarantee that the majority Shareholders of Portsmouth Football Club through a Community Buy-Out will be the Fans themselves Link to comment Share on other sites More sharing options...
Thedelldays Posted 8 June, 2012 Share Posted 8 June, 2012 how will they fair under community ownership..? how long before someone else wants to be the "fan on the board"? Link to comment Share on other sites More sharing options...
trousers Posted 8 June, 2012 Share Posted 8 June, 2012 Try this one - http://tinyurl.com/crehkwk 3 PROPOSAL 3.1 The business and assets of the Club are to be sold to the Purchaser (or other third party purchaser that is either the Debenture Holder or a company under the same ultimate ownership as that of the Debenture Holder) conditional upon the completion of a sale and purchase agreement (the "SPA") within 28 days (or within such further period as the Supervisor, in their absolute discretion may determine) of this Proposal being approved by the requisite majority of Preferential Creditors and Unsecured Creditors. So, according to that, I make it 23rd July as D-Day for Pompey.....i.e. if Birch can't sell them by that date (28 days after the CVA meeting on 25th June) then that's that..... Link to comment Share on other sites More sharing options...
Verbal Posted 8 June, 2012 Share Posted 8 June, 2012 So, according to that, I make it 23rd July as D-Day for Pompey.....i.e. if Birch can't sell them by that date (28 days after the CVA meeting on 25th June) then that's that..... Not if the 'supervisor' has anything to do with it. Who is that? Birch? Link to comment Share on other sites More sharing options...
hypochondriac Posted 8 June, 2012 Share Posted 8 June, 2012 Amazing! So the Trust come forward with a better offer (which Chanrai can block presumably). Even if he cannot, the Trust take over and then have virtually nothing for wages and transfer fees. If they want to take over then they have to get rid of virtually every single player and buy a squad on about 1K a week or less. This is going to be brilliant! Link to comment Share on other sites More sharing options...
pedg Posted 8 June, 2012 Share Posted 8 June, 2012 One assumes the trust bid must also be based on the high earners leaving so as thing currently stand both are moot. Link to comment Share on other sites More sharing options...
Saint Mikey Posted 8 June, 2012 Share Posted 8 June, 2012 how will they fair under community ownership..? how long before someone else wants to be the "fan on the board"? Not sure that the Trust have a chance of buying them still. Surely, the reason why Chanrai can offer such a small amount is because he is owed a load. Anyone else making an offer that isn’t him, has to take his debt into consideration? Otherwise, if the trust offer 3p, he’ll just offer 4p etc. Of the three likely outcomes: a) Trust Ownership b) Chinny ownership c) Liquidation I like all three. In fact, I think I like the first two better. They still have a big reality check about how difficult Lge 1 is, and it will be amusing seeing them struggle year on year… Link to comment Share on other sites More sharing options...
hypochondriac Posted 8 June, 2012 Share Posted 8 June, 2012 One assumes the trust bid must also be based on the high earners leaving so as thing currently stand both are moot. Even if they do manage to get rid of the high earners, clear the decks and fight Chanrai how on earth are they going to get enough players in to contest the league? Emergency loan me up methinks and best case scenario possible further relegation to league 2? Link to comment Share on other sites More sharing options...
hypochondriac Posted 8 June, 2012 Share Posted 8 June, 2012 Not sure that the Trust have a chance of buying them still. Surely, the reason why Chanrai can offer such a small amount is because he is owed a load. Anyone else making an offer that isn’t him, has to take his debt into consideration? Otherwise, if the trust offer 3p, he’ll just offer 4p etc. Of the three likely outcomes: a) Trust Ownership b) Chinny ownership c) Liquidation I like all three. In fact, I think I like the first two better. They still have a big reality check about how difficult Lge 1 is, and it will be amusing seeing them struggle year on year… I would quite like fan ownership, especially because they have suggested that we would be jealous of their fan owned club on more than one occasion. A little reality check is exactly what they need and I predict infighting and fan demands as soon as they realise how little actual finance they will have. They will be competing with the likes of Walsall on the wage scale they can afford FFS. Link to comment Share on other sites More sharing options...
for_heaven's_Saint Posted 8 June, 2012 Share Posted 8 June, 2012 Can Chanrai come in with another offer if the PST manage to propose theirs? Surely he can just go one better than whatever they offer? Link to comment Share on other sites More sharing options...
sidthesquid Posted 8 June, 2012 Share Posted 8 June, 2012 Sorry being completely thick here , why would the creditors vote against this, surely its either accept this or get the square root of bugger all ( I appreciate they ammount to virtually the same monetarily) but from a purely business perspective wouldn't they rather have something no matter how small rather than nothing? I know thats not what we would want but .... Because even for what was a relatively large initial debt, the amount they will get now is sod-all. I would vote against it if my £40000 was reduced to £160. Why would you not? In a bit of an OldNick moment it occurred to me that if Chinny gets a debt free club for £500000 without the big earners etc, it is clearly worth a few million quid, possibly on another HP arrangement, where if it all goes t1ts-up we can have admin 3. Unless the FL intervene this is still an endlessly repeateable process. In fact, what is to stop him, as owner, buying a big yacht and a house and a Ferrari on the company books (maybe he has already, or was that Peter Storrie?) through the club's books and then wiping it out again, as a football club, unlike any other business 'must' be kept alive. Amin 4 here we come. Link to comment Share on other sites More sharing options...
warsash saint Posted 8 June, 2012 Share Posted 8 June, 2012 Roll on the next 1200 pages This still has a long way to go...... Link to comment Share on other sites More sharing options...
ottery st mary Posted 8 June, 2012 Share Posted 8 June, 2012 Amazing! So the Trust come forward with a better offer (which Chanrai can block presumably). Even if he cannot, the Trust take over and then have virtually nothing for wages and transfer fees. If they want to take over then they have to get rid of virtually every single player and buy a squad on about 1K a week or less. This is going to be brilliant! There are rumours that some of the forum players will be scouted.. Please note I called them players and not footballers. Link to comment Share on other sites More sharing options...
St Lightjaw Posted 8 June, 2012 Share Posted 8 June, 2012 Nice to know other fans hold our fishy friends in the same high regard as we do http://www.griffinpark.org/forums/showthread.php?t=77982&page=19 Link to comment Share on other sites More sharing options...
angelman Posted 8 June, 2012 Share Posted 8 June, 2012 Sorry being completely thick here , why would the creditors vote against this, surely its either accept this or get the square root of bugger all ( I appreciate they ammount to virtually the same monetarily) but from a purely business perspective wouldn't they rather have something no matter how small rather than nothing? I know thats not what we would want but .... You have of course answered your own question. At 2p I would risk everything (ie not much) in order to try and get a decent settlement. With regards the PST take over, I actually hope that they succeed. Maybe it is getting promoted again, but I do feel that this has been going on for quite long enough now, and anything to shaft Chin would be good. Link to comment Share on other sites More sharing options...
hutch Posted 8 June, 2012 Share Posted 8 June, 2012 (edited) So, in other words, Chainrai is going to convince AA/UHY Hacker to give up their 6 figure claim so he can claw back the 7 figure sum he is owed....? Seems like one way traffic to me.... Nope. But he will surely succeed in persuading them waive just enough of their entitlement to improve BC's offer to be a smidgeon higher than the Trust's bid. Without waiving anything, he stands to get about a quarter of his half-a-million back, as secured creditor of CSI. BC £500k -> TB TB £10.6m/£40.2m x £500k = £132k -> AA AA £132k -> BC All before expenses of course, and based on figures from The News. I haven't read Birch's offer yet. And a quick afterthought, if those figures from The News are correct, the Administrator of CSI can vote down any CVA, but if he waives any entitlement he can't. So expect any waiving to only apply to an offer from Chainrai. Edited 8 June, 2012 by hutch afterthought Link to comment Share on other sites More sharing options...
trousers Posted 8 June, 2012 Share Posted 8 June, 2012 (edited) Try this one - http://tinyurl.com/crehkwk Freehold property - Fratton Park The Club plays its home fixtures at Fratton Park, a c21,000 all-seater football stadium owned by the Company. It has a net book value in the Company’s accounts of c£13.2m. Fratton Park is subject to a fixed charge in favour of Portpin Limited (‘Portpin’), a Company registered in the British Virgin Islands. Under the proposed terms of the CVA the buyer would pay a nominal sum to the Company for the property and would instead assume the debt due to Portpin. In the event that the Company is liquidated without finding a buyer for the Club Edward Summons estimate the value at c.£1.6m, but this value is subject to the issue of access being resolved, and excludes costs of realisation. For the purposes of the estimated outcome statement, the realisable value in a liquidation has been estimated to be £1m Can someone explain how the 'asset' known as Fratton Park can be valued at £13.2m on the company books yet at the same time be valued at only £1m if it were to be sold on the open market upon liquidation? In other words, how is a company allowed to exagerate the value of something for the purposes of accounting? Surely the ground has one value - i.e. the value anyone is prepared to pay for it at any moment in time. Are they saying that the ground is worth 13x more just because someone is playing League One football on it? And are they assumign the council wouldn't revoke the "football use only" clause if no-one actually wanted to play football there? i.e. the council would rather see the land turn into a waste ground than, say, sell it off to Tesco. All seems like a lot of creative accounting to me in order to make the gap between "CVA" and "Liquidation" as large as possible.... Edited 8 June, 2012 by trousers Link to comment Share on other sites More sharing options...
gaz Posted 8 June, 2012 Share Posted 8 June, 2012 It does make me wonder why the national press doesnt pick up on this. I think it'll make interesting reading to most football fans. Are they worried about losing a few skate readers? I think it got to the point that most Journos couldn't work out the legal ramifications of all the plot twists. Matt Slater at the BBC is probably the closest. Link to comment Share on other sites More sharing options...
Gorgiesaint Posted 8 June, 2012 Share Posted 8 June, 2012 Can Chanrai come in with another offer if the PST manage to propose theirs? Surely he can just go one better than whatever they offer? Perhaps Chinny will sell to the PST in the same way he sold to CSI... let the PST soak up the losses for a few months until they've been bled dry & Chinny has to take the reins back up again. Would be a good way for Chinny to cover some debts & gets him closer to the high wages earners being off the books. Would he then fund the loss for the rest of season (assuming no-one would be stupid enough to try owning them again) to get the club to a break-even point and then him starting to get his money back? Link to comment Share on other sites More sharing options...
Torres Posted 8 June, 2012 Share Posted 8 June, 2012 Of the three likely outcomes: a) Trust Ownership b) Chinny ownership c) Liquidation I like all three. It's us being asked if we'd like to have our knobs sucked by: a) Scarlett Johanssen b) Kelly Brook c) Natalie Portman Link to comment Share on other sites More sharing options...
trousers Posted 8 June, 2012 Share Posted 8 June, 2012 Didn't someone say there was supposed to be a Pompey Trust statement at 3pm? Anyone seen it? Link to comment Share on other sites More sharing options...
trousers Posted 8 June, 2012 Share Posted 8 June, 2012 Ah...here it is..... http://www.pompeytrust.com/index.php?option=com_content&view=article&id=409:pst-statement-080612&catid=34:demo-category PST to table counter-offer in coming days. POMPEY SUPPORTERS TRUST STATEMENT IN RESPONSE TO PORTPINS OFFER TO CREDITORS - 08/06/2012 Following the release today of the details of the Proposal to Creditors for a Company Voluntary Agreement by the Administrators of Portsmouth Football Club (2010) Ltd by PKF (UK) LLP and by Portpin, the PST would like to take the opportunity to respond. The details of the proposal are not unexpected and were discussed at a meeting this morning of the PST Bid team, it is by no means certain that this offer will be accepted by the Creditors. Having now seen the detail of Portpins bid and offer to Creditors, we would like to announce the following. Early next week Antony Fanshawe of Begbies Traynor, acting on behalf of the PST, will have formal discussions with Trevor Birch and PKF with a view to presenting a bid from the PST on behalf of the Community within 7 days. We are confident that this counter-offer will deliver a better return to creditors than the offer made today by Portpin. We would also like to urge all Pompey fans and supporters of the PST and the Community Buy-Out to stand behind us during this process and continue the great support we have had throughout the past few months. We are still accepting Pledges towards our Pre-Share scheme and every one will help if our bid is successful and it will guarantee that the majority Shareholders of Portsmouth Football Club through a Community Buy-Out will be the Fans themselves. Link to comment Share on other sites More sharing options...
buctootim Posted 8 June, 2012 Share Posted 8 June, 2012 (edited) Can someone explain how the 'asset' known as Fratton Park can be valued at £13.2m on the company books yet at the same time be valued at only £1m if it were to be sold on the open market upon liquidation? All seems like a lot of creative accounting to me in order to make the gap between "CVA" and "Liquidation" as large as possible.... The Goldstone ground site in Brighton, a similar size to Fratton Park, sold for £24.5m in 1995. Surely nobody associated with PFC is trying to pull a fast one? Edited 8 June, 2012 by buctootim Link to comment Share on other sites More sharing options...
trousers Posted 8 June, 2012 Share Posted 8 June, 2012 (edited) The Pompey Supporters Trust's response begs the question....why has Birch seemingly jumped the gun by recommending/endorsing Portpin's CVA without waiting for any counter offers and then decide which is "best"? Edited 8 June, 2012 by trousers Link to comment Share on other sites More sharing options...
andysstuff Posted 8 June, 2012 Share Posted 8 June, 2012 The Goldstone ground site in Brighton, a similar size to Fratton Park, sold for £24.5m in 1995. Surely nobody associated with PFC is trying to pull a fast one? True, but BHAFC had sold the ground a few months before that for just £6M. Presumably the difference in valuations was down to the planning status at the time? Also there's not the appetite - political or exonomic for out of town shopping centres at this time. Link to comment Share on other sites More sharing options...
trousers Posted 8 June, 2012 Share Posted 8 June, 2012 The Goldstone ground site in Brighton, a similar size to Fratton Park, sold for £24.5m in 1995. Surely nobody associated with PFC is trying to pull a fast one? Of course not....who would suggest such a thing....? Link to comment Share on other sites More sharing options...
andysstuff Posted 8 June, 2012 Share Posted 8 June, 2012 The Pompey Supporters Trust's response begs the question....why has Birch seemingly jumped the gun by recommending/endorsing Portpin's CVA without waiting for any counter offers? IIRC, hasn't the money almost run out - I guess he's not got time to wait in case they put in a bid. Link to comment Share on other sites More sharing options...
Gemmel Posted 8 June, 2012 Share Posted 8 June, 2012 We are still accepting pledges towards our pre-share scheme and every one will help if our bid is successful and it will guarantee that the majority Shareholders of Portsmouth Football Club through a community buy-out will be the fans themselves Only majority shareholders now? So are the HNW indidviduals going to own the other 49%, or this the council buying part of fratton park? The Administrators have been engaged in detailed discussions and negotiations with various parties over the last few months with a view toensuring the future of Portsmouth FC and delivering a better return for creditors than they would otherwise have received had the Club been placed in liquidation (without first having been placed in administration). This Proposal for a CVA is desirable in our opinion because it achieves those objectives. Is this saying what I think it is; As in there would have been a better return for the creditors if the club had been liquidated straight away? Given the money raised from transfers and the payment from the league it is certainly more than 500k. Another gamble that went wrong from a pompey adminstrator? Link to comment Share on other sites More sharing options...
buctootim Posted 8 June, 2012 Share Posted 8 June, 2012 The £24.5m valuation was at the low point of the property slump 17 years ago. Values would be much higher today. The difference between the £6m Chartwell (the developer) bought for and the £24.5m they sold for is in part due to pp - but people should realsie a council cant just object to developments plans because they dont like them - there has to be something substantive in law - the same situation Brighton BC found itself in 1995. Yes out of town shopping is more difficult now. Housing isnt. Link to comment Share on other sites More sharing options...
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