trousers Posted 18 July, 2012 Share Posted 18 July, 2012 Players are not moved on. TB & team not trying to move the players. That makes Chinny walk, Pompey Fans Trust can make an offer the next day and THEN the players can decide to walk "In the interests of the sport"... In other words. I smell Chinny being stitched up. I may be wrong but it fits I've been mulling over the same theory....it does fit the current situation quite nicely doesn't it? I've even stretched my imagination to suspect that other parties might be 'in on it' too... The FL? HMRC? Local politicians? Local media? The players themselves? The potential colluders list is almost endless... Link to comment Share on other sites More sharing options...
hutch Posted 18 July, 2012 Share Posted 18 July, 2012 Chainrai is the only secured creditor. He only had to make an offer to settle the unsecured creditors. The Trust will have to make an offer to settle the secured and the unsecured credtiors. I think. It will get very messy, and won't end well, if they try that. My money's still on liquidation, with Chainrai getting the ground, the players getting the PPs and the Trust getting everything else to start up their Phoenix. Link to comment Share on other sites More sharing options...
andysstuff Posted 18 July, 2012 Share Posted 18 July, 2012 I've been mulling over the same theory....it does fit the current situation quite nicely doesn't it? I've even stretched my imagination to suspect that other parties might be 'in on it' too... The FL? HMRC? Local politicians? Local media? The players themselves? The potential colluders list is almost endless... But doesn't chin y still own the ground. What happens if he decides to 'take his ball away'? Link to comment Share on other sites More sharing options...
trousers Posted 18 July, 2012 Share Posted 18 July, 2012 But doesn't chin y still own the ground. What happens if he decides to 'take his ball away'? Did Birch ever unearth the documentary proof that Chainrai had legally secured his loan against the ground? (I'm going back to February time now where Birch called into question the potential legality of Chainrai's claim). Maybe Birch still has an ace up his sleeve for when Chainrai decides to throw in the towel....? Link to comment Share on other sites More sharing options...
holepuncture Posted 18 July, 2012 Share Posted 18 July, 2012 But doesn't chin y still own the ground. What happens if he decides to 'take his ball away'? He has a fixed and floating charge on all PFC assets. Going by Trevors creditors list Chinny has everything secured against his 'loan', even computer equipment... The floating aspect of the charge means Chinny can sieze all assets the very second PFC default. He could do it now, next minute, or in a weeks time... So going on Trousers collusion theory, they could well be trying to screw Chinny... but they must not under-estimate this man. He is a viscious loan shark and a big time gambler... The FL may think theyve got him but Chinny holds all the cards when it comes to everything pompey own, and that has been verified in court once or twice too. Everything. My position is secured, I will get my money back God Bless Russian-Franco-Chinese business disputes in Israel There is only one way the FL, HMRC, PST et al can shake the good man chainrai, and its clear for all to see: Link to comment Share on other sites More sharing options...
Toomer Posted 18 July, 2012 Share Posted 18 July, 2012 In the Echo, Mitchell: No Pompey merger for Cherries. Link to comment Share on other sites More sharing options...
View From The Top Posted 18 July, 2012 Share Posted 18 July, 2012 Did Birch ever unearth the documentary proof that Chainrai had legally secured his loan against the ground? (I'm going back to February time now where Birch called into question the potential legality of Chainrai's claim). Maybe Birch still has an ace up his sleeve for when Chainrai decides to throw in the towel....? A PST committee member confirmed that Birch didn't pursue it. Link to comment Share on other sites More sharing options...
Verbal Posted 18 July, 2012 Share Posted 18 July, 2012 He is a viscious loan shark and a big time gambler... The FL may think theyve got him but Chinny holds all the cards when it comes to everything pompey own, and that has been verified in court once or twice too. Everything. A very telling remark, this. BC, not the Football League, will ultimately decide PFC's fate. Link to comment Share on other sites More sharing options...
melmacian_saint Posted 18 July, 2012 Share Posted 18 July, 2012 Why did they bother coming all the way up to Wide Lane for all those years when they had their own Uni pitches? Link to comment Share on other sites More sharing options...
latter day saint Posted 18 July, 2012 Share Posted 18 July, 2012 Why did they bother coming all the way up to Wide Lane for all those years when they had their own Uni pitches? fresh air ? an escape from the Portsea inbreds ? Link to comment Share on other sites More sharing options...
mickn Posted 18 July, 2012 Share Posted 18 July, 2012 Why did they bother coming all the way up to Wide Lane for all those years when they had their own Uni pitches? Free use of the facilities? Link to comment Share on other sites More sharing options...
trousers Posted 18 July, 2012 Share Posted 18 July, 2012 A PST committee member confirmed that Birch didn't pursue it. Or so they say..... nudge, nudge, wink, wink..... Link to comment Share on other sites More sharing options...
trousers Posted 18 July, 2012 Share Posted 18 July, 2012 So going on Trousers collusion theory, they could well be trying to screw Chinny... I can't allow you to whisk the credit for initially posting this theory from under Mr DP's feet. Credit where credit's due (unless you happen to be Pompey of course - steer well clear of giving them credit of any shape or form....) Link to comment Share on other sites More sharing options...
Weston Saint Posted 18 July, 2012 Share Posted 18 July, 2012 He has a fixed and floating charge on all PFC assets. Going by Trevors creditors list Chinny has everything secured against his 'loan', even computer equipment... The floating aspect of the charge means Chinny can sieze all assets the very second PFC default. He could do it now, next minute, or in a weeks time... So going on Trousers collusion theory, they could well be trying to screw Chinny... but they must not under-estimate this man. He is a viscious loan shark and a big time gambler... The FL may think theyve got him but Chinny holds all the cards when it comes to everything pompey own, and that has been verified in court once or twice too. Everything. God Bless Russian-Franco-Chinese business disputes in Israel There is only one way the FL, HMRC, PST et al can shake the good man chainrai, and its clear for all to see: You forgot that from the moment the club went into Administration Chainrai lost the sezure option. All assets are protected in Administration. If the Trust offer to buy the assets for a reasonable sum, say £5m Birch will go to court and get it approved. That is all Chainrai will get. He has no power unless he buys the club on the terms he suggested (muddied now by the FL's requirements Link to comment Share on other sites More sharing options...
dubai_phil Posted 18 July, 2012 Share Posted 18 July, 2012 You forgot that from the moment the club went into Administration Chainrai lost the sezure option. All assets are protected in Administration. If the Trust offer to buy the assets for a reasonable sum, say £5m Birch will go to court and get it approved. That is all Chainrai will get. He has no power unless he buys the club on the terms he suggested (muddied now by the FL's requirements Muddied it may be. BUT, his CVA "Conditional Offer" may come back and bite him in the bum. My offer is 500k subject to all the players being sold. TB on day 28. Oh well, the players aren't sold, hard luck your CVA is invalid so a new one gives you Ownership of Nottarf Krap and a rental income of 50 quid a year forever. PST now own the football club. Oh and look all the earners just left. Link to comment Share on other sites More sharing options...
trousers Posted 18 July, 2012 Share Posted 18 July, 2012 (edited) Portsmouth FC @officialpompey Marko Futacs joins Leicester with #Pompey receiving compensation: http://tinyurl.com/c9tugna The 22-year-old Hungarian striker was out of contract at Fratton Park, but Pompey will receive compensation from the Foxes because he is under the age of 24 and was offered a new deal. Does this mean you can offer an under 24 year old player a 'derisory' deal, that he's bound to turn down, as a way of securing compensation? (of course, I'm not for one minute suggesting that Pompey engineered such a situation....just being hypothitcal....obviously) Edited 18 July, 2012 by trousers Link to comment Share on other sites More sharing options...
trousers Posted 18 July, 2012 Share Posted 18 July, 2012 Muddied it may be. BUT, his CVA "Conditional Offer" may come back and bite him in the bum. My offer is 500k subject to all the players being sold. TB on day 28. Oh well, the players aren't sold, hard luck your CVA is invalid so a new one gives you Ownership of Nottarf Krap and a rental income of 50 quid a year forever. PST now own the football club. Oh and look all the earners just left. Link to comment Share on other sites More sharing options...
hutch Posted 18 July, 2012 Share Posted 18 July, 2012 The Trust haven't got anywhere near £5m. Don't ignore all those throwaway "Mr. Chainrai will work with other purchaser(s) for the benefit of the club" comments that keep popping up in interviews from time to time. The Trust needed to do a "never-never" deal with Chainrai on the secured debt, and the FL scuppered that. Link to comment Share on other sites More sharing options...
stevegrant Posted 18 July, 2012 Share Posted 18 July, 2012 Portsmouth FC @officialpompey Marko Futacs joins Leicester with #Pompey receiving compensation: http://tinyurl.com/c9tugna Does this mean you can offer an under 24 year old player a 'derisory' deal, that he's bound to turn down, as a way of securing compensation? (of course, I'm not for one minute suggesting that Pompey engineered such a situation....just being hypothitcal....obviously) The deal offered has to be of equivalent or greater value to the existing contract. Link to comment Share on other sites More sharing options...
trousers Posted 18 July, 2012 Share Posted 18 July, 2012 Have Pompey started recruiting already....? http://www.portsmouth.co.uk/news/business/local-business/unemployment-totals-fall-again-1-4066392 Link to comment Share on other sites More sharing options...
trousers Posted 18 July, 2012 Share Posted 18 July, 2012 The deal offered has to be of equivalent or greater value to the existing contract. Ah, ok - cheers. Bang goes another Trousers conspiracy theory.... Link to comment Share on other sites More sharing options...
RonManager Posted 18 July, 2012 Share Posted 18 July, 2012 The deal offered has to be of equivalent or greater value to the existing contract. http://www.lcfc.com/page/LatestNews/0,,10274~2852757,00.html? Says here that he's out of contract with Pompey. Link to comment Share on other sites More sharing options...
Weston Super Saint Posted 18 July, 2012 Share Posted 18 July, 2012 The deal offered has to be of equivalent or greater value to the existing contract. Ah, ok - cheers. Bang goes another Trousers conspiracy theory.... Don't be too quick to dismiss the theory mr Trousers. At least in Pompey's case, making an offer equivalent to the existing contract is almost the same as offering a derisory contract, as either way the player knows he isn't going to get any cash! Link to comment Share on other sites More sharing options...
warsash saint Posted 18 July, 2012 Share Posted 18 July, 2012 So do I need to get extra loafs in for next week or not ? Link to comment Share on other sites More sharing options...
Ken Tone Posted 18 July, 2012 Share Posted 18 July, 2012 http://www.lcfc.com/page/LatestNews/0,,10274~2852757,00.html? Says here that he's out of contract with Pompey. Yes but he's under 24 ,so if PFC offer him a contract extension and he goes elswhere they are entitled to compensation - either agreed between the clubs or at tribunal Link to comment Share on other sites More sharing options...
Ken Tone Posted 18 July, 2012 Share Posted 18 July, 2012 There is a 28 day period after a CVA vote for creditors to object (either on a procedural issue or claiming that the CVA is manifestly unfair). Anybody pottentiall putting money into the company (Chinny in this case) will want this period to expire before then pay anything over. But after the 28 days is up, what then? Must chainrai go ahead with his offer (if his conditions have been met) , or can he withdraw, or can he just wait for as long as he likes before doing anything definite? Link to comment Share on other sites More sharing options...
trousers Posted 18 July, 2012 Share Posted 18 July, 2012 But after the 28 days is up, what then? Must chainrai go ahead with his offer (if his conditions have been met) , or can he withdraw, or can he just wait for as long as he likes before doing anything definite? If/when they enter a stalemate situation (if they're not at that stage already), I'm assuming the 'key' date becomes the moment that PKF become exposed to debt that the liquidation proceeds wouldn't cover, at whcih point Birch will be duty bound to pull the plug. I've no idea how far down the road that last gasp moment is though. Days? Weeks? Months? Link to comment Share on other sites More sharing options...
andysstuff Posted 18 July, 2012 Share Posted 18 July, 2012 If/when they enter a stalemate situation (if they're not at that stage already), I'm assuming the 'key' date becomes the moment that PKF become exposed to debt that the liquidation proceeds wouldn't cover, at whcih point Birch will be duty bound to pull the plug. I've no idea how far down the road that last gasp moment is though. Days? Weeks? Months? Exciting isn't it Link to comment Share on other sites More sharing options...
Doctoroncall Posted 18 July, 2012 Share Posted 18 July, 2012 But after the 28 days is up, what then? Must chainrai go ahead with his offer (if his conditions have been met) , or can he withdraw, or can he just wait for as long as he likes before doing anything definite? I would imagine he would go ahead with his offer if his conditions are met, however the FL has imposed some new conditions so he can opt out if he considers it's no longer beneficial for him to proceed. Any new offer would have to be approved by the unsecured creditors. If he waits (even for his conditions to be met), it's a question of when the money runs out. Link to comment Share on other sites More sharing options...
Verbal Posted 18 July, 2012 Share Posted 18 July, 2012 I would imagine he would go ahead with his offer if his conditions are met, however the FL has imposed some new conditions so he can opt out if he considers it's no longer beneficial for him to proceed. Any new offer would have to be approved by the unsecured creditors. If he waits (even for his conditions to be met), it's a question of when the money runs out. I thought the money was supposed to run out at the end of May. This is so disappointing. I believed Birch when he announced that - trusted him completely. Link to comment Share on other sites More sharing options...
Lets B Avenue Posted 18 July, 2012 Share Posted 18 July, 2012 Yes but he's under 24 ,so if PFC offer him a contract extension and he goes elswhere they are entitled to compensation - either agreed between the clubs or at tribunal That's certainly true if he had come through their academy system. Does it still apply for someone who hasn't been there a year and wasn't paid for about half of that. Link to comment Share on other sites More sharing options...
70's Mike Posted 18 July, 2012 Share Posted 18 July, 2012 Why did they bother coming all the way up to Wide Lane for all those years when they had their own Uni pitches? because they are cra* and windy Link to comment Share on other sites More sharing options...
Torres Posted 18 July, 2012 Share Posted 18 July, 2012 OK, simple question to ponder: Why would Chinny complete his purchase if he has to relinquish a large part of his secured debt? Link to comment Share on other sites More sharing options...
dubai_phil Posted 18 July, 2012 Share Posted 18 July, 2012 OK, simple question to ponder: Why would Chinny complete his purchase if he has to relinquish a large part of his secured debt? He would not. Chinny keeps the ground. Charges 500k per annum to PST Newco on a 99year lease with increases on promotion(s) (haha) but no reductions on relegation. (He would still build Tesco's if PSTnewcofolds) PSTNewco offer 100k to the CVA fund. Chinny books 49mil value of the lease (that he can then sell or leverage) PST get the club for a peanut and bingo, no debt is loaded onto PSTnewco Simples Link to comment Share on other sites More sharing options...
trousers Posted 18 July, 2012 Share Posted 18 July, 2012 Portsmouth FC @officialpompey Picturesque views wherever you go around #Pompey's hotel http://yfrog.com/eskj9kcj Link to comment Share on other sites More sharing options...
holepuncture Posted 18 July, 2012 Share Posted 18 July, 2012 He would not. Chinny keeps the ground. Charges 500k per annum to PST Newco on a 99year lease with increases on promotion(s) (haha) but no reductions on relegation. (He would still build Tesco's if PSTnewcofolds) PSTNewco offer 100k to the CVA fund. Chinny books 49mil value of the lease (that he can then sell or leverage) PST get the club for a peanut and bingo, no debt is loaded onto PSTnewco Simples Stop, I cant take any more! What a beautiful scenario , almost as pretty as Moneyfields when the train whizzes past the goal. Its one of those picture this moments, Chainrai in the driving seat for the next two generations. Link to comment Share on other sites More sharing options...
tony13579 Posted 18 July, 2012 Share Posted 18 July, 2012 He waits… That’s what he does… And I’ll tell you what; tick followed tock followed tick followed tock followed tick’ “I don’t care who you are, here’s to your dream”. The old sailors return to the bar.’ “Here’s to you, Ahab” and the phat drummer hit the beat with all his heart’ Here's to waiting..... Link to comment Share on other sites More sharing options...
landford.saint Posted 18 July, 2012 Share Posted 18 July, 2012 I thought the money was supposed to run out at the end of May. This is so disappointing. I believed Birch when he announced that - trusted him completely. TB staed this week on Sky that they had money left till end of August. Link to comment Share on other sites More sharing options...
Doctoroncall Posted 18 July, 2012 Share Posted 18 July, 2012 I thought the money was supposed to run out at the end of May. This is so disappointing. I believed Birch when he announced that - trusted him completely. Yes, I know, it was a good con, but just think about all the extra fun we've had since then! Link to comment Share on other sites More sharing options...
trousers Posted 18 July, 2012 Share Posted 18 July, 2012 TB staed this week on Sky that they had money left till end of August. Linky thingy? Missed that one. Cheers Link to comment Share on other sites More sharing options...
trousers Posted 18 July, 2012 Share Posted 18 July, 2012 That's certainly true if he had come through their academy system. Does it still apply for someone who hasn't been there a year and wasn't paid for about half of that. My thoughts entirely. The compensation scheme exists to protect clubs who have spent money on bringing academy players through the ranks. I smell yet another 'bending the rules' rat with this one. Link to comment Share on other sites More sharing options...
Lurkster Posted 18 July, 2012 Share Posted 18 July, 2012 N****wo Kanu @Kanu_Official Pleased to see I'm the 701,127,306th user on twitter. Funny as it's the same amount that Pompey owe me in unpaid wages....#pup #pfc #Pompey Link to comment Share on other sites More sharing options...
sidthesquid Posted 18 July, 2012 Share Posted 18 July, 2012 My thoughts entirely. The compensation scheme exists to protect clubs who have spent money on bringing academy players through the ranks. I smell yet another 'bending the rules' rat with this one. The sum was'nominal' - maybe £20k, might be £20, but not more than what TBH will earn this week. And for one of the two players he wanted to keep. Link to comment Share on other sites More sharing options...
St Chalet Posted 18 July, 2012 Share Posted 18 July, 2012 I am led to believe that there has been an overseas approach for Pompey. The bidders are Mexican and have been attracted to Pompey after some unforeseen circumstances with HSBC. Link to comment Share on other sites More sharing options...
saint si Posted 18 July, 2012 Share Posted 18 July, 2012 Question re: the 28 day cooling off period. Once that has elapsed (Monday) then aren't the creditors bound to the terms of Chinny's CVA at that point? And any rival bid could only then be presented should the first CVA fail (due to the failure of the conditions)? If that's the case, it means the PST have to get their bid and CVA proposals out on the table, and voted on, before Monday, with the only other option to be waiting for Chinny's to fail? Link to comment Share on other sites More sharing options...
dubai_phil Posted 18 July, 2012 Share Posted 18 July, 2012 I am led to believe that there has been an overseas approach for Pompey. The bidders are Mexican and have been attracted to Pompey after some unforeseen circumstances with HSBC. Link to comment Share on other sites More sharing options...
Saint in Paradise Posted 18 July, 2012 Share Posted 18 July, 2012 As a dim person re this CVA malarky and even after reading pages from the experts on here I also thought that the 28 days was to allow that trust mob to enter a counter CVA. I also thought that if they didn't submit an offer it was all back in Mr C's court and up to him? Link to comment Share on other sites More sharing options...
Saint in Paradise Posted 18 July, 2012 Share Posted 18 July, 2012 It is quite cold and very foggy here this morning and I am off to work outside in a few minutes so I look forward to catching up later. Link to comment Share on other sites More sharing options...
dubai_phil Posted 18 July, 2012 Share Posted 18 July, 2012 It is quite cold and very foggy here this morning and I am off to work outside in a few minutes so I look forward to catching up later. You want to catch up with the UK? Don't worry it will soon be raining there as well Just remember the key words from about 100 pages ago. Chiiny's offered 500k to the creditors. It is CONDITIONAL on the high earners leaving. After 28 days cooling off period he has to Stump up the 500k or walk away. His ORIGINAL offer to TB was that he would ONLY make an offer IF he had exclusivity (ie only him) The Creditors meeting broke up for 30 mins and he said he would NOT be exclusive, meaning ANYONE could come in with a different or better OR unconditional bid within the 28 days. Link to comment Share on other sites More sharing options...
positivepete Posted 18 July, 2012 Share Posted 18 July, 2012 From yesterday's Grauniad, see the bits and bobs section ..... http://www.guardian.co.uk/football/2012/jul/18/the-fiver-zlatan-psg Link to comment Share on other sites More sharing options...
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