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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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The Kraken

The Kraken

Posted
Posted
I asked him this - 'Why are they continually just singling out 'the players'? Especially in the light of Gordon Taylor's statement this pm.'

To which he answered - 'Because the football creditors rule means they fall outside CVA %, & nobody wants to pay them all they're owed.'

Well of course no-one WANTS to pay them all they're owed. But if liquidated the parachute payments will be held back to primarily pay the football creditors, including the players, so they'll get close to what they're owed if the club go bust, so that's one way they can get it. So there has to be a compromise to channel the PPs to the players and keep the club running, that's surely the only acceptable compromise that can be reached.

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Whitey Grandad

Whitey Grandad

Posted
Posted
So what's better for us in terms of LOLs?

 

 

  1. Players stand firm & they are liquidated.
  2. Players cave in & BC takesover
  3. Players & BC allow PST to takeover.

 

I'd be happy with all three!

I have a soft spot for some of them. Liquidation is the cleanest route to salvation.

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dubai_phil

dubai_phil

Posted
Posted
If BC takes over again they'll be in even worse shape!

 

But that would still be better (for the next 3 or 4 years) than if PST take them over.

 

Win Win Win scenario all round for nutjobs.

 

Unless?

 

Surely somebody who may have allegedly once worked for HSBC USA has a lightbulb moment... Surprised the PST haven't tried that line - proven track record in Launderette management...

 

As someone posted earlier, how come they could afford to wash their kit between games in Gib?

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trousers

trousers

Posted
Posted
But that would still be better (for the next 3 or 4 years) than if PST take them over.

 

Win Win Win scenario all round for nutjobs.

 

Unless?

 

Surely somebody who may have allegedly once worked for HSBC USA has a lightbulb moment... Surprised the PST haven't tried that line - proven track record in Launderette management...

 

 

5284d990-04cd-6093.jpg

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RonManager

RonManager

Posted
Posted
@bigadamsport: Just arranged for Trevor Birch to enlighten us further at 0820 tomorrow morning on @BBCRadioSolent #pompey

 

Will they ask any killer questions though...?

 

Between yourself, MLG and me, I think we've made sure that the pertinent questions get asked tomorrow morning!

 

For the full conversation see Adam's Twitter homepage.

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Matthew Le God

Matthew Le God

Posted
Posted
Between yourself, MLG and me, I think we've made sure that the pertinent questions get asked tomorrow morning!

 

I predict Birch will do his best politician impression, avoid that question about what Gordon Taylor said by going off on a tangent and he won't be pressed for a proper answer.

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Jonnyboy

Jonnyboy

Posted
Posted
I wonder how much it would be to have a plane fly over Fratton on the big day with a little farewell message from us trailing behind? Worth looking into to considering all the media that will be down there reporting. Would be a final and painful nail in their coffin.

 

great idea

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pedg

pedg

Posted
Posted

3 Questions for Birch

 

1) Is it true at least some of the players agreed to compromise agreements backed by money from the parachute payments?

2) Is it also true that these were not acceptable to Chainrai?

3) Do you think it is sensible for any player to accept a compromise agreement that contains no guarantee's that they will get the settlement agreed to?

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Gemmel

Gemmel

Posted
Posted (edited)
What would be the best killer question? Something about what Gordon Taylor said today? How would you word it?

 

1) Can you guarantee that the PFA will NOT be allocated the parachute payments and in turn support their members if the club is liquidated (And protect the football creditors rule)?

2) If the answer to that question is "Yes", is that the same Guarantee as the "No more points deductions"

3) You have said today that you are only guaranteed 425k in fees, in which you have only drawn down 200k to date and won't be able to recover the rest . Does that mean that all work for the last 3 months and subsequent work until the adminstration is over, is free of charge?

4) A number of players have said they haven't heard anything from you regarding compromise agreements - Can you explain?

5) Why didn't you send Norris and Varney off on loan when they were wanted by other clubs towards the end of the season and do deals similar to the Henderson one, where the club is contracted to buy them when the window opens?

6) It would seem that the players are prepared to compromise, but this isn't acceptable to Chainrai, With the players offering deals surely it is now Chainrai that needs to be pressured into a compromise?

7) You seem to continually change the amount of time left to liquidation, is this likely to change again?

8) How come then club have made two appointments and then less that a week later announced the chance of additional redundancies and potential liquidation?

9) Stuart Gray was the first team coach and made redundant, less than six months later you have employed a new first team coach - Is this legal?

10) Gordon Taylor said that there were other football debts other than the players wages. Can you confirm how much these are and whether SFC is one of those creditors.

Edited by Gemmel
How I didn't like that post
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pedg

pedg

Posted
Posted
Another question I'd also like to ask Birch is why his company seems content to lose hundreds of thousands of pounds on this job. Maybe they see it as a good publicity 'loss leader'?

 

Although they may not get all they are owed I suspect that at the end of the day they will get much more than is implied at the moment. As with the players wages they are just delaying payment and they will be front of the queue to themselves when the time comes to sell everything.

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trousers

trousers

Posted
Posted (edited)
1) Can you guarantee that the PFA will NOT be allocated the parachute payments and in turn support their members if the club is liquidated (And protect the football creditors rule)?

2) If the answer to that question is "Yes", is that the same Guarantee as the "No more points deductions"

3) You have said today that you are only guaranteed 425k in fees, in which you have only drawn down 200k to date and won't be able to recover the rest . Does that mean that all work for the last 3 months and subsequent work until the adminstration is over, is free of charge?

4) A number of players have said they haven't heard anything from you regarding compromise agreements - Can you explain?

5) Why didn't you send Norris and Varney off on loan when they were wanted by other clubs towards the end of the season and do deals similar to the Henderson one, where the club is contracted to buy them when the window opens?

6) It would seem that the players are prepared to compromise, but this isn't acceptable to Chainrai, With the players offering deals surely it is now Chainrai that needs to be pressured into a compromise?

7) You seem to continually change the amount of time left to liquidation, is this likely to change again?

8) How come then club have made two appointments and then less that a week later announced the chance of additional redundancies and potential liquidation?

9) Stuart Gray was the first team coach and made redundant, less than six months later you have employed a new first team coach - Is this legal?

10) Graham Taylor said that there were other football debts other than the players wages. Can you confirm how much these are and whether SFC is one of those creditors.

 

Well worth pinging those over to Solent Sport in an email I reckon. Not that any of them would be asked and/or answered of course!

Edited by trousers
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trousers

trousers

Posted
Posted
Although they may not get all they are owed I suspect that at the end of the day they will get much more than is implied at the moment. As with the players wages they are just delaying payment and they will be front of the queue to themselves when the time comes to sell everything.

 

You know that. I know that. But the great the unwashed are drip fed information suggesting otherwise and use it as a metaphorical stick to hit the players with.

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vince

vince

Posted
Posted
I wonder how much it would be to have a plane fly over Fratton on the big day with a little farewell message from us trailing behind? Worth looking into to considering all the media that will be down there reporting. Would be a final and painful nail in their coffin.

 

It's got to blast out "Amarillo" with a "WTFILN?" banner. Happy days.

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aintforever

aintforever

Posted
Posted
@NabilHassan79: Trevor Birch confirms to BBC Sport there are now just "three or four players who do not realise what is at stake". Full story to follow...

 

Just three or four players who are yet to admit to knowing what is at stake more like.

 

Of course they know what is at stake, they are the ones who have had their pay withheld, their agents will be all over this like a cheap pompey whore.

 

It's all a big game of bull****, the players know the score, Birch knows the players know the score. He has to come out with rubbish like this to make the mongs think he's actually doing something.

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The Kraken

The Kraken

Posted
Posted

The Gibraltar and Brighton games have changed my opinion of Pompey. Originally I wanted them just liquidated; let them die a quick death and let the Pompey Trust put them back together again.

 

Now, I think it might be rather amusing to see them carry on, get spanked in League 1 (all the way down to League 2 and further), and see Chinny further Pardew the club until they're on their financial knees again in two years time when the parachute payments are gone. Then this thread can carry on and the little side show down the road can carry on apace to the Southampton Premier League main show.

 

God bless you Balram Chanrai.

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trousers

trousers

Posted
Posted (edited)

@NabilHassan79: @MatthewLeGod I agree it's confusing but if the club goes bust, players get nothing. I'm pretty sure Taylor acknowledged that this afternoon

 

:facepalm:

 

Ping him the link to the TalkSport interview...

 

Taylor: "We got cooperation from the Premier League for future parachute monies to at least guarantee those payments that they were prepared to wait years to get back but the potential new owner of the club doesn't want that to happen and so it's a real stand-off at the moment"

Edited by trousers
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Saint86

Saint86

Posted
Posted

I have decided to join you on here as Turkish is boring me to death on the season ticket thread.

 

I personally want Pompey to survive. I am loving everything that has happened, and until the last 5min I wanted them to go bust. But the truth is, once that happens we will no longer be able to gloat. Then our main rival is Birghton or the Cherries :/ OH GOD! I suppose it would keep poyet happy until he leaves Brighton.

 

Instead, what I want, (in total agreement with Kraken above) is for them to trully suffer, to suffer a long and slow decline, I want to watch them struggle all season, never escape the threat of liquidation, have barely enough players (youth at that) and become like stockport. They will always be there, tinkering along, but will never rise again. In a few years I want eastleigh to be above them in the league. Then their humilation will be complete. We can still sing songs about them, and we will have got them back for the years of ******** they have thrown at us. I would also love that cup to be stripped from them, but ofc that will not happen.

 

Now that I have written all that, I am judging the imaginary weight of two hands - one is pompey as a club with Barnet's stature, another is pompey fc (or some other retarded name for a newco) in Salisbury's league. Not actually sure which one i would prefer :) Lol.

 

Either way, this is one hell of an enjoyable ride!!!!

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suewhistle

suewhistle

Posted
Posted

Q: You have been quoted as saying " Our costs are more than £1 million, which we will never recover." Can you enlighten us on this as it doesn't seem normal behaviour for an insolvency practitioner.

 

[in other words, why the f*** would you sustain an insolvent club with your own money? Do you expect to get these monies as a football creditor?]

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Fowllyd

Fowllyd

Posted
Posted

 

Mine's very much in the air and, as a Pompey manager of a decade or so back might have said, I'm pretty sure I got it up there first...

 

http://www.saintsweb.co.uk/showthread.php?14620-Pompey-Takeover-Saga&p=1411469#post1411469

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Guan 2.0

Guan 2.0

Posted
Posted
Adam Blackmore ‏@bigadamsport

 

@deark3009 @MatthewLeGod @steempysfc Question about who's right - Taylor or Birch - is in there!!

 

For Adam Blackmore:

 

Ask him why, having shown great reluctance to go anyware near andronikou, who as we know is/was Chinrai's stool pigeon, why is he so keen to Welcome back Chinrai to the club, or bring up the fact that Chinrai is refusing to negotiate over the PP's? If he says that Chinrai is the only game in town, use the process against him, pointing out that

 

a) Last time round, CSI were the only game in town and portsmouth creditors ended up worse off by not liquidating,

 

b) Chinrai has shown great hesitation in revisiting his role at the club, and has only publicly spoken to say "I will get my money" (through, we presume, PP's), whhhhhhhhhhhhhy do you think this make him a good candidate to improve their fortunes?

 

C) His role is to get the best deal for creditors, and not just save the football team at any cost, why are you encouraging creditors including players to see their diminished returns diminished to a further degree, by handing control to an asset stripper who will shrink the pot, and then likely walk away, and demonise anyone who would rather see you do the right thing and liquidise now, giving them a potentailly bigger slice of what is rightfully theirs, given no more player sales are likely anway?

 

Because I once heard that these guys called Journal lists or something asked questions like that, y'know, important and difficult ones.

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trousers

trousers

Posted
Posted (edited)
@NabilHassan79: @MatthewLeGod I agree it's confusing but if the club goes bust, players get nothing. I'm pretty sure Taylor acknowledged that this afternoon

 

Actually, on reflection, perhaps Hassan is right in his interpretation of what Taylor said....?

 

Gordon Taylor was talking about an agreement with the PL to pay the players out of the PPs IF Chainrai took over the club AND he agreed to that arrangement. As Chainrai HASN'T agreed to this arrangement then it could render the agreement Taylor had with the PL worthless...?

 

Now I'm confused...(again)..

Edited by trousers
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Guan 2.0

Guan 2.0

Posted
Posted

Oh and if he replies with anything about PP's being cancelled, and liquidation raised funds being swallowed by debt, just point out that he wants players to accept no PP's anyway, and no one has recieved a penny of first CVA yet!

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pedg

pedg

Posted
Posted
Actually, on reflection, perhaps Hassan is right in his interpretation of what Taylor said....?

 

Gordon Taylor was talking about an agreement with the PL to pay the players out of the PPs IF Chainrai took over the club AND he agreed to that arrangement. As Chainrai HASN'T agreed to this arrangement then it could render the agreement Taylor had with the PL worthless...?

 

Now I'm confused...(again)..

 

I think the point is that the Premier League have shown a willingness to use the parachute payments to pay football creditors.

 

Its then a question of how large a jump it is between paying those creditors at a club that is still going and paying those creditors at a club that was still due payments but has gone into liquidation.

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benjii

benjii

Posted
Posted

The question is whether the parachute payments not received at the time of liquidation are legally due to PFC. If they are then they will have to be treated in a liquidation as the law prescribes. In that scenario the players would not rank any higher than Dave the Builder and would indeed get naff all.

 

If they are not due to PFC then they will be outside the scope of any liquidation process and it will be up to the football authorities to decide whether to pay them to the football creditors, redistribute them amongst the league... Etc.. in line with their own rules and the discretion those rules afford them.

 

I'm fairly confident the first paragraph is unlikely as no doubt future PPs are in some way contingent on the club having a golden share. I don't, therefore, see how anyone can confidently assert that the payers will receive nothing if liquidation occurs unless they have been told unequivocally how the authorities plan to deal with future and currently withheld PPs.

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