Pompey Takeover Saga

[Colinjb]

only got 3 posts so quick question - what exactly is you want to happen ?

 

A few simple things.

 

1. An acceptance from the bulk of your fanbase that the only reason you were so succesful is because you spend money (seriously, insanity levels of money) that your club had no right to. An acceptance that you have cheated to gain a sporting advantage for a period of 7 years.

 

2. A bit of humility. This Plucky hard done by Pompey b*ll**** needs to end. You won a cup at the expense of many local businesses and your integrity. The fans experienced something supporters of a club of your size have no right to.... particularly when they have been so up themselves come the innevitable recriminations.

 

3. Death. The death of Portsmouth FC as it exists. Start again and prove that you have learnt from the mistakes of the past rather then wishing to prop up the decrepid corpse by finding someone else willing to throw more money into a bottomless pit.

[Panda]

Doesn't it get distributed amongst the secured creditors first until they're paid in full before it goes to the unsecured creditors? And isn't Chainrai the only secured creditor? So won't he get it all, less expenses?

 

Yes, if his 'secured' status has ever been ratified he may get the net proceeds of the sale of FP but surely that will be far less than he would get from the remaining PPs. There is more for BC in keeping them alive so why is he playing hard ball with TB who stands to gain if they are liquidated? I know he wants to keep the admin costs down to maximise what is left for himself but in the end he will have to back down and go ahead with the purchase on TBs and the FLs terms - he has no other option has he?

[Weston Super Saint]

only got 3 posts so quick question - what exactly is you want to happen ?

 

Personally for me Plan B with a trust based club, the fact that chinny is baulking is as far as I am concerned and many others great news.

 

I am assuming if we are "liquidised" The Trust will have the opportunity to purchase Fratton Park for what the administator thinks its worth.

 

By the way - strangely the Wessex league only has 17 teams in it at the mo

 

Pay back the money you STOLE to fund your club for 5 years?

 

I'm guessing that is too much to ask, so I'd be more than happy with the death of Portsmouth Football Club 2010 / 2012 / whatever it's called this week, and a new [no history, no bestest fans in the world ridiculous strap line] club starting again and paying it's way.

 

However, having read some of the guff the trust has released recently about competing at the highest level etc etc, I suspect they still haven't learnt the lessons from the past

 

Having said that, I would be more than happy to show my [reserved] support for a pheonix club.

[Spudders]

A few simple things.

 

1. An acceptance from the bulk of your fanbase that the only reason you were so succesful is because you spend money (seriously, insanity levels of money) that your club had no right to. An acceptance that you have cheated to gain a sporting advantage for a period of 7 years.

 

2. A bit of humility. This Plucky hard done by Pompey b*ll**** needs to end. You won a cup at the expense of many local businesses and your integrity. The fans experienced something supporters of a club of your size have no right to.... particularly when they have been so up themselves come the innevitable recriminations.

 

3. Death. The death of Portsmouth FC as it exists. Start again and prove that you have learnt from the mistakes of the past rather then wishing to prop up the decrepid corpse by finding someone else willing to throw more money into a bottomless pit.

 

This!

[Yeovil Saint]

Yes, if his 'secured' status has ever been ratified he may get the net proceeds of the sale of FP but surely that will be far less than he would get from the remaining PPs. There is more for BC in keeping them alive so why is he playing hard ball with TB who stands to gain if they are liquidated? I know he wants to keep the admin costs down to maximise what is left for himself but in the end he will have to back down and go ahead with the purchase on TBs and the FLs terms - he has no other option has he?

Yes, he does, he could let PFC(2010) go into liquidation, then buy the assets of the club from PKF for £1 more than the PST can pay, apply to the Football League for the golden share. Pompey gets another -15 points for exiting admin without a CVA but on the other hand Portpin wouldn't even have to pay the 2p in the pound to existing creditors. Then sit back, pick up the remaining parachute payments and exit stage right after the 2013/14 season and Pompey's relegation to the Conference.

[hutch]

Yes, if his 'secured' status has ever been ratified he may get the net proceeds of the sale of FP but surely that will be far less than he would get from the remaining PPs. There is more for BC in keeping them alive so why is he playing hard ball with TB who stands to gain if they are liquidated? I know he wants to keep the admin costs down to maximise what is left for himself but in the end he will have to back down and go ahead with the purchase on TBs and the FLs terms - he has no other option has he?

That depends on how much more of the PP's Birch has used up with player compromise agreements in the last few weeks. Remember £8.5m of the PP's was already committed to football creditors up to end June, according to Birch's CVA proposal, so there's not a lot left.

 

The real question is what is happening with the admin of Gaydamak's land. That land would be a lot more valuable without football at FP. FP is the queen in that game, PFC is only an expendable pawn.

[tony13579]

By my reckoning the PST have about 48 hours to find a chief exec that meets the approval of PCC. :-)

[EastleighSoulBoy]

I assume to even join POL these days you have to go through some sort of strict Q&A session to prove you are not a scummaaaaa?

 

You mean they have their own FPPT. how ironic

 

It would not appear to be working either, considering all the report backs we get.

[Saint in Paradise]

That depends on how much more of the PP's Birch has used up with player compromise agreements in the last few weeks. Remember £8.5m of the PP's was already committed to football creditors up to end June, according to Birch's CVA proposal, so there's not a lot left.

 

The real question is what is happening with the admin of Gaydamak's land. That land would be a lot more valuable without football at FP. FP is the queen in that game, PFC is only an expendable pawn.

 

 

I am sorry to say that I find it very difficult to now believe anything that starts with " TB says:-"

 

Ooops didn't mean to sound as though I am dissing Hutch as I am not I meant the media.

Edited 11 August, 2012 by Saint in Paradise

[TopGun]

That depends on how much more of the PP's Birch has used up with player compromise agreements in the last few weeks. Remember £8.5m of the PP's was already committed to football creditors up to end June, according to Birch's CVA proposal, so there's not a lot left.

 

The real question is what is happening with the admin of Gaydamak's land. That land would be a lot more valuable without football at FP. FP is the queen in that game, PFC is only an expendable pawn.

 

That's over 4 years as creditors under a new Portpin regime. The PPs would be collected sooner and Portpin would then likely walk off having put Pompey back into admin and subsequent liquidation.

 

Nobody including TB thinks that the £8.4m to the players is for real.

[Waterside.saint]

New name for Chinny coined by one of the phew on their Pompey Pravda pages:

Hong Kong Phony

[Waterside.saint]

Neil Allen ‏@pn_neil_allen

So Portpin reneged on Appleton's budget. Now Portpin haggling over administrators' fee. More energy-sapping games. Yet again. #Pompey

 

 

He's annoyed Neil Allen... BC even more of a legend

 

Chainrai truly has embraced the 'Pompey way.'

 

Hissy fit from Pompey Pravda's finest wordsmith oh how funny

[dubai_phil]

only got 3 posts so quick question - what exactly is you want to happen ?

 

Personally for me Plan B with a trust based club, the fact that chinny is baulking is as far as I am concerned and many others great news.

 

I am assuming if we are "liquidised" The Trust will have the opportunity to purchase Fratton Park for what the administator thinks its worth.

 

By the way - strangely the Wessex league only has 17 teams in it at the mo

 

My position a year ago and that of some skate mates - you SHOULD have started a Plan B before CSI. You SHOULD have listened to what we were trying to tell you WHEN CSI came in and started on a Pheonix Club.

 

You sensible fans KNEW how this was likely to play out and yet you all missed the deadlines for a pheonix club (in the same way you lauded the high earners STAYING in the January window)

 

Form the Pheonix club be clean and be rivals again.

 

Don't try and resurrect a Dead Norwegian Blue

Now you really have no choice

[alpine_saint]

Frank's cousin, I applaud you.

 

Please send that to Football365 or something equal. Something that is national and will give allowance to written articles.

 

Sort the spelling out first though......

[TopGun]

Chinny is asking for £200K off the £1.8m PKF fees and deferment of a further £200K...

 

http://www1.skysports.com/football/news/11674/7984047/Chainrai-calls-for-admin-fee-cut

 

Also says he will invest PPs into the club to "rebuild it from the bottom."

 

Hmmm...

[goneawol]

I don't think they're at the bottom yet, I'm sure BC could take them lower.

[Torres]

Chinny is asking for £200K off the £1.8m PKF fees and deferment of a further £200K...

 

http://www1.skysports.com/football/news/11674/7984047/Chainrai-calls-for-admin-fee-cut

 

Also says he will invest PPs into the club to "rebuild it from the bottom."

 

Hmmm...

 

Nice way of getting the idiot skates on his side and applying a bit of pressure on Trev on his behalf. I'm impressed.

[Waterside.saint]

Chinny is asking for £200K off the £1.8m PKF fees and deferment of a further £200K...

 

http://www1.skysports.com/football/news/11674/7984047/Chainrai-calls-for-admin-fee-cut

 

Also says he will invest PPs into the club to "rebuild it from the bottom."

 

Hmmm...

 

I don't think they're at the bottom yet, I'm sure BC could take them lower.

 

And so the infighting reaches a new, and more public level of hatred. Up until now, like any other middle-aged couple trapped in a loveless marriage, TB & Chinny were forced to at least be verbally civil to each other, at least for the sake of the 'children' i.e Pompey Pravda and the deluded phew - 'pas devant les enfants, ma cherie'. Now the increasingly acrimonious disputes are beginning to boil over into the media, the figleaf is shredded and their sordid grubby dealings are being exposed to public scrutuny. Yippee!

[Doctoroncall]

Yes, he does, he could let PFC(2010) go into liquidation, then buy the assets of the club from PKF for £1 more than the PST can pay, apply to the Football League for the golden share. Pompey gets another -15 points for exiting admin without a CVA but on the other hand Portpin wouldn't even have to pay the 2p in the pound to existing creditors. Then sit back, pick up the remaining parachute payments and exit stage right after the 2013/14 season and Pompey's relegation to the Conference.

 

The trouble is, liquidating the club means the end of the PPs.

[Waterside.saint]

Yes, he does, he could let PFC(2010) go into liquidation, then buy the assets of the club from PKF for £1 more than the PST can pay, apply to the Football League for the golden share. Pompey gets another -15 points for exiting admin without a CVA but on the other hand Portpin wouldn't even have to pay the 2p in the pound to existing creditors. Then sit back, pick up the remaining parachute payments and exit stage right after the 2013/14 season and Pompey's relegation to the Conference.

 

The trouble is, liquidating the club means the end of the PPs.

 

So if Chinny bottles it they're left with PST.

Ooooh I don't know, I can't decide, which of those fates is worse? Either way it'll be hilarious

[Yeovil Saint]

The trouble is, liquidating the club means the end of the PPs.

That can't be right because they've already liquidated the company since relegation from the Premier League, the Premier League company was Portsmouth City Football Club.

[andysstuff]

The trouble is, liquidating the club means the end of the PPs.

 

If, as was said on here, there was a tranche of PP's paid on Friday and the rest just about cover the deferred eages and compromise agreements, then they aren't a lot of use to Chanari anyway.

[Crab Lungs]

So... to conclude, they're still blaming everyone else then?

[Waterside.saint]

So... to conclude, they're still blaming everyone else then?

 

Anyone & everyone *except* themselves at present, I think. Civil war may be imminent though

[trousers]

Hello. I've been busy all day. Did I miss anything? Personally, I'm still waiting for Chainrai to pull that stunt we all predicted way back...you know, the one where he calls Birch's bluff and demands he sacrifices a percentage of his administration fees....any day now I reckon...

 

;-)

[Yeovil Saint]

Anyone who wants to get some easy money, Sky Bet have got Plymouth to win by 3 goals or more at 10/1.

[sussexsaint]

Missed today as I have been at the Olympics , and can't quite believe what I'm reading !

 

Chanrai clearly does not want to take over, he was sure the player wages would push the destruct button and compromises were made, so now he is turning his attention to the administrators.

 

Why in gods name should a court appointed administrator not get the full fee for their professional services ( footballers should too IMO )? They would not 'negotiate' their fee for any other business. Their fee is standard for their profession and was agreed from the outset and must have been known by Chanrai all along. I still have no idea why Birch said weeks ago that they had already waived a proportion of their costs , why ? portsmouth isn't a fecking charity, if they can't pay the administration costs then it's liquidation.

 

When this all started I only had a passing dislike of the club that surfaced only on days were playing them. I now loathe them with a passion. They cheat and steal and lie and show no remorse. They never learn from their mistakes 10k a week for LL after all that has transpired over the last year!! Insanity.

 

TB grow some testicles and stand firm, your first responsibility is to your own company and it's shareholders, not some sleazy corrupt company. It will set a dangerous precident for the next company you are called in to oversee surely.

[aintforever]

I can't believe all this is still going on. It's less than 3 days before they kick-off the new season and they have no owners and no players - surely there is a deadline for receiving the golden share?!

 

The pompey fans bid is obviously dead in the water otherwise Chanrai would have no grounds for holding the administrators to ransom.

 

Maybe Chanrai knows they wont budge on their fees and this statement is just trying to deflect the blame when they are finally liquidated on Monday.

[Waterside.saint]

I can't believe all this is still going on. It's less than 3 days before they kick-off the new season and they have no owners and no players - surely there is a deadline for receiving the golden share?!

 

The pompey fans bid is obviously dead in the water otherwise Chanrai would have no grounds for holding the administrators to ransom.

 

Maybe Chanrai knows they wont budge on their fees and this statement is just trying to deflect the blame when they are finally liquidated on Monday.

 

Please God.

[buctootim]

Why in gods name should a court appointed administrator not get the full fee for their professional services ( footballers should too IMO )? They would not 'negotiate' their fee for any other business. Their fee is standard for their profession and was agreed from the outset and must have been known by Chanrai all along.

 

Disagree totally. If the club had been wound up in January then the large bulk of that £1.8 m would never have been incurred, the players would have reived their full contracts payments from the PPs and the club wouldnt have burned through another £10m or so of cash. Stringing out the process for 8 months, charging £1.8m in fees, screwing the players, and still only 'tentatively' getting £500,000 for creditors is disgraceful imo.

[Dark Munster]

http://www.newsnow.co.uk/A/592567086?-11209

 

I mnow its been on here already i expect but they aint happy down the other end of the M27,

 

The natives are revolting.

 

Skate: "is there no end to this sorry saga!!!!"

 

Apparently not. And it's not a "sorry" saga, it's f**king hilarious!

 

And spare a thought for poor old Trevor. He's just been Chinnied!

 

How does your own medicine taste like, Trev?

[Dark Munster]

http://www.portsmouth.co.uk/sport/pompey/pompey-past/appy-left-waiting-for-answers-over-new-faces-1-4153719

 

‘So if I can’t sign anyone, my only other option is to play the youth team. I’m not trying to be smart or to make a point but that is my only other option.’

 

Then use that option! Save some money and pay off creditors!

The Pompey boss said: ‘I had a discussion with them (Portpin) in the first week of May.

‘But the impression I get now is that the goalposts have changed in terms of that budget that was mentioned.

 

Chinny promised a war chest if the senior players can be hounded out and robbed of the money they are entitled to, but then reneges when it happens.

 

Wow, who would have thunk it? I'm shocked I tell you, shocked!

 

[St Jim]

Skates this is a crisis. A large crisis. In fact, if you've got a moment, it's a twelve-storey crisis with a magnificent entrance hall, carpeting throughout, 24-hour porterage and an enormous sign on the roof, saying 'This Is a Large Crisis'. A large crisis requires a large plan. Get me two potential dumb buyers and a pair of administrators!

[dubai_phil]

Tick tock.

 

So is it back to what we said 1,400 pages ago?

 

Is it about buying time?

 

Chinny's only chance of getting any of his money back really IS Liquidation now?

 

TB screwed him by actually managing to dump the players by Deadline Day?

 

So Chinny has no alternative but to throw a curve ball that takes them past the Golden Share/Register Players day?

 

During the Vietnam war, the Vietcong took worn out car tyres from the jungle and turned them into a trendy form of footwear, they also knew.

 

There's plenty of mileage in this tread yet

[Joey-deacons-left-nut]

So let me get this straight...in preparation for his season long road trip, Apply took a bunch of Mercs and BMW's for a couple of test drives and has just found out he's going to be driving a Ford Ka instead......

 

 

Genius.

[dubai_phil]

So let me get this straight...in preparation for his season long road trip, Apply took a bunch of Mercs and BMW's for a couple of test drives and has just found out he's going to be driving a Ford Ka instead......

 

 

Genius.

 

If only he read this thread, he could have brought in the right level of players at the right costs for his training camp and had longer for them to gel

 

How many of the rabble humiliated by the MIGHTY Salisbury yesterday will still be there tomorrow when they learn what the real playing budget is and what that means to their prospective salaries..

[Joey-deacons-left-nut]

Well he's got until 12 midday tomorrow to sign those trialists or they won't be playing on Tuesday night.

[70's Mike]

I can't believe all this is still going on. It's less than 3 days before they kick-off the new season and they have no owners and no players - surely there is a deadline for receiving the golden share?!

 

The pompey fans bid is obviously dead in the water otherwise Chanrai would have no grounds for holding the administrators to ransom.

 

Maybe Chanrai knows they wont budge on their fees and this statement is just trying to deflect the blame when they are finally liquidated on Monday.

 

Also does the football league not have a rule, like all other football leagues I am involved in, that says you must have a certain number of players registered by a certain date

[Crab Lungs]

Pass the sick bucket

 

Re-Unite To Help Pompey Remember last season when Plymouth Argyle was at its lowest ebb and fans of other football clubs rallied around in a huge show of solidarity? Well, now it's our turn to help Portsmouth.

 

In September last season a Fans Re-United day was held at Home Park with fans from over 60 clubs, from the Premier League to non-league, attending Argyle's game against Macclesfield to show their support for a grand old football club in trouble.

 

It's now our turn to show our support for Portsmouth when we play a Capital Cup First Round game against them on Tuesday 14th of August.

 

Pompey's financial problems are well documented and it's the fans who suffer.

 

For the Fans Re-United game at Home Park the club have devised some initiatives to ensure the Green Army can show its support for the Blue Army.

 

Half of the proceeds from the popular Fan Fest will be handed over to the Pompey Supporters Trust.

 

There will also be bucket collections around the stadium and a special pre-match message read out to support Pompey in its hour of need.

 

Every single member of the Green Army will understand just what the Pompey fans are going through, so please get along to the Fan Fest and the game and show your support for both Argyle and Portsmouth.

[fromdayone]

Gotta love Chinny, asking TB to dump 25% of his fees! £200,000 upfront and the other £200,000 on the never never, because there is NO Chance of Chinman being around in years 3 & 4 to service the rest of the deferments (inc players!). In all honesty the players must now be realising they have been shat on too.....

[dubai_phil]

Gotta love Chinny, asking TB to dump 25% of his fees! £200,000 upfront and the other £200,000 on the never never, because there is NO Chance of Chinman being around in years 3 & 4 to service the rest of the deferments (inc players!). In all honesty the players must now be realising they have been shat on too.....

 

Think that needs something more than a standard ORLY

 

[pedg]

My opinion is that chinny is bluffing on walking away and if Birch refuses to budge on the fees chiny will still proceed, put even less, if that is possible, into the club and then blame birch and co for taking the money that could have made them contenders rather than no-hopers.

[St Chalet]

I would be amazed if Birch did budge. He has no reason to.

[Faz]

I really don't see why PKF will budge. If Chinny drops out, then the Trust may have the wherewithall to step in - and pay the fees. If not then liquidate and take the fees first. Didn't I read somewhere that the fees are covered by the FC rule?

[St Chalet]

I really don't see why PKF will budge. If Chinny drops out, then the Trust may have the wherewithall to step in - and pay the fees. If not then liquidate and take the fees first. Didn't I read somewhere that the fees are covered by the FC rule?

 

Birch gets paid first out of any liquidation. Football creditors are unsecured and the FCR only need be abided by if you want to retain Football League status.

 

In a nutshell he'd flog the ground, pay himself and pay everyone the remaining £3.68 as a dividend in equal shares to the creditors.

[holepuncture]

I really don't see why PKF will budge. If Chinny drops out, then the Trust may have the wherewithall to step in - and pay the fees. If not then liquidate and take the fees first. Didn't I read somewhere that the fees are covered by the FC rule?

 

How on earth could the trust cough up close to £2m for fees for Trevor?

 

Their pledges, even with a 100% conversion rate is nowhere near that figure. I think they will be lucky to convert 60% of the pledges from £100 to £1000.

 

I think I have developed a crush on Balu Chainrai

 

My position is simple, I am secured. I will get my money back

[pedg]

How on earth could the trust cough up close to £2m for fees for Trevor?

 

Their pledges, even with a 100% conversion rate is nowhere near that figure. I think they will be lucky to convert 60% of the pledges from £100 to £1000.

 

I think I have developed a crush on Balu Chainrai

 

One assumes that the PKF fee would come out of the just arrived parachute payments rather than being paid directly from their trust (though this would probably put more holes below the waterline on their financial 'plan').

[Lifelongsaint83]

The Pompey Pages ‏@Pompey_Pages

No confirmation but rumours around that PKF have agreed to compromise their fees clearing the way for BC to regain control of #Pompey

[Faz]

How on earth could the trust cough up close to £2m for fees

 

I do think he gets first dibs on the PP. PKF would not have taken on this basket case without an assurance of being paid. No one can afford to write off £2m.

 

We ended up with BT because none of the big four would touch us for fear of not getting paid.

 

Hang on in there Trev.

[dubai_phil]

The Pompey Pages ‏@Pompey_Pages

No confirmation but rumours around that PKF have agreed to compromise their fees clearing the way for BC to regain control of #Pompey