trousers Posted 14 December, 2012 Share Posted 14 December, 2012 SOS Pompey @SOSPompey Finished in one boozer, off to The Cock Inn. Link to comment Share on other sites More sharing options...
OldNick Posted 14 December, 2012 Share Posted 14 December, 2012 Just been on SSN expecttaion is a 28 day adjournment. Incredible.........the wet and windy weather suits the mood, all washed up!it is not as though they havent had the time to get things ready! Link to comment Share on other sites More sharing options...
Minty Posted 14 December, 2012 Share Posted 14 December, 2012 SOS Pompey @SOSPompey Finished in one boozer, off to The Cock Inn. Stop it, it's too easy... Link to comment Share on other sites More sharing options...
trousers Posted 14 December, 2012 Share Posted 14 December, 2012 Oh Christ! Neil Allen has procreated What I also found worrying was that Portsmouth's number one sports journalist (sic) had booked a day's holiday on the most important day for "his" football club in living memory.... Link to comment Share on other sites More sharing options...
pedg Posted 14 December, 2012 Share Posted 14 December, 2012 So if it is adjourned where does that leave us? The value of fatpipes will still not have been decided so even if the trust manage to find a sucker due an uneven break to buy it this case still has to go back to court to have the value decided unless, I assume, they come to some agreement before then. Link to comment Share on other sites More sharing options...
trousers Posted 14 December, 2012 Share Posted 14 December, 2012 Nabil Hassan @NabilHassan79 Three likely scenarios when #Pompey case starts. 1) 28 day adjournment. 2) goes ahead as planned. 3) PKF/Portpin have struck deal overnight. Link to comment Share on other sites More sharing options...
Minty Posted 14 December, 2012 Share Posted 14 December, 2012 Nabil Hassan @NabilHassan79 Three likely scenarios when #Pompey case starts. 1) 28 day adjournment. 2) goes ahead as planned. 3) PKF/Portpin have struck deal overnight. Sounds more like 2 UNlikely scenarios, and 1 probable... Link to comment Share on other sites More sharing options...
Baldsaint Posted 14 December, 2012 Share Posted 14 December, 2012 What I also found worrying was that Portsmouth's number one sports journalist (sic) had booked a day's holiday on the most important day for "his" football club in living memory.... But he tweeted this on Wednesday? Neil Allen @pn_neil_allen Permission granted to Tweet from the High Court. I’ll be there both days giving updates on case progress. Starts 10.30am tomorrow. #Pompey Link to comment Share on other sites More sharing options...
trousers Posted 14 December, 2012 Share Posted 14 December, 2012 So if it is adjourned where does that leave us? The value of fatpipes will still not have been decided so even if the trust manage to find a sucker due an uneven break to buy it this case still has to go back to court to have the value decided unless, I assume, they come to some agreement before then. That's what I don't quite understand about this 'two pronged' court case....why can't the judge adjudicate on the value of Fatpipe Park today even if the second part of the case is adjourned for 28 days (the second part being whether or not FP can be sold regardless of Chainrai's charge. Surely confirming the value the ground is a mechanical task regardless of the overall outcome? And, if everyone knows what the judge decrees the land to be worth then surely that adds much clarity to the next 28 days of deliberation (if indeed an extension is granted) In summary...I don't get it... Link to comment Share on other sites More sharing options...
trousers Posted 14 December, 2012 Share Posted 14 December, 2012 But he tweeted this on Wednesday? Neil Allen @pn_neil_allen Permission granted to Tweet from the High Court. I’ll be there both days giving updates on case progress. Starts 10.30am tomorrow. #Pompey Surely you're not suggesting Allen is making things up as he goes along....? Link to comment Share on other sites More sharing options...
pedg Posted 14 December, 2012 Share Posted 14 December, 2012 That's what I don't quite understand about this 'two pronged' court case....why can't the judge adjudicate on the value of Fatpipe Park today even if the second part of the case is adjourned for 28 days (the second part being whether or not FP can be sold regardless of Chainrai's charge. Surely confirming the value the ground is a mechanical task regardless of the overall outcome? And, if everyone knows what the judge decrees the land to be worth then surely that adds much clarity to the next 28 days of deliberation (if indeed an extension is granted) In summary...I don't get it... I suppose the only thing is that he may be inclined to agree different valuations depending on what the area is used for. He might say give a lower value with a commitment to pay more if redeveloped if used for a football club compared to a single larger value if just being sold for development? Or maybe not! Link to comment Share on other sites More sharing options...
badgerx16 Posted 14 December, 2012 Share Posted 14 December, 2012 I'm quite impressed with how Deepdale looks.. I didnt realise it looks like that now. It's not at all bad considering they developed it in situ. The East stand is a bit strange from the outside as it backs up onto the terraced house. ( And unlike my current location, Bloomfield Road, they do actually have 4 proper stands ). Link to comment Share on other sites More sharing options...
trousers Posted 14 December, 2012 Share Posted 14 December, 2012 I suppose the only thing is that he may be inclined to agree different valuations depending on what the area is used for. He might say give a lower value with a commitment to pay more if redeveloped if used for a football club compared to a single larger value if just being sold for development? Or maybe not! All I'm seeing is a chicken and egg situation continuing over the next 28 days if an extension is granted without resolving the FP valuation issue. If the judge says: "It's worth what the Trust claim it's worth" then the Trust know that they can use the 28 days to consolidate their position, whereas if the judge says: "No, it's worth significantly more than the Trust claim" the Trust can use the next 28 days to either throw in the towel (because they know they'll never meet the valuation) or try to raise the extra cash (yes, I know....daft notion). I just can't see what's stopping the judge declaring TODAY what he thinks the value of FP is if a football club called Portsmouth carries on playing there.... Link to comment Share on other sites More sharing options...
Gorgiesaint Posted 14 December, 2012 Share Posted 14 December, 2012 All I'm seeing is a chicken and egg situation continuing over the next 28 days if an extension is granted without resolving the FP valuation issue. If the judge says: "It's worth what the Trust claim it's worth" then the Trust know that they can use the 28 days to consolidate their position, whereas if the judge says: "No, it's worth significantly more than the Trust claim" the Trust can use the next 28 days to either throw in the towel (because they know they'll never meet the valuation) or try to raise the extra cash (yes, I know....daft notion). I just can't see what's stopping the judge declaring TODAY what he thinks the value of FP is if a football club called Portsmouth carries on playing there.... But surely if the judge gives his opinion today on the value of the ground then the purpose of the hearing has been attained so there is no point in a 28 day adjournment? They set aside 2 days to hear representation from both sides so he can't (or shouldn't) form an opinion just yet as that representation hasn't happened yet. It will be adjourned, either for 28 days as requested or until they can get a new court date (IMO). Link to comment Share on other sites More sharing options...
hutch Posted 14 December, 2012 Share Posted 14 December, 2012 All I'm seeing is a chicken and egg situation continuing over the next 28 days if an extension is granted without resolving the FP valuation issue. If the judge says: "It's worth what the Trust claim it's worth" then the Trust know that they can use the 28 days to consolidate their position, whereas if the judge says: "No, it's worth significantly more than the Trust claim" the Trust can use the next 28 days to either throw in the towel (because they know they'll never meet the valuation) or try to raise the extra cash (yes, I know....daft notion). I just can't see what's stopping the judge declaring TODAY what he thinks the value of FP is if a football club called Portsmouth carries on playing there.... The judge has already told PKF's counsel that he wants 2days to hear experts on the valuation issue, so it ain't happening this year. Link to comment Share on other sites More sharing options...
PhilippineSaint Posted 14 December, 2012 Share Posted 14 December, 2012 All I'm seeing is a chicken and egg situation continuing over the next 28 days if an extension is granted without resolving the FP valuation issue. If the judge says: "It's worth what the Trust claim it's worth" then the Trust know that they can use the 28 days to consolidate their position, whereas if the judge says: "No, it's worth significantly more than the Trust claim" the Trust can use the next 28 days to either throw in the towel (because they know they'll never meet the valuation) or try to raise the extra cash (yes, I know....daft notion). I just can't see what's stopping the judge declaring TODAY what he thinks the value of FP is if a football club called Portsmouth carries on playing there.... I had thought that in these valuation cases the Judge's arrange a completely independent valuation and use that. if so he has the value and should therefore be able to make a ruling. But knowing the nature of the UK justice system he wont make a decision in case it is overturned on appeal and makes him look stupid, so we are left in limbo once again. Link to comment Share on other sites More sharing options...
TopGun Posted 14 December, 2012 Share Posted 14 December, 2012 All I'm seeing is a chicken and egg situation continuing over the next 28 days if an extension is granted without resolving the FP valuation issue. If the judge says: "It's worth what the Trust claim it's worth" then the Trust know that they can use the 28 days to consolidate their position, whereas if the judge says: "No, it's worth significantly more than the Trust claim" the Trust can use the next 28 days to either throw in the towel (because they know they'll never meet the valuation) or try to raise the extra cash (yes, I know....daft notion). I just can't see what's stopping the judge declaring TODAY what he thinks the value of FP is if a football club called Portsmouth carries on playing there.... Both sides have expert witnesses which need to be heard before a decision is made. Probably no time for that now. Link to comment Share on other sites More sharing options...
andysstuff Posted 14 December, 2012 Share Posted 14 December, 2012 Guessing today will either end with an agreed valuation for FP, be it £2.75M or some other figure, PKF saying that the whole deal is currently off or that no agreement has been made despite their best efforts and we'll all come back in 28 days to have th matter heard. My money, what little of it there is, would be on the latter. Link to comment Share on other sites More sharing options...
sussexsaint Posted 14 December, 2012 Share Posted 14 December, 2012 giving then another 28 days to scrabble about to find someone with money. if it was my business would I have been granted such leniency? Link to comment Share on other sites More sharing options...
trousers Posted 14 December, 2012 Share Posted 14 December, 2012 But surely if the judge gives his opinion today on the value of the ground then the purpose of the hearing has been attained so there is no point in a 28 day adjournment? My understanding is (from other posters) that there are two objectives of the hearing....one to determine the value of FP, and one to determine whether or not Chainrai has any right to block the sale (at whatever valuation). Or maybe I'm not quite getting it? Either way, yesterday's request for a 28 day adjournment, from what I can understand, has been requested by PKF because they now have a problem with the Trust's main investor/partner (i.e. Robinson) but I still don't understand what that's got to do with an independent body (i.e. the judge and his independent valuer(s)) adjudicating on the value of FP this last two days. I think someone said yesterday there would be no point the judge setting a value for FP is the Trust's bid was about to collapse but I'm not so sure that I follow that logic. Surely there's no harm in clearing up the valuation side of things now regardless of the eventual outcome? I'm going round in circles now so will park these thoughts for now Link to comment Share on other sites More sharing options...
bridge too far Posted 14 December, 2012 Share Posted 14 December, 2012 I'm hoping that there will be a NJ present at the court to give us real-time updates. Link to comment Share on other sites More sharing options...
Ashtead Saint Posted 14 December, 2012 Share Posted 14 December, 2012 I just can't see what's stopping the judge declaring TODAY what he thinks the value of FP is if a football club called Portsmouth carries on playing there.... The Judge isn't being asked to value FP and couldn't even if he wanted to. It's not his job. The present application is, presumably, an application by Administrators' for court approval to the proposed sale of FP and other assets within the Portpin charge to the currently proposed buyer (some combination, probably of PST REL and 'HNW' investors) on the currently proposed terms. The Administrators want court approval as, if given, that will prevent the Adiministators being sued by Portpin for selling their charged assets at less than market price. The reason the Administrators' barrister could not proceed with that application yesterday is that some problem appeared with REL's participation in the proposed deal. That will have prevented the Adminsiartors putting forward their case on the basis of the evdience previously filed with the court. At best, for the Administrators, they may be able to mend their fences with REL or replace them with another investor(s). At worst, it may scupper the proposed sale completely, in which case this court application will fall away. If the Administrators are able to repair their case and continue with the proceedings, the Judge will either grant the Administrators approval to sell the assets on the terms proposed or he will decline to grant that approval or he will adjourn to a later date. He is not going to come up with his own valuation. Interesting times! Link to comment Share on other sites More sharing options...
trousers Posted 14 December, 2012 Share Posted 14 December, 2012 The Administrators want court approval as, if given, that will prevent the Adiministators being sued by Portpin for selling their charged assets at less than market price. But for the judge to do that he would have to have to arrive at a valuation wouldn't he? So, albeit indirectly I suppose, he will be deciding/declaring what the market value is? But I can now see from what you say that its more intertwined than I understood. Link to comment Share on other sites More sharing options...
trousers Posted 14 December, 2012 Share Posted 14 December, 2012 @pn_neil_allen: Trust believe PKF will today come out fighting. They certainly need to after the last few days. #Pompey @pn_Rory_McKeown: Court room 17 is filling up. More people than yesterday's hearing #Pompey Link to comment Share on other sites More sharing options...
Gemmel Posted 14 December, 2012 Share Posted 14 December, 2012 Nabil Hassan @NabilHassan79 Brendan Guilfoyle is here at the High Court. Read into that what you will. Iain McInnes in bullish form with Trevor Birch. #pompey Link to comment Share on other sites More sharing options...
The Kraken Posted 14 December, 2012 Share Posted 14 December, 2012 *gets popcorn and settles in * Link to comment Share on other sites More sharing options...
The Kraken Posted 14 December, 2012 Share Posted 14 December, 2012 Neil Allen@pn_neil_allen Court packed today. Fairly empty yesterday Link to comment Share on other sites More sharing options...
PhilippineSaint Posted 14 December, 2012 Share Posted 14 December, 2012 *gets popcorn and settles in * Are you on the POL hotline today as well? Link to comment Share on other sites More sharing options...
camdijk Posted 14 December, 2012 Share Posted 14 December, 2012 F5 finger primed and ready. Link to comment Share on other sites More sharing options...
trousers Posted 14 December, 2012 Share Posted 14 December, 2012 @pn_neil_allen: Session in progress. #Pompey Link to comment Share on other sites More sharing options...
The Kraken Posted 14 December, 2012 Share Posted 14 December, 2012 Are you on the POL hotline today as well? Hell yes!! Link to comment Share on other sites More sharing options...
andysstuff Posted 14 December, 2012 Share Posted 14 December, 2012 Updates as and when please Kracken. Link to comment Share on other sites More sharing options...
hypochondriac Posted 14 December, 2012 Share Posted 14 December, 2012 Snuck out of work to check in... Link to comment Share on other sites More sharing options...
trousers Posted 14 December, 2012 Share Posted 14 December, 2012 @NabilHassan79: PKF: "Discussions overnight have not resolved issues." PKF pushing for further adjournment for 15 January. #pompey Link to comment Share on other sites More sharing options...
The Kraken Posted 14 December, 2012 Share Posted 14 December, 2012 Micah Hall @blueballoo2000 The fight back starts here. The pst have overcome every obstacle - even yesterday's curveball. Rory McKeown @pn_Rory_McKeown Fans in #Pompey shirts in court Dan Brett @DanBrett90 Trust are in doggish mood today - up for battle. Link to comment Share on other sites More sharing options...
The Kraken Posted 14 December, 2012 Share Posted 14 December, 2012 @NabilHassan79: PKF: "Discussions overnight have not resolved issues." PKF pushing for further adjournment for 15 January. #pompey Brilliant!! PDT: "Come on then, we're well up for this". PKF: "Erm, yeah, we're not really. Can we have another 31 days to think about it??" Link to comment Share on other sites More sharing options...
hypochondriac Posted 14 December, 2012 Share Posted 14 December, 2012 Wtf are they talking about? What battle? They have no power to influence anything Link to comment Share on other sites More sharing options...
FloridaMarlin Posted 14 December, 2012 Share Posted 14 December, 2012 The Judge isn't being asked to value FP and couldn't even if he wanted to. It's not his job. The present application is, presumably, an application by Administrators' for court approval to the proposed sale of FP and other assets within the Portpin charge to the currently proposed buyer (some combination, probably of PST REL and 'HNW' investors) on the currently proposed terms. The Administrators want court approval as, if given, that will prevent the Adiministators being sued by Portpin for selling their charged assets at less than market price. The reason the Administrators' barrister could not proceed with that application yesterday is that some problem appeared with REL's participation in the proposed deal. That will have prevented the Adminsiartors putting forward their case on the basis of the evdience previously filed with the court. At best, for the Administrators, they may be able to mend their fences with REL or replace them with another investor(s). At worst, it may scupper the proposed sale completely, in which case this court application will fall away. If the Administrators are able to repair their case and continue with the proceedings, the Judge will either grant the Administrators approval to sell the assets on the terms proposed or he will decline to grant that approval or he will adjourn to a later date. He is not going to come up with his own valuation. Interesting times! I'm told by a journo mate that REL (who were effectively going to bankroll the purchase of Fatpipes Park) have developed colder feet than a shoeless eskimo after learning how few pledges have been converted. REL realise they are potentially in it for far more than they realised, are - at the very least - unlikely to see a profitable return on their investment, and are desperately trying to pull out quicker than an over-excited Avram without protection. That was the reason for yesterday's delay, apparently, so it will be interesting to see how that is dealt with. Link to comment Share on other sites More sharing options...
The Kraken Posted 14 December, 2012 Share Posted 14 December, 2012 Neil obviously didn't study maths at school. Neil Allen@pn_neil_allen PKF seeking adjournment for 27 days - January 15 Link to comment Share on other sites More sharing options...
trousers Posted 14 December, 2012 Share Posted 14 December, 2012 (Kraken got there first!) Link to comment Share on other sites More sharing options...
trousers Posted 14 December, 2012 Share Posted 14 December, 2012 @pn_neil_allen: Judge very disparaging towards Portpin wish to install own administrator and keep funding club until end of season. #Pompey Link to comment Share on other sites More sharing options...
The Kraken Posted 14 December, 2012 Share Posted 14 December, 2012 Its ok, Neil has done his sums again and got it right this time. Neil Allen@pn_neil_allen PKF seeking adjournment for 28 days - January 15 Hang on a minute....... Link to comment Share on other sites More sharing options...
trousers Posted 14 December, 2012 Share Posted 14 December, 2012 @pn_neil_allen: Adjourned until January 15 or if any developments arise before then. #Pompey Yawn... Link to comment Share on other sites More sharing options...
The Kraken Posted 14 December, 2012 Share Posted 14 December, 2012 Neil Allen@pn_neil_allen Adjourned until January 15 or if any developments arise before then. Link to comment Share on other sites More sharing options...
trousers Posted 14 December, 2012 Share Posted 14 December, 2012 @NabilHassan79: Portpin say PKF have admitted mistake of overlooking a general 'floating charge'. Link to comment Share on other sites More sharing options...
Matthew Le God Posted 14 December, 2012 Share Posted 14 December, 2012 (edited) Who is the fastest twitter reporter (copy and paster) of them all - The Kraken vs trousers Edited 14 December, 2012 by Matthew Le God Link to comment Share on other sites More sharing options...
andysstuff Posted 14 December, 2012 Share Posted 14 December, 2012 All over adjourned till 15 jan. Link to comment Share on other sites More sharing options...
trousers Posted 14 December, 2012 Share Posted 14 December, 2012 @NabilHassan79: Flexibility in date of adjournment with 15 January the likely date. #pompey Link to comment Share on other sites More sharing options...
Guan 2.0 Posted 14 December, 2012 Share Posted 14 December, 2012 Another thrilling Web special from The Snooze. No wonder we're all so jealous of good ol' pompey! Link to comment Share on other sites More sharing options...
The Kraken Posted 14 December, 2012 Share Posted 14 December, 2012 POL goons not best pleased with today's turn of events. Instant media these days does have a habit of making people look stupid! Why the need for the 'bullish' , 'up for the fight' descriptions? pointless ******* 2 days that was. pkf ****ed up big time and pst not much better im afraid. Laughable isn't it, 'PKF and Ian Mcinnes look bang up for it' - bang up for what exactly? Paying PKF £900 an hour for another month? Link to comment Share on other sites More sharing options...
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