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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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Wes Tender

Wes Tender

Posted
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****ing half wits can't even honour heroes without screwing it up.

 

http://www.express.co.uk/posts/view/368721/War-memorial-spelling-errors-upset-veterans

 

And what's nearly more laughable, is that respondents complaining about it can't spell either!

 

I'm particularly fond of the comment that "no doubt it was a foriegner (sic) who made the mistake. Was this posted by a foreigner, perhaps?

 

And what's a herotic?

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trousers

trousers

Posted
Posted
Anybody know anymore on this alledged Creditors meeting tomorrow.

 

Official creditors meetings are usually advertised in the London Gazzette.... just had a check online and nothing lodged by PKF for a meeting tomorrow..... maybe it's the creditors getting together off their own backs rather than it being a meeting organised by the administrator? Or maybe the newspaper report it was in made it up? Who knows...?

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pedg

pedg

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Official creditors meetings are usually advertised in the London Gazzette.... just had a check online and nothing lodged by PKF for a meeting tomorrow..... maybe it's the creditors getting together off their own backs rather than it being a meeting organised by the administrator? Or maybe the newspaper report it was in made it up? Who knows...?

 

Did they not vote on the members of some sort of creditors committee at the CVA meeting? Usual suspects + 1 to represent the small creditors? Maybe its a meeting of that committee?

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Clapham Saint

Clapham Saint

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The Creditors meeting is an intresting one. If the court case goes in the favour of pkf, then the dynamics of the creditors changes completely.

 

Chanrai would almost have more power. - Actually more power is not the right words, he would be in a position to block a cva

 

The CVA was approved months ago.

 

I'm not going to trawl back through the thread but, if memory serves, the original proposal was that the club would be sold to Chinny for £500k but it was amended at the creditors meeting to allow TB some time [lol] to see if any alternative bidders could be found.

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Gemmel

Gemmel

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Posted
The CVA was approved months ago.

 

I'm not going to trawl back through the thread but, if memory serves, the original proposal was that the club would be sold to Chinny for £500k but it was amended at the creditors meeting to allow TB some time [lol] to see if any alternative bidders could be found.

 

Hi Clapham - If the shortfall between what the court agrees fp should be sold for and the 17 million pound charge, became unsecured debt (So lets say around 10 million) would such a material change allow for a creditor with 0ver 70% of the debt, to force a new vote or take any other action?

 

Just trying to see what is open to Chanrai

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Ken Tone

Ken Tone

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Hi Clapham - If the shortfall between what the court agrees fp should be sold for and the 17 million pound charge, became unsecured debt (So lets say around 10 million) would such a material change allow for a creditor with 0ver 70% of the debt, to force a new vote or take any other action?

 

Just trying to see what is open to Chanrai

 

Didn't the football league limit the amount of unsecured debt they could carry forward, as part of the golden share conditions? So if the scenario you describe happened it would in effect mean liquidation anyway, becasue they'd be expelled from the league and could not go on financially.

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trousers

trousers

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Posted
Did they not vote on the members of some sort of creditors committee at the CVA meeting? Usual suspects + 1 to represent the small creditors? Maybe its a meeting of that committee?

 

Yep, that could be it. I can't recall off the top of my head what people/companies that committee comprises of, and who the chair is (PKF? Or is it independent of the administrator?). The following participants rings a distant bell: Portpin, HMRC, Baker Tilly, Some geezer from a local Pompey company representing the smaller creditors, the PFA.... any others?

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trousers

trousers

Posted
Posted (edited)
Yep, that could be it. I can't recall off the top of my head what people/companies that committee comprises of, and who the chair is (PKF? Or is it independent of the administrator?). The following participants rings a distant bell: Portpin, HMRC, Baker Tilly, Some geezer from a local Pompey company representing the smaller creditors, the PFA.... any others?

 

Found it....from initial creditor's meeting on 26th March....

 

@TonyHusbandBBC: #pompey creditor's committee nominated. Will be Portpin, PFA, PCFC (old co) HMRC, CSI.

 

@pn_Rory_McKeown: Rep from Genesis says small creditors should be in creditors committee. He will represent them in committee. #pcm2012 #Pompey

 

I assume "CSI" will be represented by Andronikou? I also assume that "Genesis" doesn't mean Phil Collins? :)

 

phil-collins-540x304.jpg

Edited by trousers
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rallyboy

rallyboy

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that's going to be a bit cosy with diners and a film crew packed into a horsebrass-riddled Swift Challenger SE.

 

Sounds like a production company cutting their budget - they can shoot the whole week in one kitchen, but tow it to a different recreation ground each night.

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trousers

trousers

Posted
Posted
Erm... Sorry not been on much, did Phil's potent of something hilarious and cataclysmic come to pass or was it all a bit Mayan ?

 

It's happening I reckon...just slowly behind the scenes...not a great spectator sport at the moment granted...

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Lallana's Left Peg

Lallana's Left Peg

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So Pompey roll the dice again and mess it up. After all that happened up until the summer, someone somewhere determined the most appropriate thing for them to do as an organisation in Administration was bring in experienced players with nothing to prove and by doing so paying them wages other solvent clubs could not afford. Crazy.

 

The consequence is the club only existing due to HNW individuals funding the pensions of players who don't really care and Pompey (with the 10pt deduction) finding themselves rock bottom of League 1. It's quite pathetic when you think of it, even moreso when you consider what seemed to be their entire fanbase not questioning a thing until this thing all fell apart in the past month or so.

 

The very least they could do while in Administration is behave with some sort of responsibility given the somewhat lenient punishments they have endured during the past three years.

 

Anyway, be interesting to see the Trusts response to this as on one hand it is behaving with fiscal sensibility but on the other it is another big step to League 2 where the business plan and thus credibility of their takeover takes a hammering. League 2 football is not in the projections for any cash income and if they dare suggest it'll result in the same income it will be a complete joke. Plus this news may well result in even less pledges being converted than any revised target set since Christmas and then the focus shifts towards the fans being nowhere near major shareholders in the club and it just being a land bank exercise for property developers.

 

I don't wish any ill-will on the Trusts bid, but I am surprised at the lack of transparency over some aspects of it given the whole thrust behind the supporters having a major role to play in running the club is....transparency.

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Gemmel

Gemmel

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Nice one Ron, I sense with tonight's news the proverbial is about to hit the thing that goes round very quickly so as to keep us cool.

 

The budgets will be trimmed to get them to the next parachute payment in Feb. Every last penny is accounted for. The ex players will get their money, PKF will get theirs and the pdt will have to have raised another 800k, just to take over an empty bank account, no stadium and about 3 contracted players.... and that's if the judge even gets to hear the case before then.

 

1600+ pages and my personal take on it, is this is as close as they have ever been to liquidation. I have said the whole time, they would never get wound up, but I am really not sure at all now.

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dubai_phil

dubai_phil

Posted
Posted
I'm beginning to wonder if there's a chance that the judge might actually refuse to grant permission for the sale of Fratton, and therefore the whole valuation process becomes redundant. There's already rumours coming out of POL that Robinson has already lined up a development deal with Tesco for the land around the ground; that instantly changes the whole dynamic and the potential value of the actual ground itself, given that any development of the land and ground will have to go hand in hand to get council approval.

 

Erm... Sorry not been on much, did Phil's potent of something hilarious and cataclysmic come to pass or was it all a bit Mayan ?

 

Nope, nothing has come to fruition yet.

 

But there do appear to be some rumours dribbling about.

 

As I said on the previous page.

 

Just imagine a day that starts with Neil Allen's "We've saved the club with your pledges" headline followed a few hours later by

 

Oh, The Property Developer has just sold nottarf to Tescos for a 35mil profit

 

Followed by, never mind, Havant is closer to our true fanbase

 

Or possible similar or (no, surely not) worse scenarios for them

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Joey-deacons-left-nut

Joey-deacons-left-nut

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I dunno, I doubt there's much in it financially between league 1 and 2... The tv money (or what little there is that far down) isn't that different.. They will still get the same gates (roughly) of around 10-11k... Even if they play poorly....

 

Wages should be a bit less for them and that will probably balance out slightly cheaper tickets.

 

If they can get the costs right down and debts (lol) paid off, they should be able to offer ok wages for the division....

 

Of course, the biggest problem is all the historic stuff, that's really going to cripple them......

 

 

Oh, any unforeseen stuff, like the stadium being refused a saftey certificate will really **** them over, as I doubt there will be any contingency funds.

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Fitzhugh Fella

Fitzhugh Fella

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For me, if god forbid I was a Skate's fan, my main aim would be to do everything possible to maintain League 2 status. Dropping out of the top 4 Divisions through relegations is worse than being booted out through financial woes.

There comes a time when you have to regroup and accept reality and certain fates - the Skates have yet to make that step, they are still basking in the heady but ill-gained atmosphere of Southsea Common following their act of piracy.

 

I still also think they should request their name to be etched from the FA Cup that year - only then can they start to address their crime for which they are now paying so heavily.

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trousers

trousers

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Ashley Brown ‏@AshBeen23

The administrator is forced to cut costs due to pressure from his creditors. Ask yourself who they are?

 

It's always somebody else's fault :facepalm:

 

How about if more fans had turned up to Fratton Park this season there might be a bit more cash?

 

Yep, those damn pesky creditors always pestering for some of their stolen c.£150m cash back....whatever next?

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Colinjb

Colinjb

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Ashley Brown ‏@AshBeen23

The administrator is forced to cut costs due to pressure from his creditors. Ask yourself who they are?

 

It's always somebody else's fault :facepalm:

 

How about if more fans had turned up to Fratton Park this season there might be a bit more cash?

 

How DARE the administrator carries on like this, doing his job. How DARE he!! :facepalm:

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TopGun

TopGun

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Ashley Brown ‏@AshBeen23

The administrator is forced to cut costs due to pressure from his creditors. Ask yourself who they are?

 

It's always somebody else's fault :facepalm:

 

How about if more fans had turned up to Fratton Park this season there might be a bit more cash?

 

Makes not a jot of difference. If they had more cash, they'd have blown it.

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Pugwash

Pugwash

Posted
Posted
Ashley Brown ‏@AshBeen23

The administrator is forced to cut costs due to pressure from his creditors. Ask yourself who they are./QUOTE]

 

They'll be the hero-villain players who got you relegated last year, whose £12m debt (now £8m) you want to re-negotiate down to £2m.

 

Oh, and LLLLDDDLLLLLLL is incorrect. It's spelled T-E-S-C-O.

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pedg

pedg

Posted
Posted

Can't see there being any immediate deal to sell the site to Tesco or anyone like that, not one that is announced anyway. One would assume who ever it was would not want to invoke the ill will of the natives by appearing to be in any way responsible for the demise of pompey.

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