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Will the £800,000 loan from the HNW `fans' be added to the debt that the club carries with them when they possibly come out of the administration?

 

I seem to remember being assured that this wasn't a loan but a donation to keep the club going.

 

Edit: yep Micah Hall assured me on 14 dec that HNW Injection of £1M (now only £800k?) was put I. With zero return. Now whether he means zero return or zero interest is a moot point.

Edited by andysstuff
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If the club was liquidated, Chinny would do 'okay', and the PDT would be alright with the world's firstest and bestest-ever phoenix club.

 

Whereas the big losers would be the HNWI's and the council, if they are dim enough to bung a few million down a black hole.

It'll be a brave councillor who stands up and supports that motion, or stands against it - in fact we could be in for the first ever silent council debate.

 

The Trust in particular is looking to shift the exposure onto other parties, as an organisation they have little to lose - and along with Chinny they would be much better off with liquidation wiping out football debts etc.

Whereas your big-hearted local businessman and the council are being invited to form an orderly queue to be taken into Jimmy Savile's dressing room for special treatment.

 

And all this to fool a judge.

Again.

 

 

My money is on him being fooled.

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I realise that not much is likely to happen at the High Court tomorrow but it's still interesting to note the pST's silence this time around. Before the last scheduled court date, they were 'giving it large' and proclaiming how they were going to hang Chainrai out to dry etc. Much more circumspect now.

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Looks like our favourite spoof twitter account's been pulled no more mad rambling tweets about the blue few.

 

 

 

 

 

 

Oh

thank god for that, i wasn't sure who was talking the most sense and also who was the professional journalist
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Oh no DISASTER......

We could have just gifted the phew ammunition to knock us with for the next 100 years...

 

Their revenge for fat in the pipes

 

http://www.dailymail.co.uk/sport/football/article-2262042/Rodents-Man-United-Chelseas-date-turkey--Premier-Leagues-CLEAN-table.html

 

We have an empty soap dispenser....

 

A gap in the floor...

 

And a dirty ceiling.

 

OMG

 

Southampton - instructed to clean one of their ceilings, refill a soap dispenser and sort out a gap in a floor which provided potential access for pests

 

Still, at least we weren't selling out of date food or under cooked Turkey (just playing like some in our early season games) and we weren't infested by Rodents like ManUre

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They make it too easy for us!! - Represent Pompey In the Changing Room. The title could suggested that you could take along your boots for a game:

 

http://www.portsmouthfc.co.uk/LatestNews/news/Represent-Pompey-In-The-Changing-Room-4052.aspx

 

I think this phrase must be a joke: 'Each Football League club will be represented by approximately 200 fans, so act quickly to ensure you are one of them.'

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The original terms

 

 

 

The Portsmouth City Council have agreed to loan the Pompey Supporter’s Trust £1.45m in order for them to continue to edge closer to the takeover of Portsmouth Football Club.

Councillors voted unanimously to back the PST (Pompey Supporter’s Trust) with the main bulk of that loan going towards the purchase of Fratton Park.

The option approved (option two) was proposed as follows:

Make budgetary provision for £1.45m of loan support to the PST for a 12-month period ending 31 August 2013, which shall be conditional upon:

i) The Club owned and operated by the PST being deemed to be the “Relegated Club” and that transfer of membership of the Football League is obtained

ii) The business and assets of the Club are acquired for £7.68m and that this

consideration for the acquisition includes provision for the full and final settlement of the Football creditors

iii) The Club owned and operated by PST obtaining all rights to the £11.7m of parachute payments

iv) Obtaining a first legal charge over Fratton Park

v) That no other legal charges are made against the income or assets of the Club beyond those set out in the PST Business Plan received on 1st August 2012 without prior consent of the City Council

vi) That the City Council must obtain an assignment of unencumbered parachute payments (preferable) of a sum sufficient to repay the loan from the proper body entitled to provide it or alternatively that an investor

guarantee is provided by the PST for the full £1.45m

vii) A “subscription” agreement (or equivalent) for each of the Fan Share Scheme, High Net Worth Investors and Associate Director Scheme is in place which is satisfactory to the City Solicitor setting out the conditions of the investment and disinvestment into the Club and which does not allow any disinvestment until such time as the loan to the City Council has been repaid

viii) Proof of funds from the Fan Share Scheme, High Net Worth Investors and Associate Director Scheme for the sum agreed in recommendation 2.3 has been demonstrated to the satisfaction of the S151 Officer and which are subject to the subscription agreement (or equivalent) set out in vii)

above

ix) A suitably skilled and experienced Chief Executive is appointed to the Club by the PS

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This is a bit of a bummer too, isn't it?

 

vi) That the City Council must obtain an assignment of unencumbered parachute payments (preferable) of a sum sufficient to repay the loan from the proper body entitled to provide it or alternatively that an investor

guarantee is provided by the PST for the full £1.45m

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I've heard a rumour that politicians are prone to u-turns....

 

In other words...are those terms and conditions worth the (toilet) paper they're printed on?

 

That loan agreement was drawn up by the CEO / CFO and was pretty watertight. The politicans may have now overruled him.

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http://fansonline.net/portsmouth/mb/view.php?id=476311

 

In an article that announces the pdt have got extra funding and an 85 post thread....... Not one of them asks where the money is coming from. One poster says it is the council, but they don't even pick up on that.

 

It's the not caring where the money came from, that got them into this mess in the first place.

 

Erm sorry to have to do this but the third comment asks where it is from...

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Erm sorry to have to do this but the third comment asks where it is from...

...and the next 50 or so replies, including the PDT big guns & board members, berate anybody who dares to question rather than give any answers.

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BBC Solent Sport‏@solentsport

 

#pompey high court case has been adjourned until 31st January, there'll be no hearing now tomorrow

 

Quelle surprise...

 

....as Pompey edge a little closer to the parachute payment date... #howconvenient

Edited by trousers
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Were they not saying that the court thing tomorrow was just to decide when to restart properly? Is the 31st that again or is it the case starting again properly then?

 

This is what I don't get (amongst many other things).....if tomorrow was simply a quick gathering to set a date for reconvening the main case then surely there's no need to defer yet again? Unless the Trust still don't have a pot to urinate in of course...

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This is what I don't get (amongst many other things).....if tomorrow was simply a quick gathering to set a date for reconvening the main case then surely there's no need to defer yet again? Unless the Trust still don't have a pot to urinate in of course...

 

But still not clear if the 31st is a deferral of the short meeting to decide on a date to resume or it is the resumption? Maybe PKF said to Chinny, "Can we try again on the 31st?", Chinny says yes and its then rubber stamped by the judge? Alternatively in the judges interest to get them to reach a decision without him so maybe they just pushed back the decide a date meeting a bit more to hope they can.

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http://www.bbc.co.uk/sport/0/football/21014917

 

Since the original hearing in December, property developer Stuart Robinson has resolved his issues with PKF and has also exchanged contracts to buy the land surrounding Fratton Park.That land is seen as vital to the club's future and, if Robinson takes control of Fratton Park, it will finally allow the total redevelopment of the ground.

 

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But still not clear if the 31st is a deferral of the short meeting to decide on a date to resume or it is the resumption? Maybe PKF said to Chinny, "Can we try again on the 31st?", Chinny says yes and its then rubber stamped by the judge? Alternatively in the judges interest to get them to reach a decision without him so maybe they just pushed back the decide a date meeting a bit more to hope they can.

 

Obviously take this with a pinch of salt given the intrepid source...

 

acf259c9-fcdb-4488-be11-f4fe8a9acf93_normal.pngNeil Allen ‏@pn_neil_allen

I am informed January 31 is a date to set the valuation hearing. Effectively tomorrow’s hearing has simply been put back two weeks. #Pompey

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Is it actually true that Robinson has exchanged contracts re land all around Fratton?

 

Has he actually resolved his problems?

 

Suggest he is still trying to resolve his lack of funds..

 

There is doubt re reporting here:rolleyes:

 

Much ado about nothing at the moment...;)

 

 

Still not enough readies on show by about 5 million;)

Edited by ottery st mary
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Some of the pdt guys are saying that the 31st will replace today and then a hearing date will be set for after that. So that suggests that pkf/robinson/council etc etc. are ready again. I am pretty sure they will have to pay costs to date, which ever way the judge goes.

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http://www.portsmouth.co.uk/sport/pompey/pompey-fans-trust-welcomes-high-court-adjournment-1-4680644

 

FANS hoping to take over Pompey say the latest delay in a court case to establish the value of Fratton Park will strengthen their hand.

The hearing, which was due on Tuesday to determine details over the proposed sale of Fratton Park, will now take place on Thursday, January 31.

 

The Pompey Supporters’ Trust has welcomed the news as it allows its bid to buy the club more time to be completed.

 

Trust chairman Ashley Brown said: ‘Our original wish was to buy Fratton Park ourselves and we are optimistic that we will be able to achieve this, which of course is what the fans want.

 

‘However, the single most important thing our supporters can do to help achieve this objective is to convert their pledges or buy a share if they have not yet done so, either as individuals or in syndicates.

‘All money is held in an escrow account and will only be used should the bid proceed, as we all hope it will. The more cash we can raise before the final court hearing, the better our chances of success. It is as simple as that.’

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So still trying hard to get more pledges...

 

Recent events show that the so called wealthy boyz have insufficient funds to bankroll the club anymore..

 

 

Mr Brown states IF(should) :D the bid proceeds as we HOPE it will.......:rolleyes:

 

Did I miss the positivity in his statement or get the wording mixed up?

Edited by ottery st mary
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:lol: Yeah as I'm sure there are loads of fans who didn't have the £1000 available to them during the first two weeks of January, but could have paid up had they had an additional two weeks. Get set for a deluge of pledges to the trust now............... or not.
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FANS hoping to take over Pompey say the latest delay in a court case to establish the value of Fratton Park will strengthen their hand.

The hearing, which was due on Tuesday to determine details over the proposed sale of Fratton Park, will now take place on Thursday, January 31.

 

The Pompey Supporters’ Trust has welcomed the news as it allows its bid to buy the club more time to be completed.

 

Trust chairman Ashley Brown said: ‘Our original wish was to buy Fratton Park ourselves and we are optimistic that we will be able to achieve this, which of course is what the fans want.

 

‘However, the single most important thing our supporters can do to help achieve this objective is to convert their pledges or buy a share if they have not yet done so, either as individuals or in syndicates.

‘All money is held in an escrow account and will only be used should the bid proceed, as we all hope it will. The more cash we can raise before the final court hearing, the better our chances of success. It is as simple as that.’

 

I read that as :-

 

"We haven't got enough money yet, so PKF have given us another 2 weeks to try and raise enough.

 

If we ain't go enough by then then we're poached!!"

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@NabilHassan79: Developer Stuart Robinson had been expected to buy the ground - was a major gripe of Portpin - now PST say they will fund purchase. #pompey

 

Now I'm confused....how does this sit with this: http://www.bbc.co.uk/sport/0/football/20824916

 

Property developer Stuart Robinson, part of the Pompey Supporters' Trust, has exchanged contracts to buy the land around Portsmouth's Fratton Park.Paul Appleton, the joint administrator of David Rubin & Partners LLP, said in November it had entered into an "exclusivity agreement" with Robinson.

Robinson has now signed a deal to buy the land, an agreement regarded as vital to Portsmouth's future.

He also hopes to buy the stadium as the PST aims to take control of the club.

Edited by trousers
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I read that as :-

 

"We haven't got enough money yet, so PKF have given us another 2 weeks to try and raise enough.

 

If we ain't go enough by then then we're poached!!"

 

^This^

But I think another reason for all these delays and postponements is to make sure they keep going

until after I peg out so I won't have the pleasure of seeing the final outcome. :x

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