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Pompey Takeover Saga


Fitzhugh Fella

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Legal battle. Everything goes pop, as they can't sort it out before the FL remove the golden share, then Chinny gets the land, his mate Simon who has the rest of the land he picked up from milland. goes and develop things and bob's your uncle they both make £20m.

 

Money back from both sides job done.

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steve3_normal.jpgSteve Wilson ‏@pn_steve_wilson

I bought a flat once and after a while, it wasn't worth what I paid for it. Tough. Guess that rule doesn't apply to football club owners...

 

:facepalm:

 

Looks like knobhead steve sold his flat to the wrong buyer!

 

Apparently the football club has a buyer that will pay more for it than the trust will. Get over it knobhead steve!

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I still don't understand why Portpin/Harris don't just say 'We're not bothered about the FL's Golden Share; what we're offering will give the greatest return for creditors, so should be preferable. We will keep the club going at whichever non-league level is decided.' This would still give them the parachute payments and the land they want, would still give The Few a club to support with its 'history' intact. Obviously, once the PPs have been paid, any surplus sucked out and there are no more opportunities for Chinny, he could wind the club after moving the land on to A.N.Other Company.

 

Because the fans are hell bent on preserving their Football League status?

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OOOOOhhh, one of the few is finally getting it....

walksa

10:52 AM on 22/02/2013is the trust bid really ready to go?

 

The longer and longer this has been drawn out the more money the trust was expecting to 'inherit' is being used up. Latest update from PFK is on their website;

 

ww.pkf.co.uk/web/pkf.nsf/00F0EE29247BAB1480257B190035B736/$file/Signed+Progress+Report+170812+to+020113.PDF

 

Potentially noteworthy points :

 

- trading loss for the period Aug to Jan was £184k, before everyone jumps up and down about PFK this does not include the administrators fees

- the loss was despite the HNW's putting in £244k as 'contributions to ongoing trading', making the real trading loss £428k

- £985,196 of parachute payment was received and used during th period Aug to Jan. The first progress report indicated that c.£8m payments were due to the club, effectively the total now due is closer to £7m.

- The business plan in the prospectus assumed 7 months trading in year one, this will now effectively be reduced to nothing as the takeover will likely only occur just before the start of the season.

- The business plan in the prospectus needs the PST to get the clubs annual expenditure down to £5.3m p/a, despite all the administrators cutting the overheads for 4 and half months were £3.2m - giving an annual expenditure of over £8m.

- There is currently no rent/loan repayment commitments for Fratton Park - it is fair to assume on this basis that overheads will increase rather than go down under the Trust.

- The propectus suggests that the 'total' investment under the 5 year buisness plan is £5.895M. If the courts agree to the sale to BC at the proposed $3m figure, and with HNW's already releasing £244k the amount of working capital will be £2.6M or less, much less again once the CVA is taken into account.

 

So is the bid really fully funded or is there effectively enough money to conclude the deal, but the 5 year business plan goes out of the window. The contractual payments to the former players alone seems to exceed future parachute monies if the reported figures are correct. Liabilities will increase (loan repayments) and some £3m of additional savings need to be found. The business plan also assumes that income will grow!! 11 months from Feb 2012 to Jan 2013 showed total income of £5.3m (based on Championship/L1 revenues). The ongoing trust plan is based on annual revenues of £6.2m. It smacks of finger in the air guestimation, as revenues will surely drop further in L2 next year.

 

I have to tip my hat to a fan who actually cares enough to look at the relevant documents rather than just jumping the hero/villain-agenda of the day as broadcast by #factlessallen and the PST-thugs.

 

So here it is.

 

:toppa:

 

(Fitzhugh: here's more to play with: http://www.saintsweb.co.uk/misc.php?do=showsmilies)

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Said all along TB has a big problem if Chinny will not go quietly into the dark, he is an administrator whose job is to get the best deal for the creditors, braveman if he ignores that fact and tries to keep a corrupt club going by selling to an orgnisation who cannot fund it

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@NabilHassan79: A cracking response coming up from PST spokesman @colinfarmery in relation to Portpin's #pompey statement: http://t.co/zVLezED9QA

 

@NabilHassan79: Farmery: "You would think by now they would get the message the Football League only want to deal with PST bid." #pompey

 

@NabilHassan79: PST: "It's interesting to see Portpin seem to have considerable knowledge of the details of the Harris bid..." #pompey

 

@NabilHassan79: PST: "..considering Harris was assuring everyone his bid it was independent of Portpin with no legacy issues." #pompey

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Are there any "journalists" who work for The News that are not as thick as pig shiiit? I mean really?

 

http://en.wikipedia.org/wiki/Journalism

 

Journalism is the activity or product of journalists or others engaged in the preparation of written, visual, or audio material intended for dissemination through public media with reference to factual, ongoing events of public concern. It is intended to inform society about itself and to make public, things that would otherwise be private.

 

While various existing codes have some differences, most share common elements including the principles of — truthfulness, accuracy, objectivity, impartiality, fairness and public accountability — as these apply to the acquisition of newsworthy information and its subsequent dissemination to the public.

 

In the UK, all newspapers are bound by the Code of Practice of the Press Complaints Commission.This includes points like respecting people's privacy and ensuring accuracy. However, the Media Standards Trust has criticised the PCC, claiming it needs to be radically changed to secure public trust of newspapers.

 

This is in stark contrast to the media climate prior to the 20th century, where the media market was dominated by smaller newspapers and pamphleteers who usually had an overt and often radical agenda, with no presumption of balance or objectivity.

 

So there you have it. #factlessallen and his crew are still stuck in the 19th century :)

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Strange how Pompey fans all of a sudden seem concerned about the football creditors (who would more than likely receive nothing out of liquidation, but could probably still do a deal with the Premier League for the parachute payment) when they were doorstepping them not even a year ago begging them to **** off without being paid a penny of the millions they were owed.

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Let's not forget that when the Harris bid was first announced it forced the PST to up their bid for FP from £2.5m to £3m.

 

Is Chinny trying the same trick by getting Harris to offer £750k rather than £500k?

 

That's another 250 converted pledges you need to find now, Skates. Whoops.

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786 ‏@Greatest_786

@pn_neil_allen you at the game #tomoz Keith Harris if he wants the club there should let him have it

 

Neil Allen ‏@pn_neil_allen

@Greatest_786 Sorry, who are you?

 

786 ‏@Greatest_786

@pn_neil_allen a supporter who keeping his eye out on pompey cant wait for tomoz

 

What a lovely response from #factlessallen . And that was to a fellow skate!

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Here are the rational users of POL and their take on Portpin's statement

 

FFS!!!! That's it, I've had enough!!!!! Nuke the f**ker!!!!!

 

How much more certainty do you need, Mr Chainrai? IT'S THE PORTSMOUTH TRUST OR NOTHING

 

Oh do **** off Chinny you total and under bell end, yo are behaving like a spoilt child, you aren't wanted by anyone you tit.

 

This has actually cheered me up, the desperation is so evident now which can only mean we are about to kick his arris in court, and I can't bloody wait

 

I wish somebody would confiscate his dice. He keeps throwing them!

 

" Ashley Brown has the ball, he passes inisde to Fearnley who neatly sidesteps a horrendous studs raised challenge from Kushnir and knocks the ball nonchalently to Richard Hughes who immediately passes it sideways to Williams. Williams now turns on the gas, pushing forward, nutmegs Harris on the run and loops the ball to McInnes..........McInnes jinks past one defender and now he's only got the keeper to beat. Chainrai comes forward to narrow the gap....................he tries to trip the striker but is left, arms flailing on the ground, and McInnes rounds him and blasts the ball into an empty net ! Oh that was wonderful and Portpin United are shown the way to do it. Fantastic! Portsmouth 1 Portpin 0 and you can hear the Chimes ringing out round this historic ground, the scene of so many wonderful moments in history. And now we know there will be more to come. "

 

Anybody think Chainrai and Kushnir might have borrowed a few quid from some rather heavy "friends" to finance the initial "takeover" of PFC and now their mates are starting to squeeze the clamps a bit tighter on their testicles?

 

Probably just wishful thinking on my part.

 

Good, hope they break their sodding scrawny little necks, I'd even pay to watch!

 

A lot of them appear to think that it's the end game for Portpin and Chainrai, but clearly none of them have played poker with this loan shark... :o

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I still don't understand why Portpin/Harris don't just say 'We're not bothered about the FL's Golden Share; what we're offering will give the greatest return for creditors, so should be preferable. We will keep the club going at whichever non-league level is decided.' This would still give them the parachute payments and the land they want, would still give The Few a club to support with its 'history' intact. Obviously, once the PPs have been paid, any surplus sucked out and there are no more opportunities for Chinny, he could wind the club after moving the land on to A.N.Other Company.

 

 

if they go out of the FL ,will they stil get the remaining parachute payments?

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Hang on one cotton pickin' minute..... Birch has been running a loss making company whilst in administration? Isn't that illegal....?

 

Under which law is this illegal? Presumably most businesses that go into administration are running at a loss, administrators can't magically solve that in a heartbeat. Not being facetious, I don't know - are you aware of the specific law it breaks? I would imagine that would seriously hamper an administrator's job if it were the law.

 

In any case it won't apply to Pompey, as the figure of $184k is only over the last 6 months, the full period of administration is actually a gain of £2.3m (page 21 of the report). It's just down in the last 6 months due to the seasonality of parachute payments and Football League distribution over the year.

 

But he doesn't get it! If they used, as he quotes, £985,196 of PPs in that same Aug to Jan period then their real loss is that plus the £428k! Leaving a loss more like £1,413,196.

 

Aug to Jan = 6 months gives them losing an average of £235,532 a month or £2,826,391 per annum.

 

Or am I missing a trick here?

 

Why would you exclude one of their sources of income? It's as valid as any other. You could take any business and say "if they didn't get this income then they would have made a loss".

 

You (and Trousers) are also missing the fact that they received £7m parachute payments year to date, so there was £6m of that received in the 6 months prior which you haven't factored into your "annualisation of profit / loss".

 

We can all cherry-pick from the accounts, for example I could say "If it weren't for the £1.1m settlement with Gaydamak (which is a one-off), they would have performed even better". But they did make such a settlement so I won't.

 

 

In other news:

 

- I note they still have around £4m in the bank (more or less) according to these accounts

- I also see they did manage to get the £750k from UHY they were chasing a while ago (page 22)

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I still think they will get away with it. It looks like the administrators, FL and trust all want the same thing - Chanrai out of the football club. I expect the court will want the same thing as well.

 

Don't agree. The time frames are too tight. This is an attempt by Portpin to force PKF and the FL to the table IMO on the basis that legal action will hold up the PST bid beyond the end of the season.

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Don't agree. The time frames are too tight. This is an attempt by Portpin to force PKF and the FL to the table IMO on the basis that legal action will hold up the PST bid beyond the end of the season.

 

There is no basis for legal action at all. The FL is a private members club and can decide who it wants to be part for any reason they choose. The administrators will see being part of the FL as integral to the future of the club so have to go along with it.

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Dear Mr. Farmery,

 

The reason, I suspect, that Portpin know so much about Harris' bid is because, when Harris' bid was presented to the creditors for approval, they took the trouble to open the envelope and read it.

 

While I appreciate that such an approach is a bit radical, I do think that it is one your colleagues on the board might consider.

 

Yours helpfully,

 

PTS

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Under which law is this illegal? Presumably most businesses that go into administration are running at a loss, administrators can't magically solve that in a heartbeat. Not being facetious, I don't know - are you aware of the specific law it breaks?

 

No, hence it being a question rather than a statement :)

 

Bear in mind I make most things up as I go along... in fact, I'm going for a job on the Portsmouth News next week. Wish me luck.

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There is no basis for legal action at all. The FL is a private members club and can decide who it wants to be part for any reason they choose. The administrators will see being part of the FL as integral to the future of the club so have to go along with it.

 

There's the rub. Portpin see it differently and will pay lawyers to argue that case. I don't mind at all who wins. It spins the game out longer, wastes more money all around and time is of the essence.

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There is no basis for legal action at all. The FL is a private members club and can decide who it wants to be part for any reason they choose. The administrators will see being part of the FL as integral to the future of the club so have to go along with it.

 

There may ​be a case for "restraint of trade", which could overrule the private members club argument.

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http://www.express.co.uk/sport/football/379581/Portsmouth-story-takes-another-extraordinary-twist

 

a source close to the negotiations said: "The League has taken copious legal advice on this and won't budge."

It is understood that Portsmouth City Council, which has offered the Trust a £1.45 million loan to buy Fratton Park, has also been threatened with legal action but has stood firm, confident in the legal advice it has received.

Edited by trousers
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No, hence it being a question rather than a statement :)

 

Bear in mind I make most things up as I go along... in fact, I'm going for a job on the Portsmouth News next week. Wish me luck.

 

But I think the question is right and pertinent. Administrators can't return companies to profit but I think what they are charged to do is to run the business on a non-loss making basis from the point at which they were appointed.

 

Or am I wrong on that?

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Looks like knobhead steve sold his flat to the wrong buyer!

 

 

Apparently the football club has a buyer that will pay more for it than the trust will. Get over it knobhead steve!

 

Think of it this way....

 

Portpin has a 12m charge on a 3m property. The administrator has a potential buyer. He is asking the court if he can sell it to the buyer at a fair price.

 

"I am secure" does not work if you secure a 30k loan against a 10 year old ford focus.....

 

3 million enters the coffers.... Who gets paid first.... Baloo... oh no.... Clever Trevor

 

 

There was an admin called Trevor

Who played chess with Baloo , real clever

He kept delaying the game

To drive him insane

And Baloo got paid, never

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But I think the question is right and pertinent. Administrators can't return companies to profit but I think what they are charged to do is to run the business on a non-loss making basis from the point at which they were appointed.

 

Or am I wrong on that?

 

I have to declare that I have no idea :)

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There was a lady from Ealing

Who had a peculiar feeling

She laid on her back

Opened her crack

And p*ssed all over the ceiling.

 

Keep them on topic! :-)

 

The Skates saga thread you would need

About seventy-three days to read

Still it's worth going through

If you haven't a clue

Of this story of woe, lies and greed.

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But I think the question is right and pertinent. Administrators can't return companies to profit but I think what they are charged to do is to run the business on a non-loss making basis from the point at which they were appointed.

 

Or am I wrong on that?

 

Given "non-loss making" is also known as making a profit, I think you are wrong.

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Dear Mr. Farmery,

 

The reason, I suspect, that Portpin know so much about Harris' bid is because, when Harris' bid was presented to the creditors for approval, they took the trouble to open the envelope and read it.

 

While I appreciate that such an approach is a bit radical, I do think that it is one your colleagues on the board might consider.

 

Yours helpfully,

 

PTS

 

Actually Mr Farmery, I think the term is "Transparency".

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Think of it this way....

 

Portpin has a 12m charge on a 3m property. The administrator has a potential buyer. He is asking the court if he can sell it to the buyer at a fair price.

 

"I am secure" does not work if you secure a 30k loan against a 10 year old ford focus.....

 

3 million enters the coffers.... Who gets paid first.... Baloo... oh no.... Clever Trevor

 

 

There was an admin called Trevor

Who played chess with Baloo , real clever

He kept delaying the game

To drive him insane

And Baloo got paid, never

 

 

Sorry Tony - Can't agree with that at all. He might not get the full amount he wants or the value of the charge, but he will walk away with more than he put in. Remember, if the skates are right, he has already had 4 million.

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I have to declare that I have no idea :)

 

The administrators can trade at a loss but are liable for all losses accrued from the date of appointment. They are also legally obliged to act in the best interest of creditors. Often this is best achieved by returning the business to profitablility through a period of loss making activities. If there was no possibility of future revenues (ie parachutes) Trev would have wrapped this up ages ago. He's happy to trade through a loss making period as he can see future revenues that will cover. Bit of a gamble if the PP's are diverted elsewhere though as PKF will have to open the piggy bank and cover the losses incurred during their period of administration.

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I've suspected for a while that Birch has been borrowing from the future, risking wages because he knew that there were PPs on the horizon.

The fact that the PPs were due to go to football creditors wasn't his problem because he'd be long gone by then.

 

Unfortunately for him it's taken so long that it is starting to become his problem.

He can still see his fees in the account so that's okay, but whatever else happens there can't be much of a cashflow future beyond the last home game.

 

 

 

 

We had the perfect weekend the other week and another pompey loss today will finish their season, it will be over.

Fact.

End of.

Bar the maths...

 

 

What odds on Lee Barnard scoring to all but confirm their relegation, and Rickie scoring his 100th goal to beat Pardew's team?

Surely we couldn't have another weekend that good....

 

I'm hoping to see Barnard celebrating wildly in front of the massed ranks of the blue army - if he can see them from the pitch.

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The administrators can trade at a loss but are liable for all losses accrued from the date of appointment. They are also legally obliged to act in the best interest of creditors. Often this is best achieved by returning the business to profitablility through a period of loss making activities. If there was no possibility of future revenues (ie parachutes) Trev would have wrapped this up ages ago. He's happy to trade through a loss making period as he can see future revenues that will cover. Bit of a gamble if the PP's are diverted elsewhere though as PKF will have to open the piggy bank and cover the losses incurred during their period of administration.

 

The £4m in the bank may just about cover the combined PKF and solictor fees. Birch is not reliant on the next PP to cover his fees.

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