pfc123

Noooo!! Noooo! Finally, finally, a couple of you who actually UNDERSTAND the current CVA situation. For the rest of you, I'll spell it out in small, easy to understand words of less than two syllables: You can start getting excited about the CVA again if we fail to pay the first instalment in April 2012, not before, got it? Cue lots more replies all containing the following phrase: "This thick skate just does not get it....."

Oh right, so The News is Pompey's poodle. I think not otherwise it wouldn't get banned from FP as it regularly as it does. Bottom line on this whole saga is that none of you will believe ANYTHING that comes out of PFC or it's fans. This thread has descended into a haven for anyone who has a pathological hatred of Pompey. Some of the negative things about Pompey on here are correct. The owner spent money he only had all the time he was earning his commission on Russian stock market trades. We all know what happened in October 2008 to stock markets around the world. He shouldn't have relied on that income to keep funding PFC player purchases and wages when what we desperately needed was a new ground. That was wrong and I accept that it was wrong to run a business in such an exposed way. But the the main reason I waste my time on here is because I cannot let the regular TOTAL lies-and-rumours-peddled-as-fact (and lapped up in outrage by the rest of you) go unawnswered. What about yesterdays little gem- "...and let's not forget they are not even servicing the CVA." As PROVED from the administrators official CVA document, payments are not due to start until April 2012! Yes it may have been due to us not selling enough players to trigger an interim payment, but that's a clause that the creditors approved! And yet the above, at best misleading statement, is greeted with more outrage and mouthfoaming that evil old Pompey are up to their tricks again. Some of you have more fertile imaginations that Enid Blyton. Most of you have another agenda- you want Pompey dead. Well get used to this: Pompey will NEVER die. Whatever happens to PFC, we're used to having our backs to the wall down here, and we'll come back, even if we have to do it from division 9 or wherever, so you're wasting your time expecting us to impersonate Cordurouy any time soon. What does Adrian Chiles always say: "It's the hope that kills you......."

So why was the story run in The News, and confirmed by PFC themselves at the time? Sorry mate, YOU'RE the one who doesn't know what he's talking about....

Around 9k at the last count. Not great, and frustrating. If we had a new ground we'd pick up another 10k floaters, and yes, I know, that's a lot of turds arf, arf

Honestly? It's too easy for companies to rack up unsustainable debt and still have a good chance of surviving it, albeit in a different form. We would have been better off ploughing money into a new FP on the land behind the Fratton end. We don't know much about the new owners, they could be genuine businessmen, they could be the gangsters the conspiracy theorists are sure they are. The future? Who knows?

No- we exited administration on 23rd October last year. Do you think I'm proud to see my club dragged through the mud through it's previous owners failing? Of course I'm not- it's been a nightmare, but the problem you seem to have is us having a LEGAL right to enter into a CVA under the Insolvency Act of 1986. If you don't like the act why aren't you vigourously lobbying your MP to have it repealed?

Yep, when the facts get in the way just resort to good old abuse eh?

Again, from the administrators report, which you obviously haven't bothered to read: Receipts and payments account Attached at Appendix 1 is a copy of our receipts and payments account for the period 26 February 2010 to 27 November 2010, from which you will note that the receipts total for the period is £27,830,711.23 and the payments total is £27,530,711.23, resulting in a balance in hand of £300,000. Happy?

No idea. But we're not arguing about that. We're arguing about: "...and let's not forget they are not even servicing the CVA." Well you have to admit that we ARE servicing the CVA as agreed by the creditors.....

Because we're in dispute with him, not that we haven't got the money! Keep up......

Administrators are paid to be clever- that's their job....

So what? We made a 300k profit last year. We're not trading insolvently, the debt is ringfenced and being dealt with under the terms of the CVA, so we are free to spend if we want. Anyway, it doesn't say Pompey have paid for the refurb- as we rent the ground, it could be that the Uni has paid for it.......

No, they are not "revised schedules", they are the clear and unambiguos terms of the CVA as proposed by the administrator and voted in favour of by the creditors. End of...

No, sorry you are wrong. Legally a CVA starts as follows: From http://www.insolventsolutions.com: And before you all start getting excited about 'monthly payments', payments can be made to a timetable agreed by the creditors. The CVA has well and truly started, ok? No. The £3m initial payment was deferred due to us not raising £15m in player sales- a condition that was agreed by the creditors on 17th June 2010 as part of the CVA. We also show a £300k profit during the period to April 5th 2011 so how are trading insolvently? Clearly we're not, so you're wrong there too.....

Well yes it does clarify things nicely. Yep, an interesting read: D) CVA PROGRESS TO DATE As you are aware the Joint Administrators’ CVA proposal detailed that, as a result of a projected £15,000,000 in player sales, a contribution of £3,000,000 would be received into the CVA. Below is a summary of the CVA proposals agreed by creditors on 17 June 2010 for ease of reference: However, it then goes on to say..... Accordingly, if £3 million is paid during the first nine months of the CVA then Newco will be obliged to pay the balance of £13.5 million over the remaining four year and three month period.**This translates to the Club having to pay approximately £3.375 million per year to fulfil these proposals.**The £13.5 million outstanding balance of the consideration, or the adjusted balance which takes into account a reduction in the creditor claims, will be engrossed within a sales and purchase agreement between the Newco and the Club. Unfortunately, the player sales did not reach the projected value and therefore the £3,000,000 contribution was not received. The payments which will now be made by PFCR into the liquidation are set out below: Contribution due - Due on 15% of 20% of the unsecured creditors’ claims agreed - In equal installments on 1 April 2012 and 15 August 2012 25% of 20% of the unsecured creditors’ claims agreed - In equal installments on 1 April 2013 and 1 September 2013 30% of 20% of the unsecured creditors’ - claims agreed - 1 April 2014 The balancing figure required in order to comply fully with the CVA proposal document approved by creditors on 6 May 2010 - By 17 June 2015' So, "...and let's not forget they are not even servicing the CVA." is totally wrong. The terms of the CVA clearly state that IF £15m isn't raised in player sales, the £3m payment is not made and the payment structure will be as above and will finish on 17 June 2015. Therefore, the first payment is due on 1st April 2012.....

Nope, I must be really, really thick- can't find it....

Ok, can anyone enlarge on "As I understand it". Is it a fact or just hearsay?

Really? Interesting if true. Enlighten me, as my tiny brain is far too meagre to understand these things on my own

I know you don't agree with what I'm saying, but come on mate, thats a bit over the top isn't it?

A few thousands? Aviva alone wrote off £16m on the stadium. You knew damn well that if you went down you were toast within a couple of years if you didn't get back up. Held up by who? No-one else cares anymore, only you lot on here. Actually, that's what his whole thread is about isn't it? The greenest of green envy. We won the FA cup on the back of players we couldn't afford once whoever the owner was ran out out of money, and you absolutely hate it... Bottom line is we both went bust. You got a stadium out of it, we got the FA cup. I'd say long term you got the better end of it.....

Yep, to be fair you did it right way in the long term- they were never going to knock it down, and it's the extra 10k that you've had since that makes a huge difference to what you can do in the market. Actually, serious question- who have you brought in so far, anyone any good?

Why not try reading it again and actually think about the context in which it's written? He's not comparing us in any way with Man U and Barca apart form the fact that they both have similarly proportional levels of debt to us. Man U's debt stood at £590 million in 2009-10, up around £25 million from the previous year. Barca's debt in the same season was 442m euros (£369.5m) after a loss of more than 77m euros (£64.36m) the season before. Hardly 'living within their means' is it? Hmmm, what in the same way seem to think it's excusable to build a stadium you clearly couldnt afford, the wreckage of which left Aviva clients up and down the country paying more because you defaulted on the mortgage. Most of that money you still owe Aviva will NEVER be repaid. And you call us cheats! You spent money you didn't have on a stadium, we spent money we didn't have on players. We're both as bad as each other.....

No, I'm not worried at all, because About 99% of been what's been written on here about how we were "toast" has turned out to be utter rubbish. And yet there are still a significant number of you who are clinging to the idea that we're somehow going to hell in a handcart, it's just a matter of time. Well, two YEARS into this thread, it aint happened yet. I don't mind, it's your board- I find it a good laugh now, but we're at the fag end of a story that bar a few little crumbs that won't amount to anything, is everyone else's chip-paper....

It means the entry hasn't been updated yet......

This thread still going?