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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella
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Gingeletiss

Gingeletiss

Posted
Posted

11:59

 

pn_Rory_McKeown: Question: if the club is liquidated what happens to parachute payments? Birch: they would disappear. Only goes to relegated club #pcm2012 [via Twitter]

11:59

 

pn_neil_allen: Birch: Liquidation would mean club would lose its entitlement to parachute payments, even if it reforms. #Pompey #pcm2012 [via Twitter]

Gingeletiss

Gingeletiss

Posted
Posted
So The News sends two reporters, with the end result being that they update exactly the same thing seconds apart:facepalm:

 

Apparently, there were no seats available..........:lol::lol::lol:

Frank's cousin

Frank's cousin

Posted
Posted

Given that they are deferring wages... how is it possible that teh club has 'enough money' to get them to June, when waht he is saying is that the footballing debt is increasng, but feck you lot as they get paid first... although I guess if liquidated, then football crditors rule does not apply as no golden shre required?

pedg

pedg

Posted
Posted

Wish someone would ask when a deal would have to be sorted by such that an undertaking could be given to the league on the 2nd that they could complete their fixtures for next season?

Ken Tone

Ken Tone

Posted
Posted
Wish someone would ask when a deal would have to be sorted by such that an undertaking could be given to the league on the 2nd that they could complete their fixtures for next season?

 

Ys bit that's not really the issue for creditors is it? More for fans. Most creditors want their money , not a live football club.

Frank's cousin

Frank's cousin

Posted
Posted
Ys bit that's not really the issue for creditors is it? More for fans. Most creditors want their money , not a live football club.

 

..unless a live football club offers a better chance of them getting any.. eg chainrai

ooh it's a corner

ooh it's a corner

Posted
Posted
Will anything be decided at this meeting or is it just to review progress and report back to creditors?

 

There will be a vote cast by the creditors to accept or decline the administrator's proposal.

 

This will be a xx pence in the pound, and I'll keep going and try to find the new buyer, or liquidate now and I can't guarantee what the xx pence will be.

 

This is the vote that the administrator needs 75% of the creditors to agree on, so Chainrai holds a big stake. HMRC holds a little stake.

pedg

pedg

Posted
Posted
Ys bit that's not really the issue for creditors is it? More for fans. Most creditors want their money , not a live football club.

 

My feeling is that it will be the key decider about when Birch pushed the liquidize button. If say it will take 2 weeks for all the paperwork etc between a bid being submitted and being in a position to satisfy the league then if not bids 2 weeks before FL meeting then would surely have to pull the plug then rather than wait till the meeting?

qwertySFC

qwertySFC

Posted
Posted

My simple question would be ... Why did the company employ Kitson on 20k per week when that would have paid off 208 creditors - Would have been the right thing to do.

Highfield Saint

Highfield Saint

Posted
Posted

If creditors vote for liquidation they will get a small percentage but at least they will get this in a defined timescale. If they accept a proposal they will be promised more but this will be dependent on a variety of events happening as forecast. Of course if these do not come to pass then they may find they receive less than the liquidated amount after a longer wait.

 

Just like last time.

 

The promise of an additional sum doesnt mean that creditors wont vote for liquidation.

saint si

saint si

Posted
Posted
If creditors vote for liquidation they will get a small percentage but at least they will get this in a defined timescale. If they accept a proposal they will be promised more but this will be dependent on a variety of events happening as forecast. Of course if these do not come to pass then they may find they receive less than the liquidated amount after a longer wait.

 

Just like last time.

 

The promise of an additional sum doesnt mean that creditors wont vote for liquidation.

 

Really depends on if they've learned their lesson from last time...

Gingeletiss

Gingeletiss

Posted
Posted

12:22

 

pn_Rory_McKeown: Debate over HMRC amendment to proposals. Proposal is CVA followed by liquidation of old co and then an investigation. #pcm2012 #Pompey [via Twitter]

buctootim

buctootim

Posted
Posted
The promise of an additional sum doesnt mean that creditors wont vote for liquidation.

 

I bet a lot of them want to but wont. If they are Pompey area based it would hurt their business to be known as a company that liquidated the local football club.

ooh it's a corner

ooh it's a corner

Posted
Posted
12:22

 

pn_Rory_McKeown: Debate over HMRC amendment to proposals. Proposal is CVA followed by liquidation of old co and then an investigation. #pcm2012 #Pompey [via Twitter]

 

 

I thought they did this last time, but we never saw the outcome of the forensic investigation into old co? Or did it never happen?

 

It is pointless going for a CVA as the last one bore no fruit. If I were I creditor I would have CVA as my last option.

andysstuff

andysstuff

Posted
Posted
12:22

 

pn_Rory_McKeown: Debate over HMRC amendment to proposals. Proposal is CVA followed by liquidation of old co and then an investigation. #pcm2012 #Pompey [via Twitter]

 

By oldco I assume they mean newco as opposed to oldco that went into liquidation last time.

 

Confused? You will be.

Gingeletiss

Gingeletiss

Posted
Posted

12:27

 

pn_neil_allen: UHY and Portpin vote against HMRC amendment about liquidation. Vast majority of others accept. Games being played! #Pompey #pcm2012 [via Twitter]

fromdayone

fromdayone

Posted
Posted
By oldco I assume they mean newco as opposed to oldco that went into liquidation last time.

 

Confused? You will be.

 

Maybe it means 'oldco'2, as this is what it will be after liquidation and the formation of 'newco'2 (plan B)??????????

andysstuff

andysstuff

Posted
Posted
Maybe it means 'oldco'2, as this is what it will be after liquidation and the formation of 'newco'2 (plan B)??????????

 

I thought that was what I said.

 

Told you it was confusing!

hypochondriac

hypochondriac

Posted
Posted
current Co liquidated and new co...again with CVA.... reapeat of last time to allow forensic investigation by HMRC into current Co (new old co)

 

Well that is annoying as it means that hmrc will agree to a Cva and no more points deductions.

saintjay77

saintjay77

Posted
Posted
Well that is annoying as it means that hmrc will agree to a Cva and no more points deductions.

 

I think thats down to HMRC's new approach. Agressivly voting against a cva in the past has got them no-where. Investigation via Liquidation of old company could return them with money or someone to blame and string up.

 

If creditors vote against the liquidation then HMRC will vote against the CVA. All comes down to how much power they have over that decission I guess?

Chin Strain

Chin Strain

Posted
Posted
Well that is annoying as it means that hmrc will agree to a Cva and no more points deductions.

 

I doubt it - they just want the investigation part. The CVA is then down to voting...and they'll vote against unless it's 100p in the £

Matthew Le God

Matthew Le God

Posted
Posted
Well that is annoying as it means no more points deductions.

 

They may still get points deductions in League One for the collapse of the 2010 CVA. They will be diluting the 2010 CVA with a 2012 CVA, which amounts to the same as not agreeing a CVA in 2010, which would have received a huge points deduction.

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