Pompey Takeover Saga

[Winchester Red]

Unless Chinney does something very un-in-keeping with your average loan shark (or has an angle none of us have thought of, PFC are toast.)

 

I wouldn't put it past the FL actually leading Chinney up the garden path, with him funding PFC to 1 April to get the next £8m parachute payment and then refusing to give it to him. (Watch the feathers fly then!)

 

The FL have more brains and balls than most give them credit for. At the moment they are just hoping that PFC die on their own, but if they don't the FL will give them a good kicking to help them over the line in my opinion

 

The FL would rather be seen as the helper of the phoenix club than the killer of the current one!

Edited 5 February, 2012 by Winchester Red

[aintforever]

I believe that parachute payments are scheduled as follows:

 

Year 1: 2x £8m (already received)

Year 2: 2x £8m (First received, second on 1 April(?))

Year 3: 1x £8m

Year 4: 1x £8m

 

I thought they had the first years parachutes while they were in the prem, which surely means they had year 2's last season?

 

Also, you would expect having them early came at a cost. I would be surprised if they received the amounts they would have been due initially. The Premier League are not a charity.

[aintforever]

Seems that Cedar Group website is rather economical with the truth.

 

"This years" design seems to feature an example from the 08-09 season.

 

http://www.cedar.uk.com/design-creative.php?p=sfc-prog

 

Nice design tho

[Winchester Red]

I thought they had the first years parachutes while they were in the prem, which surely means they had year 2's last season?

 

Also, you would expect having them early came at a cost. I would be surprised if they received the amounts they would have been due initially. The Premier League are not a charity.

 

No-one knows beyond doubt. We only know that lumpitt said the next payment is the first that the club will actually receive (in cash!)

 

(and I didn't hear that interview personally so I'm taking other poster word for that)

[Doctoroncall]

I thought they had the first years parachutes while they were in the prem, which surely means they had year 2's last season?

 

This is the point no one knows for sure. They are due £9.6m from season 2 after paying off the football creditors due at the time (around £22.4m). How much of a helping hand have they received?

[Joesaint]

But *cough* he's not the owner at the moment *cough* as the club's not in administration...apparently.....AA would have to fire him I'd have thought, as administrator of CSI and, even then, I'm not sure whether he could...although aren't UHY Hacker the de facto owner of Pompey at the moment?

 

 

Maybe you should ask the football league, just to be clear!!

[sidthesquid]

Also bear in mind Chinney doesn't get 'first dibs' of what left over, any more than the players and other football creditors.

 

They are all secured creditors so they all get an equal share at the first level.

 

Chinney is not preferential to the football creditors. Level at best.

 

Unless the FL play ball big time the players will have nowhere to go, and even if they do, no one is going to take the higher earners

 

The point is that the footballers are not, legally speaking, secured creditors. As long as a club wants to retain its 'golden share,' football related debt is treated as preferential to even secured debt, but if a club ceases to exist they just join the queue of unsecured creditors. Chinny, on the other hand, has his charge over CSI/Poopey so he gets first dibs on everything.

[Winchester Red]

The point is that the footballers are not, legally speaking, secured creditors. As long as a club wants to retain its 'golden share,' football related debt is treated as preferential to even secured debt, but if a club ceases to exist they just join the queue of unsecured creditors. Chinny, on the other hand, has his charge over CSI/Poopey so he gets first dibs on everything.

 

Didn't know that. I assumed that football creditor were preferential regardless. Might change the picture if Chinney can persuade a few of the big earners to bog off.

 

Not looking good for PFC from a football club perspective which ever way!

[Brizzie Saints]

The point is that the footballers are not, legally speaking, secured creditors. As long as a club wants to retain its 'golden share,' football related debt is treated as preferential to even secured debt, but if a club ceases to exist they just join the queue of unsecured creditors. Chinny, on the other hand, has his charge over CSI/Poopey so he gets first dibs on everything.

Yes but unless he clears the WUP surely HMRC get first dibs and as they want payment in full does this also include the money under the CVA

[ringwood]

So CSI is in admin, but who is funding their admin?,

and if PFC is trading insolvent which directors cop it or is the AA who is running it?

Does CSI run PFC or does it's own board run it and report to AA?

[Faz]

So CSI is in admin, but who is funding their admin?,

and if PFC is trading insolvent which directors cop it or is the AA who is running it?

Does CSI run PFC or does it's own board run it and report to AA?

 

Technically the Board run PFC, AA is just the shareholder atm. We had a similar thing with Agent Orange I think - wasn't Wilde, then an owner, voted off the board which sent him running back to Lowe??

[sidthesquid]

Yes but unless he clears the WUP surely HMRC get first dibs and as they want payment in full does this also include the money under the CVA

 

As I understand it HMRC are just another unsecured creditor. Chinny is top of the list. In fact legally the only name on the list. If the club wants to continue, football debt is on that list, too. If not, in the event of liquidation, everyone else fights for the scraps after he's had his share (including those owed from the CVA).

[Winchester Red]

I think it's still the case that the players will get a better pay day by having their contracts cancelled and then getting a signing on fee and a fresh contract from a new club rather than a deal in which PFC get some kind of fee.

 

If that's the case then the players are still better off staying put.

[Chin Strain]

I think it's still the case that the players will get a better pay day by having their contracts cancelled and then getting a signing on fee and a fresh contract from a new club rather than a deal in which PFC get some kind of fee.

 

If that's the case then the players are still better off staying put.

 

Yep, it's win win for the players which ever way you look at it.

[Winchester Red]

Particularly as PL clubs won't want to sign them because they won't be able to play them and FL clubs won't be able afford them.

 

I can't see what Chinney can say to the players that will make (the majority of) them move before the summer.

 

Maybe it's his intention to just get them to 1 April and pocket the £8m, liquidate and then sell nottarf cr*p?

 

If he intends to run a skeletal PFC through the 2012/13 and 2013/14 seasons on nothing squads in order to get the final payments and then liquidate or give it away, it's going to be painful watching (or amusing depending on how you look at it!)

 

I refer you back to my previous posts this evening. The 'phew' had better get motoring with Plan B!

[Chin Strain]

It still doesn't quite add up to me though. The value's still not in the squad to sell them, so the wage bill will remain high. Additionally, he'd have to keep putting off the CVA payment in order to fleece the club. I can't see that going down too well with the creditors...unless AA completely rips up the CVA and says that there will be no payments. That would cause some ructions knowing there are PPs....the FL need to keep a very close eye on this.

 

Plan B is a bit of a pointless exercise in your scenario - the phew would be better off sitting out the next 2 years and taking the pain...at least they'd have a club at the end of it, in whatever league it'd be in...assuming BC sold / let them have the club.

[Winchester Red]

My 'give it away' comment was probably a bit flippant.

 

He's never going to do that, he'll try and sell it, but consider this.....

 

How do you fancy negotiating with Chinney for the club and the ground, and with Sacha for the land around it. Without all of it it's both worthless and pointless.

 

You'll either have to pay well over the odds or they'll be strangling you forever.

 

We're not talking about tired ex-owners here who want rid (ie, majeski). We're talking about a loan shark and a gun runner. The best interests of PFC aren't high on their agenda!

 

Even now PFC are just one of a hundred items in Chinneys portfolio and f*ck knows if sacha even gives the land he owns a second thought.

Edited 5 February, 2012 by Winchester Red

[Fowllyd]

Particularly as PL clubs won't want to sign them because they won't be able to play them and FL clubs won't be able afford them.

 

I can't see what Chinney can say to the players that will make (the majority of) them move before the summer.

 

Maybe it's his intention to just get them to 1 April and pocket the £8m, liquidate and then sell nottarf cr*p?

 

If he intends to run a skeletal PFC through the 2012/13 and 2013/14 seasons on nothing squads in order to get the final payments and then liquidate or give it away, it's going to be painful watching (or amusing depending on how you look at it!)

 

I refer you back to my previous posts this evening. The 'phew' had better get motoring with Plan B!

 

Something along the lines of: "Career-ending injuries can happen so easily, if you get my drift..."

[Winchester Red]

Something along the lines of: "Career-ending injuries can happen so easily, if you get my drift..."

 

That's one scenario I've tried to ignore because the difficult to predict becomes impossible to predict.

 

If that scenario is an open possibility then you could well have your answer as to why there has been no FL action. They all have families and friends they no doubt care about (possibly, maybe, whatever)

Edited 5 February, 2012 by Winchester Red

[PaulSaint]

"Additionally, he'd have to keep putting off the CVA payment in order to fleece the club. I can't see that going down too well with the creditors...unless AA completely rips up the CVA and says that there will be no payments. "

 

Dont forget, while at Swindon FC, AA kept delaying (not ripping up) the CVA payments until eventually, after 8 years, it was settled. To my knowledge the football club suffered no repurcussions at all by utilising this tactic. Christ the laws in this country can be weak!!!

[Chin Strain]

My 'give it away' comment was probably a bit flippant.

 

He's never going to do that, he'll try and sell it, but consider this.....

 

How do you fancy negotiating with Chinney for the club and the ground, and with Sacha for the land around it. Without all of it it's both worthless and pointless.

 

You'll either have to pay well over the odds or they'll be strangling you forever.

 

We're not talking about tired ex-owners here who want rid (ie, majeski). We're talking about a loan shark and a gun runner. The best interests of PFC aren't high on their agenda!

 

Even now PFC are just one of a hundred items in Chinneys portfolio and f*ck knows if sacha even gives the land he owns a second thought.

 

I agree that BC and SG won't be fussed about Pompey. It's going to be very messy from herein. Lasttime when BC took them out of admin, it was probably worth a punt on small squad, high quality - if they got back in the PL, ker-ching.This time, it's all about squeezing whatever he can get from the festering corpse....PL is a million miles away.

 

Having said that, he flogged the club to CSI so PPs weren't his long term plan last summer. Now, maybe that is the new plan, as I suspect he knows he won't be able to sell the club for £17m this time. If so, it's a shift change from him. I also suspect that he thought he'd get a pile of cash from the WRC rights, but the FIA played a blinder and pulled the rug from under him. One thing for sure, he won't be throwing good money after bad. Any money he puts in now won't have any security, so he'd better be certain about the PPs, and how that will play out.

 

It's going to be fun watching!

[Winchester Red]

"Additionally, he'd have to keep putting off the CVA payment in order to fleece the club. I can't see that going down too well with the creditors...unless AA completely rips up the CVA and says that there will be no payments. "

 

Dont forget, while at Swindon FC, AA kept delaying (not ripping up) the CVA payments until eventually, after 8 years, it was settled. To my knowledge the football club suffered no repurcussions at all by utilising this tactic. Christ the laws in this country can be weak!!!

 

I guess the crucial difference in this case is that (at the moment) AA has no direct jurisdiction over PFC, they're effectively just a share holder(?), and Baker Tilley control the CVA.

 

As we keep being told PFC aren't in admin, they just have a teensy weeny cash-flow problem, and are definitely not trading whilst insolvent, no sir, not us..

 

That could all change very quickly however

Edited 5 February, 2012 by Winchester Red

[St Jim]

Also bear in mind Chinney doesn't get 'first dibs' of what left over, any more than the players and other football creditors.

 

They are all secured creditors so they all get an equal share at the first level.

 

Chinney is not preferential to the football creditors. Level at best.

 

Unless the FL play ball big time the players will have nowhere to go, and even if they do, no one is going to take the higher earners

 

As far as I understand it Chinny does get preference over the football creditor because they are unsecured creditors (what security do they hold?) but wiht preferecen over all other unsecured creditors. In essence the priority would be Secured Creditors (Chinny) then Unsecurted Creditors (players & other footballing creditors first then the rest i.e. HMRC).

 

As I say this was my understanding of it so am happy to be corrected.

[Chin Strain]

As far as I understand it Chinny does get preference over the football creditor because they are unsecured creditors (what security do they hold?) but wiht preferecen over all other unsecured creditors. In essence the priority would be Secured Creditors (Chinny) then Unsecurted Creditors (players & other footballing creditors first then the rest i.e. HMRC).

 

As I say this was my understanding of it so am happy to be corrected.

 

Players and football creditors are 'secured' if Pompey want to continue in the FL. If there is no Pompey, they stand in line with every other unsecured creditor. On the plus side, they get a free transfer elsewhere with a big signing in fee (and you'll probably find that they'll also get a pay out from some sort of PFA insurance scheme)

[Dr Who?]

Can someone sum up for me?

 

Are they going to be docked points?

Are thy going to find a buyer

Are thy likey to go out of business or get thrown out the league?

[Matthew Le God]

Can someone sum up for me?

 

Are they going to be docked points?

Are thy going to find a buyer

Are thy likey to go out of business or get thrown out the league?

 

[video=youtube;BBmMKlU0m-0]http://www.youtube.com/watch?v=BBmMKlU0m-0

[Winchester Red]

Can someone sum up for me?

 

Are they going to be docked points?

Are thy going to find a buyer

Are thy likey to go out of business or get thrown out the league?

 

1. Who knows but they should be

2. Who knows but they shouldn't do

3. Who knows but they bloody ought to

 

Hope that helps but I doubt it!

[PaulSaint]

"Can someone sum up for me?"

 

£130 Million + 2008 FA Cup = Nothing to pay

[Winchester Red]

"Can someone sum up for me?"

 

£130 Million + 2008 FA Cup = Nothing to pay

 

Your accounting is going to need to be a little creative to make that one stack up

[St Jim]

Players and football creditors are 'secured' if Pompey want to continue in the FL. If there is no Pompey, they stand in line with every other unsecured creditor. On the plus side, they get a free transfer elsewhere with a big signing in fee (and you'll probably find that they'll also get a pay out from some sort of PFA insurance scheme)

 

 

But what security do the football creditors hold?

 

My understanding was that HMRC were challenging the FCR because they (football creditors), as unsecured creditors, get preferential treatment over the other unsecured creditors when all unsecured creditors should be paid in the same way.

Edited 5 February, 2012 by St Jim

[edprice1984]

Lets be honest, all this stuff about Chinny coming back can be filed under bulls***. Along with pretty much everything else that has come out of that c*ap hole of a football club!

[Channon's Sideburns]

Lets be honest, all this stuff about Chinny coming back can be filed under bulls***. Along with pretty much everything else that has come out of that c*ap hole of a football club!

 

But...isn't this another indication that they're trading whilst insolvent?

 

Appy reckons he can get a loan player in this week *with dispensation from the FL* - haha good luck.

[Chin Strain]

But what security do the football creditors hold?

 

My understanding was that HMRC were challenging the FCR because they (football creditors), as unsecured creditors, get preferential treatment over the other unsecured creditors when all unsecured creditors should be paid in the same way.

 

It's not 'secure' as in the normal sense of the word (i.e.secured against assets). The FCR just means that you have to pay all your football debts in full, or you can't play in the football league. You're right re why HMRC are challenging, but the FCR is an internal rule that you need to comply with in order to play in the FLs little club.

[hutch]

I think what will help me join the dots up here, with regards BCs likely next step is:

 

- what happens to the previous CVA if they go into admin? Can they renegotiate?

- are the parachute payments earmarked for the previous CVA (I think yes), and where are they paid to? Would they go to the new company to service the debt and, if so, can new company syphon them off and sod the CVA?

- if Pompey get wound up, will the parachute payments cease to be paid by the PL (i.e. do the PL keep them), or are they paid in one hit to the liquidator to distribute?

 

I think the picture would be clearer for me if I had answers to these questions. Anyone?

1a) The previous CVA is nothing to do with them. Baker Tilley have to collect the cash & pay it to the creditors. They could, in theory, ask to renegotiate the payments with BT, but as HMRC are now the major creditor (the Football Creditors who "won" the vote last time have now been paid, so are no longer in the picture), and BT were appointed at the behest of HMRC, I can't really see much mileage there.

 

2a) "Earmarked", I think yes. "Ringfenced", no.

 

2b) They are paid to Newco by the PL.

 

2c) Yes, in theory Newco can siphon them off and sod the CVA, but that would incur a WUP from Baker Tilley in April.

 

3a) If they cease to be a member of the FL due to their insolvency event(s) the remaining parachute payments are distributed among PL clubs.

 

 

Also bear in mind Chinney doesn't get 'first dibs' of what left over, any more than the players and other football creditors.

 

They are all secured creditors so they all get an equal share at the first level.

 

Chinney is not preferential to the football creditors. Level at best.

 

Unless the FL play ball big time the players will have nowhere to go, and even if they do, no one is going to take the higher earners

In liquidation, Chainrai will get first dibs on everything. He holds the primary debenture. He will take everything they have of any value, and nobody else will get a penny, not even the CVA.

 

The players (Football Creditors) will get paid, but outside of the actual liquidation of assets of the Company, from the remaining parachute payments, before the rest is forfeit. It's possible they might even get their existing contracts paid up in full from the PP's.

 

I guess the crucial difference in this case is that (at the moment) AA has no direct jurisdiction over PFC, they're effectively just a share holder(?),

I would expect the Articles & Memorandum of PFC 2010 Ltd to contain some restrictions on Director's authority which would require shareholder's approval at a General Meeting, such as winding up the Company or seeking appointment of an Administrator. So, as de facto shareholder at the moment, AA does have some important direct jurisdiction.

 

and Baker Tilley control the CVA.

Yep. Not the same situation as Swindon at all.

 

All just IMO, of course. We haven't got access to the Sale & Purchase Agreement where AA sold the club to Chainrai (Newco), or where Chainrai sold it to CSI (although I suspect that one is now void due to breach of payment terms by by CSI.

Edited 6 February, 2012 by hutch
spelling

[Channon's Sideburns]

Meanwhile, here's how Lampitt's meeting with Chanrai will go....

 

http://www.youtube.com/watch?v=sZrgxHvNNUc

[trousers]

So, 'Arry's defence summary to be heard in court today.... Any script writers out there care to pre-empt the likely prose...?

[Frank's cousin]

But what security do the football creditors hold?

 

My understanding was that HMRC were challenging the FCR because they (football creditors), as unsecured creditors, get preferential treatment over the other unsecured creditors when all unsecured creditors should be paid in the same way.

 

Think the argument rests on the fact that it is the intereste of ALL the creditors to ensure the club remains in business and thus eventually begins paying out on the CVA - if the football creditors are not paid in full, the club is in breech of the rules and has its golden share withdrawn, which would mean effectively liquidation - and thus most creditors would get feck all - in effect, its the creditors that control the situation - As I understand it, the Football creditors rule is only a rule of the competition/FL. There is no LEGAL/law that says it must happen, but creditors will mostly support it is it means more chance of getting something. The club will be desperate for creditors not to challenge it for obvious reasons.

 

...so how come Swindon eventually settled a cVA after 8 year with no sanctions....? simple because the creditors agreed to it. Had they not, then massive points deductions.... and now we have AA potentially doing the same again at the cheating c***s down the road.... I predict that the creditors of the current CVA will see no more than around 2p over 10 years - the parachute monies will be advanced and used to keep the thing afloat and they WILL get away with it... at least for the forseable or unless enough of the creditors refuse to accept any changes to the conditions of the CVA - which as many are local businesses, who probably have owwners who are 'fans' wont happen.

 

So Corpse, Tell me this - after mouthing off every 3rd page that the CVA payments will be met by teh parachute money, what will you think of your club if as with Swindon, AA manages to 'string it out and eventually the creditors see cloase to feck all? still say you are not cheats? still be proud of your cup win?

[Winchester Red]

You know what the answer will be

 

It's not our fault, it's the fault of the owners who didn't put in the money they promised. It could happen to anyone. You'd be just the same, bleet bleet

 

It's always you though isn't it Ho. Ever wondered why that is? How the club with the bestest fans in land end up with the crapest owners?

[pedg]

So, 'Arry's defence summary to be heard in court today.... Any script writers out there care to pre-empt the likely prose...?

 

I fully expect the whole defence statement will be done in cockney rhyming slang... "The prosecution would have you adam and eve..."

[Corporate Ho]

Some of the post below is 100% wrong so I've corrected it for you. HTH

 

1a) The previous CVA is nothing to do with them. Baker Tilley have to collect the cash & pay it to the creditors. They could, in theory, ask to renegotiate the payments with BT, but as HMRC are now the major creditor (the Football Creditors who "won" the vote last time have now been paid, so are no longer in the picture), and BT were appointed at the behest of HMRC, I can't really see much mileage there.

 

Agree with this one

2a) "Earmarked", I think yes. "Ringfenced", no.

 

Pretty much accurate. Although the PL & the FL have discussed this with the Portsmouth Trust (who have been very active) and none of the parachute payments will be going to Chinrai.

 

2b) They are paid to Newco by the PL.

 

Correct

 

2c) Yes, in theory Newco can siphon them off and sod the CVA, but that would incur a WUP from Baker Tilley in April.

 

Another reason Chainrai can't get his hands on them.

 

3a) If they cease to be a member of the FL due to their insolvency event(s) the remaining parachute payments are distributed among PL clubs.

 

Incorrect. Distributed amongst FL clubs

In liquidation, Chainrai will get first dibs on everything. He holds the primary debenture. He will take everything they have of any value, and nobody else will get a penny, not even the CVA.

 

Wrong and wrong. If a FL club goes into administration the players registrations revert to the FL and they become free agents. Parachute payments are redistributed to other clubs. Which leaves Chainrai with . . . . . . . Fratton Park. He could sell it to devlopers for it's land value (£3 - £4m) but what developer would buy it knowing the council have lready said they'll oppose any move to change it's use from anything other than a sports stadium. Where does Chainrai go now? He could sit it out to the 20th and the WUP and hope it goes his way (does anyone think it will?) he can try and install a puppet owner but that needs him to pump in money to keep us trading to the end of the season (so very unlikely) or he can sell - and this time it's very much a buyers market.

 

Two outcomes. We get liquidated and Chainrai gets almost nothing or he accepts that he's not going to make anywhere near as much out of us as he thought and he sells for good. Either way we're rid of the scumbag.

 

PS: ref Gaydamak's land and a potential sale to Tesco. I'm well aware that PFc don't own the land. Yet. However, Gaydamak has had at least two planning applications for industrial use knocked back by PCC and there is open talk about a CPO once the future of the club gets sorted out under the "assets of community value" bill that's introduced shortly. I'm sure Gaydamak and Chainrai would love to join together and sell the whole parcel to Tesco themselves but once again the whole planning application process would be a nightmare without the stadium included in any plans.

 

As I said 15 pages or so ago, I think Chainrai has badly miscalculated this time.

[tony13579]

I don't think it is in the creditors interest to see Pompey survive because it will cost more to keep them alive than the parachute payments are worth.

 

Unless they find an owner with 20 million a year to pour down the abyss, they should cease to exist on the 20th.

[pedg]

Two outcomes. We get liquidated and Chainrai gets almost nothing or he accepts that he's not going to make anywhere near as much out of us as he thought and he sells for good. Either way we're rid of the scumbag.

 

Sell to who exactly? Its only a choice if both options are doable.

[Winchester Red]

I think Ho puts too much faith in the councils policy of the land being retained for a sporting arena

 

Councils come and go, and policies change.

 

If there is no club I would expect the council to be falling over itself to get the land developed and create jobs. No council wants a waste land

 

I also suspect that Chinney can be very patient

Edited 6 February, 2012 by Winchester Red
spelling

[dubai_phil]

Sell to who exactly? Its only a choice if both options are doable.

 

I've mentioned before it is entirely likely that chinny has miscalculated and will end up having to accept 20p in the pound or nothing. IF I was going to buy them then I'd wait until 10 mins before they go to court.

 

the BEST chinny can come out of this with would be to retain the Stadium asset and charge a rent (I'd have that nailed in blood as well), so that over 10 or 15 years he gets more of his cash back.

 

Some fool will then come in and buy the remains for a pound and lose 5 or 6mil just getting to the end of the season. They'll still have players on stupid money (they may dream they could shift them but they won't). Chinny won't sell them the stadium and won't do anything to keep it in a decent condition and the old club will wobble along.

 

Their only REAL hope in this scenario is to get relegated and rebuild a side with players and youngsters and have a 3 year plan to get back to the nPc as a stable club and THEN look to do something more.

 

Trouble is they'd need owners with brains to do that and haven't found one yet

[hutch]

Some of the post below is 100% wrong so I've corrected it for you. HTH

Seems the only point we disagree on is where the forfeit parachute payments will end up. I've posted Rule C.66 from the PL rules before, but I'll do so again:

 

66. Any distribution to a Relegated Club under the provisions of Rules C.36, C.38 or C.40 may be deferred if, on or before the date of the distribution, the Relegated Club has been given notice under article 4.5 of the articles of association of the Football League which has been suspended. Upon such notice being withdrawn the deferred distribution shall be paid but if in consequence of the notice the club to which it was due ceases to be a member of the Football League its amount shall be added to the next distribution made in accordance with these Rules.

 

The PL rules don't have a section to deal with distribution to the FL, only to current and qualifying past members of the PL. So the "next distribution" is the next distribution to current and qualifying past members of the PL, in accordance with it's rules.

 

I have no problem if you want to interpret rule C.66 differently. After all, it makes no difference to PFC.

 

I am aware that player registrations are not assets in liquidation, and did not suggest they were.

[Corporate Ho]

So Corpse' date=' Tell me this - after mouthing off every 3rd page that the CVA payments will be met by teh parachute money, what will you think of your club if as with Swindon, AA manages to 'string it out and eventually the creditors see cloase to feck all? still say you are not cheats? still be proud of your cup win?[/quote']

 

Proud of the cup win? Never been "proud" of anything like that FC but still very, very happy that we won the cup and that I was there to see it. But as for the other question, the clue there is when you say "if AA manages to string it out". The club isn't screwing the creditors, it's Chainrai by way of his lapdog Andronikou. We're in trouble because our last FL approved owner decided to put more money into the club to improive the squad (and let's not forget when he came in we only had 8 players) and it's his financial issues that have caused this mess. And despite what you keep saying, if for any reason the Liebherr's money stopped pouring into SFC you'd be in trouble as well. I sincerely hope that two things happen - that the creditors all get paid what they're owed and that Chainrai and Andronikou have nothing more to do with my club.

 

Sell to who exactly? Its only a choice if both options are doable.

 

Both options are doable. Liquidation is extremely doable. But selling the club becomes a much easier if Chainrai is willing to drop the asking price from the £17m he's been looking for. The quesion is how low is he willing to go and is he willing to take a risk that he'll get more out of us being liquidated. I think he's now pretty desperate to sell, the problem is can a deal be done in time. There are interested parties out there but is there enough time left.

[Danbert]

 

Both options are doable. Liquidation is extremely doable. But selling the club becomes a much easier if Chainrai is willing to drop the asking price from the £17m he's been looking for. The quesion is how low is he willing to go and is he willing to take a risk that he'll get more out of us being liquidated. I think he's now pretty desperate to sell, the problem is can a deal be done in time. There are interested parties out there but is there enough time left.

 

"There are interested parties out there..."

 

B0ll0cks are there.

[rallyboy]

its funny how the players who refused to leave are being hailed as loyal heroes when in fact it was selfish in the extreme.

 

The club is desperate for cash, you just need to agree terms, but a legally-operating club can't match your current wage.

Also your agent tells you that your contract will be paid up in full if the club goes pop - it could be a massive money spinner for you - so sit tight.

If the club is liquidated the likes of Kitson and Ben Haim will be quids in and able to find new clubs on a free with a signing on fee.

No greedy player will shift under those circumstances - and they didn't.

Loyalty? Yeah right.

 

We survived in some part due to Surman accepting reality, and the generosity of Leon Crouch - pompey seem to have neither a player willing to take one for the club, nor a fairy godfather.

[skintsaint]

And despite what you keep saying, if for any reason the Liebherr's money stopped pouring into SFC you'd be in trouble as well.

 

Hardly.

[Wurzel]

I think Ho puts too much faith in the councils policy of the land being retained for a sporting arena

 

Councils come and go, and policies change.

 

If there is no club I would expect the council to be falling over itself to get the land developed and create jobs. No council wants a waste land

 

I also suspect that Chinney can be very patient

 

Birch Lawn - not as big as FP but not a lot smaller - home of Sholing FC had a strict, long established covenant that the land it was on could only, ever, be used for recreational use. Where is it now? If I've still got my bearings right it is exactly HERE.

As you say policies change, lawyers nit pick, nothing is ever cast in stone.