Jump to content

Pompey Takeover Saga


Fitzhugh Fella

Recommended Posts

If the trust cant find his £18.6m, or a buyer dosent gallop into town, then Chainrai simply gets to exercise his prefferential secured creditor status and seize all assets of PFC as according to the fixed and floating charge pompey agreed to when they accepted his filthy cash.

 

As I understand it if the club is liquidated I believe the document from Birch indicated that Chainrai would actually get nowt.

 

6.9 Section 176A of the Insolvency Act 1986 requires Administrators to set aside a prescribed

amount of the Companyís ënet propertyí towards the satisfaction of non-preferential claims

(the ëPrescribed Partí). Net property is the amount of property that would otherwise be

available for satisfaction of debentures secured by, or holders, of any floating charge granted

by the Company after 15 September 2003.

6.10 The debenture granted in favour of Portpin Limited was created after 15 September 2003

and therefore the prescribed part provisions will apply.

6.11 We estimate that, in a liquidation scenario, there will be no net property available for the

Prescribed Part.

 

or have I read that wrong?

Link to comment
Share on other sites

As I understand it if the club is liquidated I believe the document from Birch indicated that Chainrai would actually get nowt.

 

 

 

or have I read that wrong?

 

You haven't read it wrong, but the bit you are missing it that no sensible person will buy the land with a ringfence around it.

 

So, the land is worthless to Tesco's et al unless they can get their hands on Sacha's ring (oo-er), they will not pay anything for it.

 

So, ultimately the administrator will have to take the highest cash offer, which will inevitably be the £10k or so from Portpin. So, essentially Portpin will buy the land that they currently own, from the adminstrator. This will then allow them to subsequently buy Sacha's bit of land, and then redevelop, thus clearing the £17m that Daddy Gaydamak owed Chanrai.

 

Simples.

Link to comment
Share on other sites

There is only two users that have a bad word to say about the pompey fans. Among the others comments are "best fans in championship".

 

Just show me one, just one, from anyone not connected with your club , a posting on a message board, a mad rambling of an old woman, anyone, just one person saying that you are the best fans in the league/england/world.

 

Go on just one.

 

Then when you have found one, see if you can find another. See if you can find ten. I bet you cant. We can - easily. And loads more.

Read the thread again, there's only two praising you. Oh, and have a look at the Coventry forums.

Link to comment
Share on other sites

With regard to item one on your list of reasons why we are (WT)FILN, I have come to the conclusion that the current trust bid is just a smokescreen to raise as much potential money as possible for PLAN B.

 

When the club is liquidated the skate trust can come out and say they are ready to launch the pheonix club... instead of backing the bid they will emotionally blackmail pledgees to stick by your pledge.

 

£1m/£2m will not ever get near the funds required to pay off Chainrai, Gadymack and HMRC - Not in a million years!

 

I have formed this opinion based on a number of reasons; The PST spokesman was utterly clueless on the webchat, the ommissions and caveats were deafening... Penny and her little vote grabbing stunt, like all tories she is all about the self interest... POL moderators and PST board members publically squabbling, the division amongst the skates is clear for all to see... the pitful amount of pledges standing at £100k/£1m after a month despite massive PFC/Snooze/PST/Penny PR campaigns

 

(and thats before b*st*rds like me withdraw their pledges or offer to see it through at 20% of 20% less £100 expenses ShaLaLa)

 

 

Maybe I was right all along?

 

Moneyfieldsclub.jpg

 

moneyfieldstrailer.jpg

 

shed.jpg

I do like their ground equipment store AKA shed. It looks so much more secure than a steel container!! LMFAO
Link to comment
Share on other sites

I would disagree Steve that when NP took over we were "comfortably" mid-table - far from it in fact, we were on a slippery slope big time (remember the debacle in the Cup at Rovers) and although Crouch had lined Tony Pulis to come in the summer (behind Stoke's back) he suddenly realised he couldn't wait and appointed Pearson. Pearson did well to steer the drifting and listing ship away from the rocks, albeit by a whisker.

 

Don't remember hearing that at the time, I must say.

Link to comment
Share on other sites

You haven't read it wrong, but the bit you are missing it that no sensible person will buy the land with a ringfence around it.

 

So, the land is worthless to Tesco's et al unless they can get their hands on Sacha's ring (oo-er), they will not pay anything for it.

 

So, ultimately the administrator will have to take the highest cash offer, which will inevitably be the £10k or so from Portpin. So, essentially Portpin will buy the land that they currently own, from the adminstrator. This will then allow them to subsequently buy Sacha's bit of land, and then redevelop, thus clearing the £17m that Daddy Gaydamak owed Chanrai.

 

Simples.

 

Thing is that Birch is charged with getting the best value for the creditors. Either that going to be done by selling the club and using the money raised to pay the creditors or by liquidating and selling everything to pay creditors. Thus the figure being quoted by Birch to buy the club is, I assume, how much it would need to be to making selling the club a better deal for the creditors than liquidation. As such there should be no way he would accept anything less as then he is not doing the best for the creditors. I think?

Link to comment
Share on other sites

As I understand it if the club is liquidated I believe the document from Birch indicated that Chainrai would actually get nowt.

 

 

 

or have I read that wrong?

 

The bit that you have missed is that the prescribed part doesn't apply to very many of the assets because it relates to floating charge realisations rather than the fixed charge that chinny hold over the stadium.

 

I haven't bothered to double check (so could end up looking silly) but... Chinny almost definatly has a "fixed and floating" debenture meaning that (in very basic terms) he has a fixed charge over fixed assets, such as the stadium, and a floating charge over everything else (trade debtors, cash etc).

 

The prescribed part applies to amounts raised under the floating charge and but not to any amount raised by selling fixed charge items such as the stadium (unless somebody pays more than chinny is owed and there is a surplus - but I think we can discount that scenario).

Link to comment
Share on other sites

Thought this part was VERY interesting. "Birch considers that unsustainable for a Championship club, let alone one PENCILLED in to play in League One"

 

Not certain is he?

 

Not sure he really knows WHAT is going on....

 

 

The administrator has this week met Blues players in his long-standing drive to slash the annual £12m wage bill built up during the CSI regime.

 

Where does he get the £12m wage bill from?

 

I thought the wage bill was racking up a bill to HMRC for income tax at £800k per month. A conservative estimate would put the wage bill at £19m per annum.....

 

Unless he's saying that the wages for the players is £12m and there is an additional SEVEN MILLION POUNDS EACH AND EVERY YEAR for the non playing staff. Surely THAT is not even as much as the top four prem clubs are paying!

 

No wonder the kitman is overpaid!

 

Didn't he make a whole bunch redundant when he took over to reduce the non playing wages? How much was it before he made the cuts!

 

Has anyone ever pointed out that the figures just don't seem to add up?

Link to comment
Share on other sites

The bit that you have missed is that the prescribed part doesn't apply to very many of the assets because it relates to floating charge realisations rather than the fixed charge that chinny hold over the stadium.

 

I haven't bothered to double check (so could end up looking silly) but... Chinny almost definatly has a "fixed and floating" debenture meaning that (in very basic terms) he has a fixed charge over fixed assets, such as the stadium, and a floating charge over everything else (trade debtors, cash etc).

 

The prescribed part applies to amounts raised under the floating charge and but not to any amount raised by selling fixed charge items such as the stadium (unless somebody pays more than chinny is owed and there is a surplus - but I think we can discount that scenario).

 

I am sure that is correct.... but could you explian what it means if either teh administrater sells the club to someone other than chinney, or liquidates the club - who gets what? (in laymans , non accounting speak If I may be so bold...:blush:);)

Link to comment
Share on other sites

Not sure he really knows WHAT is going on....

 

 

 

 

Where does he get the £12m wage bill from?

 

I thought the wage bill was racking up a bill to HMRC for income tax at £800k per month. A conservative estimate would put the wage bill at £19m per annum.....

 

Unless he's saying that the wages for the players is £12m and there is an additional SEVEN MILLION POUNDS EACH AND EVERY YEAR for the non playing staff. Surely THAT is not even as much as the top four prem clubs are paying!

 

No wonder the kitman is overpaid!

 

Didn't he make a whole bunch redundant when he took over to reduce the non playing wages? How much was it before he made the cuts!

 

Has anyone ever pointed out that the figures just don't seem to add up?

 

did they not have something like 200 staff at some point - even at 20k average that 4 mil a year.....

Link to comment
Share on other sites

 

Yay....AA will be at tomorrow's meeting with Birch. Any flies on the wall...?

 

"Of the £58m debt, £38m is owed for the purchase of the club from the previous administrators.

 

A further £10.5m investment made by former owners Vladimir Antonov's Convers Sports Initiatives (CSI) remains outstanding.

 

CSI themselves will be represented by administrators UHY Hacker Young at Thursday's meeting."

Link to comment
Share on other sites

Lazy journalism-the article indicates the 20p in the pound offered to creditors last time round, but no mention that none of it has been paid !

 

Indeed. And HMRC still being quoted as being owed less than previously stated...?

 

"Players are due £3.5m in wages and bonuses for the last two seasons, while £2.3m is owed to HM Revenue and Customs. Additionally, £3.7m is owed for general trade."

 

And why no mention of Baker Tilly? I though they were supposed to be looking after the interests of the creditors of CVA1? (as taken over by NewCo)

 

Or is this all covered by the £38m owed to AA in lieu of the purchase of oldCo by newCo?

 

I'm lost

Edited by trousers
Link to comment
Share on other sites

Yay....AA will be at tomorrow's meeting with Birch. Any flies on the wall...?

 

"Of the £58m debt, £38m is owed for the purchase of the club from the previous administrators.

 

A further £10.5m investment made by former owners Vladimir Antonov's Convers Sports Initiatives (CSI) remains outstanding.

 

CSI themselves will be represented by administrators UHY Hacker Young at Thursday's meeting."

 

I assume that's enough to get AA on the creditors committee?

Link to comment
Share on other sites

I have a distinct feeling the end is nigh for PFC.

More redundancies,restructuring salaries,and warning players of possible reductions in wages for the foreseeable future.

The towel is about to be thrown in methinks.

Very limited options open to Mr Birch.

Link to comment
Share on other sites

Thing is that Birch is charged with getting the best value for the creditors. Either that going to be done by selling the club and using the money raised to pay the creditors or by liquidating and selling everything to pay creditors. Thus the figure being quoted by Birch to buy the club is, I assume, how much it would need to be to making selling the club a better deal for the creditors than liquidation. As such there should be no way he would accept anything less as then he is not doing the best for the creditors. I think?

 

sort of, but there is a big difference between market value and what someone pays for something. You could argue that a patch of land the size of Fratton Park is worth several million pounds. However if you can never access the land because someone has put a ring of land around it and won't let you cross their land, then the value of said patch decreases.

 

The administrator will have to take the best offer that becomes available. Given the time restrictions, he doesnt have 12 months to go and advertise and seek legal changes to the land as it stands at the moment, so whoever buys it will buy it in the knowledge that they cannot access it, without Sacha's permission.

 

That makes it too risky for any uninvolved business to put a "proper" offer in.

 

So, it comes back to "what is something worth", well it is worth exactly the amount someone is willing to pay for it. Which is why Andy Carroll changed hands for £35m and Fratton Park will change hands for less than a second hand Ford Cortina.

 

Once it has changed hands, we can expect the land registry position to be changed, the ring fence to disappear and the patch of land, at this point to change hands for a true market valuation.

 

of course, I could be miles off the mark :-)

Link to comment
Share on other sites

If 3 wins from 13 despite having the division's leading goalscorer at his disposal is your definition of "did well" I'd hate to see your definition of "did terribly" :lol:

 

As for Pulis, he won them promotion to the Premier League that season, why on earth would he have left them (with Coates' pocket money to throw around like confetti) for us? Sounds like another of Leon Crouch's fantastic brainwaves, rather akin to the "if I get the bank to put the club into administration, I'll be able to own it 100% myself" one which ended so well for him.

 

I have never heard this line about Crouch, although the money he apparently put in for wages would be consistent. Is there any other evidence?

Link to comment
Share on other sites

I have never heard this line about Crouch, although the money he apparently put in for wages would be consistent. Is there any other evidence?

 

Yes, but it will never come out on a forum. It is a story for another day when a history is written of how we were so lucky to find Markus.

 

Move along now please nothing to see here

Link to comment
Share on other sites

Not sure if this has been mentioned on the thread elsewhere, but the new FFP rules that come into affect in 2013/14 season could mean yet more pain for the blue few. Obviously that is reliant on there still being a Portsmouth FC in 2013, but nonetheless if they are unable to get rid of the Chanrai/Gaydamak issue I can't see how they would ever turn a profit

Link to comment
Share on other sites

This is from a pompey fan commenting on a West Ham article, hes replying to a Saints fan comment. Its so funny I had to share, I hope you all dont mind....

 

usapompeyfaithful:

"We will see all the pressure is on you and we all know how you crack under pressure... you are staying in the Championship pretty much fact. We will see you again in Summer 2013. Problem with you lot, besides the plastic stadium, are the fans...you are the most luke warm fans I have ever seen. West Ham fans are brilliant and they deserve to go up. Even if you manage to cheat your way into the PL next season, its not that bad as you will spend, spend, spend and will be right back in the Championship with a massive wage bill. Your fickle fans will boycott and you will be left with massive wages and no gate income. Also, dont be under illusion... you have no quality like Swans or Norwich. Either way I will be LMAO."

 

Aww made me chuckle, bless them deluded few...

Link to comment
Share on other sites

The End is Nigh. Can't see any way out just look how long Reading's proposed new ownership is taking, how the hell can P*mpey hope to get a new owner in and past due diligence and the FL in a couple of weeks.

 

Get them toasters ready.

Link to comment
Share on other sites

To be honest, for Michael Appleton at Pompey, read Nigel Pearson at Saints. Took us from comfortably mid-table to staying up with 20 minutes to go, yet appears to be hero-worshipped by many :?

 

Including me. :D

 

Nige took over a team in free fall (under Gormless and Dudd), and averaged 1.23 points per game (comfortable mid-table form). We finished 2 places above Leicester, who finished with a ridiculous record high number of points for a relegated team. And who walked L1 the following year (under Nige!)

 

Anyway, back to Cheats FC bashing.....

Link to comment
Share on other sites

 

[h=3]PompeyBeej[/h]Jesus he needs to get real. 10pts deducted aside, unless you bang in a few or keep clean sheets you're only as good as the side you play in...he has played a few good matches granted but I hope he gets relegated again elsewhere...pref with our neighbours...from the Championship! Come on Hammers, come on Coventry, hopefully Blackpool, Brighton or someone good in the playoffs can see their dreams shattered! Preferably at the hands of one of our loanessold boys - Hoseclip maybe doing his bit as did Matty Taylor last night..

 

:lol::lol::lol:

Link to comment
Share on other sites

If Bristol City win at Burnley and the Skates lose at Forest, the gap will be 11 points. So they could escape punishment again .

 

Ah, but that doesn't take into account that if they hadn't had the 10 point deduction they would have put up more of a fight on the last day (and wouldn't have given up against Derby once it was clear Bristol were going to win).

 

And if that isn't convincing enough, the combination of the 10 point penalty and us giving Bristol 6 points has ensured their relegation. :D

 

All of this will be moot soon though, when they get liquidated.

Link to comment
Share on other sites

I'd love rivals with proper banter, half sentient fans and informed opinions, but it's just never going to happen is it.

 

I know a few pompey fans who do fall into that category, who became disillusioned several years ago and feel no pride in what they achieved or what has happened since as it is forever tainted - long term ST holders who just gave up on it all... so you can imagine they are not too up for banter right now. Sadly they seem to be in the minority. The majority seem to struggle with simple concepts like adult speech involving more than 3 words in the correct sequence so its hardly surprizing they simply dont understand that they have indeed done anything wrong. its like a bunch of 4 year olds - no matter what evidence is placed before them, they simply dont understand - whether this is actually a genetic defect due to serious levels of 'close family inbreeding' I know not. 'Banter aside' - I dont think they are prepared for what is to come, so it will make it the sweeter.

Link to comment
Share on other sites

Including me. :D

 

Nige took over a team in free fall (under Gormless and Dudd), and averaged 1.23 points per game (comfortable mid-table form). We finished 2 places above Leicester, who finished with a ridiculous record high number of points for a relegated team. And who walked L1 the following year (under Nige!)

 

Anyway, back to Cheats FC bashing.....

 

I also thought very highly of NP as well.

 

.

Link to comment
Share on other sites

@pn_neil_allen: RT @alex_crook: Just read Danny Welbeck is on 15k a week at United. Lawrence, Kitson and Ben Haim all earning more at #Pompey probably Kanu too. Staggering.

 

Blimey....one or two Pompey fans starting to develop a sense of smell for coffee...

Link to comment
Share on other sites

@pn_neil_allen: #Pompey creditors' meeting today at 11am. I'll be present along with @pn_Rory_McKeown giving live updates. Expect yet more drama.

 

I'll be selling POP corn from 10:30 onwards.

 

Do we have any SWF'ers in attendance

Link to comment
Share on other sites

@pn_neil_allen: #Pompey creditors' meeting today at 11am. I'll be present along with @pn_Rory_McKeown giving live updates. Expect yet more drama.

 

I'll be selling POP corn from 10:30 onwards.

 

I assume you will be happy to invoice pfc for the cost of the popcorn and take 20p in the pound

Link to comment
Share on other sites

going out in a mo, returning later to plough through 10 pages of thread no doubt. :?

 

Predictions for today -

 

Some random pikey will announce that the situation is worse than they thought.

UnAppy will put on a brave face while his agent organises a move as his staff are removed from around him.

Birch will put on his serious face and appeal for a new owner, perhaps adding a new deadline.

Trousers will come up with a ridiculous farm animal-themed excuse for not going to work.

A toothless simpleton will appear on Sky saying that the club will never die and that they are the bestest in the world.

Ben Haim will lie on a beach faraway, sipping cool drinks.

Peter Storrie will prepare yet another press statement deflecting the blame.

The FL will act all concerned, in public.

Another charity-shafting will be confirmed.

Nothing will change.

Link to comment
Share on other sites

×
×
  • Create New...