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Pompey Takeover Saga


Fitzhugh Fella

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Despite it being in a perfectly playable for next season in League One, Pompey whilst in administration are relaying their pitch at the moment!

 

181862_395152337195234_157014954342308_1068683_1531656542_n.jpg

 

Picture taken before they started to mark out where the foundations for the new tesco will go I assume.

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Two things that I've picked up from a highly reliable source (The Snooze comments section):

 

1. Chainrai's bid is a conditional, preliminary bid. I would speculate that the condition is that TBH and some of the other earners have been run out of town.

 

2. The trust bid is even more doomed than I thought. It is based on the fantasy that they can reduce Chainrai's secured debt to their value of Nottaarf, which they consider to be £2m. As if that helps. So now Chainrai would have £2m of secured debt and £16.6m of unsecured debt (it wouldn't just disappear). Now the club would have a total unsecured debt of £56.6m.

 

So, after having his secured debt converted into unsecured, his bid turned down in favour of the trust, he would be asked to vote on the CVA. With more than 25% of the unsecured debt. I wonder which way he'd vote?

 

Also, they're expecting the Council to borrow the money to buy Nottarf.

 

You have to admire their optimism.

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Two things that I've picked up from a highly reliable source (The Snooze comments section):

 

1. Chainrai's bid is a conditional, preliminary bid. I would speculate that the condition is that TBH and some of the other earners have been run out of town.

 

2. The trust bid is even more doomed than I thought. It is based on the fantasy that they can reduce Chainrai's secured debt to their value of Nottaarf, which they consider to be £2m. As if that helps. So now Chainrai would have £2m of secured debt and £16.6m of unsecured debt (it wouldn't just disappear). Now the club would have a total unsecured debt of £56.6m.

 

So, after having his secured debt converted into unsecured, his bid turned down in favour of the trust, he would be asked to vote on the CVA. With more than 25% of the unsecured debt. I wonder which way he'd vote?

 

Also, they're expecting the Council to borrow the money to buy Nottarf.

 

You have to admire their optimism.

 

Or gasp at their naivety perhaps. While I wouldn't wish to disparage those who are at least making the effort to do something, I cannot but wonder at how they can really think they stand a chance of doing it. And it seems that the great majority of Pompey fans either don't want part with their money, or prefer not to get involved because they can see that a successful (in its loosest possible sense) trust bid would still leave Chainrai holding all the aces.

 

I've always thought that the idea of a trust buy-out could make sense only if the club is liquidated and they buy up what's left, or if they start a completely new club to take the place of the liquidated one. I still do.

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Despite it being perfectly playable for next season in League One, Pompey whilst in administration are relaying their pitch at the moment!

 

181862_395152337195234_157014954342308_1068683_1531656542_n.jpg

sure they are not selling turf to help make ends meet?
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Despite it being perfectly playable for next season in League One, Pompey whilst in administration are relaying their pitch at the moment!

 

181862_395152337195234_157014954342308_1068683_1531656542_n.jpg

 

Monsanto are proud to announce their new partnership with Portsmouth FC... Genetic Engineering at the place where it all started;)

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Or gasp at their naivety perhaps. While I wouldn't wish to disparage those who are at least making the effort to do something, I cannot but wonder at how they can really think they stand a chance of doing it. And it seems that the great majority of Pompey fans either don't want part with their money, or prefer not to get involved because they can see that a successful (in its loosest possible sense) trust bid would still leave Chainrai holding all the aces.

 

I've always thought that the idea of a trust buy-out could make sense only if the club is liquidated and they buy up what's left, or if they start a completely new club to take the place of the liquidated one. I still do.

 

That's exactly how I see it and am surprised that they think otherwise !

Their measly 2 million in pledges will surely not be enough to give Trevor Birch a negotiating position to push Mr Chinny aside ?

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With 9 days to go to the FL meeting,with the high earners still on the books, with no decision on how much (if anything) the offer to cover the CVA will be, with no decent training ground, with a stadium (in the loose terms) falling down around thier ears, It dosent look good,

 

It certainly doesn't, at least to anyone with half a brain (such us most of us nutjobs).

 

But I'm sure it'll look fine and dandy to the Mawhinney-less FL, especially when the Cheats convince them with the compelling arguments

 

"We will be able to pay our debts and fulfill our fixtures next season."

 

"Honestly."

 

"Seriously, we mean it this time."

 

"Cross our hearts and hope to die!"

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Chainrai has PFC chained to an ever-lengthening rack, with electrodes connected to it's testicles and water dripping incessantly onto it's forehead 24 hours a day. And every time it drifts into blissful unconsciousness, he chucks a bucket of water over it and shoves smelling salts up it's nostrils.

 

Such a shame they got away with it.

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From Coventry City forum SEPTEMBER 2011 - another 'football media whore' type?

 

36

Jibber 'Pompey' Jabber

Tuesday, May 22, 2012 at 12:03 PM

The telegraph story has NO facts, no quotes from Mr Bank and BC has no right to sell FP!!! I wonder just who exactly 'leaked' this story, seems it favours one side more than the other!! And having delved, only briefly, into Mr Bank, it seems he was laughed out of Coventry City as a proposed buyer due to being behind on his car payments!! Very irresponsible journalism from a 'news'paper that also ran a story not so long ago with a headline stating we were in admin for the 3rd time in 2 years!!! Is propanganda gone mad!!

 

You have to laugh!!!

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86

oldredeye

Tuesday, May 22, 2012 at 03:58 PM

84 - I expect there are, I havn't seen them. The spreadsheets change nearly every day as new info comes from PFC about staff and costs, if we have to budget for a loss, then we budget for a loss. I think what people are forgetting here that PFC, in its new guise, will have access to a banking facility to aid cashflow that could be underwritten by various means, it doesn't HAVE to be a benefactor borroeing the money and receiving very high interest. Thats how its always been done and is a failed model.

 

Ah! taking on more debt you mean!!

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@pn_neil_allen: Emotional farewells from Henderson and Rocha in today's paper. Genuine and heartfelt, will make #Pompey fans respect them even more.

 

Either Allen is stupid enough to believe the usual footballers platitudes are "genuine and heartfelt" or he knows he's writing for an audience who are stupid enough to believe the usual footballers platitudes are "genuine and heartfelt".

 

Or both.

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He's certainly prolific though, is Mr Allen. Ok, most of his stories are total sh*t, but he doesn't let that stop him. The latest 3 stories on the News site:

 

Time is running out for trust to bid for Pompey

 

No f***ing sh*t.

 

Chris Maguire has been put up for sale by Derby.

 

Clough, however, would be keen to recoup much of the £400,000 in compensation they paid to Aberdeen for Maguire last summer.

 

That is likely to rule out any prospect of a return to Fratton Park considering the Blues’ financial situation.

 

You don't say!

 

Pompey put faith in Academy eight

 

Pompey have offered home-grown products Ashley Harris and Dan Butler new contracts.

 

And six Academy players have become first-year professionals as the Blues pin their future on youth.

 

About bloody time.

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Either Allen is stupid enough to believe the usual footballers platitudes are "genuine and heartfelt" or he knows he's writing for an audience who are stupid enough to believe the usual footballers platitudes are "genuine and heartfelt".

 

Or both.

 

"Genuinely, I'm so emotional. I think I shall never again see the like of such amazing paypackets"

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Oldredeye - talks a load of crap - its all hidden agenda stuff , what makes me laugh is the constant roll out of we can't disclose any thing because we dont want to jepadise our position FFS - its only old Chinny that has made a "potential" bid its not like they are up against 10 different buyers - truth is they have failed by a long way to gain enough support from "The Bestest Fans" TM - The PST is just about on par with our own SOS a complete shambles - Football is a business to make money not run by a few who want a friendly seat on the board - can you imagine a worse case having a fan on the board - Total Uberfan stuff

 

- the rhetoric of Our Club or No Club is just pure fantasy - Heres how to get your 3 year season ticket :lol: :lol:

 

 

 

Example 2 – Share with a 3 year Season Ticket over 36 months. £100 already paid into Escrow.

 

 

 

 

Share Price £900

Number of Season Tickets 1

Number of years 3

Interest Rate % 9% APR 9.4%

Funding Period (Years) 3

Season Ticket Price £250

 

Share £900.00

 

Season ticket £750.00

 

Annual Fee £25 £75.00

 

Acceptance Fee £6 £6.00

 

Total £1,731.00

 

Monthly Repayment 36 £55.05

 

Monthly Savings Plan £10.00

 

Total Monthly Repayment £65.05

 

Total Loan £1,981.63

 

Total Interest £250.63

 

Total Savings £360.00

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He's certainly prolific though, is Mr Allen. Ok, most of his stories are total sh*t, but he doesn't let that stop him. The latest 3 stories on the News site:

 

 

 

No f***ing sh*t.

 

 

 

You don't say!

 

 

 

About bloody time.

 

Both Allen and Jordan Cross write endless streams of drivel. I'd imagine one will be for the chop soon enough as there's not enough L1 news each day for both of them to be there.

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http://www.portsmouth.co.uk/sport/pompey/pompey-past/pompey-weighing-up-paynter-move-1-3869981

 

"Pompey are eyeing up a move for Leeds striker Billy Paynter.

 

The former Swindon man was put on the transfer list earlier this month.

Despite a year remaining on Paynter’s contract, Leeds boss Neil Warnock is believed to be open to letting him leave for nothing in a bid to remove him from the Elland Road wage bill.

The situation has alerted the Blues, with Michael Appleton seeking to rebuild his squad.

Pompey’s manager is eager to recruit 18 new players this summer. And with his proven scoring pedigree in League One, Paynter fits the bill."

 

Did I read that correctly....? 18?!

 

600full-carry-on-regardless-poster.jpg

Edited by trousers
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http://www.portsmouth.co.uk/sport/pompey/pompey-past/pompey-weighing-up-paynter-move-1-3869981

 

"Pompey are eyeing up a move for Leeds striker Billy Paynter.

 

The former Swindon man was put on the transfer list earlier this month.

Despite a year remaining on Paynter’s contract, Leeds boss Neil Warnock is believed to be open to letting him leave for nothing in a bid to remove him from the Elland Road wage bill.

The situation has alerted the Blues, with Michael Appleton seeking to rebuild his squad.

Pompey’s manager is eager to recruit 18 new players this summer. And with his proven scoring pedigree in League One, Paynter fits the bill."

 

Did I read that correctly....? 18?!

 

600full-carry-on-regardless-poster.jpg

 

All irrespective of being under a transfer embargo currently, so yet more drivel from the News.

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[baloo]

Look for the bare necessities

The simple bare necessities

Forget about your worries and your strife

I mean the bare necessities

Old Mother Nature's recipes

That bring the bare necessities of life

 

Wherever I wander, wherever I roam

I couldn't be fonder of my big home

The bees are buzzin' in the tree

To make some honey just for me

When you look under the rocks and plants

And take a glance at the fancy ants

Then maybe try a few

 

The bare necessities of life will come to you

They'll come to you!

 

Look for the bare necessities

The simple bare necessities

Forget about your worries and your strife

I mean the bare necessities

That's why a bear can rest at ease

With just the bare necessities of life

 

Now when you pick a paw-paw

Or a *****ly pear

And you ***** a raw paw

Next time beware

Don't pick the *****ly pear by the paw

When you pick a pear

Try to use the claw

But you don't need to use the claw

When you pick a pear of the big paw-paw

Have I given you a clue ?

 

The bare necessities of life will come to you

They'll come to you!

 

~

 

Oh, man, this is really ...

 

So just try and relax, yeah cool it

Fall apart in my backyard

'Cause let me tell you something little britches

If you act like that bee acts, uh uh

You're working too hard

 

And don't spend your time lookin' around

For something you want that can't be found

When you find out you can live without it

And go along not thinkin' about it

I'll tell you something true

 

The bare necessities of life will come to you

 

[Mowgli and Baloo]

Look for the bare necessities

The simple bare necessities

Forget about your worries and your strife

(yeah, man!)

I mean the bare necessities

That's why a bear can rest at ease

With just the bare necessities of life

(yeah!)

With just the bare necessities of life

(yeah, man!)

 

tumblr_lt2yrnKge41r36okwo1_500.png

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nice one Sussex - though the development has blossomed since you saw the intitial proposal...

 

 

The future is the 70,000 seater World Cup venue Harbourdome sitting atop the underwater Jungle Book-themed casino and Cluster Bomb factory outlet.

 

Also beneath the waters of the reclaimed harbour we have the National Incest Museum, a Mr Clive, the official club brothel, and the world's biggest non-land-based Saab dealership, with in-house car finance by Brett de Bank.

 

The arena itself has Lucky Mick's Heather and Horsebrass Emporium, the Al Fahim skimpy leisurewear and ice cream franchise, and the players' Kentucky Fried Squirrel bar, all within the concourse.

 

All the retail contracts are being handled by Micky Fialka and his mother - the financial plan has been vaguely drafted by Storrie, Cotterill, Lampitt, Rosie and AA.

 

Main funding comes from Portsmouth City Council using taxpayer's cash to buy a bit of land and give it the the club to sell to Tesco for no apparent reason - a deal the council will do privately, and of course Terry the builder and his mate will knock up the stadium, before voting for their invoice to be ignored, twice.

 

The nominated local charity for the project is still to be chosen, but any funding shortfall will be officially stolen from them on completion.

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nice one Sussex - though the development has blossomed since you saw the intitial proposal...

 

 

The future is the 70,000 seater World Cup venue Harbourdome sitting atop the underwater Jungle Book-themed casino and Cluster Bomb factory outlet.

 

Also beneath the waters of the reclaimed harbour we have the National Incest Museum, a Mr Clive, the official club brothel, and the world's biggest non-land-based Saab dealership, with in-house car finance by Brett de Bank.

 

The arena itself has Lucky Mick's Heather and Horsebrass Emporium, the Al Fahim skimpy leisurewear and ice cream franchise, and the players' Kentucky Fried Squirrel bar, all within the concourse.

 

All the retail contracts are being handled by Micky Fialka and his mother - the financial plan has been vaguely drafted by Storrie, Cotterill, Lampitt, Rosie and AA.

 

Main funding comes from Portsmouth City Council using taxpayer's cash to buy a bit of land and give it the the club to sell to Tesco for no apparent reason - a deal the council will do privately, and of course Terry the builder and his mate will knock up the stadium, before voting for their invoice to be ignored, twice.

 

The nominated local charity for the project is still to be chosen, but any funding shortfall will be officially stolen from them on completion.

 

Rallyboy you are really on a different level to the rest of us on here,

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A spokesman for PKF said Mr Chainrai’s bid to buy the club, which has not yet been finalised, should see creditors getting more than 2p for every £1 they are owed.

 

Arhhhhhhhh, Chinny you are all heart.

 

SHOULD? Strange wording - Unless repayments are tied to certain conditions........... Which will of course will never be met.

 

So 2p in the pound (Maybe) from the 20p- in the pound from the orginal 130 million debt.

 

This administration lark seems like a money maker

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A spokesman for PKF said Mr Chainrai’s bid to buy the club, which has not yet been finalised, should see creditors getting more than 2p for every £1 they are owed.

 

Arhhhhhhhh, Chinny you are all heart.

 

SHOULD? Strange wording - Unless repayments are tied to certain conditions........... Which will of course will never be met.

 

So 2p in the pound (Maybe) from the 20p- in the pound from the orginal 130 million debt.

 

This administration lark seems like a money maker

 

So if someone was owed £50k then if this was reduced to £10k from CVA1 then this will be reduced to £200 after CVA2. If that was me I'd happily risk losing £200 and tell them where to shove the second CVA.

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nice one Sussex - though the development has blossomed since you saw the intitial proposal...

 

 

The future is the 70,000 seater World Cup venue Harbourdome sitting atop the underwater Jungle Book-themed casino and Cluster Bomb factory outlet.

 

Also beneath the waters of the reclaimed harbour we have the National Incest Museum, a Mr Clive, the official club brothel, and the world's biggest non-land-based Saab dealership, with in-house car finance by Brett de Bank.

 

The arena itself has Lucky Mick's Heather and Horsebrass Emporium, the Al Fahim skimpy leisurewear and ice cream franchise, and the players' Kentucky Fried Squirrel bar, all within the concourse.

 

All the retail contracts are being handled by Micky Fialka and his mother - the financial plan has been vaguely drafted by Storrie, Cotterill, Lampitt, Rosie and AA.

 

Main funding comes from Portsmouth City Council using taxpayer's cash to buy a bit of land and give it the the club to sell to Tesco for no apparent reason - a deal the council will do privately, and of course Terry the builder and his mate will knock up the stadium, before voting for their invoice to be ignored, twice.

 

The nominated local charity for the project is still to be chosen, but any funding shortfall will be officially stolen from them on completion.

 

Just brilliant.

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nice one Sussex - though the development has blossomed since you saw the intitial proposal...

 

 

The future is the 70,000 seater World Cup venue Harbourdome sitting atop the underwater Jungle Book-themed casino and Cluster Bomb factory outlet.

 

Also beneath the waters of the reclaimed harbour we have the National Incest Museum, a Mr Clive, the official club brothel, and the world's biggest non-land-based Saab dealership, with in-house car finance by Brett de Bank.

 

The arena itself has Lucky Mick's Heather and Horsebrass Emporium, the Al Fahim skimpy leisurewear and ice cream franchise, and the players' Kentucky Fried Squirrel bar, all within the concourse.

 

All the retail contracts are being handled by Micky Fialka and his mother - the financial plan has been vaguely drafted by Storrie, Cotterill, Lampitt, Rosie and AA.

 

Main funding comes from Portsmouth City Council using taxpayer's cash to buy a bit of land and give it the the club to sell to Tesco for no apparent reason - a deal the council will do privately, and of course Terry the builder and his mate will knock up the stadium, before voting for their invoice to be ignored, twice.

 

The nominated local charity for the project is still to be chosen, but any funding shortfall will be officially stolen from them on completion.

 

Where's the Monkey-Chicken Petting Zoo? Or is that the public tour of the home dressing room?

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Just a thought,if the creditors are gonna end up with tuppence hapenny (after agreeing 20% in the first CVA),why would any of them vote for CVA 2

 

Get no money back,or vote for the new CVA............and get no money back.

 

I would have thought as a creditor you would want to give them a bloody nose.

 

I still think they will be wound up this summer,despite the chinny bid.

 

God bless HMRC.

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nice one Sussex - though the development has blossomed since you saw the intitial proposal...

 

 

The future is the 70,000 seater World Cup venue Harbourdome sitting atop the underwater Jungle Book-themed casino and Cluster Bomb factory outlet.

 

Also beneath the waters of the reclaimed harbour we have the National Incest Museum, a Mr Clive, the official club brothel, and the world's biggest non-land-based Saab dealership, with in-house car finance by Brett de Bank.

 

The arena itself has Lucky Mick's Heather and Horsebrass Emporium, the Al Fahim skimpy leisurewear and ice cream franchise, and the players' Kentucky Fried Squirrel bar, all within the concourse.

 

All the retail contracts are being handled by Micky Fialka and his mother - the financial plan has been vaguely drafted by Storrie, Cotterill, Lampitt, Rosie and AA.

 

Main funding comes from Portsmouth City Council using taxpayer's cash to buy a bit of land and give it the the club to sell to Tesco for no apparent reason - a deal the council will do privately, and of course Terry the builder and his mate will knock up the stadium, before voting for their invoice to be ignored, twice.

 

The nominated local charity for the project is still to be chosen, but any funding shortfall will be officially stolen from them on completion.

 

rallyboy,

 

I don't know what your occupation is, but if it isn't comedy writing it could be the wrong one; and you could be depriving the nation of many laughs.

 

As always, most excellent. I particularly liked the highlighted bits!

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