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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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Dark Munster

Dark Munster

Posted
Posted
I think if my side has just seen a downward swing in league position of about 70 places in no time at all, I wouldn't be too worried about the rivals playing Man City.

We now have to look forward to a deluded season of scummers lost at Arsenal/Liverpool and we got a point at home to Yeovil/Crewe so that makes us the bestest....

 

 

Aren't you being a bit optimistic there, rallyboy? I can see a few Yeovil/Crewe fans taking exception to that prediction.

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brightspark

brightspark

Posted
Posted

Birch is becoming extremely liable...... surely. The longer he continues to spend spend spend money they don't have, the more farcical this gets, and yet there is no rumour of actual liquidation, only deadlines that are set and then seemingly forgotten about.

 

And now you could argue that Birch has f**ked up again, in the eyes of Pompey HQ, that's $30,000 they've just lost. They don't want to pay off the charities, THAT DOESN'T MATTER, what really matters is that Tal Ben Haim gets his dosh for 6 hard days work watching repeats of 'Hustle' on his 56 inch LCD TV.

 

On another note - these wage deferrals, does anyone actually know how much this would approximately amount to? It has to be at least a million you'd think. Not a hope in hell Pompey have that money, their only chance is if Balram's weapons of mass destruction have made it through customs and if the carpet at the Football League still has some space under it for some dead bodies.

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positivepete

positivepete

Posted
Posted

It can happen, Administrators can be sacked........

 

http://www.theaustralian.com.au/business/companies/onetel-liquidator-sacked-by-nsw-supreme-court/story-fn91v9q3-1226401685915

 

 

THE special purpose liquidator of the failed telecommunications company One.Tel has been forcibly removed from his role by the NSW Supreme Court after it found he had lost objectivity and the ability to do his job properly.

 

Paul Weston, who has served as special purpose liquidator since December 2003, was yesterday removed from his role after judge Patricia Bergin found creditors, led by Optus, had lost confidence in him.

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trousers

trousers

Posted
Posted

Pompey have decided to give fans the chance to vote where £30,000 won in the npower Fanpower Stadium competition is spent.

 

Blues followers beat all other 71 Football League clubs to land the prize through their activity on Twitter and Facebook.

 

Pompey administrator Trevor Birch, unaware of the background to the prize, suggested to The Football League that this could help fund the cheaper season tickets offered for next season by being ploughed back into the club.

 

But following consultation with the Pompey Supporters Trust and other fans groups, the destination of the money, in keeping with the spirit of the competition, will be chosen by fans.

 

This does not affect season ticket prices which remain at the reduced rates already set.

 

Pompey and the PST would now like to invite fans to suggest ways the £30,000 could be used to benefit supporters by sending suggestions to:

 

 

Pompey email: johnnymoore@pompeyfc.co.uk

 

PST email: info@pompeytrust.com

 

Twitter: @officialpompey - use hashtag #30K4FANS

 

Twitter: @pompeytrust - use hashtag #30K4FANS

 

Facebook: http://www.facebook.com/officialpfc

 

Pompey supporters’ liaison officer, Johnny Moore, will select the five best ideas and a fan at random will be chosen to make the final choice from the five finalists.

 

The closing date for submissions is Monday, July 2.

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Yeovil Saint

Yeovil Saint

Posted
Posted

It's a funny way of "voting" too. Pompey get to select which five ideas they want and then one fan "selected at random" will make a decision. That sounds like it's sure not to be fixed by our fishy friends. Maybe they heard of One Man, One Vote and got confused.

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trousers

trousers

Posted
Posted
What's the betting that all of the options the fan is given to choose between will relate to money the club would have had to have spent anyway?

 

Roughly the same odds as the Pope being declared a Catholic I would venture...

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pedg

pedg

Posted
Posted
@donaldvass: @pompeytrust #30K4FANS Re-install the Fratton End Clock, alongside new clock counting time since S'ton last beat us (Currently 2698 days)

 

Maybe they should also include a clock counting time since they last paid a creditor?

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rallyboy

rallyboy

Posted
Posted

there are some worthy causes, the clock, the charities, but I vote for Unpack the Pipes!

Take the ground back to the glory days of Fatless Fratton where a man could wash his twelve fingers without worrying about getting slimy hands, and 'wiping' them on his sister.

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trousers

trousers

Posted
Posted (edited)
there are some worthy causes, the clock, the charities, but I vote for Unpack the Pipes!

Take the ground back to the glory days of Fatless Fratton where a man could wash his twelve fingers without worrying about getting slimy hands, and 'wiping' them on his sister.

 

Rallyboy...making nutjobs laugh out loud on commuter trains since 2009 :-))

Edited by trousers
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trousers

trousers

Posted
Posted (edited)
http://www.newsnow.co.uk/A/582828682?-11209

 

oh dear, its now up to Chinny then

 

THE Pompey Supporters’ Trust looks unlikely to put forward its takeover proposals ahead of Monday’s crucial creditors’ meeting.

 

 

Creditors owed cash by the club are due to vote on Balram Chainrai’s Company Voluntary Arrangement (CVA) proposals to bring the club out of administration.

 

Pompey administrator Trevor Birch said the trust would still have 28 days to submit its bid – even in the event that Mr Chainrai’s proposal of offering creditors 2p in the pound is accepted.

 

But the former owner, who through his firm Portpin is owed around £18m as a secured creditor by Pompey, may prove to be a stumbling block to any trust bid.

 

If creditors vote in favour of Mr Chainrai’s proposals, Mr Birch said Portpin would have to be happy with any follow-up bid from the trust for it to be a success.

 

He said: ‘If the CVA is accepted by creditors, it doesn’t stop the trust from making an offer afterwards.

 

‘Portpin have to be happy with the offer as they are creditors and control the stadium as well – they have a charge over it.

 

‘The simple fact is that it won’t be too late after the creditors’ meeting for the trust to come back with an improved offer that everyone is happy with.’

 

Mr Birch added another creditors’ meeting would only be called if the trust’s bid was ‘fundamentally different’ to Portpin’s proposals.

 

He added: ‘I’m not sure if the trust will put a bid in before Monday. They are still working on things – let’s see what happens.

 

‘I’m just waiting to hear from them.’

 

The administrator said he did not foresee creditors voting against Mr Chainrai’s proposals, and did not fear an objection from HMRC.

 

He said: ‘I would have thought the CVA would go through given the alternative.’

 

Trust chairman Ashley Brown said the group was still working towards a finalised bid. He said: ‘Our advisors state the same as Trevor, Monday is not an absolute deadline for the trust.

 

‘We continue to hold talks with a number of parties who can help us guide Pompey back into safer waters, and will make our intentions clearer as soon as it is possible for us to do so.’

 

But one expert in football finance said it would be difficult for the trust to go up against Portpin as a secured creditor.

 

He told The News: ‘It’s difficult to see how they can pay off wages, let alone Balram Chainrai.’

 

And Portsmouth South MP Mike Hancock said he and the leader of Portsmouth City Council, Cllr Gerald Vernon-Jackson, had met regularly with Mr Birch to discuss the future of Pompey and the two bids.

 

He said: ‘It is in the long- term interests of Portsmouth to make sure that the trust’s bid is being taken seriously by the administrator.

 

‘And the city council and I have done everything we can within the law to make that happen.’

 

So, the creditors are being asked to vote on a proposal without knowing what the alternative is....? Marvellous...

Edited by trousers
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trousers

trousers

Posted
Posted
But one expert in football finance said it would be difficult for the trust to go up against Portpin as a secured creditor.

 

He told The News: ‘It’s difficult to see how they can pay off wages, let alone Balram Chainrai.’

 

Hang on.....Hasn't Chainrai already declared that his CVA excludes paying off the wages (in full)? So, the Trust and Chainrai are in the same (sinking) boat there, surely? Why would this "expert in football finance" choose to highlight the Trust's inability to pay the wages over and above Chainrai's inability (aka refusal)?

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saintjay77

saintjay77

Posted
Posted
So, the creditors are being asked to vote on a proposal without knowing what the alternative is....? Marvellous...

 

The administrator said he did not foresee creditors voting against Mr Chainrai’s proposals, and did not fear an objection from HMRC.

 

He said: ‘I would have thought the CVA would go through given the alternative.’

 

He obviously doesnt know HMRC very well does he?

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trousers

trousers

Posted
Posted
He didn'y say that he didn't expect an objection from HMRC, just that he doesn't fear it - ie, it won't stop the CVA.

 

Does anyone (nutjobs on here or otherwise) actually know what the percentage stake each significant creditor has in the CVA vote, or is that classified information? If we don't know (officially), is anyone able to hazzard an edjucated guess as to how much percentage each significant creditor has and, as such, work out the likely outcome of the CVA vote?

 

I think we all pretty much have the same hunch that Chainrai has enough percentage to usher his own CVA through but do we actually know that for sure....?

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pedg

pedg

Posted
Posted

Most of the creditors will vote for it and will be too embaressed to say anything.

Baker Tilley will vote for it and say that are dissapointed given the fraction the original creditors were on to start with but they are duty bound to support the best option for the creditors and liquidation would bring them nothing.

HMRC will vote against and have a moan at the courts decision on football creditors rule.

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pedg

pedg

Posted
Posted

I think we all pretty much have the same hunch that Chainrai has enough percentage to usher his own CVA through but do we actually know that for sure....?

 

As I have said before I believe Chainrai has a large enough percentage to block another CVA but not enough to pass his proposed one by himself as there needs to be two votes if I remember correctly, one of which, the unsecured creditors, he will only be 'represented' by AA's vote for the russian loan.

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holepuncture

holepuncture

Posted
Posted

 

Done. Amazing some of the deluded fans bleating on about buying players, rather than bothering to give a thought to all the charities and small businesses that have been destroyed, and the lives of those involved in them have been completely ruined.

 

http://www.newsnow.co.uk/A/582828682?-11209

 

oh dear, its now up to Chinny then

 

Nice of Birch to confirm Chinny controls the ground lock stock and f*cking barrel... in fact he has his fixed and floating charge over everything that PFC owns, right down to the office computers!

 

As the good man said;

 

My position is secured, I will get my money back

 

article-0-0C9D1813000005DC-800_306x423.jpg

 

SHALALA..... WTFILN

 

3okalv.jpg

 

 

 

 

 

 

... No mention of the pompey Ace Alex Chamberlain in the pompey news today, how come? The pompey folklore legend, who never once played for the club or set foot in fortress fatpipes, made his second appearance in the Euros against Ukraine last night.

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saintjay77

saintjay77

Posted
Posted
He knows them well enough for HMRC to fight for him in court to become the administrator ahead of UHY Hacker....

 

True but since then he seems to have fallen into the same trap as everyone else down that way.

 

There is no way HMRC are going to agree to that CVA but to block it there needs to be a few others voting against I would guess. Creditors from the previous CVA must get some kind of vote and HMRC have a nice chunk of that one too which could swing that collective vote to a no?

 

I guess HMRC wanting the Perch in was mainly to make sure that percentages were fair and he wouldnt be ramping up debt levels to allow for his master to get his way. The fact that the only CVA being put forward is a massive kick in the nuts to everyone but Chainrai isnt the Perch's fault and at least this CVA has some kind of deadlines in there it seems. AA's effort was all gloss and BS with small print meaning the CVA was actually on the never never too. HMRC getting the Perch in should of effectivly ruled out the same kind of stunt being pulled.

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Torres

Torres

Posted
Posted
Baker Tilley will vote for it and say that are dissapointed given the fraction the original creditors were on to start with but they are duty bound to support the best option for the creditors and liquidation would bring them nothing..

 

The biggest of these creditors are HMRC, don't forget...

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trousers

trousers

Posted
Posted (edited)

http://www.portsmouth.co.uk/sport/pompey/pompey-past/appleton-rues-the-pompey-ones-who-got-away-1-3967164

Appleton rues the Pompey ones who got away

 

Published on Wednesday 20 June 2012 11:00

 

They are 18 players Michael Appleton has targeted to dramatically overhaul his squad.

 

Free agents the Blues boss is convinced would have already been signed by now and relishing the start of pre-season training.

 

As it is, none have arrived and that situation will not alter until members of the existing squad depart Fratton Park.

While others in League One wheel and deal in the free-transfer market ahead of its July 1 unveiling, Appleton continues to run into brick walls.

 

Pompey’s manager insists he has already missed out on at least five players who, following talks, have instead opted to go elsewhere rather than wait for that Fratton Park contract.

 

The truth is, nobody can provide a definitive answer to when the Blues can start recruiting again because of their financial woes – not even Appleton.

 

Pompey administrator Trevor Birch revealed last week that the club would have to ship out at least two players before they could even look at making signings.

 

But, even with no transfer budget, Appleton is adamant that free of the constraints of administration and Football League monitoring, he would have all 18 on board by now.

 

Instead – 15 days before the players report back on July 5 – there has yet to be a new face brought in.

 

There have been links, of course, – Izale McLeod and Billy Paynter are just two and neither have publicly joined any other club at this moment in time.

 

Regardless, yesterday morning, yesterday afternoon and yesterday evening, Pompey’s boss was holding yet more talks with players he is desperate to recruit.

 

All in the hope tomorrow really does arrive.

 

Appleton said: ‘I am missing out on players and just hope people understand the situation. I have got my hands tied and there is nothing really I can do.

 

‘I am working hard, speaking to players and agents all the time but people must realise it is very difficult considering the way the club is.

 

‘I know in an ideal world I would have had my squad signed up by now – done by a distance.

 

‘That means 18 of them because that is how many I want.

 

‘That’s not saying it to get attention, I genuinely believe that – definitely, 100 per cent. They would have been 18 players on a free – I’m not talking about transfer fees, either.

 

‘These are guys out of contract who could have been snapped up.

 

‘Instead we have lost out on a lot of players so far. I would say four or five at least – but hopefully we can start getting a few out of the building to change it very soon.

 

‘It is a really, really, really frustrating time for me at the minute.

 

‘I would like to be getting out there and getting players. It’s not happening, though. There are other teams in the division getting players, so it is a bit worrying. Look at Preston – Graham Westley has already signed 12.

 

‘I am still meeting players and had meetings yesterday.

 

‘Players are there hanging on and hanging on and hanging because Pompey are an attractive club for a lot of players out there – Championship players as well.

 

‘That is all I can do, keep trying to convince them to wait – and it’s difficult.’

 

On Monday, Pompey creditors will decide whether to accept Portpin’s CVA proposals.

 

If agreed, the club can take giant strides towards coming out of administration at least a month later.

 

The Pompey Supporters’ Trust are also expected to lodge a bid before then as an alternative in the battle to take ownership of the club.

 

And Appleton is hopeful whoever emerges in control will finally be able to release his recruitment shackles.

He added: ‘Once the football club comes out of administration I think there will be a number of players who would be desperate to join us.

 

‘There are some lined up and I get conversations and phone calls from agents just wanting to know what the situation is all the time.

 

‘They want to know whether everything is okay, which they are entitled to.

 

‘However, it is the same conversation over and over and over again.

 

‘I don’t know when we can sign players.

 

‘Everyone wants the same answer and it is one even I can’t give at the moment, which is so frustrating for all of us.’

Edited by trousers
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trousers

trousers

Posted
Posted (edited)

Appleton is adamant that free of the constraints of administration and Football League monitoring, he would have all 18 on board by now.

 

Appleton: "Players are there hanging on and hanging on and hanging because Pompey are an attractive club for a lot of players out there – Championship players as well. Once the football club comes out of administration I think there will be a number of players who would be desperate to join us."

 

th_ROFL.gif

Edited by trousers
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Lazlo78

Lazlo78

Posted
Posted

 

Amazing piece of propaganda rather unelegantly trying to deny the existence of that HUGE elephant in the middle of the room called 'economical chaos'. Dear 'Appy, you can line up as many players as you want and complain about it when they sign elsewhere, but that doesn't change reality. I could complain that while I had a particularly nasty pimple Jessica Alba, Scarlett Johannson, and a host of super models were all seeing other guys, that doesn't mean they'll be queuing up once my face is back to normal :D

 

(PS. Once a goldmine has been exhausted, people still keep coming back in hope of one more lucky shot. That's why the agents keep calling you, Appy - they're desperate for one more of those fabled Pompey contracts that will go down in agent folklore as a true jackpot.)

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pedg

pedg

Posted
Posted
The biggest of these creditors are HMRC, don't forget...

 

Yes but I don't think they can or will go round all the creditors they represent to get an indication which way to vote. Clapham (or one of the many who know better than I), I believe, said they are duty bound to select the option that give the 'best' deal for the creditors and even though 2p is close to nothing it is still something.

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Torres

Torres

Posted
Posted
Yes but I don't think they can or will go round all the creditors they represent to get an indication which way to vote.

 

All the more reason to listen to the biggest few/one.

 

Clapham (or one of the many who know better than I), I believe, said they are duty bound to select the option that give the 'best' deal for the creditors and even though 2p is close to nothing it is still something.

 

As we worked out, 2% of 20% after everyone's expenses is such a pathetic amount that there's a solid argument that the 'best deal' is to vote against.

 

 

Clapham (or one of the many who know better than I)

 

Better than I as well ;)

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