trousers Posted 25 June, 2012 Posted 25 June, 2012 @pn_neil_allen: Birch: ‘Trust bid effectively an outline and to be made subject to due diligence’. #PompeyCVA #Pompey
trousers Posted 25 June, 2012 Posted 25 June, 2012 @TonyHusbandBBC: #pompey Trevor Birch suspends meeting for an hour to allow liquidator and Portpin to agree modifications. These would allow other bids.
andysstuff Posted 25 June, 2012 Posted 25 June, 2012 Twitter pn_neil_allen: Birch: Meeting suspended for 1 hour while talks held with liquidators of old co (Baker Tilly) in respect of amendment. #PompeyCVA #Pompey
trousers Posted 25 June, 2012 Posted 25 June, 2012 @TonyHusbandBBC: #pompey It also allows the meeting to resume to discuss Portpin offer later. Trevor Birch describes @pompeytrust offer as "serious"
TopGun Posted 25 June, 2012 Posted 25 June, 2012 Mokoena joins TBH and Kanu in pay-off stalemate. http://www.portsmouth.co.uk/sport/pompey/pompey-past/pompey-administrator-frustrated-by-mokoena-stalemate-1-3986168 Birch says club will be liquidated if they don't accept compromise pay-offs. So he's using the public moral blackmail approach again.
Under Weststand Posted 25 June, 2012 Posted 25 June, 2012 I see the FL want an amendment should the CVA go through. Could well be except massive points penalty & transfer embargo maybe? Or NO golden share! Maybe wishful thinking but I expect something like that from the FL.
hutch Posted 25 June, 2012 Posted 25 June, 2012 I see the FL want an amendment should the CVA go through. Could well be except massive points penalty & transfer embargo maybe? Or NO golden share! Maybe wishful thinking but I expect something like that from the FL. Wouldn't that be a condition rather than an amendment?
Winchester Red Posted 25 June, 2012 Posted 25 June, 2012 I see the FL want an amendment should the CVA go through. Could well be except massive points penalty & transfer embargo maybe? Or NO golden share! Maybe wishful thinking but I expect something like that from the FL. I suspect that's exactly what it is. The same as they did with us. Accept our terms or you're out. Simple as.
bridge too far Posted 25 June, 2012 Posted 25 June, 2012 http://www.portsmouth.co.uk/sport/pompey/pompey-past/pompey-s-cva-meeting-due-to-take-place-this-morning-1-3986656 10:14 AM on 25/06/2012 Just imagine a few Saints fans getting together one evening in a pub and hatching a little plan. Pretty soon they had 500 mates and acquaintances on board. All 500 have pledged to the PST. What's going to happen to the bid when they withdraw their pledges? Sha la la la la la.......Still laughing? ps bring back Tiger/Plan B. He's the best thing on the internet. Hilarious! OK - who's winding them up today of all days?? Site is down [h=1]The page you requested is currently unavailable[/h] For some reason the page you are trying to access http://www.portsmouth.co.uk/sport/pompey/pompey-past/pompey-s-cva-meeting-due-to-take-place-this-morning-1-3986656 is currently unavailable. From here you can visit our homepage or go back to the page you were last on.
Under Weststand Posted 25 June, 2012 Posted 25 June, 2012 Epic LOLage ! They can put that up outside the new Tesco superstore.
andysstuff Posted 25 June, 2012 Posted 25 June, 2012 Site is down [h=1]The page you requested is currently unavailable[/h] For some reason the page you are trying to access http://www.portsmouth.co.uk/sport/pompey/pompey-past/pompey-s-cva-meeting-due-to-take-place-this-morning-1-3986656 is currently unavailable. From here you can visit our homepage or go back to the page you were last on. Looks like they've pulled the article
hutch Posted 25 June, 2012 Posted 25 June, 2012 I see the FL want an amendment should the CVA go through. Could well be except massive points penalty & transfer embargo maybe? Or NO golden share! Maybe wishful thinking but I expect something like that from the FL. On second thoughts UWS, you might have a point. Birch's CVA proposal (2.4) says: One of the conditions of the offer is that the Club must propose a CVA that is approved by its creditors so that Portsmouth FC may be sold to the Purchaser without needing to rely on the Football Leagues Insolvency Policy Exceptional Circumstances Route and risk suffering another points deduction next season, which is the likely penalty under this route and which would ultimately increase the chances of relegation from League One to League Two of The Football League. No further points deduction will be applied if this Proposal is approved by the requisite majority of Preferential Creditors and Unsecured Creditors. That might be the bit the FL don't like.
buctootim Posted 25 June, 2012 Posted 25 June, 2012 If someone can just swap Goldstone for Fratton, 1997 for 2013 and Archer for Chanrai then I think we're almost there.
KMondo Posted 25 June, 2012 Posted 25 June, 2012 "Financially and morally bankrupt"...for sure. "The incompetence of others"...not even sure what that means. Try "The venality and hubris of owners, employees and fans" instead.
trousers Posted 25 June, 2012 Posted 25 June, 2012 @TonyHusbandBBC: #pompey The position of the liquidator (representing old creditors) emerging as crucial here. If Liq not on side, more points penalties poss Go Baker Tilly!
Matthew Le God Posted 25 June, 2012 Posted 25 June, 2012 (edited) @TonyHusbandBBC: #pompey The position of the liquidator (representing old creditors) emerging as crucial here. If Liq not on side, more points penalties poss Good to see. Diluting a CVA with a further CVA is as bad as not agreeing a CVA back in 2010 and should rightly be punished with points deductions or refusing the golden share completely. Edited 25 June, 2012 by Matthew Le God
edprice1984 Posted 25 June, 2012 Posted 25 June, 2012 After last night I needed something to cheer me up! Thank you Pompey! HAHAHA... Anyone else think that this really could be it? Too much stacked against them, smaller creditors can't be bothered anymore, nothing to lose etc.
Under Weststand Posted 25 June, 2012 Posted 25 June, 2012 @TonyHusbandBBC: #pompey The position of the liquidator (representing old creditors) emerging as crucial here. If Liq not on side, more points penalties poss Go Baker Tilly! But if Baker Tilly are not on side as they are a major creditor in the new CVA. Then the new CVA will be dead in the water? Or am I mistaken here, surely if they want the CVA approved, then they need Baker Tilly to vote for it?
trousers Posted 25 June, 2012 Posted 25 June, 2012 @TonyHusbandBBC: #pompey So the door is open, for other offers. Big moment for the trust, who appear uncertain at proposals.
trousers Posted 25 June, 2012 Posted 25 June, 2012 @TonyHusbandBBC: #pompey @pompeytrust Concerned deal could still be done without their bid considered. Portpin have ceded exclusivity though.
andysstuff Posted 25 June, 2012 Posted 25 June, 2012 Tony Husband @TonyHusbandBBC #pompey CVA PROPOSAL CARRIED
trousers Posted 25 June, 2012 Posted 25 June, 2012 @TonyHusbandBBC: Unanimous backing for all modifications to CVA. #pompey @TonyHusbandBBC: #pompey CVA PROPOSAL CARRIED
trousers Posted 25 June, 2012 Posted 25 June, 2012 @pn_neil_allen: Birch again stressing Portpin bid conditional on player wages - as is the Trust. Absolutely crucial point. #PompeyCVA #Pompey
andysstuff Posted 25 June, 2012 Posted 25 June, 2012 Tony Husband @TonyHusbandBBC #pompey CVA PROPOSAL CARRIED
badgerx16 Posted 25 June, 2012 Posted 25 June, 2012 @TonyHusbandBBC: Unanimous backing for all modifications to CVA. #pompey But what are they ?
saint si Posted 25 June, 2012 Posted 25 June, 2012 Has the CVA been carried or just the proposals to modify it?
trousers Posted 25 June, 2012 Posted 25 June, 2012 But what are they ? From what I can make out, I think the modifications were largely concerned with Portpin giving up any rights to exclusivity and to open the door for other bids to be considered, i.e. The Trust. I'm guessing Portpin were looking for some kind of exclusivity going forward in the original CVA wording....?
Winchester Red Posted 25 June, 2012 Posted 25 June, 2012 Great. Let's all go and turn £140m debt into £0.5m (before expenses). For f*cks sake. I hope there's a wacking great points penalty coming for the failure of the first CVA W*nkers
trousers Posted 25 June, 2012 Posted 25 June, 2012 Has the CVA been carried or just the proposals to modify it? Both (if my inderstanding is correct)
Winchester Red Posted 25 June, 2012 Posted 25 June, 2012 One of those modifications had better be the removal of that line about no further points deductions by the FL is the CVA is carried
JonnyLove Posted 25 June, 2012 Posted 25 June, 2012 How was that passed. After expenses there will be nothing to give to the creditors so they get nothing anyway.
JonnyLove Posted 25 June, 2012 Posted 25 June, 2012 But anyway everyone back here again same time, same place next year then
brightspark Posted 25 June, 2012 Posted 25 June, 2012 How was that passed. After expenses there will be nothing to give to the creditors so they get nothing anyway. "Do you want to see your children again?" Now how long do we wait before the FL roll over? Then how long do we wait until Appy spends millions on new signings?
trousers Posted 25 June, 2012 Posted 25 June, 2012 I'm slightly confused by the outcome.....one minute Baker Tilly (representing OldCo and original creditors) seemed to be kicking up a fuss about CVA2 and yet, before you can say "turkeys voting for Christmas" they have approved Portpin's 2p in the £ CVA offer (albeit with the caveat that they can switch to approving a different CVA if one was to come along in the next 28 days). So....bottom line....all creditors are 'happy' to take 2p in the £ (which is 20p of the original £) regardless of what happens next.... Sigh....
pedg Posted 25 June, 2012 Posted 25 June, 2012 I'm slightly confused by the outcome.....one minute Baker Tilly (representing OldCo and original creditors) seemed to be kicking up a fuss about CVA2 and yet, before you can say "turkeys voting for Christmas" they have approved Portpin's 2p in the £ CVA offer (albeit with the caveat that they can switch to approving a different CVA if one was to come along in the next 28 days). So....bottom line....all creditors are 'happy' to take 2p in the £ regardless of what happens next.... Sigh.... I was assuming one of the modifications must be to placate them?
jawillwill Posted 25 June, 2012 Posted 25 June, 2012 So, just to clarify, this thread has been a waste of time?
trousers Posted 25 June, 2012 Posted 25 June, 2012 So, the PFA (who were represented at the meeting) were happy to vote for a CVA proposal that requires the very players they represent to be emotionally blackmailed into giving up their rights to the majority of their wages (past, present and future)? All very odd....
trousers Posted 25 June, 2012 Posted 25 June, 2012 So, just to clarify, this thread has been a waste of time? Time is an arbitrary dimension
Under Weststand Posted 25 June, 2012 Posted 25 June, 2012 I wonder what the modification was from the FL? Also this is all dependent on ridding themselves of the magnificent 10 high wage earners. At least another 28-days entertainment to come.
Shrek Posted 25 June, 2012 Posted 25 June, 2012 LOL, this is all very shifty Looks like the thread will continue for another few months at least!
suewhistle Posted 25 June, 2012 Posted 25 June, 2012 @pn_neil_allen: Birch again stressing Portpin bid conditional on player wages - as is the Trust. Absolutely crucial point. #PompeyCVA #Pompey So all developments are irrelevant then given the players will want their agreed contracts paid. I'd be checking my wheelnuts if I were TBH..
trousers Posted 25 June, 2012 Posted 25 June, 2012 I was assuming one of the modifications must be to placate them (Tilly baker)? Sounds likely. But all of which means that if Baker Tilly are 'happy' with CVA2 then that removes any likelihood of further points reductions as, techically, CVA1 will still be serviced (albeit in a modified/reduced form) out of CVA2.
buctootim Posted 25 June, 2012 Posted 25 June, 2012 The sudden car crash has been avoided and and the slow one continues.
SaintRichmond Posted 25 June, 2012 Posted 25 June, 2012 So all developments are irrelevant then given the players will want their agreed contracts paid. I'd be checking my wheelnuts if I were TBH.. More to the point, be best if he checked his own nuts
trousers Posted 25 June, 2012 Posted 25 June, 2012 Btw, I didn't read anywhere that HMRC were represented at the meeting..... Perhaps they've gone into waving white flag mode?
Recommended Posts