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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella
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Waterside.saint

Waterside.saint

Posted
Posted
So trying to get my puny human brain around this...

 

At the moment chinny has about 16 million in secured debt against pompey such that if they go bust he basically gets everything (except the players and the parachute payments). In reality that really just FP?

 

If he goes through with the CVA he has to pay half a million on the CVA and pay off ALL the football creditors but can only hold a charge over the club equivalent to the value of FP? To be in a better position than on liquidation he then has to hope that within a short time frame the position improves so he can sell it for at least as much as he paid to the football creditors plus £0.5M CVA plus what he would have got for selling FP?

 

Sounds about right. Not exactly a sound business model

aintforever

aintforever

Posted
Posted (edited)

Friday 10th August for me.

 

There will be a deadline for when the FL have to issue the golden share - that's the golden day.

 

I think Leeds d-day was early August, I expect pompey have an extra week or two because of the delayed start of the season. I expect that flame they will be carrying around our lovely stadium tomorrow will outlive PFC.

Edited by aintforever
pedg

pedg

Posted
Posted (edited)

Next scenario is if someone else buys pompey...

 

In this instance I think it comes down to what veto, if any, does chinny has over the sale?

 

The CVA was agreed by the creditors, including chinny, and it was also agreed, I think, that the administrator was allowed to accept a better offer?

 

But one assumes chinny, at that point, was confident that his secured debt would roll over to the new club?

 

Now to have a viable club with a golden share the secured debt has to be drastically reduced. That is what the league insists on but how would that work in the real world?

 

One would assume that just because the league ask for it £13 million in secured debt is not going to go quietly into the night? So what would happen if someone, trust or a new buyer, came in promising a bit more on the CVA, could chinny block it?

Edited by pedg
badgerx16

badgerx16

Posted
Posted (edited)

Don't forget that even if they do survive into the season proper, they'll potentially have 5 years of fiscal purgatory enforced by the FL. { "Agree to a range of other restrictions on playing budgets, future borrowing and loan repayments for the next 5 seasons." }

 

How much will these additional demands influence any new buyers tempted out by the restriction on the amount of secured liability carried forward ?

Edited by badgerx16
St Lightjaw

St Lightjaw

Posted
Posted
One would assume that just because the league ask for it £13 million in secured debt is not going to go quietly into the night? So what would happen if someone, trust or a new buyer, came in promising a bit more on the CVA, could chinny block it?

 

 

Hopefully .....

 

.... It just means the PST has to find £13.5M pronto to pay Chinny off on top of the £0.5M for the CVA. Then come to some agreement to pay back the remaining £5M in secured debt. Probably by charging a crippling amount in rent per season.

 

That would be cool.

aintforever

aintforever

Posted
Posted

One would assume that just because the league ask for it £13 million in secured debt is not going to go quietly into the night? So what would happen if someone, trust or a new buyer, came in promising a bit more on the CVA, could chinny block it?

 

I think he could block a CVA but the club could still exit without a CVA though, would just be another, bigger points deduction. Certain relegation.

dubai_phil

dubai_phil

Posted
Posted
Hope they get liquidated soon, we need to plan the PTS celebration evening. Looking forward to 'Toasting' their demise.

 

We need a flash venue we wouldn't normally be able to afford with some over the hill rockers as entertainment. The kitty will be funded on the basis of £1 per post, although in homage to this thread we will reduce it to 20p, then to 2p and finally accept it will be 'Bring a Bottle' and held in the parks.

 

Better hurry up, Emirates have a sale on at the moment. I am so torn between blagging a freebie corp hostility at Citeh and waiting for the PTS big night out.

 

Jeez did I manage to type that? I've been on a stag day since 2:35pm. Ouch

 

Think I saw Eric on my way round own but have no recollection of where

Petersfield Saint

Petersfield Saint

Posted
Posted

I also reckon the f***ers will get away with it somehow, but in the interests of the sweepstake, I'll say that they'll limp into August only to go bang the day before the Bompey game, whenever that is (soz, don't have a fixture list to hand) :)

 

Sent from my GT-I9100 using Tapatalk 2

Petersfield Saint

Petersfield Saint

Posted
Posted
Hope they get liquidated soon, we need to plan the PTS celebration evening. Looking forward to 'Toasting' their demise.

 

We need a flash venue we wouldn't normally be able to afford with some over the hill rockers as entertainment. The kitty will be funded on the basis of £1 per post, although in homage to this thread we will reduce it to 20p, then to 2p and finally accept it will be 'Bring a Bottle' and held in the parks.

 

Count me in, this thread finally cured me of my chronic lurking syndrome! :)

 

Sent from my GT-I9100 using Tapatalk 2

eurosaint

eurosaint

Posted
Posted

Call me a wimp if you like, but I do not want them to go under at all !!

I've enjoyed the squirming, squelching, sweating, spinning, swearing, suffering, sh#tstirring etc..., so much (the classic, 'death by a thousand cuts'!) that I want it to go on forever :)

PUP (but not as we know it!).

Do we really want to chant "One team in 'Ampshire" if it is an actual fact ???

Be careful what you wish for !!

suewhistle

suewhistle

Posted
Posted
Football Creditors increasing daily with deferred salaries tbh. Chinny might no longer be prepared to pay them. Leaves PKF firmly in the chair as administrators for new losses. Put me down for July 16th.

 

Yep, bit of pondering by all sides over the weekend and then 3 phone calls on Monday:

 

Chinny to Birch

Birch to the trust

Birch to the newswires...

Shroppie

Shroppie

Posted
Posted
28th July for me. My wedding anniversary

 

A curse upon you sir. Was just going for that as it's mine too. So I'll go for 30th July. Has good memories.

SO16_Saint

SO16_Saint

Posted
Posted

This thread is a bit like a long car journey "are we there yet, are we there yet, are we there yet".

 

Finally, after a lot of u turns, road blocks, false hope and ups and downs, dad turns and says "yes".

 

What a feeling of relief.

 

:)

Waterside.saint

Waterside.saint

Posted
Posted
This thread is a bit like a long car journey "are we there yet, are we there yet, are we there yet".

 

Finally, after a lot of u turns, road blocks, false hope and ups and downs, dad turns and says "yes".

 

What a feeling of relief.

 

:)

 

surely you mean 'Are we nearly there yet?'

And yes...

Fitzhugh Fella

Fitzhugh Fella

Posted
  • Author
Posted
Think it about time this thread was switched back to the main board and made a sticky. It should never have been moved in the first place, as it is - as 66533 posts have indicated - very close to Saints fan's hearts. There are still quite a few users of this forum who are not aware of this glorious demise discussion of our fishy neighbours. And now as the end is surely nigh a wider audience needs to witness the final rites ....surely?

 

 

Thanks Mods a good compromise

The Cat

The Cat

Posted
Posted
@pn_jordan_cross: In The News tomorrow, Avram Grant's message to the beleaguered Michael Appleton and a #Pompey striker decides his future.

 

So, "Unit 2, Industrial Estate, Horton Heath" and, "I'm off."

Wes Tender

Wes Tender

Posted
Posted
I suspect by putting the shackles on Chainrai and his derisory CVA2 offer the Football League have opened the door for a 'moderately rich' individual or consortium to give Pompey a second look. Maybe someone like Brian Howe will fancy another sniff at the books if he knows that Chainrai's grip on the club's future finances has been significantly diluted.

 

Right. Lowe, Askham, Richards, Cowen, Wiseman, Gordon, etc. Now's your chance.

ThreeSixty

ThreeSixty

Posted
Posted
@pn_jordan_cross: In The News tomorrow, Avram Grant's message to the beleaguered Michael Appleton and a #Pompey striker decides his future.

 

"Kanu signs new long term deal"

The9

The9

Posted
Posted
Yes it is....How is it different? The creditors get bugger all (or as near as damn it) in both scenarios. Same outcome, same penalty. Surely?

 

There are degrees of rule breaking, they have not broken the CVA rule by the letter of the law, only the spirit, so the punishment is there to indicate that both are worthy of sanctions, not that they are the same offences.

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