Waterside.saint Posted 13 July, 2012 Share Posted 13 July, 2012 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 Link to comment Share on other sites More sharing options...
aintforever Posted 13 July, 2012 Share Posted 13 July, 2012 (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 13 July, 2012 by aintforever Link to comment Share on other sites More sharing options...
Under Weststand Posted 13 July, 2012 Share Posted 13 July, 2012 I wanted 27th as its a Friday, but beaten to it! So God bless Monday the 30th July. Link to comment Share on other sites More sharing options...
St Chalet Posted 13 July, 2012 Share Posted 13 July, 2012 I agree with this too. A good compromise - have a locked sticky on the main board with a link to here. Win win http://www.saintsweb.co.uk/showthread.php?38958-Pompey-Saga Done, now play nicely with any new guests you Nutjobs. Link to comment Share on other sites More sharing options...
pedg Posted 13 July, 2012 Share Posted 13 July, 2012 (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 13 July, 2012 by pedg Link to comment Share on other sites More sharing options...
badgerx16 Posted 13 July, 2012 Share Posted 13 July, 2012 (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 13 July, 2012 by badgerx16 Link to comment Share on other sites More sharing options...
Gingeletiss Posted 13 July, 2012 Share Posted 13 July, 2012 23rd July........Mr Fox told me Link to comment Share on other sites More sharing options...
St Lightjaw Posted 13 July, 2012 Share Posted 13 July, 2012 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. Link to comment Share on other sites More sharing options...
aintforever Posted 13 July, 2012 Share Posted 13 July, 2012 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. Link to comment Share on other sites More sharing options...
Danish Saint Posted 13 July, 2012 Share Posted 13 July, 2012 http://www.saintsweb.co.uk/showthread.php?38958-Pompey-Saga Done, now play nicely with any new guests you Nutjobs. Yes, father! Link to comment Share on other sites More sharing options...
Danish Saint Posted 13 July, 2012 Share Posted 13 July, 2012 Are they dead yet? Link to comment Share on other sites More sharing options...
andysstuff Posted 13 July, 2012 Share Posted 13 July, 2012 Are they dead yet? No, it's better than that. Link to comment Share on other sites More sharing options...
camdijk Posted 13 July, 2012 Share Posted 13 July, 2012 26th July for me. Anniversary of joining RN in '65. Link to comment Share on other sites More sharing options...
Danish Saint Posted 13 July, 2012 Share Posted 13 July, 2012 No, it's better than that. What's better than Pompey being dead? Link to comment Share on other sites More sharing options...
SW5 SAINT Posted 13 July, 2012 Share Posted 13 July, 2012 I think Portsmouth - 10 should be the new name for any phoenix club!! Link to comment Share on other sites More sharing options...
dubai_phil Posted 13 July, 2012 Share Posted 13 July, 2012 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 Link to comment Share on other sites More sharing options...
farawaysaint Posted 13 July, 2012 Share Posted 13 July, 2012 League 1 minus 10 the blog may have to change its name to avoid confusion Link to comment Share on other sites More sharing options...
andysstuff Posted 13 July, 2012 Share Posted 13 July, 2012 What's better than Pompey being dead? The five years that the FA have planned for them. Just think where they could end up. Link to comment Share on other sites More sharing options...
Petersfield Saint Posted 13 July, 2012 Share Posted 13 July, 2012 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 Link to comment Share on other sites More sharing options...
Petersfield Saint Posted 13 July, 2012 Share Posted 13 July, 2012 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 Link to comment Share on other sites More sharing options...
Kingsbridge Saint Posted 13 July, 2012 Share Posted 13 July, 2012 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. Link to comment Share on other sites More sharing options...
Doctoroncall Posted 13 July, 2012 Share Posted 13 July, 2012 Wanted the 10th Aug but will go for the 1st! Link to comment Share on other sites More sharing options...
Shrek Posted 13 July, 2012 Share Posted 13 July, 2012 Random 9th August for me. Thursdays seem to be FL action days at the mo. Link to comment Share on other sites More sharing options...
eurosaint Posted 13 July, 2012 Share Posted 13 July, 2012 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 !! Link to comment Share on other sites More sharing options...
Matthew Le God Posted 13 July, 2012 Share Posted 13 July, 2012 Do we really want to chant "One team in 'Ampshire" if it is an actual fact ??? Be careful what you wish for !! I have no desire to see Aldershot go under. Link to comment Share on other sites More sharing options...
eurosaint Posted 13 July, 2012 Share Posted 13 July, 2012 I have no desire to see Aldershot go under. Thank you MLG, I had completely forgotten that pedantry was alive and well in the land of SWF Link to comment Share on other sites More sharing options...
suewhistle Posted 13 July, 2012 Share Posted 13 July, 2012 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... Link to comment Share on other sites More sharing options...
Shroppie Posted 13 July, 2012 Share Posted 13 July, 2012 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. Link to comment Share on other sites More sharing options...
eurosaint Posted 13 July, 2012 Share Posted 13 July, 2012 http://www.talksport.co.uk/radio/andy-goldsteins-sports-bar/120713/knight-future-doesnt-look-good-portsmouth-176557? Even the legends are beginning to realise that the game is almost up !! Link to comment Share on other sites More sharing options...
Saint Lindford Posted 13 July, 2012 Share Posted 13 July, 2012 Now either July 29th, my birthday or July 30th my wedding anniversary will do nicely. Link to comment Share on other sites More sharing options...
sussexsaint Posted 13 July, 2012 Share Posted 13 July, 2012 Are they dead yet? They aren't very well and there family have been called. Link to comment Share on other sites More sharing options...
Waterside.saint Posted 13 July, 2012 Share Posted 13 July, 2012 They aren't very well and there family have been called. The undertakers are polishing whats left of the chrome on their Ford Granada Link to comment Share on other sites More sharing options...
SO16_Saint Posted 13 July, 2012 Share Posted 13 July, 2012 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. Link to comment Share on other sites More sharing options...
Waterside.saint Posted 13 July, 2012 Share Posted 13 July, 2012 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... Link to comment Share on other sites More sharing options...
Fitzhugh Fella Posted 13 July, 2012 Author Share Posted 13 July, 2012 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 Link to comment Share on other sites More sharing options...
trousers Posted 13 July, 2012 Share Posted 13 July, 2012 @pn_jordan_cross: In The News tomorrow, Avram Grant's message to the beleaguered Michael Appleton and a #Pompey striker decides his future. Link to comment Share on other sites More sharing options...
RonManager Posted 13 July, 2012 Share Posted 13 July, 2012 http://www.twohundredpercent.net/?p=19736 Link to comment Share on other sites More sharing options...
SOTONS EAST SIDE Posted 13 July, 2012 Share Posted 13 July, 2012 VERY! VERY! APT. LOL http://www.youtube.com/watch?v=6J9iSpA9QTs&feature=related Link to comment Share on other sites More sharing options...
The Cat Posted 13 July, 2012 Share Posted 13 July, 2012 @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." Link to comment Share on other sites More sharing options...
Spudders Posted 13 July, 2012 Share Posted 13 July, 2012 Can I have Friday 20th in the sweepstake as their expiry date. It's my birthday so this would be a great present Link to comment Share on other sites More sharing options...
nrhsaint Posted 13 July, 2012 Share Posted 13 July, 2012 so what will miss money penny have to say about this new development, surely she will have to raise the issue in the house to the pm. Link to comment Share on other sites More sharing options...
Wes Tender Posted 13 July, 2012 Share Posted 13 July, 2012 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. Link to comment Share on other sites More sharing options...
ThreeSixty Posted 14 July, 2012 Share Posted 14 July, 2012 @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" Link to comment Share on other sites More sharing options...
Lighthouse Posted 14 July, 2012 Share Posted 14 July, 2012 If Lowe took them over I would cry with laughter. Link to comment Share on other sites More sharing options...
Saint J 77 Posted 14 July, 2012 Share Posted 14 July, 2012 If Lowe took them over I would cry with laughter. LOL I think we all would Link to comment Share on other sites More sharing options...
Lurkster Posted 14 July, 2012 Share Posted 14 July, 2012 Just got in, missus is watching slaughterhouse five. two things, wtf and WTFILN. Link to comment Share on other sites More sharing options...
Lurkster Posted 14 July, 2012 Share Posted 14 July, 2012 Anyway the point is dream on my fishy friends, tick tock and Neil Allen is special Link to comment Share on other sites More sharing options...
The9 Posted 14 July, 2012 Share Posted 14 July, 2012 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. Link to comment Share on other sites More sharing options...
Dark Munster Posted 14 July, 2012 Share Posted 14 July, 2012 Portsmouth FC @officialpompey Portsmouth FC statement following Football League's decision to impose a 10-point penalty: http://tinyurl.com/765qjp9 #pompey Spot the error on the Cheats FC's web page. Link to comment Share on other sites More sharing options...
trousers Posted 14 July, 2012 Share Posted 14 July, 2012 http://m.portsmouth.co.uk/sport/pompey/pompey-past/pompey-contract-stays-at-lucketts-1-4055826 Paul Barringer, sales and marketing director of Lucketts Travel said: ‘We were delighted to step in last season when the previous coach company ran into operational difficulties.’ Operational difficulties? Nothing to do with Pompey not paying their bills then...? Link to comment Share on other sites More sharing options...
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