pedg Posted 15 August, 2012 Share Posted 15 August, 2012 CHinny's next step is the offer to rent the stadium to them for 1mil a year for 18 years + compound interest at 20% added in as years. But is it not the case that he does not own the stadium he only has a charge against it. Link to comment Share on other sites More sharing options...
Fowllyd Posted 15 August, 2012 Share Posted 15 August, 2012 But is it not the case that he does not own the stadium he only has a charge against it. Yes, that's correct; the stadium owners are PFC2010. Which would, of course, provide a different outcome in the event of liquidation. Link to comment Share on other sites More sharing options...
dubai_phil Posted 15 August, 2012 Share Posted 15 August, 2012 But is it not the case that he does not own the stadium he only has a charge against it. But he has a charge and he is perfectly entitled to buy it outright from the Administrator or in Liquidation as long as it is 10 pence more than PST's actual bid (So he'd need to rent it to them for 20 years to get the money back + compound interest Link to comment Share on other sites More sharing options...
Monk Posted 15 August, 2012 Share Posted 15 August, 2012 Tis the end, I tell you. Link to comment Share on other sites More sharing options...
um pahars Posted 15 August, 2012 Share Posted 15 August, 2012 That said, the PST ought to channel their energy and money into a phoenix club, as the battered and beaten club they are looking at now, still has too much luggage for them to carry forwards... I would have to agree with you. The current Club will, for some time, be burdened with the legacy and debts of their recent unethical, immoral and uunscrupulous existence. It would be better to start afresh in the lower leagues and attempt to capture a semblance of respect and decency. The PCC loan, outstanding debts & stadium/land ownership issues are too large, too intertwined and too burdensome to give the Trust any chance in the short to medium term. However, from a p15s take perspective, we should want the Trust to wade in and bumble along before hitting the same problems in a year or two. Link to comment Share on other sites More sharing options...
badgerx16 Posted 15 August, 2012 Share Posted 15 August, 2012 But is it not the case that he does not own the stadium he only has a charge against it. I think this is true - technically TB currently 'owns' the stadium as he is running PFC. BC can only rent to the trust if he takes the club out of admin - ooops ! Link to comment Share on other sites More sharing options...
Torres Posted 15 August, 2012 Share Posted 15 August, 2012 & then after getting the loan, the pledge money etc would they have to put it to the creditors & undertake a 28 day cooling off period before officially coming out of admin? After not getting the loan, you mean I don't know about the cooling off period. I don't know if it's a legal requirement or something requested by Chinny or Trev. I don't even know whether any Trust bid would have to be put to the creditors given their proposed repayments to creditors in a CVA are more than Portpin's. I do know that it's an utter mess though. Link to comment Share on other sites More sharing options...
Saint in Paradise Posted 15 August, 2012 Share Posted 15 August, 2012 What would happen IF the trust told BC they don't want Fratton Park but would play elsewhere? Link to comment Share on other sites More sharing options...
Waterside.saint Posted 15 August, 2012 Share Posted 15 August, 2012 Guardian: Portsmouth on brink of liquidation as Chainrai withdraws bid for club http://www.guardian.co.uk/football/2012/aug/15/portsmouth-brink-liquidation-chainrai-withdraws Link to comment Share on other sites More sharing options...
View From The Top Posted 15 August, 2012 Share Posted 15 August, 2012 After not getting the loan, you mean I don't know about the cooling off period. I don't know if it's a legal requirement or something requested by Chinny or Trev. I don't even know whether any Trust bid would have to be put to the creditors given their proposed repayments to creditors in a CVA are more than Portpin's. I do know that it's an utter mess though. There must be a process where the creditors get to vote on the proposal otherwise they'd be exiting admin without a CVA! Link to comment Share on other sites More sharing options...
dubai_phil Posted 15 August, 2012 Share Posted 15 August, 2012 Reaction just in from PST representative at the news they now have to come good with the cash and implement their business plan Link to comment Share on other sites More sharing options...
OldNick Posted 15 August, 2012 Share Posted 15 August, 2012 If there is a colling off period of 28days, where is the money to run the club coming from. I thought the winding up on the 10th been stopped while they sold to BC. Is there any funds to pay for the wait? Link to comment Share on other sites More sharing options...
Torres Posted 15 August, 2012 Share Posted 15 August, 2012 There must be a process where the creditors get to vote on the proposal otherwise they'd be exiting admin without a CVA! If the Trust were to meet or exceed the terms of Portpin's CVA proposal? It's the CVA proposal that the creditors vote on, not an agreement to purchase the club. Link to comment Share on other sites More sharing options...
View From The Top Posted 15 August, 2012 Share Posted 15 August, 2012 If there is a colling off period of 28days, where is the money to run the club coming from. I thought the winding up on the 10th been stopped while they sold to BC. Is there any funds to pay for the wait? We need Clapham or Hutch to explain the process. I think that a formal offer has to be made to creditors & voted on & a 28 day cooling off period follows & only then they can come out of admin. Link to comment Share on other sites More sharing options...
brightspark Posted 15 August, 2012 Share Posted 15 August, 2012 If there is a colling off period of 28days, where is the money to run the club coming from. I thought the winding up on the 10th been stopped while they sold to BC. Is there any funds to pay for the wait? Good point, but I suppose if Birch believes that the Trust are a chance, he will keep it going for that little bit longer and potentially may compensate for this by increasing his fees. What a mess, the club is well and truly in mid-air and about to be thrown for an ippon. Link to comment Share on other sites More sharing options...
Marsdinho Posted 15 August, 2012 Share Posted 15 August, 2012 They have 36 hours to save the club. It is possible now... (It is of course also possible that I will have a 3 some with Jessie J, J Lo & Vickie Pendleton tonight while FMDP brings me perfectly chilled beers. Possible but) Keep the toasters in the box, more panic to watch yet That's a 4 some. Link to comment Share on other sites More sharing options...
View From The Top Posted 15 August, 2012 Share Posted 15 August, 2012 If the Trust were to meet or exceed the terms of Portpin's CVA proposal? It's the CVA proposal that the creditors vote on, not an agreement to purchase the club. That's what I mean. They can't come out of admin until that's done & if they did come out without a CVA that would be another -17?? Link to comment Share on other sites More sharing options...
OldNick Posted 15 August, 2012 Share Posted 15 August, 2012 We need Clapham or Hutch to explain the process. I think that a formal offer has to be made to creditors & voted on & a 28 day cooling off period follows & only then they can come out of admin. It must be touch and go for the funds to run out if it takes that long. I agree this is when having Clapham and Hutch giving us insights is very useful. As Delia would scream 'Come on you 2 ,Lets be avin you' Link to comment Share on other sites More sharing options...
oldskoolsi Posted 15 August, 2012 Share Posted 15 August, 2012 I've only started reading this thread for post couple hundred of pages so don't know if it's been already covered but I tried to register for POL to have a look at what they're saying about today's events and my email is banned. I know from the sounds of it people who have posted there and been suspected of being scummers have been banned but I didn't realise they were into pre-emtive banning. I wonder how they got my emial address to ban it. :/ Link to comment Share on other sites More sharing options...
trousers Posted 15 August, 2012 Share Posted 15 August, 2012 If the Trust were to meet or exceed the terms of Portpin's CVA proposal? It's the CVA proposal that the creditors vote on, not an agreement to purchase the club. ^this (I think) The creditors vote for receiving a reduced sum of money. If there are two takeover bids that match or exceed that agreed sum of money then the creditors have already voted 'yes' if owner B takes over the running from owner A. Link to comment Share on other sites More sharing options...
Crab Lungs Posted 15 August, 2012 Share Posted 15 August, 2012 adenuff Another theory for News lateness, is that after last night Chanrai has contacted News and demanded Neil Allen be sacked. It would really be special if that c(-nt ends up at some fault for BC pulling the plug and killing pfc. No less than he deserves considering the way he has acted.. Link to comment Share on other sites More sharing options...
Torres Posted 15 August, 2012 Share Posted 15 August, 2012 That's what I mean. They can't come out of admin until that's done & if they did come out without a CVA that would be another -17?? But CVA proposal from Birch, using Portpin's money, has been agreed by the creditors. Does it matter if the same proposal is funded by the PST? I don't know. If it does then they are truly, truly screwed. No takeover or exit from admin could realistically happen before the end of September... Link to comment Share on other sites More sharing options...
isplumm Posted 15 August, 2012 Share Posted 15 August, 2012 Trust spokesman http://audioboo.fm/boos/921335 Link to comment Share on other sites More sharing options...
OldNick Posted 15 August, 2012 Share Posted 15 August, 2012 That's a 4 some.if you have met Phil, it is more likely to be a right Jessie,H from Steps ,and Vickie from Little Britain, Link to comment Share on other sites More sharing options...
pedg Posted 15 August, 2012 Share Posted 15 August, 2012 ^this (I think) The creditors vote for receiving a reduced sum of money. If there are two takeover bids that match or exceed that agreed sum of money then the creditors have already voted 'yes' if owner B takes over the running from owner A. But do the limits the trust have put on various payments mean that they have matched or exceeded the current proposed CVA? Link to comment Share on other sites More sharing options...
Foxy Posted 15 August, 2012 Share Posted 15 August, 2012 if you have met Phil, it is more likely to be a right Jessie,H from Steps ,and Vickie from Little Britain, He's setting his standards pretty high these days if that's the case (with apologies to the the lovely Mrs DP of course) Link to comment Share on other sites More sharing options...
OldNick Posted 15 August, 2012 Share Posted 15 August, 2012 (edited) Porn Brokers in Pompey have now put a stop on taking anymore caravans, gold plated sovereign rings, gold plated rope chains,hand bells and drums, as members of the Trust try to get their funds together. Edited 15 August, 2012 by OldNick Link to comment Share on other sites More sharing options...
Torres Posted 15 August, 2012 Share Posted 15 August, 2012 Of course, the whole question of whether the PST have to get a new CVA agreed is irrelevant because they don't have any money. Link to comment Share on other sites More sharing options...
trousers Posted 15 August, 2012 Share Posted 15 August, 2012 But do the limits the trust have put on various payments mean that they have matched or exceeded the current proposed CVA? Good question.... Link to comment Share on other sites More sharing options...
OldNick Posted 15 August, 2012 Share Posted 15 August, 2012 He's setting his standards pretty high these days if that's the case (with apologies to the the lovely Mrs DP of course) of course, apart from the delightful future Mrs DP Link to comment Share on other sites More sharing options...
badgerx16 Posted 15 August, 2012 Share Posted 15 August, 2012 I've only started reading this thread for post couple hundred of pages so don't know if it's been already covered but I tried to register for POL to have a look at what they're saying about today's events and my email is banned. I know from the sounds of it people who have posted there and been suspected of being scummers have been banned but I didn't realise they were into pre-emtive banning. I wonder how they got my emial address to ban it. :/ Your IP address can be traced to a geographical location, so if you appear to have an SO postcode they pull the plug. Link to comment Share on other sites More sharing options...
Torres Posted 15 August, 2012 Share Posted 15 August, 2012 @solentsport: Statement from #pompey administrators PKF imminent The trust have 48 hours to formalise their bid and show proof of funds or the club are fed into the blender? Link to comment Share on other sites More sharing options...
Waterside.saint Posted 15 August, 2012 Share Posted 15 August, 2012 Porn Brokers in Pompey have now put a stop on taking anymore caravans, gold plated sovereign rings, gold plated rope chains,hand bells and drums as members of the Trust try to get their funds together. This^ New KB pls Link to comment Share on other sites More sharing options...
andysstuff Posted 15 August, 2012 Share Posted 15 August, 2012 http://m.portsmouth.co.uk/sport/pompey/pompey-past/balram-chainrai-withdraws-his-bid-to-buy-pompey-1-4162603 On the snooze site now Link to comment Share on other sites More sharing options...
dubai_phil Posted 15 August, 2012 Share Posted 15 August, 2012 if you have met Phil, it is more likely to be a right Jessie,H from Steps ,and Vickie from Little Britain, No, that only happens with 6X. Link to comment Share on other sites More sharing options...
Minsk Posted 15 August, 2012 Share Posted 15 August, 2012 If all the PPs have gone how can PST borrow from PCC as one of the conditions was that the PPs were controlled by PST? This is a very good point. As is the fact that the PST bid included plans to use the pp's going forward and that they said they would only pay those former players a maximum of £2m, a quarter of the deals already agreed with them. I honestly don't see how the trust's plan can possibly go ahead. It will have to be considerably amended, and they just don't have the money to do that. Do the FL still need assurances that a club can fulfil all fixtures during the coming season before they are allowed to start it? If so, I don't see how this can be done for them. On the bright side, for them, at least the PST have an entire year to get the phoenix club ready before it needs to play a competitive match!! Link to comment Share on other sites More sharing options...
dubai_phil Posted 15 August, 2012 Share Posted 15 August, 2012 He's setting his standards pretty high these days if that's the case (with apologies to the the lovely Mrs DP of course) Learn from the mistakes from others. Quality over Quantity didn't work so have to stick with Quality AND Quantity. Meanwhile.... In the world of you couldn't make it up twists and turns of general forum life. Guess who made an appearance in the (massive) @dubaisaints twittersphere this week? None other than 19Canteen - bless. Knew it was gonna be a great week as soon as that happened and CHinny just kept it rolling. Link to comment Share on other sites More sharing options...
The Kraken Posted 15 August, 2012 Share Posted 15 August, 2012 Of course, the whole question of whether the PST have to get a new CVA agreed is irrelevant because they don't have any money. This. There is a massive gap in what the Trust can afford to pay the football creditors and what Tricky Trev has agreed. The Trust allowed for £2M to players, and £1.75M to other clubs. Add in PKF's fees (£1.85M at the last count) and you're just under £6M. Portpin are claiming that PKF's agreements with the players and clubs, plus their own fees, are now at £12M. The Football League will not grant a golden share unless all of those footballing debts are paid. And Trev has ensured that those payments are covered by the Parachute payments, so the players and clubs will get paid direct if the club implodes, so they are guaranteed. The trust either have to stump up an extra £6M or forget it. Link to comment Share on other sites More sharing options...
Jack Posted 15 August, 2012 Share Posted 15 August, 2012 Can we have an 'on which page will the skates go pop sweepstake'? I'll go for page 1447. I also think nuns and 'w00t for liquidation' (in large red font) posts are warranted. Just like a match day thread. Link to comment Share on other sites More sharing options...
georgeweahscousin Posted 15 August, 2012 Share Posted 15 August, 2012 Would it now be the biggest irony ever if the Trust failed the FPP Test? Link to comment Share on other sites More sharing options...
Ampersound Posted 15 August, 2012 Share Posted 15 August, 2012 http://m.portsmouth.co.uk/sport/pompey/pompey-past/balram-chainrai-withdraws-his-bid-to-buy-pompey-1-4162603 On the snooze site now Talking of the snooze.. When I got up this morning I noticed the button on my alarm clock to snooze was called - SNOOZE / DIMMER I thought that was very apt. Anyway back to reading this thread.. So exciting. Link to comment Share on other sites More sharing options...
SaintDan Posted 15 August, 2012 Share Posted 15 August, 2012 Was the original CVA put forward by BC and accepted or from TB? If it was BC does that not mean that the PST have to put forward a whole new CVA agreement and have it accepted before they can go forward? Link to comment Share on other sites More sharing options...
oldskoolsi Posted 15 August, 2012 Share Posted 15 August, 2012 Your IP address can be traced to a geographical location, so if you appear to have an SO postcode they pull the plug. Cheers, must have been done a long time ago as I've had Guilford Post code for 5 years+. Unless it always shows where it was created. I'm a bit ignorant of these things. Link to comment Share on other sites More sharing options...
View From The Top Posted 15 August, 2012 Share Posted 15 August, 2012 But CVA proposal from Birch, using Portpin's money, has been agreed by the creditors. Does it matter if the same proposal is funded by the PST? I don't know. If it does then they are truly, truly screwed. No takeover or exit from admin could realistically happen before the end of September... But Portpin would now have to vote on the PST offer would they not? Link to comment Share on other sites More sharing options...
badgerx16 Posted 15 August, 2012 Share Posted 15 August, 2012 http://m.portsmouth.co.uk/sport/pompey/pompey-past/balram-chainrai-withdraws-his-bid-to-buy-pompey-1-4162603 On the snooze site now "We can be proud that the very first reason on Chainrai's list for withdrawing is that the fans were against him." Link to comment Share on other sites More sharing options...
Fitzhugh Fella Posted 15 August, 2012 Author Share Posted 15 August, 2012 Surely the best option for the trust now is to use whatever funds they have to fund a phoenix club. Trying to replace Chanrai and keep the club from liquidation would just eradicate what funds they do have without ultimately ensuring survival. If I were a skate - and thank the lord I'm not - I would be begging TB to switch of the life support machine and then get to work on forming a new club. Link to comment Share on other sites More sharing options...
badgerx16 Posted 15 August, 2012 Share Posted 15 August, 2012 Cheers, must have been done a long time ago as I've had Guilford Post code for 5 years+. Unless it always shows where it was created. I'm a bit ignorant of these things. Maybe they are blocking anything but PO1 ! Paranoid doesn't come close to their current siege mentality. Link to comment Share on other sites More sharing options...
Jimmy_D Posted 15 August, 2012 Share Posted 15 August, 2012 Dominoes for the Trust bid now. Parachute payments have already been used to compromise with the players that have left, that alone leave a great honking hole in their financial estimates. Those parachute payments were also needed as security for the short term bridging loan from the council, so that's another hole in their financial estimates. Even if they get past the next few days, I don't see how they can avoid relegation now, crowds will drop off as there'll be nothing entertaining to watch... TV money next year will be less for them, that'll be another kick to the finances... I can't see any way out of this for them now. Link to comment Share on other sites More sharing options...
OldNick Posted 15 August, 2012 Share Posted 15 August, 2012 Maybe they are blocking anything but PO1 ! Paranoid doesn't come close to their current siege mentality. amazing as they are the most friendly and liked fans in the world Link to comment Share on other sites More sharing options...
trousers Posted 15 August, 2012 Share Posted 15 August, 2012 http://www.portsmouth.co.uk/sport/pompey/pompey-past/pompey-supporters-trust-urges-fans-to-back-bid-following-portpin-withdrawal-1-4162688 THE Pompey Supporters’ Trust is urging fans to come up with the cash after Portpin withdrew its bid to takeover the club. Link to comment Share on other sites More sharing options...
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