trousers Posted 15 August, 2012 Share Posted 15 August, 2012 Sarah Gomme @sarahgommeITV Administrator Birch 'urgently seeks meeting' between Portpin and Supporters Trust - full statement at http://www.itv.com/news/meridian Link to comment Share on other sites More sharing options...
charliemiller Posted 15 August, 2012 Share Posted 15 August, 2012 Thing is Trevor Birch is as straight as a they come , efficient and will not be bullied or forced into doing a dodgy deal . If it doesnt work for the creditors in THERE best interests he wont do it ! Hence why Chanrai hates him and cant work with him. Also , he will liquidate if it becomes the most attractive way forward for recourse .....in a heartbeat Link to comment Share on other sites More sharing options...
Saint Lindford Posted 15 August, 2012 Share Posted 15 August, 2012 Neil Allen @pn_neil_allen Portpin haven't gone away. Still need to be negotiated with over ground. Rejected Trust £2.75m offer in past. Want 4 times that. #Pompey Like the Trust have that sort of money 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/trevor-birch-urgently-seeks-meeting-with-supporters-trust-and-portpin-1-4162784 "Trevor Birch urgently seeks meeting with supporters’ trust and Portpin " In a statement, Mr Birch said: ‘We note Portpin’s statement that it has withdrawn its bid for Portsmouth Football Club. ‘In reviewing the options available to the club, we also note Portpin’s offer to support any efforts to save Portsmouth in the forthcoming days. We are therefore urgently seeking a meeting with Portpin and the Pompey Supporters’ Trust to determine if the Trust’s bid can be brought to a successful conclusion. ‘We are working behind the scenes with Michael Appleton to enable the club to field as strong a team as possible for its first League match on Saturday.’ Link to comment Share on other sites More sharing options...
sussexsaint Posted 15 August, 2012 Share Posted 15 August, 2012 Any statement from Birch yet ? *gets popcorn and giant foam finger* Link to comment Share on other sites More sharing options...
Jimmy_D Posted 15 August, 2012 Share Posted 15 August, 2012 Chanrai: "We welcome and will assist anyone, including the supporters trust to try and save the club in the coming days." OK, there's one possible way out I can see for them... Chanrai lends the Trust the money to buy Pompey... Link to comment Share on other sites More sharing options...
Torres Posted 15 August, 2012 Share Posted 15 August, 2012 But Portpin would now have to vote on the PST offer would they not? They're secured creditors, so no. Link to comment Share on other sites More sharing options...
Mustapha Fag Posted 15 August, 2012 Share Posted 15 August, 2012 A psychic Portsmouth fan has just told me she has been contacted by the other side to let her know all will be well ......... Link to comment Share on other sites More sharing options...
pedg Posted 15 August, 2012 Share Posted 15 August, 2012 "This is the moment we have been waiting for. Fans need to be ready to come up with the money they have pledged. It is a pivotal moment in the club’s history. We welcome the fact Portpin have stated they want to want to help save the club. It is no one’s interests Pompey are liquidated. I am certain Pompey fans, the city of Portsmouth and the wider football family will be able to do what is needed to make Pompey the biggest community club of its type in the UK." Link to comment Share on other sites More sharing options...
badgerx16 Posted 15 August, 2012 Share Posted 15 August, 2012 So what is UnAppy's wage budget at the moment ? Link to comment Share on other sites More sharing options...
sussexsaint Posted 15 August, 2012 Share Posted 15 August, 2012 What does it have to do with the administrators and the creditors they represent how strong a team they put out for saturday? Link to comment Share on other sites More sharing options...
Ampersound Posted 15 August, 2012 Share Posted 15 August, 2012 25p is my guess Link to comment Share on other sites More sharing options...
View From The Top Posted 15 August, 2012 Share Posted 15 August, 2012 Interesting to see how much Portpin hold out for from the PST. Link to comment Share on other sites More sharing options...
Clapham Saint Posted 15 August, 2012 Share Posted 15 August, 2012 The advertisments on this page are now promoting will drafting... Lol In terms of the CVA, TB will need to follow the wording of the agreement. I haven't read the proposal (and don't intend to), however I seem to recal there being an amendment allowing TB to seek alternative investors to replace Portpin. If this is the case then the trust may simply be able to make a proposal under the existing agreement and so a new vote may not be required. Link to comment Share on other sites More sharing options...
merrimd Posted 15 August, 2012 Share Posted 15 August, 2012 http://www.portsmouth.co.uk/sport/pompey/pompey-past/trevor-birch-urgently-seeks-meeting-with-supporters-trust-and-portpin-1-4162784 "Trevor Birch urgently seeks meeting with supporters’ trust and Portpin " In a statement, Mr Birch said: ‘We note Portpin’s statement that it has withdrawn its bid for Portsmouth Football Club. ‘In reviewing the options available to the club, we also note Portpin’s offer to support any efforts to save Portsmouth in the forthcoming days. We are therefore urgently seeking a meeting with Portpin and the Pompey Supporters’ Trust to determine if the Trust’s bid can be brought to a successful conclusion. ‘We are working behind the scenes with Michael Appleton to enable the club to field as strong a team as possible for its first League match on Saturday.’ Does this mean that TB will not entertain the trust if they do not slip into bed with BC? Link to comment Share on other sites More sharing options...
OldNick Posted 15 August, 2012 Share Posted 15 August, 2012 The advertisments on this page are now promoting will drafting... Lol In terms of the CVA, TB will need to follow the wording of the agreement. I haven't read the proposal (and don't intend to), however I seem to recal there being an amendment allowing TB to seek alternative investors to replace Portpin. If this is the case then the trust may simply be able to make a proposal under the existing agreement and so a new vote may not be required. Thanks Link to comment Share on other sites More sharing options...
Lets B Avenue Posted 15 August, 2012 Share Posted 15 August, 2012 They're secured creditors, so no. Why not? Wasn't it the secured voters ie. Chinny and the players, that outvoted HMRC 2 years ago? Link to comment Share on other sites More sharing options...
Torres Posted 15 August, 2012 Share Posted 15 August, 2012 Does this mean that TB will not entertain the trust if they do not slip into bed with BC? Well, the Trust can't do anything without reaching an agreement with Chinny in relation to his charges over the club so kind of, yes. Link to comment Share on other sites More sharing options...
andysstuff Posted 15 August, 2012 Share Posted 15 August, 2012 Interesting to see how much Portpin hold out for from the PST. The Trust haven't even got enough to cover their business plan, let alone give Portpi. Anything more. Seriously starting g to look like grilled bread. Link to comment Share on other sites More sharing options...
Saint Keith Posted 15 August, 2012 Share Posted 15 August, 2012 Why not? Wasn't it the secured voters ie. Chinny and the players, that outvoted HMRC 2 years ago? that wa sbecase AA was runin git back then, and he didnt care about rools. TB does follw them a bit more closely, at least when it sits him Link to comment Share on other sites More sharing options...
Torres Posted 15 August, 2012 Share Posted 15 August, 2012 Why not? Wasn't it the secured voters ie. Chinny and the players, that outvoted HMRC 2 years ago? As far as the CVA is concerned, the players were unsecured creditors. The only security they had was not in law, rather in the Football Creditors Rule. Link to comment Share on other sites More sharing options...
merrimd Posted 15 August, 2012 Share Posted 15 August, 2012 Well, the Trust can't do anything without reaching an agreement with Chinny in relation to his charges over the club so kind of, yes. They really are screwed, aren't they? Link to comment Share on other sites More sharing options...
Fowllyd Posted 15 August, 2012 Share Posted 15 August, 2012 Why not? Wasn't it the secured voters ie. Chinny and the players, that outvoted HMRC 2 years ago? Not quite, no. The players had a vote on the first CVA, but they're not secured creditors in the normal sense, so they got a vote with the other unsecured creditors. Chainrai was always a secured creditor, owing to his charge over the assets of the club. The other unsecured creditors were HMRC plus all the businesses who hadn't been paid for goods, services etc. Link to comment Share on other sites More sharing options...
sussexsaint Posted 15 August, 2012 Share Posted 15 August, 2012 They really are screwed, aren't they? How many minutes do they have left to come to this agreement ? Surely time is almost up Link to comment Share on other sites More sharing options...
badgerx16 Posted 15 August, 2012 Share Posted 15 August, 2012 Well, the Trust can't do anything without reaching an agreement with Chinny in relation to his charges over the club so kind of, yes. Aren't the charges over the ground, not the club ? Could the trust simply choose to ground share with Havant & Waterlooville ? Link to comment Share on other sites More sharing options...
Chopper71 Posted 15 August, 2012 Share Posted 15 August, 2012 roughly £0.00 Link to comment Share on other sites More sharing options...
Torres Posted 15 August, 2012 Share Posted 15 August, 2012 The trust will have to offer Chinny more than he would get from liquidation. Bear in mind that Chinny can buy the assets of the club, including Fatpipe Park, for 1p more than anyone else and that whatever he pays will be redirected to him, minus PKF fees. Link to comment Share on other sites More sharing options...
Manuel Posted 15 August, 2012 Share Posted 15 August, 2012 Aren't the charges over the ground, not the club ? Could the trust simply choose to ground share with Havant & Waterlooville ? If they liquidated, wouldn't it be better for them to do that with a clean slate and not have any debts? Link to comment Share on other sites More sharing options...
sussexsaint Posted 15 August, 2012 Share Posted 15 August, 2012 If they liquidated, wouldn't it be better for them to do that with a clean slate and not have any debts? yes Link to comment Share on other sites More sharing options...
Lets B Avenue Posted 15 August, 2012 Share Posted 15 August, 2012 Not quite, no. The players had a vote on the first CVA, but they're not secured creditors in the normal sense, so they got a vote with the other unsecured creditors. Chainrai was always a secured creditor, owing to his charge over the assets of the club. The other unsecured creditors were HMRC plus all the businesses who hadn't been paid for goods, services etc. Fair enough, but I was replying to these. But Portpin would now have to vote on the PST offer would they not? They're secured creditors, so no. Link to comment Share on other sites More sharing options...
dorsetdave Posted 15 August, 2012 Share Posted 15 August, 2012 From the Facebook Phoenix club page: "But why? There is £14m of parachute payments in the mix, millions of income to come into Portsmouth over the next season, hundreds of jobs at the club. Liquidation loses all of these vital things, meaning that the creditors get nothing. Birch loses all credibility as an adminstrator if he closes the club. There is so much at stake that goes far beyond PFC, that saving the club is the main priority for Birch, the creditors, and the FL. It's not dead just yet. And don't discount a 3rd party. Right now, with Chainrai out of the picture, and a clean slate at PFC with no players, it's the bargain of the century. Who's to say they don't trump the Trust?" :facepalm: Link to comment Share on other sites More sharing options...
bridge too far Posted 15 August, 2012 Share Posted 15 August, 2012 The trust will have to offer Chinny more than he would get from liquidation. Bear in mind that Chinny can buy the assets of the club, including Fatpipe Park, for 1p more than anyone else and that whatever he pays will be redirected to him, minus PKF fees. Neil Allen @pn_neil_allen Portpin haven't gone away. Still need to be negotiated with over ground. Rejected Trust £2.75m offer in past. Want 4 times that. #Pompey 3m Micah Hall @blueballoo2000 @pn_neil_allen but birch can take that to court much more easily now. Actual value of fp, £2.1m - district auditor. Link to comment Share on other sites More sharing options...
Torres Posted 15 August, 2012 Share Posted 15 August, 2012 Aren't the charges over the ground, not the club ? Could the trust simply choose to ground share with Havant & Waterlooville ? Sorry, yeah. He has a charge over fixed and floating assets of PFC(2010) Ltd - these include Fatpipe Park, the kit, the training equipment, the chairs in the executive lounges, the microwaves, the lawnmowers. Everything, pretty much. Link to comment Share on other sites More sharing options...
Torres Posted 15 August, 2012 Share Posted 15 August, 2012 3m Micah Hall @blueballoo2000 @pn_neil_allen but birch can take that to court much more easily now. Actual value of fp, £2.1m - district auditor. LOLZ. Think about how much that will cost, Neil. Who's going to pay those legal fees? Link to comment Share on other sites More sharing options...
Clapham Saint Posted 15 August, 2012 Share Posted 15 August, 2012 They really are screwed, aren't they? Yes Link to comment Share on other sites More sharing options...
View From The Top Posted 15 August, 2012 Share Posted 15 August, 2012 Yes With your business head on what do you see happening? Link to comment Share on other sites More sharing options...
andysstuff Posted 15 August, 2012 Share Posted 15 August, 2012 Neil Allen @pn_neil_allen Portpin haven't gone away. Still need to be negotiated with over ground. Rejected Trust £2.75m offer in past. Want 4 times that. #Pompey 3m Micah Hall @blueballoo2000 @pn_neil_allen but birch can take that to court much more easily now. Actual value of fp, £2.1m - district auditor. Who or what exactly is the District Auditor and what property valuation knowledge would he have. Would suggest you need a RICS qualified surveyor to do that. Link to comment Share on other sites More sharing options...
JackanorySFC Posted 15 August, 2012 Share Posted 15 August, 2012 Just read that begging artical on the News Website asking for fans to cough up the £1000. Some cracking comments on there, including one that says he wants his £100 back to buy a Reading Festival ticket (from a nutter that thought they'd get promoted to the prem and he'd be able to sell his share for a profit) lol! Another saying he'll pull his money if the players are getting the parachute money (which they are) and others implying the Trust are short of money. This is going to be interesting.... Link to comment Share on other sites More sharing options...
Torres Posted 15 August, 2012 Share Posted 15 August, 2012 others implying the Trust are short of money. Whatever might make someone think that? Link to comment Share on other sites More sharing options...
pedg Posted 15 August, 2012 Share Posted 15 August, 2012 (edited) I assume the players who have left are now going to be back to being villains again? Think it was assumed that they had gone for minimal compensation but now it appears they took most of the parachute payments with them. So we have... Refused to leave: Heroes Refused to leave: Villains Left: Heroes Left: Villains Edited 15 August, 2012 by pedg Link to comment Share on other sites More sharing options...
dubai_phil Posted 15 August, 2012 Share Posted 15 August, 2012 Neil Allen @pn_neil_allen Portpin haven't gone away. Still need to be negotiated with over ground. Rejected Trust £2.75m offer in past. Want 4 times that. #Pompey Like the Trust have that sort of money http://www.portsmouth.co.uk/sport/pompey/pompey-past/trevor-birch-urgently-seeks-meeting-with-supporters-trust-and-portpin-1-4162784 "Trevor Birch urgently seeks meeting with supporters’ trust and Portpin " Like I said. Chinny "I want to help" If I keep the ground instead of you paying me 1.45mil NOW you have the whole season to increase ticket prices and pay me my 1mil rent PST "Sod off"" TB ÖK cough up the money PST "We ain't got enuff"" CHinny "Sign here" Link to comment Share on other sites More sharing options...
badgerx16 Posted 15 August, 2012 Share Posted 15 August, 2012 Who or what exactly is the District Auditor and what property valuation knowledge would he have. Would suggest you need a RICS qualified surveyor to do that. Wasn't that the second-opinion independent valuation supplied to PCC ? Link to comment Share on other sites More sharing options...
bridge too far Posted 15 August, 2012 Share Posted 15 August, 2012 (edited) Who or what exactly is the District Auditor and what property valuation knowledge would he have. Would suggest you need a RICS qualified surveyor to do that. He probably meant District Valuer http://www.hmrc.gov.uk/about/dvs.htm "DVS also publishes an annual property market report which gives an independent picture of various property markets across the UK." from the District Valuers' own website: "The VOA is one of the largest employers of Chartered Surveyors in the UK" Edited 15 August, 2012 by bridge too far Link to comment Share on other sites More sharing options...
lifeintheslowlane Posted 15 August, 2012 Share Posted 15 August, 2012 I can see them working together. http://en.wikipedia.org/wiki/Slumlord Link to comment Share on other sites More sharing options...
Lets B Avenue Posted 15 August, 2012 Share Posted 15 August, 2012 Also love it that Lumpitt's been outed by Chinny, as one of the money-grabbing fiends. Link to comment Share on other sites More sharing options...
trousers Posted 15 August, 2012 Share Posted 15 August, 2012 @pn_neil_allen: RT @CoxGavin: @pn_neil_allen You got your head up the trusts arse so far you know what they had for breakfast Link to comment Share on other sites More sharing options...
TopGun Posted 15 August, 2012 Share Posted 15 August, 2012 Also love it that Lumpitt's been outed by Chinny, as one of the money-grabbing fiends. Naming Richard Hughes is significant as he has been acting on behalf of the other players, so I don't imagine they're going to roll over to the PST and drop the TB agreed compromises of £8m by £6m. Link to comment Share on other sites More sharing options...
trousers Posted 15 August, 2012 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. ^ This. 100% Link to comment Share on other sites More sharing options...
andysstuff Posted 15 August, 2012 Share Posted 15 August, 2012 He probably meant District Valuer http://www.hmrc.gov.uk/about/dvs.htm "DVS also publishes an annual property market report which gives an independent picture of various property markets across the UK." from the District Valuers' own website: "The VOA is one of the largest employers of Chartered Surveyors in the UK" My thoughts as well. Can anyone remember the pencilled in figure on the CVA document for the ground?? Link to comment Share on other sites More sharing options...
angelman Posted 15 August, 2012 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. Exactly...if PST take over, then they have the club but no working capital, which would lead to administration pretty quickly and back to the position they are in at the moment. That is presuming that they can get a compromise agreement with Chin over FP, which they won't. Link to comment Share on other sites More sharing options...
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