derry Posted 23 August, 2012 Share Posted 23 August, 2012 It's been explained thousands of times on here, but would someone take pity on me and once again explain Chinny's debt? Did he ever put money into the club or did he inherit Gadaymak's debt? As far as I can remember Portpin lent the money to Falcondrone with the PFC shares as security. When Falcondrone defaulted on payments they seized the shares so owned the club. A charge on all assets was secured making them the only secured creditor. Link to comment Share on other sites More sharing options...
Gemmel Posted 23 August, 2012 Share Posted 23 August, 2012 . A charge on all assets was secured making them the only secured creditor. Gaydamak is a 5 million pound secured creditor as well, but that seems to have dropped off the radar (MAy as that company is also in administration) Link to comment Share on other sites More sharing options...
View From The Top Posted 23 August, 2012 Share Posted 23 August, 2012 Gaydamak is a 5 million pound secured creditor as well, but that seems to have dropped off the radar (MAy as that company is also in administration) IIRC that was covered with the Jan' PP but as there have been so many twists since then I'm no longer sure who's had what! Link to comment Share on other sites More sharing options...
derry Posted 23 August, 2012 Share Posted 23 August, 2012 Gaydamak is a 5 million pound secured creditor as well, but that seems to have dropped off the radar (MAy as that company is also in administration) I'm not sure there wasn't some deal struck with him by AA that guaranteed the money in return for something. Access to the land he owned????? Link to comment Share on other sites More sharing options...
rallyboy Posted 23 August, 2012 Share Posted 23 August, 2012 as Derry points out, the other aspect of the charge over fatpipe park is that it matters not a jot whether money went into the club. A loan was agreed, the ground and assets were the security, the loan repayments failed, Chinny took control. A bit like his deal with CSI but the Russians were so criminal that even their assets were worthless. Remember how Ho tried to tell us the WRC rights were worth £20M-£30M when in fact they were worthless as CSI had defaulted? That's a downside of loan sharking - sometimes you just lose money and have to kill people instead. Whether that pompey-related loan actually existed at all is another matter, but no one has been brave enough to test that one in court. My understanding is that the charge over all things blue is legal - it has survived two admins so far. The few moaning about the validity of it is SO late that the bolting horse has since done a world tour, had grandkids, and is supping Pimms with Harry's dog in a tax haven for dodgy pets of a pensionable age. Link to comment Share on other sites More sharing options...
alpine_saint Posted 23 August, 2012 Share Posted 23 August, 2012 Gaydamak is a 5 million pound secured creditor as well, but that seems to have dropped off the radar (MAy as that company is also in administration) Indeed, and any discussion of Kanu's tribunal where they may have to find up to another 3m seems to have disappeared into the ether too. How can they still be going, FFS ? Link to comment Share on other sites More sharing options...
buctootim Posted 23 August, 2012 Share Posted 23 August, 2012 wasn't some deal struck with him by AA that guaranteed the money in return for something. Access to the land he owned????? It was either that, or agreement for him not to be gunned down in Moscow / Tel Aviv. One of the two. Link to comment Share on other sites More sharing options...
Torres Posted 23 August, 2012 Share Posted 23 August, 2012 Remember how Ho tried to tell us the WRC rights were worth £20M-£30M when in fact they were worthless as CSI had defaulted? Seems a long time ago. So much has happened since then. Oh how we laughed at the time. Link to comment Share on other sites More sharing options...
The Kraken Posted 23 August, 2012 Share Posted 23 August, 2012 The televised protest from the hordes of angry Pompey fans went well then [from one of their message boards]: Bout 30 of us turned up at the peak - myself included, handy having a day off, an Interview down the road from Fratton, a change of clothes and my Belhadj shirt in the boot of my car but in all honesty it wasn't anything special. The usual suspects showed - Mike Hall, Bob, Stumpy, a couple of others - but we were left waiting for ITV to turn up who then cancelled as the cameraman couldn't make it in time or something. :lol::lol::lol: Link to comment Share on other sites More sharing options...
Thedelldays Posted 23 August, 2012 Share Posted 23 August, 2012 I like pompey now.....who can't..? Link to comment Share on other sites More sharing options...
mickn Posted 23 August, 2012 Share Posted 23 August, 2012 The televised protest from the hordes of angry Pompey fans went well then [from one of their message boards]: :lol::lol::lol: They sound like characters from an Enid Blyton book, is Stumpy the dog? Link to comment Share on other sites More sharing options...
Torres Posted 23 August, 2012 Share Posted 23 August, 2012 That will have really put the fear up Chinny! Link to comment Share on other sites More sharing options...
pedg Posted 23 August, 2012 Share Posted 23 August, 2012 That will have really put the fear up Chinny! "Leave our club alone or stumpy will gnaw your ankle!" Link to comment Share on other sites More sharing options...
Gingeletiss Posted 23 August, 2012 Share Posted 23 August, 2012 They sound like characters from an Enid Blyton book, is Stumpy the dog? Nah! that's Rosie. Link to comment Share on other sites More sharing options...
Weston Super Saint Posted 23 August, 2012 Share Posted 23 August, 2012 To be fair, he doesn't sound as bad as any of their recent owners. Indeed! Allegedly he only owed HMRC £1.8m when he left. That's what, 20 times LESS than Pompey have managed to accrue! Pretty sure HMRC would back a takeover led by him to the hilt! They'll know they'll still be shafted for tax, VAT, NI etc, but it'll be a hell of a lot less than the shaftings they've taken in the past! Link to comment Share on other sites More sharing options...
Give it to Ron Posted 23 August, 2012 Share Posted 23 August, 2012 Matt Slater @mattslaterbbc Birch/FL would love 2 sell 2 PST but are worried about the fans' ability 2 get over the line financially. Chainrai not helping... ..sticking to his £18m claim, thinks FP is worth £10m, won't consider rental deal & is whispering sweet nothings to Kanu, TBH & co Matt Slater @mattslaterbbc The good news is BC doesn't want 2 buy & fears liquidation. A deal can b done & there's £4.5m in cash/ticket revs in the business I am not sure thats good news... Link to comment Share on other sites More sharing options...
The Kraken Posted 23 August, 2012 Share Posted 23 August, 2012 If Chainrai is bidding then the Trust no longer have a bid, as their council loan will not be honoured. So if Chinny wants it and meets the terms of the CVA, he's in. I'm sure the £4m plus in cash reserves are very appealing to him right now (although Tricky Trev will probably hoover up half of that for his wedge of the fees). Chinny is in a better position to negotiate for what he wants if he sits in place. So he can take over, run it on a shoestring, likely trouser what parachute payments he can and get out of the club before all repayments to players are up. Link to comment Share on other sites More sharing options...
Give it to Ron Posted 23 August, 2012 Share Posted 23 August, 2012 £3m of parachute money @S13SFC & £1.5m in season ticket sales that's released in chunks after each home game PKF has already got a valuation @croydonpompey £3m, BC said £10m! Players won't budge until there's only 1 game in town Link to comment Share on other sites More sharing options...
Frank's cousin Posted 23 August, 2012 Share Posted 23 August, 2012 (edited) If Chainrai is bidding then the Trust no longer have a bid, as their council loan will not be honoured. So if Chinny wants it and meets the terms of the CVA, he's in. I'm sure the £4m plus in cash reserves are very appealing to him right now (although Tricky Trev will probably hoover up half of that for his wedge of the fees). Chinny is in a better position to negotiate for what he wants if he sits in place. So he can take over, run it on a shoestring, likely trouser what parachute payments he can and get out of the club before all repayments to players are up. Given that the PP income+ gate is in theory already spoken for for wages and football creditors.... is there anything to prevent Chinney from defeeering what payments he can, waiting until the next PPs turn up and then doing a runner with the lot? leaving them with creditors a 3rd time in 4 years? You know part of mewould feel sorry for them if that happened - only an incy wincytiny end of one hhair mind, the rest of me would be incontinent through laughter - given the complete lack of shame or integrity Appy nor fans are showing with this need for more players.... ... not sure what the legals are, but if Chinney agrees a CVA with with all teh gullable creditors and bungs them 500k its over... he then could rightly cliam teh business ows him 18 mil but he'll settle for 8 mil - and take it now - then when the deferred compromise agreements are due, the accounts are bare and they go into admin.... could this be the plan? Edited 23 August, 2012 by Frank's cousin Link to comment Share on other sites More sharing options...
The Kraken Posted 23 August, 2012 Share Posted 23 August, 2012 Given that the PP income+ gate is in theory already spoken for for wages and football creditors.... is there anything to prevent Chinney from defeeering what payments he can' date=' waiting until the next PPs turn up and then doing a runner with the lot? leaving them with creditors a 3rd time in 4 years? You know part of mewould feel sorry for them if that happened - only an incy wincytiny end of one hhair mind, the rest of me would be incontinent through laughter - given the complete lack of shame or integrity Appy nor fans are showing with this need for more players....[/quote'] That's exactly what everyone (including many Pompey fans tbf) are predicting will happen. Doesn't take a genius to work it out, does it? The Trust is their only chance of actually living within the rules. Unfortunately they have a business plan with a massive shortfall in required revenues. Link to comment Share on other sites More sharing options...
Frank's cousin Posted 23 August, 2012 Share Posted 23 August, 2012 That's exactly what everyone (including many Pompey fans tbf) are predicting will happen. Doesn't take a genius to work it out, does it? The Trust is their only chance of actually living within the rules. Unfortunately they have a business plan with a massive shortfall in required revenues. Are you saying I is not a genius? They need to get Uncle Avram back in - seems hes an expert at r'elieving the fat in the pipe' Link to comment Share on other sites More sharing options...
The Kraken Posted 23 August, 2012 Share Posted 23 August, 2012 Are you saying I is not a genius? They need to get Uncle Avram back in - seems hes an expert at r'elieving the fat in the pipe' There's times I feel sorry for them. Then it just takes another little moment, such as Appy crying his heart out that his squad isn't competitive so can local companies please forgive their previous indiscretions and gift the club £60K for players that other clubs in the league can't afford (while they happily send out youngsters on loan and not play them in case they are registered as in their quota of players), and you realise they just will never, ever learn their lesson. Which is why I wish them Chainrai, then liquidation, and then best of luck to the trust who can pick them up from that and hopefully rebuild a club that isn't mired in complete sh*te from top to bottom. Link to comment Share on other sites More sharing options...
Frank's cousin Posted 23 August, 2012 Share Posted 23 August, 2012 There's times I feel sorry for them. Then it just takes another little moment, such as Appy crying his heart out that his squad isn't competitive so can local companies please forgive their previous indiscretions and gift the club £60K for players that other clubs in the league can't afford (while they happily send out youngsters on loan and not play them in case they are registered as in their quota of players), and you realise they just will never, ever learn their lesson. Which is why I wish them Chainrai, then liquidation, and then best of luck to the trust who can pick them up from that and hopefully rebuild a club that isn't mired in complete sh*te from top to bottom. Just about sums it up! Link to comment Share on other sites More sharing options...
Dazza82 Posted 23 August, 2012 Share Posted 23 August, 2012 We have a new lad that started at work last week, he is a skate, he made me laugh today. He said that pompey's plan was too stay in admin this season and get promoted then take the minus 10 back in the championship! Made me laugh how much of a numpty he is lol Link to comment Share on other sites More sharing options...
teamsaint Posted 23 August, 2012 Share Posted 23 August, 2012 We have a new lad that started at work last week, he is a skate, he made me laugh today. He said that pompey's plan was too stay in admin this season and get promoted then take the minus 10 back in the championship! Made me laugh how much of a numpty he is lol numpty maybe...but the option of when to take the -10 is open. While in admin they can spend the vast majority of their cash on players.... Link to comment Share on other sites More sharing options...
pedg Posted 23 August, 2012 Share Posted 23 August, 2012 numpty maybe...but the option of when to take the -10 is open. While in admin they can spend the vast majority of their cash on players.... and administrator fees. Link to comment Share on other sites More sharing options...
The Kraken Posted 23 August, 2012 Share Posted 23 August, 2012 numpty maybe...but the option of when to take the -10 is open. While in admin they can spend the vast majority of their cash on players.... They're not allowed to start a second season in administration; no golden share for that. I wonder what the FL regulations are for them coming out of admin in the close season (as to when they get the points penalty?!) I perhaps wouldn't be surprised to see that its not in the FL rulebook right now! Link to comment Share on other sites More sharing options...
CB Saint Posted 23 August, 2012 Share Posted 23 August, 2012 I just do not understand why TB hasn't turned round to Appy and said stop whinging, you have x amount of cash, if you can't cope, **** off and I will get the kit man to pick the team. Link to comment Share on other sites More sharing options...
Frank's cousin Posted 23 August, 2012 Share Posted 23 August, 2012 I just do not understand why TB hasn't turned round to Appy and said stop whinging, you have x amount of cash, if you can't cope, **** off and I will get the kit man to pick the team. Probably cant afford to pay him off.. oh wait, they could just defer it... until...never, lke the last cVA I suppose Link to comment Share on other sites More sharing options...
Tokyo-Saint Posted 23 August, 2012 Share Posted 23 August, 2012 Appy on sky sports 1 now, coming across very well as always. Like it or not, he is a decent manager. If they lose him they are ****ed. Link to comment Share on other sites More sharing options...
Colinjb Posted 23 August, 2012 Share Posted 23 August, 2012 Appy on sky sports 1 now, coming across very well as always. Like it or not, he is a decent manager. If they lose him they are ****ed. He is able to express himself very well. The melodramatic cr*p he has been spouting recently certainly proves the point. Link to comment Share on other sites More sharing options...
View From The Top Posted 23 August, 2012 Share Posted 23 August, 2012 Appy on sky sports 1 now, coming across very well as always. Like it or not, he is a decent manager. If they lose him they are ****ed. He's articulate. Jury is out as to whether he's a good manager. Link to comment Share on other sites More sharing options...
Tokyo-Saint Posted 23 August, 2012 Share Posted 23 August, 2012 Ask yourself if you would rather they had him in charge or some Harry Bassett/Tony Adams type. I would rather they had some run of the mill has been than Appy. I think he has done a decent job given the situation and the resources. I wish he would quit and get replaced by Stuart Gray! Link to comment Share on other sites More sharing options...
View From The Top Posted 23 August, 2012 Share Posted 23 August, 2012 Ask yourself if you would rather they had him in charge or some Harry Bassett/Tony Adams type. I would rather they had some run of the mill has been than Appy. I think he has done a decent job given the situation and the resources. I wish he would quit and get replaced by Stuart Gray! He's done nothing to show he's a decent manager. Quite a number of skates reckon he should have kept them up as after the derby game they just lacked ideas or a plan. Link to comment Share on other sites More sharing options...
Tokyo-Saint Posted 23 August, 2012 Share Posted 23 August, 2012 It's all about opinions. I wish I thought he was a bad manager like cotterill but I don't. Link to comment Share on other sites More sharing options...
Essruu Posted 23 August, 2012 Share Posted 23 August, 2012 Has someone not paid their hosting bill? http://www.portsmouthfc.co.uk is currently bringing up this holding page! :- Link to comment Share on other sites More sharing options...
sotonswan Posted 24 August, 2012 Share Posted 24 August, 2012 Hosting company probably took the view that with £3 million in the bank Pompey could well afford to pay on time (or in advance) now. I expect electricity might feel the same way next. Link to comment Share on other sites More sharing options...
SaintBobby Posted 24 August, 2012 Share Posted 24 August, 2012 That ain't a great website is it? At least they translate the words "we're fu cked" into the mother tongue of the various crooks who have been in control. A nice touch, I thought. Link to comment Share on other sites More sharing options...
Kingsbridge Saint Posted 24 August, 2012 Share Posted 24 August, 2012 Has someone not paid their hosting bill? http://www.portsmouthfc.co.uk is currently bringing up this holding page! :- Really don't look too good does it. I reckon they're trying the 'cheques in the post' routine with all their suppliers again. Any suppliers doing business with them on an invoice rather than a cash basis is really asking for a shafting again. Link to comment Share on other sites More sharing options...
badgerx16 Posted 24 August, 2012 Share Posted 24 August, 2012 (edited) They're not allowed to start a second season in administration; no golden share for that. I wonder what the FL regulations are for them coming out of admin in the close season (as to when they get the points penalty?!) I perhaps wouldn't be surprised to see that its not in the FL rulebook right now! As far as I can recall there are 3 key points : 1) They have to apply to the courts to extend the admin process beyond 12 months - early February 2013. 2) They cannot be in admin for more than 18 months - FL, rule and so they must exit before August 10th ( or thereabouts ) or be expelled from the FL. 3) If they come out of admin after the end of the season the -10 will be applied next season - the FL's published condition states it is applied once they exit the process. Edited 24 August, 2012 by badgerx16 Link to comment Share on other sites More sharing options...
Kingsbridge Saint Posted 24 August, 2012 Share Posted 24 August, 2012 If we assume they are now flush with the balance of a recent Parachute payment would I be right in thinking they have one left to come in of about $8M? If so does anyone know when they get that one? Link to comment Share on other sites More sharing options...
Dark Munster Posted 24 August, 2012 Share Posted 24 August, 2012 My prediction: Chainrai takes over, then offers the trust a deal for them to buy the football club as such, but with him retaining Fratton Park and charging them rent at a silly rate, say even £1 million a year, effectively getting a return on his money without losing his equity. If the trust won't (or more likely can't) do the deal, he either builds up big debts all over again, extracting whatever he can from the parachute payments and reneging on football creditors deals then makes a run for it ---- or he just liquidates immediately, leaving FP to rot for a bit till the council give up on their probably uneforceable restrictions and let him build there. That sounds like a cunning plan. But he should charge rent at a sufficiently low rate to keep the rotten corpse alive just long enough until the last PP is due, and then quadruple it at that moment. Link to comment Share on other sites More sharing options...
Dark Munster Posted 24 August, 2012 Share Posted 24 August, 2012 A while ago someone posted a 'pompey matrix' ownership chart, showing all the interrelationships of the various shady characters involved over the past few years. Probably now needs updating to show the Russians, Andronikou and others, but has anyone got a link? Here it is. Link to comment Share on other sites More sharing options...
goneawol Posted 24 August, 2012 Share Posted 24 August, 2012 Pompey future is in Birch’s hands as final bids made http://www.portsmouth.co.uk/sport/pompey/pompey-past/pompey-future-is-in-birch-s-hands-as-final-bids-made-1-4196228 Link to comment Share on other sites More sharing options...
pedg Posted 24 August, 2012 Share Posted 24 August, 2012 Pompey future is in Birch’s hands as final bids made http://www.portsmouth.co.uk/sport/pompey/pompey-past/pompey-future-is-in-birch-s-hands-as-final-bids-made-1-4196228 I see that figuring how to write a capital N is a tricky task for the natives. Link to comment Share on other sites More sharing options...
Tamesaint Posted 24 August, 2012 Share Posted 24 August, 2012 Pompey future is in Birch’s hands as final bids made http://www.portsmouth.co.uk/sport/pompey/pompey-past/pompey-future-is-in-birch-s-hands-as-final-bids-made-1-4196228 Great photo. At least there is 21 of them. I wonder which one is Stumpy Link to comment Share on other sites More sharing options...
Weston Super Saint Posted 24 August, 2012 Share Posted 24 August, 2012 Pompey future is in Birch’s hands as final bids made http://www.portsmouth.co.uk/sport/pompey/pompey-past/pompey-future-is-in-birch-s-hands-as-final-bids-made-1-4196228 Colin Farmery, spokesman for the PST, said: ‘The renewed bid by Portpin does not in any way affect the trust’s own bid to buy Portsmouth Football Club, which we look forward to submitting today.’ Did Colin have no input into the PST bid? Especially the condition from PCC that said they would not lend any more unless there were no other bids - along with many other caveats I would suggest that this affects the trust's bid in a pretty disastrous way! Link to comment Share on other sites More sharing options...
Gingeletiss Posted 24 August, 2012 Share Posted 24 August, 2012 I see that figuring how to write a capital N is a tricky task for the natives. :lol: Link to comment Share on other sites More sharing options...
Winchester Red Posted 24 August, 2012 Share Posted 24 August, 2012 So it's Mr Chainrai in the Snooze again now is it? It was every word from Satan to C*nt last week Wouldn't be trying to worm there way back in with him would they, just in case he's the man in control again Hope he tells them (and Allen particularly) to F*ck Off Link to comment Share on other sites More sharing options...
saint si Posted 24 August, 2012 Share Posted 24 August, 2012 If he is *deciding* between bids, then that immediately invalidates the PST bid, as the council loan (which the bid is dependent upon) is conditional upon them being the only bid on the table. Checkmate. Link to comment Share on other sites More sharing options...
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