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Pompey Takeover Saga


Fitzhugh Fella

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February for the next parachute payment apparently. So look for the rotten corpse of a club to stagger on until then.

 

Between now and then, Tricky "£9000 per day" Trev will give half a dozen or so "final" deadlines for takeover bids to be submitted.

 

It's going to be even funnier than Saints Keystone Kops defending.

 

I have my doubts about the £9000 per day figure. This may have been the cost per day at the start of the admin, or an average over the first few months but I would expect there to be a lot fewer PKF staff involved in the day to day running at the moment so would not be surprised is the figure is now significantly lower.

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Just shows its utterly endemic down there...

 

From the start, the vision for the club was driven by investors hoping to make money out of the club.

The old company was liquidated removing the debts and on July 27th 1912 Portsmouth Football Company Ltd was formed.

By the 1960s, the club was struggling financially again

John Deacon's arrival saw spending on players that the club couldn't afford and talk of a move to a new stadium.

 

Well over a century of living beyond their means. Debts racked up and then cast aside in multiple administrations and liquidations.

 

Looking forward to them finding their natural level.

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Did anyone else hear on radio solent this morning PST saying they will be going to court to contest Chainrai charge over FP? No date set for case but not expecting anything before 6 weeks.

 

That should help them trough through what little money they have even faster.

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Looking forward to them finding their natural level.

 

As far as the Skates are concerned their natural level is in the Premier League.

 

Statistical reality puts them somewhere between Preston North End and Bradford City.

 

The cycle of living beyond their means/administration is bound to continue forever while they remain so deluded. It truly is a disease down there.

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Someone's got to stick their head above the parapet, fair play to him for doing so in what could potentially be very dangerous circumstances. However, for the News to have ignored it was a dereliction of duty as journalists responsible for reporting the facts about the local football club.

 

Absolutely Steve, it is a sad day when the local press are too frightened to take on injustice/corruption. This Hall fella has more guts than all of them put together and how that guy Neil Allen is trying to jump on his bandwagon at this late stage is toe curling.

Edited by Fitzhugh Fella
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They are brave. Mike Hall has long known the 'level' of criminality involved, he is braver than the likes of me, but smart enough to take the risk, so it would also be completely ridiculous to label him stupid. Difficult, obstinate, confrontational, but stupid? No, it's not for me to reveal anything about the man, but he is not your average joe, the fact he has garnered grudging respect from many on here is testament to that.

As for the blogs they were timed for maximum effect and clearly at a time when if they hadn't we would be back in the hands of the shysters and no one on here would of wanted that, knowing what it would ultimately lead to, more tax payer right-offs, more creditors being ripped off etc, etc (Though I am completely baffled as to what is most desired on here a PST ownership or a Ballbag one?). So rejoice, you'll stay in the upper leagues, under the bold visionary leadership of NC, bragging rights secured again for a long time and your rivals (we are still rivals right?) spend years trying to sort themselves out with little to no experience of such things, but safe in the knowledge it cannot be as wantonly bad as under previous regimes, it's gonna be difficult involving (we will no longer be just fans) but exciting!

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They are brave. Mike Hall has long known the 'level' of criminality involved, he is braver than the likes of me, but smart enough to take the risk, so it would also be completely ridiculous to label him stupid. Difficult, obstinate, confrontational, but stupid? No, it's not for me to reveal anything about the man, but he is not your average joe, the fact he has garnered grudging respect from many on here is testament to that.

As for the blogs they were timed for maximum effect and clearly at a time when if they hadn't we would be back in the hands of the shysters and no one on here would of wanted that, knowing what it would ultimately lead to, more tax payer right-offs, more creditors being ripped off etc, etc (Though I am completely baffled as to what is most desired on here a PST ownership or a Ballbag one?). So rejoice, you'll stay in the upper leagues, under the bold visionary leadership of NC, bragging rights secured again for a long time and your rivals (we are still rivals right?) spend years trying to sort themselves out with little to no experience of such things, but safe in the knowledge it cannot be as wantonly bad as under previous regimes, it's gonna be difficult involving (we will no longer be just fans) but exciting!

 

I'd settle for anyone who pays off the kids cancer charities !

(not asking too much really, is it?).

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They are brave. Mike Hall has long known the 'level' of criminality involved, he is braver than the likes of me, but smart enough to take the risk, so it would also be completely ridiculous to label him stupid. Difficult, obstinate, confrontational, but stupid? No, it's not for me to reveal anything about the man, but he is not your average joe, the fact he has garnered grudging respect from many on here is testament to that.

 

Yeah, but still b-anned from POL for daring to not toe the party line ;)

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Ok I have had enough of you lot quoting twitter so please would someone explain who said what to whom

or who asked a question that was sent on :? The post above me has me totally confused in so much as I

would like to know who actually asked for proof that BC has ever done something wrong. Was it that allen

bloke ? or was it Brian Howe or Mr Kimbell ? ( whoever he is )

 

Thank you from an old foggie. :blush:

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He is pretty good with his summary on the property value element and procedure/processes.

 

For the PST it would be like your dad letting go of you at the top of a big long slide knowing that he wont be able to catch you at the bottom and stop you having a nasty landing.....

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I'm confused.

If Portpin have a Legal Charge over FP, dont they effectively own it, regardless of whether it is worth £!0M or £10?

Therefore could they just shut the doors and walk away, leaving it to rot?

Can whoever the new PFC2012 is force him to sell it, for whatever price is settled on?

So are not Portpin in some strength in their bargaining position?

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He is pretty good with his summary on the property value element and procedure/processes.

 

For the PST it would be like your dad letting go of you at the top of a big long slide knowing that he wont be able to catch you at the bottom and stop you having a nasty landing.....

 

Actually I completely disagree. The article is his weakest yet in my opinion. Would love Clapham Saint or any other resident experts to share thier thoughts.

 

First of all the debenture itself. This has been ratified by two adminstrators and been through the courts more than once. If Birch thought he had a chance (And from memory it was part of his original statement that he would look into it) of getting rid of the debenture, he would have done it months ago. Additionally if you follow Micha halls articles, you find exactly where where and when Portpin, put the money in, as spelled out himself. Secondly they are two different cases. If it goes to court over the valuation, then that's one case, the idea of questioning the validity of the debenture, would be an entirely separate case.

 

So if it went to court over the valuation, my understanding (Happy to be proved wrong) is that it is not just the value of the property, but the solution that delivers the best return for the creditor. Worth bearing in mind at this point, that Chanrai, goes to court as the victim (Regardles of what things people know or think they knwo about him) He is a 17 million secured creditor, who stands to lose 15 million pounds. The Courts first consideration, has to be to reduce his losses as much as possible.

 

The problem that I think pkf/the trust will have, is that they are asking to reduce one secured creditors return, in favour of commercial gain for another - To me that just doesn't make any sense, I just can't see how any court would sanction that - But don't know much about these things.

 

Finally, It a third party or Chinny himself offered a higher amount, then how could the judge refuse? Whatever the outcome, I just dont think it will be as easy as Hall has stated.

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He is pretty good with his summary on the property value element and procedure/processes.

 

For the PST it would be like your dad letting go of you at the top of a big long slide knowing that he wont be able to catch you at the bottom and stop you having a nasty landing.....

 

Although not very good on the working of the court. The judge can decide whether or not to make the losing party pay costs. If I were the PST (thank goodness I'm nothing to do with them!) I would hedge my bets by assuming I would have to fund those and include it in my business model, otherwise I might win the court case and on day one be insolvent!

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Couple of things from Mr Hall's latest.

 

1. The decision was made by PKF to allow the PST to be 'preferred bidders' nothing to do with the FL (or have I got that wrong)

2. What can Portpin win? They won't now be the owners of Portsmouth Football Club, that much is clear. Why is it clear? The only thing that is clear is that CURRENTLY the PST are the preferred bidders nothing else!

3. The Football League has finally given them the message that there are simply too many obstacles in the way of them rejoining the football family. Have they??

 

He goes on to talk about the valuation of Fatpipe Park and how he perceives a court case to be a mere formality for the PST and it would be 'the most bizarre decision they (Portpin) have ever made with regard to Pompey'..... REALLY??

 

"costs of such an action for both sides would probably top out at £400k - and Portpin would be paying those costs if and when they lost". And on the flip side the PST would be totally screwed if it went the other way. Counting and chickens comes to mind.

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Actually I completely disagree. The article is his weakest yet in my opinion. Would love Clapham Saint or any other resident experts to share thier thoughts.

 

First of all the debenture itself. This has been ratified by two adminstrators and been through the courts more than once. If Birch thought he had a chance (And from memory it was part of his original statement that he would look into it) of getting rid of the debenture, he would have done it months ago. Additionally if you follow Micha halls articles, you find exactly where where and when Portpin, put the money in, as spelled out himself. Secondly they are two different cases. If it goes to court over the valuation, then that's one case, the idea of questioning the validity of the debenture, would be an entirely separate case.

 

So if it went to court over the valuation, my understanding (Happy to be proved wrong) is that it is not just the value of the property, but the solution that delivers the best return for the creditor. Worth bearing in mind at this point, that Chanrai, goes to court as the victim (Regardles of what things people know or think they knwo about him) He is a 17 million secured creditor, who stands to lose 15 million pounds. The Courts first consideration, has to be to reduce his losses as much as possible.

 

The problem that I think pkf/the trust will have, is that they are asking to reduce one secured creditors return, in favour of commercial gain for another - To me that just doesn't make any sense, I just can't see how any court would sanction that - But don't know much about these things.

 

Finally, It a third party or Chinny himself offered a higher amount, then how could the judge refuse? Whatever the outcome, I just dont think it will be as easy as Hall has stated.

If Portpin do take the case to court over valuation then it will be against the Administrators who still control PFC, not the Trust.

 

The administrators will enter their defence that Portpins valuation is wrong and counter a valuation with their evidence. They will likely also enter within the defence that Portpin do not have a valid legal charge.

 

As far as costs are concerned, if I was the Administrator I would now issue a "Part 36" offer based on the highest valuation, may be the one the Trust has offered. That will put Portpin at risk for all costs even before they issue proceedings.

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If Portpin do take the case to court over valuation then it will be against the Administrators who still control PFC, not the Trust

 

Thanks Weston.

 

Why would portpin take pkf to court over the valuation?

Surely it will be pkf, applying to the court for a compulsary purchase order at the valuation price?

 

fratton park isn't worth 17 million and I don't think Chanrai claims that it is. The charge is for 17 million secured against the ground. Does that get taken into consideration? Also if Chanrai can prove he will get a better return by holding onto the ground - Does that hold any sway?

 

All seems a little strange to me

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I don't think anyone on here is jealous of Pompey, I can swear on everything dear to me that jealousy towards SFC is something I have never experienced, so I am positive most scummers wont be jealous of Pompey in any way shape or form, in the past or now. Rival fans have a fantastic way of controlling emotions and constrewing them in other ways. BUT, I do believe there is a feeling of ill-will towards a fan takeover on here, which again is understandable. If it fails, more laughs at our expense, if it succeeds, then I think the control we will have over our club will lead to a few fans whimsically wishing they could have the same relationship with their own club. I seriously believe (and I do have impecible, though slightly biased sources) you have a cretin at the helm, a poor leader and a **** of a man. I believe you would be better off in control of your own club. Dismiss it any way you like but it is true.

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I don't think anyone on here is jealous of Pompey, I can swear on everything dear to me that jealousy towards SFC is something I have never experienced, so I am positive most scummers wont be jealous of Pompey in any way shape or form, in the past or now. Rival fans have a fantastic way of controlling emotions and constrewing them in other ways. BUT, I do believe there is a feeling of ill-will towards a fan takeover on here, which again is understandable. If it fails, more laughs at our expense, if it succeeds, then I think the control we will have over our club will lead to a few fans whimsically wishing they could have the same relationship with their own club. I seriously believe (and I do have impecible, though slightly biased sources) you have a cretin at the helm, a poor leader and a **** of a man. I believe you would be better off in control of your own club. Dismiss it any way you like but it is true.

 

Whatever anybody thinks of Cortese, things still look far better for Saints than we could have dreamed of just a couple of years ago.

As for a fans "takeover " at fatpipes....yes, if it went really well we might have reason to envy....but that is an awfully long way off right now. Raising cash if your business structure isn't right is always a problem, as we found under the PLC /rupes mode.

It will be a major issue for poopey.

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I don't think anyone on here is jealous of Pompey, I can swear on everything dear to me that jealousy towards SFC is something I have never experienced, so I am positive most scummers wont be jealous of Pompey in any way shape or form, in the past or now. Rival fans have a fantastic way of controlling emotions and constrewing them in other ways. BUT, I do believe there is a feeling of ill-will towards a fan takeover on here, which again is understandable. If it fails, more laughs at our expense, if it succeeds, then I think the control we will have over our club will lead to a few fans whimsically wishing they could have the same relationship with their own club. I seriously believe (and I do have impecible, though slightly biased sources) you have a cretin at the helm, a poor leader and a **** of a man. I believe you would be better off in control of your own club. Dismiss it any way you like but it is true.

 

If I saw two or more big clubs in the Prem become successfully fan owned, then I might consider it a good option. Do I wish we were going fan owned in the way that the skates are? I just laffed so hard I threw up in my undies.

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I don't think anyone on here is jealous of Pompey, I can swear on everything dear to me that jealousy towards SFC is something I have never experienced, so I am positive most scummers wont be jealous of Pompey in any way shape or form, in the past or now. Rival fans have a fantastic way of controlling emotions and constrewing them in other ways. BUT, I do believe there is a feeling of ill-will towards a fan takeover on here, which again is understandable. If it fails, more laughs at our expense, if it succeeds, then I think the control we will have over our club will lead to a few fans whimsically wishing they could have the same relationship with their own club. I seriously believe (and I do have impecible, though slightly biased sources) you have a cretin at the helm, a poor leader and a **** of a man. I believe you would be better off in control of your own club. Dismiss it any way you like but it is true.

 

It's not jealousy, it's realism that you are never going to be anywhere near your perceived "level" with the level of financial support that a Supporters' Trust is going to get.

 

That club that the fans bought back from the single owner recently (sorry, name has totally escaped me) have been bouncing around the pyramid for years and only just got into the league when they went to single person ownership.

 

It's the delusion that with Fan Ownership you are suddenly going to be in the P/L and staying there!!! Who is going to pay for that??

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I don't think anyone on here is jealous of Pompey, I can swear on everything dear to me that jealousy towards SFC is something I have never experienced, so I am positive most scummers wont be jealous of Pompey in any way shape or form, in the past or now. Rival fans have a fantastic way of controlling emotions and constrewing them in other ways. BUT, I do believe there is a feeling of ill-will towards a fan takeover on here, which again is understandable. If it fails, more laughs at our expense, if it succeeds, then I think the control we will have over our club will lead to a few fans whimsically wishing they could have the same relationship with their own club. I seriously believe (and I do have impecible, though slightly biased sources) you have a cretin at the helm, a poor leader and a **** of a man. I believe you would be better off in control of your own club. Dismiss it any way you like but it is true.

 

Ill feeling!!...could not care less who owns your cheating excuse of a club.

The only ill feeling we have to all at the fatpipe of dreams is the well documented way you have unashamedly conducted yourselves

by screwing just about anybody out of cash..

 

Chinny or the land developer (Sorry fan:rolleyes:) owned club it will be hilarious either way...because you are screwed either way..

 

ENJOY!..We will

Edited by ALWAYS_SFC
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I don't think anyone on here is jealous of Pompey, I can swear on everything dear to me that jealousy towards SFC is something I have never experienced, so I am positive most scummers wont be jealous of Pompey in any way shape or form, in the past or now. Rival fans have a fantastic way of controlling emotions and constrewing them in other ways. BUT, I do believe there is a feeling of ill-will towards a fan takeover on here, which again is understandable. If it fails, more laughs at our expense, if it succeeds, then I think the control we will have over our club will lead to a few fans whimsically wishing they could have the same relationship with their own club. I seriously believe (and I do have impecible, though slightly biased sources) you have a cretin at the helm, a poor leader and a **** of a man. I believe you would be better off in control of your own club. Dismiss it any way you like but it is true.

 

 

Has any money actually been collected from the bestest fans in the world?

 

At the moment there appears to be 3/4 thousand promises:) on bits of paper in a bank vault in the Snoras Bank:D

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I don't think anyone on here is jealous of Pompey, I can swear on everything dear to me that jealousy towards SFC is something I have never experienced, so I am positive most scummers wont be jealous of Pompey in any way shape or form, in the past or now. Rival fans have a fantastic way of controlling emotions and constrewing them in other ways. BUT, I do believe there is a feeling of ill-will towards a fan takeover on here, which again is understandable. If it fails, more laughs at our expense, if it succeeds, then I think the control we will have over our club will lead to a few fans whimsically wishing they could have the same relationship with their own club. I seriously believe (and I do have impecible, though slightly biased sources) you have a cretin at the helm, a poor leader and a **** of a man. I believe you would be better off in control of your own club. Dismiss it any way you like but it is true.

 

Be careful what you wish for.

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I don't think anyone on here is jealous of Pompey, I can swear on everything dear to me that jealousy towards SFC is something I have never experienced, so I am positive most scummers wont be jealous of Pompey in any way shape or form, in the past or now. Rival fans have a fantastic way of controlling emotions and constrewing them in other ways. BUT, I do believe there is a feeling of ill-will towards a fan takeover on here, which again is understandable. If it fails, more laughs at our expense, if it succeeds, then I think the control we will have over our club will lead to a few fans whimsically wishing they could have the same relationship with their own club. I seriously believe (and I do have impecible, though slightly biased sources) you have a cretin at the helm, a poor leader and a **** of a man. I believe you would be better off in control of your own club. Dismiss it any way you like but it is true.

 

I don't detect that there is 'ill will' towards the fan takeover, rather there are questions and doubts as to whether it is viable or not ! You Skates have a history of latching on to each and every new promise of a better life without proper scrutiny and this one just happens to fit the bill at the moment !

Much of their stated business plan is flawed and although they emphasise the 'community' aspect of it, there is still no provision to repay the charities who have been swindled !

Also you should consider that the value of the fans pledges is actually less than £2 million, meaning that the HNW individuals (admittedly also fans!) and the property developers will really hold sway over the stakeholding and consequently the purse strings !

Believe me, there is no such thing as true democracy when it comes to running any business and this particular business is an emotional minefield with so many deep potholes on the road ahead !

Personally I wish you good luck with it, but if it all goes tits up, don't say that you weren't warned (yet again!).

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I don't think anyone on here is jealous of Pompey, I can swear on everything dear to me that jealousy towards SFC is something I have never experienced, so I am positive most scummers wont be jealous of Pompey in any way shape or form, in the past or now. Rival fans have a fantastic way of controlling emotions and constrewing them in other ways. BUT, I do believe there is a feeling of ill-will towards a fan takeover on here, which again is understandable. If it fails, more laughs at our expense, if it succeeds, then I think the control we will have over our club will lead to a few fans whimsically wishing they could have the same relationship with their own club. I seriously believe (and I do have impecible, though slightly biased sources) you have a cretin at the helm, a poor leader and a **** of a man. I believe you would be better off in control of your own club. Dismiss it any way you like but it is true.

 

To be honest, I think most when putting on their sensible heads (which we all do at some point) have admiration for any fans who put that effort in to take control of their clubs following the abuses of the past. The 'humour' comes not about their efforts, but from some of the naivety shown, especially around potential competitiveness and even more so around the fact that financially the bid offers not much more to creditors to put right some of the 'crimes' of the past at the expense of that competitiveness?

 

Your comments on NC though are probably based on those few who have never seen eye to eye with his approach an domnate the crap that is spouted about him - dont believe the cretinous evaluation - most is based on zero information and is agenda driven. NC will make mistakes and his approach to communication with fans is one of them, but no one gets the level of trust he had with Markus Liebherr who was so clearly a man of integrity, unless he ultimately has something upstairs and integrity to match.

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How much b o l l ox can one man spout!! pmsl

 

http://www.portsmouth.co.uk/sport/pompey/appy-coy-over-pompey-future-1-4397108

 

 

‘From my point of view, I’m enjoying working under the difficult circumstances down here and so are the players. Bulls h i t

 

 

‘So it will be a situation where, if an approach to the football club is made, no-one can stop them making that approach. Only common sense

 

‘But whether that’s the right move for Michael Appleton or whether Man United, Arsenal, Chelsea or Leeds is the right move for Michael Appleton, at the end of the day, at the minute, am I enjoying myself? Yes. WTF

 

‘Am I enjoying the work that has to be put in? Yes, I am.’ LIAR

Edited by ALWAYS_SFC
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Appy will be gone...... Ironically the first signs or loaded statements, came just after the news portpin weren't thriugh the FAPPT yet and then more so when the trsut were announced as preferred bidders............... It's almost as if he doesn't think the trust could afford the current squad :) :)

He will no doubt know the wage budget for players from trust...... Less of course additional administration fees and legal costs.

 

Its' all but over for appy in my opinion...... If he can get out of this with a job at Burnley, he will have done well.

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I don't think anyone on here is jealous of Pompey, I can swear on everything dear to me that jealousy towards SFC is something I have never experienced, so I am positive most scummers wont be jealous of Pompey in any way shape or form, in the past or now. Rival fans have a fantastic way of controlling emotions and constrewing them in other ways. BUT, I do believe there is a feeling of ill-will towards a fan takeover on here, which again is understandable. If it fails, more laughs at our expense, if it succeeds, then I think the control we will have over our club will lead to a few fans whimsically wishing they could have the same relationship with their own club. I seriously believe (and I do have impecible, though slightly biased sources) you have a cretin at the helm, a poor leader and a **** of a man. I believe you would be better off in control of your own club. Dismiss it any way you like but it is true.

 

if the fans take over..I give you 12 months before the first rumblings of a storm...as "fan on the board" types get all political as they want the power, the limelight etc....we had an incentive to get a "fan on the board" here...and all sorts of games were being played.....

 

just wait...a "fans takeover will have good will for so long..until you have to sell players in the future or make tough decisions once all the dunt is settled and one or two others will start to pipe up about whoever is in charge making the wrong decisions etc

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