rallyboy Posted 20 November, 2012 Share Posted 20 November, 2012 my understanding has always been that Chanrai just needs to outbid any Trust offer by a pound. They can keep on upping offers but he'll only withdraw when he feels they have reached a figure that he'd accept, and as Derry says, that'll be an amount way beyond their budget - if they actually have one. I'm not sure that Birch has the power to ignore his offers? He could say it's not in the best interests of creditors, but that would take some backing up in an appeal court surely? A very technical point for hardcore Nutjobs only - Wasn't one of the key FL conditions carefully worded so that they had to lose a significant amount of historic debt and not carry it into the new company? - a stipulation included purely to prevent Chanrai maintaining a hold over the business. So now that Birch must be eating into PPs needed to cover the football creditor debt, could those debts now become a takeover issue? Previously they were covered by future PPs - they are no longer covered, and Kanu's is still unresolved. I know the FL make it up as they go, but did they specifically pinpoint Portpin charges and debt, or was it a general historic debt issue they wanted resolved? It would seem unfair with that condition imposed that a new business can't carry forward Chinny debt, but it can carry forward Kitson and Kanu's unpaid wages, with no clear strategy as to how they will be paid... Ignoring the fact that it is highly unlikely that the villainous heroes of 2011-12 will ever see a penny of their agreements! Perhaps the PDT takeover budget might suddenly require another couple of million on day one - or will the football authorities gloss over that? Or have I got my extra-tint Nutjob glasses on today and need to get out more? Link to comment Share on other sites More sharing options...
fromdayone Posted 20 November, 2012 Share Posted 20 November, 2012 Presumably because fans could then trade (ie. sell) their shares at any point, perhaps unknowingly, to one of the HNW shareholders, or someone else looking to get a controlling interest in the club. By ensuring that the PST buy 51% of the shares it also means that the whole block of 51% won't be sold to anyone else. Also if they were offering 'proper' shares (ones that you can buy and sell) they would presumably fall into the trap of having to be FSA regulated......obviously not what is intended.. Link to comment Share on other sites More sharing options...
fromdayone Posted 20 November, 2012 Share Posted 20 November, 2012 my understanding has always been that Chanrai just needs to outbid any Trust offer by a pound. They can keep on upping offers but he'll only withdraw when he feels they have reached a figure that he'd accept, and as Derry says, that'll be an amount way beyond their budget - if they actually have one. I'm not sure that Birch has the power to ignore his offers? He could say it's not in the best interests of creditors, but that would take some backing up in an appeal court surely? A very technical point for hardcore Nutjobs only - Wasn't one of the key FL conditions carefully worded so that they had to lose a significant amount of historic debt and not carry it into the new company? - a stipulation included purely to prevent Chanrai maintaining a hold over the business. So now that Birch must be eating into PPs needed to cover the football creditor debt, could those debts now become a takeover issue? Previously they were covered by future PPs - they are no longer covered, and Kanu's is still unresolved. I know the FL make it up as they go, but did they specifically pinpoint Portpin charges and debt, or was it a general historic debt issue they wanted resolved? It would seem unfair with that condition imposed that a new business can't carry forward Chinny debt, but it can carry forward Kitson and Kanu's unpaid wages, with no clear strategy as to how they will be paid... Ignoring the fact that it is highly unlikely that the villainous heroes of 2011-12 will ever see a penny of their agreements! Perhaps the PDT takeover budget might suddenly require another couple of million on day one - or will the football authorities gloss over that? Or have I got my extra-tint Nutjob glasses on today and need to get out more? If the FL have deemed Portpin unsuitable owners of a league club requiring a golden share to compete it wouldn't matter if Chainrai offered 100 million to buy the club. Link to comment Share on other sites More sharing options...
Wes Tender Posted 20 November, 2012 Share Posted 20 November, 2012 If the FL have deemed Portpin unsuitable owners of a league club requiring a golden share to compete it wouldn't matter if Chainrai offered 100 million to buy the club. The club is one issue and the ground surely a different one. Unless I'm mistaken, the legal obligation of the administrator to maximise the revenue from the sale of assets on behalf of the creditors will dictate that he cannot just accept one bid for the ground without putting it out to other potential buyers. So as Derry says, what is to stop Chinny from bidding more than the Trust? Link to comment Share on other sites More sharing options...
The Kraken Posted 20 November, 2012 Share Posted 20 November, 2012 If the FL have deemed Portpin unsuitable owners of a league club requiring a golden share to compete it wouldn't matter if Chainrai offered 100 million to buy the club. The FL haven't done this. Not yet. They have "unresolved answers" to criteria they put towards Portpin. The likelihood is of course that Portpin won't pass the Owners' test; but being as PKF have not actually put them forwards as bidders to the FL, they haven't failed as of now (which is why their bid is "suspended" and not cancelled). Link to comment Share on other sites More sharing options...
Chez Posted 20 November, 2012 Share Posted 20 November, 2012 The club is one issue and the ground surely a different one. Unless I'm mistaken, the legal obligation of the administrator to maximise the revenue from the sale of assets on behalf of the creditors will dictate that he cannot just accept one bid for the ground without putting it out to other potential buyers. So as Derry says, what is to stop Chinny from bidding more than the Trust? Birch is selling the club and ground as one lot. The PDT are buying the entire lot, but once they take ownership the ground will then pass to Robinson - who is front £2.75m of the over £5.75m (or thereabouts) PDT bid. Birch is not making two sales. Link to comment Share on other sites More sharing options...
Gemmel Posted 20 November, 2012 Share Posted 20 November, 2012 Birch is selling the club and ground as one lot. The PDT are buying the entire lot, but once they take ownership the ground will then pass to Robinson - who is front £2.75m of the over £5.75m (or thereabouts) PDT bid. Birch is not making two sales. I am not sure that is correct, but either way it makes no difference. The club/ ground whatever, can be sold to anyone, it's just the golden share that has conditions attached. Link to comment Share on other sites More sharing options...
John D Posted 20 November, 2012 Share Posted 20 November, 2012 (edited) I am not sure that is correct, but either way it makes no difference. The club/ ground whatever, can be sold to anyone, it's just the golden share that has conditions attached It matters because the PST bid is subject to getting the ground too. So if PST don't get ground there will be no 0.02p or whatever it was payment to unsecured creditors. Hence the trust or bust argument given that Chanrai won't pass FL rules on ownership. Edited 20 November, 2012 by Jimmy_D Fixing quote formatting Link to comment Share on other sites More sharing options...
Gemmel Posted 20 November, 2012 Share Posted 20 November, 2012 It matters because the PST bid is subject to getting the ground too. So if PST don't get ground there will be no 0.02p or whatever it was payment to unsecured creditors. Hence the trust or bust argument given that Chanrai won't pass FL rules on ownership. But the pst aren't getting the ground, a property developer is. As for not getting the the 2p in the pound, Chanrai is the only one to have gone through a formal CVA process, the pst are just piggy backing off what the creditors agreed for Chanrai. Unless I have missed smething, no other stipulations have been made by the unsecured creditors on the pst. Link to comment Share on other sites More sharing options...
hutch Posted 20 November, 2012 Share Posted 20 November, 2012 A very technical point for hardcore Nutjobs only I saw it more as an attempt to break the chain, and make sure that if anybody bought the club out of admin this time round they actually paid money for it rather than get it on tick. I don't think it was personal. Link to comment Share on other sites More sharing options...
pedg Posted 20 November, 2012 Share Posted 20 November, 2012 See some FAQ's up now. http://www.communitypompey.co.uk/faqs/ Strangely they appear to have missed off one of the most likely frequently asked questions: "I don't want to buy a share, how do I get my £100 back?" Link to comment Share on other sites More sharing options...
stevegrant Posted 20 November, 2012 Share Posted 20 November, 2012 Are my community shares transferable? We should have been made it clear in the prospectus that Community Shares in PST can be transferred with the consent of the Board of PST. So they've already admitted to one mistake in the share prospectus. Now, what about the others... Link to comment Share on other sites More sharing options...
warsash saint Posted 20 November, 2012 Share Posted 20 November, 2012 Exclusive shareholder pin badge Now, where do i pay my £1000? Link to comment Share on other sites More sharing options...
saint si Posted 20 November, 2012 Share Posted 20 November, 2012 So they've already admitted to one mistake in the share prospectus. Now, what about the others... Which is interesting in itself, seeing as the very first FAQ question says exactly the opposite. Link to comment Share on other sites More sharing options...
pedg Posted 20 November, 2012 Share Posted 20 November, 2012 Exclusive shareholder pin badge Now, where do i pay my £1000? one of these I assume? Link to comment Share on other sites More sharing options...
stevegrant Posted 20 November, 2012 Share Posted 20 November, 2012 Link to comment Share on other sites More sharing options...
Wes Tender Posted 20 November, 2012 Share Posted 20 November, 2012 one of these I assume? Doesn't TCWAB wear one of those? Or "Beware stupid Person" or something. Will he soon have to change his name by deed poll again to John Portsmouth Community Football Club Westwood? Link to comment Share on other sites More sharing options...
Brizzie Saints Posted 20 November, 2012 Share Posted 20 November, 2012 Quick question, wot does PDT stand for, thought it was PST. Link to comment Share on other sites More sharing options...
The Kraken Posted 20 November, 2012 Share Posted 20 November, 2012 Quick question, wot does PDT stand for, thought it was PST. Property Developers Trust. A more accurate name for them. Link to comment Share on other sites More sharing options...
Gemmel Posted 20 November, 2012 Share Posted 20 November, 2012 Quick question, wot does PDT stand for, thought it was PST. To reflect their new partnership..... property development trust Link to comment Share on other sites More sharing options...
Lazlo78 Posted 20 November, 2012 Share Posted 20 November, 2012 Quick question, wot does PDT stand for, thought it was PST. We need a nutjob dictionary to keep up with all the imaginative acronyms in here. TLA Link to comment Share on other sites More sharing options...
Jonnyboy Posted 20 November, 2012 Share Posted 20 November, 2012 Tla? Link to comment Share on other sites More sharing options...
Big Bad Bob Posted 20 November, 2012 Share Posted 20 November, 2012 We need a nutjob dictionary to keep up with all the imaginative acronyms in here. TLA [pedant]PDT isn't technically an acronym!! But TLA works with acronym and abbreviation...[/pedant] Link to comment Share on other sites More sharing options...
alehouseboys Posted 20 November, 2012 Share Posted 20 November, 2012 Tla? The Lunatic Asylum? Link to comment Share on other sites More sharing options...
mcjwills Posted 20 November, 2012 Share Posted 20 November, 2012 Tla? Three Letter Acronym Link to comment Share on other sites More sharing options...
bridge too far Posted 20 November, 2012 Share Posted 20 November, 2012 Totally Loopy Areseholes? Link to comment Share on other sites More sharing options...
pedg Posted 20 November, 2012 Share Posted 20 November, 2012 Post 77777!! which probably has no significance what so ever. Link to comment Share on other sites More sharing options...
alehouseboys Posted 20 November, 2012 Share Posted 20 November, 2012 Totally Loopy Areseholes? Tipnor Liberation Army ("Power to the People") Link to comment Share on other sites More sharing options...
Big Bad Bob Posted 20 November, 2012 Share Posted 20 November, 2012 Theiving, Lying Abnormalities.... Link to comment Share on other sites More sharing options...
Ric Posted 20 November, 2012 Share Posted 20 November, 2012 Tax Liability Avoiders Link to comment Share on other sites More sharing options...
Pugwash Posted 20 November, 2012 Share Posted 20 November, 2012 The Land Appropriators Link to comment Share on other sites More sharing options...
Sevvy Posted 20 November, 2012 Share Posted 20 November, 2012 Two leagues away Link to comment Share on other sites More sharing options...
Colinjb Posted 20 November, 2012 Share Posted 20 November, 2012 The Liars Association Typical Loser Ars*holes Link to comment Share on other sites More sharing options...
Matthew Le God Posted 20 November, 2012 Share Posted 20 November, 2012 Portsmouth 0 - Leyton Orient 1 Link to comment Share on other sites More sharing options...
Lurkster Posted 20 November, 2012 Share Posted 20 November, 2012 Missed a penalty as well Link to comment Share on other sites More sharing options...
ottery st mary Posted 20 November, 2012 Share Posted 20 November, 2012 Portsmouth 0 - Leyton Orient 1 I do not wish Pompey any ill will:rolleyes: BUT Come on Orient 4/5 MORE PLEEEEEEESE:D Link to comment Share on other sites More sharing options...
Colinjb Posted 20 November, 2012 Share Posted 20 November, 2012 As things stand they are in the relegation zone, with -10 yet to come. Link to comment Share on other sites More sharing options...
Katalinic Posted 20 November, 2012 Share Posted 20 November, 2012 Attendance 9955. Packing the park again. Link to comment Share on other sites More sharing options...
Pamplemousse Posted 20 November, 2012 Share Posted 20 November, 2012 Ref overawed by the occasion again Link to comment Share on other sites More sharing options...
stevegrant Posted 20 November, 2012 Share Posted 20 November, 2012 Attendance 9955. Packing the park again. ****ing hell Showing their support for the potential ground-breaking unique fans takeover that has definitely never happened at any other club in the country Link to comment Share on other sites More sharing options...
suewhistle Posted 20 November, 2012 Share Posted 20 November, 2012 Portsmouth 0 - Leyton Orient 1 They're Losing Again Link to comment Share on other sites More sharing options...
Matthew Le God Posted 20 November, 2012 Share Posted 20 November, 2012 (edited) Attendance 9,955. Packing the park again. Just highlights a key flaw in the trust's "business plan". Their budget is based on an average significantly above this, this season looks like a relegation season with or without the -10 points. The attendances won't pick up if they stay in a relegation fight. The trust also budgeted for a 30,000 total in the 1st rounds of the FA cup, League Cup and JPT and in reality only got 18,857. The trust continue to vastly overestimate the wonderful Pompey support (or lack of support). Next season in League Two will see even less interest and attendances drop even more. How will the trust make up the shortfall? A 4th administration beckons in the next 2 to 3 years (if not sooner). Edited 20 November, 2012 by Matthew Le God Link to comment Share on other sites More sharing options...
Saint Lindford Posted 20 November, 2012 Share Posted 20 November, 2012 Getting the excuses in early I see then, this from one of their boards. My big worry tonight is the referee Mr Scott. He's refereed us 3 times before Home defeat to Doncaster 3-2 - he sent Dicko off (albeit a correct decision for a heinous challenge) Away defeat in FA Cup to Brighton 3-1 - he sent Kitson off Away defeat last season 2-0 to Watford Appy's first game in charge and we were dreadful by all accounts. Not a good track record with Pompey. Link to comment Share on other sites More sharing options...
saints_is_the_south Posted 20 November, 2012 Share Posted 20 November, 2012 Attendance of 9,955! LMFAO. Link to comment Share on other sites More sharing options...
LGTL Posted 20 November, 2012 Share Posted 20 November, 2012 We took 2/3's of that attendance to an away game last season. They really are pathetic nobodies. Link to comment Share on other sites More sharing options...
saints_is_the_south Posted 20 November, 2012 Share Posted 20 November, 2012 2-0. LOOOL! I have been reliably informed that the low attendance is because of the weather. Nothing to do with the fact the team has lost 6 on the bounce without scoring in 5. Link to comment Share on other sites More sharing options...
Chez Posted 20 November, 2012 Share Posted 20 November, 2012 Just highlights a key flaw in the trust's "business plan". Their budget is based on an average significantly above this, Colin Farmery said the other day that the PDT had budgeted for less than 12k attendances. I wonder how much less? Link to comment Share on other sites More sharing options...
Saint Lindford Posted 20 November, 2012 Share Posted 20 November, 2012 PDT 0 Leyton Orient 2........ Oh dear Link to comment Share on other sites More sharing options...
hypochondriac Posted 20 November, 2012 Share Posted 20 November, 2012 Hahaha. Excellent. League two and I will almost feel like they have their just deserts Link to comment Share on other sites More sharing options...
andysstuff Posted 20 November, 2012 Share Posted 20 November, 2012 Tonight can't be doing much to persuade any waverers to invest their hard earned cash. Shame. Not. Link to comment Share on other sites More sharing options...
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