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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella
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trousers

trousers

Posted
Posted

@pn_neil_allen: Judge's decision well received by Trust. Worst case scenario would new administrator appointed by Portpin and back to square one. #Pompey

The Kraken

The Kraken

Posted
Posted

Trevor Birch must love working with the PDT. They're so desperate that they'll pander to his every whim, stretch the whole takeover out for as long as possible, let him keep clocking up those charges; and they're still happy with him!! Money for old rope, and Tricky Trev is milking it for all it's worth.

 

So, January 15th court date. Even if PKF win it'll take a while longer for the takeover to go through and for the league to ratify it all. By which time the transfer window has nearly closed.

 

Ho ho ho.

andysstuff

andysstuff

Posted
Posted
I'm told by a journo mate that REL (who were effectively going to bankroll the purchase of Fatpipes Park) have developed colder feet than a shoeless eskimo after learning how few pledges have been converted. REL realise they are potentially in it for far more than they realised, are - at the very least - unlikely to see a profitable return on their investment, and are desperately trying to pull out quicker than an over-excited Avram without protection. That was the reason for yesterday's delay, apparently, so it will be interesting to see how that is dealt with.

 

Sounds plausable

dvaughanwilliams

dvaughanwilliams

Posted
Posted
All I'm seeing is a chicken and egg situation continuing over the next 28 days if an extension is granted without resolving the FP valuation issue.

 

If the judge says: "It's worth what the Trust claim it's worth" then the Trust know that they can use the 28 days to consolidate their position, whereas if the judge says: "No, it's worth significantly more than the Trust claim" the Trust can use the next 28 days to either throw in the towel (because they know they'll never meet the valuation) or try to raise the extra cash (yes, I know....daft notion).

 

I just can't see what's stopping the judge declaring TODAY what he thinks the value of FP is if a football club called Portsmouth carries on playing there....

 

My point would be that the judge couldn't rubber stamp a sale to a buyer who didn't have the money. The case doesn't set a value and then wait for a potential buyer to roll in. PKF needed to turn up to the court, ask permission to make a sale to a particular buyer and to get authority to make the sale. If the money isn't there, the court can't make a hypothetical valuation.

 

Which sounds better: trust is bust or trust is toast?

trousers

trousers

Posted
Posted

@pn_neil_allen: Farmery; 'It buys us a bit of time. Long road to get this far, extra day or month to get right result it's well spent'. #Pompey

 

Can someone kindly remind me just how long they've had to "get it right" so far...?

The Kraken

The Kraken

Posted
Posted
Anyone else thinking that PKF are simply dragging this out until the next parachute payments arrive...?

 

I've always thought that. I said back in September that I couldn't see a takeover going through before Xmas. I'm thinking before the end of the season might be optimistic at this rate.

The Kraken

The Kraken

Posted
Posted

Neil Allen‏@pn_neil_allen

As it is, around a month for Trust to iron out issues raised by PKF before returning approx January 15.

 

 

In other words, around a month to find some other mug who'll part with £2.75M and gift the PDT with a football ground.

trousers

trousers

Posted
Posted
I've always thought that. I said back in September that I couldn't see a takeover going through before Xmas. I'm thinking before the end of the season might be optimistic at this rate.

 

Not forgetting that PKF recently got taken over (or merged?) with another insolvency firm....I'm sure they would have looked at the amount of fees that PKF have racked up and set their sights on the next big wodge of income....

FloridaMarlin

FloridaMarlin

Posted
Posted
@pn_neil_allen: Farmery; 'It buys us a bit of time. Long road to get this far, extra day or month to get right result it's well spent'. #Pompey

 

Can someone kindly remind me just how long they've had to "get it right" so far...?

 

Why would they need to buy a bit of time?

 

Er...see my previous post.

trousers

trousers

Posted
Posted
Neil Allen‏@pn_neil_allen

As it is, around a month for Trust to iron out issues raised by PKF before returning approx January 15.

 

 

In other words, around a month to find some other mug who'll part with £2.75M and gift the PDT with a football ground.

 

But that's the thing..... after today no one is any the wiser as to whether the judge will ratify the Trust's £2.75m valuation....so they could spend the next 28 days finding the aforementioned mug only to be told by the judge that he's not prepared to wave through the Trust's valuation.....all seems a bit cart before horse to me...

hypochondriac

hypochondriac

Posted
Posted
@pn_neil_allen: Farmery; 'It buys us a bit of time. Long road to get this far, extra day or month to get right result it's well spent'. #Pompey

 

Can someone kindly remind me just how long they've had to "get it right" so far...?

 

Extra day or month or year or decade.

trousers

trousers

Posted
Posted
My point would be that the judge couldn't rubber stamp a sale to a buyer who didn't have the money. The case doesn't set a value and then wait for a potential buyer to roll in. PKF needed to turn up to the court, ask permission to make a sale to a particular buyer and to get authority to make the sale. If the money isn't there, the court can't make a hypothetical valuation.

 

So, the Trust could spend another 28 days sorting out the funding for a £2.75m purchase only for the judge to turn around and tell them they've been wasting their time because he doesn't agree with their valuation? All sounds a bit bonkers to me (but there again, this is the legal system we are dealing with here!)

dvaughanwilliams

dvaughanwilliams

Posted
Posted

I have no idea why the trust are celebrating this decision. At best it is *only* a PR disaster.

 

It has made all parties look amateurish. If the developer's change in terms is only an increase in the "peppercorn" rent, that completely ruins the trust's business plan. If he's pulled out completely, they're dead in the water.

Clapham Saint

Clapham Saint

Posted
Posted
Micah Hall ‏@blueballoo2000

The fight back starts here. The pst have overcome every obstacle - even yesterday's curveball.

 

If you consider showing up at court having been left out of the loop by every other interested party and then going home without really having any idea what is going on as "overcoming" then yes. Um... well done.

 

QUOTE=The Kraken;1554219]Dan Brett ‏@DanBrett90

Trust are in doggish mood today - up for battle.

 

Except for the fact that they are not involved in these proceedings and have no influence on the outcome what so ever...

dvaughanwilliams

dvaughanwilliams

Posted
Posted
So, the Trust could spend another 28 days sorting out the funding for a £2.75m purchase only for the judge to turn around and tell them they've been wasting their time because he doesn't agree with their valuation? All sounds a bit bonkers to me (but there again, this is the legal system we are dealing with here!)

 

That is my understanding of the situation. The court can't make a decision in the abstract, only to confirm a deal that is ready to be implemented.

St Marco

St Marco

Posted
Posted

Any other company and they would of been put down months ago.

 

The only people that benefit from today are the admin team. They continue to rack up their fees for a further month and no doubt on that court day they will ask for even more time.

 

Somebody needs to do the decent thing and take ol Blue behind the shead and end it once and for all....

 

However for us lot there is more fun to be had!

Lazlo78

Lazlo78

Posted
Posted

Masochists the lot, seeing that they are celebrating the extended agony! I would have thought that their first priority was to get this thing over with asap, but it appears not to be the case.

 

Oh and Kraken: "love working with the PDT [...] pander to his every whim [...] stretch the whole [...] milking it for all it's worth"

 

Is there a secret layer to your otherwise innocuous posting? ;)

trousers

trousers

Posted
Posted

@NabilHassan79: Ugly scenes outside High court with #pompey fans chanting "thieving bastards" at Deepak Chainrai and Brendon Guilfoyle. McInnes urging calm.

 

A-FTlF_CMAApZFq.jpg

 

A-FTxriCIAArSXO.jpg

Jimmy_D

Jimmy_D

Posted
Posted

POL goons not best pleased with today's turn of events.

 

Paying PKF £900 an hour for another month?

 

:o I'll have some of that :)

 

So at the very least, they need to convert one pledge every hour that Birch works between now and the rearranged court date, just to be able to turn up in exactly the same position they're in now...

Clapham Saint

Clapham Saint

Posted
Posted

The celebration of the adjournment just how little of the process Neil Allen et al understand of the process.

 

The "win" for the PDT today was that Chinny's application to replace the administrator and restart the sale process was rejected.

 

The adjournment itself is a pain in the **** as it means that yet more of their working capital is chipped away in administrators' and legal fees. It also means that should they be able to complete they will almost certainly have missed almost all of the transfer window.

Lazlo78

Lazlo78

Posted
Posted

When did they enter administration (1/2/12?) and is it 12 months they are allowed to be in that position? I know it's been asked a gazillion times in here, but I can't for the life of me remember the answer,,,

solentstars

solentstars

Posted
Posted

taken from nick on the ui

Couple of things seem to be coming out

 

1. PST is not in a financial position to buy the club or ground, issues with both amount raised through pledges and the property developers they are in bed with.

 

2. A number of their better players are not going to hang around in January, if the issue isnt settled till 15th January even if the trust can raise the money, they are unlikely to be able to convince anyone to leave the security of a contract and join them in January with such unrest.

 

3. a lot of pompey fans are unhappy with the trust in the lack of transparency

The Kraken

The Kraken

Posted
Posted
@NabilHassan79: #pompey trust chairman Ashley Brown tells BBC Sport: "We're very pleased with that decision that is exactly the result we wanted."

 

:facepalm:

 

Considering yesterday the PDT didn't know what the f*ck was going on, I'll put that down to optimistic bluster and saying something for the sake of saying something.

Wurzel

Wurzel

Posted
Posted

Has anyone considered that the Judge maybe a firm believer in the Mayan calendar and simply thought "You want 28 more days? Ok, who gives a ****"

The Kraken

The Kraken

Posted
Posted

Its ok; a PDT spokesman has stepped forward on POL to ask the Fratton faithful for calm.

 

Thanks Mick. I'll just add a plea for some calm. In the build up to this case we were all very confident, but in the blink of an eye things can change and I do know that Mick, Mark and Ash have been working solid on this for last 36 hours - Portpin were trying to wrestle back the Administration and that is blown out of the water.

 

To use Ashley's analogy - we were 2-1 up and going into injury time and we have conceded an equaliser. We'd all prefer to have won today. But we are now into extra time and everything up to now has show we have the ability, passion and backing to score again and win.

 

Some fans are moaning about the late equaliser and looking for blame, that is understandable - but I'd just ask you all to dust yourself down and not give up and fight for the win. This will end soon and I believe from today we can see this through once and for all.

 

I think someone has been shopping at the Rupert Lowe Store of Analogies.

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