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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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Joe Kirkup

Joe Kirkup

Posted
Posted
The 'Pompey Phoenix Club Saga' thread?

 

Please no. I lost my job one year ago exactly today and haven't had time to find a new one because of this damn thread. Mrs JK is going bonkers at me and the money is running out so I'm desperate for them to go pop so I can get my life back to normal.

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Winchester Red

Winchester Red

Posted
Posted

Why do people think Chinney has to pass the FPPT to buy the club?

 

He might want the club (assets) anyway even if it can't play in the league.

 

Birch can't not sell it to him either on that basis. He just has to make the best return for the creditors (....Chinney)

 

Chinney will do whatever it takes to get the best return (least loss) and it won't bother him one bit if he has to take ownership without being allowed in the FL club and then shut it down

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FloridaMarlin

FloridaMarlin

Posted
Posted

Oh dear...

 

http://www.portsmouth.co.uk/sport/pompey/university-deliver-pompey-training-ground-blow-1-4654496

 

But of course, they left Wellington SG of their own volition, they weren't chucked off or asked to leave, or anything like that, no, honestly.

 

I liked this: "It is understood they are not keen to broker an agreement with the club while they are still in administration.

 

In a statement, Paul Tilley, the University of Portsmouth’s head of sport and recreation, said: ‘Portsmouth Football Club will not be using University grounds at Langstone for training in the foreseeable future.’"

 

In other words; 'We have seen how they have shafted other business in the area and we're not going to be added to the list of mugs.'

 

Some of the comments below also tell you all you need to know that some of the Phew still don't get it.

 

Some are attacking the uni for not supporting the club in its hour of need as the rest of the community is. Unbelievable, Jeff.

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andysstuff

andysstuff

Posted
Posted (edited)
Why do people think Chinney has to pass the FPPT to buy the club?

 

He might want the club (assets) anyway even if it can't play in the league.

 

Birch can't not sell it to him either on that basis. He just has to make the best return for the creditors (....Chinney)

 

Chinney will do whatever it takes to get the best return (least loss) and it won't bother him one bit if he has to take ownership without being allowed in the FL club and then shut it down

 

Would be intersting to see Trev and Chinnys call the league's bluff, especially mid way through a season.

Edited by andysstuff
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The Kraken

The Kraken

Posted
Posted
Allegedly BC is rumoured to be about to issue a writ against PKF.

 

Taken from an article in the pompey news, may be true maybe not.

 

I really think PKF could be up against it here. They are the administartors, so they are the ones charged with ensuring the club can be run solvently. If it can't they have a duty of care to liquidate; they haven't done that, yet the club continues to lose money almost a year to the day after going into administration in the first place. PKF have made all decisions regarding player recruitment and overspend, its ludicrous that a court appointed administrator could allow the club to hoover up all working capital yet still operate at a loss and have to be propped up from hopeful outside investors.

 

I think Chinster could have a real case here; PKF have done an awful job. The first task of an administrator is to level off the finances, they have singularly failed to do that until very recently and even that has been prompted by the creditors "exerting pressure" on the administrators. And that's even before we get to thinking about the multi-million pound fees that they continue to accrue. Money for old rope.

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Gemmel

Gemmel

Posted
Posted
Allegedly BC is rumoured to be about to issue a writ against PKF.

 

Taken from an article in the pompey news, may be true maybe not.

 

If Chanrai can prove that pkf haven't acted in the best interests of the creditors, then it is a mucky road ahead.

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dubai_phil

dubai_phil

Posted
Posted
I really think PKF could be up against it here. They are the administartors, so they are the ones charged with ensuring the club can be run solvently. If it can't they have a duty of care to liquidate; they haven't done that, yet the club continues to lose money almost a year to the day after going into administration in the first place. PKF have made all decisions regarding player recruitment and overspend, its ludicrous that a court appointed administrator could allow the club to hoover up all working capital yet still operate at a loss and have to be propped up from hopeful outside investors.

 

I think Chinster could have a real case here; PKF have done an awful job. The first task of an administrator is to level off the finances, they have singularly failed to do that until very recently and even that has been prompted by the creditors "exerting pressure" on the administrators. And that's even before we get to thinking about the multi-million pound fees that they continue to accrue. Money for old rope.

 

Let us not forget that TB made a decision

 

He gave PDT "Exclusivity". So I repeat previous comments "HE STOPPED TALKING TO ANYONE ELSE"

 

It really would not matter if any other idiots out there were proven to be tyre kickers, but PDT have had a hell of a lot longer than a "month" that Pinnacle were given.

 

Will it make a difference to the outcome down there? Probably not.

Has TB dropped PKF in the sh1t? Quite possibly.

 

The whole thing just seemed so obvious at the time - here you are Mr Chinny, every excuse you need to prove Negligence, would you like that on Royal Worcester sir?

 

It will be with you in a moment after I finish cracking the Porcelain under this toilet seat

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Torres

Torres

Posted
Posted

To be fair, Chinny has always said he'd get his money back. It seems he might be about to try to get it back from PKF, whilst at the same time forcing them to finally do absolutely everything by the book.

 

God Bless Balram Chanrai.

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fanimal

fanimal

Posted
Posted

Exactly 3.5 years to the day since FF started this bestest selling novel; I was working in Turkey and had just crossed back into Asia when i got the text about the takeover, so it has seen me through 4 different jobs and a redundancy period during that time keeping me sane and humoured in the darkest of days, so thank you all for your input many times over!!

It still has plenty left in it though, we should reach 2000 pages with ease, but without doubt this month will be a water shed. WTFILN.

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Gemmel

Gemmel

Posted
Posted

An intresting post from the news site;

 

Overthehill makes a very good point, if Wellington where charging £500,000 per annum then surely the valuation of FP at £2.75 million is way out?

 

If we work off the £500k figure, which is 50% of the figure BC wanted to rent FP, then the gross yield would be 18% at the Trust's valuation (36% at BC's valuation).

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hutch

hutch

Posted
Posted

A couple of things seem to be important to me:

 

1. They are clearly short of cash

 

2. The legal fees are crippling them.

 

It has been reported in the past that the legal fees are being "underwritten" by the HNWIs. That has been taken by many to mean paid by the HNWIs, but personally I doubt that. I've had a few too many run-ins with IPs over the years, and one constant is that they won't go to Court without financial backing from somewhere, usually the creditors.

 

I think what has happened is that Birch got a guarantee from the HNWIs to pay the legal costs in the event that he couldn't do it from club funds. Without that he was exposed to a successful application for security from Portpin. He has now told them that he hasn't got any money left, so they will need to honour the guarantee. They will need to pay PKFs legal costs up till now, plus a substantial portion of Portpins costs because Birch pulled the plug at the last minute when his case fell apart.

 

And on top of that he will need another couple of hundred grand to continue with the case if they want to proceed with their bid.

 

I would be very surprised if this gets back to Court.

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sotonswan

sotonswan

Posted
Posted
BACi2I7CUAEf8Zu.jpg:large

 

My other half has just suggested that maybe they should have had other subjects for monthly pictures rather than players.

 

Which got me thinking. What would suitable subjects be?

 

* views of and around fortress fatpipes - this will be a highly desirable collectors item as soon as they are evicted from it (March).

* bestest individual fans - they (like stubborn stains) will never leave

* away fan group shots (being clapped by opposition for their plucky awesomeness)

 

Lots of ways this could have remained a hot seller rather than requiring pulping by February. Another opportunity missed. :(

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Lazlo78

Lazlo78

Posted
Posted
My other half has just suggested that maybe they should have had other subjects for monthly pictures rather than players.

 

Which got me thinking. What would suitable subjects be?

 

* views of and around fortress fatpipes - this will be a highly desirable collectors item as soon as they are evicted from it (March).

* bestest individual fans - they (like stubborn stains) will never leave

* away fan group shots (being clapped by opposition for their plucky awesomeness)

 

Lots of ways this could have remained a hot seller rather than requiring pulping by February. Another opportunity missed. :(

 

Whatever they chose it would always be a distant second in relation to *Halo*'s legendary advent calendar :D

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andysstuff

andysstuff

Posted
Posted
My other half has just suggested that maybe they should have had other subjects for monthly pictures rather than players.

 

Which got me thinking. What would suitable subjects be?

 

* views of and around fortress fatpipes - this will be a highly desirable collectors item as soon as they are evicted from it (March).

* bestest individual fans - they (like stubborn stains) will never leave

* away fan group shots (being clapped by opposition for their plucky awesomeness)

 

Lots of ways this could have remained a hot seller rather than requiring pulping by February. Another opportunity missed. :(

 

 

The woman outside Fatpipes on her mobility scooter, and the lad on the bus immediately spring to mind as worthy subjects, sure someone on here can post them.

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Colinjb

Colinjb

Posted
Posted
The woman outside Fatpipes on her mobility scooter, and the lad on the bus immediately spring to mind as worthy subjects, sure someone on here can post them.

 

The next nutjob challenge. The 'alternative' timeless Skatesmouth calendar for 2013.

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ericofarabia

ericofarabia

Posted
Posted
Just to clarify; a couple of soundbites from PDT bod Ashley Brown.

 

Ashley Brown‏@AshBeen23

The administrator is forced to cut costs due to pressure from his creditors. Ask yourself who they are?

Ashley Brown‏@AshBeen23

PST deal is still on track and the only deal that allows PFC to survive. Keep the faith and back the bid

 

comical_ali.jpg

 

This sprang to mind strraight away as I read that.

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Colinjb

Colinjb

Posted
Posted (edited)

January: King Kanu, the wage reclaimer.

February: Something for valentines day, the skate woman lifting her shirt in the crowd at wembley.

March: #Blank Page# The Ali Al Farage portrait.

April: A smiling and smug Peter Storrie

May: Andrew Andronikou signing autographs

June: The Scooter in front of the Fratton Park wastela/....carpark.

July: John PFC Westwood, in all his horror.

August: The fan holding the 'Pay up Pompey sign' from a few posts above.

September: Sulemain Al Fahim portrait.

October: 'Appy Appleton/Steve Cotterill in profile.

November: The crowd of Skates at Southampton Central

December: The Harbour potty-dome.

 

Now, anyone with a bit of graphic design ability..... you know what to do. ;)

Edited by Colinjb
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Frank's cousin

Frank's cousin

Posted
Posted
I imagine a lot of the cost cutting has been done as PKF realise they could be seriously in the sh*t if they continue to run a loss making business. They've clearly already hoovered up whatever working capital there was and the club's very existence is reliant upon HNW contributions, so they're pretty much insolvent without that financial backing. Tricky Trev is on shaky ground there, if he's allowing an insolvent business to continue to trade, PKF could find themselves in serious hot water. Especially so as the PDT are not necessarily the only game in town; Portpin haven't (yet) failed the Owners and Directors Test so they're still a potentially viable prospect. Trev has given exclusivity to the PDT at the expense of the financial sustainability of the club; that's a huge thing for a court appointed administrator to do. And if the creditors (i.e. Portpin) have now exerted pressure on Birch to prove that the club can be run sustainably, or they'll object to the ongoing administration (which I imagine they will do/would have done in court) then Birch has a sudden problem on his hands as to how to fiddle the books to show the club can be/is on an even keel.

 

If Portpin can/want to argue in court that the club should be killed as there is no way of salvaging it, I think Trickster might have a very hard job convincing the court that they're wrong, or that he's done a good job with his £3M - £4M expenses clocked up to date.

 

Is not Trickey Trevs saving grace the PPs though - they only get them if they are not liquidated - and even with 3mil in the bank spent awaiting the final 8mil, in theory this means its worth staying in business until that point - as 1) the PP value is worth more than they currently have and 2) the theory goes more time to find a buyer (ha ha)?

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trousers

trousers

Posted
Posted
Is not Trickey Trevs saving grace the PPs though - they only get them if they are not liquidated - and even with 3mil in the bank spent awaiting the final 8mil' date=' in theory this means its worth staying in business until that point - as 1) the PP value is worth more than they currently have and 2) the theory goes more time to find a buyer (ha ha)?[/quote']

 

Given in 2012 they burned more in operating costs than they received in parachute payments (I assume?), surely the optimum time to have liquidated was August 2012, just after the last parachute payments were received? Waiting until the February 2013 parachute payment date surely leaves them in a worse overall position (assets vs debts) than they were in Aug 2012. Ergo, the administrator has already failed in his duty to provide the creditors with the best return since the club went into administration?

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trousers

trousers

Posted
Posted
Assumming the creditors meeting this week hasn't happened yet. Does anyone know if the creditors can pass a motion (And if it actually means anything) of no confidence?

 

Just thinking out loud....

 

Good question. Alas, one that I don't know the answer to!

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trousers

trousers

Posted
Posted
January: King Kanu, the wage reclaimer.

February: Something for valentines day, the skate woman lifting her shirt in the crowd at wembley.

March: #Blank Page# The Ali Al Farage portrait.

April: A smiling and smug Peter Storrie

May: Andrew Andronikou signing autographs

June: The Scooter in front of the Fratton Park wastela/....carpark.

July: John PFC Westwood, in all his horror.

August: The fan holding the 'Pay up Pompey sign' from a few posts above.

September: Sulemain Al Fahim portrait.

October: 'Appy Appleton/Steve Cotterill in profile.

November: The crowd of Skates at Southampton Central

December: The Harbour potty-dome.

 

Now, anyone with a bit of graphic design ability..... you know what to do. ;)

 

You missed one... ;)

 

624824113.jpg

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Torres

Torres

Posted
Posted
If ever there was an example of their own pathetic ignorance, greed and stupid self importance, the potty bowl was it.

 

"Whom the gods would destroy, they first make mad"

 

WTFILN

 

Even so, it still would have been a wiser way to spend their* money than what they actually chose to do with it!

 

* By "their" I mean "someone else's".

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