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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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Spudders

Spudders

Posted
Posted
:lol: Yeah as I'm sure there are loads of fans who didn't have the £1000 available to them during the first two weeks of January, but could have paid up had they had an additional two weeks. Get set for a deluge of pledges to the trust now............... or not.
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Big Bad Bob

Big Bad Bob

Posted
Posted
FANS hoping to take over Pompey say the latest delay in a court case to establish the value of Fratton Park will strengthen their hand.

The hearing, which was due on Tuesday to determine details over the proposed sale of Fratton Park, will now take place on Thursday, January 31.

 

The Pompey Supporters’ Trust has welcomed the news as it allows its bid to buy the club more time to be completed.

 

Trust chairman Ashley Brown said: ‘Our original wish was to buy Fratton Park ourselves and we are optimistic that we will be able to achieve this, which of course is what the fans want.

 

‘However, the single most important thing our supporters can do to help achieve this objective is to convert their pledges or buy a share if they have not yet done so, either as individuals or in syndicates.

‘All money is held in an escrow account and will only be used should the bid proceed, as we all hope it will. The more cash we can raise before the final court hearing, the better our chances of success. It is as simple as that.’

 

I read that as :-

 

"We haven't got enough money yet, so PKF have given us another 2 weeks to try and raise enough.

 

If we ain't go enough by then then we're poached!!"

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trousers

trousers

Posted
Posted (edited)

@NabilHassan79: Developer Stuart Robinson had been expected to buy the ground - was a major gripe of Portpin - now PST say they will fund purchase. #pompey

 

Now I'm confused....how does this sit with this: http://www.bbc.co.uk/sport/0/football/20824916

 

Property developer Stuart Robinson, part of the Pompey Supporters' Trust, has exchanged contracts to buy the land around Portsmouth's Fratton Park.Paul Appleton, the joint administrator of David Rubin & Partners LLP, said in November it had entered into an "exclusivity agreement" with Robinson.

Robinson has now signed a deal to buy the land, an agreement regarded as vital to Portsmouth's future.

He also hopes to buy the stadium as the PST aims to take control of the club.

Edited by trousers
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Saint in Paradise

Saint in Paradise

Posted
Posted
I read that as :-

 

"We haven't got enough money yet, so PKF have given us another 2 weeks to try and raise enough.

 

If we ain't go enough by then then we're poached!!"

 

^This^

But I think another reason for all these delays and postponements is to make sure they keep going

until after I peg out so I won't have the pleasure of seeing the final outcome. :x

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dubai_phil

dubai_phil

Posted
Posted
Phil! Oh Phil....where for art thou Phil? (we need an explanation as to what's occurring here)

 

:)

 

You know, The Dictator is actually SBC's most cleverly observed movie. Sure it is not as gross as Bruno or as original as Borat, but boy he hammers every stereotype in the book. An undercover classic for us down here.

 

In other news Tiger tees off at 7:05am on Thursday so I have a 160km drive to be at work at 6:00 am.The fool agreed to an overtime deal of free beer.

 

Oh the Court Case Trousers, sorry.

 

Court Case 1 was a 2 day debate to try and get a deal done between PDT & The Property Developer who was being backed by Dustin's sh@gpieces' husband - Mr Robinson.

Court Case this week was to see what progress had been made in Court Case 1 debate

 

It is not rocket science to work out that IF Court Case 2 has been delayed two weeks then that means simply that the issues which came up before Court Case 1 STILL exist.

 

So that means either PDT has got cold feet and pulled out the deal OR the other party has been in the V20 Ice Bar just off Soi Bangla in Phuket (Minus 20 - not wise when wearing shorts, dry fit & Sandals. I found I got a pair of Robinsons (which co-incidentally is a Department Store chain in Thailand who had a nice sale on Arrow work shirts)

 

Anyways. I think I pointed out that my Analysis was that there might have been an issue with half of their bid. Still not seen ANY signs that has changed.

 

IMHO the PDT will reach a point where they have to tell their pledgees that they have to move out of nottarf as part of the deal. Which, I happen to think will be a tad amusing and something I thought may happen some months ago.

 

I may of course be as mad as a hatter, and when I am proven wrong I will of course apologise profusely, as I did with my CSI budget/limited funding points about 18 months ago that corpy got so upset about........

 

Oh yeah my apology for that was I believed they had an 8mil budget, when they in fact had 10 mil. And I was an idiot because they were taking pcfc back where they belonged

 

Of Lithuanian Pensions allegedly

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bridge too far

bridge too far

Posted
Posted
@NabilHassan79: Developer Stuart Robinson had been expected to buy the ground - was a major gripe of Portpin - now PST say they will fund purchase. #pompey

 

Now I'm confused....how does this sit with this: http://www.bbc.co.uk/sport/0/football/20824916

 

By buying the land around FP isn't Robinson effectively creating a ransom strip for future development (I use that last word with a giggle)

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trousers

trousers

Posted
Posted
By buying the land around FP isn't Robinson effectively creating a ransom strip for future development (I use that last word with a giggle)

 

I don't think he actually bought it.....was just given exclusivity to do so by the Miland Development administrators....but still muddy waters whatever the actual situation is...

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rallyboy

rallyboy

Posted
Posted

another glorious courtroom triumph for the Fatpipe Faithless, yes this additional fortnight of admin and legal fees really strengthens the Trust's hand. :o

 

Anyone care to estimate how many pledges have been gobbled up since the intitial court date?

 

Two bald men are now caught in a bidding war for a broken hairdryer.

I reckon Birch could empty the Trust coffers completely by the time he's established a value for the ground.

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trousers

trousers

Posted
Posted

Meanwhile, in "how dare you question the Trust?" land...

 

@pfcespana: @blueballoo2000 given fans have raised £1m and bid is £6m that gives PST what 16% roughly of club. Is that accurate?

 

@ollybirchpfc: @pfcespana @blueballoo2000 no!

 

@blueballoo2000: @pfcespana nope, it's just a deliberately negative slant from someone who has chosen not to invest because of a lack of suitable return.

 

@pfcespana: @ollybirchpfc @blueballoo2000 not my numbers PST numbers

 

@blueballoo2000: @pfcespana @ollybirchpfc nope - PST clear about numbers for fans. The finance numbers will be explained when they can be.

 

@blueballoo2000: @pfcespana @ollybirchpfc not interested in explaining the deal to you even if I could to be honest.

 

@SjMaskell: @pfcespana @blueballoo2000 No. You are neglecting to account for the Parachute payments.

 

@SjMaskell: @pfcespana @blueballoo2000 You are also underestimating the value of community shares

 

@blueballoo2000: @SjMaskell @pfcespana and having no idea of what the £6m figure actually comprises.

 

@SjMaskell: @pfcespana @blueballoo2000 Your figures are at the best guesses. Why not wait for the plan to be published when confidentiality not an issue?

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Torres

Torres

Posted
Posted

How many times over can these parachute payments be used? So far they're funding the payments to the football creditors, paying the CVA, paying Trev's fees, the purchase of fat pipes park, the running costs once the trust are victorious, plus whatever they are ordered to pay Kanu. :lol:

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trousers

trousers

Posted
Posted
How many times over can these parachute payments be used? So far they're funding the payments to the football creditors, paying the CVA, paying Trev's fees, the purchase of fat pipes park, the running costs once the trust are victorious, plus whatever they are ordered to pay Kanu. :lol:

 

And of course, none of those potential destinations for the cash actually include the purpose for which the parachute payments were designed for in the first place.

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St Lightjaw

St Lightjaw

Posted
Posted
Before we get there they have to convince a Court, next month, that they should be allowed to extend the administration beyond the statutory 12 months. As far as I am aware, this application to the Court has to be with the consent of the creditors:

 

"

How long does the administration process last?

 

 

The process can generally only last for up to 1 year, although this can be extended by the consent of the creditors and/or by the court. The administrator is also required to do everything as soon as reasonably practicable. There is a time-limit of eight weeks for getting their proposals (details of what they intend to do with the company) out to creditors, and holding the initial creditors meeting. This can be extended by the creditors' consent and/or by the court. These proposals will include full details relating to the administrator's appointment, and the circumstances leading up to it, as well as exactly how the administrator proposes to achieve the purpose of administration - including details of how they anticipats the administration will end."

 

 

http://www.companyrescue.co.uk/company-rescue/guides/detailed-administration

 

Time for HMRC to do her job. If liquidation secures more money for the treasury than the cva, then I would hope they object.

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Dark Munster

Dark Munster

Posted
Posted
And close to the 1st anniversary of the Administration. Hmmmm.

And close to the next scheduled parachute payment. Hmmmmmmmmm..

 

This is what I don't get (amongst many other things).....if tomorrow was simply a quick gathering to set a date for reconvening the main case then surely there's no need to defer yet again? Unless the Trust still don't have a pot to urinate in of course...

 

... or bears still defecate in the woods.

 

Still, at least we weren't selling out of date food or under cooked Turkey (just playing like some in our early season games) and we weren't infested by Rodents like ManUre

:lol:

 

Basil-the-rat-care-for-a-rat.png

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hutch

hutch

Posted
Posted

So, it's farewell to the short-lived PDT, and a great big SWF "Welcome Back" to the PST.

 

Robinson has walked, and they have two weeks to find another mug, or else those barstewards Chainrai & Kushnir will turn into Baloo and Levi again. It's lucky they've got a shedload of cash in the bank for all those bills at the end of the month, otherwise this latest adjournment could have been a really serious problem.

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St Chalet

St Chalet

Posted
Posted

Robinson is clearly a clever bloke. If you believe the rumours he has purchased the Miland land at a decent rate. When the PST take the historic Pompey through the leagues to European victory, the few will be crying out to take the land off of him for millions to develop the vital Monkey Petting Zoo they need alongside Fortress Fatpipes.

 

More likely, Robinson has realised that come the next administration in 2014 he will be able to purchase the FP land on the cheap.

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hypochondriac

hypochondriac

Posted
Posted

They have clearly done a deal with either the council or tesco. It is good news for them because supposedly the trust will own fat pipe park and the surrounding land will be owned by Robinson. I would say it now looks likely they will get it and the interesting bits will be what happen after that.

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tony13579

tony13579

Posted
Posted

How does the work starting on a new motorway junction on the M275 affect thier plot of ground? Does it increase access to thier site or take trade and prospects away? It strikes me there is no shortage of site on Portsmouth that could be developed if there was a demand.

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rooney

rooney

Posted
Posted
pdxh1cly8vvggvzwjkoh_normal.pngSky Sports News ‏@SkySportsNews

SKY SOURCES: Marseille striker Loic Remy to have a medical for QPR tomorrow #SSN

 

Good ol' 'Arry....Remy to be on £80k per week according to the Twittersphere.... #dejavu

 

But that cannot be correct surely as 'arry told the press that he spoken to the club owner and told him that "if we are bottom at the turn of the year, he should keep his hands in his pockets!"

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eurosaint

eurosaint

Posted
Posted
Meanwhile, in "how dare you question the Trust?" land...

 

@pfcespana: @blueballoo2000 given fans have raised £1m and bid is £6m that gives PST what 16% roughly of club. Is that accurate?

 

@ollybirchpfc: @pfcespana @blueballoo2000 no!

 

@blueballoo2000: @pfcespana nope, it's just a deliberately negative slant from someone who has chosen not to invest because of a lack of suitable return.

 

@pfcespana: @ollybirchpfc @blueballoo2000 not my numbers PST numbers

 

@blueballoo2000: @pfcespana @ollybirchpfc nope - PST clear about numbers for fans. The finance numbers will be explained when they can be.

 

@blueballoo2000: @pfcespana @ollybirchpfc not interested in explaining the deal to you even if I could to be honest.

 

@SjMaskell: @pfcespana @blueballoo2000 No. You are neglecting to account for the Parachute payments.

 

@SjMaskell: @pfcespana @blueballoo2000 You are also underestimating the value of community shares

 

@blueballoo2000: @SjMaskell @pfcespana and having no idea of what the £6m figure actually comprises.

 

@SjMaskell: @pfcespana @blueballoo2000 Your figures are at the best guesses. Why not wait for the plan to be published when confidentiality not an issue?

 

"Your community club will belong to you, no more crooks and criminals, transparency will be our mantra" !

Now, I wonder where I heard that ?

It's so easy to hide behind the 'for legal reasons' get out, if I was a Skate being asked to 'donate' a grand I would expect a lot more information than they are offering at the moment !

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rallyboy

rallyboy

Posted
Posted

The pompey rewrite history series no.837.

Another one for the record books - They were the first, and still are the only club in football history forced by financial constraints to field young players.

 

 

Even the first game at Plymouth we had to play all the youngsters and it has just been an incredible situation I haven’t heard of in football before.

‘I’m not harping on about it to get sympathy, I’m just saying it is the uniqueness of the situation we are in.

‘Every football club has their problems, everybody has different problems on different scales but I just think this is more unique.’

 

 

Re the court, I think Torres is right, their masterplan must be to use the PP to buy the ground and worry about the debts another day - that's only IF the Premier League gives Birch the money instead of clearing football debt....and Trev doesn't spend it on himself.

They might have an issue with their vital funding being IN the business they are trying to buy and not available to use until they buy it...

 

Either way I can see insolvency event/admin 5, or is it 6, looming on the horizon.

(early 1900s, 70s, 90s, 2010, 2012?....)

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Big Bad Bob

Big Bad Bob

Posted
Posted

He's back :-

 

 

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hutch

hutch

Posted
Posted

For the sake of balance, the Trust has not said that it has got any new or additional funding. That only appeared in yesterday's "Sun". It has not been confirmed by any reliable source.

 

And the PST has not said that it is now buying FP. What it did actually say is "The Trust has revealed that it now intends to try to buy Fratton Park on Day One of taking control."

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hypochondriac

hypochondriac

Posted
Posted
For the sake of balance, the Trust has not said that it has got any new or additional funding. That only appeared in yesterday's "Sun". It has not been confirmed by any reliable source.

 

And the PST has not said that it is now buying FP. What it did actually say is "The Trust has revealed that it now intends to try to buy Fratton Park on Day One of taking control."

 

They will though. I mean if the Court case goes their way which is still very much up in the air.

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bridge too far

bridge too far

Posted
Posted

 

[h=4]PompeyBeej[/h] 11:10 AM on 15/01/2013

What are the other options (bar FP/HMS Collingwood/United Services and the Uni?)

 

St. Johns College Farlington

PGS

Mountbatten

 

Apart from Southsea common jokes, we could always enquire with HMRC - don't they have grounds nr Cosham? ;)

 

Pay them what they owe them and HMRC might consider? :D

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trousers

trousers

Posted
Posted (edited)

 

By popular request, Pompey supporters have been given a special monthly social night aimed at creating new songs.

 

Everyone interested in helping improve the range and quality of the famous Fratton End choir should make a bee-line for the Victory Bar at Fratton Park at 8pm on Thursday, January 24 (doors open at 7pm).

 

To make the occasion go with a swing, fans are being offered a great deal on drinks, with Carlsberg, Strongbow, Greene King IPA or a glass of house wine for £2.80 and tea, coffee and soft drinks just £1.

 

A comedian will be on hand to break the ice and all song ideas are welcome.

 

A Pompey spokesman said: “Our best atmosphere is the best in world football, but we don’t want to take anything for granted.

 

“We want to give our fans the chance to enjoy a really good social evening every month and a forum to create some good new songs.”

 

20120622052737!Rofl.gif

Come on, own up....who's hacked into the Pompey OS?

Edited by trousers
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trousers

trousers

Posted
Posted

http://www.portsmouth.co.uk/sport/pompey/pompey-player-hunt-hits-wall-1-4680507

 

And the "no sh*t Sherlock" quote of the week goes to....

 

Whittingham said: ‘We have lost players because of the situation we are in.

‘They seemed very interested at first but then when they hear bits in the press about other players going, they aren’t sure it’s the right place to go.

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