Jump to content

Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella
in Golden Posts

 Share

Recommended Posts

Waterside.saint

Waterside.saint

Posted
Posted
As Orville used to say: "they're all laughing at me".

 

Once you've been had by Keith Harris and been seen to tolerate his taking of personal liberties with you in public, its hard to maintain a dignified posture

TopGun

TopGun

Posted
Posted
Surely not 'I'm a photocopier salesman by trade' Jackson. I wonder what happened to him and ?that tool Saint David

 

that tool Saint David... I'd forgotten about him. He was a classic.

St Jim

St Jim

Posted
Posted

 

Would think this could have a significant impact on the perceived value of Fratton Park.

 

 

popcorn.gif

 

 

How appropriate the popcorn is held in red and white stiped boxes

dubai_phil

dubai_phil

Posted
Posted (edited)
They were indeed retained by Saints and from memory only bought SISU to the taable. The bid at end claiming to offer more than Markus and threatening legal action was something to do with (I think) marc jackson

 

They were involved in a bid just before we went into Admin. The buyer did not prove funds in an acceptable manner at the time and tried to make a late comeback. MJ did not have any involvement (in that project) & certainly did not threaten any legal action after the Pinnacle Exclusivity came to an end. HTH

 

Oh and a buyer has emerged.

 

Well that is a surprise.

 

Think this is a good day to bugger off to Abu Dhabi & play golf (Just checking out the Yas Island facilities for future TSW vacationers)

Edited by dubai_phil
pedg

pedg

Posted
Posted

http://news.sky.com/story/1048595/city-financier-harris-kicks-off-pompey-bid

I have learnt that Mr Harris, whose stockbroking firm Seymour Pierce is itself fighting for survival, is working with a team of experienced football executives including Steve Hamer, a former chairman of Swansea City, and John Redgate, an ex-Portsmouth finance director, on a possible deal.

It was unclear on Wednesday night who Mr Harris's financial backers are. People close to the situation said that if his bid was successful, Mr Harris would be installed as Portsmouth's chairman.

sidthesquid

sidthesquid

Posted
Posted

From the Snooze comments - quite interesting

 

nagoyablue

 

7:36 AM on 07/02/2013

 

 

 

 

 

Okay - remember back in December when the original 2-day hearing to determine the value of Fratton Park was adjourned? Remember Portpin mentioning the floating element of the charge over PFC 2010 Ltd had been forgotten by PKF? This is important. You also have to take into account the litigious nature of those that make up Portpin. They spend lot of time in court having arguments, its a second home for them.

 

So PKF and the Trust have a deal agreed to purchase Portsmouth Football Club & Fratton Park. There's a fixed price that the PST will pay. So they go to the court to have the charge lifted from Fratton Park enabling the Trust to own the club and ground without any attachment from Portpin. Unfortunately, while the court case would enable the Trust to be free of Portpin, the floating charge still applies to PFC 2010 Ltd that PKF are responsible for.

 

Now the fixed price the PST will pay will cover the CVA, PKF's fees and Portpin's compensation for the ground sale. What it won't necessarily do is cover the value of the floating charge as well (this is dependant on there not being a significant difference between what the PST have agreed to pay for Fratton Park and what the Judge decides the valuation should be in fairness to Portpin) so you have potentially around £1.5m that needs to be found out of the fixed price that been agreed. The only obvious point in order to maintain a CVA is PKF fees (capped at £2.5m).

 

PKF have spent a lot of money on specialist legal advice and other items from equally expensive London firms so a long drawn out legal battle with Portpin over the floating charge element could leave them significantly out of pocket. Portpin, being the litigious creatures that they are, have been placing all sorts of pressure on PKF making their underwriters run away and hide in darken rooms.

 

If PKF bite the bullet and sell to the Trust, they still have to deal with Portpin afterwards and accept the risks involved in that. If the business goes into liquidation, there is significant reputation damage caused and potential legal action from the HNWI of the Trust. Nobody else but a Portpin Trojan horse would touch PFC because of the problems involved (i.e. Portpin).

 

Portpin have agreed to wave all action against PKF if the Harris bid is successful

 

Suzie MacAggnan (sp) works for Keith Harris. Funnily enough she used to work for Portpin. Apparently she likes to also talk on the phone to the fan in the stand. Who leaked the story to Sky.

Waterside.saint

Waterside.saint

Posted
Posted
From the Snooze comments - quite interesting

 

nagoyablue

 

7:36 AM on 07/02/2013

 

 

 

 

 

Okay - remember back in December when the original 2-day hearing to determine the value of Fratton Park was adjourned? Remember Portpin mentioning the floating element of the charge over PFC 2010 Ltd had been forgotten by PKF? This is important. You also have to take into account the litigious nature of those that make up Portpin. They spend lot of time in court having arguments, its a second home for them.

 

So PKF and the Trust have a deal agreed to purchase Portsmouth Football Club & Fratton Park. There's a fixed price that the PST will pay. So they go to the court to have the charge lifted from Fratton Park enabling the Trust to own the club and ground without any attachment from Portpin. Unfortunately, while the court case would enable the Trust to be free of Portpin, the floating charge still applies to PFC 2010 Ltd that PKF are responsible for.

 

Now the fixed price the PST will pay will cover the CVA, PKF's fees and Portpin's compensation for the ground sale. What it won't necessarily do is cover the value of the floating charge as well (this is dependant on there not being a significant difference between what the PST have agreed to pay for Fratton Park and what the Judge decides the valuation should be in fairness to Portpin) so you have potentially around £1.5m that needs to be found out of the fixed price that been agreed. The only obvious point in order to maintain a CVA is PKF fees (capped at £2.5m).

 

PKF have spent a lot of money on specialist legal advice and other items from equally expensive London firms so a long drawn out legal battle with Portpin over the floating charge element could leave them significantly out of pocket. Portpin, being the litigious creatures that they are, have been placing all sorts of pressure on PKF making their underwriters run away and hide in darken rooms.

 

If PKF bite the bullet and sell to the Trust, they still have to deal with Portpin afterwards and accept the risks involved in that. If the business goes into liquidation, there is significant reputation damage caused and potential legal action from the HNWI of the Trust. Nobody else but a Portpin Trojan horse would touch PFC because of the problems involved (i.e. Portpin).

 

Portpin have agreed to wave all action against PKF if the Harris bid is successful

 

Suzie MacAggnan (sp) works for Keith Harris. Funnily enough she used to work for Portpin. Apparently she likes to also talk on the phone to the fan in the stand. Who leaked the story to Sky.

 

:suspicious::suspicious::suspicious:

Torres

Torres

Posted
Posted

This from my favourite Skate Spaz on twitter:

 

Olly Birch ‏@ollybirchpfc

Portpin are blackmailing PKF into accepting their preferred bid from Harris FACT

 

Probably true Olly. Funny, isn't it?

Torres

Torres

Posted
Posted

Lots of questions about whether Orville's bid has any money behind it and they're missing the point - if they have money and they're serious then they'll blow the PST bid out of the water and if they don't, Chinny will still use the bid in court to ensure he sets the price he wants for Fatpipes Park. Either way, the PST are sinking fast.

pedg

pedg

Posted
Posted

Do we know if the loan from the council that appears to be central to the PST bid is still dependant on them being the only party? I was for the original loan but I thought it had changed into a more short term loan to buy fatpipes so maybe that condition has changed?

Torres

Torres

Posted
Posted

The original loan was also dependant on the PL agreeing to pay PPs direct to the council to repay the loan should the PST fail to do so. That wasn't possible yet the loan still appears to be on offer, so the terms have clearly changed. I don't think the new terms have been published.

pedg

pedg

Posted
Posted
BTW - plenty of people now threatening to boycott Fatpipes Park if Orville's 'bid' is successful. The question is, would anyone notice?

 

So can expect lots of moans from them about how the official attendance includes season ticket holders even if they don't go and that it does not show the correct attendance?

Ken Tone

Ken Tone

Posted
Posted
The original loan was also dependant on the PL agreeing to pay PPs direct to the council to repay the loan should the PST fail to do so. That wasn't possible yet the loan still appears to be on offer, so the terms have clearly changed. I don't think the new terms have been published.

 

This. The council would have to go public on changing the conditions, and it hasn't. So both the 'no other bid' and 'PPs direct to us' conditions must still apply

 

Yet the trust keep saying their finances are sorted.

 

Yeah, right.

trousers

trousers

Posted
Posted

Surely, the most sensible option for the Trust and Pompey fans now is to say to Chainrai & co....."ok, Fratton Park is all yours...but you won't have a football club to play there as we're taking the heart and soul of the club with us and creating a phoenix club in the lower leagues..... enjoy the empty stadium....bye"

 

No?

Ken Tone

Ken Tone

Posted
Posted

"As a creditor we remain agnostic about the source of the solution and welcome an approach from any credible group that might finally lead to the club coming out of administration," added the Portpin source

 

What a curious use of the word 'agnostic'. I know Shankly said football was more important than religion, but even so.

Ken Tone

Ken Tone

Posted
Posted
Surely, the most sensible option for the Trust and Pompey fans now is to say to Chainrai & co....."ok, Fratton Park is all yours...but you won't have a football club to play there as we're taking the heart and soul of the club with us and creating a phoenix club in the lower leagues..... enjoy the empty stadium....bye"

 

No?

 

Isn't that what chainrai wants? Best option is someone gives him £18 million , at once or over a period of years on a 'hire purchase' arangement, but not likely. Second best option, he gets Fratton and sells it for development for as much as he can ...with no football club as tenant and therefore no planning constraint.

SaintRichmond

SaintRichmond

Posted
Posted
"As a creditor we remain agnostic about the source of the solution and welcome an approach from any credible group that might finally lead to the club coming out of administration," added the Portpin source

 

What a curious use of the word 'agnostic'. I know Shankly said football was more important than religion, but even so.

 

 

It got screwed in translation ...... they meant to say " OBNOXIOUS "

Big Bad Bob

Big Bad Bob

Posted
Posted
"As a creditor we remain agnostic about the source of the solution and welcome an approach from any credible group that might finally lead to the club coming out of administration," added the Portpin source

 

What a curious use of the word 'agnostic'. I know Shankly said football was more important than religion, but even so.

 

http://www.thefreedictionary.com/agnostic

 

2. One who is doubtful or noncommittal about something.

trousers

trousers

Posted
Posted
Isn't that what chainrai wants? Best option is someone gives him £18 million , at once or over a period of years on a 'hire purchase' arangement, but not likely. Second best option, he gets Fratton and sells it for development for as much as he can ...with no football club as tenant and therefore no planning constraint.

 

Yes, if "the fans" decided to start up a new club it would have the effect of giving Chainrai what he wants....but....surely both sides getting what they ultimately want (the fans get to support a Portsmouth football club that is free from the shackles of Chainrai and Chainrai gets his money back) is better than yet another botched compromise?

 

Ok, I know "the fans" want their cake and to eat it (a shackle free club AND based at FP with preserved league status) but surely they've now got to see what we've known all along - that the ONLY way they can truly break free is to start up again from scratch...?

Gemmel

Gemmel

Posted
Posted
Surely, the most sensible option for the Trust and Pompey fans now is to say to Chainrai & co....."ok, Fratton Park is all yours...but you won't have a football club to play there as we're taking the heart and soul of the club with us and creating a phoenix club in the lower leagues..... enjoy the empty stadium....bye"

 

No?

 

It is exactly this. But it won't happen.

 

With the debt spread so thinly now, there was always the chance of another buyer coming along. It just happens that not only does it seem this lot have connections to Chanrai, it also helps Chanrai in court.

 

Hutch made a statement on here BEFORE the last adjournment, saying he didn't expect it to ever go back to court...... There is a very good chance he was right.

trousers

trousers

Posted
Posted

@mickwill: PST bid offers guaranteed payment to creditors, £3M to Portpin for ground, best future for PFC & the community. We're ready to go!! #Pompey.

 

Haven't they been "ready to go" for months now...?

Saint Garrett

Saint Garrett

Posted
Posted

So, I can't be arsed to go through this thread. Whats the latest with them? Are they any closer to getting out of Administration? And what happens when they come out, will they lose 10 points? 25? 30?

 

Will this come into play this season or next if they were relegated...just like in our case. The cut off date must be coming up soon...

eurosaint

eurosaint

Posted
Posted

I wonder if Robinson has finalised his deal for the car park land ?

If he has then he can hold the club to ransom over access, if he has not then he has lost out big time on surveys, legal fees etc..

Along with the other HNW's he will not be a very happy bunny if the Orville deal goes through.........

I think it was Gemmell who said he was getting a bit bored with the thread, it's gathering a bit more steam now, eh ??

:):)

Torres

Torres

Posted
Posted
@mickwill: PST bid offers guaranteed payment to creditors, £3M to Portpin for ground, best future for PFC & the community. We're ready to go!! #Pompey.

 

Haven't they been "ready to go" for months now...?

 

And yet every time the court case is adjourned they say

 

The Pompey Supporters' Trust welcomes the news that the court case, scheduled for tomorrow, has been adjourned as it allows its bid to buy the club more time to be completed

 

even though the bid is "ready". I'm confused.

Fitzhugh Fella

Fitzhugh Fella

Posted
  • Author
Posted
So, I can't be arsed to go through this thread. Whats the latest with them? Are they any closer to getting out of Administration? And what happens when they come out, will they lose 10 points? 25? 30?

 

Will this come into play this season or next if they were relegated...just like in our case. The cut off date must be coming up soon...

 

 

Sorry that's not how this thread works - you gotta to be arsed to get the full pleasure of this unfolding disaster. Now go back to page one and come back when you are full up to speed :)

Saint Garrett

Saint Garrett

Posted
Posted
Sorry that's not how this thread works - you gotta to be arsed to get the full pleasure of this unfolding disaster. Now go back to page one and come back when you are full up to speed :)

 

I'll should make it back by the end of the season !!! ;)

Waterside.saint

Waterside.saint

Posted
Posted
Major infighting on The Snooze site today. Lovely to watch.

 

Scumstomper2 10:10 AM on 07/02/2013

There is no smoke without fire. Those who knocked the Trust doubters as to the fact that there would not be any potential alternatives, aggressivley dismissing such thoughts or hopes, may have to take a deep breath....It really isn't a surprise there may be competition surely? Look at us, the club the history. Who wouldn't want a part of it, eh??? Just a case of critical timing. The next couple of months, I feel, are going to be very intersting. PLAY UP POMPEY

 

Exactly. Just look at you :lol:

trousers

trousers

Posted
Posted (edited)

@solentsport: PKF confirm new bidder for #pompey. Keith Harris joined by Pascal Najadi - deputy chairman of AIAK Bank - and investor Alan Hitchins

 

@NabilHassan79: BREAKING PKF: "As officers of the Court, the administrators are charged with securing the best return for all creditors." #pompey

 

@NabilHassan79: PKF: "We need to discuss the terms of the deal with the PFA and Football League, and plan to consult the Creditors' Committee urgently."

 

@PKF_UK: PKF confirms another offer has been made for Portsmouth Football Club - http://t.co/O1RGEYDy

Edited by trousers
trousers

trousers

Posted
Posted

http://www.zoominfo.com/#!search/profile/person?personId=1124566722&targetid=profile

 

Pascal Najadi is the Deputy Chairman and Deputy CEO of theAIAK Group, Malaysia.

He is a former Director of Kleinwort Benson Ltd. responsible for Central Europe, Central Asia, Africa and the Middle East for Capital Markets business development. Prior to this

he was Vice President of Merrill Lynch Intl. & Co., London, running the operation for Central European Debt Origination.

He has been in investment banking since 1988, commencing

his career at UBS in Zurich. In the Aerospace sector

he was a Senior Advisor to Bombardier Aerospace for Vietnam for 2007. Mr. Najadi holds C and VSH degrees in Economics from the Rosenberg College, St. Gallen, Switzerland. As a Swiss National

he has completed several military courses within the Swiss Air Force and Air Defence.

trousers

trousers

Posted
Posted

http://www.aiakswiss.com/

 

AIAK Group, consisting of AIAK Capital Ltd, Labuan (F.T.) Malaysia, and AIAK Malaysia Sdn Bhd, Kuala Lumpur, Malaysia, has over three decades of investment banking history in Malaysia, the Middle East, Europe and Asia-Pacific.AIAK (Arab Investments for Asia Kuwait Limited) founded, some forty years ago first in Kuwait, and later the firm was transferred) in 1975 by Hussain Najadi, it was the first Arabian Gulf State linked Merchant Banking holding in Malaysia via the Arab Malaysian Development Bank. Now renamed as AmBank Group, it is Malaysia's fifth largest bank, publicly listed on the Kuala Lumpur Stock Exchange since 1981.Today the AIAK Group is specializing on cross border corporate finance and M&A advisory services for Asia-Pacific, the Middle East and Europe
 Share
Go to topic listing
×
×
  • Create New...