Joe Kirkup Posted 7 February, 2013 Share Posted 7 February, 2013 Today the creditors accepted the new bid. So if Chinny is behind the new bid ( which we all believe he is ) could he not insist on going through with it? TBs brief is to find the best solution for the creditors in a failed business, not to keep the carcass of a football club going just because they're the bestest. If (Chinny) Harris pays the creditors but don't get the golden share, he'll be able to flog FP at his leisure? Link to comment Share on other sites More sharing options...
Colinjb Posted 7 February, 2013 Share Posted 7 February, 2013 Well this has got more twists and turns than a twisty turny thing. So it's either PST (miles more pages to go on this thread if that happens) or liquidation, don't know which I would prefer but it sure is fun watching this unfold or should that be unravel? Indeed. This is magic. The poor Trust thought it was game over..... but at least there would be a club to support. Instead, the other bid are canned by the FL, only for them to deliver the hammer blow of 'put up within the next two and a half months or shut up.' The clock is ticking and they couldn't organise a p*ss up in a brewery. Link to comment Share on other sites More sharing options...
Kingsland Red Posted 7 February, 2013 Share Posted 7 February, 2013 Wish I'd read the last few posts first - Been up in East Anglia all day, get back and catch up on the action over the last 24 hours, then they scupper the whole Furry Duck takeover before post no. 83100. Link to comment Share on other sites More sharing options...
Weston Saint Posted 7 February, 2013 Share Posted 7 February, 2013 Forget this is PFC, it would have been interesting to see the Trust run the club. They would have received support from most areas. Their problem was always the ground and Chainrai’s charge/valuation I now believe the Trust bid is dead in the water. This new consortium will likely succeed now the creditors have approved and it gets the Administrator off the hook. It is now clear why the Judge was happy to adjourn the proceedings. One can feel sorry for the HNW individuals whose money kept the club alive. Crouch did the same for Southampton to the tune of £500,000. Like him I doubt they will be able to recover those costs. It is what happens if you back the wrong horse even if the other horse had not even arrived at the racecourse. However, the damage has been done. The window has closed and all that is available now is in the loan period. The minus 10 points will kick in soon. They will start 2013/14 season as a Division 2 side. If they cannot afford to pay for the ground now they must have limited investment. It will be a long and rocky road to recovery. For me they have not got away with it. Premier to Division 2 is a fine punishment. The trust has worked hard and after all they are only supporters like you and me. They may have supported a stinking regime in the past and perhaps the present consortium will be the stinking regime of the future. But credit where credit is due, the trust deserves some recognition. As for Mr Allen, the News journalist, perhaps he should enrole in a course of journalism at Southampton Solent University. That comment will not be lost on one of our contributors. The end looks in sight, for now………..Well well, so it is Trust or bust. Best of luck to them.......but on reflection Alphabetical position at start of League 2 might be their highest position for that season. I think the Football League know who is really behind todays bid. Good to see them have balls at last. Link to comment Share on other sites More sharing options...
Gingeletiss Posted 7 February, 2013 Share Posted 7 February, 2013 Today the creditors accepted the new bid. So if Chinny is behind the new bid ( which we all believe he is ) could he not insist on going through with it? TBs brief is to find the best solution for the creditors in a failed business, not to keep the carcass of a football club going just because they're the bestest. If (Chinny) Harris pays the creditors but don't get the golden share, he'll be able to flog FP at his leisure? Was just thinking this myself, I wonder what the legal view on this is? Link to comment Share on other sites More sharing options...
Jimmy_D Posted 7 February, 2013 Share Posted 7 February, 2013 (edited) Was just thinking this myself, I wonder what the legal view on this is? There's a fudge factor with administration, as it's intended to rescue a business as a going concern while acting in the interests of creditors, and maximise the return for creditors only in the event keeping the business as a going concern is impossible. Losing the golden share could be seen as the same as stopping them being a going concern, arguably, leaving the PST as the only option that leaves the possibility of carrying on as a going concern. Edited 7 February, 2013 by Jimmy_D Improved wording. Link to comment Share on other sites More sharing options...
Bobbyboy Posted 7 February, 2013 Share Posted 7 February, 2013 Can see this going back to court again since PKF are court-appointed to get best deal for creditors. Chinny will have another say, I'm sure. Link to comment Share on other sites More sharing options...
trousers Posted 7 February, 2013 Share Posted 7 February, 2013 Is this the first time the Football League have clearly stated that Pompey need to come out of admin BEFORE the end of the season? I thought the prevailing understanding was that they couldn't enter NEXT season whilst still in administration - in other words, that they had the whole of the close season to get themselves out of admin. Can't recall the FL being this specific about the end of the season being the cut off before now... Link to comment Share on other sites More sharing options...
Ohio Saint Posted 7 February, 2013 Share Posted 7 February, 2013 Whoa!! This must be the first time the FL have acted quickly and clearly on ANY aspect of the whole mess! They are REALLY p1ssed off at the whole situation! Link to comment Share on other sites More sharing options...
Tomobz Posted 7 February, 2013 Share Posted 7 February, 2013 Tick Tock... Can't see this going through before the end of the season now with all the inevitable legal action that's going to come with it... Tick Tock!! Link to comment Share on other sites More sharing options...
andysstuff Posted 7 February, 2013 Share Posted 7 February, 2013 Can see this going back to court again since PKF are court-appointed to get best deal for creditors. Chinny will have another say, I'm sure. There is very little time for any protracted court proceedings. Link to comment Share on other sites More sharing options...
Ohio Saint Posted 7 February, 2013 Share Posted 7 February, 2013 Is this the first time the Football League have clearly stated that Pompey need to come out of admin BEFORE the end of the season? I thought the prevailing understanding was that they couldn't enter NEXT season whilst still in administration - in other words, that they had the whole of the close season to get themselves out of admin. Can't recall the FL being this specific about the end of the season being the cut off before now... Isn't there a changeover of one single date that determines old/new seasons? Link to comment Share on other sites More sharing options...
Waterside.saint Posted 7 February, 2013 Share Posted 7 February, 2013 Whoa!! This must be the first time the FL have acted quickly and clearly on ANY aspect of the whole mess! They are REALLY p1ssed off at the whole situation! They're finished. Link to comment Share on other sites More sharing options...
Joe Kirkup Posted 7 February, 2013 Share Posted 7 February, 2013 Also, were PKF not going to court to get a ruling that they could sell FP to the trust for £xmil because the trust were the only game in town? The new bid is still a bid, a bid that PKF want to accept so that would mean no need for a court case. The fact that the FL won't accept the new bid would mean that the trust have to offer Chinny what he wants, which of course they can't. Or am I just hoping? Link to comment Share on other sites More sharing options...
SaintBobby Posted 7 February, 2013 Share Posted 7 February, 2013 If I'd written a **** mag about the collapse of Portsmouth FC, I couldn't have come up with something as fantastically brilliant as this turn of events. Joyous. Link to comment Share on other sites More sharing options...
Kingsland Red Posted 7 February, 2013 Share Posted 7 February, 2013 The end of one season / start of the next is the Football League AGM, I believe 30th June. Link to comment Share on other sites More sharing options...
latter day saint Posted 7 February, 2013 Share Posted 7 February, 2013 blimey! it's like some higher force is at play to keep this thread rumbling on i can just imagine the collective look of bewilderment on most skates faces now as they try to digest todays twists & turns. #WTFILN! Link to comment Share on other sites More sharing options...
Fitzhugh Fella Posted 7 February, 2013 Author Share Posted 7 February, 2013 The Football League have just thrown Birch and PKF a 'get out of jail free card'.....Birch can now liquidate (if/when circumstances get that far) with impunity....."Blame the Football League that Pompey went bust, not us - we did our best - we even found another buyer...." I agree but it is all a bit too contrived for me. FL getting Birch out of tight situation and all within a 24 hour time frame. The orchestration stinks of collusion on a massive scale. The trust will have to offer more for Farton because Chinny will point out another party were willing to pay more. This is getting murkier and murkier. If I was the PST I would cut and run to Moneyfields - less sharks. Link to comment Share on other sites More sharing options...
sidthesquid Posted 7 February, 2013 Share Posted 7 February, 2013 "Therefore, The League has informed the Administrator that it will not currently consider transferring the Club's share in The Football League to a new bidder. This means that in the event that the PST bid does not succeed and Portsmouth do not exit administration before the end of the current playing season, the Club will lose its membership of The Football League." One last check in the FL boxers and suddenly they find a pair. I think they saw straight through this one and that Balram's hand was right up Keith's duck-shaped behind Link to comment Share on other sites More sharing options...
Jimmy_D Posted 7 February, 2013 Share Posted 7 February, 2013 I agree but it is all a bit too contrived for me. FL getting Birch out of tight situation and all within a 24 hour time frame. The orchestration stinks of collusion on a massive scale. The trust will have to offer more for Farton because Chinny will point out another party were willing to pay more. This is getting murkier and murkier. If I was the PST I would cut and run to Moneyfields - less sharks. Says the one that started the whole bloody thing! Link to comment Share on other sites More sharing options...
TopGun Posted 7 February, 2013 Share Posted 7 February, 2013 Blimey O'Riley. You turn away for 30 minutes and all hell breaks loose. Link to comment Share on other sites More sharing options...
andysstuff Posted 7 February, 2013 Share Posted 7 February, 2013 I agree but it is all a bit too contrived for me. FL getting Birch out of tight situation and all within a 24 hour time frame. The orchestration stinks of collusion on a massive scale. The trust will have to offer more for Farton because Chinny will point out another party were willing to pay more. This is getting murkier and murkier. If I was the PST I would cut and run to Moneyfields - less sharks. Not sure this is good news for Birch, wasnt there something on here yesterday that PKF were now in for a six figure sum to Chinny that be was prepared to drop IF the new bid went through? Link to comment Share on other sites More sharing options...
NickG Posted 7 February, 2013 Share Posted 7 February, 2013 Is this the first time the Football League have clearly stated that Pompey need to come out of admin BEFORE the end of the season? I thought the prevailing understanding was that they couldn't enter NEXT season whilst still in administration - in other words, that they had the whole of the close season to get themselves out of admin. Can't recall the FL being this specific about the end of the season being the cut off before now... Was about to post this, first time deadline pit as END OF PLAYING SEASON I always assumed some date in summer, just in time for alternative arrangements. Now guess last date of any football league play offs (championship?). Link to comment Share on other sites More sharing options...
qwertySFC Posted 7 February, 2013 Share Posted 7 February, 2013 What difference will that make? Originally Posted by Lifelongsaint83 BBC Solent Sport@solentsport Solentsport understands PST bid for Fratton Park increased from £2.75m to £3m #pompey I think that's all Wonga will allow them Link to comment Share on other sites More sharing options...
Colinjb Posted 7 February, 2013 Share Posted 7 February, 2013 Originally Posted by Lifelongsaint83 BBC Solent Sport@solentsport Solentsport understands PST bid for Fratton Park increased from £2.75m to £3m #pompey I think that's all Wonga will allow them In other words, all this has really achieved today is the need for the Skate trust to scratch around for another quarter of a million quid they don't have! Link to comment Share on other sites More sharing options...
Kingsland Red Posted 7 February, 2013 Share Posted 7 February, 2013 Says the one that started the whole bloody thing! Are you suggesting yet another twist, Jimmy D:- FF puts P*mpey into a financial spiral to enable him to commence a record breaking thread on their main rival's favourite fans' forum. No one has made that connection to date. Link to comment Share on other sites More sharing options...
Jimmy_D Posted 7 February, 2013 Share Posted 7 February, 2013 Originally Posted by Lifelongsaint83 BBC Solent Sport@solentsport Solentsport understands PST bid for Fratton Park increased from £2.75m to £3m #pompey I think that's all Wonga will allow them That's the real damage the new bid has done. It's demonstrated that the PST had already undervalued Fratton Park by at least £250k Link to comment Share on other sites More sharing options...
Ohio Saint Posted 7 February, 2013 Share Posted 7 February, 2013 Now let's see the skates try to blame the courts for the adjournments as they need to get this all done ASAP. Link to comment Share on other sites More sharing options...
Weston Saint Posted 7 February, 2013 Share Posted 7 February, 2013 Let us be clear, the Football League are not stopping the Administrators selling to the new consortium. They are just saying they will not transfer to them the golden share. Administators go to court and will say without the golden share the business cannot be sustained. If the court do not rule that the £3m offer by the trust for the ground is approved then the trust bid cannot proceed and liquidation is the only answer and that will prejudice the creditors. Link to comment Share on other sites More sharing options...
sidthesquid Posted 7 February, 2013 Share Posted 7 February, 2013 Today the creditors accepted the new bid. So if Chinny is behind the new bid ( which we all believe he is ) could he not insist on going through with it? TBs brief is to find the best solution for the creditors in a failed business, not to keep the carcass of a football club going just because they're the bestest. If (Chinny) Harris pays the creditors but don't get the golden share, he'll be able to flog FP at his leisure? So many possibilities here - 1. Chinny is almost certain to take PKF to court over valuation and has nothing to lose, so he might as well play hardball now 2. How does Birchy's need to give the best deal to creditors square with the best deal being unacceptable to the FL? 3. Could he sell it to them anyway and call the FL's bluff over the golden share? 4. Could the PDT still get the club, but not the ground - plenty of precedence, BHA & Wimbledon both had their ground swiped from beneath them? 5. Would Harris & Co challenge the FL in court? The fun just really never ends, does it? Link to comment Share on other sites More sharing options...
qwertySFC Posted 7 February, 2013 Share Posted 7 February, 2013 I think ole Chinny has played a blinder here - suckered the HNI to pump cash into the club on a monthly basis - played the court card fully to his advantage and now may get even more cash directly paid to him - if Orville is a stooge for him "My position is secure, I will get my money back" and they fell hook line and sinker for it LOL Link to comment Share on other sites More sharing options...
jjsaint Posted 7 February, 2013 Share Posted 7 February, 2013 The fun never ends. Portsmouth Football Club - legend. Thanks for all the entertainment! Link to comment Share on other sites More sharing options...
Winchester Red Posted 7 February, 2013 Share Posted 7 February, 2013 This is reaching Dallas proportions. I'm sure I'm going to wake up in a minute and find the pompey are in the prem with a new training ground completed at Hayling and the new stadium set to be ready for next season. A couple of points off a champions league place with a game in hand. Is it all just a dream......... If it is I don't want to wake up Link to comment Share on other sites More sharing options...
derry Posted 7 February, 2013 Share Posted 7 February, 2013 Hold hard fellahs, the FL said CURRENTLY consider, that leaves the door open, litigation, appeals procedure, court ruling. I can't see the court putting anything other than a proper value on FP whatever that is. I also can't see the FL refusing to let a genuine buyer step in if PDT can't complete. I maybe wrong but I don't think it's over until it's over. Link to comment Share on other sites More sharing options...
Guan 2.0 Posted 7 February, 2013 Share Posted 7 February, 2013 There are many brilliant, awe-inspiring places on the earth and I fully believe that the PTS thread is one of them. Whatever happens to us, nothing will ever come close to this on tsw. So many guffaws, chortles and ruined keyboards. We may disagree on the main board but on here we are truly united. It's fantastic. I don't want it to end, but I fear it will. Oh well, at least we will have many brilliant memories. Well this was written just before the latest twist... and here we are again. This is indeed the gift that gives on giving. At this rate, I will have to put together another Neil Allan/hitler piece, On one hand, you have Colin Farmery over at the PST, begging people not to be swayed by an outfit that might have more than a promissory note signed 'PUP!' in its bid proposal: Colin Farmery, the trust’s spokesman, said: ‘The key thing people need to understand is the trust’s bid is ready to go. ‘It’s financed and this bid can go tomorrow. ‘News of any other bid is just speculation but the bottom line is the trust’s bid is ready to go. ‘We have always said a community-based bid is right for the club.’ Just as the first court appearance was a 'two minute rubber stamping job'. After all, court delays point to a robust bid! However, despite the fact they may have 50p to rub together, Keith Harris may now be left singing 'I wish i could buy' to himself ..wish I could buy, but i can't "Yes you can", no i can't. The FL won't let me : ( All of which leaves the blue few hopelessly split, realising that answering any difficult questions with "back the bid, the best way to ensure I can avoid answering any questions is to convert your pledges!" does not point to the best possible business model. Soon they may realise that even Joseph Karloff had a more 'robust' long term plan with his seaside shenanigans. Haaaaaaaaaaaaaaaarrrrrrrrrrrbourdome. After all, this decayed, patchwork visage, kept alive by unnatural and illegal means, bringing nothing but grief to those who thought they understood and control it, suits Portsmouth FC down to the (fat clogged) ground. Link to comment Share on other sites More sharing options...
qwertySFC Posted 7 February, 2013 Share Posted 7 February, 2013 THE Football League has given its verdict on Pompey’s administration situation – and it’s the supporters’ trust or bust. The organisation has said it will not consider any new bids for the club, other than that by the Pompey Supporters’ Trust (PST). http://www.portsmouth.co.uk/sport/pompey/football-league-says-it-won-t-consider-any-new-bids-for-pompey-1-4766589 Link to comment Share on other sites More sharing options...
Winchester Red Posted 7 February, 2013 Share Posted 7 February, 2013 (edited) THE Football League has given its verdict on Pompey’s administration situation – and it’s the supporters’ trust or bust. The organisation has said it will not consider any new bids for the club, other than that by the Pompey Supporters’ Trust (PST). http://www.portsmouth.co.uk/sport/pompey/football-league-says-it-won-t-consider-any-new-bids-for-pompey-1-4766589 so close..... Just 50 posts too late Unless of course you're just pointing out that the snooze have belatedly caught up, in which case I withdraw my sarcasm and winky thing and instead congratulate you sir! Have a new and entirely different winky thing! Edited 7 February, 2013 by Winchester Red Uncertain whether my light-hearted sarcasm was justified! Link to comment Share on other sites More sharing options...
Waterside.saint Posted 7 February, 2013 Share Posted 7 February, 2013 (edited) Hold hard fellahs, the FL said CURRENTLY consider, that leaves the door open, litigation, appeals procedure, court ruling. I can't see the court putting anything other than a proper value on FP whatever that is. I also can't see the FL refusing to let a genuine buyer step in if PDT can't complete. I maybe wrong but I don't think it's over until it's over. I'm quite sure their cooling, twitching carcass of a club has one or two last jerks and gasps left in it yet, but its still a corpse. Its just that the penny hasn't dropped properly yet, owing to their not being overly blessed with critical faculties (putting it kindly). It'll be funny watching them work it out Edited 7 February, 2013 by Waterside.saint Link to comment Share on other sites More sharing options...
sidthesquid Posted 7 February, 2013 Share Posted 7 February, 2013 THE Football League has given its verdict on Pompey’s administration situation – and it’s the supporters’ trust or bust. The organisation has said it will not consider any new bids for the club, other than that by the Pompey Supporters’ Trust (PST). http://www.portsmouth.co.uk/sport/pompey/football-league-says-it-won-t-consider-any-new-bids-for-pompey-1-4766589 This particular quote in very plain - I see no room for manoeuvre - it is trust or bust (It's just such a difficult choice from our perspective) This means that in the event that the PST bid does not succeed and Portsmouth do not exit administration before the end of the current playing season, the club will lose its membership of The Football League.’ Link to comment Share on other sites More sharing options...
qwertySFC Posted 7 February, 2013 Share Posted 7 February, 2013 so close..... Just 50 posts too late Thats a lot of reading - and trying to keep up is hard work Link to comment Share on other sites More sharing options...
dubai_phil Posted 7 February, 2013 Share Posted 7 February, 2013 OK nutjobs. Are you ready for a mind numbing revelation? The last few months/years have NEVER been about saving pcfc. It has ALWAYS, (as so beautifully put all those years ago by Corpy) been about the LAND. My 50p worth is that the statement from the FL is music to the ears of the bidders from the East. They now don't have to fund a club next season and can worry only about how much profit they can make selling the plot to Tescos while letting Orville play at Moneyfields. Link to comment Share on other sites More sharing options...
Waterside.saint Posted 7 February, 2013 Share Posted 7 February, 2013 This particular quote in very plain - I see no room for manoeuvre - it is trust or bust (It's just such a difficult choice from our perspective) This means that in the event that the PST bid does not succeed and Portsmouth do not exit administration before the end of the current playing season, the club will lose its membership of The Football League.’ Music to my ears Link to comment Share on other sites More sharing options...
Winchester Red Posted 7 February, 2013 Share Posted 7 February, 2013 OK nutjobs. Are you ready for a mind numbing revelation? The last few months/years have NEVER been about saving pcfc. It has ALWAYS, (as so beautifully put all those years ago by Corpy) been about the LAND. My 50p worth is that the statement from the FL is music to the ears of the bidders from the East. They now don't have to fund a club next season and can worry only about how much profit they can make selling the plot to Tescos while letting Orville play at Moneyfields. As long as the judge doesn't do anything stupid that is...... (hmmmmm, my learned friends, I think £2.75m sounds like a nice number. Does that suit everybody (who's not from Honk Kong), Yes? Done! Next case) Link to comment Share on other sites More sharing options...
Crab Lungs Posted 7 February, 2013 Share Posted 7 February, 2013 Link to comment Share on other sites More sharing options...
krissyboy31 Posted 7 February, 2013 Share Posted 7 February, 2013 Where does this now leave the court adjournment? Surely the new date (August) takes us well past the point where the golden share is removed. Link to comment Share on other sites More sharing options...
andysstuff Posted 7 February, 2013 Share Posted 7 February, 2013 Where does this now leave the court adjournment? Surely the new date (August) takes us well past the point where the golden share is removed. August?? It's next Thursday. Link to comment Share on other sites More sharing options...
TopGun Posted 7 February, 2013 Share Posted 7 February, 2013 An interesting issue now will be how PKF and the PST can work together. Limited time, potentially a number of court cases, PKF don't believe in the PST bid and the PST will feel they have been stabbed in the back by Birch after today. Zero trust all around. Link to comment Share on other sites More sharing options...
Bobbyboy Posted 7 February, 2013 Share Posted 7 February, 2013 Notwithstanding any further twists to come today, isn't it the case that right now we're right where we were a couple of days ago except a few things have been made clearer? PST is still the official, only, game in town. Presumably court case must go ahead now to determine valuation of the fatpipes place. We're right where we were EXCEPT for what we now know - the FL will not accept any other bidders, Pompey will be thrown out of the league if they do not exit admin "before the end of the current playing season" and Chainrai seems to have revealed his plans through Harris, and has been told 'no'. So aside from knowing a lot more and seeing who has played what cards, aren't we just exactly where we were earlier in the week with PST trying to scrabble money together and nutjobs asking where the money is going to come from? I'm not sure, it's a genuine question - has anything material really changed now? Link to comment Share on other sites More sharing options...
pedg Posted 7 February, 2013 Share Posted 7 February, 2013 The logic of the league statement is odd to me. The trust takeover has been meandering around for ages now another party comes in and looks set to get the club out of admin almost over night but: the Board took the view that any change of preferred bidder at such a late stage would only create further uncertainty But the other people taking over and getting the club out of admin would reduce the uncertainty would it not? To me it has the ring of a political statement that sounds plausible to start with but when you actually think about it the defence of the position has nothing to do with the circumstances in hand. Link to comment Share on other sites More sharing options...
dubai_phil Posted 7 February, 2013 Share Posted 7 February, 2013 Notwithstanding any further twists to come today, isn't it the case that right now we're right where we were a couple of days ago except a few things have been made clearer? PST is still the official, only, game in town. Presumably court case must go ahead now to determine valuation of the fatpipes place. We're right where we were EXCEPT for what we now know - the FL will not accept any other bidders, Pompey will be thrown out of the league if they do not exit admin "before the end of the current playing season" and Chainrai seems to have revealed his plans through Harris, and has been told 'no'. So aside from knowing a lot more and seeing who has played what cards, aren't we just exactly where we were earlier in the week with PST trying to scrabble money together and nutjobs asking where the money is going to come from? I'm not sure, it's a genuine question - has anything material really changed now? The Court case was about what PDT valued the Land at (as backed by PKF) Now there is a new "official" bid (but not recognised by the FL) it places the valuation in serious doubts WHICH was always going to be Chinny's Ace up the sleeve. Link to comment Share on other sites More sharing options...
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