Pompey Takeover Saga

[dune]

I wouldn't like to see them become extinct, just be below us and us playing them regularly. Winning derbies is what it's al abpout and we need to a) have a rival, and b) play them for this to happen.

[hutch]

However you are right that the loan funding the administration is separate from the debt incurred by the company prior to the administration.

And the very interesting question is which of those categories of debt have priority if it comes to distribution of the assets to creditors (in a time-related kind of way)?

 

I think I know the answer, but it would be nice if somebody who actually knows would confirm.

[Dark Munster]

http://www.newsoftheworld.co.uk/sport/football/845109/PORTSMOUTH-FACING-A-NEW-D-DAY.html

 

The endgame may be approaching.

 

AA: "If our proposals are not accepted on Thursday, we will adjourn the meeting for up to 21 days. We can then come back with another proposal. "But if that was not accepted, we would have to try to sell the club in administration.

"There would be a risk of another points deduction for breaking Football League rules.

"That, and the large debts, would make it very hard to sell the club. And if we can't sell, then it would be a case of closing the club down. Thursday is a huge day, but I'm confident we'll do it."

 

In other words, if you don't play by our rules say goodbye to the club, the parachute payments, and you'll get sod all.

 

He's bluffing, creditors!

 

CHEATING BASTARDS

[Dark Munster]

Every day I log in hoping to see the following headline: "Portsmouth Football Club passed away peacefully last night after a long illness".

 

Oh well, until tomorrow.

 

Why would you want them to pass away peacefully? :cool:

[Dark Munster]

I expect Comical Andy to do something similar to leeds.

 

In leeds original cva the creditors were offered 1%, however the day before the cva vote this was raised to 8%. I expect Comical Andy to change his cva this week to something like 21% (from 20%) and 40% (from 5%) if they get promoted to the PL. i.e. he will attempt to make out they are offering 60+% which should get a "one liner" on SSN & the papers.

 

In the leeds situation there was also a last min credit note from a BVI company that just so happen to take the vote to 75.2% in favour.

I expect Comical Andy to try something similar this week, either refuse to accept HMRC image rights claim or add some more debt from a BVI company. He will then say the cva has been passed.

 

Leeds then insisted that the FL give them their Golden Share, however they refused and told them to wait for the 28 day cooling off period.

After 27 days and 23 hours HMRC went back to the High Court to "block" the cva. I believe something similar will happen with CHEATS FC.

 

Leeds then accepted the 15point penalty because the Admininistraor said he could not pay for Leeds to stay in Admin.

This is where thinks might change in that the Skates may take another loan (original loan of £6M repaid at £9.2M imo will run out at the end of July) OR they may follow the leeds situation and come out of Admin without a cva (-15pts).

 

All imo.

A good summary of the similarities and differences between Leeds and the CHEATING BASTARDS. The big difference of course are the huge parachute payments, the promise of which is keeping the rotten corpse on life support.

[OldNick]

"But if that was not accepted, we would have to try to sell the club in administration. '

 

 

Is that not what he should have been doing all along?

[Kingsbridge Saint]

Although a club can technically stay in administration all season, AA's statement seems to imply that it would not be commercially feasible and that he would have to liquidate. That is either a bluff, or an admission that they are STILL living beyond their means and continue to be CHEATING BASTARDS.

[suewhistle]

"But if that was not accepted, we would have to try to sell the club in administration. '

 

 

Is that not what he should have been doing all along?

 

To be fair, even if he was he doesn't exactly have a great product. Perhaps we can all come up with a list of Pompey's USPs - unique selling points. I'll start:

 

- great fans, but only about 16000 of them (and falling)

[Gingeletiss]

To be fair, even if he was he doesn't exactly have a great product. Perhaps we can all come up with a list of Pompey's USPs - unique selling points. I'll start:

 

- great fans, but only about 16000 of them (and falling)

 

Great shop products, as discounted prices!

[dubai_phil]

Interesting gossip.

 

So allegedly Mr Hunt of Griffins has a "Reputation". He sees himself as some crusader for good in amongst the evil of the IP world and will come out all guns blazing wherever he sees wrong.....

 

But, strangely, the same tales seem to indicate that he only does this when it is something that may earn money or promote his own self important ego to be even higher profile.

 

So, while the crusade that appears to have been launched against AA is Manna from Heaven for thread watchers, it could well be that the ulterior motives behind it all are not as we would hope for, and AA may actually turn out to be the lesser of two evils for all of us (the Watchers and the Skates).

 

Like I mentioned, interesting days of discussions ahead down this way, hope I don't run out of beer to ply my source with

[dubai_phil]

AA: "If our proposals are not accepted on Thursday, we will adjourn the meeting for up to 21 days. We can then come back with another proposal. "But if that was not accepted, we would have to try to sell the club in administration.

"There would be a risk of another points deduction for breaking Football League rules.

"That, and the large debts, would make it very hard to sell the club. And if we can't sell, then it would be a case of closing the club down. Thursday is a huge day, but I'm confident we'll do it."

 

In other words, if you don't play by our rules say goodbye to the club, the parachute payments, and you'll get sod all.

 

He's bluffing, creditors!

 

CHEATING BASTARDS

 

 

No, surely not. Another points deduction? How can that be, he's been telling everyone all along that they are safe from any more Points Deductions.

 

Wow, just imagine the sudden heartbreak and trauma on the skate sites when they read that he may not have told them the whole story...

[suewhistle]

Like I mentioned, interesting days of discussions ahead down this way, hope I don't run out of beer to ply my source with

 

We have every confidence in your supplies of beer DP, plus the odd visit to your favourite dive to help things on their way.:-)

[hutch]

Interesting gossip.

 

So allegedly Mr Hunt of Griffins has a "Reputation". He sees himself as some crusader for good in amongst the evil of the IP world and will come out all guns blazing wherever he sees wrong.....

 

But, strangely, the same tales seem to indicate that he only does this when it is something that may earn money or promote his own self important ego to be even higher profile.

 

So, while the crusade that appears to have been launched against AA is Manna from Heaven for thread watchers, it could well be that the ulterior motives behind it all are not as we would hope for, and AA may actually turn out to be the lesser of two evils for all of us (the Watchers and the Skates).

 

Like I mentioned, interesting days of discussions ahead down this way, hope I don't run out of beer to ply my source with

But I think I recall that Griffins were appointed in the past by HMRC as a replacement in one of AA's previous dodgy admins where he was booted out. So there is previous track.

[EastleighSoulBoy]

To be fair, even if he was he doesn't exactly have a great product. Perhaps we can all come up with a list of Pompey's USPs - unique selling points. I'll start:

 

- great fans, but only about 16000 of them (and falling)

 

They have a CWAB.

 

 

Oh, sorry! You said selling points!

[sidthesquid]

Interesting gossip.

 

So allegedly Mr Hunt of Griffins has a "Reputation". He sees himself as some crusader for good in amongst the evil of the IP world and will come out all guns blazing wherever he sees wrong.....

 

But, strangely, the same tales seem to indicate that he only does this when it is something that may earn money or promote his own self important ego to be even higher profile.

 

 

And your point is...?

I've never yet met an accountant that isn't first and foremost interested in his own bank account. But if he is happy to take on shady dealings by others, bring him on. Only sounds like good news to me.

[OldNick]

And your point is...?

I've never yet met an accountant that isn't first and foremost interested in his own bank account. But if he is happy to take on shady dealings by others, bring him on. Only sounds like good news to me.

Unless he really does have a great strategy that makes them stronger longterm

[gaz]

Remember that Chanrai is the driving force, he appointed HY. AA is creating more debt for Chanrai to claim, in a roundabout way. I bet they try and stiff the HMRC with that to drop them below the 25%

 

Could HMRC retrospectively fine them and bring themselves back into play above the 25% mark? Didn't they do that already last month?

[hypochondriac]

Good to see this hasn't disappeared!

[Matthew Le God]

Phew its still here.

[Dark Munster]

Unless he really does have a great strategy that makes them stronger longterm

I don't see how getting 60p-99p in pound back to the creditors, as opposed to on 20p, will make the club stronger. The creditors will be richer, but not the club, which will have to survive (if it can) on a shoestring.

[Saint in Paradise]

AA is supposed to be working for the creditors not the ******* football club.

[Gingeletiss]

I don't see how getting 60p-99p in pound back to the creditors, as opposed to on 20p, will make the club stronger. The creditors will be richer, but not the club, which will have to survive (if it can) on a shoestring.

 

Is this post for real? ffs, the creditors should get all their money back.

[tony13579]

The club is more likly to be sold at a fair price to an owner with local connections and passion once the debts are repaid.

At the present with £120 million of debt the club is so weak. Once the debt is repaid the club will be stronger. Smaller, but stronger.

[Wes Tender]

Agreed. They should be a massive threat to every other team in the Conference.

[pedg]

Agreed. They should be a massive threat to every other team in the Conference.

 

Correct, assuming you mean the Conference South and not in with the big boys.

[trousers]

Good to see this hasn't disappeared!

 

Unlike the Saints takeover epics from 2007/08 that got "corrupted" around the time of the last forum migration.... ;-)

 

Edit: smilies entered in text form (e.g. :-) ) do not get auto-converted to the equivalent smilie picture like they used to.... quick, backout the transformation!

[hypochondriac]

you are still harping on about this i see trousers!

[View From The Top]

Is this post for real? ffs, the creditors should get all their money back.

 

Agreed 100%!

[Wes Tender]

But of course. Ground sharing with the mighty Havant and Waterlooville for preference.

[Under Weststand]

Is this post for real? ffs, the creditors should get all their money back.

 

Precisely! that is what the blue few seem to forget, they've got so caught up in the Chainrai AA nonsense, & their belief that they can get something for nothing over the past few years. That the very idea that they should actually pay for something aka the griffin proposal is just so ridiculous to them.

[Saint_Ash]

AA: "If our proposals are not accepted on Thursday[/b], we will adjourn the meeting for up to 21 days. We can then come back with another proposal. "

 

Why should this be the case, Android should have put together the best possible package for the Creditors already, if he rejigs the figures after it's refused so they get more p to the £ then it proves he was never working in the best interest of the creditors to start with.

 

I'm looking forward to the conclusion of all this.

[rpb]

AA is supposed to be working for the creditors not the ******* football club.

 

I may be wrong but, as an administrator, isn't his job to get the club into a viable position? If he were the liquidator then he would be working for the creditors...

[Doctoroncall]

I may be wrong but, as an administrator, isn't his job to get the club into a viable position? If he were the liquidator then he would be working for the creditors...

 

Correct, while maximising the return to the creditors the administrator needs to leave a viable business so at least the CVA can be completed. The Griffins report has clearly shown he hasn't done that.

Edited 14 June, 2010 by Doctoroncall
lost text.

[NickG]

is AA their new manager?

 

Talks about type of player he feel suited and the dressing room spirit?

 

http://www.portsmouth.co.uk/behind-the-scenes/Pompey-aim-to-buy-British.6359884.jp

[rallyboy]

the problem is he's ignoring the creditors and hoping they go away, not really his remit.

 

His job is to responsibly manage the debt, not increase it to a ludicrous level - his luck must be running out.

[Chopper71]

Correct, while maximising the return to the creditors the administrator needs to leave a viable business so at least the CVA can be completed.

 

No, he is solely responsible for maximising the return to the creditors - it might be that creating a viable business does that but if it doesn't he will be duty bound to ask for the company to be wound up. Of course a viable business needs customers - luckily they have the createst fans in the world TM, of which about 1k have bought a season tickect.

[saintjay77]

I don't see how getting 60p-99p in pound back to the creditors, as opposed to on 20p, will make the club stronger. The creditors will be richer, but not the club, which will have to survive (if it can) on a shoestring.

 

But much of the creditors are the local business's that have supported the club up till now. Would they support the club in the future so well if they can only expect to get 20p in the pound whle the club continue to live above its means?

 

If the creditors are happy that everything has been done to pay debts and make the club sustainable they are more likly to support it going forward.

[aintforever]

I may be wrong but, as an administrator, isn't his job to get the club into a viable position? If he were the liquidator then he would be working for the creditors...

 

There is no reason why "viable position" shouldn't mean leaving them in League 2 though.

 

They can easily pay back more than 20p in the pound and stlll be a viable business, it's not the administrators job to make sure they have a team good enough to challenge for promotion or even good enough to stay in the Championship.

[sidthesquid]

I think it's about scaling down aspiration ready for the Wessex League. First it's 'we only want British players, next it will be 'we need to focus on Hampshire based players', then finally 'we only want those truly committed to Poopey - those that were born & raised on Portsea island.'

[Under Weststand]

I suppose it depends on you view of a viable buisness, if your from the blue few its creating a situation where you pay the absolute minimum to creditors. And then provide another expensive team (£10,000 a week wages) to try to gain promotion once again. But the Administrator should be working to get as much money back for creditors, but still leaving a club (buisness) capable of living within its means that is what I thought the administrator is supposed to do. If he can't do that then it is his job to then liquidate the buisness

So either way it should leave "the best fans in the world" a massive cash pot to run the club when they sell out Krap Notarf week in week out......................................Oh!

[Gorgiesaint]

is AA their new manager?

 

Talks about type of player he feel suited and the dressing room spirit?

 

http://www.portsmouth.co.uk/behind-the-scenes/Pompey-aim-to-buy-British.6359884.jp

 

Ah, it's always good to start the new week knowing that delusion still exists at the east end of the M27

 

Why can't we afford foreign players......the Championship is the fourth most watched league in Europe so it is quite an attractive proposition for talented footballers everywhere. If we are to have a salary cap we can offer those wages to everyone surely? Buying British only is so seventies !!

 

Nope, still not quite grasped it yet!!

[landford.saint]

Precisely! that is what the blue few seem to forget, they've got so caught up in the Chainrai AA nonsense, & their belief that they can get something for nothing over the past few years. That the very idea that they should actually pay for something aka the griffin proposal is just so ridiculous to them.

 

Something for nothing is what they expect. When did you last hear of a hard working pikey. There all on benefits. We are paying fot them.

[Matthew Le God]

New manager to be announced on Thursday afternoon.

 

http://www.portsmouth.co.uk/sport/Pompey-close-to-unveiling-new.6359873.jp

 

(although it is dependent on the CVA so most likely won't happen)

[OldNick]

god that is galling. A clean slate ,no points deductions a bright new manager and then a push for promotion.Chanrais plan seems to be going swimmingly

[Weston Super Saint]

New manager to be announced on Thursday afternoon.

 

http://www.portsmouth.co.uk/sport/Pompey-close-to-unveiling-new.6359873.jp

 

(although it is dependent on the CVA so most likely won't happen)

 

Lol at The News managing to get the four letters of HMRC all muddled up

 

I like the way AA says it 'has' to happen for a number of reasons, almost the last desperate plea to the local creditors to vote for the CVA even though he knows he stands no chance!

[RedAndWhite91]

I wonder how it feels for such a big club like Pomp*y with the bestest fans in the whole wide world to be in the Carling Cup 1st Round draw, along with us, and with teams like Cheltenham and Dagenham and Redbridge.

[Matthew Le God]

god that is galling. A clean slate ,no points deductions a bright new manager and then a push for promotion. Chanrais plan seems to be going swimmingly

 

Apart from the huge hints in industry publications that HMRC will reject the CVA?

[St Marco]

god that is galling. A clean slate ,no points deductions a bright new manager and then a push for promotion.Chanrais plan seems to be going swimmingly

 

A long way to go before that happens fella!

 

The way i see it is thursday is judgement day. If the CVA is rejected (which obviously HMRC will) then they have to go back and come up with either a better offer or potentially start the shutting down process. If the CVA is accepted then i wonder if we will then see that whole financial iregularities thing happen.

 

Plus i doubt HMRC will just let it go. Pompey have been in admin since february, 4 months ago. In that time how have they scaled back costs? The admin team seem to be doing a very poor job of cutting costs by the looks of things.

[FMPR]

13 players out of contract, redundancies of staff

[stevegrant]

13 players out of contract, redundancies of staff

85 (I think?) low-paid staff laid off, one (presumably) expensive CEO recruited - despite the CEO duties being what AA is supposed to do as administrator!