suewhistle Posted 4 July, 2011 Share Posted 4 July, 2011 Actually, serious question- who have you brought in so far, anyone any good? We already have a squad (an eleven a side one). We aren't desperate to bring anyone in. As for the stadium, we clearly could afford it but suffered from some crap football and commercial management: I know you'll empathise.. The written off debt wasn't that great and the lenders had already had a good return from us, particularly given how interest rates had come down. There really is no comparison. Link to comment Share on other sites More sharing options...
Depressed of Shirley Posted 4 July, 2011 Share Posted 4 July, 2011 Why not try reading it again and actually think about the context in which it's written? He's not comparing us in any way with Man U and Barca apart form the fact that they both have similarly proportional levels of debt to us. Man U's debt stood at £590 million in 2009-10, up around £25 million from the previous year. Barca's debt in the same season was 442m euros (£369.5m) after a loss of more than 77m euros (£64.36m) the season before. Hardly 'living within their means' is it? Hmmm, what in the same way seem to think it's excusable to build a stadium you clearly couldnt afford, the wreckage of which left Aviva clients up and down the country paying more because you defaulted on the mortgage. Most of that money you still owe Aviva will NEVER be repaid. And you call us cheats! You spent money you didn't have on a stadium, we spent money we didn't have on players. We're both as bad as each other..... But we did have the money to pay for the stadium, we were never behind on the repayments, nor did we lie to Aviva about our ability to repay. Aviva were shafted because Barclays pulled the plug over a £4m overdraft. If we had Peter Storrie in charge, we would have got Aviva to fund an expansion to 80,000, and then told them we couldn't pay. Link to comment Share on other sites More sharing options...
Wes Tender Posted 4 July, 2011 Share Posted 4 July, 2011 Why not try reading it again and actually think about the context in which it's written? He's not comparing us in any way with Man U and Barca apart form the fact that they both have similarly proportional levels of debt to us. Man U's debt stood at £590 million in 2009-10, up around £25 million from the previous year. Barca's debt in the same season was 442m euros (£369.5m) after a loss of more than 77m euros (£64.36m) the season before. Hardly 'living within their means' is it? Hmmm, what in the same way seem to think it's excusable to build a stadium you clearly couldnt afford, the wreckage of which left Aviva clients up and down the country paying more because you defaulted on the mortgage. Most of that money you still owe Aviva will NEVER be repaid. And you call us cheats! You spent money you didn't have on a stadium, we spent money we didn't have on players. We're both as bad as each other..... Another Skate who just doesn't get it. Yes, Man Ure's and Barcelona's debts are large. But they do have the income from merchandising, matchday revenue and their ownership to sustain it. Both are World brands and can easily attract investment or changed ownership if the need arose. Nobody is accusing them of trading while insolvent, which is almost certainly what Pompey were doing. Do you not see the difference? No, I didn't think so. As to our situation with the stadium, it was sustainable enough as a mortgage when we were in the Premiership, but when we were relegated, the revenue from attendances and the TV money dropped to make it tight. Even then it is arguable that had we had the support under Lowe that we had in the last season in the third division, we could still have afforded the stadium mortgage payments. Attendances dropped below the break-even point because many wouldn't put money into his pockets. But as much as he was dispised by many, at least he ensured that we cut our cloth according to our reduced circumstances, playing the youngsters and journeymen and we went under for a matter of a few thousands. If you really believe that you and us are the same when your players' wages were such an outlandish percentage of your income, then it is small wonder that you are held up as the prime example of how to cheat to win silverware and league position. Link to comment Share on other sites More sharing options...
pfc123 Posted 4 July, 2011 Share Posted 4 July, 2011 But as much as he was dispised by many, at least he ensured that we cut our cloth according to our reduced circumstances, playing the youngsters and journeymen and we went under for a matter of a few thousands. A few thousands? Aviva alone wrote off £16m on the stadium. You knew damn well that if you went down you were toast within a couple of years if you didn't get back up. If you really believe that you and us are the same when your players' wages were such an outlandish percentage of your income, then it is small wonder that you are held up as the prime example of how to cheat to win silverware and league position. Held up by who? No-one else cares anymore, only you lot on here. Actually, that's what his whole thread is about isn't it? The greenest of green envy. We won the FA cup on the back of players we couldn't afford once whoever the owner was ran out out of money, and you absolutely hate it... Bottom line is we both went bust. You got a stadium out of it, we got the FA cup. I'd say long term you got the better end of it..... Link to comment Share on other sites More sharing options...
Crab Lungs Posted 4 July, 2011 Share Posted 4 July, 2011 (edited) A few thousands? Aviva alone wrote off £16m on the stadium. You knew damn well that if you went down you were toast within a couple of years if you didn't get back up. Held up by who? No-one else cares anymore, only you lot on here. Actually, that's what his whole thread is about isn't it? The greenest of green envy. We won the FA cup on the back of players we couldn't afford once whoever the owner was ran out out of money, and you absolutely hate it... Bottom line is we both went bust. You got a stadium out of it, we got the FA cup. I'd say long term you got the better end of it..... You still don't get it, do you? Neither ours/Man U/Barcelona/Whoever else is/has been in debt is comparable to the situation. Yes, some clubs have huge debts - but they're huge clubs which can SERVICE them. It might not be right, but as you can see, they continuously pay their bills, whereas, even to this day, you continue to not bother (Tal Ben-Haim). Irrespective, most teams in debt cut their cloth accordingly. We did when we got shafted for being 4k over our overdraft (not £138m). We played youth players, loaned our bigger earners out - anything to get by without impacting on anyone. You lot? Nah, why bother? Screw charities, screw local businesses, screw the taxpayer and screw everyone if you can to continue to pay way beyond your means until the next drug/gun-running/mafioso type needs some cash cleansed. And you know what? You lot don't even seem to care who owns your club. As long as you get a couple of years cheating the odds you lot consider it "all worth it in the end". Because, like a Fratton whore, you'll do anything for a fix... quickie round the back, anal, a55-to-mouth... The difference is, you're a far from reluctant whore.. You're club is, alongside FIFA, one of the biggest skidmarks in modern-day football. Edited 4 July, 2011 by Crab Lungs Link to comment Share on other sites More sharing options...
Wes Tender Posted 4 July, 2011 Share Posted 4 July, 2011 A few thousands? Aviva alone wrote off £16m on the stadium. You knew damn well that if you went down you were toast within a couple of years if you didn't get back up. Held up by who? No-one else cares anymore, only you lot on here. Actually, that's what his whole thread is about isn't it? The greenest of green envy. We won the FA cup on the back of players we couldn't afford once whoever the owner was ran out out of money, and you absolutely hate it... Bottom line is we both went bust. You got a stadium out of it, we got the FA cup. I'd say long term you got the better end of it..... Yes, we went into administrations for the sake of a few thousands. We had exceeded our overdraft by that amount and Barclay's pulled the plug. Please keep up. The mortgage on the stadium was being serviced. You went under owing £130 million, but I can see how you can say that we are as bad as each other. Thankfully, it isn't just those on here that are concerned about it, as you will forever be known as the first club in the history of the Premiership to go under. Nobody can take that away from you. If you honestly believe that most on here would swap the recent past history of our two clubs, even the FA Cup, in return for near oblivion and your current situation being owned by the Russian Mafia, you really are seriously deluded. We attracted a proper Billionaire with clean honest money behind him, whereas you attract the crooks, the equivalent of flies attracted to ****. Us jealous of you? I don't think so. I reckon that now we are on an equal footing again, you realise damn well that we are passing you on the way up, whilst you are headed back to your natural position beneath us. Link to comment Share on other sites More sharing options...
View From The Top Posted 4 July, 2011 Share Posted 4 July, 2011 I seriously hope that every skate c**t dies a painful death. Link to comment Share on other sites More sharing options...
Channon's Sideburns Posted 4 July, 2011 Share Posted 4 July, 2011 I shall simply make a comparison to personal finances. When you use a small overdraft each month that gets repaid by your salary going in, that's manageable debt. When your pay goes in and you're still overdrawn, that's not manageable. You have to reduce your outgoings, buy Tesco Value Baked Beans and knock Sky on the head. You don't go out and sign up for a Gym Membership at Chewton Glen...again...and again...and again.... Saints did one thing, Poopey did the other. When we were in the sh1t, we made changes, whilst the blue oh-so-few continue to splash money on the never never. Oh...and I heard on the grapevine that Poopey have a new Financial Director. Arthur Sleepe. Link to comment Share on other sites More sharing options...
Colinjb Posted 4 July, 2011 Share Posted 4 July, 2011 Oh...and I heard on the grapevine that Poopey have a new Financial Director. Arthur Sleepe. Got to be better then their last financial director. Arthur Brain. Link to comment Share on other sites More sharing options...
pfc123 Posted 4 July, 2011 Share Posted 4 July, 2011 I seriously hope that every skate c**t dies a painful death. I know you don't agree with what I'm saying, but come on mate, thats a bit over the top isn't it? Link to comment Share on other sites More sharing options...
aintforever Posted 4 July, 2011 Share Posted 4 July, 2011 I see pfc123 is doing his best to live up to the 'Thick Skate' stereotype. There are so many difference between Saints' administration and the skates, it's not even worth starting to list them. Link to comment Share on other sites More sharing options...
OVER THE HILL Posted 4 July, 2011 Share Posted 4 July, 2011 I know you don't agree with what I'm saying, but come on mate, thats a bit over the top isn't it? It is wildly OTT but when you keep comparing chalk and cheese it's no wonder people on here are seriously ****ed off with you. Link to comment Share on other sites More sharing options...
Tamesaint Posted 4 July, 2011 Share Posted 4 July, 2011 Actually, serious question- who have you brought in so far, anyone any good? Not yet. We already have enough players to make up a team and have players left over for a subs bench. Do you?? Link to comment Share on other sites More sharing options...
benjii Posted 4 July, 2011 Share Posted 4 July, 2011 (edited) Hmmm, what in the same way seem to think it's excusable to build a stadium you clearly couldnt afford, the wreckage of which left Aviva clients up and down the country paying more because you defaulted on the mortgage. Most of that money you still owe Aviva will NEVER be repaid. And you call us cheats! You spent money you didn't have on a stadium, we spent money we didn't have on players. We're both as bad as each other..... you utter div. The stadium was financed on limited recourse debt. I wouldn't expect you to understand what that means but in summary it means that the lenders were prepared to take the risk that the stadium would be self-financing. That debt was later refinanced by Aviva. Again, they took the risk. Funnily enough, we never defaulted on any stadium repayments. Further to that, the moment it became clear we were insolvent (as a result of strange, inconsistent and aggressive behaviour by Barclays - nothing whatsoever to do with Aviva or the stadium) we raised the white flag and put ourselves into admin. And all this after a season of sacrificing our competiveness on the pitch to try and save money - Jan Poortvliet FFS?! Now, do you really think that's the same as what PFC did? There are so many distinguihsing facts, I can't be bothered to list them. No one views the Skates as morally reprehensible purely because they were insolvent (although to do it in the Prem when you are gifted £70m a year simply for turning up smacks, at best, of imcompetence and largesse on a reprehensible scale and at worst, of something altogether more sinister) - we view the Skates as disgusting for acting with complete disregard for all and for continually and deliberately adopting a strategy of cheating. Edited 4 July, 2011 by benjii Link to comment Share on other sites More sharing options...
NickG Posted 4 July, 2011 Share Posted 4 July, 2011 http://www.saintsweb.co.uk/showthread.php?31082-How-big-a-squad-do-you-need-for-championship&p=1080353#post1080353 Link to comment Share on other sites More sharing options...
NickG Posted 4 July, 2011 Share Posted 4 July, 2011 It was back to work for Pompey’s stars following their summer break. But five-a-sides were definitely not part of proceedings. Just eight players were present for the start of full pre-season training. Not even enough to be able to hold the traditional five-on-five match action. Still, at least recruits David Norris and Jason Pearce were present. They were joined by Ricardo Rocha, Aaron Mokoena, Joel Ward, Dave Kitson, Hayden Mullins and Jamie Ashdown. Link to comment Share on other sites More sharing options...
dubai_phil Posted 4 July, 2011 Share Posted 4 July, 2011 A few thousands? Aviva alone wrote off £16m on the stadium. You knew damn well that if you went down you were toast within a couple of years if you didn't get back up. ..... Aviva were FORCED to write off 16mil because somebody went to see a Bank Manager the day before he reduced our overdraft facility. We had the income to pay the next years due amount, but oh no, our bank Manager had a meeting and within days started a new job. Strangely at the same Administrator. yeah we were crook compared to the few.... Simply because that someone who had No role in the club when he met our Bank Manager made some promises... Oh and guess what - he got screwed by ML as well when he saved us. ONE day the man with the emails and the copy of the Appointments book will decide to make the facts known, until then he has a family to feed and damned good luck tyo him, but trust me there are some scared "influencers" out there trying to make sure that day never happens. 4 grand that's what we got screwed over. 4 fecking grand Link to comment Share on other sites More sharing options...
rallyboy Posted 4 July, 2011 Share Posted 4 July, 2011 it still makes me chuckle that some cannot tell the difference between servicable debt and imminent bankruptcy. 'Man Utd's debts are bigger than ours, why aren't they docked points?' mutter the dim few between their two teeth. Try to keep up, even Ho knows what insolvent trading is and how long his club was doing that - and probably still is. Link to comment Share on other sites More sharing options...
EastleighSoulBoy Posted 4 July, 2011 Share Posted 4 July, 2011 it still makes me chuckle that some cannot tell the difference between servicable debt and imminent bankruptcy. 'Man Utd's debts are bigger than ours, why aren't they docked points?' mutter the dim few between their two teeth. Try to keep up, even Ho knows what insolvent trading is and how long his club was doing that - and probably still is. I can't wait until the phew sign another player, that should guarantee the return of the Crack Ho and his insane gibberish. Meanwhile, it would seem, we have to make do with PFC123, The Ho's patsy. Link to comment Share on other sites More sharing options...
Dark Munster Posted 5 July, 2011 Share Posted 5 July, 2011 (edited) I see pfc123 is doing his best to live up to the 'Thick Skate' stereotype. There are so many difference between Saints' administration and the skates, it's not even worth starting to list them. Just after they went down pfc123 was so confident about Cheats FC's future that she said she wouldn't swap places with us 3 years from then. Well, it's been only just over 1 year, we're already in the same division, their squad is about 1/4 the size of ours, and they are owned by Russian money launderers versus our billionaire family. Did I mention Saints own our nice modern stadium outright, whereas Krap Nottarf is mortgaged to Chinny, with surrounding land owned by child maimer jr. Not to mention Chinny hovering around like a vulture ready to pick their carcass clean, and they still haven't serviced their CVA. But there is still hope for the Cheats: they are still ahead of us in the table - alphabetically. Edited 5 July, 2011 by Dark Munster Link to comment Share on other sites More sharing options...
Doctoroncall Posted 5 July, 2011 Share Posted 5 July, 2011 you utter div. The stadium was financed on limited recourse debt. I wouldn't expect you to understand what that means but in summary it means that the lenders were prepared to take the risk that the stadium would be self-financing. That debt was later refinanced by Aviva. Again, they took the risk. Funnily enough, we never defaulted on any stadium repayments. Further to that, the moment it became clear we were insolvent (as a result of strange, inconsistent and aggressive behaviour by Barclays - nothing whatsoever to do with Aviva or the stadium) we raised the white flag and put ourselves into admin. And all this after a season of sacrificing our competiveness on the pitch to try and save money - Jan Poortvliet FFS?! Now, do you really think that's the same as what PFC did? There are so many distinguihsing facts, I can't be bothered to list them. No one views the Skates as morally reprehensible purely because they were insolvent (although to do it in the Prem when you are gifted £70m a year simply for turning up smacks, at best, of imcompetence and largesse on a reprehensible scale and at worst, of something altogether more sinister) - we view the Skates as disgusting for acting with complete disregard for all and for continually and deliberately adopting a strategy of cheating. ...and let's not forget they are not even servicing the CVA. Link to comment Share on other sites More sharing options...
pfc123 Posted 5 July, 2011 Share Posted 5 July, 2011 ...and let's not forget they are not even servicing the CVA. Really? Interesting if true. Enlighten me, as my tiny brain is far too meagre to understand these things on my own Link to comment Share on other sites More sharing options...
pedg Posted 5 July, 2011 Share Posted 5 July, 2011 Really? Interesting if true. Enlighten me, as my tiny brain is far too meagre to understand these things on my own As I understand it Android managed to get the creditors to sign up to a CVA that allowed him to make changes to it. His first change was to delay the first round of payments. Link to comment Share on other sites More sharing options...
pfc123 Posted 5 July, 2011 Share Posted 5 July, 2011 Ok, can anyone enlarge on "As I understand it". Is it a fact or just hearsay? Link to comment Share on other sites More sharing options...
Gingeletiss Posted 5 July, 2011 Share Posted 5 July, 2011 Ok, can anyone enlarge on "As I understand it". Is it a fact or just hearsay? Fact, was reported by your very own Club paper, the News. Link to comment Share on other sites More sharing options...
pfc123 Posted 5 July, 2011 Share Posted 5 July, 2011 Nope, I must be really, really thick- can't find it.... Link to comment Share on other sites More sharing options...
Gemmel Posted 5 July, 2011 Share Posted 5 July, 2011 Nope, I must be really, really thick- can't find it.... http://www.uhy-uk.com/media/download/turnaround-and-recovery/PFC%20-%20November%20report.pdf Its all here. Link to comment Share on other sites More sharing options...
Crab Lungs Posted 5 July, 2011 Share Posted 5 July, 2011 Rightly or wrongly, it really comes to something when you have to rely on your bitterest rivals fans to fill in the blanks that your own club won't tell you. Fair play for investigating it more though, pfc123 Link to comment Share on other sites More sharing options...
Gorgiesaint Posted 5 July, 2011 Share Posted 5 July, 2011 (edited) http://www.uhy-uk.com/media/download/turnaround-and-recovery/PFC%20-%20November%20report.pdf Its all here. Well done Gemmel, just found that doc myself. Here's the salient points for you though pfc123... Accordingly, if £3 million is paid during the first nine months of the CVA then Newco will be obliged to pay the balance of £13.5 million over the remaining four year and three month period.**This translates to the Club having to pay approximately £3.375 million per year to fulfil these proposals.**The £13.5 million outstanding balance of the consideration, or the adjusted balance which takes into account a reduction in the creditor claims, will be engrossed within a sales and purchase agreement between the Newco and the Club. Unfortunately, the player sales did not reach the projected value and therefore the £3,000,000 contribution was not received. The payments which will now be made by PFCR into the liquidation are set out below: Contribution due - Due on 15% of 20% of the unsecured creditors’ claims agreed - In equal installments on 1 April 2012 and 15 August 2012 25% of 20% of the unsecured creditors’ claims agreed - In equal installments on 1 April 2013 and 1 September 2013 30% of 20% of the unsecured creditors’ - claims agreed - 1 April 2014 The balancing figure required in order to comply fully with the CVA proposal document approved by creditors on 6 May 2010 - By 17 June 2015 Hope that helps pfc123 Edited 5 July, 2011 by Gorgiesaint ******* tables don't copy & paste! Link to comment Share on other sites More sharing options...
Saint Lindford Posted 5 July, 2011 Share Posted 5 July, 2011 Ok, can anyone enlarge on "As I understand it". Is it a fact or just hearsay? The first payment to creditors was put back to April 2012 due to the fact Pompey failed by £3m to raise enough money through player sales to service the first part of the CVA. Link to comment Share on other sites More sharing options...
rallyboy Posted 5 July, 2011 Share Posted 5 July, 2011 not being harsh on pfc123 who seems genuinely interested, but I suspect that most pompey fans do not realise they have yet to exit administration correctly because the CVA hasn't even started. I bet most of the few think that their debts are all behind them, but in reality they haven't even looked at them yet. And that is why many football fans feel they are still cheating by paying out for players and massive wages when they can't even pay their current wagebill let alone the costs of the last few years. pfc123 - do you get why we are ****ed off now? At least paying the CVA would be a start but AA delayed it because the club was already trading insolvently due to the likes of Lawrence and Kitson's £20K a week. They did the crime but don't want to do the time. Link to comment Share on other sites More sharing options...
Gingeletiss Posted 5 July, 2011 Share Posted 5 July, 2011 not being harsh on pfc123 who seems genuinely interested, but I suspect that most pompey fans do not realise they have yet to exit administration correctly because the CVA hasn't even started. I bet most of the few think that their debts are all behind them, but in reality they haven't even looked at them yet. And that is why many football fans feel they are still cheating by paying out for players and massive wages when they can't even pay their current wagebill let alone the costs of the last few years. pfc123 - do you get why we are ****ed off now? At least paying the CVA would be a start but AA delayed it because the club was already trading insolvently due to the likes of Lawrence and Kitson's £20K a week. They did the crime but don't want to do the time. This! but don't expect an answer from pfc123, I'd like Ho's thoughts on the subject! Link to comment Share on other sites More sharing options...
gaz Posted 5 July, 2011 Share Posted 5 July, 2011 Praise the lord, Pompey are saved! http://boards.footymad.net/forum.php?tno=424&fid=203&sty=2&act=1&mid=2117047233 Link to comment Share on other sites More sharing options...
OldNick Posted 5 July, 2011 Share Posted 5 July, 2011 Praise the lord, Pompey are saved! http://boards.footymad.net/forum.php?tno=424&fid=203&sty=2&act=1&mid=2117047233 Im would think he'd be ok in our league. Link to comment Share on other sites More sharing options...
FloridaMarlin Posted 5 July, 2011 Share Posted 5 July, 2011 http://www.uhy-uk.com/media/download/turnaround-and-recovery/PFC%20-%20November%20report.pdf Its all here. I particularly liked these two bits: "As you are aware the Joint Administrators’ CVA proposal detailed that, as a result of a projected £15,000,000 in player sales, a contribution of £3,000,000 would be received into the CVA." "Unfortunately, the player sales did not reach the projected value and therefore the £3,000,000 contribution was not received." It does make you wonder how hard they tried to raise the £15m required through the sale of players. So, having failed to raise money through player sales to enable the CVA to be serviced, their cure for this is to SPEND money on signing new players. Two fingers, anyone? Link to comment Share on other sites More sharing options...
gaz Posted 5 July, 2011 Share Posted 5 July, 2011 Im would think he'd be ok in our league. I doubt it, the goals are the same size and he can't hit them in training Link to comment Share on other sites More sharing options...
mickn Posted 5 July, 2011 Share Posted 5 July, 2011 Praise the lord, Pompey are saved! http://boards.footymad.net/forum.php?tno=424&fid=203&sty=2&act=1&mid=2117047233 Nice quote in there about Pat Rice being English lol Link to comment Share on other sites More sharing options...
pfc123 Posted 5 July, 2011 Share Posted 5 July, 2011 (edited) Hope that helps pfc123 Well yes it does clarify things nicely. Yep, an interesting read: D) CVA PROGRESS TO DATE As you are aware the Joint Administrators’ CVA proposal detailed that, as a result of a projected £15,000,000 in player sales, a contribution of £3,000,000 would be received into the CVA. Below is a summary of the CVA proposals agreed by creditors on 17 June 2010 for ease of reference: However, it then goes on to say..... Accordingly, if £3 million is paid during the first nine months of the CVA then Newco will be obliged to pay the balance of £13.5 million over the remaining four year and three month period.**This translates to the Club having to pay approximately £3.375 million per year to fulfil these proposals.**The £13.5 million outstanding balance of the consideration, or the adjusted balance which takes into account a reduction in the creditor claims, will be engrossed within a sales and purchase agreement between the Newco and the Club. Unfortunately, the player sales did not reach the projected value and therefore the £3,000,000 contribution was not received. The payments which will now be made by PFCR into the liquidation are set out below: Contribution due - Due on 15% of 20% of the unsecured creditors’ claims agreed - In equal installments on 1 April 2012 and 15 August 2012 25% of 20% of the unsecured creditors’ claims agreed - In equal installments on 1 April 2013 and 1 September 2013 30% of 20% of the unsecured creditors’ - claims agreed - 1 April 2014 The balancing figure required in order to comply fully with the CVA proposal document approved by creditors on 6 May 2010 - By 17 June 2015' So, "...and let's not forget they are not even servicing the CVA." is totally wrong. The terms of the CVA clearly state that IF £15m isn't raised in player sales, the £3m payment is not made and the payment structure will be as above and will finish on 17 June 2015. Therefore, the first payment is due on 1st April 2012..... Edited 5 July, 2011 by pfc123 Link to comment Share on other sites More sharing options...
TopGun Posted 5 July, 2011 Share Posted 5 July, 2011 Now the Portsmouth News is saying £130K has been spent on refurbishing their training facilities... http://www.portsmouth.co.uk/sport/pompey/pompey-past/great-matches/meagre_playing_numbers_gives_plenty_of_food_for_thought_on_blues_return_1_2832508 Link to comment Share on other sites More sharing options...
OldNick Posted 5 July, 2011 Share Posted 5 July, 2011 Well yes it does clarify things nicely. Yep, an interesting read: D) CVA PROGRESS TO DATE As you are aware the Joint Administrators’ CVA proposal detailed that, as a result of a projected £15,000,000 in player sales, a contribution of £3,000,000 would be received into the CVA. Below is a summary of the CVA proposals agreed by creditors on 17 June 2010 for ease of reference: However, it then goes on to say..... Accordingly, if £3 million is paid during the first nine months of the CVA then Newco will be obliged to pay the balance of £13.5 million over the remaining four year and three month period.**This translates to the Club having to pay approximately £3.375 million per year to fulfil these proposals.**The £13.5 million outstanding balance of the consideration, or the adjusted balance which takes into account a reduction in the creditor claims, will be engrossed within a sales and purchase agreement between the Newco and the Club. Unfortunately, the player sales did not reach the projected value and therefore the £3,000,000 contribution was not received. The payments which will now be made by PFCR into the liquidation are set out below: Contribution due - Due on 15% of 20% of the unsecured creditors’ claims agreed - In equal installments on 1 April 2012 and 15 August 2012 25% of 20% of the unsecured creditors’ claims agreed - In equal installments on 1 April 2013 and 1 September 2013 30% of 20% of the unsecured creditors’ - claims agreed - 1 April 2014 The balancing figure required in order to comply fully with the CVA proposal document approved by creditors on 6 May 2010 - By 17 June 2015' So, "...and let's not forget they are not even servicing the CVA." is totally wrong. The terms of the CVA clearly state that IF £3m isn't raised in player sales, the payment structure will be as above and will finish on 17 June 2015. Therefore, the first payment is due on 1st April 2012..... the administrator was a very clever operator. Of course there is no incentive to get 3m in players sales and so any payments can be sidestepped for as long as possible. Link to comment Share on other sites More sharing options...
Glasgow_Saint Posted 5 July, 2011 Share Posted 5 July, 2011 Therefore, the first payment is due on 1st April 2012..... "Here is your money in full! sorry for the delay" April fools!! hahahaha we will pay next year we promise Link to comment Share on other sites More sharing options...
Danish Saint Posted 5 July, 2011 Share Posted 5 July, 2011 Now the Portsmouth News is saying £130K has been spent on refurbishing their training facilities... http://www.portsmouth.co.uk/sport/pompey/pompey-past/great-matches/meagre_playing_numbers_gives_plenty_of_food_for_thought_on_blues_return_1_2832508 Love how Clotterill is talking about signing...well...everyone. But taking a look at unknown players and trialists, that may come cheap? Naaaahhh... flick the V's at that ****e.... Link to comment Share on other sites More sharing options...
Gorgiesaint Posted 5 July, 2011 Share Posted 5 July, 2011 So, "...and let's not forget they are not even servicing the CVA." is totally wrong. The terms of the CVA clearly state that IF £15m isn't raised in player sales, the £3m payment is not made and the payment structure will be as above and will finish on 17 June 2015. Therefore, the first payment is due on 1st April 2012..... But the questions you should have been asking at the time were (1) how are we going to raise £15m in player sales? and (2) how hard did we try? Those schedules are the revised schedules having failed to raise the required £3m contribution. And in answer to your next question - you didn't raise £3m in player sales, let alone get near £15m to contribute £3m to the CVA. Link to comment Share on other sites More sharing options...
pfc123 Posted 5 July, 2011 Share Posted 5 July, 2011 not being harsh on pfc123 who seems genuinely interested, but I suspect that most pompey fans do not realise they have yet to exit administration correctly because the CVA hasn't even started. No, sorry you are wrong. Legally a CVA starts as follows: From http://www.insolventsolutions.com: Creditors Meeting: The CVA proposal will then be sent to all creditors, giving them at least fourteen days notice of the CVA creditors meetings. At the meeting, creditors or their elected representatives’ vote on the proposal and a majority vote of 75% in favour is needed for the proposal to be passed. The approved CVA arrangement then binds every party who had notice of the meeting, regardless of whether or not they were present or represented at the meeting. The CVA Begins: From this point, you and your company are required to make the agreed monthly payments as detailed in the CVA proposal. With the help of our professional insolvency experts, the CVA will be structured in a way to give your company the best chance at making these payments and going forward, debt-free. These payments must be made in order to prevent any further legal action being taken against the company and failure to make payments usually leads to liquidation, although changes and reductions can be made at a later date if necessary. The CVA Ends: Once the agreed period of the CVA has been completed and all the payments made, the company is no longer in a CVA state and is considered legally debt-free. And before you all start getting excited about 'monthly payments', payments can be made to a timetable agreed by the creditors. The CVA has well and truly started, ok? pfc123 - do you get why we are ****ed off now? At least paying the CVA would be a start but AA delayed it because the club was already trading insolvently due to the likes of Lawrence and Kitson's £20K a week. They did the crime but don't want to do the time. No. The £3m initial payment was deferred due to us not raising £15m in player sales- a condition that was agreed by the creditors on 17th June 2010 as part of the CVA. We also show a £300k profit during the period to April 5th 2011 so how are trading insolvently? Clearly we're not, so you're wrong there too..... Link to comment Share on other sites More sharing options...
Gorgiesaint Posted 5 July, 2011 Share Posted 5 July, 2011 We made a profit by not paying some of our bills.... Link to comment Share on other sites More sharing options...
pfc123 Posted 5 July, 2011 Share Posted 5 July, 2011 But the questions you should have been asking at the time were (1) how are we going to raise £15m in player sales? and (2) how hard did we try? Those schedules are the revised schedules having failed to raise the required £3m contribution. And in answer to your next question - you didn't raise £3m in player sales, let alone get near £15m to contribute £3m to the CVA. No, they are not "revised schedules", they are the clear and unambiguos terms of the CVA as proposed by the administrator and voted in favour of by the creditors. End of... Link to comment Share on other sites More sharing options...
Gingeletiss Posted 5 July, 2011 Share Posted 5 July, 2011 We also show a £300k profit during the period to April 5th 2011 so how are trading insolvently? Clearly we're not, so you're wrong there too..... How the ferk, can you be in profit, and still owe outstanding wages to one of your players, come on Einstein, pray tell! Link to comment Share on other sites More sharing options...
pfc123 Posted 5 July, 2011 Share Posted 5 July, 2011 Now the Portsmouth News is saying £130K has been spent on refurbishing their training facilities... http://www.portsmouth.co.uk/sport/pompey/pompey-past/great-matches/meagre_playing_numbers_gives_plenty_of_food_for_thought_on_blues_return_1_2832508 So what? We made a 300k profit last year. We're not trading insolvently, the debt is ringfenced and being dealt with under the terms of the CVA, so we are free to spend if we want. Anyway, it doesn't say Pompey have paid for the refurb- as we rent the ground, it could be that the Uni has paid for it....... Link to comment Share on other sites More sharing options...
pfc123 Posted 5 July, 2011 Share Posted 5 July, 2011 the administrator was a very clever operator. Of course there is no incentive to get 3m in players sales and so any payments can be sidestepped for as long as possible. Administrators are paid to be clever- that's their job.... Link to comment Share on other sites More sharing options...
pfc123 Posted 5 July, 2011 Share Posted 5 July, 2011 How the ferk, can you be in profit, and still owe outstanding wages to one of your players, come on Einstein, pray tell! Because we're in dispute with him, not that we haven't got the money! Keep up...... Link to comment Share on other sites More sharing options...
Recommended Posts