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Pompey Takeover Saga


Fitzhugh Fella

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Lol! A long winded ramble quoting the desperately weak stat about having more derby wins than us, followed by the statement that we don't have "...much left to hold onto."

 

If ever there was a case of the pot calling the kettle black!

 

As for earlier similarly desperate attempts to run down our list of honours, since when has 3 years been ancient history? You've been dining out on your single major trophy for 35 years! Once again, the words 'pot' and 'kettle' spring to mind....

 

Fine, if you want to talk about recent history you've won (well, bought) 1 FA Cup where we have won 1 Johnstone's Paint Trophy.

 

And it was an FA cup win done by assembling a squad that you had no intention of paying for with your own money, racking up £120 million of debt whilst conning money out of various cancer charities and other local businesses (some of which have gone bust) through creative accounting. All celebrated by 200,000 people on Southsea Common of which barely 10,000 can even be bothered to turn up to home games.

 

Course you're going to be proud of that, we wouldn't expect anything less.

 

How is the new stadium coming along by the way?

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Fine, if you want to talk about recent history you've won (well, bought) 1 FA Cup where we have won 1 Johnstone's Paint Trophy.

 

And it was an FA cup win done by assembling a squad that you had no intention of paying for with your own money, racking up £120 million of debt whilst conning money out of various cancer charities and other local businesses (some of which have gone bust) through creative accounting. All celebrated by 200,000 people on Southsea Common of which barely 10,000 can even be bothered to turn up to home games.

 

Course you're going to be proud of that, we wouldn't expect anything less.

 

How is the new stadium coming along by the way?

 

TCWTB - The Pompey mascot, the Pride of Pompey, the Symbol of Pompey

 

No wonder he stinks of pee, and pee'd on our stadium - he knows no better as they dont have a toilet yet at Nottarf Krap... but when they do, they will be the proudedst bestest fans in the land and eternally grateful for the health and safety board for forcing the russian mafia to install a toilet... massive, simply massive

 

Pompey%2520fans%2520at%2520wigan.jpg

 

And whats all this undeveloped giant all about and the 30k fantasy?

 

This picture gets me everytime, mostly because the game is in play - it dosent get much better than this!

 

 

Any inside info from the mods on POL Corporate? Y'know, the well placed sources whom you see socially every two weeks!

 

Well done to the skate trolls for firing up the thread whilst we await the appointment of this Voldermort chap (but gents, stop biting, this is our thread!), I wonder how much it will grate him when he discovers TBH earns 2.5x his weekly wage in a day, PMSL

 

Dubov 'we want to be a proper club'

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The tone of this thread is changing. For those of you on here for whom this has become a big part of of your lives, the awful truth must be now dawning. Not only are nasty old Pompey not going to disappear, they are stabilising on the road to recovery.

 

One of the side effects of this realisation is the ever more ludicrous and desperate attempts to erase certain facts from history. We DID sell out every wembley visit- count them, there were five in three years. There WERE 200,000 people along the route of the cup parade and at the common, and we HAVE won more honours than you will EVER win.

 

You'll all be swearing man never went to the moon next.....

 

Poor deluded fool, They have won a few home games and ordered a few new bogs, a clock and some guttering and think the track ahead is clear.

Look over your shoulder!. There is a fraight train coming!

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post-war attendances, past silverware, sepia glory days? - yet the recent cup final captain was left unpaid.......so these current arguments are just straws being clutched to distract from the league table.

We have come back from nearly 50 league places below them, and for the moment appear to be doing quite nicely thank you.

 

Tis very simple - this thread has been incorrectly named all along - it should be pompey overtaken.

 

That has clearly happened - and if we gain promotion in the next year or two it would be a fitting way to end the thread.

Overtake completed, au revoir for 27 years plus.

 

They are being squeezed from both sides, there's little light at the end of the blue tunnel, so small victories must be celebrated.

When our historic and staggering home run falters, as it will, no doubt the gobby ones will be all over it like caravanners on their sisters at communal bathtime - if there is such a thing.

 

Personally if my team had surrendered 60 odd league places to arch rivals in the blink of an eye, I wouldn't be on other team's boards boasting about a slightly dodgy history, especially as the present hurts greatly, and the future looks fragile at best.

 

For me they will only be accepted back into football league life proper when the CVA has been addressed and the local businesses and charities placated.

They are still playing outside the rules while those issues remain outstanding, as they have been since Mandaric overspent on promotion.

 

Perhaps this £2K a week manager offer is the start of prudent spending, if so that should be applauded.

 

But there is little else to cheer the few so sympathy for the deluded feisty ones seems to be the kindest action.

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really don't understand why ho and 123 insist on posting on here, telling us how many league trophies they won when their grandparents were alive. In what way is that relevant or should any one of us ever care?

 

Stop living in the past fish fiddlers. Will you still be bleating on about it when you're propping up league 2?

 

Also if you're that desperate to drag up old stats.. when the Southern League was the main competition in the South of England up until 1920, and equivalent to the FL in the north, we won the competiton 6 times, you won it twice. So I make that 6 league titles to your 4.

 

But I doubt you care... just like we dont

Edited by COMEONYOUREDS
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really don't understand why ho and 123 insist on posting on here, telling us how many league trophies they won when their grandparents were alive. In what way is that relevant or should any one of us ever care?

 

Stop living in the past fish fiddlers. Will you still be bleating on about it when you're propping up league 2?

The past glories are all they have to hold on to.

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Lol! A long winded ramble quoting the desperately weak stat about having more derby wins than us, followed by the statement that we don't have "...much left to hold onto."

 

If ever there was a case of the pot calling the kettle black!

 

As for earlier similarly desperate attempts to run down our list of honours, since when has 3 years been ancient history? You've been dining out on your single major trophy for 35 years! Once again, the words 'pot' and 'kettle' spring to mind....

 

If it irks you so much, why do you persist on coming onto our forum? We are all satisfied that we are the bigger and more successful club, both now and in the past. In recent history, you had a handful of years in the top flight, compared to our 27 year stint. Even before we were in the top flight, we were most often above you further down too. You bought the FA Cup with money you didn't have, resulting in your administration. It will forever be a matter of historic record that you were the very first Premiership club to go into administration.

 

When you were First division champions, it was the year of my birth, just a short while after the war. We achieved second spot years later without the aid of the footballers who had been stationed near Pompey in that war time era, so a much greater achievement. We won our FA Cup from the second division, again a far greater achievement than your two. Cups apart though, in all my life, apart from a short few years more recently, we have been the dominant team on the South Coast. Now we are back where we belong, above you. That is how it will stay, probably for the remainder of my life.

 

As for your assertion that we will never win more honours than you, you won two FA Cups, so anything is possible, wouldn't you say?

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I don't know why you lot all rise to the bait. Who cares what they won in the 1930s? Do you hear Preston or Blackpool banging on like that? Our gates have been two to three times theirs recently and Example A was Saturday - 14k with probably 2k Forest and an unpopular ex-manager visiting. These are great days for Saints and our infrastructure is all in place to be successful again. Pompey are stuck at Fratton and wasted the PL money which should have gone towards giving them some parity with us. Yes, we probably have underachieved for the size of club - held back by Askham and friends - but I've got a feeling we are about to put that right with this Chairman and Manager. What Pompey do is up to them but I know which club I'd rather support.

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Pompey have won more than us, period. The majority of Pompey fans jumped aboard and jumped off again when things got tough. They dont care how the cup was won, and i dont think if the boot was on the other foot it would be any different with us. Iam irked because they never took the medicine they deserved, and still have a team that on paper could beat us.

Nobody will ever take the experiences they got by the actions of their club. History will show they won the cup and people will never know how they came to do it.

we may as well hold up our hands and accept they have the most major honours and whilst much was before the war, it still is on the cup.

We have a bright future and they can wallow in the past

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This just gets better- that such a tiny, tiny club compared to your gargantuan selves STILL utterly thrashes you on titles and trophies actually won....

 

I hardly think some landlady babysitting the FA cup whilst everybody else in the country was going to war counts as winning the trophy, but then pompey have always liked revising history.

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Nice to see no-one replying to my post about Chainrai's alleged debenture. No comment girls?

 

This picture gets me everytime, mostly because the game is in play - it dosent get much better than this!

 

Any inside info from the mods on POL Corporate?

 

You seem to spend more time on POL than me posting quotes so you'd probably know what's being said, wouldn't you?

 

As for the photo, I love the fact you keep bringing this one up but conveniently forget that when you were in the PL you had to form the SAS (saints away support or whatever it stood for) group because your away support was so diabolical. Pompey fans well remember the report of your game at Bolton when your away support was shown as being 257 fans. And you've got the nerve to laugh at ours. our away support last year, when we had Chainrai raping rthe club and no investment averaged 300 less than yours when you were pushing for automatic promotion. What a gulf eh?

 

We achieved second spot years later without the aid of the footballers who had been stationed near Pompey in that war time era, so a much greater achievement.

 

Yes, you came second. In an era when teams like West Ham, QPR, Ipswich & even Watford (Watford FFS) finished second, not to mention teams like Forest, Derby and Villa actually won it. So well done, you emulated the achievements of the mighty Watford.

 

On the ludicrous point about us winning the championship "only because we had the pick of players who'd been stationed here during the war", walob. Quite apart from the fact that most people had been demobbed long before we won the titles, if it were true, why weren't Aldershot a major football powerhouse back then? With all those soldiers to pick from?

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I think that PFC is right. Pompey are undoubtedly much larger and more significant than us because of their past history.

 

I content myself in the knowledge however that my second team is Wanderers. A bunch of ex public school boys , they won the FA Cup 5 times in the 1870's. By PFC's reckoning that makes them one of the biggest clubs in England. Manchester City, may be top of the Premiership and may be looking good things for the last 16of the Champions League but they are not such a big club as the Wanderers. I mean Man City only won the 5th of their FA Cups this year. Wanderers won their 5th FA Cup over 130 years ago!! I am sure that PFC and his logic would recognise that they are a bigger club than Manchester City and are a much bigger club than Pompey !!

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Nice to see no-one replying to my post about Chainrai's alleged debenture. No comment girls?

 

 

 

 

To be honest, I think most of us fall sleep when we start to read your posts, Ho.

 

Any idea of how Pompey are going to be funded this year ?? What is it, 6 players between them earn more than your entire gate revenue for the season.

 

I suppose you could always buy lottery tickets and keep your fingers crossed.

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Also point 7 "proprietor: etc..." would normally relate to a preceeding point "registered charge dated..." which would carry the same date.

 

On the document you have posted they are years out.

 

Maybe chinju has a charge maybe he doesn't but the document that you have posted looks extreamely suspect to me.

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I hardly think some landlady babysitting the FA cup whilst everybody else in the country was going to war counts as winning the trophy, but then pompey have always liked revising history.

 

Oh dear, a little confused on our dates aren't we? Pompey won the cup in April 1939. War didn't break out until September. Do try to keep up wont you?

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Nice to see no-one replying to my post about Chainrai's alleged debenture. No comment girls?

 

 

 

You seem to spend more time on POL than me posting quotes so you'd probably know what's being said, wouldn't you?

 

As for the photo, I love the fact you keep bringing this one up but conveniently forget that when you were in the PL you had to form the SAS (saints away support or whatever it stood for) group because your away support was so diabolical. Pompey fans well remember the report of your game at Bolton when your away support was shown as being 257 fans. And you've got the nerve to laugh at ours. our away support last year, when we had Chainrai raping rthe club and no investment averaged 300 less than yours when you were pushing for automatic promotion. What a gulf eh?

 

 

 

Yes, you came second. In an era when teams like West Ham, QPR, Ipswich & even Watford (Watford FFS) finished second, not to mention teams like Forest, Derby and Villa actually won it. So well done, you emulated the achievements of the mighty Watford.

 

On the ludicrous point about us winning the championship "only because we had the pick of players who'd been stationed here during the war", walob. Quite apart from the fact that most people had been demobbed long before we won the titles, if it were true, why weren't Aldershot a major football powerhouse back then? With all those soldiers to pick from?

 

More like any credibility you once had has long since evaporated. It really doesn't matter whether you're right or wrong any more.

 

The fact you're so desperate for us to comment suggests you're trying to convince yourself as much as us.

 

That's ok, you can keep burying your head in the sand, we'll keep watch.

 

How's your search for a new manager going; surely you're at least fulfilling the first requirement of him having Championship experience right?

Edited by Jimmy_D
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Nice to see no-one replying to my post about Chainrai's alleged debenture. No comment girls?

 

 

 

You seem to spend more time on POL than me posting quotes so you'd probably know what's being said, wouldn't you?

 

As for the photo, I love the fact you keep bringing this one up but conveniently forget that when you were in the PL you had to form the SAS (saints away support or whatever it stood for) group because your away support was so diabolical. Pompey fans well remember the report of your game at Bolton when your away support was shown as being 257 fans. And you've got the nerve to laugh at ours. our away support last year, when we had Chainrai raping rthe club and no investment averaged 300 less than yours when you were pushing for automatic promotion. What a gulf eh?

 

 

 

Yes, you came second. In an era when teams like West Ham, QPR, Ipswich & even Watford (Watford FFS) finished second, not to mention teams like Forest, Derby and Villa actually won it. So well done, you emulated the achievements of the mighty Watford.

 

On the ludicrous point about us winning the championship "only because we had the pick of players who'd been stationed here during the war", walob. Quite apart from the fact that most people had been demobbed long before we won the titles, if it were true, why weren't Aldershot a major football powerhouse back then? With all those soldiers to pick from?

 

PMSL!

 

Chinny still owns the freehold sonny... the russian mafia have just re-mortgaged the ****er up to its eyeballs... and im sorry but that document has been manufactured - it'll cost you a score but you can then see it all for yourself.

 

I have never been on POL I dont think, the only one ive found is one that pops up on newsnow, some kind of 'fanzone' or something with a lot of deluded guff from some mug called mike hall.

 

I struggle to get tickets to saints away games as they keep selling out... selling like ****ing hot cakes!

 

to top it all off you had an additional 2k thousand military and navy at nottarf on saturday... I dont think you had enough walk up supporters to even cover Voldermorts 2k PW wage, regardless of TBH or the new toilet... and you can kiss your hot water goodbye!

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Ah so THAt explains it. The sudden panic and re-appearance of the dopey few.

 

Suddenly they see another of their records about to come crashing down.

 

yep just noticed the Olympic Torch relay route - they are terrified that the City of Portsmouth will have MORE than 200,000 on The Common to see some fat git in a Saints shirt puffing his way along holding a big cigarette lighter.

 

Imagine the pain of more seeing a fag lighter attract than their cheating cheats with the stolen cup eh

 

Hmm Saints shirt with the Olympic Flame through Southsea Common.....

 

Where do we sign up?

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They dont care how the cup was won, and i dont think if the boot was on the other foot it would be any different with us.

 

Glad to see someone on here finally admit that Nick Nack. Having said that, we were in no financial trouble when we won the cup which sort of ****e5 all over the chips of you lot banging on about how we "bought it". As I've said, other teams spent more than us and didn't win it. We won it because we got lucky at Old Trafford and because of a set of freak results elsewhere that gave us a dream run right to the final. Just accept it

 

Corp,

 

Is there a reason that the charges register (section c of the land registry document that you posted) runs from intem 1 straight to 6 and 7?

 

The traditional order of numbers is 1 2 3...

 

Also point 7 "proprietor: etc..." would normally relate to a preceeding point "registered charge dated..." which would carry the same date.

 

On the document you have posted they are years out..

 

Clapham, the document was edited because of the length but the parts that were omitted (I saw the original) were just historical notes about ownership that bore no relevance to the current day. It's available on the Land Registry site for anyone to download and take a look and prove that Chainrai's still got a charge on the ground - or not. As I've said, a couple of posters on POL are solicitors and took a look at the whole thing because of suspicions about the initial deal and both said Chainrai's completely gone.

 

The fact you're so desperate for us to comment suggests you're trying to convince yourself as much as us.

 

How's your search for a new manager going; surely you're at least fulfilling the first requirement of him having Championship experience right?

 

I like it better when you don't reply (like Dubya refusing to answer a straight question) because you know and I know that means I'm right and you lot are too embarrassed to admit it. If you're talking about Appleton, he has got Championship experience. He got WBA promoted alongside Di matteo. In fact, according to some, he had more to do with that than Di Matteo. If it's him, he wouldn't be my first choice but I'd rather give someone like him a go than tired old faces like Dowie or Boothroyd. I mean, he might not have managerial experience but everyone has to start somewhere. Who;d have thought an ex - physio would do so well?

 

PMSL!

 

Chinny still owns the freehold sonny... the russian mafia have just re-mortgaged the ****er up to its eyeballs... and im sorry but that document has been manufactured - it'll cost you a score but you can then see it all for yourself.

 

If you believe the document's been manufactured put your money where your mouth is and prove it by downloading the document from the land registry. you must have cash to spare from all those away tickets you haven't been able to buy

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I like how there are so many Pompey fans waxing lyrical about how good an appointment a coach they'd never heard of until 5 minutes ago would be.

 

Also... so you like it better when no-one replies? The very post after you used up one of your three posts for the day trying to get replies?

The only one getting embarrassed here is you Corp.

Edited by Jimmy_D
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our away support last year, when we had Chainrai raping rthe club and no investment averaged 300 less than yours when you were pushing for automatic promotion.

 

PMSL, have you seen the size of the away end at Dagenham, Hartlepool, Exeter, Bristol Rovers, Bournemouth etc etc?

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I like how there are so many Pompey fans waxing lyrical about how good an appointment a coach they'd never heard of until 5 minutes ago would be.

 

Well ears-one f*ckin skate who's not Waxing about it, If this kaaaannt is wiling to shuffle down ear for 2 feckin grand He cant be worth Jack Sh*t,

Edited by Jimmy_D
fixing broken quote.
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Glad to see someone on here finally admit that Nick Nack. Having said that, we were in no financial trouble when we won the cup which sort of ****e5 all over the chips of you lot banging on about how we "bought it". As I've said, other teams spent more than us and didn't win it. We won it because we got lucky at Old Trafford and because of a set of freak results elsewhere that gave us a dream run right to the final. Just accept it

 

FPMSFL ROFLMFAO ROFLCOPTER

 

If you had no financial troubles when you bought, sorry, won the cup, why wasn't your captain who lifted the fecking thing, paid?

 

You really do love a little history re-writing don't you!

 

ROFPMSFL

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Nice to see no-one replying to my post about Chainrai's alleged debenture. No comment girls?

 

 

 

PORTSMOUTH FOOTBALL CLUB (2010) LIMITED

 

 

07264768

 

 

 

PrintMailSaveDocumentsMonitor

 

 

Mortgage Details

 

 

 

Mortgage Type:

 

DEBENTURE

 

 

 

Date Charge Created:

 

07/01/11

 

 

 

Date Charge Registered:

 

26/01/11

 

 

 

Date Charge Satisfied:

 

-

 

 

 

Status:

 

OUTSTANDING

 

 

 

Person(s) Entitled:

 

PORTPIN LIMITED

 

 

 

Amount Secured:

 

ALL SUMS DUE OR TO BECOME DUE

 

 

 

Details:

 

ANY PROPERTY INCLUDING FRATTON PARK FROGMORE ROAD SOUTHSEA T/N HP375034, BUILDINGS FIXTURES FIXED PLANT AND MACHINERY, FLOATING CHARGE ALL UNDERTAKING PROPERTYAND ASSETS PRESENT AND FUTURE, SEE IMAGE FOR FULL DETAILS

 

Taken from CreditSafe 5 minutes ago.

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ref Chainrai holding a debenture, here's the land registry document relating to Fratton park and PFC. Can you point out where Portpin have a debenture? Because according to a couple of solicitors on the Pompey board this says that since 3rd June this year CSI own it 100%

REGISTER EXTRACT

 

Title Number : HP375034

 

Address of Property : Fratton Park, Frogmore Road, Southsea (PO4 8RA)

 

Price Stated : £7,042,000

 

Registered Owner(s) : PORTSMOUTH FOOTBALL CLUB (2010) LIMITED (Co. Regn.

No. 07264768 ) of Fratton Park, Frogmore Road,

Southsea, Hants PO4 8RA.

 

Lender(s) : Convers Sports Initiatives Plc

 

Page 1 of 5

 

A: Property Register

 

This register describes the land and estate

comprised in the title.

 

B: Proprietorship Register

 

This register specifies the class of title and

identifies the owner. It contains any entries that

affect the right of disposal.

 

Title absolute

 

1 (10.01.2011) PROPRIETOR: PORTSMOUTH FOOTBALL CLUB (2010) LIMITED

(Co. Regn. No. 07264768 ) of Fratton Park, Frogmore Road, Southsea,

Hants PO4 8RA.

 

2 (05.11.2009) RESTRICTION: No disposition of the registered estate

by the proprietor of the registered estate is to be registered

without a written consent signed by the proprietor for the time

being of the charge dated 6 October 2009 in favour of Portpin

Limited referred to in the Charges Register or without a

certificate signed by each conveyancer of the Charge that the

provisions of the Charge have been complied with or that they do

not apply to the disposition.

3 (10.01.2011) The price stated to have been paid on 7 December 2010

was £7,042,000.

 

C: Charges Register

 

This register contains any charges and other matters

 

that affect the land.

 

 

C: Charges Register continued

 

6 (05.11.2009) REGISTERED CHARGE dated 6 October 2009.

 

7 (03.06.2011) Proprietor: CONVERS SPORTS INITIATIVES PLC (Co. Regn.

No. 07375628 ) of 2nd Floor, 159A Chase Side, Enfield, Middlesex

EN2 0PW.

 

I'm not so sure at all that this indicates a total absence of Chainrai. If it does, why the restriction (which I've emboldened)? To me that suggests that the proprietor can't do anything without the say-so of Portpin. If that restriction were no longer in force it wouldn't be there at all, as historical information is only given if it concerns charges or covenants on the property. CSI are shown as the proprietor, certainly, but I can't see anything that removes the registered charge dated 6th October 2009. And that charge is, as clearly stated, in favour of Portpin.

 

The register also raises another question - who paid this £7M or so in December last year? Surely that was some time before the current owners were around, or have I got my dates mixed up?

 

Edit - I see Katalinic has beaten me to it, and posted something considerably more conclusive to boot!

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PORTSMOUTH FOOTBALL CLUB (2010) LIMITED

 

 

07264768

 

 

 

PrintMailSaveDocumentsMonitor

 

 

Mortgage Details

 

 

 

Mortgage Type:

 

DEBENTURE

 

 

 

Date Charge Created:

 

07/01/11

 

 

 

Date Charge Registered:

 

26/01/11

 

 

 

Date Charge Satisfied:

 

-

 

 

 

Status:

 

OUTSTANDING

 

 

 

Person(s) Entitled:

 

PORTPIN LIMITED

 

 

 

Amount Secured:

 

ALL SUMS DUE OR TO BECOME DUE

 

 

 

Details:

 

ANY PROPERTY INCLUDING FRATTON PARK FROGMORE ROAD SOUTHSEA T/N HP375034, BUILDINGS FIXTURES FIXED PLANT AND MACHINERY, FLOATING CHARGE ALL UNDERTAKING PROPERTYAND ASSETS PRESENT AND FUTURE, SEE IMAGE FOR FULL DETAILS

 

Taken from CreditSafe 5 minutes ago.

 

You know? I thought the post about the toilets was as good as any we have seen on here for ages. But this one takes the biscuit. Nice use of corporate access there no doubt

 

Better cut & paste it gang just in case someone wants it back.

 

That's gotta hurt, it's like one of Daniel Craig's well aimed knees in the groin in Cowboys & Aliens that we just watched on dodgy DVD

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Sorry to dash some hopes, but I think it is just a case of having not been updated. That doesnt mean Chinny doesn't have some hold over them. If we take his comment That he is being paid over a period of time, then it would make sense he has some form of security.

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I'm not so sure at all that this indicates a total absence of Chainrai. If it does, why the restriction (which I've emboldened)? To me that suggests that the proprietor can't do anything without the say-so of Portpin. If that restriction were no longer in force it wouldn't be there at all, as historical information is only given if it concerns charges or covenants on the property. CSI are shown as the proprietor, certainly, but I can't see anything that removes the registered charge dated 6th October 2009. And that charge is, as clearly stated, in favour of Portpin.

 

The register also raises another question - who paid this £7M or so in December last year? Surely that was some time before the current owners were around, or have I got my dates mixed up?

 

Edit - I see Katalinic has beaten me to it, and posted something considerably more conclusive to boot!

 

Good point. I skimmed over that bit. I wonder why it wasn't deleted as being just historical notes about ownership that bore no relevance to the current day.

 

Looks to me that the land can't be sold until Chinny has been paid in full...

 

The solicitors in Pompey must be awesome!

 

(actually I do know a very good insolvency solicitor who is a skate)

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Sorry to dash some hopes, but I think it is just a case of having not been updated. That doesnt mean Chinny doesn't have some hold over them. If we take his comment That he is being paid over a period of time, then it would make sense he has some form of security.

 

Seems a long time to update a bit of paperwork, don't forget they would have had all this in order to satisfy FL. Chanrai was (and possibly still is) a secured creditor - why would he give that up until he was paid out in full?

Edited by St Chalet
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Corp should understand that the debenture is registered at the Companies Registry not the Land Registry. It is a Floating Charge allowing PFC to trade with their assets and would become fixed in the event of default. Portpin Ltd may not necessarily hold the deeds of Fratton Park and that is why there is no charge appearing in the Land Registry charges register. Notice in the Companies Register is notice to the world that a charge is in existance and this takes preference over unsecured creditors and other potential chargees. Any lender or large creditor always searches the Company Registry to see what is already outstanding as they would have to give priority to this.

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