Takeover stuff

[WheresWally/ScottMcGarvey]

CSI owe Portpin two loans totalling 28.3 million?

Don't take much to confuse me.

Erm, sort of. (I think).

They took over the original £17m, then spent another £11.? million of 'their own', but they're in admin too, and their biggest (only?) creditor is Chainrai. So CSi (aka was Pompey) owe the two amounts to Chainrai?

Chainrai owed £17m purchase price. They spent £11.?m further, Chainrai has took that on - but shouldn't it be kept separate, as not actually PFC's debt. (Problem is, we are CSi's only real asset), so in effect, we have...

(the £11.?m went on 3/4 players, wages, and running at a loss for 4 months presumably). Oh, and they did up the toilets don't forget

[Ronnie Pander]

CSI owe Portpin two loans totalling 28.3 million?

Don't take much to confuse me.

Erm, sort of. (I think).

They took over the original £17m, then spent another £11.? million of 'their own', but they're in admin too, and their biggest (only?) creditor is Chainrai. So CSi (aka was Pompey) owe the two amounts to Chainrai?

Chainrai owed £17m purchase price. They spent £11.?m further, Chainrai has took that on - but shouldn't it be kept separate, as not actually PFC's debt. (Problem is, we are CSi's only real asset), so in effect, we have...

(the £11.?m went on 3/4 players, wages, and running at a loss for 4 months presumably). Oh, and they did up the toilets don't forget

From what I gather (from this thread and the admin report) CSI owe Chainrai £17m for purchase price. PFC owe CSI £10m for working capital and PFC owe Chainrai £18.6m - a debt which CSI took on in addition to the £16m of the CVA. Chainrai is the biggest secured creditor of CSI and therefore gets dibs on the £10m that PFC owe to CSI.

[Number 1 Jasper]

Was it just me, or did anyone read through the a/c's prepared by PKF (Birch), and think that is so worded that Sacha (via MiLand holdings), *owns* the land nearby, but *hasn't* actually paid for it (all)? Or was I being 'blonde' again?

When the club came out of administration last time, the debt owed by Gaydamak was acquired by Portsmouth Football Club (2010) Ltd. So Gaydamak owns the land and the club owns the debt. Now, what the document also said was that the liquidators of Portsmouth City Football Club Ltd aren't that happy with this deal as part of their investigation. Its all rather messy.

Cheers LiKT, thought that's what I read.

Following on - Chainrai is the secured creditor of CSI (£17m) and as such has control of the debt owed by PFC to CSI (£10m) in addition to his own charge against PFC 2010 Ltd (£18.6m) so his vote will decide whether there is a CVA approved or not in effect.

Right, so was correct in thinking it's his call on the CVA really. Bit of bluff to follow methinks. Shame (that I think) that any investigations into earlier 'dealings' won't be out *in time* for the Football League meeting it seems. (Being as the majority of them - if not watertight - seem likely they'd go in *our* favour - if not valid - being as nearly all of them aren't - at the moment). Am thinking debenture on FP, Sacha's claim, previous admin etc...

Of course - we don't necessarily have to come out of admin with a CVA ....

And ( I Think ) You don't have to come out of admin for quite a while yet .

[just blue]

Live updates from the creditors' meeting here:

http://www.portsmouth.co.uk/news/news-special

[Locky_McLockface]

Live updates from the creditors' meeting here:

http://www.portsmouth.co.uk/news/news-special

Chainrai's team saying they will not let the club be liquidated. Just preferential to liquidation, but not much, IMHO.

[portchesterblue]

Live updates from the creditors' meeting here:

http://www.portsmouth.co.uk/news/news-special

Chainrai's team saying they will not let the club be liquidated. Just preferential to liquidation, but not much, IMHO.

well i wish he would feckin hurry up and not let it be liquidated instead of peeing around

[HappyHour@TheBreweryOfLife]

Got my mush in text books at mo so can't pay much attention to the meeting.

The tweets suggest 'no change', yes?

[Chiswick Blue]

Pompey creditors meeting - live

Thursday April 26, 2012
10:53

pn_neil_allen: Another arrival - Deepak Chainrai. Obviously representing Portpin. #Pompey #pcm2012 [via Twitter]
10:56

pn_Rory_McKeown: Attendance starting to rise at creditors meeting. Balram Chainrai and CSI representatives present. Still waiting for Trevor Birch. #pcm2012 [via Twitter]

10:57

pn_neil_allen: Roll up, Roll up. Here is Nick Byrom, former commercial director. #Pompey #pcm2012 [via Twitter]

11:01

pn_Rory_McKeown: David Lampitt has arrived at creditors meeting #pcm2012 [via Twitter]

11:01

pn_neil_allen: Here is another. David Lampitt. #Pompey #pcm2012 [via Twitter]

11:02

pn_Rory_McKeown: Administrator Trevor Birch is now here #pcm2012 [via Twitter]

11:03

pn_neil_allen: John Redgate is present too. Rather a sparse turnout at the moment compared to 2 years ago. #Pompey #pcm2012 [via Twitter]

11:04

pn_Rory_McKeown: City council leader Gerald Vernon-Jackson is here #pcm2012 [via Twitter]

11:06

pn_neil_allen: Forget those associated with owners and directors. Sadly too many other familiar faces here stung yet again. #Pompey #pcm2012 [via Twitter]

11:08

pn_Rory_McKeown: We are about to start here at #pcm2012 Trevor Birch about to take centre stage. [via Twitter]

11:11

pn_neil_allen: Let's not forget that everyone attending represents parties who are owed money by the club. #Pompey #pcm2012 [via Twitter]

11:13

pn_Rory_McKeown: Deepak Chainrai receives poll card on behalf of brother Balram. #pcm2012 #Pompey [via Twitter]

11:14

pn_neil_allen: A quick round up for late comers. Those present include Deepak Chainrai, Lampitt, Redgate, Byrom and Kubik (Hacker Young). #Pompey #pcm2012 [via Twitter]

11:18

pn_Rory_McKeown: #pcm2012 Trevor birch gets meeting underway [via Twitter]

11:19

pn_Rory_McKeown: Questions from the floor #pcm2012 first from Carl Faulds rep Bishops Printers. [via Twitter]

11:21

pn_Rory_McKeown: Faulds: likelihood of a buyer before next season? Birch: no bid on the table. It's 50/50. #pcm2012 [via Twitter]

11:21

pn_neil_allen: Birch on interest: No-one is making the noises that will convince me. I am still trying to keep them at the table. #Pompey #pcm2012 [via Twitter]

11:29

pn_neil_allen: Carl Folds rep. Bishop's Printers asked the question where it has gone wrong. Lampitt and Redgate speaking from the floor. #Pompey #pcm2012 [via Twitter]

11:30

pn_Rory_McKeown: Carl Faulds: why has club run out of money since CSI took over? Overdraft facility was in place and share capital. #pcm2012 [via Twitter]

11:31

pn_neil_allen: Kubik: CSI gave the club a £18m facility. #Pompey #pcm2012 [via Twitter]

11:36

pn_neil_allen: Lampitt: Even before CSI the club was not self sustaining. Foulds pressing this hard. #Pompey #pcm2012 [via Twitter]

11:38

pn_Rory_McKeown: David Lampitt: the club needed new investment from exit of administration. #pcm2012 #Pompey [via Twitter]

11:38

pn_neil_allen: Faulds v Lampitt dominating. Faulds seeking answers for how the club has ended up like this. #Pompey #pcm2012 [via Twitter]

11:41

pn_neil_allen: Birch: Liquidation would see the ground become asset of liquidators. They will sell it as they see fit. #Pompey #pcm2012 [via Twitter]
11:42

pn_Rory_McKeown: Question: If worst happens and club liquidated, will there be a club? Birch: I see the supporters trust come to the fore. #pcm2012 [via Twitter]
11:43

pn_Rory_McKeown: Chainrai's team say former owner won't see club liquidated. #pcm2012 [via Twitter]
11:52

pn_neil_allen: Lampitt asks for clarification of PKF fees. Trevor Watkins replies they are £190,000 up until the end of March. #Pompey #pcm2012 [via Twitter]

11:59

pn_Rory_McKeown: Question: if the club is liquidated what happens to parachute payments? Birch: they would disappear. Only goes to relegated club #pcm2012 [via Twitter]

11:59

pn_neil_allen: Birch: Liquidation would mean club would lose its entitlement to parachute payments, even if it reforms. #Pompey #pcm2012 [via Twitter]

12:00

pn_Rory_McKeown: Birch: we have enough money to get us into June. After Football League AGM. #pcm2012 [via Twitter]

12:00

pn_neil_allen: Problems with microphones and hearing people on the floor in the Victory Lounge! #Pompey #pcm2012 [via Twitter]

12:01

pn_neil_allen: Birch: Sale is season tickets won't affect cash flow as administration would not use that money. #Pompey #pcm2012 [via Twitter]

12:05

pn_neil_allen: Lampitt very active on the floor asking questions. At the moment continuing to focus on admin fees. #Pompey #pcm2012 [via Twitter]

12:10

pn_Rory_McKeown: Discussions over voting process #pcm2012 #Pompey [via Twitter]

12:13

pn_neil_allen: Now it is UHY v PKF over a modification put forward by HMRC. Faulds himself can't work out UHY's problem. #Pompey #pcm2012 [via Twitter]

12:22

pn_Rory_McKeown: Debate over HMRC amendment to proposals. Proposal is CVA followed by liquidation of old co and then an investigation. #pcm2012 #Pompey [via Twitter]
12:27

pn_neil_allen: UHY and Portpin vote against HMRC amendment about liquidation. Vast majority of others accept. Games being played! #Pompey #pcm2012 [via Twitter]

12:29

pn_neil_allen: Faulds thankfully on hand to anyone to explain matters! Seems to be welcome voice of reason amid point scoring! #Pompey #pcm2012 [via Twitter]
12:41

pn_neil_allen: HMRC amendment rejected. Portpin and CSI/Hacker Young as main creditors get their way. #Portpin #pcm2012 [via Twitter]
12:44

pn_Rory_McKeown: HMRC amendment thrown out after vote. CSI and Portpin reps overrule it #pcm2012 #Pompey [via Twitter]

12:46

pn_Rory_McKeown: Rep from Genesis says small creditors should be in creditors committee. He will represent them in committee. #pcm2012 #Pompey [via Twitter]
12:48

pn_Rory_McKeown: Creditors committee formed by Portpin, CSI, PFA, Portsmouth City Football Club and Ian Fields of Genesis. #pcm2012 [via Twitter]
12:49

pn_neil_allen: UHY say they understand Portpin will finally pay small creditors if they come back in. #Pompey #pcm2012 [via Twitter]
12:50

pn_Rory_McKeown: Small creditors could still be paid if Chainrai returns #pcm2012 #Pompey [via Twitter]
12:55

pn_neil_allen: Meeting over. Going to try to get things set out in Layman's

[VFTH]

"pn_neil_allen: Meeting over. Going to try to get things set out in Layman's"

So in my laymans terms BC and his puppets are still pulling the strings and are gradually putting our gonads through a garlic press.

It seems he is prepared to let us limp along until the next idiot (sorry buyer) comes along and manages to increase our debt to him even more. I know a lot of people on here do not want to see the club liquidated but if the Trust can muster up enough money to make a serious offer for the ground then let us go for plan B. To my mind this has got to be the only option to get rid of the millstone we have around our neck and let him go lick his wounds back in Hong Kong.

[WheresWally/ScottMcGarvey]

Unless (might be wishful thinking)...

The trust offer is more than Chainsaw thinks he could get for the club if liquidated - in other words, for FP, which (depending on how much the Council stick to the party line), can't be used for owt else.

If the trust offer could scrape to (say) £3m+, he could feasibly take it? Just not sure how 'we' cope in year 1. Though TB doing the best he can by the looks of things. Year 2 not so bad onwards (assuming of course - and a big 'if'), we can maintain a decent average attendance.

Would be good to release the covenant on the ground, and if somehow that included Sacha's hold on the surrounding ground too... Wonder if Antonov still has a card to play. He did say about relinquishing his 'slice' - which if done at the right time, would lessen the debt by a 1/5th at least.

(Think I've gone a bit 'pie in the sky' now...)

[Locky_McLockface]

Unless (might be wishful thinking)...

The trust offer is more than Chainsaw thinks he could get for the club if liquidated - in other words, for FP, which (depending on how much the Council stick to the party line), can't be used for owt else.

If the trust offer could scrape to (say) £3m+, he could feasibly take it? Just not sure how 'we' cope in year 1. Though TB doing the best he can by the looks of things. Year 2 not so bad onwards (assuming of course - and a big 'if'), we can maintain a decent average attendance.

Would be good to release the covenant on the ground, and if somehow that included Sacha's hold on the surrounding ground too... Wonder if Antonov still has a card to play. He did say about relinquishing his 'slice' - which if done at the right time, would lessen the debt by a 1/5th at least.

(Think I've gone a bit 'pie in the sky' now...)

Just one thing - it's not Chainsaw's say as to who buys the club, or if it is liquidated, it's Trev's. BC's only influence is to whether or not a CVA is approved.

[OldSpice]

STATEMENT FROM THE POMPEY SUPPORTERS TRUST - MAY 1ST 2012

FANS HAVE 2 WEEKS TO PLEDGE AND HELP SAVE POMPEY

- 1,000 new pledges needed in next 2 weeks

Following a board meeting of the PST on 30th April, we can confirm that we aim to begin the final stages of bid preparation for a community buy-out bid for Portsmouth Football Club from the 15th May, and so it is imperative that supporters complete their pledges prior to that date.

Initial interest in the Pre-Share offer has been strong, but more pledges are needed in the coming 14 days in order to submit a formal bid. If 1,000 more pledges from fans are received by the 15th May then that will confirm our bid as achievable.

The Pre-Share offer, launched on 30th March, was designed to see if sufficient funds could be raised from fans and local businesses to mount a sustainable and viable bid for Pompey.

12 Pompey players have already supported the PST plans with investment pledges, and the PST would like to thank the players and their families for their support.

PST has also had significant interest from donors wishing to invest sums significantly in advance of £1,000, and will soon announce the support of at least one major donor.

Pompey administrator Trevor Birch has made it clear that the club will run out of money in June. PST can only mount a credible community buy-out bid if it has enough funds to do so.

The next 14 days will determine whether the goodwill towards a community buyout can be translated into a bid for the club. If enough pledges are received to mount a bid, PST will present it to investors and members as soon as possible, and before any bid is agreed and submitted.

PST Chairman Ashley Brown commented;

' We have had great support from players and fans alike, but need more support if we are to mount a viable bid for the club. The next 14 days will be crucial. If enough money comes in to make a bid viable, we will present our plans to investors and members for their approval before we go forth and submit a bid.

Our precise targets are confidential - and we are sure fans will understand that as we go into a bidding process. We will share as much information as we can, and will not proceed without the approval of our investors and members.

It is now or never for the PST bid - and we urge fans who are considering joining us to contact us, talk to us, and pledge. Time is running out for Pompey, and we are doing everything we can to save our beloved football club '

For further info - http://www.communitypompey.co.uk or email info@pompeytrust.com