Takeover stuff

[Ronnie Pander]

I believe the club should offer Chainrai 1p in the £18,000,000....

[Lost in Transportation]

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.

[Locky_McLockface]

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.

Obviously, I don't know the finer details, but my gut instinct feels that the liquidators of PCFC are right to not be happy about that - but this was money owed to Chainrai, so he wanted it with PFC2010, on the assumption that Gaydamak would be paying it.

[Ronnie Pander]

I guess I should have followed the story closer but what's the exact nature of the relationship between CSI and Chainrai?

[Locky_McLockface]

I guess I should have followed the story closer but what's the exact nature of the relationship between CSI and Chainrai?

CSI were muggins enough to agree to pay Chainrai around £15M for Pompey. They did not keep up the payment schedule to Chainrai, and as you are aware ANtonov was arrested. Chainrai could see that his money was about to go up the swanny, so he applied to put CSI into administration.

[Lost in Transportation]

I guess I should have followed the story closer but what's the exact nature of the relationship between CSI and Chainrai?

CSI were muggins enough to agree to pay Chainrai around £15M for Pompey. They did not keep up the payment schedule to Chainrai, and as you are aware ANtonov was arrested. Chainrai could see that his money was about to go up the swanny, so he applied to put CSI into administration.

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.

[Ronnie Pander]

I guess I should have followed the story closer but what's the exact nature of the relationship between CSI and Chainrai?

CSI were muggins enough to agree to pay Chainrai around £15M for Pompey. They did not keep up the payment schedule to Chainrai, and as you are aware ANtonov was arrested. Chainrai could see that his money was about to go up the swanny, so he applied to put CSI into administration.

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.

Cheers to you both. This 18.6 million owed to Chainrai...wasn't that listed on the pkf balance sheet as a debt owed to CSI?

[... and chips]

We need to get Apple involved. They've made c.£7.2bn profit in three months.

[WheresWally/ScottMcGarvey]

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...

[MilkinsFalseTeeth]

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 ....

[Weybridge]

We need to get Apple involved. They've made c.£7.2bn profit in three months.

Obscene! Of course, the reason they make that kind of money is NOT getting involved in ventures like Pompey

[just blue]

Article re creditors' meeting on Thursday:

http://www.bbc.co.uk/sport/0/football/17839078

[Ronnie Pander]

I guess I should have followed the story closer but what's the exact nature of the relationship between CSI and Chainrai?

CSI were muggins enough to agree to pay Chainrai around £15M for Pompey. They did not keep up the payment schedule to Chainrai, and as you are aware ANtonov was arrested. Chainrai could see that his money was about to go up the swanny, so he applied to put CSI into administration.

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.

Cheers to you both. This 18.6 million owed to Chainrai...wasn't that listed on the pkf balance sheet as a debt owed to CSI?

Ok...so it was obviously a typo on the document and should have read the interest bearing loan was owed to Portpin. It did confuse me when I initially looked the report over.

[ddavis]

Cheers to you both. This 18.6 million owed to Chainrai...wasn't that listed on the pkf balance sheet as a debt owed to CSI?

Ok...so it was obviously a typo on the document and should have read the interest bearing loan was owed to Portpin. It did confuse me when I initially looked the report over.

CSI owe it to Portpin, not PFC to Portpin. So I think it has to go on our balance sheet as a debt to CSI.

[Ronnie Pander]

Cheers to you both. This 18.6 million owed to Chainrai...wasn't that listed on the pkf balance sheet as a debt owed to CSI?

Ok...so it was obviously a typo on the document and should have read the interest bearing loan was owed to Portpin. It did confuse me when I initially looked the report over.

CSI owe it to Portpin, not PFC to Portpin. So I think it has to go on our balance sheet as a debt to CSI.

CSI owe Portpin two loans totalling 28.3 million?