I somehow doubt that HMRC will accept 20% of their 20% (assuming that a 2nd CVA even approaches a 20p dividend!).
HMRC would probably be offered the old agreement, all other creditors would probably be asked to take 20% of 20%
I'm afraid it doesn't work like that Jake. You are either a secured creditor or an unsecured creditor. You cannot pay one unsecured creditor more than you pay another or you create what is known as a preference. This means that all the other unsecured creditors will basically tell you to get bent on the basis that they are being unfairly treated.
Why honour the old CVA? Has it occured to you, in your distress, that local businesses (who employ Portsmouth people) have already suffered considerably as a result of the goings on at Fratton. Do you not believe they should receive any consideration?
According to this report PFC have been systematically asset stripped, and own virtually nothing! Birch does not know where it has all gone, a police enquiry on the immediate horizon I think is now in order. http://www.bbc.co.uk/sport/0/football/17219854
FOUR PENCE IN THE POUND! I see more local business going under from this. CSI should be locked up...............oh wait a minute........... So PFC defaulted on c. £100,000,000 and may end up paying only £4m of it back. That makes the FA Cup current value per "purchase" at £96,000,000. Worth it?
well you have not managed to win it for some 36 years so thats just under £3mn per season, yes, that has to worth it
I thought asset stripping is illegal. Sasha, chanrai, AA and CSI have all had their part in the downfall of PFC. Not only that they have stolen from charities and ruined the lives of many people who are innocent in this fiasco (small businesses) it seems they found a legal way of doing it illegally. I hope you all die the same painful death Pompey a very likely to suffer.
Anyone who reads my posts (just me then) knows that I have been pretty positive about Pompey's survival hopes so far. But this parachute payment news makes things look seriously dodgy. I just wonder how many serious discussions are happening amongst supporters about setting up Pompey Mk.II and getting them entered as high up the pyramid as possible.
Been a lot of discussion about a phoenix club qwerty. I think we would start in the Blue square south 1 div up from were Wimbledon started due to having a large fan base relative to the division. I personally would support the club fully. Plan to get the new club a Fratton are in place as well. Reading between the lines I would say the balls is in our park on that subject. While Chanrai does have a "debenture" over Fratton park, he cannot bulldoze it (which is what most assume he would try) unless another ground is built. Fratton park is sporting use only unless another ground is built elsewhere. Can you see the greedy bastard forking out 15-20 mil for a new stadium so he can sell Fratton for about 5 mil? I don't think so.
i cant see him forking out £15-£20 million, but how much to put in place facilities for Blue sq south level football? still a new sporting use facility!
As I have stated elsewhere, covenents setting forth limits of use etc are not worth the paper they are written on. I have personally witnessed these covenents overturned by local authorities, developers, beneficeries of wills etc, in a matter of months. Remember this: a local authority will do what is has to do to generate income from a site or building. They pay lip service to these things & thats about it
If the fake buyer Ali Al Faraj was made up, just to move some contracts over & some deeds on, then that kinda makes sense. But did Chainrai do his home work at all? When he lent the money the first time, did he understand what was going on, or is he just some victim in all this like the supporters? If Sacha had never managed to agree the first sale, the most outrageous of them all by all accounts, due to the fact he kept some primary land surrounding the place & got an amazingly good price, then this veil of secrecy never would have gone so deep. Hence the question, was the first sale just to bury the small print? Anyone get me, or am I far off?
The only thing I'm pissed off about is losing the 6 points we won off you if you can't complete your fixtures. As far as everything else is concerned it serves you right for not living within your means! We offered you good money in January and you threw it back. The old saying springs to mind "Pride before a fall"
You don't have no reason to comment until you know what has gone on at the club. Living beyond its means is barely breaking the surface. In fact that only happened because of alleged asset stripping. There's a starting point, do some research and come back. "i cant see him forking out £15-£20 million, but how much to put in place facilities for Blue sq south level football? still a new sporting use facility!" True that but how much would selling Fratton get when Sasha owns the land around. Probably 3 mil max. And even Doncaster 15000 seater cost £32 million. Regardless of how big the stadium would be, he would still make a loss. But what saintsalive says does worry me.
What I do know is that we offered good money in the region of £2 Million in January and you dragged your feet until the final day of the window! That money would have bought you time surely! The ironic thing is that David Norris left us for a bigger contract with you at the end of last season. How could you possibly offer him more money when the club had huge amounts of debt? I bet he's feeling a bit sick right now!
It does look bleak. The only satisfaction which I think you may get, is when the Police finally get called in. Scant consolation but it is very difficult to see how the club will escape this time.
I shocked as I was when None of our players left, 2 mil would have done fook all for us. And David Norris moved to us when we were being funded by CSI. We were fine and cosy until the chairman was arrested and assets frozen. That individual situation is no different to the one at Brum. They aren't exactly in financial bliss. Unfortunately the CSI part of our situation is just one of many.
