1. Log in now to remove adverts - no adverts at all to registered members!

Chainrai wants to be reluctant owner again

Discussion in 'Southampton' started by Beef, Mar 3, 2012.

  1. RickieLambertsGoldenBoot

    RickieLambertsGoldenBoot Well-Known Member

    Joined:
    Feb 24, 2011
    Messages:
    6,391
    Likes Received:
    37
    Birch's job as an administrator is to get the best possible outcome for all/most of the creditors.

    If he decides that the best solution is to wind the club up to prevent further debts/losses then so be it.

    He is only doing his job.

    Trying to keep the club alive is to some extent 'an option' but not his outright priority. <ok>
     
    #41
  2. fran-MLs little camera

    fran-MLs little camera Well-Known Member

    Joined:
    Feb 18, 2011
    Messages:
    69,233
    Likes Received:
    24,804
    Not sure that Chanrai can just step in again. Surely he would have to get it out of administration and that would cost serious money. The only thing he can do is inject a bit of money to keep it going, but control would remain with Birch.
     
    #42
  3. 3rd eye

    3rd eye Well-Known Member

    Joined:
    Jan 25, 2011
    Messages:
    5,603
    Likes Received:
    695
    Last time Fran that decision was made by the High Court - it will probably be the same again.

    Where's Hotbovril when you need him?
     
    #43
  4. Number 1 Jasper

    Number 1 Jasper Well-Known Member

    Joined:
    Jan 30, 2011
    Messages:
    25,181
    Likes Received:
    16,251
    I Read somewhere he ( Birch ) is going to Court this friday , is that correct ?
     
    #44
  5. 3rd eye

    3rd eye Well-Known Member

    Joined:
    Jan 25, 2011
    Messages:
    5,603
    Likes Received:
    695
    I read that as well. I also read elsewhere that he's going to court on Tuesday.

    There are a number of reasons it could be, one being the funds (£300k) held by UHY Hacker/Admin Andy which Birch says should have been handed over and AA says is to cover their own costs.
     
    #45
  6. Schrodinger's Cat

    Schrodinger's Cat Well-Known Member

    Joined:
    Feb 17, 2011
    Messages:
    5,645
    Likes Received:
    8,786
    Surely any cash into the club would not be allowed to be added to the current debt, as it would immediately reduce the payments to existing creditors because their percentage of the total debt would shrink. If Chanrai wants to own it, surely he has to sort out a new CVA and attempt to come out of administration?

    If he is injecting cash into the business to keep it solvent so that it can be sold, then he would have no security against the amount, and would potentially lose it all if a buyer couldn't be found.

    That was my understanding of the situation, however I would appreciate it if one of our resident legal brains can put me right.
     
    #46

  7. Beef

    Beef Well-Known Member

    Joined:
    Nov 22, 2011
    Messages:
    35,745
    Likes Received:
    9,708
    Heard on the radio that birch will be in court on the 9th. He will put forward whether he thinks the club should be liquidated or not.
     
    #47
  8. pompeymeowth

    pompeymeowth Prepare for trouble x Staff Member

    Joined:
    Jan 25, 2011
    Messages:
    25,710
    Likes Received:
    15,617
    That's it then. 5 days to go.
     
    #48
  9. Number 1 Jasper

    Number 1 Jasper Well-Known Member

    Joined:
    Jan 30, 2011
    Messages:
    25,181
    Likes Received:
    16,251
    Not necessarily Pompeymeowth !!!!!
     
    #49
  10. pompeymeowth

    pompeymeowth Prepare for trouble x Staff Member

    Joined:
    Jan 25, 2011
    Messages:
    25,710
    Likes Received:
    15,617
    How far down will we have to scroll on here, is my worry. Past the wrestling page?
     
    #50
  11. Number 1 Jasper

    Number 1 Jasper Well-Known Member

    Joined:
    Jan 30, 2011
    Messages:
    25,181
    Likes Received:
    16,251
    ?????????
     
    #51
  12. ChilcoSaint

    ChilcoSaint What a disgrace Forum Moderator

    Joined:
    Feb 8, 2011
    Messages:
    39,363
    Likes Received:
    39,322
    You must admit, if you were next to the beach volleyball it would be quite handy!
     
    #52
  13. hotbovril

    hotbovril Well-Known Member

    Joined:
    Feb 8, 2011
    Messages:
    2,763
    Likes Received:
    1,624
    Well, as I see it, for Chanrai to assume control until a new owner is found, that would mean that he would have to commit sufficient funds to bring the club out of administration officially. Just throwing a bit of cash at the problem in order to see the club through the season does not fulfil the administrator's obligations. In that respect, Chanrai would simply be a benefactor rather than an owner as Birch would still be in control. He would have to be stark raving mad to do it. I think it's just a sound-byte.
     
    #53
  14. TheSecondStain

    TheSecondStain Needs an early night

    Joined:
    Jul 23, 2011
    Messages:
    39,383
    Likes Received:
    8,819
    PM's just preparing himself for Pompey to be Non-League.
     
    #54
  15. 3rd eye

    3rd eye Well-Known Member

    Joined:
    Jan 25, 2011
    Messages:
    5,603
    Likes Received:
    695
    I'm really surprised that Chanrai doesn't just accept that he isn't going to get the whole £17m back and agree a smaller sale fee - just cut his losses really.
     
    #55
  16. pompeymeowth

    pompeymeowth Prepare for trouble x Staff Member

    Joined:
    Jan 25, 2011
    Messages:
    25,710
    Likes Received:
    15,617
    I'm ashamed to admit I've actually posted stuff on that particular board!
     
    #56
  17. pompeymeowth

    pompeymeowth Prepare for trouble x Staff Member

    Joined:
    Jan 25, 2011
    Messages:
    25,710
    Likes Received:
    15,617
    Could it be the end of his whole business, if he had to do that?

    I have no idea about his personal wealth, though.
     
    #57
  18. Number 1 Jasper

    Number 1 Jasper Well-Known Member

    Joined:
    Jan 30, 2011
    Messages:
    25,181
    Likes Received:
    16,251
    Ah , Thanks .
     
    #58
  19. PompeyLapras

    PompeyLapras Well-Known Member

    Joined:
    Jun 29, 2011
    Messages:
    11,552
    Likes Received:
    2,029
    Thank you, hopefully so!

    But if he had that little personal wealth, he wouldn't have loaned 17 million to someone he had apparently never met.
     
    #59
  20. Lord Duckhunter

    Lord Duckhunter New Member

    Joined:
    Feb 25, 2011
    Messages:
    733
    Likes Received:
    7
    How did the "pack the shack" event go? Surely selling out the home ends would be a great sign for any potential investers.
     
    #60

Share This Page