Chanrai has offered 2 p in the pound to try and get a CVA and take over Pompey, with debts below £2,500 and part-time wages paid in full. Sounds familiar! The club owes over 40 million. Creditors are between a rock and a hard place.
Chanrai seeks CVA
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I really do not think it'll be accepted.
From reading on SaintsWeb it looks as though BakerTilly could single handedley wipe out the club by rejecting the proposal.
My Dad reckons that Pompey 'WON'T' be included when the fixtures are released later this month
From reading on SaintsWeb it looks as though BakerTilly could single handedley wipe out the club by rejecting the proposal.
My Dad reckons that Pompey 'WON'T' be included when the fixtures are released later this month
Depends what they would get if the club folded. However, if the offer was too low to be worth anything I would vote against it just to spite Chanrai. He only wants to stay to try and get more of his money out. I'm sure that all Pompey fans know by now that he means them no good, but in their position we'd all clutch at straws.
Not to mention us poor wretched fans!
My opinion is that it's a case of 'better the devil you know'. Contrary to what Rickie's dad thinks, I reckon the CVA will be accepted, as the creditors wont get a bean if the club folds. The Football League have already stated that we wont be subject to a points deduction if we are still in admin at the beginning of the season. Also, if the club comes out of admin with a CVA there is no precedent to impose one at a later date.
I think we should haven't have wasted time with trying to save the club and gone for a phoenix club. But now it's too late, too laaaaaaaaaaaaaaaaaaaaate
Surely no business would deal with PFC again without being paid in cash up front (and have the notes authenticated by the Bank of England).
This is just getting embarrassing now!
Without meaning to sound disrespectful but they should have gone a long time ago!
Without meaning to sound disrespectful but they should have gone a long time ago!
Wouldn't like to be in your shoes for sure. I think there's a real risk that it will be rejected though. Many of the original creditors from the last CVA will get virtually nothing and even 2p in the pound for the new ones is an absolutely pathetic offer. If I was one of them I'd vote against and tell them to come back with a serious offer.
Also how can anyone argue that the original CVA has been carried out? They were guaranteed a minimum of 20p in the pound and now they're going to get 4 tenths of a penny!
Part of me wants the CVA to be rejected......
This is the part of me you'll never ever take away from me (Chainrai)
This is the part of me you'll never ever take away from me (Chainrai)
I really don't think it'll be accepted.
It'll get to a point where the creditors owed will simply say "Sod it, it's only £30 now..."!
It'll get to a point where the creditors owed will simply say "Sod it, it's only £30 now..."!
I'm told that the Coach and Bus operators who bused the pompey fans to St Mary's for the League fixture in April demanded payment up front. I'd expect a lot of businesses will be doing the same thing with our unfortunate fishy friends.
I was really hoping the trust would pull together a successful bid as Pompey now need owners who really care about the club and want to restore its good name.
Chanrai's motives have to be questioned and it is absolutely ridiculous that the original creditors are only going to get 2p in the pound on the 10p in the pound for the original CVA.
So if they were owed £1000 that dropped to £100 with the original CVA and is now going to drop to £2 with the proposed CVA.
I would like to write off my debts at those kinf of rates but I am not sure my creditors would be too happy.
Chanrai's motives have to be questioned and it is absolutely ridiculous that the original creditors are only going to get 2p in the pound on the 10p in the pound for the original CVA.
So if they were owed £1000 that dropped to £100 with the original CVA and is now going to drop to £2 with the proposed CVA.
I would like to write off my debts at those kinf of rates but I am not sure my creditors would be too happy.
All correct, except the original CVA was for 20p in the pound. So in your example they would get £4 from the £1000 they were owed. Which doesn't really make it any better.
Even if that gets accepted i think Pompey are gonna have made a lot of enemy's especially for doing it twice, I wouldnt want to, as a business work with them again
The offer to pay the small debtors in full is not philanthropy but an attempt to get them on side.