I have heard today some news. A rumour emmitting from FP earlier suggests that when we go to court on the 15th, the judge will ask for an update. That update will be that NO agreement can be sort bewtween Portpin and the PST.......the void of valuation for FP is to vast. There for it will be sort for a new court hearing for the judge to decide........that in itself is ok and expected. The problem lies here: 1/ the pot is nearlly empty and any due payments in are already allocated 2/ Chainrai is now on 100% damage limitation........he failed the FPPT so cant take us over or be part of any consortium to do so 3/ the only way chainrai can re coupe a larger amount of monies owed is for a new prospective owner to show up and offer significantly higher funds to purchase the club........that wont happen! or, play out time until such time we are liquidated...........hoping that his debenture on FP would return a higher rate of monies by real estate sale. Suspicions are now arising that Chainrai may decide he has a better chance getting a judge to allow FP to be developed/ sold as real estate if we are liquidated then taking his chance in court that a judge will side with him and decide the valuation by the PST is too low! If he should ask the court for a deferment/ delay etc etc...........we could go bust whilst waiting! I have always been an optimist............in all my years at pompey you grow to except its part of the pompey way.........but now my firends I really fear the end is looming! I hope to God is scare *****ring........but I truly fear the worse. BP
This is what I don't get - Chanrai sells a business to Gaydamak Snr, doesn't get the money for it so sues him in the Israeli courts. He then says that he lent money to Falcondrone, coincidentally the exact amount he sued Gaydamak for, and smacks a debenture and a floating charge over PFCs assets. It has been confirmed that the funds never went through PFCs books or bank accounts. The judge at the first admin queried it but is nobody (apart from Micah Hall) going to investigate the legitimacy of the debenture? Chanrai is entitled to try and recoup his lost funds, but not at the expense of the taxman and local businesses. And according to the News Chanrai hasn't failed the Directors & Owners Test - he never got that far with the FL. As for liquidation - somebody else will know, but won't the ground be sold at auction to the highest bidder? In which case the PCC said they will step in and purchase it. You are right to fear the worst as things stand.
Just because Chainrai asks for a delayl doesn't mean he'll get it. Tbh, this whole saga is so messed up and has been going on so long that it would be frankly irresponsible to drag it on any further. Obviously Chainrai doesn't care about acting in an irresponsible manner, but others, including our administrator, should.
Totally agree with you both, hopefully the judge we are appointed on the 15th will be a decent honest and upstanding bloke who will see through portpins little plays.......he has so far. All we can hope for is a quick nd speedy outcome to stop the rot....... enough is enough. PUP
I've always thought of Fratton Park being a bit of a safety net. With the PST purchasing it or even Portsmouth City Council and leasing it back, it's been in my mind that, if liquidation did happen, the phoenix club would still be able to play at the ground. If it all goes tits up, and Fratton Park becomes a Tesco or ASDA, what happens? A groundshare, but with whom? Gosport Borough? Havant & Waterlooville? If this rumour has any milage in it, then things are even worse than we thought - some-thing I didn't think was possible!
I just hope the land aquasition goes through with Stuart Robinson........that might be a safety net, more so than trusting a judge or even PCC, if the council did get invlolved, you would assume that through public opinion there is a limit to what they could do. Fingers crossed, again, for now. BP
when we go to court on the 15th, the judge will ask for an update. That update will be that NO agreement can be sort bewtween Portpin and the PST.......the void of valuation for FP is to vast. There for it will be sort for a new court hearing for the judge to decide........that in itself is ok and expected. This is pretty common knowledge now and serves little problem, although the dins on the news site see this as a PST failure. Putting aside the fact that this court case is between PKF and Portspin. The HNWI are willing to pay the court cases. Seeing as Portspin don't want to bite the bullet, a date will more than likely be set for a court case to decide this. The judge did say that portpsin were wasting everyones time when they asked for a new admin, so I think he knows of the urgency of the situation. Liquidation will only happen if the judge doesn't rule in our favor.
Does anyone know anything about who the judge will be? It amazes me that it all comes down to one guys opinion and how he feels on that particular day.
Thank the Good Lord that "The Hanging Judge" - George Jeffreys - is no longer alive. Knowing our luck, it would have been him....... EDIT: Mind you, he could have ordered the hanging of BC
"EDIT: Mind you, he could have ordered the hanging of BC " I can honestly say that would not upset me at all.
Lord muckmunter........is he still about possie.......I thought he had long gone to ground? Hopefully we will have the same judge that sat the hearing in December.......he seems to be aware of all the ins and outs......i would think it would be him.
The Honourable Mr Justice Sales - Philip James Sales. A judge of the Chancery Division of the High Court - and chairman of the Competition Appeal Tribunal. http://www.youtube.com/watch?v=R2ant0taMoM He is the third person to speak on the attached video clip.
I thought it was that Judge with no fingers..................now what was his name..................oh, I remember..................Justice Thumbs I'm appearing here all week NB. Joke (?) courtesy of Beano
J Sales 3rd eye ? Its a Little late for January Sales but if the PST can pick the club up for a bargin in their Shopping Trolley, then fair play.
07.22am.........Possum, your board must be quite........or are you starting to sympathise with your fellow pomponians BP
Can someone remind me where the "ignore" button is? Only used it once before - now need to use it again. It's OK - found it - bye bye ducksarse!
