I think this is where we are at?

I think we are all now assuming that the adjournment will continue this afternoon into the new Year..........a massive blow for us all.......but just another hurdle that needs to be over come!

Reading between the lines, and peeling back some of the sticky stuff that keeps getting flung our way...........I think this is where we are at?

PKF barrister decides late thursday eve that some of the paper work being submitted to the court is different to that in the original agreement of sale terms.............I believe its to do with the terms of the release of the charge that Chainrai has put on FP......ie the repayment terms, values and conditions of default......should it ever occurr.

This change in terms meant that the judge, should have seen it would have thrown the case out of court......chainrai would still have the charge, the PST would not be able to complete the sale and unless some one else come to the party with oodles of money to foooook chainrai off out of it.......we would likely have been liquidated!

Chainrai's charge has been challenged in the past.......how some one ever valued FP at the value he claims for is beyond us all...........so provided all the "T"'s are crossed......and provided all the "."'s are dotted............any sane....normal well functioning humanoid should see what it is..........a simple case of fraud, embezelment and deception.......its how the HK mafia wished to get funds from HK to the UK, using PFC as the mule........a well appointed judge should take the cross examined independant valuations......make a ruling on the value and provided the funds are correct the PST should be able to assume control by mid January.

Chainrai's attempt to change administrator at this juncture serves nothing else other than to throw another dice into the already bubbling pot in the hope he may realise a few more quid and loose a little less...............lets be honest, any one of us who stood to loose a substantial amount of money would try anything as well...........especially if the money you stand to loose is not yours! and especially if that money belongs to some........well not so nice people!

My friends......its that time of year........the time of year we would all love to heap love and piece on our fellow mankind......share a tipple or two with those we would not normally care to look at twice (dare I say it......even the stripeys down the road may even get some christmas cheer too) so dont be too down, dont be dispondant............for we are POMPEY.......for life!

to us all, BP

 

Feeling really nervous for you. Hope it goes your way today.

 

Sadly we all make mistakes but PKF if they did fall over on this need a good poke in the eye

 

It seems that .............. PKF have overlooked Portpin's "floating charge"over Pompey.

We've all talked about the secured charge but nobody has mentioned the floating charge until today - although I do vaguely remember it was referred to once or twice before.

BIG mistake on PKF's part.

 

I think generally that a floating charge over the undertaking of a company become fixed over the assets secured by it in a case of Administration, so both the debenture and the now fixed charge on the undertaking could be challenged but it would include a variety of other assets and not just FP( for instance parachute payments).

http://www.companylawclub.co.uk/topics/fixed_and_floating_charges.shtml

 

Also a PST spokesman apparently said the guy that was ment to buy the land and stadium for Pompey is close to pulling out.

 

Another thing being said is that the problem lies somewhere with Stuart Robinson's agreement.

Wotever!

I'm off now to see Madness at the O2 - seems fitting somehow.

 

Got chatting to a Millwall fan on the way to the O2 - he likes Pompey (it's a proper club with proper fans) and was as outraged for us as we are with what's happened. Then we had a laugh at how the helicopters fly over when Millwall come to town.