Pay Up Pompey,Pompey Pay Up!

[Batch]

I thought Brighton Red was in the business?!?

Either way I agree with him/her.

[suttonred]

Tis a him, and he is.

[Simon Pieman]

That's wrong. Administration is about getting the best return for creditors, whether that be a CVA or liquidation - the future of the club has absolutely fuck all to do with anything at this point (or at least it shouldn't do).

Administration is nothing to do with liquidation.

[Doore]

Administration is nothing to do with liquidation.

I don't doubt you, but to make a firm point and not explain it to the people here who don't work in this area seems a bit like asking us all to know that's the case and tut at jonny as though he should have known better.  Can you elaborate please?

[jonny72]

Administration is nothing to do with liquidation.

You might want to let the Crystal Palace administrator know that - he seemed to think he could liquidate the club if an agreement for a take over wasn't reached.

[Batch]

I think he meant liquidation is the last step worst case scenario, and administration is about trying to avoid it and keep the business going.

I guess in Palace's case if the creditors didn't agree the CVA then liquidation would be the only option left.

Might be wrong.

[Simon Pieman]

Administration is what is used to allow an insolvent company to trade whilst the administrator tries to agree a debt restructure with creditors/other funds are pumped into the company.

Liquidation happens when the company is insolvent and can no longer trade. Ergo, if administration fails, there is no other choice but to liquidate.

So yes, the Administrator may liquidate the company if unable to save it, but it isn't the purpose of administration. Administration is actually there to protect the company from going immediately under whilst a debt recover plan is put together.

[Doore]

Administration is what is used to allow an insolvent company to trade whilst the administrator tries to agree a debt restructure with creditors/other funds are pumped into the company.

Liquidation happens when the company is insolvent and can no longer trade. Ergo, if administration fails, there is no other choice but to liquidate.

So yes, the Administrator may liquidate the company if unable to save it, but it isn't the purpose of administration. Administration is actually there to protect the company from going immediately under whilst a debt recover plan is put together.

I see.  Cheers.

I'm not being sarcastic, I know we have been through this as a club one too many times before, but the finance world is one that leaves me dribbling in confusing.  I geniunely learned something there, so thanks again.

[Simon Pieman]

It's actually more to do with law than finance (though obviously the two are linked).

I've just posted very basic stuff which is the extent of my knowledge. Looking at wikipedia, I may as well have just posted a direct link to that though.

[jonny72]

It's actually more to do with law than finance (though obviously the two are linked).

I've just posted very basic stuff which is the extent of my knowledge. Looking at wikipedia, I may as well have just posted a direct link to that though.

So what happens if say, the best the administrator can offer via a CVA is 25p in the pound whilst they could get say 75p in the pound if they liquidate the company? Is it just down to the creditors voting against the CVA and then calling for liquidation?

I just did some reading up and wasn't aware of the administrator having to try and save the company, I thought it was all about the creditors and it isn't.

[pauld]

this firm is tryng to steal a job by offering creditors an unobtainable return on their debt. and placing the future of the club at risk.

Have to agree - whole thing smacks of a shotgun wedding between ambulance chasers looking to boost their profile in cahoots with HMRC who seem to be asserting their right to derail the CVA if they see fit. Largely, reading between the lines, because AA is buggering about again - they voted in favour of the CVA proposal a few weeks ago, but, guess what Andronikou fans? All the figures have changed again.

AA is now claiming they only have 21% of the debt rather than the high 20s they were reckoned to have when he accepted their £17m image rights bill (which is now apparently £14-£15m and the rump "accepted" debt up to £21m from £17m - can this man keep any set of figures consistent for more than a week?). It seems he wants to have it both ways "I'll accept your extra £14m/17m/whatever I think it is today claim if you don't use it in the vote, otherwise I won't". But it's OK though because

we have had a phenomenal dialogue with them ..... They have not said anything negative so far.

Apart from, apparently, "stick your CVA up your arse". I'd really hate to see how badly a "non-phenomenal dialogue" would go.

[Power to people]

Hmm now AA claims that Ukrainians weere interested in buying Pompey but have been scared off by the alternative CVA -  Typical Andronikou though, I'm surprised there is no greek / IOW consortium in the wings waiting to buy - although we all know this is just a smokescreen anyway

http://www.portsmouth.co.uk/frattonlatest/Andronikous-anger-as-Ukrainians-go.6352971.jp

[Barry Scott]

Hmm now AA claims that Ukrainians weere interested in buying Pompey but have been scared off by the alternative CVA -  Typical Andronikou though, I'm surprised there is no greek / IOW consortium in the wings waiting to buy - although we all know this is just a smokescreen anyway

http://www.portsmouth.co.uk/frattonlatest/Andronikous-anger-as-Ukrainians-go.6352971.jp

He must have some sort of process chart he works through whenever he does this. Somewhere in this chart after becoming the singular most important piece in saving a club and self proclaimed person of brilliance, he conjures up several consortiums who then pull out because of various disputes. It really is debt management by numbers in AA's case. Such a cunt.

[pauld]

It's all depressingly familiar isn't it?

[tans]

HMRC have rejected the offer of 20p in the pound apparently.

Just been on the local news