Pay Up Pompey,Pompey Pay Up!

[pauld]

Haven't had a chance to look into it yet but on the basis of what I've seen there would have had to be some fairly hefty figure manipulation to get the proposal through. I’ll look into it a little later on!

Well I think part of the problem, as I said earlier, is that half the figures being reported just aren't accurate as a lot of the journos don't really understand what they're reporting on. So they either slap down whatever figures they're told/remember and don't bother to check whether they add up or (probably worse), they try to make them add up so that x is y% of z, when they've not got the full context of how x y and z relate

[pauld]

Haven't had a chance to look into it yet but on the basis of what I've seen there would have had to be some fairly hefty figure manipulation to get the proposal through. I’ll look into it a little later on!

Well I think part of the problem, as I said earlier, is that half the figures being reported just aren't accurate as a lot of the journos don't really understand what they're reporting on. So they either slap down whatever figures they're told/remember and don't bother to check whether they add up or (probably worse), they try to make them add up so that x is y% of z, when they've not got the full context of how x y and z relate, and then report their own calculated figure as the "total amount owed" or "total amount owed to unsecured creditors" or "HMRC's %age of total debt". And then these figures get added into the general mix, re-reported and no-one has a damn clue any more. I guess one starting point would be to find out if the figures they were using yesterday were the same ones as were in the initial CVA proposal?

[BrightonRed]

It's a bit of a shot in the dark but would anyone have any idea what kind of value Fratton Park would have if Portsmouth Football Club was liquidated and the ground sold (probably to property developers etc.)

[pauld]

It's a bit of a shot in the dark but would anyone have any idea what kind of value Fratton Park would have if Portsmouth Football Club was liquidated and the ground sold (probably to property developers etc.)

Negligible apparently - there's a strict sporting covenant on the ground (that can't be bought out) and even if there weren't, the land isn't especially valuable or likely to be of much interest to developers. Not that I think I can see where you're headed as I already went down that road a few months back or anything!

[alanmayes]

Pompey's problems still continue.HMRC still remain as the elephant in the room,could they still
have one or two cards to play?

http://www.portsmouth.co.uk/frattonlatest/Embargo-blow-for-Pompey.6380926.jp

[pauld]

Elephants are rubbish at cards, though. No game face at all. Plus they can't hold them properly

[BrightonRed]

Finally got round to reading the proposals today. Interesting stuff. As you've probably guessed I was just considering the fact that Fratton Park had been valued as 'uncertain' (along with various other assets) for the purposes of the estimated outcome statement (liquidation) thereby significantly decreasing the anticipated return for unsecured creditors and making the CVA appear more attractive in comparison. But if the value of the ground is negligible I'll let it slide!

If anyone's interested in the proxy schedule for the creditors meeting it's available on the UHY website or here: http://www.uhy-uk.com/media/download/turnaround-and-recovery/17.06%20Creditors%20meeting.pdf

Haven't has the time to compare the unsecured creditors detailed in the CVA proposal with those that were admitted to vote but I'm sure it'll show up some interesting decisions made by the chairman.

[Power to people]

AA goes on holiday with Storrie

http://www.portsmouth.co.uk/sport/Andronikou-sets-transfer-ball-rolling.6388351.jp

I'm sure that Pompey will be picking up the expenses - maybe they went by Easyjet to keep costs down

[Crispy]

Why are they still a club? 

[Barry Scott]

I love the way execs require a holiday abroad to discuss things. Their vocal cords and brain synapses must start to seize up and malfunction if they're not oiled with various foreign wines and foods, whilst being bathed in the sun of a far off land.

[Bogus Dave]

I like how, in all the years this forum has been going, a thread about the financial concerns for a club completely unrelated to us is the 8th most replied to!

[Nemo]

It's not really completely unrelated to us though is it, most of it is slagging off of Andronikou.

[Bogus Dave]

Is it? That's fair enough then I suppose.

I don't really read this thread, more click on it to get rid of the 'new' images on the homepage

[Crispy]

He is a bit of a  :cunt:

[pauld]

I love the way execs require a holiday abroad to discuss things. Their vocal cords and brain synapses must start to seize up and malfunction if they're not oiled with various foreign wines and foods, whilst being bathed in the sun of a far off land.

To be fair, they're not going on a "thinking break", they're going to try to sell a couple of their better players to Lazio. They need to raise £15m over the summer - £3m to go to creditors, the rest as "working capital" - and the vast chunk of that (£10m apparently) needs to come from selling Boateng and Belhadji. If (and it's a  big if) they can raise £10m from flogging those two in Italy, the cost of a mini-break in Rome for 3 will be a reasonable investment. Though I have to say a selling party of Andronikou, Storrie and the bloke who used to run the FA's compliance unit isn't going to have Lazio's negotiating team quaking in their shoes