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Creditors meeting - debt up to £138.6m!

Creditors meeting - debt up to £138.6m!

Today, I am not sure what time - it 'might' have already started? - will see creditors meet at Fratton Park as the club looks to get affairs in order, once and for all, with us then knowing in the not too distant future exactly what, if any, our future will be, or at least could be, right?

Quite what the proposals are for the repayment structures sought to non-secured creditors for the CVA will be remains unknown, and this amount 'might' not be disclosed to the creditors today.

As I understand it, today is merely seeking the approval from the creditors to produce the CVA in the first place - the administrators then return to these non-secured creditors with the proposed CVA in 14-28-days for their approval, hopefully...

As said what the amount that will be offered is unknown, and could remain the case until the CVA is produced to these creditors if they approve the application to supply one. Although the amount being 'reported' is something like 20-25p in the pound to these non-secured creditors. Knowing that others - the secured creditors - will gain everything back will leave some non-secured creditors pretty miffed, and rightly so to be fair. So, the unsecured creditors will be looking to get as much back as they can. Something of something is better than something of nothing, is something that they will be looking at I am sure and both sides will play hardball but some outcome is needed, or a stand off with no outcome will be the case. My worry is will people accept 25p in the pound, for example, spread over 5-years?

From the clubs point of view without the CVA, as we know, we WILL start next season on a minus points total, at best. This, for me, is something that is starting to look, I am afraid to say, more and more likely - I hope to be wrong, and maybe my thinking is that by fearing for the worse I will not be 'disappointed', as we have so often over the past 12-months or so when being told to 'expect' more...

At least one positive we can take from the events that are now starting to unfold from today is that we are at least getting closer to some form of resolution and knowing what our future, at least the immediate future will be - by the end of this month, or early in June we 'should' know if our CVA has been approved and if coming our of administration anytime soon is going to happen.

If a CVA is not agreed then we know for sure that a long, long hard slog next season, and for the foreseeable future is the likely outcome, so survival in the no power league next season alone is 'probably' the best we can hope for.

The administrators are 'confident' support will be given to the plans to produce a CVA arrangement, although, speaking for myself I will be happier once we know this is actually the case as the club, and even the administrators, have been 'confident' of many things, for many weeks and months, yet this confidence has not always proved well placed has it!

Today is the start of a vitally important period for Portsmouth Football Club, that much we do know...

UPDATE

Admin Andy has told these creditors that our debts NOW stands at £138.6m!

FURTHER UPDATE

BBC sport is reporting that 'the club is offering to pay at least 20 pence in the pound over five years, and has said that small creditors and charities will be paid in full.'

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Writer:pompeyrug
Date:Thursday May 6 2010
Time: 11:18AM

Comments

0
i see admin andy now says the debt is up to £138.6m...
pompeyrug
06/05/2010 11:46:00
0
How much?! FFS!
tracyc
06/05/2010 11:55:00
0
WTF is going on??? How on God's earth are these numbers going up? Are we funding the Afghan war??? Are we paying towards a new aircraft carrier for the navy??? There should be a criminal investigation into the behaviour of certain persons & not penalising the current team & fans. What other business models allow you to invest & let it fail & then demand your money back??? Whilst so many can walk away, the slur on our great club & city remains.
storagematt
06/05/2010 11:58:00
0
My fear is that if nothing is agreed today we'll then be on the slippery road to extinction. It would be interesting to know how much administration is costing us, ie. what is AA making out of us?
PFCblue
06/05/2010 12:05:00
0
Admin Andy has been downloading Mike Oldfields "Portsmouth" non stop since Monday :-). p.s. the Administrator or his company gets £117,500 each and every month from the club!!! Thats why he is so happy
BarneyArmy
06/05/2010 12:14:00
0
listening to the Quay last night, apparently it only takes one person involved with the charity that is owed the money to step into a Police station and speak with the fraud squad and they will then get involved. Don't know if its quite that simple, but surely to god there is a very much a need to get them involved. It was alos suggested that admin Andy is hiking the price in order to effectively make the HMRC become one of the smaller creditors and negate their stake of having a 15% vote in the CVA process. Seems feasable I guess, but where the hell has this extra £19m come from. No wonder the Rob Llyod consortiam didn't make an offer yesterday, they probably haven't (like us) got a clue as to what the real debt is.
blarmy
06/05/2010 12:16:00
0
for those of us that listen, the rise was forecast last week. Under the law if their is a risk of liability, even if that liability is not proven or is dubious them it must be allowed as debt until the risk is known or disproved. The good news is that it means the HMRC can't be more than 25% and therefore they cannot hstop a CVA if the other 75% go for it
russellm
06/05/2010 12:25:00
0
Bye-bye lads!
haigh_for_7
06/05/2010 12:44:00
0
20p in the £ offered according to BBC news.
PFCblue
06/05/2010 13:34:00
0
Creditors have little choice but to accept as liquidation will give them far less than 20p in the £ - the figure Sunday Toast had predicted after pouring over the accounts for hours!!
eastneydave
06/05/2010 13:42:00
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