Vital Football

A hero or villain to be confirmed...

A hero or villain to be confirmed...

Well guys, today is the day, and I am NOT talking about the no power championship fixtures coming out, which of course they do and this is big news but we have a bigger fish to fry today!

As I am sure you know, in fact I would be amazed if you did not, today is the day when the creditors meet to decide our fate.

A successfully approved CVA by 75% of the creditors, at the 20p in the £ - rising to 25p potentially, will see us move a step closer to coming out of administration and then being able to find an owner, appoint a manager, and start looking towards next season in some positive light. Failure for this to be agreed by at least 75% and then we are in the same position that we have been in for so long, with the possibility of this getting even worse growing stronger...

We can, and would, come back with another offer to the creditors within 21-days, if needed, but should that also be rejected - if today's offer is even rejected - we are left in dire straights!

Yep, even worse than things are now.

There is talk of finding an owner and exiting admin before the CVA is agreed, if it is not agreed, although this is not something that is allowed and would 'probably' result in a points penalty for next season...

Admin Andy was VERY confident on our chances yesterday when he spoke to The News though, not that this necessarily means anything as he has been confident about this, that and the other happening so far and how much of this 'optimism' on various things happening has actually happened?

Do not get me wrong you do not want a pessimist around, but there are times when you should button it, and not knowing when to do this seems his biggest problem!

Talking to The News on Wednesday about being as optimistic as he was, was for me a bad move as this sets him up for a massive, massive fall if this CVA is not agreed and there will be little anyone can do to defend him if this is now refused, after he 'claimed' that he believed we already had enough votes to gain the 75%, as only a couple of creditors, to his knowledge, would refuse this offer...

At the same time though 'if' we do pull off this CVA, which as said before is a 'decent offer' to be fair - although put at some doubt by the unrealistic Griffins report, then he, and UHY, do deserve a lot of praise and credit to be fair!

DO NOT be surprised if we do not hear an outcome on this meeting today, I am led to believe that it could take a day, a couple or maybe more for this outcome to be known?

Quite why I do not know, although he seems to think that we will know one way or the other pretty sharpish as plans to install a new manager by the end of the week are 'apparently' in place already?

Perhaps saying 'a hero or villain to be confirmed' is a bit much for the title, but in many ways this is what the outcome of this CVA meeting will prove as far as Admin Andy is concerned, right?

If we get the right result then he would have backed up his optimism and constant media chirpings, if we fail to get it granted then the guy will be absolutely slaughtered...

Keep those fingers crossed for a positive outcome guys!

As said though do not be overly concerned if we do not know an outcome today though, as said I think it is possible this could take more than a solitary day for whatever reason.

PLAY UP POMPEY!

Join the Vital Pompey Debate

For more information about the Vital England predictions league game - click here.

For more information about the Vital England fantasy football game - click here.

Trust



Click here to join in the debate on the club forum.

Writer:pompeyrug
Date:Thursday June 17 2010
Time: 8:32AM

Best of Vital Network

Comments

0
Good article Rug, his over confidence always, always worries. The more I read the news article the more I thought he was trying to set up a hearts and minds "yes" momentum. It's worked in part because all the usual Pompey sites have for once united in support of his proposal. I also agree with you in that there is a good chance AA won't get a voted "yes" to the CVA today and some extra will be required but no one goes into a negotiation ( posh word for haggle) without being prepared to give something to get what you want. If he has and he fails then he will get slaughtered.
russellm
17/06/2010 09:11:00
0
Keep the faith fellas .. Go back over what AA has said and done and although he's a little gobby he lives up to his promises (well so far) In his very first speech did he not say he'd get out out of adminstration in 12 to 16 weeks ?? I haven't done the maths but I don't think he's far off .... As it goes I think we WILL hear today most of the votes (including HRMC) are already in .. there will come a point, much like the general election, whereby even though not all votes would've counted ... the result will be known. PUP
Chix
17/06/2010 09:58:00
0
That's true Chix and I have like you championed letting him get on with it, and queried the true agenda of SOS Pompey. I am convinced he is pro business, personally I'm sure he upped the debt figures to reduce the HMRC percentage ( my thoughts no proof ) and quite frankly the club needed that to avoid liquidation. The big MO is starting to build now so the fear is if it doesn't work out the backlash against him will be phenominal. He seems to think he has circa 70% by proxy vote, he needs the other 5 or 6%. I think it could take until tomorrow but I do think the end game is now happening. If it gets through today I'll get so hammered I won't need an anasthetic for my op tomorrow.
russellm
17/06/2010 10:31:00
0
Thursday & Friday nights are clear. Both bases are covered! Bottles of Sol chilling in the fridge (with a slice of lime of course), but also a clear route to the end of South Parade Pier if the worst should happen !!!! Whilst I don't envy the position of the creditors, and wouldn't blame them if they said NO, I hope they accept the proposal. I'm not a SOS or Trust person......I just don't get them? I am neither a Admin Andy/Chanrai guy.....I just bleed blue and want my club to survive. PUP
BarneyArmy
17/06/2010 11:45:00
0
Got my fingers crossed,waiting in anticipation!!!!!!!!
NZ_Portsmuff
17/06/2010 12:17:00
0
CVA APPROVED ****** 81% OF VOTES IN FAVOUR ********
southportpompey
17/06/2010 12:23:00
0
HMRC will launch an appeal but at the moment it is looking like hero!
russellm
17/06/2010 13:01:00
Page 1/1
  1. 1

Login to post a comment

Recent Portsmouth Articles

Good luck Ben!

In an ideal world Davies would have agreed a new deal and stayed with Pompey next season but Grimsby have been able to offer him the stability of a two-year deal we couldn't.

Versatile former Arsenal man in on trial?

Deacon, who started out with Arsenal has been with Stevenage and Crawley with the latter releasing him at the end of last season. Cookie will 'run the rule' over him in pre-season?

On this day in history...30th June

A look back at this day in history, and what was happening with Pompey courtesy of our sister site PompeyRama, 30th June.

On this day in history...29th June

A look back at this day in history, and what was happening with Pompey courtesy of our sister site PompeyRama, 29th June.

Archived Vital Pompey Articles

Vital Pompey articles from

Site Journalists

pompeyrug
Editor email
Profile
eastneydave
Editor email
Profile
paultsmouth
no email
Profile
Chix
no email
Profile

Current Poll (see more polls)

Cookie has signed five player now. How many more until you are happy?
Suggested By: eastneydave
Just a keeper8%
Two 58%
Three 29%
Four5%
More0%
ScoopDragon Publishing Entire League Network of Sites

League Table

# Team P W D L Pts. GD
C Northampton 46 29 12 5 99 36
P Oxford 46 24 14 8 86 43
P Bristol Rovers 46 26 7 13 85 31
4 Accrington 46 24 13 9 85 26
5 Plymouth 46 24 9 13 81 26
6 Portsmouth 46 21 15 10 78 31
7 Wimbledon 46 21 12 13 75 14
8 Leyton Orient 46 19 12 15 69 -1
9 Cambridge 46 18 14 14 68 11
10 Carlisle 46 17 16 13 67 5
11 Luton 46 19 9 18 66 2
12 Mansfield 46 17 13 16 64 8
13 Wycombe 46 17 13 16 64 1
14 Exeter 46 17 13 16 64 -2
15 Barnet 46 17 11 18 62 -1
16 Hartlepool 46 15 6 25 51 -23
17 Notts County 46 14 9 23 51 -29
18 Stevenage 46 11 15 20 48 -15
19 Yeovil 46 11 15 20 48 -16
20 Crawley 46 13 8 25 47 -33
21 Morecambe 46 12 10 24 46 -22
22 Newport 46 10 13 23 43 -21
R Dag & Red 46 8 10 28 34 -35
R York 46 7 13 26 34 -36
Latest F1 News
Latest Vital Boxing News

Recent Portsmouth Results (view all)

Portsmouth Fixtures (view all)

Vital Members League Table

RankNamePoints
1.eastneydave16
2.pompeyrug15
3.Copnor4312
4.FrattonBlue9
5.Pompeyboosie6
6.mslorna486
7.Ronald Wilson5
8.Jimsmithswig3
9.storagematt2
10.Lemmi1