Date:Thursday June 17 2010
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!
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Date:Thursday June 17 2010
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