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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!

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The Journalist

Writer: pompeyrug Mail feedback, articles or suggestions

Date:Thursday June 17 2010

Time: 8:32AM

Your Comments (oldest first)

Change to most recent first
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
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17/06/2010 09:11:00

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
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17/06/2010 09:58:00

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
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17/06/2010 10:31:00

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
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17/06/2010 11:45:00

Got my fingers crossed,waiting in anticipation!!!!!!!!
NZ_Portsmuff
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17/06/2010 12:17:00

CVA APPROVED ****** 81% OF VOTES IN FAVOUR ********
southportpompey
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17/06/2010 12:23:00

HMRC will launch an appeal but at the moment it is looking like hero!
russellm
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17/06/2010 13:01:00

 

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