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Not as secure as he thought?

Not as secure as he thought?

The £17m stranglehold that Balram Chainrai has over Portsmouth Football Club 'might' not be as secure as was claimed?

Many fans have questioned just how valid his debenture is with the new administrator Trevor Birch, talking to The News today, saying that 'some doubts' could be put to this: 'that will be reviewed by me for its validity.

'We'll have lawyers that will look at it and examine the transactions and we will see where it goes from there.

'There are aspects of it which might raise doubts.'

This comes just days after Admin Andy put forward a complaint about PKF taking over the administration of PFC from UHY Hacker and Young.

He was claiming a 'conflict of interest', something you would surely have to question about him and his firm anyway?

Regarding this issue Birch said: 'HMRC approached me to be Portsmouth's administrator. We are satisfied there is no conflict and now want to do our best to sort out the problems at the club.'

It will be interesting to see what does now happen regarding Chainrai and his 'secured' £17m?

On one hand it would, you would think, make the selling of the club a lot easier because his secured status would not be there.

Although on the other hand what would be the ramifications for PFC if it was proven that his £17m is not as secure as it had previously been said it was, and was used as such in our last administration process?

'If', and it is a big if, it is proven that Chainrai is not as secured in his money as claimed it opens up a whole new can of worms...

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Writer:pompeyrug
Date:Wednesday February 22 2012
Time: 9:37AM

Comments

0
All good news as far I am concerned. Always thought how can BC wash his hands off the debt yet still be owed money. This poisonous strangle hold has to broken for us to move forward, no matter what the penalty. There always has to be a Pompey.
storagematt
22/02/2012 11:03:00
0
Staff were told this afternoon that Mr Lampitt had left along with his fellow board members John Redgate and Nick Byrom.
storagematt
22/02/2012 16:44:00
0
I wouldn't count your chickens just yet Mat; I think Birch is just threatening to fend off a formal complaint from UHY about interest confliction. If the debenture goes to court Pompey will be plunged further into the mire and could well see an additional points deduction and accounts frozen again. I also think HMRC would have disputed the debenture if they thought they could. Long way to go in this one yet and the only winner are the administrators legal fee's
Russellm
22/02/2012 17:39:00
0
I think Birch is trying to get Chan to drop to pay off Birch's preffered client which is HMRC; I wouldn't be surprised to see the TB ( gonna have fun eith them initials) doubts being assuaged if chan pays Pompeys outstanding tax bills.
Russellm
22/02/2012 17:43:00
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