End of the line for PST Pompey bid?
So, the proposal - or bid - to buy Portsmouth Football Club still has not come in from The PST and this is not expected to be put forward ahead of the creditors meeting on Monday.
The dream of a fan owned club looks to be fading...
Failure to do this does not 'stop the trust from making an offer afterwards' but it would seem as though the likelihood of this proving successful is unlikely.
Whilst you cannot categorically say this will not happen it does seem as though we have constantly been hearing for a number of weeks that a 'bid was coming soon' etc. but unfortunately this has not come, maybe it still will but I am now thinking that it is becoming less and less likely because the funds just simply are not there.
Of course I would happily like to be proven wrong, and hope I am!
Chances are that Balram Chainrai will soon be regaining control of PFC...
Will the creditors approve his 2p in the £ CVA proposal though?
Trevor Birch, quoted in The News today, seems to think that they will: 'I would have thought the CVA would go through given the alternative.'
This is something that we will find out for sure on Monday but I am far from convinced that the CVA will be accepted though, and this does NOT mean liquidation if it is not either...
Should the CVA be rejected then, and again I could be wrong, like I have said before I am convinced that Chainrai will take control of the club again and look to bring us out of administration without a CVA.
So, for me, the 'alternative' is not liquidation if there is a rejection of the 2p in the £ return on money owed to unsecured creditors. Although, if I am correct, it could still mean they get nothing, which is how I think it works if you reject a CVA proposal and exit admin without one - with Pompey of course collecting a points penalty for next season too...
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