Portsmouth - (Yet another) Day of reckoning!
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(Yet another) Day of reckoning!

Déjà vu number lord only knows what is with us, as the title says '(yet another) day of reckoning' is upon us...

As I would imagine you know the creditors meet today to vote on the CVA proposal put forward by Balram Chainrai recently.

His measly 2p in the £ offer is one that, and I could well be proven wrong, I reckon is going to be rejected out of hand by the creditors, but we will see?

Although there is another offer around the table now with The PST putting forward their proposal to buy the club late on Friday, but what will the CVA proposal from them be?

Whatever your views are on The Trust I once again must say that they should be applauded for their efforts.

The time and effort put into this cannot be underestimated and they have sought very professional help from people that know what they are doing - all too often, and usually unfairly, they have been 'slagged off' and/or 'accused' of almost trying to play God with a football club, although it has never been the intention of those involved, as far as I can make out, to be the ones to try and 'run the club' themselves.

Portsmouth Football Clubs future may or, perhaps more likely, may not become a little clearer today.

What The PST proposes could make all the difference?

If the 2p in the £ offer is the only one on the table then I cannot see us having a CVA approved today, so exiting administration without a CVA would seem the only option - other than liquidation - but time will tell...

PLAY UP POMPEY!

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The Journalist

Writer: pompeyrug Mail feedback, articles or suggestions

Date:Monday June 25 2012

Time: 9:26AM

Your Comments (oldest first)

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As you say Rug you don't know what the trust p in the £ offer is so its difficult for it to be rejected out of hand when the majority of debt is owed to the prospective buyer; therefor " out of hand" seems unlikely- unless you believe Chan will vote against himself. It all seems a little irrelevant at the moment as both bidders are dependant upon a reduction in salary and payout that the three main player protagonists are refusing to accept.
russellm
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25/06/2012 12:17:00

TB has now stated that the PST bid is worth looking at - so the Creditors meeting has been delayed!! Not sure for how long though.
eastneydave
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25/06/2012 13:22:00

Far from being rejected out if hand as i stated was likely to happen last week the Chan CVA has been accepted; TB has also done as I thought he might and allowed the Trust the time to go away and put in a proper bid- I remain available to further advise TB should he require it :-)
russellm
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25/06/2012 14:31:00

It has also been made public that the PST bid was only indicative so I think keeping that in mind they ( the trust) failed to provide a firm proposal in time they have had a good result this morning. Not quite sure who they would make a counter offer to; Chan or Birch. I'm thinking it will be Chan ( who has a cva accepted i guess) who I think has 28 or 30 days to make good on his offer. At the very worst the trust bid build will ensure there isn't any dallying about.
russellm
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25/06/2012 14:36:00

i feared that the CVA would be rejected, pleased that you were right russ and it wasnt.
pompeyrug
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25/06/2012 14:39:00

 

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