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Liquidation now inevitable?



Sat in a pub last night I was feeling pretty glum at how the football world had conspired against Pompey & kicked us in the balls after they had already been cut off & shoved down our throats.

But then I saw in a Guardian article on Newsnow that the Football League have made it a condition of League One entry that Portpin can't transfer more than a small fraction of the secured debt to the NewCo.

Wow!

This is powerful stuff, even though 10 points, which is just a short term thing, makes all the headlines.

Portpin can only keep a small amount of secured debt? So they won't get their 18m back. Further tough league regulation makes asset stripping the parachute payments impossible.

So, this COULD lead to Portpin walking away.

The Trust may be the only show in town. Yet we have no detail & we know that unless people like TBH leave, they have no bid.

Could we not see a new season for Portsmouth 1898??

Written by and initially posted in the forum here

The views within this article are the views of the individual who wrote and submitted this piece, sometimes solely theirs. They are not necessarily shared by the Vital Pompey Site Journalists.

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The Journalist

Writer: Pompeytim Mail feedback, articles or suggestions

Date:Friday July 13 2012

Time: 8:37AM

Your Comments

good morning to you too :-)
you could well be right tim, as i said on the -10pts thread it was not so much this that i worried about it was the conditions being laid down by the FL that could prove more problematic...
again i cannot say that i want liquidation but the more and more rubbish that comes out the more you have to think is it the only option to actually give us a sustainable future?
pompeyrug
It really is starting to feel as though liquidation is coming. I agree that the conditions imposed are more daunting than the points deduction. It feels as though we are teetering on the edge of a cliff and the FL has just given us a big shove. The thought of liquidation is quite daunting, but the situation is so desperate now that it just might be all we have.
tracyc
Does seem like the league are trying to bring an end to the whole thing
russellm
Ok, so can someone explain in simple terms what the 'Portpin can't transfer more than a small fraction of the secured debt to the NewCo' means. How do Portpin ever get their 18 million back? Or even a part of that debt? If Portpin followed through with the sale, how would it work, you know, with the debts and stuff? Would the supporters trust have some liability for the 18 million? Would Portpin just never get it back? How would this situation for Portpin compare with liquidationisation? (Bushism?) What do the Football League EXPECT to happen? What are their decisions aiming for; what are they hoping for? It's easy to say; THEY WANT US OUT but could this decision be in our best interests? Gawd knows . . . . but he's not saying, so does anyone have the faintest idea?
Et_tu_Pompeii
 

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