Buzzer
Languidly Clinical
- Oct 1, 2006
- 26,121
- Thread starter
- #41
A mate of mine is a Southampton fan and sent me this, it's an open letter posted on their forum from a creditor and (ex) Pompey fan. This is PRECISELY why that club should do the decent thing and fold.
Well done. No time to compose anything, so I rehased an old favorite (I will put something together on the weekend):
Dear Pompey (whatever comany you are this 1/4er)
Your urgent request poped up on my RSS feed calling for CVA 2010 creditors to get in touch, so I felt obliged to contact you, although im not sure why really after the way PFC treats its local community, business partners and sponsors.
( http://www.portsmouthfc.co.uk/Latest...tors-3538.aspx )
So, you want me to confirm I am satisfied that the club I used to love ruined my life? How about a little background...
I would like to point out that I was a victim in the previous Portsmouth 2010 administration, and as such I no longer run my freelance photography business as a result of the clubs collapse. A few thousand pounds may not mean much in the world of football but to a one man band like myself it is enough to ruin you. I now work in a shop, but at least I managed to keep my mortgage repayments up.
Now, as you are aware us creditors were pushed (I wont go as far as blackmailed) into accepting a CVA which payed a dividend of 20% of the original debt. The payment schedule was over a period of five years, however our first installment was pushed back to 2012. This was never going to solve the problems this administration had placed on my business, as a sole trader I knew it would finish me off either way and as such I simply voted with little care for myself.
Whilst I found it incredibly disturbing and deeply insulting to see the club continuing to sanction player purchases and associated salaries, I understand football and the nature of the beast of remaining competitive so it was something I had to accept, even though I was unable to continue my freelance work with the club.
To see the club go back into administration again this season was simply staggering, and discovering they had racked up more dozens of millions of debt, whilst never getting round to paying mine or any other poor souls from the creditors meetings a penny of our dividend, left me in a state of almost shock.
I am currently receiving correspondence from PKF regarding the 2012 administration (despite having to wind my business up), and I am told the original 2010 CVA debt will now be diluted into a 2012 CVA, and as such the 20% dividend will now be 2% of 20%.
What a generous offer from Mr Chainrai!
As a result my original debt in full will have gone from approximately £3000 to £12, and more importantly without my consent this time round. Not that I really had a say last time round, as Andronikou kept finding more debts to the point he magically produced the 75% he needed to stop HMRC liquidating the club.
That is absolutely scandalous and I cant help but think that if I tried to behave like that, I would be in prison by now!
As I have mentioned, I had to wind my business (and dreams) up so the debts owed to me are irrelevant what ever percentage they finally decide this time round.
So thats my background. Now I will consider your question again, am I in favour of CVA MKI being diluted into CVA MKII without my consent?
Let me highlight the financial consideration again: £3000 * 20% * 2% = £12 (with no consent)
How about you go and choke. You can shove your CVA and stick your proposals on an expensive trip to Gibraltar. My life is in ruins because of your behaviour, I want to see PFC struck right down to the lowest level of the game, only then will I continue to support the club I formerly loved that destroyed everything I had built up.
I sincerely hope you can understand quite how much distress this has cause myself and my family.
Regards
Paul Gentry
PFC fan 1965 - 2010
Well done. No time to compose anything, so I rehased an old favorite (I will put something together on the weekend):
Dear Pompey (whatever comany you are this 1/4er)
Your urgent request poped up on my RSS feed calling for CVA 2010 creditors to get in touch, so I felt obliged to contact you, although im not sure why really after the way PFC treats its local community, business partners and sponsors.
( http://www.portsmouthfc.co.uk/Latest...tors-3538.aspx )
So, you want me to confirm I am satisfied that the club I used to love ruined my life? How about a little background...
I would like to point out that I was a victim in the previous Portsmouth 2010 administration, and as such I no longer run my freelance photography business as a result of the clubs collapse. A few thousand pounds may not mean much in the world of football but to a one man band like myself it is enough to ruin you. I now work in a shop, but at least I managed to keep my mortgage repayments up.
Now, as you are aware us creditors were pushed (I wont go as far as blackmailed) into accepting a CVA which payed a dividend of 20% of the original debt. The payment schedule was over a period of five years, however our first installment was pushed back to 2012. This was never going to solve the problems this administration had placed on my business, as a sole trader I knew it would finish me off either way and as such I simply voted with little care for myself.
Whilst I found it incredibly disturbing and deeply insulting to see the club continuing to sanction player purchases and associated salaries, I understand football and the nature of the beast of remaining competitive so it was something I had to accept, even though I was unable to continue my freelance work with the club.
To see the club go back into administration again this season was simply staggering, and discovering they had racked up more dozens of millions of debt, whilst never getting round to paying mine or any other poor souls from the creditors meetings a penny of our dividend, left me in a state of almost shock.
I am currently receiving correspondence from PKF regarding the 2012 administration (despite having to wind my business up), and I am told the original 2010 CVA debt will now be diluted into a 2012 CVA, and as such the 20% dividend will now be 2% of 20%.
What a generous offer from Mr Chainrai!
As a result my original debt in full will have gone from approximately £3000 to £12, and more importantly without my consent this time round. Not that I really had a say last time round, as Andronikou kept finding more debts to the point he magically produced the 75% he needed to stop HMRC liquidating the club.
That is absolutely scandalous and I cant help but think that if I tried to behave like that, I would be in prison by now!
As I have mentioned, I had to wind my business (and dreams) up so the debts owed to me are irrelevant what ever percentage they finally decide this time round.
So thats my background. Now I will consider your question again, am I in favour of CVA MKI being diluted into CVA MKII without my consent?
Let me highlight the financial consideration again: £3000 * 20% * 2% = £12 (with no consent)
How about you go and choke. You can shove your CVA and stick your proposals on an expensive trip to Gibraltar. My life is in ruins because of your behaviour, I want to see PFC struck right down to the lowest level of the game, only then will I continue to support the club I formerly loved that destroyed everything I had built up.
I sincerely hope you can understand quite how much distress this has cause myself and my family.
Regards
Paul Gentry
PFC fan 1965 - 2010
