Pompey update

[Lady Whistledown]

According to the BBC, Pompey have offered their creditors 20p in the pound today. Big of them, don't you think? They're hoping this will be accepted by enough of the people they owe, that it will allow them to put the CVA in place and exit administration.

Those creditors of course include you and I, as UK taxpayers. I think we should be included in the vote as to whether we're prepared to accept this less-than-generous offer from the tax-dodging crooks along the coast.

I say no. No on behalf of us as law abiding taxpayers, no on behalf of HMRC, and no on behalf of every other business and charity robbed by the PFC over the past few years.

But as usual, the little people will be stamped all over and forced to accept Pompey's crappy offer, and once again, another cheating club gets away with it scot-free

 

[algie]

If it is excepted do they still get points deduction for cva?

 

[deletebeepbeepbeep]

They only get deducted points on CVA if one of the creditors doesn't agree it, I think?

 

[algie]

They only get deducted points on CVA if one of the creditors doesn't agree it, I think?

I heard it wll also be 17 points as well.Is that true?

 

[philsussex]

Reading through the BBS, it looks like Palace are only offering their creditors 1p in the £1.

Don't know much about it to be honest and don't think it includes HMRC but on the surface, it makes Pompey's offer look quite generous!

 

[Hiney]

Robbing bastards

 

[deletebeepbeepbeep]

I heard it wll also be 17 points as well.Is that true?

If the CVA isn't approved it is 17 points.

 

[deletebeepbeepbeep]

Reading through the BBS, it looks like Palace are only offering their creditors 1p in the £1.

Don't know much about it to be honest and don't think it includes HMRC but on the surface, it makes Pompey's offer look quite generous!

Yep.

Simon Jordan promises Crystal Palace he'll fight 17-point deduction threat | Mail Online

 

[algie]

I bet Cardiff are f***ed as well.They were banking on going up.

 

[Lady Whistledown]

As I understand it, you have to have a CVA in place in order to exit administration before the start of next season, and if you don't, you then get deducted points.

So if Pompey's (or Palace's) creditors accept the offer, then they'll get the CVA in place and come out of administration, free to start afresh and pretend none of this inconvenient debtor business ever happened. And your players still get paid every penny in their contracts, unlike everyone else you owe.

Which is why it SUCKS.

 

[deletebeepbeepbeep]

As I understand it, you have to have a CVA in place in order to exit administration before the start of next season, and if you don't, you then get deducted points.

So if Pompey's (or Palace's) creditors accept the offer, then they'll get the CVA in place and come out of administration, free to start afresh and pretend none of this inconvenient debtor business ever happened. And your players still get paid every penny in their contracts, unlike everyone else you owe.

Which is why it SUCKS.

Do all creditors have to approve the CVA? Or does it just need a majority vote?

 

[philsussex]

Do all creditors have to approve the CVA? Or does it just need a majority vote?

Think it needs to be a 75% majority. Even then there is a 14 day period where minority creditors can appeal.

 

[Carrot Cruncher]

Am I right in thinking that the same person who took them into administration is the same person apparently bringing them out of it?

Surely that can't be allowed?

 

[Uncle Buck]

Am I right in thinking that the same person who took them into administration is the same person apparently bringing them out of it?

Surely that can't be allowed?

Bates did it at Leeds.

 

[Starry]

it can be allowed.

looking forward to seeing the newest figures from andronikou tomorrow. the cva vote needs 75% to pass. on the first creditors report hmrc were at the 17%ish vote share and are now 12.4%. be interesting to see where the extra £11m on the report came from. of course, others can vote against but looking down the previous report and seeing where the bulk of the money is owed i'd be surprised if based on those % above they didn't get the cva to pass.

the vote won't be for another 28 days though.

 

[philsussex]

it can be allowed.

looking forward to seeing the newest figures from andronikou tomorrow. the cva vote needs 75% to pass. on the first creditors report hmrc were at the 17%ish vote share and are now 12.4%. be interesting to see where the extra £11m on the report came from. of course, others can vote against but looking down the previous report and seeing where the bulk of the money is owed i'd be surprised if based on those % above they didn't get the cva to pass.

the vote won't be for another 28 days though.

Haven't Pompey fiddled the figures to inflate the level of debt and therefore reduce the percentage owed to HMRC thereby reducing HMRC's share of the vote?

Sure I read something like that somewhere. No idea how they'd achieve that though.

 

[Starry]

more than likely.

and with a little knowledge and foresight it is pretty easy to cook your books in such a way. i'll wait to see where the extra debt has been apportioned but i'd say it was pretty likely to be owed to one of the four off shores they had listed on the original report.

 

[BensGrandad]

Were any of theses off shore accounts ones that Mandaric and Arry are facing tax evasion charges over. If so I would think HMRC would have something to say about it.

 

[philsussex]

Never been keen on Pompey to be honest but gotta admit that Edna's very effective anti-Pompey propaganda has got me disliking them even more

 

[deletebeepbeepbeep]

10 points is CLEARLY not enough for screwing businesses, and the tax payer out of milions? of pounds.