Can someone please explain..?

How Portsmouth got away with it.
I honestly cannot fathom this, £120m debts just, gone. Chester got wound up for £30k

Discuss.

Because they have a rich owner?

I found some money behind my sofa and thought 'why not'

Liebherr wrote:How Portsmouth got away with it.
I honestly cannot fathom this, £120m debts just, gone. Chester got wound up for £30k

Discuss.

Comparing Chester to Portsmouth is like comparing some mid-level Silicon Valley software company to Microsoft.

Kuled wrote:Because they have a rich owner?

No, they don't.

Cameron_LFC wrote:I found some money behind my sofa and thought 'why not'

menalawyerguy wrote:

Liebherr wrote:How Portsmouth got away with it.
I honestly cannot fathom this, £120m debts just, gone. Chester got wound up for £30k

Discuss.

Comparing Chester to Portsmouth is like comparing some mid-level Silicon Valley software company to Microsoft.

Doesn't mean that they should get away with not paying their debts

Didn't someone come in and sort it out for them?

kyro7 wrote:Didn't someone come in and sort it out for them?

Yeah, me

So there debt is gone than? They are starting fresh?

Cameron_LFC wrote:

kyro7 wrote:Didn't someone come in and sort it out for them?

Yeah, me

Did you mean to use that smiley, if so I don't get it.

(polskaGOLA) wrote:So there debt is gone than? They are starting fresh?

Their parachute payments are being used to clear the last of the agreed repayments.

kyro7 wrote:

Cameron_LFC wrote:

kyro7 wrote:Didn't someone come in and sort it out for them?

Yeah, me

Did you mean to use that smiley, if so I don't get it.

No, i didnt

Liebherr wrote:

Kuled wrote:Because they have a rich owner?

No, they don't.

Cameron_LFC wrote:I found some money behind my sofa and thought 'why not'

menalawyerguy wrote:

Liebherr wrote:How Portsmouth got away with it.
I honestly cannot fathom this, £120m debts just, gone. Chester got wound up for £30k

Discuss.

Comparing Chester to Portsmouth is like comparing some mid-level Silicon Valley software company to Microsoft.

Doesn't mean that they should get away with not paying their debts

They didn't get away with not paying their debts. They negotiated a revised payment schedule with a creditor, which is well within the creditor's rights to do. At the end of the day, Gaydamak saw this as the best course of action for him and puts him in the best position to recover as much of what he is owed as possible. Nothing wrong with that.

It's still wrong, they screwed over many charities and local businesses, and the only people to get paid back in full were the footballing creditors.

It's wrong. I'm glad they survived though, Gaydamak is a cunt.

Because they have money coming in to pay it off. Chester didn't.

Liebherr wrote:It's still wrong, they screwed over many charities and local businesses, and the only people to get paid back in full were the footballing creditors.

It's wrong. I'm glad they survived though, Gaydamak is a cunt.

There's nothing wrong about it. There's a reason why secured creditors come first. If they didn't, nobody would invest in stocks and bonds. It would be too risky. And anyway, where'd you get the notion that their debt disappeared? I haven't read that anywhere.

menalawyerguy wrote:

Liebherr wrote:It's still wrong, they screwed over many charities and local businesses, and the only people to get paid back in full were the footballing creditors.

It's wrong. I'm glad they survived though, Gaydamak is a cunt.

There's nothing wrong about it. There's a reason why secured creditors come first. If they didn't, nobody would invest in stocks and bonds. It would be too risky. And anyway, where'd you get the notion that their debt disappeared? I haven't read that anywhere.

Well, 4/5 of it went, the CVA was agreed so everyone got 20p in the pound, only Paul Hart and Tommy Smith rejected it

Without the Parachute payments, I doubt Portsmouth will be anywhere near the Prem again in the near future. I give them 15-20 years.

How much do they get in the Parachute payments?

Cameron_LFC wrote:How much do they get in the Parachute payments?

Good question

Something like £20m over 4 years, or something.

I think seeing as they went into admin and they negotiated with people they owe they only have to pay 20p to the £1. So 1/5th of 120m is £24m. Less debt that Hull City now... pathetic eh.

James wrote:I think seeing as they went into admin and they negotiated with people they owe they only have to pay 20p to the £1. So 1/5th of 120m is £24m. Less debt that Hull City now... pathetic eh.

Agreed.

That's two of us

Liebherr wrote:

James wrote:I think seeing as they went into admin and they negotiated with people they owe they only have to pay 20p to the £1. So 1/5th of 120m is £24m. Less debt that Hull City now... pathetic eh.

Agreed.

That's two of us

It is when we came down with £35m debts and didn't go the easy way. Instead we sold anyone that other clubs where interested in except Cairney(which is understandable). We still owe around £20-£25m, but luckily we've restructured with clubs such as Fulham and they'll be paid by July next year by the sounds of it.


Oh and Bullard is injured for another 4 weeks! Probably why Fulham let us restructure the money we still owe them for that transfer, probably feel horrible that they robbed us of £5m for a drunken crock.