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Pompey Creditors Offered New Deal
Published : 07 Jun 2010 20:16:30
Griffins offer creditors potentially 99% of what they are owed. Pompey's creditors have received a new offer of potentially 99p of every pound they are owed by insolvency experts Griffins, a firm that represents some of the creditors.With this new offer, the creditors would get a minimum of 65% of what they are owed but that would rise to 99% if a certain Sacha Gaydamak is willing to drop his £32 million claim against Pompey.Gaydamak has a decision to make, because Griffins state that he could be liable for a claim of £50 million if he was to be found guilty of breaching his duties (i.e: allowing Portsmouth FC to trade whilst insolvent.)This news is potentially a massive hammer blow for all Pompey fans as there is no way that the creditors will reject a vastly improved offer than what UHY Hacker Young is offering, and so their CVA proposal would certainly be rejected, meaning a heavy points deduction next season.That's my theory anyway, though I'm far from an expert on these complicated matters. The only certainty is that this CVA situation just got far more complicated.So much for a "slow news day", eh?