The appeal is based on two issues. One being that HMRC believe that Admin Andy has been fiddling the figures and has not accounted for an extra £13 million that they believe they are owed.
The other issue is HMRC refusing to accept 20% of what they are owed, believing that they should be given 100% of the debt owed as nobdoy should be allowed to get away with paying their taxes.
The one extra interesting point added to this story is that if HMRC fail with their appeal, then Pompey may have a case to sue them for damaging the club's chances of signing players and coming out of administration.
The news that HMRC are appealing comes as no surprise, but what everyone will be thinking now is "what happens next?"
For as long as HMRC are appealing the CVA, Pompey will still be under an embargo and the appeal would not be heard until October at the earliest.
The one saving grace for Steve Cotterill is that the league has given special dispensation to sign a goalkeeper, likely to be Jamie Ashdown and also he can sign players he wants as long as the squad isn't larger than 20 players.
This will mean that Cotterill may have to tell Andronikou to release the youngsters in the squad who he doesn't see as good enough for the Championship so it frees the space in the squad for those he feels can do a job for us.
With the embargo still in place, David James will be a certainty to leave as it seems that him staying is solely based on whether the CVA goes through unchallenged (which it certainly will not) and I'm sure other disgruntled players will follow him.
The only way to prevent a possible exile is to come out of administration without a CVA, with the new owner likely to be a delighted Balram Chainrai who would have wiped out a huge sum of debt.
This scenario would mean that Pompey would be hit with a 15 point deduction by the Football League for not coming out of administration under their rules.
Either way, the future looks bleak and it is yet more uncertainty that the Pompey fans must suffer before the situation is resolved.
I'm getting sick and tired of this whole situation and I don't blame the Pompey fans who have opted to stay away whilst this mess is being cleaned up. It's a very stressful experience and the worst thing is that if HMRC are successful with their appeal then they can again issue a petition to liquidate the club.
We'll be a lot closer to finding out how this particular chapter in the Pompey story is going to end on Thursday.
I just hope it won't be the final chapter.