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Pompey Takeover Saga


Fitzhugh Fella

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Does not say that here

 

http://ezinearticles.com/?Does-Issuing-a-Winding-Up-Petition-Give-Me-Priority-For-Debt-Repayment?&id=3578385

 

 

If the company is subsequently ordered to be wound up, then the person or business who initiated the winding up petition will not be treated as a priority creditor. The liquidator will be paid first together with any secured creditors or debenture holders.

 

If there are any funds remaining after the liquidator and debenture holders have been paid, these will be distributed fairly to all remaining unsecured creditors including the initiator of the petition. Generally if a business is insolvent, there will be little or no funds available at this stage and unsecured creditors will receive little or no return.

Thats fine Weston, if that is the case, it was just put on here somewhere it would help the HMRC get a better position. I would have thought as they took the big financial decision to make the petition they should get a bigger slice.
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If P*rtsmouth now get taken over, can the Judge still inforce the WUO, as there would have been nothing in the SOA mentioning this fact?

 

Yes and have cleared the debts before the 1st then the WUO would not go ahead assuming that the HMRC accepted the cheque !!

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it seems that the revenue have been very clever - they have been wise to Storrie from day one and have ushered him and the business to exactly where they want them.

 

The real fans may rue the day that their club arrogantly took on the taxman and the court at poker.

 

Sadly for them Storrie only has Mr Bun the baker and Master Crook the son of the arms dealer in his hand.

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I am not disputing the reason for HMRC issuing the order to send out a firm message. That has been obvious from the day they lost preferred status in 2003 and then lost a number of high profile cases against football clubs over the football debts getting paid off in full.

 

The point I am making is that the winding up order does not give the HMRC preferred status. Administration gives them the same status but they want a winding up petition to succeed to make sure other clubs pay their taxes on time or face the consequences.

 

We all know Pompey have nothing and the HMRC will get nothing.

 

The reason for Administration is to protect the business from creditors whilst a potentially VIABLE company sorts out investment or a change in ownership which will allow it to pay its creditors more than they might get from liquidation. PFC do not appear to fall into that bracket on the present uncorroborated evidence in the media.

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HMRC are not interested in the money but the message it sends to every other football club. They will collect millions more now from those,including football clubs, who see HMRC as an inteest free bank.Hence , even though they are currently a preferred creditor they would not be if Pompey went into admin.Thus as Pompey have little assets HMRC would still get nothing from the winding order and even less under Admin!!!. Net result HMRC will send them into liquidation come March 1st.

 

A poster who is a recently retired HMRC employee said previously that HMRC's motivation is more pragmatic than that. He said they would simply be looking to mitigate further future losses through unpaid taxes.

 

That it sends a message will be secondary.

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A poster who is a recently retired HMRC employee said previously that HMRC's motivation is more pragmatic than that. He said they would simply be looking to mitigate further future losses through unpaid taxes.

 

That it sends a message will be secondary.

 

Pretty much the same thing, they need to send a strong message to other football clubs to make sure they get paid in full and on time in the future.

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it seems that the revenue have been very clever - they have been wise to Storrie from day one and have ushered him and the business to exactly where they want them.

 

The real fans may rue the day that their club arrogantly took on the taxman and the court at poker.

 

Sadly for them Storrie only has Mr Bun the baker and Master Crook the son of the arms dealer in his hand.

are you confident that the PL or another will notstep in and pay the Revenue.? I just see too much self interest amongst the other clubs for this not to happen.Now I might have got this wrong as well, but the PL need to find the money to pay up the revenue only for Pomey to survive til the end of the season. It is not justice but just the typical greedy PL.

I do also wonder if the revenue now will have enough evidence to pursue Storrie etc even if the oney is found

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I am not disputing the reason for HMRC issuing the order to send out a firm message. That has been obvious from the day they lost preferred status in 2003 and then lost a number of high profile cases against football clubs over the football debts getting paid off in full.

 

The point I am making is that the winding up order does not give the HMRC preferred status. Administration gives them the same status but they want a winding up petition to succeed to make sure other clubs pay their taxes on time or face the consequences.

 

We all know Pompey have nothing and the HMRC will get nothing.

 

The reason for Administration is to protect the business from creditors whilst a potentially VIABLE company sorts out investment or a change in ownership which will allow it to pay its creditors more than they might get from liquidation. PFC do not appear to fall into that bracket on the present uncorroborated evidence in the media.

 

It does that is why HMRC issued the WUO.Simply stated the consequences of you not paying a company that issues a WUo is that you could go out of business. In any language that makes you the number 1 creditor. PCFC have playedPoker with HMRC and appear to have lost.

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are you confident that the PL or another will notstep in and pay the Revenue.? I just see too much self interest amongst the other clubs for this not to happen.Now I might have got this wrong as well, but the PL need to find the money to pay up the revenue only for Pomey to survive til the end of the season. It is not justice but just the typical greedy PL.

I do also wonder if the revenue now will have enough evidence to pursue Storrie etc even if the oney is found

 

I'm not sure the PL holds that sort of money. Seem to remember reading (probably on here over the last 300 or so pages) that they only really act as a conduit for sharing out the revenues to the 20 teams in the league as and when the revenues come in.

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it seems that the revenue have been very clever - they have been wise to Storrie from day one and have ushered him and the business to exactly where they want them.

 

The real fans may rue the day that their club arrogantly took on the taxman and the court at poker.

 

Sadly for them Storrie only has Mr Bun the baker and Master Crook the son of the arms dealer in his hand.

 

More to this IMHO, I think this is in part, the response by MR Man, Mr Twitch, and the Storry teller, in the press, to their being investigated. I think the HMRC, are really flexing their muscles, and Poor smouth were doomed from October. HMRC, could of done this in the summer last year, chose to give them more time to pay, knowing they couldn't. I think the HMRC have played the long game, PS was not watching the left whilst shaking the right.

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are you confident that the PL or another will notstep in and pay the Revenue.? I just see too much self interest amongst the other clubs for this not to happen.Now I might have got this wrong as well, but the PL need to find the money to pay up the revenue only for Pomey to survive til the end of the season. It is not justice but just the typical greedy PL.

I do also wonder if the revenue now will have enough evidence to pursue Storrie etc even if the oney is found

 

nick...your tacking again!!!!. This not about the tax being paid. The registrar also said about all debts being serviced. The PL will not pay the tax, nature of the beast and all that, clubs in future, will use that precedent as a safety blanket. The game is up for Poor smouth IMO, they have used all their trumps.

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More to this IMHO, I think this is in part, the response by MR Man, Mr Twitch, and the Storry teller, in the press, to their being investigated. I think the HMRC, are really flexing their muscles, and Poor smouth were doomed from October. HMRC, could of done this in the summer last year, chose to give them more time to pay, knowing they couldn't. I think the HMRC have played the long game, PS was not watching the left whilst shaking the right.

 

Agreed. If you are looking anyone it has to be Storrie. He is CEO and his strategy must have been all along to pay off those that would not affect the footballing side of the business. He must have been advised,probably by his CFO, that not paying taxes would catch up with them. If as, he alludes "I do not own the company" I am only following orders then he has failed in his feduciary responsibilities.

 

HMRC are aggressive.They get paid commission on results.They will go after big and small.Storrie must have known this and he gambled on protecting himself and the lolly that goes with PL status and thought he could do a deal with HMRC. which majorly backfired.

 

If I was a Pompey fan,Storrie is your arch villain. Igf he had any intregrity he should have resigned. Instead I hope that the Fraud squad put him berhind bars in the new prison that could be built on Shatton Park.

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are you confident that the PL or another will notstep in and pay the Revenue.? I just see too much self interest amongst the other clubs for this not to happen.Now I might have got this wrong as well, but the PL need to find the money to pay up the revenue only for Pomey to survive til the end of the season. It is not justice but just the typical greedy PL.

I do also wonder if the revenue now will have enough evidence to pursue Storrie etc even if the oney is found

 

True, but the problem for the PL is whilst they will do anything and everything to protect their image, Pompey's troubles are so deep that a lot of the avenues of assistance the PL might consider, would result in a serious backlash from other clubs and/or open up a minefield of legal repercussions.

 

IMO it's gonna get to a point where even the PL realise that if they do everything they can to keep Pompey afloat, it'll be counter productive for their intention to protect their brand.

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A couple of comments.

 

1) HMRC must be annoyed with the beak. By delaying the decision until 1st March to let them hang themselves, further payment to HMRC for February's tax, NI and VAT will also not be met.

 

2) Any buyer should be treated as an attention seeking chancer. The ownership of the ground and surrounding land are known, and any purchase only includes the debt, the team and the privelege of renting FP and Wellington Sports Ground. There are no other assets to tempt an investor

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Well, with the Telegraph & The Grauniad articles today we seem to now be down to two plans.

 

Both need time - tick tock (well there is a surprise)

 

An unknown South African Consortium

 

Hanging on for the next tranche of TV money & then parachute payments (coupled with the premium rate sale of their world class squad

 

So, despite ALL the smoke and mirrors, in reality over the past weeks NOTHING has actually changed for the better, it simply gets a bigger bill.

 

Can they find someone who needs a shed load of Corporation Tax losses? Someone who needs a new passport/residence visa for the UK?

 

In commercial business terms this looks about as bad as MY FECKING CAR

 

Cannot BELIEVE a fecking COP CAR with siren on just jumped off the road flew through the air and smashed my FECKING CAR.

 

ARRRRRRRRRRRRRRRRRRRRRGGGGGGGGHHHHHHHHHHHHHHHHH

 

If I'm not back for the game you know I may have said the wrong words

 

Did this happen while you were posting?

 

Inconsiderate basgits should have made allowances that you couldn't see with your laptop mounted on the dashboard!

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I think that just means that the EPL were never going to grant the rule change, but wanted to pass the blame to FIFA. When FIFA realised they were being set up they called the EPL's bluff by allowing the move, forcing the EPL to take the blame.

 

As for the Admin bit, the court could still put them into Admin. This could prove to add to the comedy, as most of the blue few seem to think this is a magical escape clause. Their debts massively outweigh their assets, their small fanbase compounds this, and the almost certain point reductions lead me to the conclusion that entering admin will just be the begining of a slow death. I doubt they'd make it to the end of the season, what do they have that they can sell? (only players who can't play until august at a knockdown rate!). They simply have no value to any investor.

 

No value to any investor maybe but priceless to us. If they disappear we'll have to laugh at Bompey next. Not much ammunition there as they don't deserve what they are getting (despite having some pikey skate wannabes for fans).

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A couple of comments.

 

1) HMRC must be annoyed with the beak. By delaying the decision until 1st March to let them hang themselves, further payment to HMRC for February's tax, NI and VAT will also not be met.

 

2) Any buyer should be treated as an attention seeking chancer. The ownership of the ground and surrounding land are known, and any purchase only includes the debt, the team and the privelege of renting FP and Wellington Sports Ground. There are no other assets to tempt an investor

 

 

Best fans in the world :D

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The club doesn't own the ground, Chanrai does.

 

Actually I think the club still owns the ground but one of Chainrai's loans is against it so he would have first dibs at the money if the sold it. By the sounds of the guardian article (or was it the telegraph one?) they are looking at finding someone to buy the ground for 10 million and they would then pay 1.4M a year rent. The money raised would go to chainrai so would not help their immediate cash flow problems.

 

---

Got that a bit wrong but similar. Portpin would buy FP for 10 million whch would then go to portpin to pay some of the money owed to chainrai. Same result as above but without the third party

 

Next is the proposal that Portpin, the company owned by the current proprietor, Balram Chainrai, will be sold the freehold to Fratton Park for £10m, which will be subtracted from the £14m he is owed.

Edited by pedg
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Radio 5 just had half hour about them.

 

Finished with asking for one appealing aspect for a potential investor to save the club...

 

 

... there isn't one they said.

 

Their "expert" said it is his view that it is more than 50/50 they will close in 10 days time.

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Actually I think the club still owns the ground but one of Chainrai's loans is against it so he would have first dibs at the money if the sold it. By the sounds of the guardian article (or was it the telegraph one?) they are looking at finding someone to buy the ground for 10 million and they would then pay 1.4M a year rent. The money raised would go to chainrai so would not help their immediate cash flow problems.

 

---

Got that a bit wrong but similar. Portpin would buy FP for 10 million whch would then go to portpin to pay some of the money owed to chainrai. Same result as above but without the third party

Next is the proposal that Portpin, the company owned by the current proprietor, Balram Chainrai, will be sold the freehold to Fratton Park for £10m, which will be subtracted from the £14m he is owed.

 

Which does them absolutely no good whatsoever.

 

The debt to Chanrai is irrelevant UNLESS they can pay HMRC and can pay the wages. Fiddling with Assets to pay off secured debtors will not generate solvent funds to run the club.

 

HMRC have looked at the matter and see there is (the widely reported) 22/26mil shortfall for this season. The faster they wind the company up, the faster SOME of the employees will find new jobs with a proper cheque each month AND the PAYE on time,

 

 

Oh BTW - here's another SPOT THE LIE moment for you....

 

Storrie said before the court hearing that arrangements had been made with non HMRC creditors for staged payments.

 

On the 5-Live forum, Terry the Builder Fan told the entire nation that he had not been paid for work done at the start of the season AND THAT NOBODY AT THE CLUB WOULD ANSWER HIS CALLS.....

 

Now, where is that quote from Storrie at the court case and the 5-Live link - mail it to the HMRC, Justice Derrett, contempt of court thank you he gets his just deserts.

 

:smt066

 

Oh I know some parts of Portsmouth are pretty grim and run down, but never thought we'd get to hear tales of Solvent Abuse from within a company's boardroom down there

 

 

:D

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Did this happen while you were posting?

 

Inconsiderate basgits should have made allowances that you couldn't see with your laptop mounted on the dashboard!

 

Nah GF borrowed it so was a 20 min drive away funny thought tho - WiMax the next do stupid things while driving technology

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PMSL Nail Head

 

Avram Grant

He said: "I don't even want to talk about this because I came to this club to do something. Next time try walking into a new job with eyes wide OPEN

"But every week, or every day sometimes, there is a new thing and I don't know whether these things are sad or funny sometimes. Took you long enough to notice - welcome to the funny farm!

"We got a good result against Southampton and I thought nothing could happen now because there is no transfer window. You cannot say there is no creativity at this club."

lol that's the whole point - creative accounting, creative media spin for the fans all for the past 10 years my son

 

 

Full article was an update on the PL reject story

 

http://www.telegraph.co.uk/sport/football/leagues/premierleague/portsmouth/7277365/Portsmouth-request-to-sell-outside-transfer-window-rejected-by-Premier-League.html

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Here we have yet more examples of the 'head in sand' syndrome....

 

 

 

 

 

MohamedCohen Posted on 20/02/2010 12:34

Administration is the ONLY way to get rid of the parasites.

Email Message To A Friend | Reply To Message

Lard, you're so way off of reality it's frightening. Once PFC go into administration there'll be QUEUE of people wanting the business as administrator. The debts are extinguished, the assets remain (players contracts etc.) and therefore an administrator could easily get in some short term finance to run it until a buyer is found. IP: Logged

stayinupforever Posted on 20/02/2010 13:00

Administration is the ONLY way to get rid of the parasites.

Email Message To A Friend | Reply To Message

Administration is definitely the only way so why are we prolonging the inevitable.We are likely to go down anyway so let's go down in style.

 

We do need to keep some of the better, less well paid players to have a chance of getting back up sooner rather than later and maybe even some of the higher paid ones would take a cut just to play for us (Jamie & Jamo for starters?).After all most players want tom play week in week out in a winning side.

 

I would support admin TODAY.

 

 

 

 

So now they believe that O'Hara is really theirs..........:rolleyes:

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they've just discussed it on SSN,

 

they mentioned there was a rumour that Chainrai was gonna buy the stadium off the club for £15 million, then lease it back to them at the cost of £1 million a year for the next 15 years

 

See.....

 

No assets left now...

 

http://soccernet.espn.go.com/news/story?id=744356&sec=england&cc=5739

 

No training ground and no stadium.

 

Assest stripping in disguise by Gaydamak senior?

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So they have sold the ground for £10m and have it back on a 15 years lease then.....

 

Forgive me if I'm being dimmer than a Skate in a freshwater aquarium but haven't they just reduced their assets by £10m!!!

 

Does that actually help then?

 

Not in terms of being able to prove they are a solvent entity, it certainly doesn't

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No assets left now...

 

http://soccernet.espn.go.com/news/story?id=744356&sec=england&cc=5739

 

No training ground and no stadium.

 

Assest stripping in disguise by Gaydamak senior?

 

I suspect MLG, that the courts may have something to say about this. It may be seen as an illegal transaction, in removing one of the companys assets, in the likely event of liquidation. I bring us back again, to my understanding of the winding up order. My take on this, is that if they are found to have traded illegally, then all transactions since the submission of WO, are also deemed to be illegal. I stand to be corrected. If true, then the transference of nottarf krap to Chainrai, will also be illegal.

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they've just discussed it on SSN,

 

they mentioned there was a rumour that Chainrai was gonna buy the stadium off the club for £15 million, then lease it back to them at the cost of £1 million a year for the next 15 years

 

Why would he need to buy it? I thought he owned it because his loan to the club was secured against the ground?

 

In which case he owns it now. He doesn't need to buy it.

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http://www.portsmouth.co.uk/newshome/Something-is-stirring-at-Fratton.6089722.jp

 

''Leading the way is a South African consortium. The unnamed group is an investment company consisting of multi-national members. They have spent almost three weeks negotiating with Balram Chainrai over the purchase of Pompey.

 

With proof-of-funds documentation now being considered, they remain in the driving seat.

 

Such is their desire to transform the club, it is understood they are willing to implement ambitious long-term plans and have serious money with which to do it.

 

Such proposals are expected to include the resurrection of the Horsea Island project, as well as the Gosport training ground finally being built.''

 

 

more tosh - or are they almost saved...? (but lol @ the last bit)

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The reason for Administration is to protect the business from creditors whilst a potentially VIABLE company sorts out investment or a change in ownership which will allow it to pay its creditors more than they might get from liquidation. PFC do not appear to fall into that bracket on the present uncorroborated evidence in the media.

 

Pompey are a bit like an old car that's worth more as scrap than they are as a car. Crush the bastards I say.

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I suspect MLG, that the courts may have something to say about this. It may be seen as an illegal transaction, in removing one of the companys assets, in the likely event of liquidation. I bring us back again, to my understanding of the winding up order. My take on this, is that if they are found to have traded illegally, then all transactions since the submission of WO, are also deemed to be illegal. I stand to be corrected. If true, then the transference of nottarf krap to Chainrai, will also be illegal.

 

correct

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they've just discussed it on SSN,

 

they mentioned there was a rumour that Chainrai was gonna buy the stadium off the club for £15 million, then lease it back to them at the cost of £1 million a year for the next 15 years

 

Saw that but wasn't the figure £10M that Chainrai was going to buy it for and then rent for 15 years @ £1M a year?

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slightly off topic - but i thought i'd paste this from a skate forum, had me spitting out my tea

 

''

But, the one thing that stands out about Portsmouth more than any owner, player or manager is it's fans. Pound for pound, we are the GRATEST supporters in the land and quite possible the world.''

 

so, the same fans that can't sell out a 20k stadium? good job. :rolleyes:

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slightly off topic - but i thought i'd paste this from a skate forum, had me spitting out my tea

 

''

But, the one thing that stands out about Portsmouth more than any owner, player or manager is it's fans. Pound for pound, we are the GRATEST supporters in the land and quite possible the world.''

 

so, the same fans that can't sell out a 20k stadium? good job. :rolleyes:

 

Just like Storrie, the fans believe their own PR and Spin

 

Get it into your heads now. Your hardcore fans are no better than Newcastle, Liverpool, Everton or even Leeds or Saints, and as for the rest of them. Where the F*ck are they when they're needed!!!

:smt066

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slightly off topic - but i thought i'd paste this from a skate forum, had me spitting out my tea

 

''

But, the one thing that stands out about Portsmouth more than any owner, player or manager is it's fans. Pound for pound, we are the GRATEST supporters in the land and quite possible the world.''

 

so, the same fans that can't sell out a 20k stadium? good job. :rolleyes:

 

Well they definitely grate!

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Just like Storrie, the fans believe their own PR and Spin

 

Get it into your heads now. Your hardcore fans are no better than Newcastle, Liverpool, Everton or even Leeds or Saints, and as for the rest of them. Where the F*ck are they when they're needed!!!

:smt066

 

Just summed up by the Pompey fan interviewed by 5Live, basically we (Pompey) should go into administration & take the relegation because we don't want what happened to Southampton!!

 

What do they think happened to us?? Administration is just a dream for them now, let alone ending up with a rich owner who wants the club run professionally!! :smt033

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slightly off topic - but i thought i'd paste this from a skate forum, had me spitting out my tea

 

''

But, the one thing that stands out about Portsmouth more than any owner, player or manager is it's fans. Pound for pound, we are the GRATEST supporters in the land and quite possible the world.''

 

so, the same fans that can't sell out a 20k stadium? good job. :rolleyes:

 

The funniest part of this is that they really do think this.:D

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