Fowllyd

Not a bad article, but I'd have to take issue with this statement, early on in the piece: I'd have thought that administration is the least likely outcome. The purpose of administration is to protect an otherwise solvent business from creditors for a period of time, until issues of mony owing can be resolved (in other words, a CVA). However, as has been frequently stated, Pompey's problems are ones of cash flow, not of debt. Yes, they owe money to HMRC, and now to their own staff, but this has come about because their outgoings exceed their income. In order for them to exist in administration, money has to come in from somewhere to meet everyday expenditure, and I can't see that this would happen - all the more so now that the transfer window has closed and they can't sell players to get money in. There's nobody willing to cover the costs of administration, they're in a position of insolvency, they don't own their ground or the surrounding land. Barring a miracle (such as a massively rich Pompey fanatic suddenly turning up) I can only see one realistic outcome here.

Terrific song - wistful, affectionate and sentimental without being mawkish. Not an easy trick to pull off. Billericay Dickie is fabulous too - top notch smut and hilarious with it.

Both Dylan and Laughing Len (who's also had a few lines quoted on here as well) wrote so many great lyrics, be they complete songs or snippets. I've always liked the first verse and chorus of Hank Williams' Wedding Bells Will Never Ring For Me: I have the invitation that you sent me You wanted me to see you change your name. I couldn't stand to see you wed another But dear I hope you're happy just the same. Wedding bells are ringing in the chapel That should be ringing now for you and me. Down the aisle with someone else you're walking, Those wedding bells will never ring for me. Wrote a lot of good stuff did Hank.

Portpin holds a charge over Fratton Park, as these extracts from the Land Registry entry (dated 7th November 2011) show: B: Proprietorship Register This register specifies the class of title and identifies the owner. It contains any entries that affect the right of disposal. Title absolute 1 (10.01.2011) PROPRIETOR: PORTSMOUTH FOOTBALL CLUB (2010) LIMITED (Co. Regn. No. 07264768 ) of Fratton Park, Frogmore Road, Southsea, Hants PO4 8RA. 2 (05.11.2009) RESTRICTION: No disposition of the registered estate by the proprietor of the registered estate is to be registered without a written consent signed by the proprietor for the time being of the charge dated 6 October 2009 in favour of Portpin Limited referred to in the Charges Register or without a certificate signed by each conveyancer of the Charge that the provisions of the Charge have been complied with or that they do not apply to the disposition. C: Charges Register This register contains any charges and other matters that affect the land. 6 (05.11.2009) REGISTERED CHARGE dated 6 October 2009. 7 (03.06.2011) Proprietor: CONVERS SPORTS INITIATIVES PLC (Co. Regn. No. 07375628 ) of 2nd Floor, 159A Chase Side, Enfield, Middlesex EN2 0PW. So, although PFC2010/CSI show as the proprietor, the charge held by Portpin is the all-important thing. Unless any prospective owner settles with Portpin, they won't own Fratton Park. I think there was also a debenture on PFC itself, also held by Portpin, but I'm not sure if that still applies. Probably does though. Short of the most astonishing deus ex machina, I can't see any way they can get out of this.

Just to show that there is some intelligent life on the News comments page, this is superb: But is Harry Stotle one of us? It's actually hard to tell on there, as so many ridiculous statements may be p*ss-takes from us or serious comments from them!

Well, if the Pompey Trust has been advised that the title to Fratton Park would revert to the liquidators in the event that CSI is liquidated, then I reckon they've been badly advised. The Land Registry entry shows quite clearly a charge in favour of Portpin over the ground; in other words, until such time as that charge is paid off and cleared, Portpin have first dibs on Fratton Park. What happens to CSI makes no difference whatever. So, no land which you'll get anything for, let alone £20M.

Amongst all the other hilarity, here's one from a week ago... So what's happening? Surely it's getting a little urgent now?

I think that this will be tested in court, assuming things go that far. I'd guess that HMRC will argue that it's essentially the same business, albeit operating under a different name, which effectively defaulted on a much larger tax bill two years ago. When you look at it, that's a pretty strong argument. It will depend whether the court agrees with such an analysis.

Yes, of course - a gap in my thinking there. So it'll be down to the largesse or otherwise of the Premier League then. Would they, I wonder, involve the Football League in the decision? After all, it's the FL that now governs Pompey, not the PL - and the parachute payments are made in agreement with the FL as a whole (FL clubs voted on the recent changes to these payments). Hard to say, but either way there's been no sign as yet of any advance payments heading towards the Skates. When was it that Lampitt said he'd asked for an advance?

HMRC issued a winding-up petition just over two years ago. This went to court, where Pompey brandished lawyers, claims of saleable assets (squad with an apparent value of £38M or so!) plus tales of several parties interested in buying them. All of which swayed the court towards leniency, with the instruction that Pompey produce a full and thorough statement of their finances (I forget the term used for this by the court). They were given two weeks to do this, as I recall. Before they were next due in court, however, Chainrai put the business into administration, thus dodging that particular bullet. So, it's not new, but I can't imagine that the hearing on the 20th of next month will go so easily for them.

Interesting points, though I'm not so sure about the bit in bold there - it was the Premier League who advanced them money before, and I don't think the Football League has any track record of acting similarly. I always thought the previous advance was born out of desperation to protect the PL's sacred brand - what could look worse than a member of the world's biggest and best league (as they proclaim it to be) going pop mid-season? They also knew that the Pompey problem would pass on to the FL at the end of the season, particularly once nine points were deducted. Would the FL be as accommodating? I rather doubt it, though time will of course tell. It's quite likely that Lampitt is doing his damnedest to persuade the FL to cough up an early payment, but that his request is not being enthusiastically received. As you suggest, if they do offer anything it will come with a hefty price tag attached. My guess, though, is that the FL will simply bide their time until either (a) Pompey get liquidated; or (b) they have inarguable cause to lob a substantial points penalty in their direction.

A small selection: "I wish that for just one time you could stand inside my shoes, And for that one moment I could be you. Yeah, I wish that for just one time you could stand inside my shoes, You'd know what a drag it is to see you." Bob Dylan, Positively 4th Street "They sentenced me to twenty years of boredom" Leonard Cohen, First We Take Manhattan "Her words still dance inside my head, Her comb still lies beside my be. And the sun comes up without her, it just doesn't know she'd gone, Oh but I remember everything she said." Brass Buttons, Gram Parsons

That's a superb sentence, right up there with Noam Chomsky's "Colourless green ideas sleep furiously". But then I'm a linguist, so I would say that...

I'd say you're right on both counts. This bit is intriguing - what were they expecting to happen this month that would make the period from February onward so much easier? Player sales perhaps? That would work, in that they could generate income and also reduce outgoings. Yet they have turned down bids for two players if the News is to be believed. Yes, those offers may have been on the low side (and almost certainly their payments would have been staged) but surely getting any money in, coupled with a reduction in costs, would make sense when you're staring down the barrel of a Howitzer? Apparently not. In Flann O'Brien's magnificent novel, The Third Policeman, the protagonist comes to realise that everything that the bizarre, friendly yet terrifying policemen say is true, no matter how absurd it may seem. In their world, all is as they describe it; it may defy logic or any rational consideration, yet it is true nonetheless. Everything about Pompey puts me in mind of this; they appear to inhabit their own world, where so many things that bother everyday people like us count for nothing, and they can do and say exactly as they please. Unfortunately for them, reality was always going to intervene at some point.

I don't think it could work that way. Remember that the winding-up petition changes everything. With that served, they can only be put into administration by a secured creditor. So, if CSI/Chainrai/Andronikou (all pretty much interchangeable) put them into administration, they are in effect admitting the debt. And, if this does happen, forget that £10.8M when it comes to the CVA - it'll be secured debt, so can't be used to outvote HMRC (they vote with other unsecured creditors). That, at least, is my understanding. I think that the arrest of Antonov has holed all of Chainrai's plans well below the waterline; the charge he took out over CSI was an act of desperation as he saw his money disappearing. Unfortunately for him, it hasn't had the effect he'd have wanted, as no buyer will be showing up for either Pompey or CSI. He does still own Fratton Park though...

As things stand, administration looks unlikely, unless there's some hitherto unknown individual or body that can put them there. They face a winding-up petition courtesy of HMRC, as a result of which they are effectively in limbo - bank accounts frozen, not permitted to sell the business or any assets thereof, and so forth. I'm pretty sure that under these conditions there are very strict limits on who could put the business into administration. A secured creditor can, I think, but that would mean either Chainrai or CSI (who are pretty much one and the same now anyway) I would imagine - will he want to do it? So it will all hinge on the outcome of the petition; HMRC will have a considerably stronger hand to play than they did at the previous one, as any argument put forward by Pompey's lawyers will be met with "That's what they said the last time, and here we are again." Last time, the presence of a significant legal team to put Pompey's case, plus the various statements of valuable assets and potential buyers, swayed the court. If they'd gone on to the second hearing, I think the plug would have been pulled, but they were put into administration before that happened. I can't see them being given another stay of execution.

I'd say it's like déja vu all over again...

It could be a portmanteau word, of the type Lewis Carroll created (slithy being an example). Incompetent mutants - sounds about right!

Ha ha - you thought you were out, eh? Stay for the denouement - this is the dress circle.

I saw her some time in the 80s at the Town and Country (as was) in Kentish Town. Great performer, sad loss.

Harry the Horse, and Spanish John, and Little Isidore. They normally act as one though, so maybe they're a consortium. And if you've never read Damon Runyon then you should

http://www.youtube.com/watch?v=pE9Ng9PjyJI Somebody had to...

In spite of seeing him play loads of times, I'm struggling to remember whether Danny was mainly right- or left-footed. His famous bicycle kick against Liverpool was hit with the right foot I think. He played on either wing so I'd say that, like his brother Rod, he was highly adept with either foot. To make up for this, Rod's twin brother Ray was totally inept with both! Did anyone else notice the Forest substitute (only one allowed back then) in that clip?

Only one way to find out...

You need to bear in mind that the FA have nothing to do with the running or regulation of football clubs; that dubious honour belongs to the various leagues. The FA didn't deduct points from us, or investigate the nature of SFC's relationship with SLH, the Football League did. Likewise with Pompey - their deduction was administered by the Premier League. The FA has no powers to kick any team out of any league; to think otherwise is plain wrong. In fact, given the atmosphere level of mistrust and loathing which exists between the FA and the PL in particular, I could easily imagine that the hierarchy within the FA would have found it highly amusing if Pompey had been liquidated back in 2010. Pompey were kept afloat - just about - by the PL, who were terrified at the prospect of one of their members going to the wall, but were more than happy to see the back of them, passing the stinking mess on to the FL. As for Lampitt's presence at Pompey, I reckon this is likely to be nearer the mark: Hell, even Corp mentioned rumours concerning Lampitt's time at the FA - I know he's normally wrong, but maybe he's right just this once. Or maybe, just maybe, Lampitt wasn't doing a great job, knew it, and went looking for something else. Hard to imagine Pompey were inundated with applications... Ditch the conspiracy theory stuff - quite apart from anything else, the simple cock-up theory is far funnier.