dvaughanwilliams

I don't think you paid enough attention to the poster's user name.... It's pure comedy gold.

SaintBobby: 1. What and who can stop Portsmouth entering administration? HMRC or any other substantial creditor. If it can be proven that by going into admin creditors will be disadvantaged, the court can refuse. In my view, this is unlikely because the sale value of the players' registrations would become 0, to the disadvantage of the creditors. 2. Is it in anyone's interests to stop them going into admin - and if so, through what mechanism? Not that I can think of, but am prepared to be corrected by more knowledgeable people 3. If, for whatever reason, they do go into admin, does this permanently suspend the WUP? Admin provides protection from creditors, so the winding up petition will not be heard on Monday. It doesn't remove the debt though and a plan has to be conceived to settle the debts. HMRC will never vote for a CVA, but if they represent less than 25% of the debt again, they can be out voted. 4. Isn't it completely obvious that the club are insolvent? Their income simply doesn't match their expenditure - let alone start to clear their debts. What are the legal ramifications for being in admin while insolvent? Solvency for football clubs is very difficult to ascertain, in terms of whether assets are more than liabilities. The liabilities are well known, but the value of the assets, particularly player registrations, are very difficult to value. 5. If they are prevented from going into admin, does the WUP order go ahead? And, if so, what could possibly prevent it succeeding? not likely, see above 6. If the WUP order succeeds (now or later) do Portsmouth go out of business immediately? not likely, but if it was heard on Monday and a winding up order was issued, all of the club's assets would be sold under supervision of the court.

You love winding them up don't you? Comedy genius

OK, own up, who's this?

I think that the reason Guly gets a slating is that when he plays on the right hand side of midfield, he doesn't play like a traditional winger. His game is about retaining possession through passing and going past players from a standing position through misleading body movement. If you don't like this style of play, you'll never rate him. If you expect that wingers should spend all of their time on the line and running at people, then I would expect you not to like him, because he will never do that. Playing against a team whose defence sits deep, his style of play is effective. He will get time and space and be able to pull defenders out of position, creating space for other players. He allows a flexibility in our front line with players changing position and creating uncertainty in defenders not knowing who to mark. When we play teams who play a high line, his lack of pace is shown up. He isn't looking to make runs behind and pick up a ball over the top. Against teams who play this way, we should play Puncheon or De Ridder. What I think is good about our current squad is that we have players who play the same position in a different way. Sharp, Lambert, Connolly, Guly, Barnard and Lee all play upfront differently and will be effective against different opposition. There will be rotation and players will be selected to exploit the weaknesses of the team we're playing.

The Group Mind by William McDougall, as cited in Freud's 'Group Psychology and the Analysis of the Ego', listed rivalry against similar groups as being one of the defining points of an organised group that raised it above the intellectual level of a rabble. Of course, he also said that this results in the group having a combined intellectual level of the highest minds in the group, explaining why Poopey fans are still a rabble.

From the league's point of view, I agree. From an insolvency law point of view, I can only find information on failed CVA payments that relate to the same corporate entities, not failed payments for a new limited company that have taken on a CVA for a liquidated previous company.

It's difficult to find out the legal precedent for this because of the relatively unusual circumstances, given the old co, new co arrangement. Of course, in their current circumstance, it is a question of order of payments. The tax and running costs are needed now, CVA payment is not due until April. Giving them an additional 6-8 weeks to find a mug to buy the club. It's a can kicking, robbing Peter to pay Paul, time-buying exercise rather than a solution, but given the circumstances, delaying the inevitable is the best of a series of bad options. Giving this thread another 2 months of fun.

I suspect that the Football League have said that they will advance the payments, if the club are in admin and take the points penalty. If all of the parachute money were advanced, that would be enough for the club to limp to the end of the season and keep the taxman from the door, especially if some of their players are shipped out on loan. Even loans can result in a fee being paid to the players club. This isn't a solution, but it is effective to gain a bit more time. Of course, come April when the first CVA payment is due, they're in trouble again, without even starting to think how crippled the club would be next season; no PP, low budget for a Championship further reduced by having to pay off old debts. In fact, heresy as it may be, this sounds like my preferred option. Not wound up, just scraping along in misery.

I reckon they'll go into admin next week, after the home game. I reckon they'll leave it to the last minute and announce it on Friday. I really can't see it going to court on the 20th. Too much of a risk.

Apart from a spell at the beginning of the second half where we were pegged back a bit, we totally dominated the game. Will be interested in the highlights to see if David Connolly's disallowed goal was offside or not. I don't know how Sharp's goal went in. I couldn't tell if it was a brilliant flick that wrong-footed the keeper or just a ricochet that the goalie dropped, but it's good that he's got his first goal on the board. Ref gave some interesting decisions. Connolly was pushed over when through on goal. The linesman didn't flag for a throw in until after a Burnley player caught the ball. Fonte hacked down in their box. Also gave us some free kicks that should have gone the other way. Possession, passing and movement were all brilliant. We looked very comfortable in possession for long periods of the game. Guly did well to win some balls in the air and I generally think that he is under-rated. I don't think that we should play him away at West Ham. I think that we will play Puncheon on the right with either Chaplow or Hammond playing in midfield, with Schneiderlin making way. Guly and Schneiderlin are great players, but are at their best with time and space that we can find at home. Against West Ham I think that we should play our players with pace and energy and look to run in behind with passes over the top.

For weight loss, I have found the most effective strategy to be Intermittent Fasting (see http://www.leangains.com/2010/04/leangains-guide.html ). I eat a mainly protein based diet, with occasional carbohydrate re-feeds to aid weight training. I train in a fasted state and only eat one meal per day, after my workout. I only do six weight training exercises, 2 each across 3 days: Squats, Barbell Shoulder Press, Weighted Chin Ups, Barbell Bench Presses, Weighted Dips, Deadlifts. Doing 5 sets of 5-8 repetitions (recommended reading - Starting Strength by Mark Rippetoe http://www.amazon.co.uk/Starting-Strength-ebook/dp/B006XJR5ZA/ref=sr_1_1?ie=UTF8&qid=1328861207&sr=8-1 ) The best way to lose weight is through diet. It doesn't matter how much running you do if you stuff your face with cake every night. From a physiological point of view, protein-based diets have an advantage in that protein cannot be converted into fat by your body, but carbohydrate can (for endless details see Lyle McDonalds site http://www.bodyrecomposition.com or any of his books).

Even in admin, they'd be buying off Chinny. Normally admin would reduce the price, but in this case it won't. All of the problems stem from the secured debts, which wouldn't be affected by administration.

As I remember from Limpet's radio interview, the first payments were used to fund football creditors (as mentioned above) and to repay the advance from last time. The next payment will be the first one paid to the club. Android has said liquidation isn't an option and at this stage it would be the worst option. Arguably player registrations are one of the most valuable assets of the club, but they are worth 0 in liquidation. In a normal liquidation machinery and other assets would have at least a scrap value, but not in this case. I consider a possible scenario as follows: Chinny touches down, clears the tax bill and adds it to the loan, puts the club into admin then asks the football league for dispensation to sell players outside the transfer window (as was allowed last time). There is then a discussion with the players that if a loan or sale option comes along, they would be better off taking it. He does this aggressively enough to reduce running costs to let the club break even, probably including mass redundancies of all non-playing staff. He then runs the club on a low budget to receive future parachute payments and the value from the sale of any saleable players, unless a buyer comes from nowhere.

Haven't seen this posted yet: http://www.twohundredpercent.net/?p=17350

According to http://www.transfermarkt.co.uk/en/portsmouth-fc/startseite/verein_1020.html Their squad is worth £23m, but that includes a figure of £2.6m for the Albatross Tal Ben Haim. Looking through the figures, they all look unrealistic.

Assuming that those shots are accurate the things that really stick out: 1. They value DFCSB (2010) Ltd at £4m 2. Chinny has a floating charge over all of CSI's assets 3. The value of the assets is less than Chinny's loan. He therefore owns all of CSI's assets. 4. There are trade creditors who are owed just short of £20m CSI can either be passed to Chinny, despite the fact that you couldn't describe it as a going concern or should be liquidated. Cheats FC is now a binary situation: white knight or closed doors.

Also, JoCa doesn't know what a Debenture is. http://en.wikipedia.org/wiki/Debenture In the US it is an UNsecured debt. In the UK it is typically a secured debt. It is just a fancy name for a debt that can be bought and sold. A secured creditor may have significant influence over the club and its finances, but they are specifically NOT the owner.

It is effectively a mortgage. On a personal mortgage you buy your house, so the deeds are in your name, but the mortgage company have a charge over the property. What this means is that at the Land Registry they have registered their interest in the property. It cannot be sold without them agreeing to it and if you try to secure further debts the new lenders can see that you have already used it as security for the original loan. If you cannot make payments on your loan, the mortgage company do not sit in the usual hierarchy of creditors (1.Court and insolvency practitioners, 2. pension schemes, 3. everyone else, including HMRC) the person with a charge can just seize the property, the mortgage case your house and in this case Nottarf Krap. What isn't known is what Chinny has a charge on. It is well known that football clubs use all kinds of things as security. It was recently revealed that Rangers have secured lending against future season ticket sales. I was sent a prospectus for an investment fund that lent football clubs money secured against future stage payments for transfers. It could also be a charge against player registrations. So, if he is not being paid he can seize and sell any asset that his charge covers. If the club were to be liquidated, he could seize and sell the assets, leaving nothing for the taxpayers, small businesses and charities. HTH

No.

With 40 minutes to go, it looks like they're not going to sell anyone else. I have heard a rumour that they are planning to raise all of the money they need through a car boot sale selling unicorn farts. Seriously, have they announced a more believable plan to get out of this?

Would like to hear from someone who was in the Chapel about the Cardiff goal. From my seat I had a poor view, but the players were clearly unhappy. We had 2 very good penalty shouts turned down, the foul on Rickie Lambert was a hack down from behind and I was apoplectic that the ref didn't give it. With all the pressure in the second half, we didn't deserve to not win that. Puncheon looked good, was working hard for the team and will improve. Tadanari Lee created panic in their defence, constantly looking to make the run in behind and when the players around him are looking to pick out those runs he will be very successful. Lots of positives from the game. Looked a lot closer to the team from the beginning of the season than the past couple of games.

I meant the exact opposite. Sorry, poor writing on my part.

Of course the most pressing point about tonight is whether I am going to maintain my 100% short sleeve record. It's a bit nippy.

Hope he gets decent treatment from the crowd tonight after he criticised the chairman and I seem to remember him moaning about the fans too.