Gemmel

The football leagues argument over the football creditors rule, is basically that a lot of clubs will go bust and there will be a crisis in football, if clubs can't rack up and then dump millions of pounds worth of tax debts

As they say "Football (Or Hoofball)is a funny all game" and my take is Without doubt they will not win this league

He punched him.....granted it was a ladies slap, but he wouldn't have stayed on the pitch, even if durso was the ref

POMPEY face a race against time to meet a deadline to find an estimated £1.2m by April to pay former owner Sacha Gaydamak. The first instalment of the cash owed to unsecured creditors seeking more than £2,500 is due on April 1, 2012, under terms approved in the Company Voluntary Arrangement (CVA) signed to bring the club out of administration last year. An estimated total of £16.5m will need to be paid back in instalments as part of the agreement – but the first £2.2m will go straight to Mr Gaydamak, as he is the club’s only secured creditor. Under the requirements of the CVA, a further estimated £1.2m will need to be paid on August 15 – and again, most of that will go to Mr Gaydamak. Only then will other creditors who are owed more than £2,500 begin to be paid. Around £4.1m needs to be paid in equal instalments on April 1 and September 1, 2013 That must have been some neat wording in the CVA. So nobody gets anything in March 2012..... They just bought another 18 months on CVA payments Why would we be shocked

Just for the record, with the exception of Aviva and Barclays, Markus paid 100% to all other creditors. Anyway back to the question, No! CSI won't get 100% back, but it does get interesting when you consider than UHY Hacker now own CSI, so what they get from pompey has a direct impact on what money they see. But just a note of caution . Administrators don't take on projects when there is little chance of them getting paid (We were turned down twice I believe) Android or more importantly UHY Hacker have a plan of how they going to see the money, which suggests to me they will get through Fridays little court session.

Were sending them down, were sending them doooooooown At St Mary's in April, were sending them down. There is a real chance that this could actually happen..... That would exorcise a few demons, I can tell you.

They are a big club

We now have a pretty clear sight of the financials. Minimum 52 million worth of debt (I am sure there will be some more skeletons and HMRC can shortly impose a 100% fine for non payment, which I am sure they will) Parachute payments left, just under 16 million, then a wage bill around 2 million a month and then normal running costs. You would have to be very rich and madly in love with them to do a deal, so that rules our all sane business people. It will of course attract the wierdo's and Marc Jackson type people., so yes, exactly the same thing could (And probably will) happen this time round.

However, Lampitt added the club had applied for a 'special' validation order so the club can "continue to trade through to the administration on Friday", meaning they could stage Tuesday's game against Ipswich. The club announced in January that their players and staff had not been paid their wages for that month, as a result of having their bank account frozen. They later failed to gain a validation order to gain access to their accounts, leaving players and staff at Fratton Park still waiting to be paid. Intresting snippet..... Tomorrows game is only going ahead after a special validation order , that has allowed them to keep trading, the validation order for access to their accounts was rejected.

No I am talking about the new CVA for this administration, of which UHY hacker and android are the admins........... it just so happens that UHY hacker own CSI and the CSI admin..... is android. So if he says 0.5p in the pound, that's what it will be as % of debt is over 75%. However, the lower price he accepts, the less his firm get.

Oh and the CSI debt means that android can get a CVA through at whatever value he wants

A few things that we learnt today; UHY Hacker (Android) will be the administrator Lumpitt and other Director put the club in admin. (He was sailing very close to "Personally liable" wind) 2 million in the bank including advanced parachute payment Chinny hasn't paid wages Lumpitt not sure if the structure of the old CVA will be renegociated, scrapped or whatever (Down to the administrators) Secured Debts Chinny 17 million Gaydamak 2.8 million (Lumpitt forgot to mention this one, so I thought we could remind him Unsecured CVA 16 million CSI 10 million Previous small creditors under 2, 500 Trading debts ?? (He didn't give a figure) Tax Man 2.4 million Footballing Debts Player installments for csi purchased players Aussies 0.5 million Total around 50 million of debt, with 16 million left of parachute payments (Confimed by lumpitt)

You just know that they intend to rip up the previous CVA. Lumpitt.................. didn't want to comment on that Where's Clapham when you need him

Android gets the job again :)

Yep, no problem with that, but might cause some issues when the admin of A is the same admin of B, When B is a creditor of A and the administrator owns 100% of shares in company A.

I would be amazed if it was only ten points

For those that have followed this thread for so long, there has been the distinct lack of a single word - "Justice". Todays news brings that a little bit closer and will see the very first punishment that has any bearing or impact on the club and if there really is any justice it will be minus 25, with relegation nailed on. Today is a good day and even a little conspriacy theory to throw in; What if chinny actually wants them to be relegated?.............. I think it was "Hatch" that focused on the wording of the CVA and the empahsis of payments due as long as the club were in the Championship. What if he is right and they no longer beholden to the CVA if they are in League One......alll that lovely parachute money would go to er um....HIM. Get to work on that one trousers :)

Guardian running with headline ticker about pompey to announce admin. This could be it....

Can't see it being a million. That doesnt make any sense, unless they have kept the CVA part and given pompey the difference..... which could be a million quid. If true, then the thread is back on track.

Assumming it is the full payment then that's 16 million. Tax man, sporting debts, wages, gaydamak and CVA can all be paid. Six months time could be interesting

If pompey paid early, there's a clear case of sporting advantage. If they are all paid early that's off the table lumpitt obviously still has some mates in the right places. Sorry to day this, but they really have got away with it.....again.

I'm not sure you really understand how this works. We didn't pay more than the release fee, Guaranteed.

This was always going to happen. The interesting thing will be if there were any clauses attached to the advance.

We wouldnt pay more than the release fee would we! If anything we threw money at the player, but not the club.

Chaplow tweeted last night that it should be illegal for Sharp to claim that goal. Sharp tweeted back, that chaplow was only sulking (Something like that) because he supports Burnley Looks like he has fitted straight in. Is it just me or is Sharp just a little bit, err um.....fat