Gemmel

Rallyboys post is about right I think. My personal view on what will happen is; Chanrai will come back in and take over the club for nothing. The PL will stump up an advance on the parachute payments and that will sort out the tax man. Csi will be liquidated and the 10 million lithuanian pension money will be forgotten about. The club will go back up for sale imeadiately, but the summer will see any player of any value sold and maybe then we will see a new policy of "Playing the kids". The land is a redherring for me, chinny wants cold hard cash and easiest way to that is through player sales. We will have to wait and see about the points deductions, but I wouldn't hold my breath. In about 5 years time, when the CVA finally finishes, the courts might have made some progress on the lithuanian funds.

Oh and next time I shout hello at Waterloo, when you are getting on the jubilee line, have the courtesy to reply

What the fook has that got to do with anything. It's a n FA requirement to pay your players and trade solvently

It is time for some straight talk to avoid additional confusion and incorrect assumptions. Let’s identify Portpin Ltd. as the “Owner,” and CSI, and everyone else, as the “Operators.” Q. The fans are confused. Why has the club had so many owners? A. Actually, the club has always had one owner. Q. Who ìs the actual Portsmouth owner? A. Portpin Ltd., a British Virgin Island Company. Q. Why do the Operators claim to be the owners? A. The Operators failed to understand the true meaning of the debenture note (see the definition below). Q. How we do know that Portpin is the actual owner, and not the Operators? A. Portpin is in possession of a debenture note while the Operators are not. Q. What is the definition of a debenture note? A. In the UK, the debenture holder is the ultimate owner, while anyone else is either an unsecured creditor, operator, tenant, lessee, borrower or administrator. Q. If Portpin is the ultimate owner, how was it that the Operators were able to run the club? A. The Operators executed a private agreement with Portpin to operate the club. However, as soon as the Operators failed to pay the monthly fees to Portpin, they were evicted. Q. It was the Operators’ intention to be just the club operators, not owners? A. Of course not; they genuinely felt that they were buying the club. Q. Does this mean that Portpin misled the Operators? A. Absolutely not, but one assumes that the Operators received bad advice. Q. What are Joseph Cala’s plans for Pompey ?? A. 1. To purchase the debenture note from Portpin. 2. To cancel the debenture note and gift it to the club. 3. To build the finest football college on the planet. 4. To hire Deloitte Touche as the auditors. 5. To make the club’s financial statement available online. 6. To pay off all club debt. 7. To have quarterly meetings with the heads of support clubs. 8. Either to remodel Fratton Park or to build a world-class stadium. This decision will be made with input from every head of the support clubs. 9. Class A office towers, a shopping center and hotels will be adjacent to the stadium. 10. To list Pompey on the stock market. It is imperative that Pompey’s comprehensive, master plan attract global investors such as Man Utd. In addition, every fan will have the opportunity to have an ownership interest in Pompey. I am aware that many FC traded poorly in the stock market. We’ll not have similar difficulties in the future because our plan is to keep increasing the quarterly sales. In plain English, any publicly traded company, including FC company, will perform poorly if the quarterly sales (“turn over”) is flat. Basically, the goal of any publicly traded company is to keep increasing its sales month by month. 11. It is a giant step for Pompey to be publicly traded for the following reasons: a) Pompey will have its own financial institution whereby the fans will carry credit cards with the Pompey logo; b) Pompey will receive access to the world of pension funds investment; c) New Pompey clubs will be created in various countries such as Argentina, Brazil, Colombia, Costa Rica, Mexico, USA, Japan, China, India, Australia, Dubai, Qatar, Dubai, Nigeria, Ghana, Cameroon, Angola and South Africa. Creating the above new Pompey clubs it will create sources of new talent to Portsmouth FC of UK which will allow Pompey to win the Premier League title over time. I strongly believe that Pompey has what takes to become the world champion. However, it takes a fully-dedicated owner with true passion for the sport, and a burning desire to turn Pompey into the finest club in history. The owner must have a deep understanding of how to create wealth for the club. The owner must know how to undertake major development, such as the new stadium, hotels, a convention center, a sports medical center, and office towers. Finally, the owner have to have in place the sharpest talent scouts residing in 33 countries where football is part of their life

Can't see how it will matter to them if the game is on or not. They have the cash from the tickets and they are not paying staff anyway

I just don't think anyone will have the balls to liquidate them. It would have happened the first time round, if it was going to happend. I think this is getting into a three way game of chicken; The closer the 20th comes without a buyer, then the more seriously they have to consider adminsitration. But it is a double edged sword. Any buyer will get a better deal buying it in administration than they would buying it this week or next, so it might be in their interest to hold off and wait and see what the club do. Alternatively, lampitt might take the huge gamble that they won't be liquidated and go into the winding up petition without the protection of administration. From my little bit of knowledge, lumpitt is already or very very close to crossing the line where he becomes personally liable under corporate law..... It might come down to how big his balls are.

Anybody fancy nominating David lumpitt for this? http://www.icharter.org/awards/ceo_of_the_year.html I first realised his potential when he announced the club were breaking even. Now admittedly he needed; Advanced parachute money To pretend TBH wasn't really an employee 10 million of lithuanian money Not pay HMRC Not to pay any wages Not to pay the creditors under 2.5k any money Defer the CVA by a year so that no unsecured creditors have received a penny Chalk up a couple of CCJ's Etc. But the above is just noise. He has single handedly turned the ship around and they are back on a steady footing. Hell, there was even enough left over to sign a few players. The man is a commercial genius and his efforts should be recognised. Intrestingly enough if you total that little list up, it's not far of the amount St Mary's cost.

android has this uncanny knack of turning debt into more debt. What was it last time 58 million (The amount they declared in court) suddenly became 120 odd million and now csi has turned from 10 million into 17. Oh well, i guess that's another 10,000 lithuaian pensioners screwed

Just trying to break into Dubai now. Israel done and dusted

It is being beamed live back to 2,387 different old peoples homes in Lithuania

once bitterne..... Why don't you just post pictures of Adrian Heath and Ian Branfoot and be done with it. A banning would be appropriate

What a sad day. Not in keeping with this thread at all.

Without any fact to back this up, I truly believe that Barclays had enough of Saints / lowe when we came out of the January transfer window without selling anyone adn infact added a junior player (It might have been forecast, but just can't remember)..... The next moment of any significance for Saints was ..............admin. Not sure that admin serves any purpose for pompey, but lampitt must have balls of steel, without being an expert, his actions appear to put him in the "Personally Liable" camp.

Phil, it was 14 million less the surman money. The 3 year statement is just silly, regardless of the fact that lowe may have been seeking investment or even the sale of the club for some time (Would have been difficult given the diverse shareholding), we were sold because we were in admin and the club was available for a bargain price...... can't even remember how long we were in admin.

Just for good measure.... and stolen from one of their sites. If they fail to pay the first payment of the CVA on March 1st 2012............ The creditors can claim 100% of their orginal debt (SO the 20 million becomes a 100 million debt (Again), now that would put a smile on HMRC's case, espeacially if they won the the football creditors rule in the mean time. [h=2]What happens if the debtor company does not comply with the terms of the CVA?[/h]The terms of the CVA will deal with this in most cases. Often, the CVA will provide that, on the debtor company's default: The supervisor may petition for the company's liquidation. The creditors of the debtor company cease to be bound by the CVA, allowing them to pursue the debtor company for the balance of the debt due. The supervisor must distribute any assets that he holds in partial satisfaction of the company's debts http://plc.practicallaw.com/9-385-9881

If they pay the wages and ignore the debt and incur more debt with HMRC, then I am pretty sure that is illegal....anyone confirm??

Oh and if the claim is true that the money is in the bank and they just need a court to release it, if they use to pay the anything but the debt to HMRC, someone needs to get a good lawyer.

I've been mulling around a number of scenarios and not sure which one is most likely, but i'm sure one of them comes close. lumpitt is playing a dangerous game if he is vetoing sales that enables creditors to be paid, he could become personally liable. I am guessing his reasoning is the parachute money, will fill the hole....when it arrives and selling the better players will make the club less attractive to potential buyers. He has already said he will ask for some parchute money to be paid early, so I think we can assume that was his first port of call.......... So 1) Have they said "No" 2) Have they said "Yes, but that gives you sporting advantage, so you can have it but with a points deduction" 3) Have they said "You can have it, if you can prove you can still pay the CVA on top of what we advance you" (Which might suggest the figures don't add up) 4) Have they said "You get the advance, but it goes straight to the tax man and staff wages and you don't get as much (Lost interest etc.) as you would have done" We know they are not adverse to advancing money and we know that lumpitt said thats what he was going to try and do........... So something doesn't add up, I wonder if someone has finally got some teeth.

There are lawyers working as i type..... no idea who the player is, but apparently a "complicated" contract.

Little bit spooky colin....... I thought this today.... liverpool vs Saints

They smelt of pubs and wormword scrubs and too many right wing meetings............pure gold. And I didnt need that fat coooooooonnt to tell me he would have cut off his arm to write that

Oh I don't know. I am fully expecting the parachute money to be advanced which will buy them a couple more months.

They think everything is Rosie

The one thing that struck me regarding the statement on their os, is that if the FL were de to make an annoncement about points dedctions this week, but are likley to hold off and wait and see what happens, that suggests to me that they had got away with it and no points deductions were coming, based on everything bar the winding up order.

If i have read the rules properly, HMRC can impose a 100% fine on missing taxes, 30 days from when the petition was lodged.