dubai_phil

http://www.timesonline.co.uk/tol/sport/football/premier_league/portsmouth/article7021799.ece Q&A sums it up

I've mentioned it before. Others are coming around, but this final bit just screams Karma. Many think that karma is linked to all that positive energy stuff like sending waves of focused energy and the hidden power of the human mind. This thread has sure as sh1t shown that works! Must go and talk to a guru or something see if there is more we can do.

No I was thinking out loud - came to me while I supposed to be blanking the brain to hit my driver on the 4th. I sliced it OB and nearly killed some construction worker. It has gaps, it needs some of the attachments and links we've found on here but I do think it is worth the effort. Just needs one of our resident email & google experts, someone on here will know where to find the links to the FA rules and the proper email addresses. I just think karp up and let others take the glory

yep just an idea that came to me while reading the 6 pages posted while I was golfing

Here's a good one get googling for the details chaps. Dear Sunderland FC I undertsand that you competed in a PL match in Portsmouth last night. A High Court Judge has stated that "it appears that they are trading while insolvent' which is not only against the laws of the land, but also against the rules of the FAPL. As they were in breach of the rules, under their regulations it is this counsel's advice that you submit a letter of complaint to the FAPL in writing before Monday 15th February requesting that the result of said match should be overturned and a 3-1 Away win be entered into the record books. Dear Southampton FC I believe that you have a forthcoming football match against Portsmouth City Football Club this coming Saturday. It is the opinion of a High Court Judge that said PCFC is trading illegally while insolvent. As that statement is now being clarified by legal means it will imply that should said football match be held on Saturday 13th february, then PCFC may be held subsequently to have fulfilled the fixture illegally. It is this counsel's advice that you register a letter of concern with the FA stating that as PCFC have been shown to be insolvent at the time of the court hearing, that should subsequent judgement be upheld, then the match result should be deemed null and void and that the result expunged from all records. Of course, should the High Court subsequently decide that said PCFC are not acting illegally and against the terms of the FA regulations then of course the resulty can stand. Which in English says - we should be able to find a way to make sure we don't get knocked out by them if we lose and they go bust

Wow, this is not what I expected. The Judge has basically stated that she believes that the Directors of the club have been breaking the law. That puts a whole new slant on their position. I expected 28 days, but by giving them only 7 (9) she has given time for a last full disclosure of the facts, cleverly leaving any chance for any grounds for appeal on procedural issues to fail. I did'nt think they would go bust, but this, while not being nailed on, makes it pretty damned likely. Other thoughts for experts. The company is now considered to be trading illegally, hence any actions taken by Directors could be deemed illegal. Should a new owner emerge, what is his position regarding possible legal consequences? We saw with Luton what happened, on this basis a new owner COULD legally find himself straight into the BSQ or League 1 I have NEVER come across a bank manager or a legal representative who is remotely interested in "the future prospects for revenue earning" of a company. Bankruptcy is about cash flow at a set point in time. I cannot believe that they went with only that excuse in hand. No creditor will accept to leave a management team in place that has proved incompetent (and possibly illegal) to look after the business for a year until it maybe insh'allah" makes some money. Yet another unexpected turn of events. But the REALLY good news? this thread lasts another 9 days and should get close to 15,000 or so by then!

That sounds like the start of a plan!

I cannot believe they can find a buyer in 28 days. I don't believe they really started looking until just before the weekend. I've explained that I don't think the Arabs understood what was really happening with the courts. I may be wrong Even if they DID find a buyer, it took nearly one month to carry out Due Dilligence at SMS when we were in admin and our books were very soundly kept together - 28 days of DD before pumping in around 50 mil will be pushing it. They are using AGENTS to SEEK OUT buyers - the buyers have not contacted them. (We've seen where THAT leads) I don't expect them to cease to exist today, but equally I don't see them being able to solve the problem. After all that movie didn't really have a happy ending - 28 days later - just a couple of stragglers getting rescued. But anyway I'\ve tweaked my golf stance after working with the pros at the weekend and looking forward to my golf now! (ie I am no longer standing so close to the ball - after I hit it)

Just had a horrible reminder of the Bay City Rollers Bye bye Poopey Poopey bye bye

Jeez, in some ways I hope that HMRC & The Registrar haven't had a bad night. English Soccer could lose 3 clubs today. Although only one of them has been thick enough not to try and do something about it

Emirates now showing flight prices to Capetown & JoBurg which although pricey compared to normal show there is availability. Gulf Air Qatar & Eithad all fly to JNB via here and may be cheaper than direct point to point out of Europe All I have to do now is decide which mate that wants to go adds the best value to the trip (ie designated driver on the Wine Route tour) etc

Forgetting the asset value pre admin at SLH, there is a really useful comparison when seeking finance for a new take over at Nottarf. Saints had 30mil of debt. BUT the bulk of that was secured by a long term mortgage, so the impact of the debt was around 4mil a year. Because it was secure and long term and from a professional financial institution, there was no "I want my money back" issue. Any buyer simply had to analyse the Income streams to see if they could afford the repayments. Saints had equity that needed buying of around 20 to 30mil. This in reality was the headline cash outlay that a buyer would need to find. All the accounts were in the public domain, love or hate Rupert, the systems and processes and compliance at the club were sound making due dilligence fairly simple. So a cash outlay of at the most 30 mil for a CCC (at the time) club with excellent facilities and manageable long term debt. The club had a monthly burn rate of around 250k of negative cash flow (from the published accounts) at the start of looking and around 350k at the end When the process STARTED the club had parachute payments At the time it started, the global economy was in the middle of the biggest easy money boom of all time with banks even prepared to lend penniless Saints fans the money to buy the club. And yet in over 2 years of trying NOT ONE FIRM OFFER TO BUY THE CLUB WAS RECEIVED. Now, down the road. They appear to have 30 mil of short term debt most probably to former owners, it is not mortgaged, there is no secured managable 25 year payment plan built on income, and yet the debt means that the creditors own virtually every asset the club had. They appear to have another mix of debt including HMRC and transfers that seems to come close to 15mil They appear to have a monthly burn rate (based on not paying wages) of around 1.5 million They have no assets, they have no incremental revenue stream, they do not have a Jacksons Farm or Staplewood with a paper asset value. They are unable to strengthen the team and are all but a CCC team who would need around 20 million of investment to stay in the PL next season even IF they managed to stay up. And all of this in a period when the global economy is in a liquidity crisis, where those with money can lend it to people (such as Palace) at 18%. And yet their submission to court is that they will find a buyer within 28 days. I just love perspective :smt119

Would it be fair to say that Felaini at Everton looks like a Curly Wurly? coat get

Tick tock. Today's master plan Can we have some more time please? http://uk.eurosport.yahoo.com/09022010/63/pompey-seek-adjournment.html Well now, THERE's a Surprise. I never saw THAT coming. Keep it up chaps you can do it, May isn't THAT far away hahahahahahahaha

Sometimes Time Zones are really annoying..... It's fecking 2AM here and I'm still bouncing around the room like a looney. No chance of any ZZZZ's for a while yet. Eric cut that nonsense out - Suewhistle can pick you up on the way - you'll be there & back in a day

OK so poor from the 43rd minute through to the 87th minute, but who the feck cares right now. That's work tomorrow screwed up, will spend all day on line sorting out rental cars and flight tickets. Me Mum will be pleased to see me again, but the GF will be peed off that I'm away again

No problem my son, how many you want? - will swap for an airticket to Jo'Burg in mid June Feck it the skates equalise

arrgh Sunderland down to 9 men hang on FFS maccams

Yeesssssssssssssssssss fecking yes here we fecking go

Thomas seems to have lost the plot

Fans being a bit rude towards Mr Ince. yellow for Thomas

Alex Rae asst manager on the pitch. Lol Only registered for emergencies..... You just KNOW what's coming don't you

Wee like him. but we can take the p1ss all the same. if we didn't like him it would be more swear words 447 from MKD (used to be my old phone number in CBCC days)

James looking to come on With Wotton

Bloody Hell, Merrington has turned into Derry We aren't getting the width we aren't moving the ball down the wings