Gingeletiss

And this........... my_pfc_dream Posted on 17/06/2010 11:35 IT'S NOT OVER YET!!! Email Message To A Friend | Reply To Message From a source close to the club! "CVA under threat. HMRC claim that it can only be approved if the club owes HMRC £21m but they claim to have paperwork proving that we owe £35 m. If AA declares the CVA approved HMRC will challenge it in court and officially lodge an appeal to have the club liquidated."

More telling stuff in the Poopey Screws......... CHAINRAI HELPS OUT Small creditors and charities will be paid back in full by Balram Chainrai. The businessman, who put the club in to administration, will fully repay creditors owed £2,500 and under. All charities owed money will also be fully compensated. It will take 'two to three weeks', according to the club's administrator. Meanwhile, Andrew Andronikou refused to reveal who provided £6m to fund Pompey's administration. The mystery money was given to the club under no obligation for it to be repaid. WHAT HAPPENS NEXT? If Pompey get through the next 28 days without an appeal to the CVA being lodged, creditors will receive a minimum of 20p back for every pound they are owed over a five-year period. For the first nine months, creditors will receive a share of a £3m repayment pot. At the end of the nine-month period, the existing company will change hands in to a new firm, keeping the name Portsmouth City Football Club Ltd. The old company will be liquidated and its assets sold to the new company. All revenue streams will be diverted to the new company, which will be responsible for paying creditors the remaining £16.5m from its net profits over the remaining four years and three months. If Pompey are promoted back in to the Premier League in the next five years, creditors will receive an extra 5p in the pound. Mr Andronikou and his team will be the liquidators for the old company and will have the power to investigate what caused Pompey's crisis.

On one of the Poopy sites, a few questions they put to PCFC, and the answers. 1. What is the current position regarding former board members at Fratton Park and any ongoing roles they may have at the club? Former chief executive Peter Storrie was retained by the Administrators as a consultant for the club. He is assisting with player sales but is no longer at the club or involved in its day-to-day management. We understand there are concerns about the involvement of past directors and the new CEO is working to ensure the Club has an appropriate management structure going forward. 2. Will there be an investigation into past transactions at the club? The Administrators are currently investigating the conduct of the directors and the affairs of the company. In addition, the liquidator of the company will also investigate once the club is put into liquidation. 3. What will happen to future revenue streams like parachute payments, income from player sales and television rights? These income streams all form part of the business plan to take the Club forward. The funds will be used to meet the club’s ongoing obligations including, for example, the CVA payments to creditors, the payment of football creditors, as well as the day-to-day running costs of the Club. 4. What is the process of selling the club once it comes out of the CVA? If the CVA is approved the joint administrators would seek to transfer the business and assets of the club into a new company. The new company would then trade as the football club in the Championship and would be obliged to pay contributions to meet the requirements of the CVA. 5. If Balram Chainrai chose to take his money out of the business how would this happen? Any new owner is required to provide proof of funding to the Football League before the membership of the League is transferred. Mr Chainrai is owed money by the company and there are a number of ways that this could be returned to him, for example through repayment out of working capital, payment from proceeds of any future sale of the club, or the amounts could be repaid as part of a refinancing of the debt. 6. Why did David Lampitt take this particular job? David considers his appointment a personal and professional challenge. During seven years at the FA he oversaw key areas of work including the promotion of good governance at football clubs. As such the role at Pompey gives him the opportunity to put his experiences into practice as he seeks to rebuild the club on sound financial and moral footings. David has said that his decision to take on the challenge was also influenced by the fact that he sees the club as having some of the key building blocks for the rebuilding process in that it has a fantastic supporter base which has shown remarkable character in extremely testing circumstances, and a loyal and dedicated staff. He has said that restoring trust between the fans and those running the club is a key foundation on which the new Pompey needs to be built. 7. Will the tax charges against the former Portsmouth owner Milan Mandaric and other ex-employees impact on the club? It is unlikely that the outcome of these charges will have any implications for the club, either in a legal or footballing context. We would very much hope that the club under new ownership and management will be able to move forward from past events on a new footing. 8. What other appointments onto the board are likely? It is too early to say. These decisions would be made by the new company whose creation is proposed if the CVA is approved. 9. What is the position regarding the appointment of a manager and the signing of new players? We are in advanced discussions in relation to the managerial appointment; potential new signings have been identified and the recruitment process is also underway. 10. Considering the club’s precarious financial position, who is paying David Lampitt’s salary? David’s salary is a normal trading cost borne by the administration of the club. David was brought in to assist the Administrators with the day-to-day running of the Club. 11. Andrew Andronikou says selling the club to Balram Chainrai is ‘Plan B’ if no one-else steps in. Given that the club can remain in administration for the duration of next season, will the club only sell to Chanrai as a last resort if the search for a buyer fails to unearth anyone else? Keeping the club in administration for a lengthy period of time is not an ideal scenario for a number of practical reasons, not least cost. The priority is to find a new owner as soon as possible to provide the club with the stability it needs to move forward.

Does he have a brother called 'arry?

No, it's not just you. Touched on here, but also my first thought when I heard the result yesterday, is, what happened to Griffins? It was my understanding, that they represented some middle ranking creditors, what way did they vote?....smell!, you bet your life it does!

It appears they have signed Steve Cotterill...........WTF?

If your looking for the thing that dosn't fit nick, try this... Lampitt told the club's official website: "This is a hugely significant day for the club - I'm very pleased the vote has gone through. "The deal reached between the administrators and the creditors provides us with the first step towards the rebuilding of the club. "One of my tasks is to bring stability to the club so that it has a long-term future. This should make it a more attractive proposition for new investment. I believe this has to the best way to bring long-term success." Where does he fit in?

Stunned at the acceptance, but still of the belief, that HMRC will come out the victor in the end. Oh well, next stop, the Crown court.

nick, you really do have a short memory! Have you forgot about the last court appearence, and what was agreed. AA is p1ss1ng in the wind, HMRC will have their day, and Poopey will get their comeuppence, believe in that. They are almost

I think you may find that the 'other' money, is a fine, levied against the club, of a 100% of the taxes due. AA is p1ss1ng in the wind here, HMRC, have his nuts over the fire.

It appears that Rob Green trained today, had 200 shots fired in at him, and not one conceded. He and Emile Heskey will now be allowed to train with the rest of the squad tomorrow.

Thank you Steve:thumbup:

Nope....they're not there, any other suggestions?

Where's my smilies?.......arggggggghhhhhh!!

Is this post for real? ffs, the creditors should get all their money back.

Great shop products, as discounted prices!

Simple really, Capello likes pace, and thinks Cole is too slow. Alas poor Joe, he suffers from the 'Letiss' effect, deamed a luxury player, but the most skillfull one there.

I guess Mr Green has been coached by James!

Apparently, they wanted to start at 1941 and finish at 1945, so as they could claim they won it!

Are the yanks borrowing our away kit?

Which in my book, is debt, how can it not be, it has to be paid back!

The Ugly Inside...Lawrie Mac walking down the touchline.

I know many of you won't look at their boards, but they do give an insight as to the way they see things. Here is a prime example of how they still think they will get away with it. http://boards.footymad.net/forum.php?tno=424&fid=203&sty=2&act=1&mid=2121300887 Now either we're wrong (no chance) or they are (oh yes, belive me;)). Another one ..... http://boards.footymad.net/forum.php?tno=424&fid=203&sty=2&act=1&mid=2121300887 in particular this... mr_bishiuk Posted on 09/06/2010 16:32 We're gonna be liqidated Email Message To A Friend | Reply To Message I agree Deep, I think HMRC are being quite vindictive in this 20p is more than they get out of a most administrations and it seems we had agreed to pay more by accepting additional charges. It is them after all that let the balance build up to such an extent. Most of the money owed to them is because we were paying wages we could afford and therefore couldn't meet the monthly PAYE/NI liability, i'm not making excuses but these players came over here and paid a lot of tax and spent a lot of money in the economy but they didn't use the NHS, or the education system and the country wont be paying for their retirement either.

Have we not come across this name before, on this thread?

Three seconds, more like one!, but I agree, impressive.