Gingeletiss

Lol St Lard...they have bestowed hero status on you, as the easiest explanation. They are actually fawning at your feet.....oh, so funny:D:D Lard Posted on 01/03/2010 21:05 HMRC to challenge Chainrai's preferred creditor status Email Message To A Friend | Reply To Message The points here, I think, are as follows: Falcondrone borrows £17M from Portpin which is secured by the shares, Falcondrone own, representing 90% of the share capital of Portsmouth City Football Club. Additionally, Portpin registers a charge on Fratton Park, owned by Portsmouth City Football Club. Falcondrone fails to repay Portpin so Portpin takes ownership of the shares in Portsmouth City Football Club. Portpin charge is satisfied by share transfer. Fratton still owned by Portsmouth City Football Club because Falcondrone borrowed the money from Portpin, not PCFC which is not in default for the original £17M. It was Falcondrone. Chanrai/Portpin is thus not a creditor of PCFC, but the majority shareholder. The additional charge on every asset, current and future of PCFC was registered by Marc Jacobs on the 6th January, when he realised that Chanrai/Portpin were exposed. Fuglers realise that Marc Jacobs has done something that is dodgy, whilst under a court order, following the WUO and they fire him. HMRC want to see the loan instruments that were deposited with Companies House that make Chanrai/Portpin think he/they can march into the sweetshop and empty the till... All pure conjecture... MichMan Posted on 01/03/2010 21:38 HMRC to challenge Chainrai's preferred creditor status Email Message To A Friend | Reply To Message Lard, your post should be copied and posted as a news article on this website, because that is the best explanation I have heard tonight why HMRC are challenging the decision - and although my head hurts too, I understood every word. We are f*****!

....and finally, off yet another board, this guy is always on the money IMO. MohamedCohen Posted on 01/03/2010 18:42 HMRC to challenge Chainrai's preferred creditor status Email Message To A Friend | Reply To Message HMRC is expected to argue that Portsmouth owner Balram Chainrai did not have the power to tip the club into administration, a move that has left him as a preferred creditor who may recoup much of the £17million-£20million he "lent" the club, and quite right too. Chainrai is a crook. He never lent PFC that money in the first place, it's a debt (assumed) which he had with Sacha's father, (from his lawsuit win), that PS allowed to get on PFC's balance sheet for a nice fat bonus. HMRC know that this self same crook, via Portpin, appointed THIS administrator. It doesn't take a rocket scientist to figure out that the aroma around here is quite pungent. This is why HMRC are madder than hell. We have zero chance of getting them to sign off on our CVA so we'll start life in the Championship on minus 15-20 points, assuming we are still in business by then.

Another insight on another of their forums..... SkyBlueFan #33 01 Mar 2010 19:51 Complain | Signed: February 2010 re: re: re: re: re: re: The judge will surely say tomorrow.. ... Posts: 24 Trialist Pompey will win this arguement if it can prove all of the following: 1.) They have good assets 2) They have good cash flow 3) They have a future (i.e someone would buy the business) On points 1 and 3 they should be OK. But on point 2 HMRC will I suspect argue that to get through admin they will need enough cash to get through a summer of no gate receipts. They will also argue that should Pompey ask for a CVA then as a creditor they will vote against. So again cashflow come under the spotlight. I may not be a Pompey fan but I do want you guys to survive. So please don't shoot the messenger. Oh and I don't know if this counts for anything but I do work in indirect tax so I have seen HMRC's tactics before.

Their take from one of their forum experts...... ompeyrug Posted 1/3/2010 18:18 #97569 - in reply to #97542 Subject: Re: Customs want us BADLY Posts: 10793 Location: 'Sunny' Devon/Cosham as said in an article, with this being my understanding - i wrote that sometime ago but chased up some 'theories'/'facts', like i say tho i am no expert... ===== A feeling going around is that HMRC basically 'f****d up' so they 'should not' really have much ground to stand on and a winding up order against us will not be granted... Feeling is that they felt they would get 'priority' or 'preferential creditor' ability, although our decision to go into Administration, as opposed to challenging them and 'risking' being done and liquidated – as we almost certainly would have done today had we strolled into court bold as brass – has left it possible that they will get little, if anything at all due to this, hence the 'hard line stance' they are now taking. Although what I would say is I think they 'probably' will take a tough stance down the line so the chances of a points penalty next season as well would have increased, then again if they are not a priority in the list of people that need to agree to the CVA or this happens – and they are not owed 25% of the debt which entitled them to object this CVA – then can they take a hard line? Then again this is Pompey we are talking about some anything is possible! They will have our card well and truly marked though, that much is for sure... For now I will leave it to the experts, as I clearly am not one or I would not be writing this now would I!

I'm not even going to say that I told you so...but I told you so!!!!. Not in the detailed way that GM has stated, but it was clear, that he couldn't be a secured creditor, and the owner, something was askew. I begged the question last week, as to if the HMRC had another card to play, and was shot down by a certain someone. So it seems, that they do in fact have something up their sleeves, tomorrow 1030hrs then peoples;)

What was to discuss, it didn't happen in Manchester etc, it happened in Totton. A bit close to home don't you think!!!. I'm from Totton, and the village is still in a state of shock, it's good that he has been apprehended, but give her family some space.

That mattyc is either 10 years old, or has an IQ of about 10, what a mong!!!

I think he has hit the nail on the head IMHO.

He can cancel the contracts of any staff....from CEO to player.

nick, not for the first time, do I find myself astounded by one of your posts. Look at all the clues nick, they are to all purposes...toast. They have nothing my friend, even in administration, they are talking about loans. The only person/people likely to buy them, would be more bent than a CEO;). It's like being declared dead, buried, but them ringing the bell in the belief that someone will come and rescue them. Many hear the bell ring, but ignore it by reasoning that hell...they're going to die anyway.

Mero, naughty boy!!. You haven't been keeping up, have you??. This was mooted on here last week, and is the worst kept secret in the pure part of Hampshire.

You Mr Le Saint, are wrong on so many levels. Those living in the Falklands, are British subjects. Shall we ignore them, what next, give up the I.O.W, if the French claim it. There is barely a country on this planet, that still has it's original inhabitants. Hell, even the blacks in South Africa, migrated south from the centre, massacring all in their way..you never hear of the Hottentots any more!!. The Argentinians are after something that they do not own. Last time it was to deflect attention away from their economic crisis, now they smell oil....tell me again, why Iraq invaded Kuwait!!!

I see they're all here...agents Dulldays, Blue_stevo, John the neg, and alpine moan, can you boys say what has happened to Glasgow_blue, or is he still on assignment??? AP is the best thing to happen to Saints in years, along with NC, and the man who makes it all possible, ML. Given where we were last summer, then anything this season is a bonus... In AP we trust.

You were saying Mr fan of the year!!!

Ummmm...taken from here. Enjoy! Plenty of headlines today so choose your paper! (Warning! Not advising to read all unless you have plenty of time!) anyway we have a home game so need to be heading to St Marys soon. Portsmouth administrator vows to bring in police if financial irregularities are found http://www.telegraph.co.uk/sport/foo...are-found.html Portsmouth paupers’ crackpot plan for survival as south-coast club go into administration

Nice article again by David Conn. I dragged this little snippit out... The Premier League rejects the idea that this is a major embarrassment that should prompt a bout of soul-searching. Portsmouth's collapse is due to rank bad management and overspending, they say. That is true, and it is the administrator's job to decide whether the problem results from even worse practices than that. But as far as we know, Portsmouth did nothing against any rules; they followed the accepted Premier League model for a club – overspending, beyond the club's true means, financed by loans from an owner and banks. Portsmouth's core problem at the end of Sacha Gaydamak's ownership last summer was that he, who had passed the fit and proper person test and satisfied the league he owned the club rather than his father, the now convicted gun-runner Arkadi Gaydamak, had become simply not rich enough. Then the overspending became unsupportable and Pompey, three owners later, have collapsed. The latest, Balram Chainrai, loaned money, apparently £17m, into the club in return for mortgages on Fratton Park and the club itself, and it should be noted that this gives him priority to be repaid first and, most likely, emerge again as Portsmouth's owner. The players have to be paid in full for the club to be allowed to continue, and the "ordinary" creditors, again, will be paid a fraction of what they are owed. That is what infuriates HMRC about football clubs, and the tax authorities are certain to be left short again. The above in Red has already been discussed on here. As to Chainrai ending up as owner...lol, we have said that for the past fortnight. The bit in green, is my main point. Who in their right minds, will want to do buisness with Poopey now. Local firms have been stung twice by these cheats, I would think they would find it hard to operate, short of 'cash in hand' contracts IMO.

Come on you IT wizards...the picture on this link, must be good for a caption competition http://www.telegraph.co.uk/sport/foo...are-found.html My take...'let me tell you a storrie'

Bare in mind this small fact. The football creditors will be getting paid of bit by bit, thus reducing their share of the debt. HMRC will not (unless someone wins the lottery), thus they will be increasing their share of the debt;)

Should be e-mailed to the PL.......transparently my r's, a word that they have failed to adhere to regarding Poor smouth.

Surely if reversed, it would be a 'p'.......

Ummmm!!!......Mr Fry said that when we went into administration, did he not??

Interesting fact just given to me, as it happend here at our firm. That is, Customs and excise, can at any time, give notice that they are coming to see your books, and they come mob handed. So maybe, just maybe, Storrie may get a phone call!!!!!!!!!!!!;), one which could well change his life forever.

There is a sh1t load of shreding to be done, you know!!!

Oh, but they will Mero. If, as some suspect, this is a pre-packedged administration, then you may well find that some croney of the gunrunner, will be the lucky new owner, and your ten year cycle of corruption will begin again.

PES, as Graffito said, trying for the moral highground, is a big fail IMO. You come across as a well reasoned bluenose, trouble is, you are a minority, not a majority. Just look on your forums, contrite...no!!!, ashamed.....no!!, embarrased ....no!!, instead we see gloating. We see 'now lets win the FA cup, a cup in which you have cheated, by the letter of the law, but the FA have dismissed this, and like the PL, burried their collective heads in the sand, in the hope it will go away. We see the 'all our debts have gone now' postings, we see the 'we will storm the championship next year' postings, we see the 'lets sue the PL league postings. Why PES, even your very own post above, has failed in any way, to indicate shame or sorrow. Instead you have a go at us, so let me tell you friend. I didn't have a go at Leeds, or Luton, nor have I had a pop at Bournmouth Leicester etc, I feel sorrow for Chester, and empathy for Crystal Palace. Your cheating lot however, I wish the worst for, and I believe strongly, that this train crash called Poor smouth, is still coming off the rails. This will run and run IMHO.