trousers

Yep, it wouldn't surprise me if Cortese/Adkins have been holding him back from the 1st team until he's 17. Look how quickly Chamberlain's eyes were turned after 10 games in the limelight.

"Wednesday, January 11, 2012 at 10:15 AM The most concerning element of this report if accurate, is in relation to the CVA payment. I would have expected these monies to have been ring fenced from the pararchute payments, if this has failed to happen, then why oh why have the FL allowed such a situation to occur. All sounds a little unconvincing to me. PUP" http://www.portsmouth.co.uk/sport/pompey/pompey-past/great-matches/pompey_takeover_talks_continue_says_andronikou_1_3405192?commentssort=0

http://investing.businessweek.com/research/stocks/financials/drawFiling.asp?formType=10-K Page 26: "NOTE 4: GOING CONCERN The Company's financial statements are prepared using generally accepted accounting principles applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has an aggregate deficit and accumulated deficit during the development stage of $14,078,707 and has not established revenues sufficient to cover its operating costs. This uncertainty raises substantial doubt about the Company's ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on additional sources of capital and the success of the Company's plan. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty."

http://www.stockpatrol.com/article/key/cala continued... Calas, Calas Everywhere In February 2000 the Company announced plans to acquire Cala Hotels, Inc. of Hawaii for $6 million, to be paid on a “phased, performance related schedule.” The Company did not disclose the details of that schedule, although it did reveal that the first of those “phased” payments called for issuance of 10 million shares of Cala stock. Who owned Cala Hotels? In other words, who would be receiving those 10 million shares, and the rest of the phased in payments? Did Joseph Cala have any relationship with Cala Hotels, and did he stand to benefit from the issuance of those shares? The Company’s public disclosure does not provide the answers to these questions. Why was this acquisition worth $6 million (a handsome price, even these days when a million dollars isn’t what it used to be)? Did Cala Hotels own or operate any hotels at the time? We have been unable to find any indication that they did. Nor did the Company suggest that it would be acquiring any operating properties in the transaction. It merely stated only that Cala Hotels had done “extensive research and development work” on the “Undersea Resort & Casino.” It offered no further details of the state of that R&D, or whether the proposed resort is anything more than a fanciful notion. Had Cala Hotels determined the feasibility of such a project, or the potential costs? The Company did not say, but in March 2000 the Company announced it had hired a San Francisco, California firm to prepare a feasibility study for the resort. It also retained a design consultant and a naval architect to work on the project. So, if all that preliminary work remained to be completed, what exactly had Cala Hotels done that merited a $6 million price tag? And there are more Cala connections. In November 1999, the Company acquired the rights to a restaurant project in San Francisco, California from Joseph Cala and an individual named Gary Modaferri, in exchange for 5.8 million shares of stock. According to the Company, that “Cascina Italian Restaurant” was under construction in the Radisson Hotel in San Francisco, California. Did Joseph Cala participate in the Company’s decision to take over the restaurant? Or was he disqualified from that process because of his potential conflict of interest? In any event, things did not work out as planned for the Cascina Italian Restaurant. On June 6th, the Company said it had abandoned the project and that the shares had been returned to the Company. But could Mr. Modaferri possibly have returned all the shares he received? A Form 13D that he filed on April 12th indicates that Mr. Modaferri, who had been issued 2.8 million shares of Cala common stock in exchange for the restaurant lease, had returned 558,000 to the Company in March 2000 and gave away another 92,000 to friends and relatives. Even if he subsequently surrendered his remaining 2,150,000 shares, what became of the stock he had “gifted” away? And still more Calas to come. On February 15th the Company hired Vincenzo Cala of Milan Italy to complete floor plans and layouts for its proposed chain of Italian bakery/coffee shops. Is Vincenzo Cala related to Joseph Cala, and if so, how? The Company does not say. Nor does it specify what Vincenzo Cala will receive for his services. With all of these Calas in the mix, is there any surprise that the Company would want to form something called the “Cala Institute?” No, it’s not an incubator for more Calas. The Company says the non-profit Cala Institute will train disadvantaged youths for service in the hospitality industry. Of course, the Institute would not be the first project by the Company to operate without a profit. The Company does not say how the Institute will be financed or when it will begin operations. It does, however, say where it will be housed – Underwater. At the Company’s proposed Undersea Resort & Casino. Hopefully those disadvantaged youths can swim. Under The Sea So where does Cala go from the Groundfloor Cafe? How about underwater? The Company’s CEO, Joseph Cala, maintains that the Company’s “emphasis must be on the development of the world’s first “Undersea Resort and Casino.” Just what is the “Undersea Resort and Casino?” Interestingly enough, the Company does not actually describe the project – although it vigorously promotes its prospects. Does Cala actually plan to build a hotel and casino under water? Will it be a free standing (or floating) unit, or will it be housed on a boat or submarine? Or will patrons simply be given a snorkel, a mask and an encouraging pat on the back? Investors are left guessing. The Company does say that the project will involve four phases, beginning with conceptual designs and feasibility studies for potential locations, and ending with construction of the hotels. Does that mean Cala Hotels had not performed all of the necessary research and development? Apparently. In fact, in April, the Company retained Economic Research Associates to “assess the economic feasibility and market demand for various proposed locations around the world.” It also hired the Seattle firm of Guido Perla & Associates “to provide design and engineering.” The Company estimated that costs for Phase One alone would be approximately $570,000. Has Cala paid any of those fees to date, and if so, where did it get the funds? After all, the Company’s meager bank account, and revenues from the Groundfloor Café, would hardly support such expenses. How much will it ultimately cost to build an “Undersea Resort & Casino?” The Company offers no projections, although it has referred to the enterprise as a $100 million endeavor. The actual costs, however, could be considerably higher. After all, Westin is presently building a $142 million hotel in Charlotte, North Carolina – and that is above water (although it will have an indoor swimming pool). Costs for development of the new Aladdin Hotel in Las Vegas have been estimated at $1.4 billion – and that is also located on terra firma. What will those final costs be, and where in the world (or under the sea) will the funding come from? Both questions remained unanswered. There are other fundamental issues to be addressed – like the feasibility of constructing an underwater resort. Or the costs of insuring the project and the guests at the hotel. How, for instance, will they deal with shifting ocean floors, tides and storms? Earlier this month, Cala issued a press release stating that Economic Research Associates (ERA) had completed a “feasibility study with analysis and development for themed attractions for the first Undersea Resort location in the world in Maui, Hawaii.” But did ERA consider the feasibility of engineering and constructing the resort, or just the potential appeal of those “themed attractions?” Notably, the press release did not disclose the results of the “feasibility” study. Those themed attractions will not include a casino. Hawaii, you see, has not legalized casino gambling, so the only chips likely to be available at that Undersea Resort are the salted kind. The Company has said it has a $75,000 contract with ERA. Has it paid that fee? If so, where did the money come from? Cala says it wants to focus on this Undersea Resort & Casino, but that hasn’t deterred the Company from announcing other ambitious plans in recent months. What else is on the drawing board? We will take a look in our next installment on Cala Corporation.

http://www.stockpatrol.com/article/key/cala [h=1]THE UNDERSEA WORLD OF CALA CORPORATION (OTCBB: CCAA)[/h] [h=2]Investigative Reports[/h] September 26 2000 Cala Corporation says it has plans for a series of ventures that will cost, by our conservative estimates, somewhere in excess of $1 billion. That seems mighty ambitious for a Company that, at last report, had just about $13,000 in the bank. In fact, if Cala pulls off its plans, it may have to change its name to superCALAfragelisticexpialidocious Corporation. In recent months, Cala has announced plans to purchase an Italian construction company; buy a 23 story office complex in Naples, Italy; franchise a chain of Italian coffee shop/bakeries; import olive oil; operate a golf course in Sicily, Italy; develop a $150 million hotel and a $247 million water treatment plant in Istanbul, Turkey; develop a $520 million resort in Mexico; and export flour from Sicily. And that does not even include the Company’s flagship project – construction of a chain of “Undersea Resorts and Casinos.” Cala has not revealed all of the potential costs for each of those projects, but they will surely require more than the $13,000 Cala had in the bank on June 30th. They will also mark a quantum leap for a Company whose present operating business consists of a single “Ground Floor Café” in Oklahoma City, Oklahoma, and whose earlier efforts to operate other restaurants proved largely unsuccessful. How does Cala plan to transform itself from a small financially-challenged operator of regional restaurants to an international conglomerate? That is a question investors should be asking. We know we are. [h=2]Six Degrees From Oklahoma[/h] Say a stockholder wants to visit the offices of Cala Corporation. Where in the world - literally – would he or she go? The Company’s website says Cala is “based in Silicon Valley, California,” but, for now at least, that seems to be wishful thinking. While Cala recently announced plans to relocate to San Francisco, at some unspecified future date, it has yet to announce the location of that new office. For the time being, Cala remains right where it has been, in Oklahoma City, Oklahoma. That might not have quite the international cache of Italy, or the financial appeal of Silicon Valley, but it does remain home to the “Groundfloor Café.” Actually, that Groundfloor Café is the last remaining vestige of the Company’s pre-Cala days. After starting out as Magnolia Foods, Inc. in 1985, the Company changed its name to Creative Restaurant Concepts in 1997, before becoming Cala Corporation in November 1999. Perhaps its third incarnation will be the charm. Over the years the Company has opened, managed and closed a series of restaurants, but profits proved elusive and, by early 1999, only a single Groundfloor Café remained operational. The Company’s November 1999 name change to Cala Corporation came about one month after Giuseppe (Joseph) Cala acquired an option on about 6.2 million shares of Cala common stock held by the Company’s ten largest stockholders. In exchange for that option, Mr. Cala agreed to pay one half of the amount owing on some promissory notes issued by the Company to those stockholders. Mr. Cala acquired another 2.5 million shares of the Company’s common stock, also in October 1999, in exchange for payment of $25,000, his future services, and the issuance of notes to stockholders for $426,797. It is not clear, however, who actually issued those notes, or whether they have been paid, either in full or in part. The public filings offer only a brief synopsis of the agreements with Mr. Cala, and no detailed discussion of his ascent to control of the Company. Few details are offered concerning those “promissory notes” issued by the Company or others, and the ten stockholders who granted options to Mr. Cala are not identified. Indeed the Company’s Form 10-K for the year ended December 1999 lists only four significant stockholders, aside from Mr. Cala – Dulaney’s, Inc. (5,375,000 shares); Teddy Mitchell (1,502,017 shares)’ Gary Modafferi (2,800,000 shares); and Don Zachritz (1,228,078 shares). The only other stockholders named are the Company’s former Chief Executive Officer, Joseph J. Johnson, who held 342,500 shares and its “Interim Chief Financial Officer” Stephen Ko, who owned 12,000 shares. The Form 10-K does indicate that he owned about 10% of the Company at the end of 1999 – 2,546,474 out of the 24.6 million shares that were outstanding. Or did he? According to a Form 13D that he filed with the SEC on April 12, 2000, Mr. Cala acquired 8.7 million shares of the Company’s stock in October 1999, and another 2.8 million shares in November 1999. That’s 11.5 million shares, or almost 9 million more than the Form 10-K disclosed. Indeed, Mr. Cala had filed forms with the SEC reflecting his control of 8.1 million shares in October 1999 and 10.9 million shares in December 1999. But Mr. Cala’s accumulation of shares did not stop there. As of the April 12th filing, he owned more than 21 million shares of the Company’s common stock (46.6% of the outstanding shares). He also owned another 225 shares of preferred stock (Mr. Cala can convert those into another 45,000 shares of common stock), and had warrants to buy an additional 150,000 common shares at five cents a share. How had he acquired the additional shares? The Form 13-D indicates Mr. Cala received 9.5 million shares “in exchange for debt retired when notes payable he acquired in October, 1999 were surrendered to Cala Corporation.” What debt was this? After all, hadn’t Mr. Cala already received 8.7 million shares in exchange for taking responsibility for “promissory notes” owed by the Company to those unidentified “ten shareholders,” and other unnamed parties. Did the Company issue him more shares in connection with those same promissory notes, and, if so, why? One thing is clear. As of June 30, 2000, the Company had issued 47.9 million shares – almost double the number of shares outstanding at the end of 1999. Who received all of those shares? Does the name Cala ring a bell?

http://www.sec.gov/Archives/edgar/data/794107/000127351511000055/cala2010q3v2.htm ^ Last full accounts for Cala Corp

" Specialties To create a new industry to benefit mankind."

Yeah, but that was in the 1970s....it's not true what they say...."Once a fraudster...."

http://www.portsmouth.co.uk/sport/po...ikou_1_3405192 Andrew Andronikou: "‘We need to have the new buyers in as soon as possible to take the club forward." Erm...can someone explain what this has to do with the administration of the company called "CSI"? In other words, why is there a need for Pompey to have "new buyers as soon as possible" when there is no fiscal connection whatsoever between Portsmouth Football Club 2010 and CSI? Someone help me out here. Confused.com

Or there's always..."The Blue Baffoon"

Inspired by the potential new owners of Pompey, Hollywood have commissioned a re-make of one of their classic films. It's going to be called "20 Leagues Under Chelsea" Form an orderly queue - I'm here all week.

Don't you tickle fish rather than pet them? I can't see the porpoise of this takeover anymore

Because 'Barry', 'Colin' and 'Trevor' were already taken

Wasn't he technically still on loan until 1st Jan but the perm contract was rubber-stamped in lieu of the window? Not sure TBH but over to MLG for an adjudication... ;-) That said, he probably still counts in the spirit of what Nick is alluding to...

It's ok. You're not alone in defending a newspaper that people love to hate when it suits them to do so... ;-)

Why sell for £4m now when, if all the predictions are correct, he'll be in double figure £ms this time next year?

Portsmouth Football Club. Second prize = Dusty Bin

Hmmm....let me introduce you to some of my less 'cultured' Scottish friends on Facebook... ;-) Agree with you views on nationalism though. It is indeed an arbitrary concept.

I'm getting confused. Well, more confused than normal. Can someone do one of those animated Lego videos to explain events thus far? Cheers

Indeed. I assumed you knew the answer having posed the question... ;-)

Electricity produced by fossil fuels?

Source?

Don't forget that our friend the administrator will command a healthy fee too....