trousers

BBC Breaking News: Hungary & Czech republic WON'T give up independant taxation rights and are now doubtful to sign up to the new treaty

Rings a bell. I think they made the rules more objective in that they focus on whether the 'football club' is able to trade "within its means" (i.e. solvently) regardless of the trials and tribulations of the parent company. SFC run out of income, either from internal sources (the SLH board) or external sources. However, PFC 2010 seem to always find some extra cash heading their way from sources of varying levels of dubiousness.... Until that money stops hitting PFC 2010's bank account, from wherever it cometh, then I don't see how the Football League can declare them insolvent and thus deduct points, can they...?

Loaned or gifted? Either way, they are arguably trading solvently until they stop receiving more money (from whatever source) than they pay out, ergo I believe they are staying the 'right' side of the points penalty rules. Indeed, if anything, by receiving money from a source other than CSI demonstrates that they are not financially dependent on their parent company....does it not? Here's hoping I'm being thick here!

I think Corp Ho makes a valid point.... Up to the moment where CSI went into administration, PFC 2010 was simply one of several "asset-poor" companies in the CSI 'portfolio'. It survived (and therefore remained solvent) solely because it's parent company (CSI) was able to keep it afloat. Nothing wrong in that. (For example, The Times newspaper runs at a loss but is kept afloat by Murdoch redistributing News International money) But....the moment that funding tap was turned off (i.e. when CSI went into administration) PFC 2010 ceased to be in a position where it could continue to trade solvently APART from the fact, of course, that they still have some of "CSI/Andronov's money" sitting in their bank account. Now, this is where my understanding gets fuzzy.... At what point do the Football League's "trading insolvently" rules (and therefore points penalty) kick in? In other words, are Pompey deemed to be "trading solvently" by virtue of the fact they can bridge the 'income vs outgoings' gap by tapping into the money CSI/Andronov conveniently put in their bank account before CSI went into administration OR are the Football League rules less forgiving than that? (i.e. the FL don't count "money in the bank" as a source of income per se) Alas, I'm guessing the former. If, for example, I was paying off a personal loan using money given to me by my parents but then my parents were declared bankrupt, I wouldn't default on the loan until such time that any savings I had were used up. So, what will happen first? PFC 2010 running out of the money in the bank that is keeping them "trading solvently" (and free of point deductions) or someone buying them, thus staving off the insolvency and point deductions? The $64,000 dollar question being "when will the money that is keeping PFC 2010 solvent run out?" Days? Weeks? Months? Never?

Cheers for the heads up on this one.....that's a stocking filler sorted for Trousers Jnr :-) I assume Pompey supporters don't have to use their own cash to buy stickers for their team?

Trousers

Meanwhile.....on planet Bob Crow.... http://www.bbc.co.uk/news/uk-england-london-16174789 London Underground drivers to strike on Boxing Day Tube drivers will hold 24-hour strikes on four days, including Boxing Day, in a row over pay, a union has said. Aslef balloted its 2,200 members over demands for triple pay and a day off lieu for working on the bank holiday. Staff will walk out on Boxing Day, 16 January, 3 and 13 February. Aslef said 92% voted for industrial action, but Tube bosses said 42% voted to strike. London Underground (LU) said it had asked the union to abandon its strike threat over "an outrageous pay claim". Services were severely disrupted last year when drivers walked out on Boxing Day after talks collapsed. The union has said it wanted "adequate compensation" for working on Boxing Day and it wanted Tube drivers to be able to volunteer to work on such an "unsociable" day. A statement from the union said: "The whole dispute has been about seeking equitable quality time off for our members but recognising those who do operate the service may need to be incentivised. "The company is currently offering no additional payments for working on Boxing Day. The union says its members may need 'substantial incentives' to volunteer. "If the dispute is not resolved, the union intends to take further action on 16 January and 3 and 13 February." LU said Tube workers already "earn a premium" for working on Boxing Day. A spokesman said an agreement in 1992 specified drivers would earn about £44,500, work a 35-hour week and have 43 days' leave. As part of the agreement, tube drivers have to work some public holidays, including Boxing Day.

The article goes on to suggest that things aren't as bad as perhaps the headline figures show and that 'hanging on in there' through the storm might be the best policy...but there again...who knows...? Most unlike the Guardian to highlight the negative rather than the positive in their headline.... ;-)

14:23 [TABLE] [TR] [TD][/TD] [TD]David: thanks everyone - hope it's been informative and good to speak to a few of you at least. sorry for not getting to all the questions but will try and come on again soon. best wishes and pup for the weekend.....we're waiting..... DL [/TD] [/TR] [/TABLE]

That wasn't in response to your post sir. That photo just caught my eye on the BBC home page!

It's ok here

[TABLE=width: 100%] [TR] [TD=class: chatmsgtime, bgcolor: #F6F6F6]14:17[/TD] [TD=class: chatmsgtext viewer_text, bgcolor: #FFFFFF][TABLE=width: 100%] [TR] [TD][/TD] [TD]Comment From sean if aa is basicaly in charge we can say goodbye to our best player then aa sol our best players last time can u confirm if he will be selling them in jan or not[/TD] [/TR] [/TABLE] [/TD] [/TR] [/TABLE] [TABLE=width: 100%] [TR] [TD=class: chatmsgtime, bgcolor: #F6F6F6]14:20[/TD] [TD=class: chatmsgtext altcaster_text, bgcolor: #FFFFFF][TABLE] [TR] [TD][/TD] [TD]David: the directors of the club are in charge of it - PFC is not in admin. the administrator is in charge of CSI assets. this is very different to the situation in 2010. and no plans for a firesale in january! [/TD] [/TR] [/TABLE] [/TD] [/TR] [/TABLE] PFC weren't one of CSI's assets....?

Charming....

14:17 [TABLE=width: 100%] [TR] [TD][/TD] [TD]Comment From sean if aa is basicaly in charge we can say goodbye to our best player then aa sol our best players last time can u confirm if he will be selling them in jan or not [/TD] [/TR] [/TABLE]

[TABLE=width: 100%] [TR] [TD=class: chatmsgtime, bgcolor: #F6F6F6]14:04 [/TD] [TD=class: chatmsgtext viewer_text, bgcolor: #FFFFFF][TABLE=width: 100%] [TR] [TD][/TD] [TD]Comment From Andy Who is currently the 'owner' of portsmouth fc? [/TD] [/TR] [/TABLE] [/TD] [/TR] [/TABLE] [TABLE=width: 100%] [TR] [TD=class: chatmsgtime, bgcolor: #F6F6F6]14:05 [/TD] [TD=class: chatmsgtext altcaster_text, bgcolor: #FFFFFF][TABLE] [TR] [TD][/TD] [TD]David: the shares in pfc (2010) ltd are now controlled by the administrator of CSI - i think this info is on our website. [/TD] [/TR] [/TABLE] [/TD] [/TR] [/TABLE]

[TABLE=width: 100%] [TR] [TD=class: chatmsgtime, bgcolor: #F6F6F6]14:01[/TD] [TD=class: chatmsgtext viewer_text, bgcolor: #FFFFFF][TABLE=width: 100%] [TR] [TD][/TD] [TD]Comment From luvrocket how does working at PFC (greatest club of all time!) compare to working at the FA and when we win on saturday will you dance a jig round the pitch afterwards?[/TD] [/TR] [/TABLE] [/TD] [/TR] [/TABLE] [TABLE=width: 100%] [TR] [TD=class: chatmsgtime, bgcolor: #F6F6F6]14:04[/TD] [TD=class: chatmsgtext altcaster_text, bgcolor: #FFFFFF][TABLE] [TR] [TD][/TD] [TD]David: it's considerably more interesting! i consider it a huge privilege to lead the club, i work with great people and it is a real pleasure to be part of the club, despite the various challenges we've had to face. if anyone had been at our xmas party last week they would understand why i won't be dancing in public anytime soon tho! [/TD] [/TR] [/TABLE] [/TD] [/TR] [/TABLE] Christmas Party? Where did they get the cash for that....?

[TABLE=width: 100%] [TR] [TD=class: chatmsgtime, bgcolor: #F6F6F6]13:59 [/TD] [TD=class: chatmsgtext viewer_text, bgcolor: #FFFFFF][TABLE=width: 100%] [TR] [TD][/TD] [TD]Comment From Richard1 are the club still due a remaining 2 sets of parachute payment from the premier league over the next 2 years? [/TD] [/TR] [/TABLE] [/TD] [/TR] [/TABLE] [TABLE=width: 100%] [TR] [TD=class: chatmsgtime, bgcolor: #F6F6F6]13:59 [/TD] [TD=class: chatmsgtext altcaster_text, bgcolor: #FFFFFF][TABLE] [TR] [TD][/TD] [TD]David: yes we are due to receive parachute payments for the next two seasons after this. [/TD] [/TR] [/TABLE] [/TD] [/TR] [/TABLE]

[TABLE=width: 100%] [TR] [TD=class: chatmsgtime, bgcolor: #F6F6F6]13:54[/TD] [TD=class: chatmsgtext viewer_text, bgcolor: #FFFFFF][TABLE=width: 100%] [TR] [TD][/TD] [TD]Comment From Denmead Dave Please comment upon PFC2010 honouring the agreement to pay LOCAL businesses owed less than £2500, which you yourself appear to be querying in The News today.This is appalling Mr Lampitt.[/TD] [/TR] [/TABLE] [/TD] [/TR] [/TABLE] [TABLE=width: 100%] [TR] [TD=class: chatmsgtime, bgcolor: #F6F6F6]13:58[/TD] [TD=class: chatmsgtext altcaster_text, bgcolor: #FFFFFF][TABLE] [TR] [TD][/TD] [TD]David: I understand the frustration for small creditors affected by this. The concern for me is protecting the club as it was not our undertaking to pay 100% of these debts and we shouldn't be the target of these concerns. We continue to work with the Liquidators to resolve this as soon as possible. It's a difficult one for the club as it causes lots of bad pr which we could do without but at the same time I have to ensure I protect the club both legally and financially.[/TD] [/TR] [/TABLE] [/TD] [/TR] [/TABLE] In other words "I don't care about the local businesses that lost out....not our problem guv"....disgraceful.

Try not to use cooked bread related products in your name....I think they've cottoned onto that one.... ;-)

13:54 [TABLE=width: 100%] [TR] [TD][/TD] [TD]Comment From Denmead Dave Please comment upon PFC2010 honouring the agreement to pay LOCAL businesses owed less than £2500, which you yourself appear to be querying in The News today.This is appalling Mr Lampitt. [/TD] [/TR] [/TABLE]

[TABLE=width: 100%] [TR] [TD=class: chatmsgtime, bgcolor: #F6F6F6]13:50 [/TD] [TD=class: chatmsgtext viewer_text, bgcolor: #FFFFFF][TABLE=width: 100%] [TR] [TD][/TD] [TD]Comment From Chris Ford what about the points Deduction are you confident of avoiding the Sporting Sanction [/TD] [/TR] [/TABLE] [/TD] [/TR] [/TABLE] [TABLE=width: 100%] [TR] [TD=class: chatmsgtime, bgcolor: #F6F6F6]13:52 [/TD] [TD=class: chatmsgtext altcaster_text, bgcolor: #FFFFFF][TABLE] [TR] [TD][/TD] [TD]David: i am confident about this although obviously it is not up to me and the league has a due process to go through in making their assessment. i said in my blog that there are a number of reasons why i don't think our circumstances should warrant a points penalty so maybe have a look at that on our website as there are a few more details in there. [/TD] [/TR] [/TABLE] [/TD] [/TR] [/TABLE]

[TABLE=width: 100%] [TR] [TD=class: chatmsgtime, bgcolor: #F6F6F6]13:53 [/TD] [TD=class: chatmsgtext viewer_text, bgcolor: #FFFFFF][TABLE=width: 100%] [TR] [TD][/TD] [TD]Comment From Homer From the aritcile in the news this morning, it appears that none of the unsecured creditors have been paid a single penny yet. Cna you confirm if this is true [/TD] [/TR] [/TABLE] [/TD] [/TR] [/TABLE] [TABLE=width: 100%] [TR] [TD=class: chatmsgtime, bgcolor: #F6F6F6]13:54 [/TD] [TD=class: chatmsgtext altcaster_text, bgcolor: #FFFFFF][TABLE] [TR] [TD][/TD] [TD]David: This is true. The payment process and schedule were set out as part of the CVA last year with the first payment being due in April 2012. [/TD] [/TR] [/TABLE] [/TD] [/TR] [/TABLE]

[TABLE=width: 100%] [TR] [TD=class: chatmsgtime, bgcolor: #F6F6F6]13:45 [/TD] [TD=class: chatmsgtext viewer_text, bgcolor: #FFFFFF][TABLE=width: 100%] [TR] [TD][/TD] [TD]Comment From Charles in Yorkshire Good afternoon David - the article re payments due to our creditors in The News this morning reminded us of the commiments we have in coming out of administration. can you assure supporters that we have this finaicial commitment covered (eg; by forthcoming parachute payments). I ask this with concern now that CSI are no longer supporting us finacially. [/TD] [/TR] [/TABLE] [/TD] [/TR] [/TABLE] [TABLE=width: 100%] [TR] [TD=class: chatmsgtime, bgcolor: #F6F6F6]13:49 [/TD] [TD=class: chatmsgtext altcaster_text, bgcolor: #FFFFFF][TABLE] [TR] [TD][/TD] [TD]David: Obviously not that impressed with the front page of the News this morning - am I allowed to say that on their webchat?! The reality is that these payments are nothing new. We've known about them since the club emerged from Admin, i think they were in the public domain back then and they have always been part of our business plan. I remain confident that we will be able to meet our ongoing commitments Charles. [/TD] [/TR] [/TABLE] [/TD] [/TR] [/TABLE] [TABLE=width: 100%] [TR] [TD][/TD] [TD] [/TD] [/TR] [/TABLE]

[TABLE=width: 100%] [TR] [TD=class: chatmsgtime, bgcolor: #F6F6F6]13:32 [/TD] [TD=class: chatmsgtext viewer_text, bgcolor: #FFFFFF][TABLE=width: 100%] [TR] [TD][/TD] [TD]Comment From lew11 hello david,when did you first get an inkling all was not well with csi ? [/TD] [/TR] [/TABLE] [/TD] [/TR] [/TABLE] [TABLE=width: 100%] [TR] [TD=class: chatmsgtime, bgcolor: #F6F6F6]13:35 [/TD] [TD=class: chatmsgtext altcaster_text, bgcolor: #FFFFFF][TABLE] [TR] [TD][/TD] [TD]David: tbh the events of the last few weeks have been a bolt from the blue. if you'd asked me (and most fans) a month ago i think most would have said that they were pretty happy with csi ownership and the way the club was moving forward. i still think we are in good shape as a club despite what's happened which is why i'm confident we will work our way through this. [/TD] [/TR] [/TABLE] [/TD] [/TR] [/TABLE]

13:24 [TABLE] [TR] [TD][/TD] [TD]Comment From Sam Why is Portsmouth's support so bad? Only 12,000 odd against Peteborough. How do you attract more fans? [/TD] [/TR] [/TABLE]