pedg

Also no news of the court date for the appeal as yet. Given that AA wanted it to be before the end of July I am guessing that is a fairly faint hope?

What Transfer embargo???????????

http://www.portsmouth.co.uk/sport/The-number39s-not-up-for.6426689.jp

 

Well they can't be accused of trying to hide it!

Very brazen to come out and publically explain how they are about to continue their two finger waving at the authorities.

They will actually build a half decent team. I just hope somebody reminded android of how they ended up in this mess in the first place.

They do not automatically get the FL approval it only allows them to ask and it would be so funny if they deliberately let half decent people go to get below 20 if the FL then said no.

Been to Oz a few times now.

Loved Cairns, depending on how seasick you get you can go out on a boat to the great barrier reef, do some resort diving (i.e. minimal instruction as only a few feet down) then stay out on the boat overnight. Also the white water rafting is fun.

Camping (of sorts) at Cape Tribulation (think its now this pace http://www.junglelodge.com.au/ as looks like it changed names since we were there). Mind the *****ly tree's an keep an eye on your food as my friend has his ginger nuts nibbled by the wildlife.

Ayres rock and the olga's. Depending on your reverence to the local culture an interesting climb.

Sydney, All the usual things. Don't know if its still there but one interesting restaurant was a hari krishna BYO restaurant where your meal came with free tickets to the cinema at the top (I think we saw face-off which rather dates when we were there) where you watch the film laying on the floor. When out to the blue montains one day when you can kill your thighs walking down some steps that go on for ages then come back up the worlds steepest funicular railway http://en.wikipedia.org/wiki/Katoomba_Scenic_World

I don't think they lost as such, I think they released a statement saying they were satisfied that AA was independent from Chainrai, wouldn't surprise me in the meantime if HMRC have been gathering evidence suggesting the opposite.

Fairly sure they said they accepted his independence at the time but reserved the right to challenge it later, or was that something else?!

I was always worried that their new 'man at the top' knew too many loopholes from his previous employers.

Man at the top came from the FA I believe where as the main rules pompey have to try and get round are FL ones.

I know they are full of **** but its widely reported he is joining them in states - this is after appeal went in. Surely stoke would not be wasting their time if it was never likely to happen...but how??

If you were them and wanted to sign him would you:

a) Ask the FA/FL for special dispensation before contacting his club

b) Go all the way through to the end and then say to the FA/FL. "Look he's here, its all sorted we just need your rubber stamp"

I assume all the debts that were included in the CVA vote have been published such that HMRC could start going through them and trying to confirm their legitimacy? Maybe the attempt to get an early date is to minimise the chance of HMRC turning something incriminating up?

All that, without a comma in sight, and i still got the gist

Im a punctuation rebel (or is that rebel without a pause?)

All Apple iphone 4 users will recieve a free case and will be given a full refund if still unhappy.

See Job's tried very hard to try and not admit any design flaws with the iphone 4 but then giving away the cases confirms they agree there is as the effect of the case improved the signal on the iphone by reducing the effect of touching the aerials where as on any other phone adding a case will reduce performance as in those cases its just another layer the signal has to go through.

For anyone who still thinks they'll be a force in the Championship next year:

 

http://www.portsmouthfc.co.uk/squad/first-team.aspx

Can someone explain how they only managed to lose 2-1 in the states given they don't appear to have any goalkeepers?!

That SAlaw article is interesting on many counts, this one for example:

 

"HMRC may seek to claim that as (100%) beneficiaries of the Football Creditors Rule they are claiming a lien over the Club (especially the TV money). If that’s the case then the insolvency regime defines a “lien” as a form of security. i.e. secured borrowers.

 

Secured creditors should not be voting alongside unsecured creditors under a CVA. Oooops! "

 

Plus the last line of the article referring also to the football creditors rule:

 

"How many of the current incumbents of the Premiership would be considered a credit risk if both challenges were to be made (and succeed)?"

 

Discuss.

I think most people will agree that it is silly that football creditors who are currently guaranteed to get their money back should be included in those who can vote on how much everyone else will get via the CVA. If HMRC can argue that one successfully pompey really are up the spout.

Plus by buying HTC you don't get satirised like this:

(Not suitable for anyone adverse to swearing or who think the iphone is the best thing ever).

Andy's threat to sue the Government for millions. There is abslutely no chance that he will win a consequential loss or damages claim against HMRC. Their right to challenge the CVA is enshrined in the law of the land. They, like anybody else, will not be faulted for simply excercising that right. Conversely, if HMRC win, and Andy is found to have been negligent, that same claim could be made against him, personally.

One assumes AA will be keen for it not to get to court then! If he does withdraw the CVA and sell the club whilst it is in administration does that automatically mean the court case will be cancelled? One part of HMRC's appeal appears to be that they claim AA did not follow the rules and if so surely even if the CVA is withdrawn it should still be investigated?

Sounds like he has admitted the verbal agreement exists!

But luckily he has not put that down in writing ...

If they want to play in the football league, it doesn't work like that. In both Leeds and Luton cases, the new owners had to stump up more or less the same as was stated in the failed CVA.

 

Maybe AA better get the Conference guys on the phone, but considering how they deal with Clubs in debt (Chester, Weymouth, Salisbury) it will be out of the frying pan into the fire

Indeed I can't understand why people think that if things happen without a CVA that the debt will disappear. If you ran up credit card debts you could not pay, offered the card company 20p in the pound but they rejected it would you say 'Ya suckers I'm debt free now'? CVA is a organised way to deal with a debt. If it does not happen then it reverts, as far as I am aware, to a more disorganised debt but still a debt. Without the creditors agreement you can't just say "Look here's 5p in the pound, now toddle off will you". If the administrator sells the company to someone else then I assume the debt goes with it and stays with it til its sorted on way or another?

No. Redknapp would never become England manager with all the skeletons he has in his closet. Maybe one of the biggest closets in the UK as well I'd imagine.

almost as large as his stationary cupboard I believe.

"The article has been unable to display."

Still got the facile comment section though. Strangely going via their home page and the page displays correctly.

If they do get -17 or -20, what are the odds that they won't break even next season?

Remembering that they could well get hit by more point deductions as a result of the tax avoidance cases.

And just like that they have not got away with it. In fact really this could be the worst thing to happen to them other then actual liquidation. The club could now get a points deduction and that will mean they are relegated.

 

But regardless of "what could happens" they will stay with a transfer embargo until they come out of admin. If they come out of admin without the cva they will get nailed to a tree by FL. If they don't come out without CVA they can't buy or sign anyone. The team they have will remain the team they have. The FL will not try and help them at every turn like the PL did. But more importantly they could now be seen to go to court and be dealt with by the law. Those involved with the club right now who thought they were going to get away with it will be nervous. Would not surprise me one bit to see them come out of admin without the CVA and sell the club while still in admin. Doing so will result in massive points deduction anyway.

 

Hopefully now the cheats will get dealt with.

and as has been said before coming out of admin without a CVA does not protect you from further legal challenges from your creditors (which is what the CVA is at least partially there to do).

Looks like they are going after them on 3 fronts..

In a statement released to Press Association Sport, a spokesman said: "HMRC can confirm that it has made an application to the High Court that the decision of creditors of Portsmouth City Football Club Ltd (In Administration taken at a meeting on 17 June 2010 approving a Company Voluntary Arrangement in a Proposal dated 28 May 2010 should be revoked or suspended under s. 6 (1) (a) and/or (b) of the Insolvency Act 1986 on the grounds that: (a) The interests of HMRC have been or will be unfairly prejudiced by the taking of that decision; and (b) There were material irregularities in the way in which the votes of creditors were counted at that meeting.

"HMRC can further confirm that it has also appealed to the court under Rule 1.17 of the Insolvency Rules against the Chairman's decision to refuse to allow HMRC to vote in accordance with claims totalling £13,293,651.72 submitted at the meeting.

"HMRC feel we have been or will be unfairly prejudiced by the decision to accept the CVA, because we believe there were material irregularities in the way in which the votes of creditors were counted at the creditor meeting and because, to our knowledge, the full amount of our claim should have been admitted for voting purposes.

"We are acting in the interests of all those creditors who are not in the football industry. We don't think it's right that they are offered 20p in the pound against full repayment all others. Also we cannot agree with the striking out of £13 million of debt which seriously undermined our ability to challenge the CVA."

Continuing the 'Many Faces of AA'....

AA tried to raise more money by busking with his harmonica

OK then. What happens next?

Depends if you live in the real world or in pompey world.

In pompey world they will be bought by BC for a pittance within day and have to accept a 17 point deduction as their only punishment.

In the real world any sale of the club without the CVA will still leave them open to legal action from creditors that could lead to liquidation.

according to the news...

A spokesman for HMRC said it was appealing on two grounds.

 

The first was that the interests of HMRC 'have been or will be unfairly prejudiced' by the agreement.

 

The second was that there were 'irregularities' in the way the votes of creditors were taken to secure the agreement.

And the appeal is in... SSN

also here

http://www.portsmouth.co.uk/newshome/Blow-for-Pompey-as-taxman.6422728.jp

Is she also the slightly chubby one who is providing the choral entertainment ?

Not sure but with BBQ it can be long before the fat lady singe's