pedg

Especially if they end up not being a prefered creditor. :p

One would guess that as well as wanting a return visit to the court that they are going to ask for permission to have a right good rummage through all the documents they can get their hands on?

If the money was not lent to PFC then he can't be a secured creditor.

You do get the impression that Mitchell is like an actor who has been given a juicy overacting roll that he knows will steal the show...

Matthew: Mr Mitchell said they need evidence of the validity of the appointment of administrators. 'We just want the court to determine that issue on the evidence. They may have satisfied themselves but there may be issues that they have not put their minds to.' What's that bit in lawyer speak mean?

Can't see Johnny Depp wanting to play Storrie as the portsmouth mad hatter though!

So legal beagles out there. If the result of this is that they set a date for a new WUO: 1) Any idea how long it would be? Days, Weeks? 2) What happens in the meantime? 3) Can another secured creditor, if there is one, come in and put the club into admin during that time?

I 'think' GM's point is there was something that was not a debenture was registered before the WUO was issued and then a debenture was issued after the WUO. Theory being I think that if they needed the second for him to put the club into admin then because it was issued after the WUO then it should not apply. I think!

Looks like we should be able to make 20,000 posts before the end after all... http://www.guardian.co.uk/football/2010/mar/01/hmrc-portsmouth-high-court-administration The Revenue, which had petitioned for a winding-up order over £12.1m in unpaid taxes, will return to the high court this morning to ask a series of searching questions over the validity of the procedure. Among other things, it is believed that HMRC has concerns over the validity of the mortgage that Balram Chainrai, the owner, holds over the club's assets. The club is likely to be given time to consider its response to the points raised by HMRC, before a second hearing where a decision on the validity of the administration will be made.

So if GM etc are correct what will happen tomorrow? Are HMRC doing this just to get their hands on some loan documents that they will use for later court action or is it going to come to a denouement tomorrow? One assumes as well as evidence that chainrai was not allowed to put the club into admin they will present the SoA with claims that it shows the club were trading whilst insolvent. Obviously think that pompey getting away with admin is not going to be enough of a deterrent for the other clubs.

I am sure that everything was done properly and by the book at pompey and their fans have nothing to worry about...... Accountant Nick O'Reilly, from the Vantis company who examined Pompey's books for the High Court, last week labelled them "completely dysfunctional" and that the business had gone against "all good governance."

When did the freehold story thing break in respect to the timing of the SoA?

He also does not know why HMRC are going back to court though...

Its like a horror film for pompey. There they were thinking the HMRC monster was fatally injured only for it to make a shock appearance in the last reel.

One would guess either that the information on creditors in the SoA means HMRC believe Chainrai cannot put the club into admin or that pompey messed up on the legal front at some point?

Probably 3 consecutive days of 48 hours, or the full story as its known.

How are we supposed to get to 20,000 posts before then? Someone tell them we have proof of more posts coming and could they hold off for a bit.

Bet it was this one: Victor Cattermole’s Experience Director Fidco Global Limited (Privately Held; 1-10 employees; Financial Services industry) March 2008 — Present (2 years 1 month) Fidco Global Limited is a privately held trustee company. Currently holds around six billion euro of assets under management. Expect to see that increase by another six billion euro in the 2008 / 9 year. That does not appear to exist outside of his linkedin page http://hk.linkedin.com/pub/victor-cattermole/0/40/8b1

http://www.portsmouth.co.uk/frattonlatest/James-Wage-cut-down-to.6113121.jp Players 'might be prepared to take a pay cut' shock statement from James. Awfully nice of them don't you think?

Creditors starting to appear from the woodwork. http://www.people.co.uk/sport/football/tm_headline=pompey-set-for-paul-hart-bid%26method=full%26objectid=22074943%26siteid=93463-name_page.html Paul Hart faces a battle to get his cash from crisis club Portsmouth after the administrator moved in to sort out their financial mess. Former boss Hart was a hero a year ago when he stepped up from the youth team and steered Pompey to safety as he helped them to delay the drop and financial ruin by a season. But now Hart, axed when Avram Grant took charge during Ali Al-Faraj's reign, is going to have to join the creditors who will be made an offer on the money owed to them soon.

3) Fifa are just looking for a stick to beat the PL with and letting pompey off would provide them with a hefty branch with nails in it.

Think the funniest thing would be that, after pompey delayed going into admin to see if their league position could make them more saleable, they now win enough games so that they would have stayed up if not for the 9 point deduction. Also don't know if this has been mentioned from Saturday's news. http://www.portsmouth.co.uk/newshome/Experts-were-shocked-at-club39s.6109933.jp Nick O'Reilly, client partner at Vantis business recovery services, was given unlimited access to Pompey's financial affairs. He told The News he was shocked at the poor financial management at Fratton Park. And he also warned of redundancies and wage cuts for staff at the club. Mr O'Reilly said: 'It's clear that the club was insolvent because it would have been wound-up on Monday if they had not gone into administration.

Guess if they can't sell (or rather other clubs can't register) those players whose contracts end the end of this season will be shown the door as not going to make any money on them are they?

But is it also less than half the unsecured debt?

I assume the FL have an equivalent to the Fit and Proper Test thing?