pedg

I suspect because they find it hard to believe that pompey could be liquidated and as many other clubs have gone into administration they assume the same could happen for pompey. Plus to be fair even the expert on the panel yesterday implied admin was a possible option. I think the main problem is that administrators are used to working with companies where there is a steady income and steady outgoings and can try to reduce the latter to be under the former but pompeys income stream is anything but regular and any admin taking over is going to see little in the way of millions coming in for several months but a need for millions to go out a lot sooner.

Key bit the guardian article to me is: Cattermole's claim that Portsmouth could be free of their financial problems within a year may depend on him being able to reach agreements with the club's creditors. Sacha Gaydamak, the former owner who sold to Sulaiman al-Fahim last August, is owed around £30.5m, while Chainrai is due at least £17m. So basically he does not have 60+ million and can only do it if both Gady and Chainrai agree to take major cuts in what they are owed (if they just rescheduled the debts it would not make them debt free would it).

Its an option but its not under their control. They would have to ask and the court agree I believe.

Moved on from blaming the PL to blaming the media now.

But HMRC are not and if you can't get the money to pay them its goodnight vienna even if everyone else agrees to differ. Anyway we all know the others are deferring because they know its the small chance they have of getting money where as for HMRC winding up pompey will scare the bejesus out of other clubs and net them more money in the long term.

"But we have taken it to another level" is probably what he should have said next.

500,078 Views now. Next landmark 15,000 posts.

You mean it could be like the guests on 'this is your life'.... "You have never seen him before but we have flown him all the way from Saudi Arabia to be with us tonight..."

I think at the very least than having studies the document HMRC would then probably confirm they intend to proceed with the WUO. This would mean that the SoA has not changed their opinion that they are trading whilst insolvent and could precipitate further events. Suspect PFC are hoping that somehow the SoA and their wishful thinking addendum would be enough to get the WUO removed but that must be the slimmest of slim hopes.

Which could be why they are rather desperate to sell someone to pay the wage bill?

I think you will find the PL are about as strong as a homoeopathically diluted cup of already weak tea.

http://www.mirrorfootball.co.uk/opinion/columnists/john-cross/The-John-Cross-Column-Why-Harry-Redknapp-is-not-to-blame-for-Portsmouth-s-plight-and-the-Premier-League-must-not-bend-the-rules-to-save-them-article326269.html See its not Arry's fault pompey are in the poo its down to story being unaware of the 'just say no' option. (and for a bonus contains a comment from HarryBankrupter who obviously is not happy with Arry!)

Pompey's new owner revealed http://www.dailyshame.co.uk/2010/02/local-man-wins-control-of-portsmouth-fc/ --- just realised that 'story' was written about a week ago so apologies if already posted.

If you trust a pompey message board (not sure about the grammer!): http://boards.footymad.net/forum.php?tno=424&fid=203&sty=2&act=1&mid=2122761747 I confirm there is no there is no hearing today no decision will be made 1 The Company must file with the Court Office and serve on HMRC the Statement of Affairs by 4.00 p.m today. 2 HMRC have until 4.00 p.m friday the 19th to respond by filing with the court and serving the PFC Company. 3 A provisional date to hear the WUP has been fixed for 1st March before a single Judge in open court . Hearing estimated for half a day.

Seen a couple of places where it says they have 48 hours to respond to the statement by deciding if to proceed or not.

What would be really funny is that pompey are assuming that nothing will happen till late friday afternoon by when HMRC must return to court but there is nothing to say they can't return well before then. What's to stop HMRC paying some top bods overtime to look at the statement now and then for them to go to court tomorrow morning to say they have studied the report but still wish to proceed with the WUO. That would throw the cat amongst the pigeons!

Actually I think the story at the time indicated his bonuses were also paid into the offshore account which sounds even more dubious a practice than the image rights.

http://www.creditman.biz/uk/members/news-view.asp?newsviewID=11284 Nick OReilly, Client Partner at Vantis BRS, today confirmed: Vantis has completed the statement of affairs report and submitted it to the board and owners of Portsmouth Football Club today, Wednesday 17 February 2010. Nick continued: This report will then be submitted by the board by 4pm today to the Court and HM Revenue and Customs (HMRC), along with their own evidence of potential interested parties and developments since the last hearing took place on 10 February 2010. HMRC will then have an opportunity to make its further representations to the High Court ahead of the next hearing, scheduled for 1 March 2010. Not sure potentially interested parties is going to change HMRC's mind. I wonder that what relevant 'developments' are there that have happened since the last court appearance?

How very anticlimatic! Better set the new countdown clock for 4pm friday when HMRC need to return to court to confirm if they wish to carry on with the WUO.

But they at least have to find the money to pay HMRC and unless they are charging £1000 a seat they are not going to make that from the brom game. They have to show they can pay the HMRC debt, in fact I think they have to pay the HMRC debt if they are to get out of this without admin at the least and its hard to see where the money to do that is going to come from.

I think the opinion was that any self respecting board would resign if the statement categorically showed they had been trading whilst insolvent for a long period. So probably nothing will happen.

http://www.birminghammail.net/birmingham-sport/birmingham-city-fc/birmingham-city-fc-news/2010/02/17/birmingham-city-not-guaranteed-fa-cup-bye-should-portsmouth-go-under-97319-25850211/ BLUES would not automatically receive a bye to the semi-finals of the FA Cup if Portsmouth go into liquidation. Pompey face a provisional winding-up petition in the High Court on March 1, the week leading up to the quarter-final tie at Fratton Park. Should they go out of business and be unable to fulfil the fixture, the FA Challenge Cup Committee will then meet to decide the next course of action, an FA spokesman revealed. As there has been no precedent, nor is there any rule covering such an eventuality, FA chiefs will only make a decision should they have to cross that particular bridge. So if they do go out of business it might be the sooner the better for us as the closer it is to the date of the fixture the more likely I would guess that Birmingham would just get a bye.

4pm apparently.

Very annoying after someone postponed twice previously due to illness got an all day (well 10 till 4) meeting today. Will probably miss out on most of the fun

Surely if they are wound up then Storey is out the door anyway so its a question of what happens to the books then? I would have thought HMRC and others would be very keen to look at them?