pedg

It does appear to be being used a lot at the moment.

Does anyone know what the total is for the second application? If most of them besides the tax man are relatively small sums then they could still clear the lot. Also can anyone add their names to the list now?

Given what any new investor would get for their investment I should thing "Money for Nothing" by dire straits might be more appropriate?

I don't know? Others on here have implied that if pompey pay HMRC and get them to withdraw the WUO that the document would not be needed as the case would be withdrawn.

Surely there must be enough evidence out there now to indicate that they have acted illegally by trading whilst insolvent? In that case why are not the relevant authorities/agencies investigating them? One would hope that they are aware of the situation and would go in to investigate if they manage to avoid going back to court.

It sounds like, but not completely sure, that if they can pay all their outstanding tax to HMRC that they may not then have to provide the document to the court.

The thing is the article does not actually say how long they had to look at the books. You could image they were called in by whothername and as soon as the fraudster found out he sent them packing so they may not have had much time at all to examine them.

I thought it was said that generally they don't hold the money but the one exception was building up the pot for the parachute payments? Could be wrong (as ever) though.

Certain illogical arguments coming from this as well. From the guardian: According to the Daily Mail, the league is worried that, if Portsmouth cease trading altogether, they would have to withdraw from the league and their fixtures would become void. That would skew the existing league table. No it would not 'skew' the existing table it would be a new table that would be entirely consistent with the performances between the clubs in the table who were able to complete their fixtures without being liquidated. As such it would probably be a more valid table that one in which pompey (who could be proven to have been living beyond their means, aka cheating for months) are rescued by dubious means as that would put more of a 'skew' on the table than removing them altogether would IMO. -- Also in that guardian article was this which I had not heard elsewhere: Vantis first began work at Fratton Park around a month ago after being appointed by the finance manager Tanya Robins but the company was *summarily *dismissed by Daniel Azougy, the convicted Israeli fraudster who temporarily took charge of financial affairs. So they must be well on their way to having the information the need to create the report which just shows (as if we ever doubted it) that the 28 days requested by pompey so they could produce the report was a complete bluff for time.

Well if we get to the point where the document handed previously to the PL is handed over to HMRC (Why could they have not told them to do that immediately after the hearing anyway?) and it is shown that the PL were deliberately ignoring their own rules on insolvency to try and protect the PL 'brand' then they could be a bot of bother, though wether it would be anything with real consequences I don't know? What would happen if they were found to be helping break their own rules besides embarrassment?

Why is it the papers think that if they get this 11M they will survive till the end of the season? That will just clear their tax bill. They still have no money left to last them till the end of the season to pay all their other bills, including salaries (and the PAYE on salaries) for the next couple of months? As said above if this needs the approval of the other clubs its going to be tight call. On one hand some clubs will be better off if pompey go bust but on the other they are aware of the effect it would have on the 'brand' and that effect on future income. Finally can I get this right? The statement being prepared will not take any of this extra money (or any money coming in from other 'investors') into account so is 99% certain will show they are trading while insolvent. As such their only escape route is to buy off HMRC to stop the WUO and hope no agency whose job it is to investigate companies that trade while insolvent comes sniffing around?

Two scenarios that the PL are hoping will not happen if they do this: 1) Pompey stay up 2) A team is relegated but would have been safe if pompeys results had been removed. 1 is looking less likely now with the 8 point gap to safety but 2 could still be quite possible and would make for an interesting case, especially if it can be shown that they were operating while insolvent and the PL did not do enough (i.e. take head out of sand) to check if they were or not.

I would say he was still being very economical with the truth as quite a few of their debts were not paid just postponed. Who knows when they are supposed to be paying them!

'ring ring' Oh I wonder who that is at the door but wait a minute I thought we had a buzzer....?

What's the betting they say something like all teams that might be relegated can be loaned some of their possible parachute payments at some interest rate that would only be a sensible option if you can't get money from anywhere else? Result. Pompey take the money and survive but probably none of the others (except maybe hull?) do. That way the PL can appear to be unbias.

Talking of their debts do we have any idea who the other creditors were who joined the WOU? Wonder if the electric company still need paying. Think there will be an awful lot of medium sized debts that like when you buy quite a few things on your credit card can soon add up to a sizable total. Plus I said before could well be a large amount owed in unpaid image rights. Sol Campbell went for a long time without getting his and did not comlain at the time so you suspect that while they have been paying the players wages (eventually) their payments for image rights would almost certainly have been skipped. Campbell was on 30K a week for his image rights (aka tax dodge) alone so I expect it will be quite a large figure.

Plus they have already effectivly been given a portion of the gate money from the tickets they were given which they have almost certainly already spent.

Bit of a coincidence if his dog ate both the copy at fratton park and the one at PL HQ? But given what's happened so far probably completely believable!

The bloke to the side of TTWTB does not look overly happy about his seating position!

I would suspect that going into admin would give them the 9 point penalty this season and that coming out of admin in that way without the agreement of HMRC etc would probably give them a large penalty at the beginning of next season.

But what happens to the report that the court has ordered be drawn up? Would they still expect to receive it even if pompey settle their debts and what would happen to it then if they did?

Possibly, as Pancake said above, if the document related only to their football related debts then it may well have not been conclusive proof they were insolvent but then it would be considerably different than what the court has asked for that you wonder why the press referred to it as a similar document?

I think the line was they provided something 'similar' to the PL. One assumes it was produced in-house and not by an independent firm Once must also assume that it did not show them as being insolvent as if it did and it came out that the PL knew they were insolvent and did nothing they would be in the poo. The question then is was the document accurate or was it another creation by the fraudster? If the latter how well could the PL check the document to see if it was a correct representation?

So if they paid off HMRC before the date they are due to deposit the statement what would happen?

According to Dubai Phil on the previous page now they courts have decided they may be trading while insolvent having HMRC withdraw the WUO order will not stop justice being done. i.e. the latter option.