pedg

How many secured creditors are they likely to have who could put them into admin? They obviously provided security for the basingstoke shop rental and used the club and ground as security for the Chainrai loan but are there likely to be many others? Maybe their claim about not having a bank overdraft etc means that in fact their are few secured creditors who could put them into admin?

A I understand it he had a loan secured against Al Mirages shares. When they defaulted he took the shares. So not a traditional debt to equity deal but at the start was the debt and now he owns the shares.

They found 50p to pay for the electricity for the floodlights then?

Interesting that the 313/2010 is the Grosvenor Basingstoke one. If they have paid this should this have been removed?

http://pompey.blogsfc.com/portsmouth-live-fight-day.html In what has been described as the ‘most defining week’ in the club’s history, Portsmouth could potentially go out of existence tomorrow afternoon. Tonight’s home league fixture against Sunderland could be their last ever game, yet bizarrely, a host of tickets still remain.

Given what little income they have at the moment will not cover their on going expenses they are only going to be convinced about rescheduling the remainder if they are shown proof that new money will be coming in.

I see HMRC now going after the money being syphoned off to offshore accounts for image rights (http://www.guardian.co.uk/football/2010/feb/08/premier-league-revenue-image-rights). Slightly relevant to the situation at pompey however on a related note we hear about the wage bill a lot but does this include the image rights payments? Sol Campbells was not an insubstantial sum and had not been paid for a while so its possible, ney likely, that a number of other players are due backdated image rights payments as well.

Was there not a quote at the time that the PL had already forwarded the remainder to HMRC? That came to about 1.8M I believe (remember posting the calculation of such).

Glad to see their 'special circumstances' request got them nowhere.

Nothing that a government inspector could not overrule I expect. Anyway if I was a property developer I would wait for them to be liquidated then let fratton park fall into further decay. Give it a few years and they would probably fall over themselves for it to be redeveloped.

Put them off to the side somewhere and add arrows as to where they should go? Not that I want to think about that any more really as do want to feel well enough to eat this evening!

Add lots of AFC's?

The money for the other is a lot less (60K I think I read somewhere) so if Chainrai can't run to that then they are not going to be able to sweet talk HMRC anyway.

Possibly but unless they have cast iron documention in place its a dangerous game to play as you don't get to try again if the judge does not believe you and goes for liquidation. IF you have the money in place then you negotiate with HMRC in advance to avoid that scenario. Given they are 'locked in discussion' I would suggest that they don't have any proof of new money coming in as otherwise the discussion would be a lot shorted.. 'Look HMRC here is a large pile of cash and we will pay you in the morning.. Fine we will withdraw the WUO'.

http://soccernet.espn.go.com/news/story?id=738464&sec=england&cc=5739 Soccernet can reveal that lawyers representing Portsmouth were locked in crisis talks with the lawyers of HM Revenue & Customs on Monday in a last-ditch bit to ward off Wednesday's winding-up order. -- Looks like a rehash of earlier story with that bit tagged on top.

IMO chances of having the WUO postpones are minimal. Likely scenarios are: 1) Into receivership before the WUO. Safest option but guarantees relegation. 2) A deal done with HMRC who withdraw WUO. Would almost certainly need indication of new money coming in. 3) Go to court and given more time to pay 4) PFC Wound up and Liquidated. Of those I would plump for 1 but which is the most realistic I don't know.

I guess the thing is the initial agreement was made before the ban so would probably have been okay (if they had the money) but the renegotiated one was made during the ban so its probably up to our old friends the lawyers to try and figure that one out (though it may be a moot point anyway?).

Thing is the Judge gave them the option to appeal but they can only appeal about a point of tax law that would have fairly major ramifications if successful. Because of its importance it's not something that is going to be resolved in a short period of time. There is no concrete evidence that they have taken up that option of an appeal (i.e. we ignore anything Jacob's and Story say and look for firm evidence instead!). At the moment it appears that they are staking the house on an 'appeal' to the judge to postpone the WUO. That's a lot different for a formal appeal of a point of law.

So even with pompey's version he can only play once more till it becomes active?

If anyone sees pompeys copy of the contract remember to check for tipex and the number of games written over the top in crayon.

I think the suspicious bit is that there are so many coincidences in the story that it could easily power the infinite improbability drive! Of all the businesses in all the world why did he choose to 'invest' in the one previously owned by the son of the person who had just got the money from?

There was one report to that effect but that's all so I suspect not. Others say their appeal was to be heard on the same day but why would you attempt to appeal against a major part of VAT law in a court running through a list of insolvencies and expect it to be completed before your WUO is heard? Sounds like if they appealed on a point of law w.r.t. the tax laws its going to take more than half an hour to sort out! To the moment it appears their only 'appeal' is one to the judge to postpone the WUO while they continue their attempts to proposition anyone suspected of having more than a fiver. That's however would be major brinkmanship as there would be little to no time to put the club into receivership between the judge saying no to the appeal and ruling on the WUO.

I believe they have had to resort to using white envelopes stained with the aid of some old tea bags.

http://www.portsmouth.co.uk/frattonlatest/Options-running-out-for-Pompey.6051891.jp

I think only the 'known' fraudster was mentioned as having gone.