pedg

Looks like the latter of my options From the News: "The case has been adjourned for lunch. There will be more this afternoon and the case will continue tomorrow and the judgement will be on Thursday."

http://twitter.com/danroan

Indeed, does that mean its all finished till thursday or there is a break for lunch and the judge has said its likely his decision will be made on thursday.

By the sounds of it they are not going to the quick win on technicalities they are out shooting at the football creditors rule.

From Dan Roan on Twitter

Was half wondering if the reports of AA still being on holiday were made up by the paper but still no sign of him so guess it must be true?

I want my hour long meeting with my boss at 11 to be cancelled, but failing that a win for HMRC.

I fear they are adrift on an egyptian river.

As I see it (though probably wrong as ever) pompey could lose on just about every point but I think the image rights must be a banker for HMRC as surely all they need to do is show that the amount paid in image rights is considerably more than the profit made on the commercial income that those rights relate to to show that they are being used as a tax avoidance mechanism. If that is the case then AA was wrong to exclude the image rights related tax bill which makes the CVA vote null and void.

This one (sure posted before but useful to post now) is possibly of interest for a more unbias opinion (though it does feature a certain forum regular...) http://footballmanagement.wordpress.com/2010/07/16/portsmouths-continuing-purgatory/

For the second assuming the appeal shows HMRC have enough to block the CVA then given their normal stance hard to see how any CVA with less than 100% would be approved. For the latter they still need to clear their debts or reach an out-of-cva agreement with their creditors to survive.

No change for normal then.

I guess the argument is that if they voted they would then have given up any secured status that football creditors rule provided. In that case if they were paid the 20p in the pound then pompey would still be able to keep their golden share? As I said all highly unlikely, nee impossible.

Here is something to consider, though not too feasible I guess... Say you are chainrai and want to get the club on the cheap. You think you can manage to con the unsecured creditors with 20p in the pound but baulk at the money you will lose paying off the football creditors. So you handy insolvency expert comes up with a cunning plan. Tell the football creditors that you need them to vote in the CVA as otherwise the taxman will win and they might get nothing. Then when the case gets to court try and persuade the judge that, as has been described elsewhere as being possible, by joining in the CVA vote the football creditors have forgone their rights under the FC rule and they have to accept the 20p in the pound like everyone else. Result CVA stands and lots more money from parachute payments to make them a much more tempting buy. Big drawback on this is that AA should have realised that this would happen to the football creditors if they voted and would have been duty bound to tell them. Plus having to avoid the other reasons for the appeal and convince the judge obviously, hence not very likely.

Then extra time and finally penalties? Actually how long it takes depends I suspect on what HMRC want to get out of the hearing. As discussed previously on here there are a few simple questions (why did you add most of the football creditors between the initial CVA document and the meeting, why did you change your mind on the HMRC debt during the same period and why did you not explain when requested why you had withheld some of the HMRC debt?) that could easily win the day for HMRC with the minimum of delay. If however HMRC decide this is the ideal time to try and make progress on both the images rights issue and the football creditors rule then things will take a lot longer.

I would be grateful if anyone could help test an Android app I am currently working on that should be ready for testing in the very near future. Its allows you to access your stored firefox bookmarks via the firefox sync service (http://www.mozilla.com/en-GB/firefox/sync/) so that you can always have an up to date copy of your PC bookmarks on your phone (You can get a iphone app that does this but don't think anyone has released an android one yet (and will be a bit peeved if they have!)). If you are interested in helping please reply below or PM me. At the moment the only payment will be a free copy of the final app and the warm glow of helping a fellow saints fan! If I a) ever finish it and b) make a fortune that might change (but don't hold your breath!). Thanks pedg

I think they are being intentionally delusional. Given the elephant in the room of possible oblivion many have chosen to block the whole thing out and continue as if nothing was happening. I suspect many know that they are avoiding the issue but prefer to do so rather than face the problem head on. Even those articles you see talking about the court case detail what might happen if HMRC lose but don't mention what might happen in HMRC win as they obviously consider the result unthinkable so decide not to think about it.

Guess we are in for the calm before the storm today. Which is probably for the best as might get some work done before the fun starts tomorrow...

Well I suppose they could do a topless calender to raise money.

Did read on the news comments about the fact their fans could not get a new season shirt and wonder if this might be why?

Wait till after Tuesday would be the first thing to suggest I think.

Malfunctioning Android has batteries removed

Did Bates pay HMRC in full? If not why did they no go for another winding up order or will HMRC accept x% if the club has taken its points medicine?

You would have though, especially as he deliberately avoided stating on the record at the CVA meeting why he was excluding the HMRC claim.

http://www.express.co.uk/posts/view/190446/Premier-League-clubs-could-face-High-Court-over-bankruptcy-rules