hutch

Saints bench against Blackpool in December: Martin, Harding, Reeves, Holmes, de Ridder

I seem to remember last time he exercised a "lien" over the shares through the appointment of "nominees" to the board, after the mythical Sheikh defaulted on the first loan repayment. I think one was his brother.

Seems the only point we disagree on is where the forfeit parachute payments will end up. I've posted Rule C.66 from the PL rules before, but I'll do so again: The PL rules don't have a section to deal with distribution to the FL, only to current and qualifying past members of the PL. So the "next distribution" is the next distribution to current and qualifying past members of the PL, in accordance with it's rules. I have no problem if you want to interpret rule C.66 differently. After all, it makes no difference to PFC. I am aware that player registrations are not assets in liquidation, and did not suggest they were.

1a) The previous CVA is nothing to do with them. Baker Tilley have to collect the cash & pay it to the creditors. They could, in theory, ask to renegotiate the payments with BT, but as HMRC are now the major creditor (the Football Creditors who "won" the vote last time have now been paid, so are no longer in the picture), and BT were appointed at the behest of HMRC, I can't really see much mileage there. 2a) "Earmarked", I think yes. "Ringfenced", no. 2b) They are paid to Newco by the PL. 2c) Yes, in theory Newco can siphon them off and sod the CVA, but that would incur a WUP from Baker Tilley in April. 3a) If they cease to be a member of the FL due to their insolvency event(s) the remaining parachute payments are distributed among PL clubs. In liquidation, Chainrai will get first dibs on everything. He holds the primary debenture. He will take everything they have of any value, and nobody else will get a penny, not even the CVA. The players (Football Creditors) will get paid, but outside of the actual liquidation of assets of the Company, from the remaining parachute payments, before the rest is forfeit. It's possible they might even get their existing contracts paid up in full from the PP's. I would expect the Articles & Memorandum of PFC 2010 Ltd to contain some restrictions on Director's authority which would require shareholder's approval at a General Meeting, such as winding up the Company or seeking appointment of an Administrator. So, as de facto shareholder at the moment, AA does have some important direct jurisdiction. Yep. Not the same situation as Swindon at all. All just IMO, of course. We haven't got access to the Sale & Purchase Agreement where AA sold the club to Chainrai (Newco), or where Chainrai sold it to CSI (although I suspect that one is now void due to breach of payment terms by by CSI.

I'm not sure that's right. Think back to Leicester away. Didn't Schmeichel get sent off on Saturday, serve his suspension in a midweek League Cup game and then play against us on Saturday?

Or, easier still, remove the protection of limited liability from football club owners. But that's only because some vindictive barsteward has frozen their bank account. Apparently.

If you meet any Celtic supporters while you're there, be sure to tell them you support Saints. I'm sure they'll have a very special welcome for you.

Full 90 delayed by about 5 hours on Multichoice in Africa. 01h00 CAT. I doubt if that is of interest to anybody except me, but you did ask.

I could be wrong, but I don't think Baker Tilley would be entitled to vote until after the first scheduled payment was missed.

I think that the PM was confident he would

This game will be decided in the last 20 minutes, and (I'm guessing here, but..) I'd rather have our bench than theirs.

You're not getting any points. Not this weekend anyway.

Well, at least they don't owe HMRC any PAYE or NI for January. Every cloud and all that.

Big, big night for JP

Lampitt is clearly playing a dangerous game of brinksmanship. Only it isn't with Andronikou. Jason, you have to request a transfer. No, Mr. Lampitt, you have to tell me I have to go. No, Jason, you HAVE to request a transfer first. No, Sir, you have to ask me first. No, you first. No, you first. ...............

Change of plans afoot down Fratton way. They've eventually conceded that the "Quality over Quantity" experiment didn't work. So, as of today, they've abandoned both.

He already pretty much said that's what he'll do:

With the liquidator. Different priorities though. An admin's job [] is to find ways to keep them going, even if that means putting some more money in. A liquidator's job is to convert them into as much cash as possible, whether through sale as a going concern or breaking them up and selling off the parts (if they're worth anything). He won't put anything in. But that's CSI, not PFC.

I think we've got a first team squad now of about 22. Say average 5 out through injury/fitness/suspension at any one time, I don't think we'll have too many selection problems.

Thinking laterally, perhaps what Lampitt is trying to do is cede future parachute payments to HMRC to cover the debt in exchange for consent to pay the wages, if they won't give him the cash now. I can't see any reason why they can't do that, and HMRC might go for it if it means they eventually get their money. The questions that route raises are: Is there enough "unencumbered" money coming from the parachute payments to satisfy HMRC? and Where does that leave them in April when the Baker Tilley payment is due? Without a new owner with loads & loads of money, anything else is just delaying the inevitable.

Just a thought on the Validation Order thing. The wages are already secured by the parachute payments, although they would be paid later than they would want. Would a Court really allow what little money they have to be used to pay debts which are already covered by a "payment guarantee" at the expense of an unsecured creditor who has already ussued a WUP and would stand to get nothing? Anything is possible in the murky underworld of Insolvency Practice, but that just wouldn't be right.

The parachute payments are still paid by the Premier League. It's the old company. In my opinion, the CVA is dead. The old company is already in liquidation, and it's only "asset" is a debt due to it from the new company in instalments to allow it to pay the CVA. If it doesn't receive that money it can't pay the CVA. And the new company has enough "secured" creditors to ensure that there will be nothing available for unsecured creditors. Portpin ranks above all others as first secured creditor of the new company.

3 out of the top 5 scorers in the nPC.

I see they're proposing their own fan-based version of the FAPPT - "Anybody who can fly into the UK without being arrested". Sadly, not all of their recent owners would even have passed that one.

Hasn't been working for me for at least a week. And I haven't updated anything.