hutch

The lawyers on both sides would draw up an agreed order, along the lines that the debt has been settled and no further action is required in this matter. It would be presented to the Court as a formality, and the case would be closed. As I said, it wouldn't prevent other petitions, but it would buy time until other petitions get to Court. But, more importantly, it requires somebody to stump up at least £12.1m in cash. Now.

I don't think they're mutually exclusive. Paying off HMRC will bring the present petition to a close. But it will not prevent new petitions from being issued. What would you do if you were owed money, and found out that if you issue a WUP, you get paid? And criminal proceedings against directors for trading whilst knowingly insolvent are for another Court, in front of a different Judge.

The way I see it, PFC (Storrie) has not understood it's predicament (unlikely) or is avoiding the real issue (probable). That route leads to disaster next time round in Court. This from the Grauniad article, quoting from Pompey' website: " "Portsmouth Football Club today welcomed the decision by the High Court to allow the club time to demonstrate its plans to restructure and stabilise the business under new owner Balram Chainrai," read a statement on the club's website. "The club was given seven days to produce a statement of affairs for the court and HMRC and this will be produced in conjunction with Vantis plc, a firm of accountancy and insolvency practitioners." What they actually have is time to provide to HMRC a Statement of Affairs which shows that, at this point in time, they are not insolvent (can meet their liabilities as they fall due), and will not be in the foreseeable future. That SoA must be accurate, truthful and independent of the usual PFC "spin". I'm sure that it won't have escaped HMRC, or their experts and Counsel, that Azougy has a track record of providing falsified documents to the Courts in Israel, or so it has been reported elsewhere(for the mods). Remember their Finance Director, Tanya Robbins, stepped down from the board weeks ago, and they haven't appointed (or can't appoint) a replacement. Reasons? Directors who knowingly allow a company to trade while insolvent are open to criminal charges, and can be held personally liable for it's debts. Who better to know whether a company is solvent or not than it's finance director? PFC seem to be preparing themselves to go back with documents which will show that with the very rich, but as yet unidentified, new owner in place the "business will be sustainable as a going concern" But without .....? In his interviews last night Storrie stated that Vantis has been appointed by the Judge. Does anybody know if that's actually true? I believe the judge has ordered PFC to provide the SoA. Where they get it from, or how they prepare it, is up to them, as long as it satisfies the necessary criteria. If it doesn't, I doubt the Judge will have any more patience. Storrie also continued to refer to Chainrai as the new owner. As do the club and the media. I still believe that Al-Mirage remains the legal owner, not Chainrai. Chainrai is like the rest of us, standing outside the fish tank looking in. He's just a lot more interested at what's going on inside than even we are. Pompey went to Court yesterday with the attitude that it doesn't matter whether we're insolvent now or not, which we deny of course, and it's none of your business anyway, because we won't be soon. We've already got a rich new owner and we'll have an even richer one any day now. That didn't wash. As I see it the Judge simply did the procedurally correct thing before pulling the plug. Their only way out is administration (if that's still possible, which I somehow doubt), or another new owner with 10's of millions to waste in place, and funds injected, in the next 10 days. Otherwise the Company will be wound up. There will always be a professional football club in Portsmouth. It won't be in the Premier League for a while, but hey, we know what that feels like, dont we? It's a supply and demand thing. But this Company, and the charletans associated with it, will have nothing to do with it.

I don't think it's fair to say it's proven. The Judge agrees there are very strong grounds to suspect, but has asked for the proof, one way or the other. I can't see any way out. Yes, a buyer to take over and settle HMRC. But the big picture - this is all about Gayda's £28m and Chainrai's £20m. And for that you get .........?

Could be a bit of head-scratching at the FA/PL methinks. The Judge has said it appears that they are trading while insolvent, but she needs to see all the facts to establish this beyond reasonable doubt one way or the other. Nothing wrong with that. I believe trading while insolvent is against the FA/PL rules. What if Saints applied to the FA to have the tie postponed until the Judge rules?

There you go, Bletch. January 19th. I don't take cheques.

I believe I said 7 or 14 days. I haven't gone back to find it.

I did. About 6 weeks ago.

From the Pompey "News" live chat thing (Matthew is the presenter): 12:48 [Comment From SouthStandSam] @Matthew - To pass the time, do you know any good jokes? 12:52 Matthew: Sky Sport are reporting Pompey have said there have been two serious offers for the club and pay of the debts. Clearly, he knows some very good jokes.

5 minutes to go (The News)

Back on again. Before 1pm (according to "The News")

It's 2pm here. I'll let you know what happened.

It's on now

Whichever director(s) signed the paperwork.

And while you're there, Torres, can you make sure the fat lady's in the right building too.

Not sure the Judge has the power to make an order putting PFC into administration today. There are hurdles to be overcome before admin - the business has to be viable, or potentially so. It needs to sustain itself while the administrator sorts the mess out. And an administrator has to be willing to take it on. There is an official receiver, state-appointed, to wind up bankrupt companies. Not sure there's an equivalent official administrator.

I'm sure he probably has, or he could get it. But it's his, not the club's. Why should he give his own money to HMRC? He's not the owner of the club.

I've got a feeling it's in that annexe near the bottom of Chancery Lane, not that I've been there. Make sure you go to the right place.

I see where you're coming from, but IMO that's over-simplified, for the following reasons: 1. That is not the description which was quoted (by Conn) of the terms of the second registered security in January, which was over all of the assets. 2. He has stated that he will hold the shares "in trust". Implication being when the debt is settled Al-Mirage can have them back. (in the same way lawyers hold funds "in trust") 3. It is widely reported that he has a lien over FP. If he simply took the shares in settlement of the debt, then that would fall away. I believe he took the shares for 3 reasons: 1. To irritate the incumbent owner(s) 2. To get some control over affairs, in an attempt to prevent "his" money from being diverted to HMRC and other clubs 3. To try to convince the Court that the club is now under new ownership Without seeing the relevant documents, we don't really know. We're just guessing. But I would be staggered if Chainrai has given up his position as a secured creditor in exchange for the shares. If he's that stupid, then he's probably just the right guy to own Pompey.

Including one in Wales.

Most unlikely. He is on the record that he has no desire to own Pompey. And no businessman with an ounce of sense would convert secured debt to equity in a company which is facing administration at best, or liquidation. Do you have a source?

So far this season they've had four guys with the club.

IMO there's still a possibility of admin this morning. The club can't come out officially and say "we're putting the club into administration" because they're not allowed to do that, are they? I know little about English insolvency law, but I believe that the club itself (directors) can no longer put the club into administration. But a secured creditor can. I believe that Chainrai is: a) Not a director, and b) A secured creditor but he may be classed as a "shadow director". Otherwise a huge gamble on the decision of Mrs. Registrar Derrett. (Can anybody check with the ticket office and see if she is on our database, with a purchase history?)(I had a case in the High Court in London a few years ago where the QC's on BOTH sides were Saints fans) If they go to Court, they can only plead the "Notts. County" defence. They will need to convince the Judge that they have a serious buyer who INTENDS to buy the club AND pay off it's debts, in a very short space of time. Being "interested" won't do, and a text from the Saudi Ambassador to London saying "We'll get back to you" isn't good enough. Mrs. Registrar Derrett has already shown her attitude to such pleas where the company is clearly "woefully insolvent". In the eyes of the law, it matters not the size of the club, the league it plays in or the size of it's debts.

Mrs. Hutch recommends the following websites for guest house accommodation in SA: http://www.portfoliocollection.com http://www.safarinow.com HTH

I heard TCWTB's got one spare!