St Marco

if that is true they are ****ed

Indeed, it just goes to show how quick these things can change. Right now lots of people saying lots of different things so with each new bit you have to say the outlook changes. Like The Times said they were in a negotiating room agreeing on an ajournment deal. At that point you would say the 28 days looked likely. But now reports saying court case has resumed and HMRC have said they are insolvent etc.. Pretty much i think nobody has a clue what is going on and those claiming to be in the court room i.e the news are probably not. I think if they get the 28 days they have blagged it. I think it would be wrong but this is the law and they always say no case is the same as another.

Well looks like all signs are pointing to a 28 day agreement by taxman and Pompey then. Will be interesting to hear the stipulations of that deal if it does happen.

http://www.portsmouth.co.uk/custompages/custompage.aspx?pageid=81654

So the other cases went the same way and were given a further 28 days. I for some reason am starting to think Portsmouth might be going in there thinking they will get a slap on the wrist and then get a further 28 days. Basically thinking the judge is soft. But then puts them in admin. It really does sound like Taxman wants them shut down.

Portsmouth News guy saying it will be heard at 1pm "The registrar said: 'I will hear it second time round. By second time round I mean at the end of the list' That does not sound good for Pompey.

Yeah because they paid some of their debt off yesterday they say.

At the end of the day regardless of your feelings towards them i think we can all agree they deserve to be where they are. We fecked up and we took our kicking and got on with it. They have done everything they can possibly do to avoid the innevitable and by doing so have in my opinion acted very poorly. While their staff who struggle to pay bills were not being paid they were being flown 1st class around the country and staying in 5 star hotels. They have acted with no honour but more importantly no responsibility. At least our chumps accepted they made mistakes. So i feel bad for them in the sense no fan deserves to lose their club. But they had plenty of time to take the kicking and go into admin which was the best thing for the supposed best fans etc. They didn't do that.

The good thing about this will be that national media are in there and will report what happens. Where as if it was just Pompey staff in there they would come out saying something like "it was our idea to be wound up" etc.

so how did Hinckley United get on in there?

Yeah i don't think they will be wound up but it is still a possibility depending on how bad the debt really is. The reason a company would be wound up even with parachute payments is because they need to get to those payment dates 1st. The slightest thing could send them into admin meaning their finances are so fragile that without change those payments are irelivent. I think the judge will give them 28 days to change or the plug will be pulled. And then that really will be the final countdown.

Haha At least we won't have to hear Andy Gray and Martin Tyler talk about the tough times on the south coast again if that happen's!

Difference with Notts County NC is that they had a new owner lined up and prooved it, plus they only owed around £1.5m. If they offered £750k then that was half of the debt paid. Portsmouth by the sounds of it don't even have £1.8m and dont have anyone lined up to takeover. As far as i know the judge can only do three things either postpone the case to a further date. Go against those on the petition by throwing it out. Or agreeing to the wind up petition and liquidate them.

Imagine if all these people doing the football cases had a talk before they were heard and had an agreement with some fat guy from Switzerland who hates English football to take them down! The HMRC really could send out a message of dont **** with them today if they wanted to.

So looks like HMRC just rejected Portsmouth's offer and the court case will now go ahead. I would take a rough guess if they are not in admin in the next 30mins or so then they will not be going into admin and will let the court decide their fate. Which makes me wonder are the people representing them either thick or know something we maybe don't?

Some clever people made a video from the multiplayer sort of doing a tribute to Full Metal Jacket.

from Financial Times http://www.ft.com/cms/s/0/e936d6ee-15ce-11df-b65b-00144feab49a.html?catid=106&SID=google If they say that then i think it is now certain. They have a wide scope of contacts. It is interesting to read also about the league rules that have come into place and ones which are about to come into place, like the league being able to place salary caps on clubs in deep ****.

1. I don't think we know how many because different reports say different things. Portsmouth say they have paid some of them so who knows. 2. Admin is guranteed if they can't reach an agreement with the taxman. Which looks certain now. 3. This is the million dollar question. It really depends on how bad the finances really are and how likely it is that the money owed can be paid. If the judge looks at the accounts and figures and it looks like a bottomless money pit then they have to pull the plug. The judge in the case has pulled the plug before at a club so i don't think they will be afraid to make that decision again. However i think they could go into the case and be granted a couple more weeks. They will only get that if they can proove a takeover is nearly done and the person coming in actually intends to pay the debts. If they don't have that they will have it rejected.

http://www.guardian.co.uk/football/2010/feb/10/portsmouth-administration-avram-grant And they are out of there

Not seen a thread so thought i would start one. Some might say that it is a mickey mouse cup. It is. But the only time i went to Wembley was in 1992 in the Zenith Data Systems Cup final. That was a Mickey mouse cup too. But the day out was fantastic and one which i will never forget. Clubs these days outside the pl only really have one chance of going to Wembley and that is in a playoff final. As a cup team this year we have done very well regardless of what happens on saturday. We have a real chance to win our 1st trophy since 1976. So thanks to those involved, well done, you did us proud. With all the negative threads on this board, lets try and keep this one positive at least please. COYR we are going to ******* Wembley!!

A guy on SSN said as things stand tonight no deal had been done. I took that to mean they had gone home.

If Portsmouth go to the HMRC case at 11.30 without a deal in place the judge could order them to be wound up. Which means they go into liquidation, meaning they are no more.

Have to agree with that. They have gone home for the evening now which means no more negotiations tonight. So tomorrow they will play a very very dangerous game. Either spend the 2hrs before the case trying to broker a deal. And if succesful they survive, if it fails they go into the court case having not prepared for it and thus get ripped apart. or With the 2hrs left file for admin and pray it is accepted. Think it is 99.999999% likely they will enter admin tomorrow morning.

I get the impression the media are waiting outside the meeting building? Does anyone know if Storrie is in there?