badgerx16

Not sure if this link has gone on here yet : http://www.bbc.co.uk/blogs/mattslater/2010/02/portsmouth_fc_in_crisis_qa.html Includes the following " Q: Who will be the administrator? A: This is still unclear, but we know it will not be Nick O'Reilly, the man who prepared the club's recent "statement of affairs". This document was the financial reckoning Portsmouth had to submit to court last week and it would have contained all the gory details (debts of £70m, a tax bill of £12m and rising, and a see-the-season-out estimate of £20m), as well as his opinion on the outcomes, in terms of money returned to creditors, of administration and liquidation. Chainrai either disliked O'Reilly's candour or he balked at his quote, which is believed to have been £1m. This may seem like another professional's attempt to wring money from the club, but it should be remembered an administrator becomes liable for the company's debts and businesses in administration have proved they are not that great at paying those. To not use the expert who did your statement of affairs as your administrator is unusual and should ring alarm chimes. But then this is the club that pleaded poverty to the other 19 Premier League clubs in January shortly before signing Quincy Owusu-Abeyie and Dusko Tosic." And this " Q: Why has this happened now? A: Because Pompey, and all its owners and ex-owners, have run out of more attractive options. The "next idiot" production line is on the blink. It takes weeks to buy something as complicated as a football club (and that is just the solvent ones) as any prospective new owner would want to know exactly what he or she is buying. In Pompey's case, it is an indebted Championship team in a shabby stadium with almost no corporate seating, a battered credit rating and a murky recent ownership structure. Do not be fooled by talk of talks."

mouthwash

( That took some time !!! ) Alkali

Wasn't that the money that was to go to Chainrai in return for his 'investment', hence the "they can't do that with MY money" when the last lot got diverted by the EPL to pay oustanding transfers ?

I still think there will be a severe bump in their road to administration. I can't see Monday's court date passing without some excitement, ( at least from our perspective )

Deoxyribonucleic

fee

Multi-tabbed browsers are the way forward I've got 3 separate threads open at present.

minded

windows

hurdles

Just been trying to catch up on about 8 new pages of fun, but am still a bit puzzled about the timetable. On the original court date, they were given 7 days to present the SofA. This fell last Wednesday, ( if I remember correctly ). Now, the ONLY reason they are not in court until next Monday is the lack of a free court slot, it has nothing to do with delaying due process or any statutory procedure. If time had been available, they could have been back with the beak on Monday this week, or even last Friday, ( based on the understanding that HMRC would have 2 days to assess the SofA ). Could it not be that the legal perspective will make judgement from the point at which the SofA was required to be lodged, and any attempt at using admin now, as a means to circumvent this, is irrelevant ? Yours ever hopeful Badger

avenue

AHEM ! I refer you to post #13074 :cool:

goat

Bouvier

Radio 5Live said this morning that any 'rescue' won't come before the weekend, so by my reckoning that really means after the court appearance. What odds on Story-teller standing up in court on Monday and saying "Please, your honour, don't close us down - we're only 48 hours from a deal to save the club" ? BTW; what time are they up before the beak ?

canaveral

postcode

Well that's at least 2 of us that seem to have 'made good'

Can one of the financial whizz-kids explain where the SofA proving that they have been trading whilst insolvent fits into the jigsaw ? How does this affect the situation re administration, as I understand it seems to now be apparent, and even confirmed by Story-teller, that they have been breaking the law for pretty much the whole of the season so far.

stove

raglan

Who cares ?

paratrooper