Guided Missile

I think that many of the creditors listed by the adminstrator could be deemed to be "connected creditors", who have failed to obtain valid security against the assets of PCFC Ltd. The importance of this distinction is, to repeat a mantra of mine, crucial in determining the ranking of the creditors and thus their place in the queue. Now, "unsecured connected creditors" rank just ahead of shareholders and behind the HMRC, in this queue. When it comes to the vote on the CVA, the following rules apply: At the meeting the creditors vote on the proposal and the proposal will be approved if a majority vote of 75% by value of the total value of creditors at the meeting (whether in person or by proxy) vote in favour. A second vote excluding connected creditors is taken and provided that not more than 50% of creditors vote against the proposal it is approved. I still believe that a winding up order is possible for PCFC, but would appreciate any comments from those more experienced in insolvency law than me...

The state we're in at the moment is purely down to the electorate who voted Tony Blair and Labour into power and kept them there. The medicine we will have to take is going to be the same as that which Thatcher had to prescribe when she got into power. Labour, at the time she was voted in, had made it's normal mess of the economy, allowing public spending to get out of control, cowtowing to the unions and had to go to the IMF, a la Greece, for a handout. Fast forward a few years and Labour managed to, yet again, screw up the economy, by a runaway increase in public spending, increasing the total outlay from 40.6% of to 53.4% of national income, an increase that was the largest in the world. Coupled with Gordon's genius in selling our gold at $250/oz and completely deregulating the banks, we are again at the door of going to the IMF again. Don't rule it out, because, like junkies, this country is addicted to a soft, large and flabby public sector, much of which is impossible to get rid of. With the majority of the electorate, now employed by the state, an organisation with a higher percentage of the population thus employed, than Stalin ever dreamed of, the best we can hope for is a watered down bunch of zeroes in a ruling coalition, all with less balls than Thatcher had and certainly not with enough to sort the mess out that Labour landed us with. So, my approach is to assume that we are doomed and make enough money over the next few years to avoid the need to rely on the Government for anything, because, thanks to the general public and the complete lack of stomach most of them have for public sector cuts, we are f***ed...

I have been reviewing the history of Southampton's strips and concluded that the crest that appears on many early team photographs is in fact the badge of the Hampshire FA and not that of the club. Regular HFK visitors will know that in the 1880s and 1890s, players picked for their county or national representative teams would often have the badges from these games stitched onto their club shirts. The photograph on the left comes from Chalk & Holley's excellent Saints: A Complete History of Southampton FC 1885-1987 and is the first known photograph of the team, then known as Southampton St Mary's YMA. It is interesting to note that some players have the sash sewn into their shirts running from left to right while others have it going from right to left, which is typical of the lack of standardisation in this period, when players provided their own shirts. Rumour has it that the club will wear shirts based on this design in 2010-11, their 125th anniversary. Anyone else started growing a moustache in preparation for our anniversary? I have and look forward to buying the shirt to go with it. As the above extract shows, an excellent look. PS. Duncan, you must know something about the shirt...

Bigot stands for Brown is going on Thursday...

I could, but then I'd have to kill you...

The truth of what happened to HMS Conquerors logbook involved a little bit more than a shredder. It involves an Argentinian spy, MI6, a burglary and a murder, all covered up by the government. Let's just say the document was recovered...

... there is joy in the presence of the angels of God, over one sinner that repenteth...Luke 15:10

Separate the past owners/managers/players/hangers on etc. from the ordinary fans for a second. I know plenty of Pompey fans and most of them are just like us. Good blokes wanting the best for their club and are blameless in this sh !t storm. Many collecting money they can't afford, for the charities that suffered at the hands of outsiders. I hope they get out of this so that one day we can live in harmony... ...like we did once.

Fear is the path of the dark side. Fear leads to anger, anger leads to hate, hate leads to suffering...beware of the dark side. Anger, fear, aggression; the dark side... easily they flow, quick to join you in a fight. If once you start down the dark path, forever will it dominate your destiny, consume you it will...

...enough is enough. I have read the threads and participated in many, but I am currently in that region called schadenfreude overload. You see, for the majority of the 125 years that our great club has been founded, we supported our club first and then any other club in Hampshire second (PS. I am still of the opinion that Bournemouth is in Hampshire). Now, recognising that our nickname is derived from the Christian organisation upon which our club was based and still further is the foundation which attracted the owner with whom we are currently blessed, I have a request for all the like minded Saints supporters that post on this excellent website. The "Pompey Takeover Thread" has been like a road to Damascus for me. I, like St. Paul, started that journey, intent on persecuting the Portsmouth fans and their club. Also, like him, I have seen that blinding light and realised that I am a football fan first and a Saints fan second. That revelation, that we all have something in common with the football fans, living in the same county as us, has inspired this thread. They need our support, whether it is simply to state that we are with them in their hour of need, or to unite with them, so that they can salvage something from the wreckage that was their club. I hope that the true Saints amongst us will find the spirit to post some small message of support for these fans, a throwback to the days of our fathers and grandfathers, who would travel to Fratton when Saints were playing away, to cheer for our Hampshire cousins. I would also like to think that our owner could think of some way to help their fans and their club. What a fantastic gesture that would be. To Portsmouth and their fans, the home of our great navy and a city that suffered greatly, like Southampton, during the war, I would like to pledge my support during this difficult time for them and ask that like minded Saints fans post a message in the same spirit. The people, united, will never be divided...

Are you Dalek, are you Dalek, are you Dalek in disguise...

The b!tches are all asking for it, anyway...

I've already got me coat... ...I just heard that we won the Falklands back...

**** moving abroad in the summer because his wife’s having an affair with a Derby County player and he has got a 16 year old pregnant and she’s keeping it. Apparently everyone in Liverpool has already accepted that he’s going. He’s was in court yesterday trying to prevent it coming out so Capello doesn’t kick him out of the World Cup Squad. Allegedly... ...shhhhhhhhh...

Here's a thread I posted earlier. Read it and learn, grasshopper.

I just wish more people on this board kept up with the goings on at Pompey like you did. On the ball? I think this demonstrates how spot on Pompey fans like you were: Clueless doesn't come close to describing you.

My point was, it takes one to know one...

Collymore is, in fact, a dogging-loving, Ulrika Jonsson beating bastard… He went to a big club and couldn’t hack it, he went to Leicester and he couldn’t hack it. He was sh !t at Aston Villa, cr@p at Bradford City, and woeful at Real Oviedo, but still lives off his performances at Southend and Nottingham Forest ten million years ago...

A leopard never changes its spots... ....and this article describes the game being played... The most damaging criticism of Andronikou is within a High Court ruling in December 2008. An appeal judge overturned an attempt by Shami Ahmed, the founder of Joe Bloggs, the clothing company, to avoid bankruptcy through an individual voluntary arrangement (IVA) handled by Andronikou. HMRC and a spread-betting firm then known as Tradindex had opposed the IVA, which needed approval from three-quarters of Ahmed’s creditors. The fashion boss had run up more than £4m in gambling debts. But the IVA was successful because Andronikou had accepted the validity of £8m in alleged loans to Ahmed from members of his family, thereby making them creditors and giving them a vote on the IVA. At an appeal by Tradindex, the judge took a different view and disallowed £5m of these family loans, thereby overturning Ahmed’s IVA, and he was forced into bankruptcy. The judgment said: “Mr Andronikou’s conduct in these proceedings, particularly in relation to evidence filed by him on behalf [of Ahmed and his family], was manifestly inappropriate.” The judge also found that Andronikou “did fail to meet the standard to be expected of a reasonably competent insolvency practitioner”.

The good news is that the money grabbing players who tried to save some tax and NI payments by the image rights scheme, have now discovered that if they had taken the money as income, they would have been repaid at 100p in the £, not 23p... Serves Campbell right...

Maybe not, according to the Independent Article: Similarly, it seems certain that historic outstanding bonuses to a range of players (including Johnson, owed £265,080, and Peter Crouch, owed £282,000) will be treated as "football debt" and those players will get their money through the insistence of the Premier League, if not the law. But cash owed to players for image rights is not necessarily protected as football debt.

Let's get one thing straight. After the winding up order was published in the London Gazette, a court order was required to transfer assets from the club. It was not possible to change the status of members, ie shareholders, or creditors. Any such activity will be ruled invalid, ie unsecured. Even then, the debts have to be shown to be valid to the court, ie have a loan instrument that was agreed by Portsmouth City Football Club and the lender. I think that the court will quickly whittle down the supposed debts that the administrator is claiming. What people also forget is that two can play at this game and HMRC have not even started with penalties and interest on the money they are owed. Since April 1st of this year, they can impose penalties of up to 100% of the VAT owed and if the company can't pay, ie is insolvent they can force the directors to pony up. The fun will continue for a while and it continues to look more and more like that scene in "Bridge Over the River Kwai", when the train crashes into the river. For those that are interested, the Bridge Over the River Kwai, Thaksin Shinawatra and the whores from Horton Heath, are all from Thailand... ...the "All You Can Eat" Sunday buffet at Kuti's Royal Thai Restaurant is the only good thing to come from there, TBH...

Depends on what fraction of the total debt is secured and frankly, I don't believe a digit on Pompeys accounts, audited or otherwise. A totally crooked organisation, even before Daniel Azoughy started plundering Fuglers client account...

Before I go, I think it is instructive to consider yet again what will be the major issue for HMRC and the rest of the creditors at the CVA meeting. No apologies for bringing it up again, but in the cloud of bullsh !t, there is one inescapable rule that applies to Portsmouth City Football Club Limited and any other company registered in Enland and Wales and that is the requirement to register charges at Companies House. I've spent my £3 and I am sure that HMRC has as well and I bet a pound to a pinch of sh !t that NONE of the recently discovered "secured" debts discovered by our intrepid Greek have been registered at Companies House. Why do I think this is important. Well, I think this explains: The following require registration in England and Wales: A charge to secure any issue of debentures. A debenture is an instrument issued by a company as evidence of a debt or other obligation. It includes debenture stock, bonds and any other securities of a company, whether or not it forms a charge on the assets of the company. A charge on uncalled share capital of the company. Uncalled share capital is the balance owing for shares that are issued partly paid. A charge created or evidenced by an instrument, which, if executed by an individual, would require registration as a bill of sale. A bill of sale is an instrument creating or evidencing a charge or mortgage over goods, including fixtures and agricultural crops in certain cases, but not ships or aircraft. A charge on land (wherever situated), or any interest in it, but not a charge for any rent or other periodical sum arising from land. Technically, land includes property. A charge on book debts of the company. Book debts are debts that in the ordinary course of a company's business are commonly entered in its books. A floating charge on the company's undertaking or property. A floating charge is a charge that does not affect the assets charged until some event 'crystallises' (fixes) the charge to a certain point in time. A charge on calls made but not paid. Calls made are demands for payment of any part of the balance owing in respect of shares which are issued partly paid. A charge on a ship or aircraft or any share in a ship. A charge on goodwill, or on a patent, trademark, registered design, copyright or design right or a licence under or in respect of any such right. What if the charge is not registered in time? If a registrable charge is not registered in time, then it is void against the liquidator or administrator and any creditor of the company. This means that the debt for which the charge was given will remain payable, but it will be unsecured.

I'm just glad that Peter Storrie learnt from our experience, as this article showed: We will stay debt-free pledges Storrie Published Date: 17 May 2005 POMPEY have vowed not to follow Saints into the type of financial meltdown reaped by relegation. Blues chief executive Peter Storrie said: 'If you chase dreams and let finances get out of control, you go out of business. 'But if you're clever, that doesn't happen. It all boils down to not getting into debt. You can't spend more than the income coming in. That's why we're trying to make prudent decisions. 'Wages and transfer fees are where the money goes. That's the thing you can't let spiral. The wage bill has to be sensible in relation to the income. 'We're getting the balance right. We brought in too many players in the past, but now were remedying that' Clever c***, wasn't he?