Guided Missile

I guess it depends on his contract with Portsmouth City Football Club and Fuglers, the former in the role as a Director and the latter as a Partner providing clients with legal advice(?). I would not want on of my Directors working in the interest of a company who had lent me money, let's put it that way...

My opinion is (as a totally unqualified layman) that it is hardly likely that the new charge registered by Jacob was meant to make Portpins position as a creditor weaker, as a result. I think that any creditor with a "floating charge" may rank ahead of a creditor that simply has a "charge deed" registered. I guess it depends on the legal instrument lodged with Company's House that the legal charge refers to. This normally has to be lodged within 21 days of the charge being registered. That may be why Barclays jumped to the head of the queue this week.

I believe that the Directors of Portsmouth City Football Club have to get court approval to transfer any assets after the date of the winding up order. It would seem polite...

I think Jacobs has tried to stick a floating charge on Portsmouth City Football Club, in addition to the fixed mortgage that was originally registered in October 6th, the date Al Mirage took over the cesspit. So...if my memory serves me right, I can't remember Aviva marching into St. Mary's the minute we missed a mortgage payment and taking possession. They got what they could from Markus when Mark Fry negotiated the sale My suspicion is that Mark Jacobs has attemped to strengthen Portpin's security, AFTER the date of the winding up order. For those interested, he was a Director of Portsmouth City Football Club Limited at the time he registered the additional charge for Portpin Limited. The term North London Yobbo springs to mind...

I did post an extract from the Government Insolvency Website, earlier on this thread as follows: The general rule is that any transaction entered into by the company after the commencement of a winding up is void unless the transaction is authorised or validated by the court. The invalidation of dispositions of an insolvent’s assets after the date of presentation of a winding-up petition or a petition for bankruptcy is designed to prevent the directors of a company or the bankrupt, when insolvency proceedings are imminent, from disposing of the assets to the prejudice of the creditors and to preserve those assets for the benefit of the general body of creditors. The general rule is that any transaction entered into by the company after the commencement of a winding up is void unless the transaction is authorised or validated by the court.

What if Chanrai's £17M loan was originally secured against Al Mirage's 90% shareholding in Portsmouth City Football Club Limited as I thought was the case? All Chanrai can take possession of, perhaps, is some shares that will be worth Jack Sh !t come tomorrow. I wonder what HMRC's position on all this will be....?

Now, this is what I don't get. Chanrai lends Al Mirage £17M in October, 2009. Seemingly oblivious of the financial mess Pompey are in, he suddenly wakes up and smells the roses when the winding up petition is served on December 23rd, 2009. Courtesy of the Companies House website and after spending the grand total of £1, I downloaded the particulars of the mortgage or charge, which was created on the 7th January, 2010. The mortgage form was completed and submitted by a Mr. Mark Jacob, then of Fuglers LLP, costing Chanrai all of £13 to register. The date of the registration is the 21st January, 2010 and is for "Any freehold or leasehold or other immovable property now vested in the Company including without limitation the property known as Fratton Park......all buildings, trade and other fixtures, fixed plant and machinery...by way of Floating Charge....by way of Legal Mortgage or fixed charge...." So...Mark Jacobs, AFTER the winding up petition, slaps a charge on Fratton Park on behalf of Portpin Limited, Intershore Chambers, P.O. Box 4342, Road, Tortola, British Virgin Islands. The observant reader may wonder about the timing of this and why the charge was not made, when the loan was made back in October. You might also note that Portpin is registered in Tortola. As late as 1792, British authorities called Tortola "a pirate's nest." For many years Tortola was a major base for pirates bent on terrorizing professional sailors and soldiers, attacking treasure ships, and distributing the loot in strict accordance with the Pirate Coda or Code. Seems like history is repeating itself, although I hope HMRC has as much success as Her Majesties Royal Navy did, in preventing our tax money and VAT from being looted. *There was an earlier charge deed on the assets dated 6th October, limited just to Fratton Park. The latest one was a debenture and sounds more wide ranging, but I'm not a lawyer...

I think that I speak for a number of people here who don't give a sh !t what happens to Pompey. The large number of posts on this thread is more akin to rubber neckers on the M27 slowing down to look at an overturned caravan on the other carriageway. A long slide into obscurity will happen to Portsmouth and no-one cares outside Portsmouth..

I think this may be worth highlighting, in view of the new information:

Good call...

The numbnuts in charge at Portsmouth must have failed to get the legal charge removed. This must mean that there is some form of ongoing liability, perhaps in the form of additional interest or bank charges or that Storrey was just inept...quelle surprise...

Guys, guys, I know that to some people, the prospect of Pompey surviving the winding up order is disappointing, as they seem to have cheated death yet again, but just think of this. They will never, IMHO, regain the status above Saints that they temporarily and fraudulently attained. The crippling points deduction they and any future owner will be saddled with, will gaurantee a rapid descent, even if they survive the winding up order that has been temporarily suspended. The best they can hope for is the daily reminder of Southampton Football Club marching upwards to the Premiership on the back of a wealthy owner and a sustainable income, culminating, eventually, in Champions League Football in our lifetime, IMO. Their outcome provides us with the opportunity of many happy hours of posting at their expense, while we watch their club on the down escalator to the basement. Who would want them made extinct and miss out on the fun, another 26 years of fun, reminding them who is the number one club in the South....

The Registrar made it clear that she suspects that the club is insolvent, ie has no assets that can be used to pay the unsecured creditors, both past, current and future. If the SoA confirms this, I am having a problem working out what point there is in placing the club into administration, as continuing to trade whilst in administration will just make the creditors position worse. IMO if it gets to Monday and the SoA is what we think, with no new provable investment in the meantime, Portsmouth Football Club will be wound up...

Just had an interesting chat with a corporate sales executive at Wembley. They are selling advertising space in the Wembley program to corporate sponsors. He told me that Saints have just applied for an extra allocation of tickets, taking our total to 55,000! Carlisle have sold 17,000 and he expects them to sell 20-25,000 in total. Told me they were a little disappointed that Leeds didn't get through, as he thought that they would have sold Wembley out and tickets would have been tougher to get. 55,000 fans? WTF...

Arkadi Gaydamaks wealth came from, amongst other crimes, the illegal sale of 170,000 landmines to Angola. It is for this reason that his bank accounts were frozen in Israel and Russia. £17M from these accounts were paid to Chanrai, by way of an uncontested court order, regarding an investment Gaydamak was meant to make in one of Chanrai's businesses. About the same sum that was reinvested in Portsmouth Football Club. This photo that I don't apologise for posting again shows the damage that landmines cause in Angola. Since this picture, the European Union spent $1.5M on the destruction of Angola's landmine stocks. Look carefully at this. This is how the purchase of Fratton Park was indirectly funded. I hope that the courts in this country invalidate this asset transfer and investigate these crooks. Dirty, dirty money...

Piers Morgan apologises to Pompey fans: And here's how to make a real apology A lot of Portsmouth fans have written to me recently, demanding to know what I have to say about what’s happened to their club after I confidently told them a few months ago not to worry because their new owner, and casual acquaintance of mine, Dubai tycoon Sulaiman Al Fahim, was absolutely loaded. I’ve been watching carefully as events have unfurled down on the south coast and it’s now absolutely clear to me now that I was talking out of my over-fed, gullible, showbiz derriere. Fahim didn’t have the cash I thought he had or the cash he promised he had. Because if he did, he would have spent it. Taken in: Sulaiman Al Fahim pulled the wool over Piers' eyes So I humbly, and sincerely, apologise to all Portsmouth supporters for falsely reassuring you. And I hope, and pray, that something or someone turns up to save your great, proud, historical club from extinction. Read more: http://www.dailymail.co.uk/sport/article-1252513/Piers-Morgan-Tiger-Woods-Saying-sorry-easy-The-hard-bit-looking-like-mean-it.html#ixzz0gHskF3OH What a total cu** that man is. Yes mate, not the first time you've been taken in, is it? Most of our troops remember the last time...

Can someone explain how a group of keen Pompey fans are thinking carefully about accepting 10% of Portsmouth Football Club FOR NOTHING and yet a group of South Africans are apparently keen to buy the other 90%. F uck me, they can't even give the club away to their own supporters....

This is legalise for covering his arse as it is obvious they are, or have been, trading whilst insolvent.

Yeah, I've just recieved the next quiz: Who discovered America? Christopher Robin Christopher Columbus I DON'T KNOW!!!!!!!!!!!!!!!!!!!!!! George Washington George Lucas Bob the Builder How many fingers do you have? I don't know how to count. 7 infinite (this IS NOT the correct answer) TEN Q What continent is ASIA in? Europe Asia ? Greenland Australia Africa Which one of these is an animal? Sock Goggles pavement Sour Cream France Yo' momma If Jack has 4 apples, and Dan has 7 apples.......... omg just click the correct answer. DON'T SELECT THIS ANSWER THIS IS THE CORRECT ANSWER Tofu this is the wrong answer don't choose me I am incorrect Which one doesn't rhyme with "STORE" Gore More Lore Orange Door Score What is a "train" You beat eggs with it You chop down trees with it A vehicle that runs along a set track Pork All of the above None of the above If you live in Australia, where do you live? Austria Australia Austin Phoenix Mars George Lucas Which one of these is good for your body? AIDS Rusty pointy things Ecstacy pills Blood BLOOOD!!!!!!! Rabies Toxic Waste What is plural for "FUNGUS" Shrooms Bacon Fungi Protistas Funguses Fungusususes What happens when you jab a chainsaw into yourself? Pigs will flyyyyeeeeeeeeeeee!!!!! it will bounce off and you will find out u r superman You will dodge maiming yourself in the nic of time You will bleed to death The boogie man will grow a cornfield on your face People will laugh at you. What are you? Human Fish A Pompey Fan I don't know/forgot You worst nightmare What is 3+3? 3 33 K % ((1+5)*6)/6 L337? What color was i thinking about when i made this quiz? Hint: RED blue purple teal red siamese german What was Hitler's first name? Warksov Jean Hail Natzi Adolf Rudolf How many Q's are there in this sentence? none 1 2 3 4 TRICK QUESTION!!!!!!!! THERE IS NO ANSWER!!!!!! Where did the French revolution take place? Germany Mercury Stationary France Prance Dance Over indulgnce of Alchohol will cause Sugar rushes Drunkeness Implosion of brain Common Cold this is the wrong answer this is also the wrong answer What is "Extrinsic" I used a search engine to find out. I used dictionary.com I used a different source to find out I used a dictionary to find out I asked someone I actually know what that word means Which is not found in the English alphabet? ����� A E I O U What is the Netherlands? The underworld The underwear Peurto Rico Holland Persia Germany LAST QUESTION!!!!!! how many questions are there? 22 23 24 25 26

How about this site encouraging Saints fans to join the Pompey Trust? At a fiver a go, it is a real chance to influence the direction of their club and who knows? With our support, we could outnumber their fans... Website here.

Very likely that his lawyers have told him that he could be liable under insolvency laws.

Al Fahim resigns and gives his 10% shareholding to the Portsmouth Trust. On SSN now...