Guided Missile

An administrator is personally liable for the activities of the company they administer and they are thus very cautious about what they take on. They are also very expensive and get their fees out of the realisable assets of the company, in the same way as a leech feeds on the blood of a mammal. When the corpse has already been bled dry, the financial attraction and risk/reward is zero...i.e. they wouldn't touch Pompey with a bargepole.

Phil, to solve this particular puzzle, you have to think like a crook...

Just had Phill Hall representing Chanrai on ssn sounding a word of caution that on Friday they had not been shown proof of funds and wanting to "put things into perspective". Also categorically stated that there would be a PFC if the deal fell through and if it came to it Chanrai would call on some of his associates.

Just a thought. I am assuming that any money that comes from South Africa is likely to be obtained from mineral wealth. What if there is a deal with Arkadi Gaydamak, whereby he "uses" his contacts in Angola (his likely bolthole from the Israeli and Russian Mafia and the French and Israeli courts) to obtain mining licenses from the Angolan government for the South Africans? Pompey again serves its money laundering function and via his son and Chanrai, he can gain access to funds that he is desperate for, due to the freezing of his accounts in Russia and Israel. This is a more likely scenario than a South African company investing in Portsmouth Football Club, unless they are using Stevie Wonder to read the financials...

In my opinion, the "potential" sale of the club at the moment, is simply a device to assist Storrey when he is taken to court for his running of the club. It will help him claim that with the possible sale, solving all of the financial issues surrounding the company, it wasn't trading while insolvent as there was a prospect of securing funds. I think he will eventually be barred from being a Director of any company for a long time and the March 1st hearing is the start of many such episodes over the coming months involving these grubby characters, with a number heading for the hills to escape justice...

My posts above were cut and pasted from the UK Governments Insolvency Website. They confirm that you and Portsmouth are wrong, as whatever the value of the asset, the sum realised, whether a fair value or not, may benefit one particular creditor over another, i.e. Chanrai, in this case. I would have thought that whether he is a secured or preferred creditor, or not and whether he ranks ahead of HMRC, is a question for the court, not the board of a bankrupt football club to decide. IF the court has not approved the disposal of Fratton Park, I think the transaction will be voided until a receiver/liquidator is appointed and whoever approved the sale of Fratton Park on behalf of the club could be in the sh !t...

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.

A broadcaster for the ITV Meridian liquidated his ailing club to spare it from "terrible pain". Police are investigating after the Meridian broadcaster said he had a pact with the club to act if its suffering increased. During a documentary on the death of the Premier League, Fred Dinenage, 70, said: "I killed a club once. It'd been my love and it got relegated. I picked up the phone and applied for a winding up order, until it was dead. No regrets." Mr Dinenage said he liquidated his former love while he was in a third rate regional news show - which he did not name - after accountants told him that there was nothing further that could be done for club. "I said to the accountant: 'Leave me… just for a bit,' and he went away. "I picked up the phone and persued the winding up order until it was dead. "The accountant came back and I said: 'It's gone.' Nothing more was ever said. "When you love a football club, it is difficult to see it suffer. "

Finally:

I must admit, I was unaware he'd moved to our fair city, according to this report. I can't believe he'd feels he can't visit West Quay, anymore...

On sale in the Pompey shop : Price: £0.35 (Was: £2.50 You Save: £2.15)

If the financial statement provided to the court on Wednesday suggests that Pompey are insolvent, the Directors of the club will be *advised to place it into administration, immediately. To continue trading will expose them to the risk of being personally liable for any debts incurred and to being banned from being directors in the future. In my opinion, Storey will resign tomorrow, when Vantis produces the statement and tells him to read it and weep... *On second thoughts, only the creditors can place Pompey in administration, but I still expect Storrey to resign as a director if he's advised they are insolvent...

Storrie would do well to remember our visit to Fratton in 2004. The following extract from Wikipedia may jog his memory: "Ninety-three people were arrested for their involvement in riots involving over 300 people before and after a match with South coast rivals Southampton F.C. on 21 March 2004. The police were attacked, shops were looted, and cars were vandalised.Of those arrested, 64 were given banning orders, and some were gaoled. One of the arrests included a ten-year-old boy who became the youngest-ever convicted football hooligan in the United Kingdom, when he was found guilty of violent disorder. In August that year, 54 Portsmouth hooligans were banned for life by club chairman Milan Mandarić for their involvement in the riots at the Southampton game." Total knob jockey and an insult to estate agents, because that all he f*** ing is...

"Harry Harris, a football correspondent with the ESPN Soccernet website, believes Terry's job as England skipper is safe."

...spooky: http://www.saintsweb.co.uk/2008/10/10/solent-city-in-europe/

Here's another company that were late filing their accounts: http://www.saintsweb.co.uk/forum/showthread.php?t=9698

Accounts that are really bad are filed late, or not at all. That's why Pompey scored zero. It's not an anomally, FFS, it's because Equifax assumes the accounts are bad and they are very rarely wrong, as the last few weeks have demonstrated....

In January, 2009, Equifax provided a league table of solvency, out of a total score of 100. Don't say no one was warned... The Equifax Table 98 Arsenal 93 Man United 71 West Brom 65 Tottenham 43 Blackburn 40 Manchester City 37 Sunderland 37 West Ham 26 Liverpool --------- CLUBS BELOW THIS LINE TECHNICALLY INSOLVENT 18 Everton 17 Stoke City 10 Chelsea 7 Middlesbrough 5 Newcastle 5 Bolton 2 Aston Villa 2 Wigan 2 Fulham 1 Hull 0 Portsmouth

His caravan's on bricks, not wheels...

Has anyone thought that if Saints had been able to spend £11M that was owed to the taxman, during our last season in the Premiership, on players and then when we were forced to pay it back, simply asked for a sub on the next Sky payment from the EPL, we may have stayed up? I guess no one at Saints imagined that's how it worked... If Pompey get their next payment in advance, I will be happy if we never join the Premier League again. How the f*** is it ever going to be considered a fair competition again? Screw them and the pigs at the trough that run their league. I'm happy where we are....

...he must be devastated when his deception was discovered... http://news.bbc.co.uk/1/hi/world/middle_east/8508077.stm

How times have changed: