Pompey Takeover Saga

Just can't read the statement from the FL past the bit where it first mentions the points deduction can they? Going on about how "They don't want us" and "they don't like us" whereas the statement is very clear that the penalty is due to initial CVA being rolled into the new one.

Indeed. And this is the principle we highlighted all along. The fact that failing to honour a CVA is no different an outcome to not having agreed one in the first place.

Does anyone recall the statutory points penalty for failing to exit administration with a CVA? If the answer is "more than -10 points" then they have got off lightly...

http://www.portsmouth.co.uk/sport/pompey/pompey-past/appy-to-leave-it-late-naming-spanish-tour-party-1-4052100

On Monday, Pompey then fly out from Gatwick for a 10-day training camp in Malaga

I hope that where they are staying and where they are training have been warned that they should request cash in advance.

Interestingly, Birch is on Solent just after 8.15am....

 

They teased that he's trying to get the -10 overturned.... haha - that'll be -20 then.

Here's hoping they ask him a question along the lines of: "Trevor, being a football man, are you pleased that the Football League have decided to uphold the integrity of the game and the spirit of their rules that every other team bar Pompey has decided to abide by, whilst at the same time denouncing the poultry 1p in the £ that oldco charities, local businesses and tax payers would end up receiving (if they're lucky) under Chainrai's shabby and derisory CVA offer?"

No, I thought not....

http://www.portsmouth.co.uk/sport/pompey/pompey-past/appy-to-leave-it-late-naming-spanish-tour-party-1-4052100

 

.

I hope that where they are staying and where they are training have been warned that they should request cash in advance.

The Spanish Economy is in a right old pickle already - tax dodging, bills dodging charity stealing Cheatsmuff is the last thing they need right now!!

Got a little bored this morning....

Pompey players take up their positions as the club announces they are to be shafted...

or,

e - pleading with their agent to find them something else, anything else.

I doubt even Appleton could claim they're still an attractive proposition for players

And alternative pre-Ramadan answer to Phil's:

 

 

1) Very slim

 

2) Yes

 

3) None. At the moment it's clear they are NOT in League 1 next season. Given the detail & thought that went into today's announcement, the FL have a contingency plan, and the alternative ”club24” know who they are.

 

”and for those watching in black and white, the blue is the one behind the 15 reds”

Whoever Club 24 are, as and when they step up to the plate I think they should be given a great big resounding welcome from us!!

or,

 

e - pleading with their agent to find them something else, anything else.

 

I doubt even Appleton could claim they're still an attractive proposition for players

Claim to fame at being a member of staff at The 1st ever ex Prem Team to go mammaries upwards.

Trevor birch live on radio solent :

disapointed. thinks they have been punished twice for same crime.

thinks the fl have been really harsh.

fl said the reason were punishing you is because they didnt go to the creditors of the old cva to ask if it could go through, or something along those lines.

have a meeting with the liquidators and other related parties. to discuss the situation.

going forward : the whole cva is based around portpin. they them selfs are assesing the lastst move from the fl.

appys not appy!! lol!! wants to bring in players, not in position to start bringing in players.

fl said portpin are owed 18m. dont want 18m rolled over into newco.

what ever the value of the ground, assets is the ammount the fl will allow to be rolled over to the newco

players to go very very very very soon! number of deals to happen over the next 7 days. only good news.

thinks they are leaving the club shortly.

typed up very quickly. someone may be able to do a bit better then that.

Pompey players take up their positions as the club announces they are to be shafted...

 

You sure? There seem to be a surfeit of players

This is the beginning of the final chapter

If they survive, it will be by the skin of their teeth

They will be below the likes of crawley in the football order

Trevor birch live on radio solent :

 

disapointed. thinks they have been punished twice for same crime.

FFS Birch!

The football authorities have always had two distinct penalty triggering points....let me explain them to you very very very very very slowly....

Trigger point 1: Going into administration

Trigger point 2: Not coming out of administration properley

Pompey went into administration in 2009: Points penalty = -9 (applied in the Premier League)

Pompey came out of administration in 2010 with a CVA that proved to be worthless, ergo in retrospect they didn't come out of administration properley. Points penalty = -10 (applied retrospectively next season in League 1)

Pompey went back into administration in 2011. Points penalty = -10 (applied last season in The Championship)

I repeat, they HAVE NOT been penalised for the same misdemeanor twice.

Read the rules Mr Birch. Read the ****ing rules. And that goes for the majority of journalists who don't seem to have a clue either.

Trevor birch live

 

what ever the value of the ground, assets is the ammount the fl will allow to be rolled over to the newco

 

players to go very very very very soon! number of deals to happen over the next 7 days. only good news.

 

thinks they are leaving the club shortly.

 

 

typed up very quickly. someone may be able to do a bit better then that.

Are they just adding another 'very' every day now!

Also, can anyone remember the scribbled figure for the value of the ground in the VGA document?

Interestingly, Birch is on Solent just after 8.15am....

 

They teased that he's trying to get the -10 overturned.... haha - that'll be -20 then.

And we all know how successful we were at trying to get the 10 point deduction overturned. They have 2 hopes and the second one is Bob.

FFS Birch!

 

The football authorities have always had two distinct penalty triggering points....let me explain them to you very very very very very slowly....

 

Trigger point 1: Going into administration

 

Trigger point 2: Not coming out of administration properley

 

Pompey went into administration in 2009: Points penalty = -9 (applied in the Premier League)

 

Pompey came out of administration in 2010 with a CVA that proved to be worthless, ergo in retrospect they didn't come out of administration properley. Points penalty = -10 (applied retrospectively next season in League 1)

 

Pompey went back into administration in 2011. Points penalty = -10 (applied last season in The Championship)

 

I repeat, they HAVE NOT been penalised for the same misdemeanor twice.

 

Read the rules Mr Birch. Read the ****ing rules. And that goes for the majority of journalists who don't seem to have a clue either.

He knows perfectly well why the penalty has been imposed trousers. He just will not say so in what counts for public.

As for journalists - no, not a clue, but then again you need a multimillion-word thread to get your head around the shenanigans down there.

And we all know how successful we were at trying to get the 10 point deduction overturned. They have 2 hopes and the second one is Bob.

And they'll hear two words - the second one being "off".

Now watch the ground being revalued from £2m to £10m

 

They will be below the likes of crawley in the football order

They already are by about 10 points.

And Kanu is goung to sue for his money as well/

Portsmouth journalist in blaming the Football League for letting Pompey's previous dubious owners through the net shocker....

@pn_neil_allen: My take on the Football League sanctions applied to #Pompey. http://t.co/9SZ7H81e

FFS Allen....you being an investigatative journalist and all that, how much were you protesting about the club's potential new owners BEFORE they took over? Or were you in head-in-sand mode like the rest of teh Pompey fan base?

Can't someone over in the UK apply to get that Neil Allen sectioned under some mental health act?

Lets face it there is plenty of evidence to suggest he is not well.

PKF administrators have just made a statement announcing that due to unforseen circumstances 'Pompey will get away with it ltd' has been put into liquidation, as the director OldNick

has been unable to trade on this since midnight on the 12/07/12. He would like to thank all who have been loyal to this brand,and looks forward to future business trading as 'I told you all along that they were toast'

The companies assets £50 will be donated to a childrens charity of the customers choice.

If Allen was to buy a used car would he rely solely on the vehicle's MoT certificate to tell him it was a safe purchase or would he get an independent report done on it to make sure it was OK?

MoT Certificate = the Football Authorities' FAPP test

Independent report = the clubs own due dilligence

They. Just. Don't. Get. It.

So my learned friends, what do we think is the likley course of events ?- will Balloo leave with the Bare necessities or soldier on regardless?

Collective noun for nutjobs? ' a thread'

Portsmouth journalist in blaming the Football League for letting Pompey's previous dubious owners through the net shocker....

 

@pn_neil_allen: My take on the Football League sanctions applied to #Pompey. http://t.co/9SZ7H81e

 

FFS Allen....you being an investigatative journalist and all that, how much were you protesting about the club's potential new owners BEFORE they took over? Or were you in head-in-sand mode like the rest of teh Pompey fan base?

Sounds like he's arguing for the FL league to have taken action and stopped CSi taking over, at which point there would have been howls of rage from him that they were intent on killing the club.

The bloke is a nobber, I'm afraid.

http://www.portsmouth.co.uk/sport/pompey/pompey-past/comment-league-act-but-where-were-they-before-for-pompey-1-4052176

Allen is getting a bit of stick form the few...

I wonder how TB feels at present because it seems to me , that decision could well make his liability as an administrator land in his lap. It will focus his mind as he could well end up with the liability. This could hasten his decision what to do with the club

http://www.portsmouth.co.uk/sport/pompey/pompey-past/ben-haim-set-to-face-pompey-fans-1-4052118

Probably one or two of them are also hoping to catch my eye and people at the game.

Of course they are `Appy`....

Portsmouth journalist in blaming the Football League for letting Pompey's previous dubious owners through the net shocker....

 

@pn_neil_allen: My take on the Football League sanctions applied to #Pompey. http://t.co/9SZ7H81e

 

FFS Allen....you being an investigatative journalist and all that, how much were you protesting about the club's potential new owners BEFORE they took over? Or were you in head-in-sand mode like the rest of teh Pompey fan base?

Since it's actually relevant I come back to the Kanu 'problem.' At the time that the previous administrator (!!) signed the contract the club are now trying to defraud Kanu out of, the club were under a registration embargo imposed by the Football League. Yet the administrator found a "loophole' - their words, not mine - to get Kanu re-signed anyway.

Again here's the link, from 2010:

http://www.portsmouth.co.uk/sport/pompey/pompey-past/contract-loophole-could-benefit-kanu-1-1256309

So the League were doing their bit - it was Birch's professional colleague who subverted them.

The club - and the administrator's company - should be shamed (and sued) into paying Kanu's contract in full.

PKF administrators have just made a statement announcing that due to unforseen circumstances 'Pompey will get away with it ltd' has been put into liquidation, as the director OldNick

has been unable to trade on this since midnight on the 12/07/12. He would like to thank all who have been loyal to this brand,and looks forward to future business trading as 'I told you all along that they were toast'

The companies assets £50 will be donated to a childrens charity of the customers choice.

I'll drink to that this afternoon (and when next over!)

Portsmouth journalist in blaming the Football League for letting Pompey's previous dubious owners through the net shocker....

 

@pn_neil_allen: My take on the Football League sanctions applied to #Pompey. http://t.co/9SZ7H81e

 

FFS Allen....you being an investigatative journalist and all that, how much were you protesting about the club's potential new owners BEFORE they took over? Or were you in head-in-sand mode like the rest of teh Pompey fan base?

That article is truly unbelievable. Absolute drivel. His argument that the FL are at fault is at the level of a schoolchild's excuse for not doing homework - not my fault it's somebody else's. Why don't the blue phew finally grow a pair, claim full responsibility for all that has gone on there and take their medicine?

Obviously too much to ask. But that "journalist" should be sacked.

I'll drink to that this afternoon (and when next over!)

Another dire article from the Skate Pravda, with one little comment that made me laugh

http://www.portsmouth.co.uk/sport/pompey/pompey-past/comment-league-act-but-where-were-they-before-for-pompey-1-4052176

Coach10:06 AM on 13/07/2012

This article should serve as a "beacon of light" to all wanna be journalists........never give up hope. If neil can, anyone can.

Pathetic Mr allen.

http://www.portsmouth.co.uk/sport/pompey/pompey-past/ben-haim-set-to-face-pompey-fans-1-4052118

Probably one or two of them are also hoping to catch my eye and people at the game.

 

Of course they are `Appy`....

Well it will certainly be uncomfortable for TBH and would appear to be a punishment for his stance on his wages. I would be amased if varney or morris play (Assumming their transfers don't go through today) and if that is the case it will only strengthen his resolve to hold out for the full amount.

Doesn't look like the Claret and Blue chap does discussion.

He's a West Ham fan....what did you expect...? :-)

As a West Ham fan, he supports a club which has also overspent massively & has some very big bills coming its way (I believe from the David Sullivan interview that was on one of their websites, this seasons season ticket money has already gone in a Rangers/Ticketus style deal & in 2013 they are due a min £21m to Sheffield Utd as part of the compensation for the Tevez affair). No surprise that he won't criticise Pompey when his own club shows a similar level of restraint (or not) at spending.

PKF administrators have just made a statement announcing that due to unforseen circumstances 'Pompey will get away with it ltd' has been put into liquidation, as the director OldNick

has been unable to trade on this since midnight on the 12/07/12. He would like to thank all who have been loyal to this brand,and looks forward to future business trading as 'I told you all along that they were toast'

The companies assets £50 will be donated to a childrens charity of the customers choice.

Another dire article from the Skate Pravda, with one little comment that made me laugh

 

http://www.portsmouth.co.uk/sport/pompey/pompey-past/comment-league-act-but-where-were-they-before-for-pompey-1-4052176

 

Coach10:06 AM on 13/07/2012

This article should serve as a "beacon of light" to all wanna be journalists........never give up hope. If neil can, anyone can.

 

Pathetic Mr allen.

:lol: :lol:

pompey lose ten points - arry loses 4 million

http://www.portsmouth.co.uk/sport/pompey/pompey-past/harry-redknapp-set-to-lose-4m-on-portsmouth-land-deal-1-4053312

http://www.portsmouth.co.uk/sport/pompey/pompey-past/comment-league-act-but-where-were-they-before-for-pompey-1-4052176

 

Ok, own up....who on here is Helio?

Helio

 

10:31 AM on 13/07/2012

What did Neil Allen tell us, on webchat?

"The first CVA payment of £2.48m was scheduled for April 1. However, that has now fallen by the wayside because of administration.

This will be re-valued during the administration process and be considerably smaller.

There will be no FL points deduction on this though."

 

(P.S. Neil may say, oh, I did tell you later about a possible deduction. Well, Neil, if I say on Monday, "it won't rain this week", then I say on Tuesday "it will rain this week", I'm certainly covering all the possibilities...)

http://www.portsmouth.co.uk/sport/po...mpey-1-4052176

Liking this analogy....

[h=4]AllMouth[/h] 10:15 AM on 13/07/2012

This reminds me of RE lessons when I was about 11. We'd all be "But how can there be a god when he lets murderers kill people and stuff?" and our teacher would answer "Because he has given people free will." It's the same deal here - the FL has treated us like grown ups and let us build a club as we saw fit even though it wasn't done spectacularly well. Now it's gone t1ts up the FL has to come in and help sort out the mess. It's like a parent letting its child make its own mistakes in the hope they'll learn something. Maybe one day we will.

http://www.portsmouth.co.uk/sport/po...mpey-1-4052176

Helio

 

10:13 AM on 13/07/2012

This is indeed a silly piece. As denmeadblue says, at the time the News was flattering CSI - an approach which reached its apotheosis with a dreadful article by Emma Judd, telling us of her visit to the "plush" CSI office in a "grand building" in the City of London.

Just a few embarrassing words from that piece, lest we forget: "As soon as the heavy doors closed behind me all was calm efficiency.... Mr Dubov comes in, greets us, and asks us if we would like a cup of tea and how we take it. And that brief moment was an introduction to the man himself – polite, perhaps a little apprehensive, and given to flashes of a self-deprecating humour that is like water in the humourless desert that was the previous administration."

Ow! Neil - do you remember that fawning to CSI by the News?

Now, after the event, Neil discovers that it was all a bad idea. "And we should all feel reassured at that. Shouldn't we?"

Just working through the last ten pages... heard the news last night... but reading the official statement below made me smile from ear to ear... all those angry letters from Jon the photographer and % of a % creditor have paid off... well f*cking done football league!

The Board of The Football League has agreed to make an offer of membership to the eventual purchaser of Portsmouth Football Club.

 

The offer is subject to the successful bidder accepting a number of conditions that seek to ensure the sporting integrity of league football and the financial viability of the Club going forward.

 

The Football League Board has absolute discretion as to whether to admit any new company as a member of The League. In doing so, it has to strike a balance between giving a club another chance and the effect this has on sporting competition between clubs. Through its Insolvency Policy, The League aims to secure the continuation of the club in its local community. In seeking to achieve this it requires that:

 

a) all football debts have been settled in full (although these may be compromised by mutual agreement).

 

b) creditors have been given the opportunity to indicate their satisfaction (or otherwise) at the proposed arrangements (normally through the acceptance of a Company Voluntary Arrangement (CVA)).

 

In Portsmouth's previous administration, a significant amount of unsecured debt was compromised in a CVA approved by creditors in June 2010, with an anticipated outcome of twenty pence in the pound. In the event, these creditors had not had their claims settled prior to the Club's further administration in February 2012.

 

Under the new CVA these claims would be further compromised to less than one penny in the pound without creditors having the opportunity to indicate whether they find this acceptable. This is because the claims rest in the liquidation of the previous company and the liquidator of that company has voted to accept the terms of the new CVA.

 

Therefore, the Board were faced with the prospect of numerous unsecured creditors receiving less than one penny in the pound, without having the opportunity to indicate their satisfaction (or otherwise) in the normal way. In the Board's view, these arrangements do not respect a key principle of The Football League's Insolvency Policy (as described above in b).

 

Therefore, as a condition of membership, any new company established to apply for ownership of Portsmouth Football Club's share in The Football League will be required to:

 

1. Accept a deduction of 10 points in the 2012/13 season;

 

2. Agree that only a limited proportion of the secured debt from the previous club can be carried forward into the new company as secured debt.

 

3. Pay all football creditors in full, unless mutually acceptable compromise agreements are put in place.

 

4. Agree to a range of other restrictions on playing budgets, future borrowing and loan repayments for the next 5 seasons.

 

It will now be for the administrator to seek to finalise arrangements for the sale of the club with interested parties. The Board will consider the application for transfer of membership once the administrator has selected the final purchaser

I bet Mokoena is feeling a bit sick right now.

That was my immediate thought, although im sure he has compromised a decent deal!

Anyone fancy a day trip to moneyfields? Il bring the toaster SHALALA

Portsmouth journalist in blaming the Football League for letting Pompey's previous dubious owners through the net shocker....

 

@pn_neil_allen: My take on the Football League sanctions applied to #Pompey. http://t.co/9SZ7H81e

 

FFS Allen....you being an investigatative journalist and all that, how much were you protesting about the club's potential new owners BEFORE they took over? Or were you in head-in-sand mode like the rest of teh Pompey fan base?

There are two aspects which i think he is confusing, the -10 points is a corrective action for the non payment of CVA1, the secured debt reduction to meet assets and financial controls are the preventive action to stop the club ballsing it up for the third time.

Am I reading more into the FL statement than is there by thinking that the part relating to strict financial controls, budgets etc is their way of putting Chinny off - i.e. he won't be able to pocket the PPs? I had been wondering how they could pass him as a FPP in the knowledge that he was going to grab the money and run so maybe this is their way of stopping him?

Am I reading more into the FL statement than is there by thinking that the part relating to strict financial controls, budgets etc is their way of putting Chinny off - i.e. he won't be able to pocket the PPs? I had been wondering how they could pass him as a FPP in the knowledge that he was going to grab the money and run so maybe this is their way of stopping him?

They HAD to pass him for the FAPP test as it is very specific about what rules people out and if they had failed him on that they would find themselves on the wrong end of a legal case. What they require to get hold of the golden share is however anything they care to come up with and is not open, as far as I am aware, to any legal challenge.

Am I reading more into the FL statement than is there by thinking that the part relating to strict financial controls, budgets etc is their way of putting Chinny off - i.e. he won't be able to pocket the PPs? I had been wondering how they could pass him as a FPP in the knowledge that he was going to grab the money and run so maybe this is their way of stopping him?

I think you may well be right. They can't fail him on the FAPPT but they can make it not worth his while to proceed

Loving the comments on the Neil Allan article, surely most of the comments are from our undercovers? Or are they finally "getting it"?

Also seen a lot of comments about how the -10 is "punishing the fans". No it's not? The fans aren't getting a minus 10, it's the club. If anything, the FL has given the fans the chance to still support a club by offering p*mpey a place in the league as long as they follow the rules put down.

If I was TBH I would be asking for the Club to guarantee my safety, which is of course their responsibility.

Even more so when you consider that TB's comments continually whip up ill feeling

In fact, I think he'd be perfectly within his rights to refuse to play!

@pn_neil_allen: Why FL sanctions are bad news for Portpin. Birch believes there could be repercussions in ownership issue. http://t.co/ClZqMAR2