trousers Posted 11 April, 2012 Share Posted 11 April, 2012 current admin has charged them just over £500k for a month's work. Think you've read a different figure from somewhere. Ah yes, good spot.....I was just quoting the "Partner and Director" portion.....the overall figure is indeed £525,036.00 Link to comment Share on other sites More sharing options...
Guided Missile Posted 11 April, 2012 Share Posted 11 April, 2012 current admin has charged them just over £500k for a month's work. Think you've read a different figure from somewhere. It's fun to watch the vultures feasting on the rotting corpse. Link to comment Share on other sites More sharing options...
hypochondriac Posted 11 April, 2012 Share Posted 11 April, 2012 How on earth did they manage to con people for a second time? It's madness! Link to comment Share on other sites More sharing options...
hypochondriac Posted 11 April, 2012 Share Posted 11 April, 2012 It's fun to watch the vultures feasting on the rotting corpse. Your rumoured bid you knew about has not yet come to fruition? Link to comment Share on other sites More sharing options...
Guided Missile Posted 11 April, 2012 Share Posted 11 April, 2012 Your rumoured bid you knew about has not yet come to fruition? I was told that an offer of around £2.5M was going to be made last week by Charles Lissack, the ex-Watford director, who is heading a consortium. As they were introduced to the "investment opportunity" by our old friend Tony Lynam, I don't think Pompey posters should get too excited.... Link to comment Share on other sites More sharing options...
Gingeletiss Posted 11 April, 2012 Share Posted 11 April, 2012 Love the fools!! 31 Chris O Wednesday, April 11, 2012 at 12:28 PM Here we go again! we can accept leauge one, we can accept mass player exits, we can accept getting treated like crap again but our loyal supporters are the best in the country and at the very least we deserve a club! why is it that foreign owners can get away with destroying our club and it is left to us as supporters to pick up the pieces!!! i was at FP last night and if we get liquidated the world will miss us... you will never replicate the atmosphere of Fratton Park!!! Link to comment Share on other sites More sharing options...
Gorgiesaint Posted 11 April, 2012 Share Posted 11 April, 2012 Just on the wages, talking about the deferals... 5.22 Options in respect of player wages were also explored with the Professional Footballers Association and these resulted in the majority of the playing staff having 25% of their salaries deferred. 5.23 A small number of non-football roles have been moved from full time to part-time. 5.24 The gross value of the monthly deferrals is c£450k. This figure represents a monthly increase in the Football Creditor figure. So 25% of the monthly wage is c450k... so the monthly wage bill is 4 x £450k = £1.8m, annual wage bill is 12 x c£1.8m = c£21.6m Does that include the 4 they've loaned out? Absolutely frightening! Link to comment Share on other sites More sharing options...
CB Saint Posted 11 April, 2012 Share Posted 11 April, 2012 I see King Edwards is in for £40k again Link to comment Share on other sites More sharing options...
sotonjoe Posted 11 April, 2012 Share Posted 11 April, 2012 (edited) Ah yes, good spot.....I was just quoting the "Partner and Director" portion.....the overall figure is indeed £525,036.00 There are also some charges being made by UHY for pre-admin work which, I'm guessing, relates to their cancelled appointment as administrators. It's good to see that they're trying to extract more money from the club despite not actually being appointed. Edited 11 April, 2012 by sotonjoe Link to comment Share on other sites More sharing options...
Torres Posted 11 April, 2012 Share Posted 11 April, 2012 I see Smiffys, the fancy dress company, are on the list of creditors So are the MOD. Simon Conning Consultancy Ltd are owed £84k. They somehow owe the Premier League Medical Care Scheme £56k. They owe Jumping Jacks £696. Fuglers Solicitors (ex home of thread hero Mark Jacob) are also on the list. Just about every travel company on the south coast. What a mess. Again. Link to comment Share on other sites More sharing options...
Kingsbridge Saint Posted 11 April, 2012 Share Posted 11 April, 2012 Clearly Pompey thought Antonov was going to pay for the party, just like they thought their previous owners would. It's a hangover from the days when they had half the England team turning out, and Mandaric in charge. That ended in tears and they just never learned. After the last admin any sensible businessman would have made the business sustainable in the event of external funds drying up. But not Pompey. Quality over quantity, outbid Ipswich for Norris, Premier league wages across the board, and to hell in a handcart if Antonov doesn't pay. They deserve whats coming. Link to comment Share on other sites More sharing options...
Torres Posted 11 April, 2012 Share Posted 11 April, 2012 6.9 Section 176A of the Insolvency Act 1986 requires Administrators to set aside a prescribed amount of the Companys net property towards the satisfaction of non-preferential claims Objective of the administration 19 Portsmouth Football Club (2010) Limited (In Administration) April 2012 (the Prescribed Part). Net property is the amount of property that would otherwise be available for satisfaction of debentures secured by, or holders, of any floating charge granted by the Company after 15 September 2003. 6.10 The debenture granted in favour of Portpin Limited was created after 15 September 2003 and therefore the prescribed part provisions will apply. 6.11 We estimate that, in a liquidation scenario, there will be no net property available for the Prescribed Part. So PKF are saying that in liquidation Portin get zilch? Link to comment Share on other sites More sharing options...
pedg Posted 11 April, 2012 Share Posted 11 April, 2012 So PKF are saying that in liquidation Portin get zilch? It does look that way. No wonder he was keen to get AA in as the admin as one would guess the rules would be interpreted somewhat differently. Link to comment Share on other sites More sharing options...
rallyboy Posted 11 April, 2012 Share Posted 11 April, 2012 so Birch is charging £90K a week and he still makes mistakes. Doesn't it say in there that they've paid out £32K in direct costs on loan players? No Trev, that can't be true, have I read that wrong? We all know that they are all FREE, riding bicycles to games, living in tents, and feasting on delicious plump squirrels that UnAppy catches in the woods....that's why they were allowed them, because they didn't cost pompey a penny (not the tubby one who needs votes). The ever-dwindling parachute payments are being gobbled up at £450K a month by the current squad, and the players contracts will cost £14M to complete. Outbidding everyone for Norris was money well spent - it was a great goal, but it wasn't worth THAT much! They had the decision in January - offload players to save the business or try to win at St Marys. Whoops! And the money raised by loaning out isn't that great - total income for four players is £690K - that was fireloan prices after the January debacle. I see Chanrai's interest is kicking in and he's up to £18.6M, but what about the Milland Developments query - the payment to pompey of £4.9M doesn't seem to be in the books? Interesting reading, lots of football clubs owed money, loads of creditors shafted for a 2nd time, Birchy paints a VERY bleak picture and admits there is no sign of a buyer, he also gives the impression that he is deseprately trying to usher the insolvent business through the fixture list a game at a time, just to hold onto the golden share. Oh well, at least they won last night. Link to comment Share on other sites More sharing options...
70's Mike Posted 11 April, 2012 Share Posted 11 April, 2012 I see King Edwards is in for £40k again yes if i had paid for my kids to go to the school i would want to know which numpty allowed the debt to get to another 40k Link to comment Share on other sites More sharing options...
dubai_phil Posted 11 April, 2012 Share Posted 11 April, 2012 Well. I for one am sitting back in my chair and relaxing and looking forward to hearing the troll and pfc123 explain all this to us. You remember the troll. He's the one who said you didn't need to have a budget, and how he insisted that budgets were irrelevant and that they could go up and that he knew all about them and we didn't. We must have a forensic accountant on here somewhere who can look at all of that little mess and try and detrmine at which point this season they actually BECAME insolvent (again) Mr Lampitt if he has any sense should be enjoying a nice lengthy holiday in Brazil - or acting as their consultant on Building Sustainable Infrastructure for teh next World Cup & Olympics Oh and the few wanted Vlad BACK???!!! Link to comment Share on other sites More sharing options...
Torres Posted 11 April, 2012 Share Posted 11 April, 2012 Looks like an almighty bunfight brewing for the parachute payments too and interestingly one that Birch is so desperate not to get involved in that he's effectively given up hope of ever seeing a penny of them. Link to comment Share on other sites More sharing options...
pedg Posted 11 April, 2012 Share Posted 11 April, 2012 yes if i had paid for my kids to go to the school i would want to know which numpty allowed the debt to get to another 40k It appears the list of creditors is a combination of those from the initial CVA and new creditors so it is almost certainly the same 40k. Link to comment Share on other sites More sharing options...
Gingeletiss Posted 11 April, 2012 Share Posted 11 April, 2012 Book your seats my fellow Saga watchers!! 49 MaxPFC Wednesday, April 11, 2012 at 01:08 PM TREVOR BIRCH WILL ON LIVE CHAT 1pm FRIDAY as retweeted by the PST Link to comment Share on other sites More sharing options...
Frank's cousin Posted 11 April, 2012 Share Posted 11 April, 2012 Looks like an almighty bunfight brewing for the parachute payments too and interestingly one that Birch is so desperate not to get involved in that he's effectively given up hope of ever seeing a penny of them. Think thats the biggest indicator of how shafted they really are - by not including PP is the estimated forecasts, is he in effect admiting defeat and liquidation looms? In effect he cannot see the club survive until the next set are due, and I doubt the Pl will want to in effect grant them these early only for it it to dissappear into someones pockets as the club is liquidated anyway? Someone may know more about this than me, but it sounds like Birch knows that even if they were granted a further advance, it would not really help the club at all... Link to comment Share on other sites More sharing options...
trousers Posted 11 April, 2012 Share Posted 11 April, 2012 Link to comment Share on other sites More sharing options...
trousers Posted 11 April, 2012 Share Posted 11 April, 2012 It appears the list of creditors is a combination of those from the initial CVA and new creditors so it is almost certainly the same 40k. So, does this new creditors list confirm that the original debt has reverted to 100% rather than the 20% agreed in the last CVA? Link to comment Share on other sites More sharing options...
dubai_phil Posted 11 April, 2012 Share Posted 11 April, 2012 Ooh. I know Edward Simmons.... Used to make a lot of beer money going to their..... LIQUIDATION SALES Link to comment Share on other sites More sharing options...
Torres Posted 11 April, 2012 Share Posted 11 April, 2012 Webchat Link to comment Share on other sites More sharing options...
pedg Posted 11 April, 2012 Share Posted 11 April, 2012 (edited) So, does this new creditors list confirm that the original debt has reverted to 100% rather than the 20% agreed in the last CVA? Well the figures listed in appendix B for HMRC are: HM Revenue & Customs (PAYE / NIC) ICHU, Benton Park View, Longbenton, Newcastle Upon Tyne, NE98 1ZZ 9,861,653.2 HM Revenue & Customs (VAT) Insolvency Operations, Queens Dock, Liverpool, L74 4AF 506,435.92 What were they owed before the list CVA? but then it also has this: Portsmouth City Football Club Limited (In Liquidat C/o Baker Tilly, 25 Farringdon Street, London, EC4A 4RB 16,500,000.00 Which implies not. Edited 11 April, 2012 by pedg Link to comment Share on other sites More sharing options...
Torres Posted 11 April, 2012 Share Posted 11 April, 2012 There's a lot of the creditors from the old list who are not on the new list PLUS Portsmouth City Football Club Ltd (in LIquidation) - OldCo - are on the new lost, to the tune of £16.5m. These are new creditors and new amounts chaps. Link to comment Share on other sites More sharing options...
trousers Posted 11 April, 2012 Share Posted 11 April, 2012 If the NewCo list of creditors is simply a read-across of OldCo creditors (plus any new ones), then why is 'Southampton Football Club' listed as a creditor but with no known amount against it? Does this imply that NewCo also owe SFC some money in addition to whatever OldCo owed us? Surely if it was just OldCo debt the original figure would be listed? Link to comment Share on other sites More sharing options...
trousers Posted 11 April, 2012 Share Posted 11 April, 2012 There's a lot of the creditors from the old list who are not on the new list PLUS Portsmouth City Football Club Ltd (in LIquidation) - OldCo - are on the new lost, to the tune of £16.5m. These are new creditors and new amounts chaps. Unless some of the original creditors were actually paid back and thus dropped off the list that way? (ok, I know, I'm probably being ridiculous by suggesting some of the original debts were settled....) Link to comment Share on other sites More sharing options...
trousers Posted 11 April, 2012 Share Posted 11 April, 2012 I see that the Creditors meeting is going to be held in the Victory (*chortle*) Lounge at Nottarf Krap..... are they sure that's going to be big enough....?! Link to comment Share on other sites More sharing options...
pedg Posted 11 April, 2012 Share Posted 11 April, 2012 Unless some of the original creditors were actually paid back and thus dropped off the list that way? (ok, I know, I'm probably being ridiculous by suggesting some of the original debts were settled....) I guess we would be down as football creditors so would have got it from the earlier parachute payments? Anyway I was sure they they could not have run up such a long list of creditors again in such a short time and that it must be an amalgamation of old and new creditors but looks like I underestimated them! Link to comment Share on other sites More sharing options...
OldNick Posted 11 April, 2012 Share Posted 11 April, 2012 If Pompey were liquidated now it would deduct 2 points from our total -6 from WHU , they could give us promotion Lol Link to comment Share on other sites More sharing options...
Frank's cousin Posted 11 April, 2012 Share Posted 11 April, 2012 This may be what they owe us for the derby ticket's which was possibly not known when teh report was written? Link to comment Share on other sites More sharing options...
Saints foreva Posted 11 April, 2012 Share Posted 11 April, 2012 These two were trending on Twitter Yesterday: Made me laugh. Link to comment Share on other sites More sharing options...
toofarnorth Posted 11 April, 2012 Share Posted 11 April, 2012 If Pompey were liquidated now it would deduct 2 points from our total -6 from WHU , they could give us promotion Lol Nice thought but cant see it now with only four games to go. Link to comment Share on other sites More sharing options...
TopGun Posted 11 April, 2012 Share Posted 11 April, 2012 Ooh. I know Edward Simmons.... Used to make a lot of beer money going to their..... LIQUIDATION SALES Yes, that is their main business. Getting them in to do an inventory is a very big clue about where Birch thinks this is going. Link to comment Share on other sites More sharing options...
pedg Posted 11 April, 2012 Share Posted 11 April, 2012 Nice thought but cant see it now with only four games to go. Also it looks like the league will give them 800K for finishing the season so think we will have to get promoted without the assistance of their liquidation. Link to comment Share on other sites More sharing options...
dubai_phil Posted 11 April, 2012 Share Posted 11 April, 2012 Reading that a bit more carefully, it appears that the Directors didn't actually KNOW their financial situation. They still haven't provided a Statement of Affairs from back in February The other stand out was creating updated Cash Flow and Financial Forecasts to aid Decision making... I mean WTF? How can you run a business if you don't have this stuff on your desk EVERY minute of EVERY day. They've been a laughing stock for so long now, but this is beyond Amateurish. It is simply astonishing Link to comment Share on other sites More sharing options...
EastleighSoulBoy Posted 11 April, 2012 Share Posted 11 April, 2012 That report makes good reading but PKF have charged hundreds of thousands of pounds for this thread has provided for free! I am in esteemed company! At last, officially, the club is insolvent. Their finances have more holes in them than a rusty colander! Link to comment Share on other sites More sharing options...
trousers Posted 11 April, 2012 Share Posted 11 April, 2012 Unless this is one of us, someone over there "gets it".... elvispresleysking Wednesday, April 11, 2012 at 01:34 PM Oldredeye - Here's an idea that's not been mentioned yet but could combine both sides of the argument. My own opinion is that the PST will be chucking good money after bad if they continue with this plan as I can't see how you will afford to keep Pompey running.once you;ve purchased the club.... so let Pompey get liquidated in May and buy the club then at a reduced rate. The PST will then have a whole year to plan for another club as well as all the donations that they have to cement the financial position of the club prior to it's existince in 2013-14. All the big earners will be gone, you can talk to the council about renting FP as they've said they wont let it be used for anything else and have the board structure and club structure in place. Pompey fans will be happy as BC, SA etc will have got nothing, all the big earners will be gone and Pompey can still be the 'Community' club you want it to be? I'm sure there's errors in my plan but has this even been discussed? Link to comment Share on other sites More sharing options...
Kingsland Codger Posted 11 April, 2012 Share Posted 11 April, 2012 Nice thought but cant see it now with only four games to go. Ture - although the Law of the Land shouldn't be ignored for the benefit of the Football League. So the question is - at what stage in the collapse of a business must it completely stop trading? Link to comment Share on other sites More sharing options...
trousers Posted 11 April, 2012 Share Posted 11 April, 2012 Ture - although the Law of the Land shouldn't be ignored for the benefit of the Football League. So the question is - at what stage in the collapse of a business must it completely stop trading? This is a very good question. If this was any other business, would the administrator be in breach of their position (as guardians for the creditors) if they allowed said business to continue trading insolvently for one more day, let alone another 2 - 3 weeks, thus losing the creditors more money). Anyone? Link to comment Share on other sites More sharing options...
Clapham Saint Posted 11 April, 2012 Share Posted 11 April, 2012 If they haven't received a single offer after 8 weeks and have only been in negotiations with a "small number" of interested parties then the chances of the magicing up a buyer now are close to **** all. Never say never I suppose but I'd bet a large amount of money on them being wound up. Link to comment Share on other sites More sharing options...
hutch Posted 11 April, 2012 Share Posted 11 April, 2012 Reading that a bit more carefully, it appears that the Directors didn't actually KNOW their financial situation. They still haven't provided a Statement of Affairs from back in February The other stand out was creating updated Cash Flow and Financial Forecasts to aid Decision making... I mean WTF? How can you run a business if you don't have this stuff on your desk EVERY minute of EVERY day. They've been a laughing stock for so long now, but this is beyond Amateurish. It is simply astonishing Why would the Directors know that. They were paying UHY to do that from November (well, "paying" in the same way they "bought" the FA cup). Looks to me as if Chainrai was pulling all the strings, from the moment Antonov was nicked and he took control of CSI, and Lampitt was just the fall guy. Link to comment Share on other sites More sharing options...
trousers Posted 11 April, 2012 Share Posted 11 April, 2012 Live webchat NOW! Emma Judd @pn_Emma_Judd @pn_neil_allen is doing a live webchat NOW at http://www.portsmouth.co.uk/sport/pompey/webchats so join in the debate! Link to comment Share on other sites More sharing options...
trousers Posted 11 April, 2012 Share Posted 11 April, 2012 [TABLE] [TR] [TD][/TD] [TD]Neil: Hello all Pompey fans - and no doubt the Southampton ones which like to infiltrate these chats. Any questions?[/TD] [/TR] [/TABLE] Link to comment Share on other sites More sharing options...
Clapham Saint Posted 11 April, 2012 Share Posted 11 April, 2012 This is a very good question. If this was any other business, would the administrator be in breach of their position (as guardians for the creditors) if they allowed said business to continue trading insolvently for one more day, let alone another 2 - 3 weeks, thus losing the creditors more money). Anyone? Well, if there isn't a sale then Birch is personally liable for trading losses incurred during his watch... Unless somebody (HMRC/FA?) have agreed to inmdemnify him (cover any losses). Link to comment Share on other sites More sharing options...
pedg Posted 11 April, 2012 Share Posted 11 April, 2012 Started with a sensible question... [TABLE=width: 0] [TR] [TD=class: chatmsgtext viewer_text][TABLE=width: 0] [TR] [TD][/TD] [TD]Comment From pedg Have you had chance to read the PKF report yet?[/TD] [/TR] [/TABLE] [/TD] [/TR] [/TABLE] [TABLE=width: 0] [TR] [TD=class: chatmsgtime, bgcolor: #F6F6F6]14:02 [/TD] [TD=class: chatmsgtext altcaster_text][TABLE=width: 0] [TR] [TD][/TD] [TD]Neil: I have glanced through it, more the list of creditors than anything. Sad to see the same people owed money crops up during every administration, such as Bransbury Park Butchers. Oh and there are plenty of schools among them too.[/TD] [/TR] [/TABLE] [/TD] [/TR] [/TABLE] Link to comment Share on other sites More sharing options...
Colinjb Posted 11 April, 2012 Share Posted 11 April, 2012 I wonder if Midland Blue will rear his ugly head again. Link to comment Share on other sites More sharing options...
Durleyfos Posted 11 April, 2012 Share Posted 11 April, 2012 These two were trending on Twitter Yesterday: Made me laugh. There really is some cretinous people on twitter looking at those 'trends' Cheryl Cole is an amazing singer? Cher Lloyd is stunning? We miss Michael Jackson? ffs... Link to comment Share on other sites More sharing options...
badgerx16 Posted 11 April, 2012 Share Posted 11 April, 2012 There's a lot of the creditors from the old list who are not on the new list .... Would they be AA's fantasy entries, used to dilute HMRC's original percentage ? Link to comment Share on other sites More sharing options...
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