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Pompey Takeover Saga


Fitzhugh Fella

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The train wreck that explains why Stuart Robinson could not buy the portakabin at Fratton Park...

 

R ESTATES (2010) LIMITED

AND SUBSIDIARY COMPANIES

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2011

 

Subsidiary companies - overseas

  • Carlton Properties Holdings Limited
  • Carlton Properties Limited
  • Deep Harbour Holdings Limited
  • Deep Harbour Properties Limited
  • Hackberry Developments Limited
  • Hackberry Holdings Limited
  • Hackberry Properties Limited
  • Mount (Hampshire) Developments Limited Mount (Hampshire) Holdings Limited

 

Subsidiary companies -

  • UK Hackberry Developments UK Limited
  • Hackberry Properties UK Limited
  • Hackberry Conferences Limited
  • Carlton Properties (Brentford) Limited
  • Carlton Properties (Wokingham) Limited
  • Deep Harbour Properties UK Limited
  • Mount Developments (Hampshire) Limited

 

P&L

Turnover 4,158,717

Cost of sales (3,056,250)

Gross profit 1,102,467

Administrative expenses (1,437,851)

Operating loss (335,384)

 

Interest payable (1,150, 290)

Loss on ordinary activities

before taxation (1,485,674)

Taxation

Loss on ordinary activities

after taxation (1,485,674)

Balance Sheet

Fixed assets

Intangible assets 19.750

Tangible assets 220,300

Investments - 15

Current assets 240,050

Stocks 87,059,012

Debtors and prepayments 1,566,509

Cash at bank and In hand 566,999

89,192,520

Creditors: amounts failing (90,918,235)

due within one year

Net current assetsi(Iiabilities) (1,725,715)

Total assets less current

liabilities (1,485,665)

Capital and reserves

Called up share capital 9

Profit and loss account (1,485,674)

Shareholders' funds (1,485,665)

 

Mindblowing....

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Insightful from Neil Allen as ever...

 

His interview with Danny Kelly seemed to boil down to "Booo, Chainrai, he's ruined the club and it's not fair, so he should just go away" and "why should anyone involved in a football club have to appear in court, that's got nothing to do with sport!"

 

The man's a genius.

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How did the trust miss this?

 

You assume they were looking in the first place. They're all for due diligence, but only when it suits. The anyone but Chainrai brigade were happy to wave this one through without so much as a break of sweat from the investigative brow of Micah Hall.

 

What a shame that the research done on here at the time was (yet again) ignored and put down as the work of ignorant facking scummahs.

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You assume they were looking in the first place. They're all for due diligence, but only when it suits. The anyone but Chainrai brigade were happy to wave this one through without so much as a break of sweat from the investigative brow of Micah Hall.

 

What a shame that the research done on here at the time was (yet again) ignored and put down as the work of ignorant facking scummahs.

To be fair, it took me 5 minutes at a cost of £2 on Companies House.

 

 

Mind you, I have had experience of seeing through bullsh!t:

 

 

Posted: Sat Jun 24, 2006 3:36 pm

I have received the following from Mike Wilde in regard to your points:

Merlion Group’s turnover rose to approx STG 20m in 2005 and is expected (on current projections) to achieve in excess of STG 30m in 2006. This dramatic growth is due to the establishment of our speculative housing arm Infinity Homes Ltd. In respect of dividends there is a firm dividend policy in place at moment that prevents extraction of any more than 50% of taxable profit.

I can also confirm that Merlion Group is certainly not my only source of income.

I have substantial financial interests in a number of overseas countries as well as other companies and I have an established Family Trust which looks after family matters.

I am not prepared to give information regarding my net worth as I am sure everyone can understand that it is not their business!!

Thank Mike for the information and I am glad to hear that the plc he controls is growing from strength to strength. A couple points of clarification, if possible, as I am sure you want to get away from the computer to enjoy the sun in Jersey.

1. Do you intend to run Southampton Leisure plc with similar borrowing and thus interest coverage as you do Merlion plc and also a similar dividend policy?

2. £1,008,378 in dividends was taken out of Merlion plc in the financial year ending December 31st, 2003. Taxable profits before taxation were £569,069. Did you get the 50% round the wrong way that year?

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You assume they were looking in the first place. They're all for due diligence, but only when it suits. The anyone but Chainrai brigade were happy to wave this one through without so much as a break of sweat from the investigative brow of Micah Hall.

 

What a shame that the research done on here at the time was (yet again) ignored and put down as the work of ignorant facking scummahs.

 

I do feel we missed the ball here a bit though. With hindsight we knew his name ages ago and if we had got those with access to the company accounts to check up on him then we would have know about his absence of a p*ssing pot. I fear we failed in our nutjobness by just assuming that because he was said to be a property developer we, like PST, assumed he could back up his promises.

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I do feel we missed the ball here a bit though. With hindsight we knew his name ages ago and if we had got those with access to the company accounts to check up on him then we would have know about his absence of a p*ssing pot. I fear we failed in our nutjobness by just assuming that because he was said to be a property developer we, like PST, assumed he could back up his promises.

 

Yeah, but it's much funnier for it to have got as far as the court today. If we'd unearthed this stuff before now it may never have got as far the humiliation phase we appear to be witnessing unravel before our very eyes this week. There's method in our madness, even when we can't be arsed to investigate fully these days! (hithero known as Pompey Takeover Fatigue Syndrome.... Look, I can't even be arsed to think of a smutty acronym!)

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May I add that the damage the Saints Fans Trust did to our club was highlighted in this blast from the past:

 

Guided Missile 04-04-2009, 11:57 AM

the Trust actually put it to the vote on whether to back Wilde or Lowe or Crouch

its members overwhelmingly voted in Wilde's favour

the Trust at the time publicly stated that Wilde and Crouch should work together

The main problem was that the Saints Trust was only representing a few hundred, out of touch, impressionable Lowe haters who believed that every Saints' fan thought like them. Easily manipulated by Wilde and quickly betrayed by him, many of them now congratulate Barclays for pulling the plug, when, if it was destroying the club they wanted, they should be thanking Wilde and his wasteful spending spree.

Why does the Trust now issue a rallying cry, when a year ago, with their messiah Wilde returning as chairman, it may have made a difference and avoided the inevitable relegation we now face?

Simple, really. Following a class inspired agenda that included a deliberate destruction of 94% of the club, to get rid of the 6% they hated, the majority of Saints fans realised what the Trust stood for. Now the damage has been done, all that is left is a battle to save face, while a few dreamers fight over the corpse....

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Yeah, but it's much funnier for it to have got as far as the court today. If we'd unearthed this stuff before now it may never have got as far the humiliation phase we appear to be witnessing unravel before our very eyes this week. There's method in our madness, even when we can't be arsed to investigate fully these days! (hithero known as Pompey Takeover Fatigue Syndrome.... Look, I can't even be arsed to think of a smutty acronym!)

 

Pompey Optimistic Opprobium Pedants?

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Neil Allen‏@pn_neil_allen

 

When my colleague @pn_Rory_McKeown asked to speak to Portpin they declined to comment. Shame. #Pompey

 

 

Yes Neil, I can't believe they refused to speak to a pair of journalists who have displayed no element of objectivity in the past 12 months, and whipped up a frenzy of frothing rage against Portpin's charge over the ground and their intent to gain what they deem as a fair return from their investment.

 

:facepalm:

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May I add that the damage the Saints Fans Trust did to our club was highlighted in this blast from the past:

 

To be fair if Wilde n co hadn't had rocked the boat we still would be stuck with Lowe, probably scraping around in the lower end of the Championship with zero hope of anything better.

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Wow, what a day but delving amid the debris of a particularly nasty (but oh so enjoyable) 24 hour car crash, my main question is just what the hell was/is Birch up to granting preferred bidder status to REL who so obviously could not fulfill their pledge. Reminds me of our own Mark Fry who dived head first into Pinnacle without checking with any depth if they had any dosh. Poor old Leon copped the fallout ie a cool half a million and I remember so well a few days after Pinnacle collapsed he rung me to ask if I had a mobile nos for the money men behind Pinnacle. How come people like Birch and Fry fall for these idiots while at the same time the companies they work for laugh all the way to the bank.

Birch should truly fall on his sword but can I just say.... thanks Trev you have been a star!!!!!

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How come people like Birch and Fry fall for these idiots while at the same time the companies they work for laugh all the way to the bank?

 

The answer is in your own question FF...

 

Administration is one of those industries where getting things as 'wrong' as possible, without giving the game away, is the most profit making model for a company...

Edited by trousers
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This is what you meant to post, Duncan....

Although not Saints related I thought, today of all days, this news (which has just come to me from an excellent well-placed source in P*mpey) deserves a position on the main forum. I am told news of the collapse will officially emerge in the next few days.

This is not a wind-up. I don't usually "do" gloating but with the mod's permission can I indulge myself just a little?

 

Perhaps today (December 13th) should now be made a public holiday in Hants.

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@SOSPompey: Just think of all the **** we've been through over the past 3 years, I seen the two people in the flesh who hold a hell of a lot of responsibility for it. It was a weird moment, I didn't know whether to scream, cry or attack them!

 

@croydonpompey: @SOSPompey did you have words with the deepak and kushnir

 

@SOSPompey: @croydonpompey just a few, not just me though.

 

@pn_neil_allen: @SOSPompey @croydonpompey Let’s just say they were made to feel uncomfortable by Carl and a couple of others during the waiting around!!!

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@pn_neil_allen: Most depressing part of a disappointing day? Seeing 14 #Pompey fans sat in public gallery at the High Court. What has happened to football?

 

Aw...bless. Almost starting to feel sorry for the poor fella... Nah, on second thoughts.... :lol:

 

I'm sure it was depressing to see that the self - styled "bestest" could only muster 14 fans at the court case that could seal their club's fate.

 

But no doubt they were still the loudest, most passionate and most inbred 14 fans the court has ever seen.

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@pn_neil_allen: Most depressing part of a disappointing day? Seeing 14 #Pompey fans sat in public gallery at the High Court. What has happened to football?

 

Aw...bless. Almost starting to feel sorry for the poor fella... Nah, on second thoughts.... :lol:

 

And I bet half of them actually had their own court cases there to attend to and were just getting a free bus ride to the court ;)

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Yeah, but it's much funnier for it to have got as far as the court today. If we'd unearthed this stuff before now it may never have got as far the humiliation phase we appear to be witnessing unravel before our very eyes this week. There's method in our madness, even when we can't be arsed to investigate fully these days! (hithero known as Pompey Takeover Fatigue Syndrome.... Look, I can't even be arsed to think of a smutty acronym!)

 

Pompey Induced Stupor Syndrome: Product Of Takeover

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@pn_neil_allen: Most depressing part of a disappointing day? Seeing 14 #Pompey fans sat in public gallery at the High Court. What has happened to football?

 

Aw...bless. Almost starting to feel sorry for the poor fella... Nah, on second thoughts.... :lol:

 

I know Neil, 14 fans turn up for court, that's more than they take to some away games. Mind you those extra-fingered scum must feel more at ease in a familiar setting like a courtroom...

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Watching AFC Wimbledon on TV the weekend before last showed what could be done with a supporter-owned club properly organised. Pompey are not as big a club as they like to think, but they are a bigger club than Wimbledon, but they seem to be clutching to the hope of something coming out of PST taking over the wreckage of the club. They should have started again a couple of years ago, clean slate, and done it properly. Which is what they will end up having to do next season anyway. However, they will need to reform PST as it will otherwise be a complete car crash and this thread will run for another 1500 pages.

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I'm sure it was depressing to see that the self - styled "bestest" could only muster 14 fans at the court case that could seal their club's fate.

 

But no doubt they were still the loudest, most passionate and most inbred 14 fans the court has ever seen.

 

I wonder how many Met officers were denied annual leave to ensure there were enough resources in place for the visiting Pompey 14?

 

Come to think of it, does everyone now have to inform the met when they plan to take a minibus into the Capital?

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Portpin aren't even vying for the club to be sold to them; they're happy for Gulifoyle to continue the administration until the end of the season and find a buyer in that time. So the PDT can't even pull the "Portpin won't pass the Owners & Directors Test" card; with Chinny's new stance, he doesn't have to.

 

Chinny really is a wily old fox!

 

"My position is secured; I will get my money back".

Translation: They're happy for Gulifoyle to continue the administration until February, when they can trouser the last parachute payment and then pull the plug.

 

To be fair if Wilde n co hadn't had rocked the boat we still would be stuck with Lowe, probably scraping around in the lower end of the Championship with zero hope of anything better.

 

In other words, we'd be infinitely better off than Cheats FC are now. :D

 

This is what you meant to post, Duncan....

 

Although not Saints related I thought, today of all days, this news (which has just come to me from an excellent well-placed source in P*mpey) deserves a position on the main forum. I am told news of the collapse will officially emerge in the next few days.

This is not a wind-up. I don't usually "do" gloating but with the mod's permission can I indulge myself just a little?

 

Perhaps today (December 13th) should now be made a public holiday in Hants.

groundhog+day+1.jpg

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Apart from clearly lacking in a great deal of intelligence, he's also got a desperately annoying voice and a gratingly weird accent. Kind of a hybrid of Yam Yam and Northern that has developed with a southern inflexion, its altogether a rather distasteful combination. The stuttering bumbling pr*ck.

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@oldpeoplerock: You know you're famous when u hv a spoof account in your name! We are not worthy @pn_neil_allen or shld that be @pn_neil_alllen? #pompey ;)

 

@dodgycurry: @oldpeoplerock @pn_neil_allen @pn_neil_alllen good spot! thought neil was pushing it a bit! :-)

 

@SjMaskell: @dodgycurry @oldpeoplerock @pn_neil_allen @pn_neil_alllen funny - that account suspended now.

 

@pn_neil_allen: @SjMaskell @dodgycurry @oldpeoplerock @pn_neil_alllen I feel highly honoured. Any #Pompey fan set up a spoof Echo journo account yet???!!

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@pn_neil_allen: Most depressing part of a disappointing day? Seeing 14 #Pompey fans sat in public gallery at the High Court. What has happened to football?

 

Aw...bless. Almost starting to feel sorry for the poor fella... Nah, on second thoughts.... :lol:

 

It makes a nice change to see Pompey fans in the gallery and not in the dock.

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the club future hangs by a thread yet only one family makes the trip to court. :?

 

Perhaps Justice 'closing down' Sales will put the poor sick beast out if it's misery tomorrow.

Though a 28 day course of painkillers costing £250K seems more likely.

 

The reporting from court is amusing but I miss those funny articles about players who want to turn Fatpipes into a fortress and how some random Barnet reject knew there was only one club he wanted to go to after he had 90 letters of rejection, yes, the biggest sleepiest undeveloped giant in the world where packed crowds frighten refs....please get Avram to make another funny speech on the court steps, and if he can't do that he could accuse Chanrai of misleading the judge.

If anyone can make it stand up in court it'll be their favourite uncle.

 

For those reasons alone we need them to survive - for what would we become if we didn't have people to look down on?

Well, technically we'd be QPR, but you know what I mean.

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If I remember correctly, Trev came into all this with a good reputation. Poopey taints anyone that comes into contact with them with their nasty little tar brush, it seems. Is there ANYONE involved in this shambles that looks in any way an upright honest citizen?

 

Can I withold the answer until Justice "Closing Down" Sales has spoken

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the club future hangs by a thread yet only one family makes the trip to court. :?

 

Perhaps Justice 'closing down' Sales will put the poor sick beast out if it's misery tomorrow.

Though a 28 day course of painkillers costing £250K seems more likely.

 

The reporting from court is amusing but I miss those funny articles about players who want to turn Fatpipes into a fortress and how some random Barnet reject knew there was only one club he wanted to go to after he had 90 letters of rejection, yes, the biggest sleepiest undeveloped giant in the world where packed crowds frighten refs....please get Avram to make another funny speech on the court steps, and if he can't do that he could accuse Chanrai of misleading the judge.

If anyone can make it stand up in court it'll be their favourite uncle.

 

For those reasons alone we need them to survive - for what would we become if we didn't have people to look down on?

Well, technically we'd be QPR, but you know what I mean.

 

*snork*

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@pn_neil_allen: Most depressing part of a disappointing day? Seeing 14 #Pompey fans sat in public gallery at the High Court.
you sure it wasn't 140 or even 1400 Neil? Wonder if the court stenographer described them as the World's Greatest?
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May I add that the damage the Saints Fans Trust did to our club was highlighted in this blast from the past:

 

Guided Missile my arse - more a point and shoot rocket propelled grenade!

 

The damage was done by those people who said they'd back Wilde with money - but when it came to it they wouldn't put their hands in their pockets!

 

And Lowe who spent the money that would have kept us up on large executive salaries, bonuses and dividends - not too mention builders and plumbers fees for doing up the training ground!

 

And SISA because they were upset someone else tried to do something!

 

But going into administration was the best thing that ever happened to Saints - because it was the only way we were going to get rid of Lowe and his cronie shareholders

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Guided Missile my arse - more a point and shoot rocket propelled grenade!

 

But going into administration was the best thing that ever happened to Saints - because it was the only way we were going to get rid of Lowe and his cronie shareholders

I'm taking a wilde guess that you weren't a creditor, but just another disenfranchised and detached fan with a class based prejudice. Go to the ground we play our home games in, look around, remember the Dell and thank Lowe. It was Barclays and Wilde, not him, nor his background for which he had no choice in that fu cKed us.

 

Still, if you think forcing a football based business into administration is a plan, feel free. I think we got lucky, unlike Glasgow Rangers, Luton, et al...

Edited by Guided Missile
Drunken rant...
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