Pompey Takeover Saga

[The Kraken]

I just listened to a bit of an interview with, I think, Colin Farmery, on the wireless. I'm sure I heard him refer to a problem that Stuart was lookin to do wiv the administrator to purchase Fratton Park, wot they only found out about on Wednesday night.

 

Now I might be a bit slow on the uptake, but I thought that:

 

1. Birch was selling everything to the Trust, and;

 

2. Everything was agreed in a conditional sale agreement, except the price for Fratton Park

 

i suppose it is futile to expect even a modicum of integrity from anybody involved down there.

 

See if you can make head or tail of this comment from Micah Hall which attempts to answer that very point.

 

Well, it's not an issue over REL having th money. I've heard one suggestion that Portpins claim to the contrary in their statement will result in a writ for defamation - which is why that part of it isn't hitting the media.

 

It's over ts and cs of the deal between PKF and REL. it's commercially confidential, and PST is not a party to that deal or this court case. Therefore it's hard to give the details of someone else's court case when it's about stuff contained in court papers we aren't strictly allowed to see.

[dubai_phil]

See if you can make head or tail of this comment from Micah Hall which attempts to answer that very point.

 

You can bet the mortgage that REL had Conditional funding based on the low valuation from an outside source. Which somehow has become a problem when presented to court:)

 

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[The Cat]

Henry Winter ‏@henrywinter

#ff @pompeytrust and @pn_neil_allen ... doing important work #pompey

 

And there I was thinking Henry Winter was a sensible and esteemed journalist and he comes out with an #ff for Neil Allen and the important work he's doing!!!

 

Oh dear.

[andysstuff]

Micah Hall ‏@blueballoo2000

 

And I see some fans worrying about 'unequal fans' - the HNWs have put in £1m for ZERO RETURN, to keep the club alive.

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55m Andy Andy ‏@Andysstuff

 

@blueballoo2000 you sure it's Zero return? 'We are bridging the losses' suggests otherwise.

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28m Micah Hall Micah Hall ‏@blueballoo2000

 

@Andysstuff yes, I'm sure.

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seems 'bridging the losses' actually means 'giving money away'

[The Kraken]

Well the money they're putting in can't be secured against anything, so it is a gift. Rather like the manner in which Leon Crouch dipped into his own pocket to keep us going.

[andysstuff]

It had better be.

 

Still begs the question how they can spunk £1,000,000 more then their income in ten months whilst in admonistration. That's £25,000 each and every week.

[Saint in Paradise]

Well the money they're putting in can't be secured against anything, so it is a gift. Rather like the manner in which Leon Crouch dipped into his own pocket to keep us going.

 

Perhaps the trust gives them I.O.U. notes? ( Good luck redeeming them )

[dvaughanwilliams]

It had better be.

 

Still begs the question how they can spunk £1,000,000 more then their income in ten months whilst in administration. That's £25,000 each and every week.

 

It's only the last 7 weeks. It's more like £135,000 a week.

[Saint in Paradise]

Just a thought but could Chinnie have a buyer lined up that will only deal with him direct and not Trev ??

 

Could that be why Chinnie tried again to have the admin mob changed to his admin chap. ??

[andysstuff]

It's only the last 7 weeks. It's more like £135' date='000 a week.[/quote']

 

I've no reason to doubt you but thats obscene if true.

[The Kraken]

It had better be.

 

Still begs the question how they can spunk £1,000,000 more then their income in ten months whilst in admonistration. That's £25,000 each and every week.

 

Again from Micah Hall.

 

In fact, the £1m figure covers from October to mid January and includes legal fees, but the club is not washing its own face. I've been in there getting emails generated and trying to get the marketing side off the ground (at my own expense) to try and get some revenue coming in. We need to turn things round urgently a d that's what we are working to do.

[andysstuff]

Again from Micah Hall.

 

In fact, the £1m figure covers from October to mid January and includes legal fees, but the club is not washing its own face. I've been in there getting emails generated and trying to get the marketing side off the ground (at my own expense) to try and get some revenue coming in. We need to turn things round urgently a d that's what we are working to do.

 

Well, it includes Legal fees which aren't ongoing, though I see Chinny is after £400K for his share of the last two days so I would guess PKF's are at least the same. Still suggests a shortfall of £600K in 14 weeks for day to day running of the club.

[The Kraken]

The question I have is this: if the PDT are indeed completely external to the sale of Fratton Park, what is the deal connecting REL and PKF? Could another party offer £2.76M and be in a position to buy the land (ahead of the court case)? Why do REL have exclusivity?

 

I always thought the PDT were buying the ground and then selling it immediately to REL. It would seem that's not the case and its actually in reverse; the PDT really are backseat drivers in all this.

[Joe Kirkup]

I've no reason to doubt you but thats obscene if true.

From memory the quote said that it would be nearly £1mil come 15 Jan so that's £90K ish per week which seeing as they have the lowest wage bill in the division ( honest guv ) with 19 on the playing staff would mean that come the triumphant day of the take over in order to even approach breaking even they won't be able to afford any players at any salary

WTFILN

[Thedelldays]

How are they still going?

 

Unbelievable

 

Surely, sooner rather than later they will shut down and start in the blue square south???

[andysstuff]

How are they still going?

 

Looks like they are relying on the old addage 'there's one born every minute' at the moment

[Chez]

don't worry chaps, should the PST fail to turn the necessary pledges into hard cash, Ms MoneyPenny says there are plenty of fall back options including getting the cash from the governments's Big Society Fund.

[EastleighSoulBoy]

Bear with me; this is a radical idea. But if they're losing so much money, why don't they get rid of their high earning players and either get some (much) cheaper ones or, God forbid, play some of the kids??

 

Would that be uncompetitive though...

[The Kraken]

don't worry chaps, should the PST fail to turn the necessary pledges into hard cash, Ms MoneyPenny says there are plenty of fall back options including getting the cash from the governments's Big Society Fund.

 

She's nicely spoken, but really not very intelligent. At all.

 

http://audioboo.fm/boos/1114734-portsmouth-north-mp-penny-mordaunt-speaking-on-football-hour-14-dec-pompey

 

Um, er, um, er, you know, you know.

[EastleighSoulBoy]

don't worry chaps, should the PST fail to turn the necessary pledges into hard cash, Ms MoneyPenny says there are plenty of fall back options including getting the cash from the governments's Big Issue Fund.

 

There, that's much better!

[Chez]

it will be a ****ing crime if PFC gets a single penny of tax payers money, no matter what guise they are in

[trousers]

it will be a ****ing crime if PFC gets a single penny of tax payers money, no matter what guise they are in

 

^ This

[trousers]

Duplicate post

[suewhistle]

Surely, sooner rather than later they will shut down and start in the blue square south???

 

Isn't that a little high?

[Saint in Paradise]

If they ask for money from Govt. funds just get HMRC to refund all the tax they have paid in the last five years - no worries then.

[Lazlo78]

When did they enter administration (1/2/12?) and is it 12 months they are allowed to be in that position? I know it's been asked a gazillion times in here, but I can't for the life of me remember the answer,,,

 

Anyone to help me out on this one?

[PhilippineSaint]

Strikes me that Trev was the HMRC's choice of administrator at the Court hearing.

 

What if he is actually Agent Terv??

 

What you mean as Pompey stitched up HMRC for 50mil HMRC are now going to take down pompey permenantly from the inside

 

I like it

[Saint in Paradise]

There is a one year time limit within which the administration must be concluded, but this period can be

extended with the agreement of the creditors or the permission of the court if more time is needed to achieve the

purpose of administration. The administration may also come to an end if the administrator thinks the purpose of

administration has been achieved or cannot be achieved.[/size]

Edited 15 December, 2012 by Saint in Paradise

[Lazlo78]

Thanks. I know it's the basic stuff, but there's just so much info in here!

[Saint in Paradise]

Now you make me feel guilty because I increased the font size in my answer. :blush:

[PhilippineSaint]

My Pompey supporting nephew will only say its not good when asked "how are they doing then" and changes topic so must be good for us.

[Torres]

Been away so only just caught up with the latest news from yesterday, but...

 

If the HNW are bridging some funding gap, that means they've burned through the last £3m PP received in August - in addition to revenue. And as early as October? Holy crap.

[rallyboy]

HNW individuals funding the business??

That can't be right, that would mean that pompey are overpaying wages to gain a competitive advantage, trading insolvently, and were being secretly bailed out by property developers on the offchance that they'll make a killing.

And all of that has been denied in the past so that claim by the Trust must be wrong.

 

If it were true it would mean that they really are addicted to insolvency and beyond cure.

 

And the HNW individuals perhaps need to be relabelled individuals.

 

I can see those suckers going the same way as the bloke who paid for Appy's holiday.

Put money in, wave it goodbye.

 

Does that mean 11 weeks = £1M loss?

 

That's quite a burn rate for a company that has already made redundancies and slashed overheads.

So to compete at the bottom of League One they will operate at a loss of £5M a year.

 

 

The best thing to come out of yesterday was that all those mad Nutjob claims about overspending, outbidding Championship clubs and inflated wages were spot on.

 

They really only have one thing of value left in that whole sorry mess, but all parties are circling...

Birch is spending them in advance, the property developers want them, the Trust is wholly reliant on them, the former players are owed them, but Chinny will trouser them! - the final parachute payments are the only thing keeping the sick beast alive.

 

After the £8M payout, there is no future.

They can gather the family, get Bono in to wail an acoustic number, and switch off the machine.

[Frank's cousin]

So, if as rally boy so eleoquently states, there is only one thing keeping them alive.... I am not sure when they actually get the PP cash - did they not get 4 mil earlier and a second 4 mil in feb? and is there a final installment in the summer... please explain..

 

but anyway lets assume they have 8 m left to come... problem is there seem to be even more folks now interested in feeding from the remaining carcus...as I understand it, those currently owed...

 

1. Chiiney - with a charge floating or otherwise upto 17 mil

2. Football creditors 8 mil

3. The old geezer Kanu 2-3 mil

4. The latest HNW bridging loan providers - 1 mil

5. The poor unsecured creditors - 100mil (new CVA can only be initiated if the club is actually bought out of admin?)

6. PFK - whatever they are still owed from their excellent administration work - 12 months and 2 mil in fees sucked out of a struggling L1 club on ever decreasing income... excellent work Agent Birch

7. Tax man - they must be owed something - its the pompey way

 

.... not quite sure the PST pledges converted to date will cover that, especially as the HNW cash has already been injected into the club just to fund continuing losses....

 

...Mr Farmary, should explain how yesterday's court ruling was a 'victory' - a victory would have been immediate liquidation, to allow them to build a pheonix club whilst they still have some converted share cash to fund it.... but suspect the HNW property developers might not be so keen to support the outfit if the land assset is no longer part of the equation... and those who have converted may want tehir money back - a clear case where a club needed to be liquidate early to avoid further losses adding to the creditor insult, and allowing those who are genuine supporters to build soimething new they can have pride in.... sadly egos, false pride and obsession with their 'glorious' past prevented any common sense being applied.... feck em

Edited 15 December, 2012 by Frank's cousin

[trousers]

Is it safe to assume they are actually paying tax at the moment....or is that yet another groundhog day laugh-out-loud episode on the horizon?

[fanimal]

seriously, at what point do the Boys in Blue from Hampshire plod walk in on the Blue Few and deliver the 'coup de grace'?

 

Outright theft is taking place yet again in front of everyones eyes, the MP included, and no one in any position of power does a thing!

 

Emporers clothes or what.....

[Big Bad Bob]

Is it safe to assume they are actually paying tax at the moment....or is that yet another groundhog day laugh-out-loud episode on the horizon?

 

*IF* most of the players are on monthly contracts, would they be considered self-employed for tax purposes, therefore they would be liable for their own tax and NI (employers and employees)??

 

All the club would cover is PAYE for their permanent players and staff and VAT..

[derry]

HNW individuals funding the business??

That can't be right, that would mean that pompey are overpaying wages to gain a competitive advantage, trading insolvently, and were being secretly bailed out by property developers on the offchance that they'll make a killing.

And all of that has been denied in the past so that claim by the Trust must be wrong.

 

If it were true it would mean that they really are addicted to insolvency and beyond cure.

 

And the HNW individuals perhaps need to be relabelled individuals.

 

I can see those suckers going the same way as the bloke who paid for Appy's holiday.

Put money in, wave it goodbye.

 

Does that mean 11 weeks = £1M loss?

 

That's quite a burn rate for a company that has already made redundancies and slashed overheads.

So to compete at the bottom of League One they will operate at a loss of £5M a year.

 

 

The best thing to come out of yesterday was that all those mad Nutjob claims about overspending, outbidding Championship clubs and inflated wages were spot on.

 

They really only have one thing of value left in that whole sorry mess, but all parties are circling...

Birch is spending them in advance, the property developers want them, the Trust is wholly reliant on them, the former players are owed them, but Chinny will trouser them! - the final parachute payments are the only thing keeping the sick beast alive.

 

After the £8M payout, there is no future.

They can gather the family, get Bono in to wail an acoustic number, and switch off the machine.

 

By my reckoning £8m is for the 2013 PP in total. £4m for Feb, £4m for August. Additionally will the Premier pay it to the FL/FA to cover the £8m settlement to the contracted players?

[Faz]

By my reckoning £8m is for the 2013 PP in total. £4m for Feb, £4m for August. Additionally will the Premier pay it to the FL/FA to cover the £8m settlement to the contracted players?

 

Then surely the game is up? Somewhere along the line there is another £2m secured by Chinnery's floating charge.

 

The initial budget published by the PST was thin at best, this decimates it.

 

Just waiting for the PST spokesman in January - "This is a great result, we wanted liquidation all along......"

[dronskisaint]

*IF* most of the players are on monthly contracts, would they be considered self-employed for tax purposes, therefore they would be liable for their own tax and NI (employers and employees)??

 

All the club would cover is PAYE for their permanent players and staff and VAT..

 

That in itself would be a novelty!

 

Serious point though - to knowingly be trading insolvently is against the law..I'm not sure how being in administration may affect that but surely the tax must be the responsibility of the administrator? If the new debt is incurred on his watch then surely this, and all other debts that are incurred, must be down to PKF? I'm not sure how the 'bridging' loan from HNW is covered under the definition of debt at a time when even the RBS wouldn't lend them money?

 

Anyone been to P*mpey onmeltdown to see how the plucky ones are bearing up...looking forward to the attendance figure!!

 

Shalala-lala-lala etc:D

[suewhistle]

Now you make me feel guilty because I increased the font size in my answer. :blush:

 

Fine, it'll be easier to find on a quick scan when we all forget again.:-)

[dubai_phil]

Woo hoo. Just blagged an upgrade on Emirates A380 home from Munich. That means I can sit at their Cocktail Bar & Toast pcfc all the way home.

My thanks to the Management of PDT for their outstanding efforts to save their club while aiming for a Headline award at Edinburgh Festival.

Surely Farmery must be up for a Brit Award for comedy performance of tje year.

#canstillgetworseskates

 

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[OldNick]

Woo hoo. Just blagged an upgrade on Emirates A380 home from Munich. That means I can sit at their Cocktail Bar & Toast pcfc all the way home.

My thanks to the Management of PDT for their outstanding efforts to save their club while aiming for a Headline award at Edinburgh Festival.

Surely Farmery must be up for a Brit Award for comedy performance of tje year.

#canstillgetworseskates

 

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how do you blag these upgrades? I know you start telling them your golf stories, their eyes glaze over and they just upgrade you. I get downgraded into stowage as the stewards all want to get me into a quiet area.

I do hope your tooth is not hurting, will the flight bring any pain on.............

[Wurzel]

how do you blag these upgrades? I know you start telling them your golf stories, their eyes glaze over and they just upgrade you. I get downgraded into stowage as the stewards all want to get me into a quiet area.

I do hope your tooth is not hurting, will the flight bring any pain on.............

 

He probably wears his " I'm a PTS Nutjob" t-shirt. The rest of the world is so grateful for our efforts an upgrade would be the least to expect

[dubai_phil]

how do you blag these upgrades? I know you start telling them your golf stories, their eyes glaze over and they just upgrade you. I get downgraded into stowage as the stewards all want to get me into a quiet area.

I do hope your tooth is not hurting, will the flight bring any pain on.............

 

This one was easy. Lost a filling Tuesday. Broke the tooth Wed needed emergency extraction 50quid Thursday. Today? I have this really bad infection I feel really unwell I noticed the flight was full please help me. Always do it with I know u have a sh1t job but I could ease your pain look. Easy when checkin is female but it takes real dedication to go that rpad when it's a bloke... But hey flat bed Moet & great food.. Hell I can flirt with anyone for 40seconds knowing I won't see them ever again. :cool:

 

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[OldNick]

This one was easy. Lost a filling Tuesday. Broke the tooth Wed needed emergency extraction 50quid Thursday. Today? I have this really bad infection I feel really unwell I noticed the flight was full please help me. Always do it with I know u have a sh1t job but I could ease your pain look. Easy when checkin is female but it takes real dedication to go that rpad when it's a bloke... But hey flat bed Moet & great food.. Hell I can flirt with anyone for 40seconds knowing I won't see them ever again. :cool:

 

Sent from my HTC One X using Tapatalk 2

At least there was no worry re the infection reaching the brain, there's no way it could find anything that small. I know they all sleep with you, I'm bloody comatose listening to you when we go out for a drink in Salisbury. No need fro Ryhapnol (?) you just play a recording of your conversation, bang they are asleep.

[OldNick]

...

[OldNick]

This one was easy. Lost a filling Tuesday. Broke the tooth Wed needed emergency extraction 50quid Thursday. Today? I have this really bad infection I feel really unwell I noticed the flight was full please help me. Always do it with I know u have a sh1t job but I could ease your pain look. Easy when checkin is female but it takes real dedication to go that rpad when it's a bloke... But hey flat bed Moet & great food.. Hell I can flirt with anyone for 40seconds knowing I won't see them ever again. :cool:

 

Sent from my HTC One X using Tapatalk 2

'Lost a filling Tuesday. Broke the tooth Wed needed emergency extraction 50quid Thursday,'

 

thats the lyrics to a Craig David song

[saints_is_the_south]

Express FM reporting that despite what Trust are saying the adjournment is a disaster. Club set to run out of cash flow money on 21 December. There is money in the club but that will need to go towards creditors and Birch. Club may be liquidated before Boxing Day if issues are not resolved.

[Colinjb]

Express FM reporting that despite what Trust are saying the adjournment is a disaster. Club set to run out of cash flow money on 21 December. There is money in the club but that will need to go towards creditors and Birch. Club may be liquidated before Boxing Day if issues are not resolved.

 

Joy to the world, the Skates are done......