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Pompey Takeover Saga


Fitzhugh Fella

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there was a comedy poster called Ho

he used to post regularly long ago

he got so much wrong

then it all went Pete Tong

and Pompey ran right out of dough

 

couldn't fit "gutless ******" in. since you check in regularly Banker why don't you rejoin the fray and let us enjoy some more of your bull****?

 

We know him as Ho, they know him as Banker

For years his Bullsh*t made me a thanker

Nutjobs confronted him with the truth

He became all aloof

Ergo, he's a gutless w*nker

 

 

HTH

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... and then one would assume the unsuccessful party appeal, hence dragging the process on beyond the FL deadline.....

 

That's an unknown. I seem to remember reading a little while ago that there is no right to appeal, unless it is on a particular point of law that was not followed properly. But then I probably read that in the Pompey boards so its equally likely it could be completely made up and full of sh*t.

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acf259c9-fcdb-4488-be11-f4fe8a9acf93_normal.pngNeil Allen ‏@pn_neil_allen

Joe has a point. #Pompey is a Dickensian novel. Full of greed, villainy, poverty, caricatures & outrageous coincidence. In print since 2010.

 

Erm....I think you'll find the rot started long before 2010 Mr Allen...

 

Has anyone seen this before? It seems Saints aren't the only club to have banned Neil Allen.. http://www.markpack.org.uk/6310/when-is-it-ok-to-ban-a-journalist/

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That's an unknown. I seem to remember reading a little while ago that there is no right to appeal, unless it is on a particular point of law that was not followed properly. But then I probably read that in the Pompey boards so its equally likely it could be completely made up and full of sh*t.

 

That's what I understand also. The judge can rule that an independent valuation can be set for the ground to be sold but that can be challenged on principle. Which presumably Chinny would do if he felt it was too low and the value of his outstanding charge on the ground had been ignored. I.e. you can't flog what is not entirely yours to sell regardless of the market value.

 

It's like trying to sell a car that is worth £3K for £3k irrespective of the fact there is an outstanding and unpaid hire purchase arrangement on it. The judge may rule the car is worth £3K but that's about it. As far as I can work out anyway!!

Edited by TopGun
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First of all, the hearing is to decide whether FP can be sold in the first place.

 

If it decides it can be sold, the judge will then set a market value for it.

 

Are you completely sure about that? I thought I remembered one of our more knowledgeable posters saying that the judge could not give a definitive valuation but could only say if he thought the price PKF wanted to sell it for was reasonable. That is he could approve or not approve the sale at the price PKF have agreed with the trust and that is all.

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There was a guy from The News

who was obsessed with counting the fews

Everyone else could see there were ten

But Mr Allen would multiply them

When teams came to Fratton he would say

This is their cup final, this is their special day

Behold the bestest in all the land

But no he won't donate his own grand

If you try and explain he is wrong

He will block you on twitter and call you a mong

He doesn't like us in his live chats

Dirty scummer you can't ask that

The average skate does not need to know

Where the money comes from or where it will go

All that matters is we are the best

By the way do you have Kanu's address

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The club of the bestest few

Had payments long overdue

They said 'what the heck'

And ran from the check

Now they're minus 10 in League Two

 

 

 

Edit: events described above is obviously a best case scenario...

Edited by Lazlo78
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That's what I understand also. The judge can rule that an independent valuation can be set for the ground to be sold but that can be challenged on principle. Which presumably Chinny would do if he felt it was too low and the value of his outstanding charge on the ground had been ignored. I.e. you can't flog what is not entirely yours to sell regardless of the market value.

 

It's like trying to sell a car that is worth £3K for £3k irrespective of the fact there is an outstanding and unpaid hire purchase arrangement on it. The judge may rule the car is worth £3K but that's about it. As far as I can work out anyway!!

 

I think you've got it right that the judge can easily rule on a independent value for the asset, however the sticking point is BC's charge against it hence the need for two days rather than 1 hour slot of presenting independent valuations.

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Official_Twitter_Logo_normal.jpgPortsmouth FC ‏@officialpompey

Let us know your favourite foreign #Pompey signing - and why - for the MK Dons programme. Use hashtag #MKDonsProg

There aren't enough facepalms in the world to allow me to copy all of the replies (yep, you've guessed it.... fans fawning over all the players they couldn't afford....)

 

I don't think they'll EVER get it...

 

edit: I'll make an exception for this one...

 

rkr7lwo9auir17c528qj_normal.jpegmatthew clements ‏@mattclementspfc

@officialpompey #MKDonsProg Kanu for scoring in the semis of the fa cup and the winner against Cardiff

 

:facepalm:

 

Did they actually sign that French fullback who had previously been released by Margate or someone? If so, he's pretty high up my list. Special mention must also go to John '£70k/week' Utaka, Asmir 'Cost £1m to sell Begovic' and Erik 'Stop creaming yourselves about him cos he's shiiiit' Huseklepp.

 

In fact, there are so many who give real LOLs it's pretty difficult to pick a top10, let alone a favourite 1.

Edited by Torres
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Actually, while I'm here - Corp Ho (Hello, long time no see, hope you're enjoying yourself on this thread and that toy sales aren't being hit too much by the current economic difficulties) why not come back and give us your Top 5 rumoured signings that never came to pass? I'm sure Riquelme will be top, closely followed by Maradonna, but who else would make your shortlist of players that narrowly got away?

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Read this article by Patrick Barclay the Evening Standard on the train home last night

 

http://www.standard.co.uk/sport/sport-comment/patrick-barclay-sad-story-of-the-prince-and-the-paupers-8504516.html

 

I generally think he is an excellent writer, but I don't always agree with all he says - in this case he is mostly correct. Here's the first bit.....

 

Watching Milan play Barcelona at San Siro last night, I couldn’t help but feel for Kevin-Prince Boateng and Sulley Muntari. How they must miss the good old days at Portsmouth.

 

All they have left now is Champions League nights with Lionel Messi, when they could be revelling in the fight to avoid relegation to League Two.

 

The Ghana pair (above), who scored the goals that beat Barcelona in an enthralling first leg, offered a poignant reminder of a lost age at Fratton Park. An age that must never return.

 

It was less than five years ago when Portsmouth won the FA Cup by beating Cardiff and, although the club’s support were not to blame for the overspending that conspired in it, their celebrations must be viewed in retrospect as fraudulent.

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I wonder whether the Judge will try to be clever and say something like £3M + Add Ons.

Where the Add Ons could be (say) :-

(a) 15% - 20% of any Gate Receipts for the next 5 years.

or

(b) 50% of any future Transfer Fees for the next 5 years, i.e. if they spend 500k on a player then they must pay Chainrai an extra £250k (this would cover any "rich backer hiding in the shadows" trying to get the ground on the cheap because (as we all know) the trust's bid as it stands doesn't stack up).

or

© 50% of any profit if the land is resold to somebody else (Tesco) in the next 5 years.

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Actually, while I'm here - Corp Ho (Hello, long time no see, hope you're enjoying yourself on this thread and that toy sales aren't being hit too much by the current economic difficulties) why not come back and give us your Top 5 rumoured signings that never came to pass? I'm sure Riquelme will be top, closely followed by Maradonna, but who else would make your shortlist of players that narrowly got away?

 

Nursing a hangover in the middle of a two gig weekend, and writing my wedding playlist...

 

That post read name your top 5 Corpy, does it include Rihanna & Madonna?

 

Mind you Rihanna would be pretty good up front

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I wonder whether the Judge will try to be clever and say something like £3M + Add Ons.

Where the Add Ons could be (say) :-

(a) 15% - 20% of any Gate Receipts for the next 5 years.

or

(b) 50% of any future Transfer Fees for the next 5 years, i.e. if they spend 500k on a player then they must pay Chainrai an extra £250k (this would cover any "rich backer hiding in the shadows" trying to get the ground on the cheap because (as we all know) the trust's bid as it stands doesn't stack up).

or

© 50% of any profit if the land is resold to somebody else (Tesco) in the next 5 years.

 

And that then becomes liabilities.

 

Which then get carried forwards....

 

*like*

 

What was the FL's acceptable figure?

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Nursing a hangover in the middle of a two gig weekend, and writing my wedding playlist...

 

That post read name your top 5 Corpy, does it include Rihanna & Madonna?

 

Mind you Rihanna would be pretty good up front

 

I'd be pretty scared of Madonna at the back though. Get away from me with that! :uhoh:

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I'd be pretty scared of Madonna at the back though. Get away from me with that! :uhoh:

 

Madonna at the back could probably be OK with. (I got that dodgy silver covered book of hers all those years ago - didn't look photoshopped)

 

Certainly would be worried if it was (allegedly) Lady Gaga though

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Read this article by Patrick Barclay the Evening Standard on the train home last night

 

http://www.standard.co.uk/sport/sport-comment/patrick-barclay-sad-story-of-the-prince-and-the-paupers-8504516.html

 

I generally think he is an excellent writer, but I don't always agree with all he says - in this case he is mostly correct. Here's the first bit.....

 

It's really telling that the "fradulent" quote has been picked up by several posters in this thread - way too few journalists cover this angle...

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First of all, the hearing is to decide whether FP can be sold in the first place.

 

If it decides it can be sold, the judge will then set a market value for it.

 

Will the judge make a decision that day or is it to hear the arguments from both sides with his verdict to be delivered at a later date?

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Are you completely sure about that? I thought I remembered one of our more knowledgeable posters saying that the judge could not give a definitive valuation but could only say if he thought the price PKF wanted to sell it for was reasonable. That is he could approve or not approve the sale at the price PKF have agreed with the trust and that is all.

 

That is my understanding. In effect PKF are asking the judge, "is it ok to sell Fratton for £3 miilion and force Portpin to take that as 'full' payment of their charge, even though their charge is for much more?"

 

Obviously the judge will hear arguments about the correct value of Fratton Park as part of the case , but it is not his job to arive at a definitive correct valuation as such. If it were, he could have gone ahead with the case weeks ago.

 

The adjournments were necessary because PKF weren't in a position to go ahead with the sale, so a decision forcing it through would have been a bit embarrassing.

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Don't think they have time for that

 

And that's the point of my question.

 

I don't know whether this will be pretty straight forward for the judge or not, I guess it will be but Baloo will try to throw a few spanners into it. Whatever the case, the judge's sole interest will be to make the correct decision and he/she won't care that the FL have a deadline for the club to be out of admin.

 

Either way 89rdf.gif

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As Penny roared “The trust’s a must”,

She proffered out her chubby bust

With two breasts clear for all to see,

One looked like old Farmery

And with nipples protruding like a cannon

The other tit was Neil Allen

 

 

OK OK, enough silly poems - What the **** is going on?

 

There is quite obviously something we don't know, but whatever it is, old Trev doesn't seem to want to go to court. My only guess could be around this 2 million floating charge, that he appeared to have overlooked and the trust are refusing to pay

 

I thought we were about done on here, but looks like there is plenty of legs in the old girl yet.

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It's really telling that the "fradulent" quote has been picked up by several posters in this thread - way too few journalists cover this angle...

 

Even Mr Ho concurred with the content of the article. I never thought I'd live to see the day where a Pompey fan admitted their FA Cup win (and other hollow victories) were based on unsustainable finances and "fraudulent" support of said practices. Time to get the "they get it after all" bunting out perhaps?

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it's a bit much when the league can't seem to clarify the deadline - poor old Guy doesn't know whether they will be wound up at the final whistle of the season, or at the AGM.

The men in blazers have a lot to answer for, firstly imposing all those nasty owners on the poor club, and now punishing them twice for the same crime.

 

I'm struggling to see how that late date for the court could be any worse for the Trust.

There is no time to sort things out.

 

Birch must be buried under problems - the court case, the charge on assets, the lack of Trust funds, Harris and his merry band - would you deal with all that on no fees?

I think not.

So I don't buy the capped fees tale - it's up there with players costing nothing.

I miss those squirrel barbecues under the stars, the Slaughter in Gibraltar trip stowed away on a fishing boat, and those cycle adventures to away games, they were good for team bonding.

 

They will have to call on every mason and secret society favour in the legal system to wriggle off this hook - and they used up too many of them the last time they walked from court.

If you keep gambling everything, it's only a matter of time before your luck runs out.

 

The net is closing.

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The judge has already shown sympathy (bias??) towards the Trust's bid by setting a "latest date" of 19th April. In one of the press releases yesterday it was stated that the natural course of things (if Pompey were a "normal" company :lol: ) would have been a date later in the spring or even early summer.

 

So, given the judge is seemingly bending over backwards to help the club survive (under Trust plans), indicates to me that he's got his eye on an outcome that is sympathetic to the Trust's bid.

 

Lots of reading between the ones there but the judge had the opportunity yesterday to treat Pompey the same way he'd treat any other company but he chose not to...

 

I'm therefore expecting the judge to rule in favour of Portpin's charge being diluted to £3m. What happens then is anyone's guess...?

Edited by trousers
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The judge has already shown sympathy (bias??) towards the Trust's bid by setting a "latest date" of 19th April. In one of the press releases yesterday it was stated that the natural course of things (if Pompey were a "normal" company :lol: ) would have been a date later in the spring or even early summer.

 

So, given the judge is seemingly bending over backwards to help the club survive (under Trust plans), indicates to me that he's got his eye on an outcome that is sympathetic to the Trust's bid.

 

Lots of reading between the ones there but the judge had the opportunity yesterday to treat Pompey the same way he'd treat any other company but he chose not to...

 

I'm therefore expecting the judge to rule in favour of Portpin's charge being diluted to £3m. What happens then is anyone's guess...?

 

There's no reason to take that view.

 

Cases are often heard quicker (or fast-tracked) if there's a specific reason.

 

It's the possibility for appeal if Chinney loses that intrigues me

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Chatting to a good friend in commercial property rental / sales - average cost in Skatesville roughly is £250k per 2000 Sq Feet - how big is old fatpipes in Sq feet in wonder ?

 

90,000? (very rough guess...300x300 ft)

 

Edit: which, coincidently, comes to £11,250,000

 

Now, where have I seen that figure before?!

Edited by trousers
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OOOOOhhh, one of the few is finally getting it....

walksa

10:52 AM on 22/02/2013is the trust bid really ready to go?

 

The longer and longer this has been drawn out the more money the trust was expecting to 'inherit' is being used up. Latest update from PFK is on their website;

 

ww.pkf.co.uk/web/pkf.nsf/00F0EE29247BAB1480257B190035B736/$file/Signed+Progress+Report+170812+to+020113.PDF

 

Potentially noteworthy points :

 

- trading loss for the period Aug to Jan was £184k, before everyone jumps up and down about PFK this does not include the administrators fees

- the loss was despite the HNW's putting in £244k as 'contributions to ongoing trading', making the real trading loss £428k

- £985,196 of parachute payment was received and used during th period Aug to Jan. The first progress report indicated that c.£8m payments were due to the club, effectively the total now due is closer to £7m.

- The business plan in the prospectus assumed 7 months trading in year one, this will now effectively be reduced to nothing as the takeover will likely only occur just before the start of the season.

- The business plan in the prospectus needs the PST to get the clubs annual expenditure down to £5.3m p/a, despite all the administrators cutting the overheads for 4 and half months were £3.2m - giving an annual expenditure of over £8m.

- There is currently no rent/loan repayment commitments for Fratton Park - it is fair to assume on this basis that overheads will increase rather than go down under the Trust.

- The propectus suggests that the 'total' investment under the 5 year buisness plan is £5.895M. If the courts agree to the sale to BC at the proposed $3m figure, and with HNW's already releasing £244k the amount of working capital will be £2.6M or less, much less again once the CVA is taken into account.

 

So is the bid really fully funded or is there effectively enough money to conclude the deal, but the 5 year business plan goes out of the window. The contractual payments to the former players alone seems to exceed future parachute monies if the reported figures are correct. Liabilities will increase (loan repayments) and some £3m of additional savings need to be found. The business plan also assumes that income will grow!! 11 months from Feb 2012 to Jan 2013 showed total income of £5.3m (based on Championship/L1 revenues). The ongoing trust plan is based on annual revenues of £6.2m. It smacks of finger in the air guestimation, as revenues will surely drop further in L2 next year.

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