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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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teamsaint

teamsaint

Posted
Posted
apparently not as core attendance also comes into it, also the fact that we are 3 divisions higher than AFC Wimbledon or Aldershot were at their juncture - I was also surprised at this but as I understand it thats the likelyhood.

 

well the attendance thing won't help much.

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Sour Mash

Sour Mash

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For f**ks sake. So they're basically being allowed to continue playing/operating while being insolvent (ok, we kind of knew that on here), but its more clear now than ever. And at least another 7 days of speculation on here, anyone else find this thred strangely addictive?!?

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sidthesquid

sidthesquid

Posted
Posted
For f**ks sake. So they're basically being allowed to continue playing/operating while being insolvent (ok, we kind of knew that on here), but its more clear now than ever. And at least another 7 days of speculation on here, anyone else find this thred strangely addictive?!?

 

Hideously. I think I have read all 257 pages, plus attachments. Oh my God, what am I doing with my life?

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Islander

Islander

Posted
Posted
For f**ks sake. So they're basically being allowed to continue playing/operating while being insolvent (ok, we kind of knew that on here), but its more clear now than ever. And at least another 7 days of speculation on here, anyone else find this thred strangely addictive?!?

 

Yeah, spent most of today reading it - should have been working!

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Saint_John

Saint_John

Posted
Posted

And tomorrow's entertainment is :-

 

Henry and Milan at the City of Westminster Magistrates Court.

 

http://www.cps.gov.uk/news/press_releases/102_10/index.html

http://www.cps.gov.uk/news/press_releases/101_10/index.html

 

 

If it is anything like the Storrieteller case, all that will happen is a date will be set for plea and trial.

 

As I said yesterday I been told that as soon as these 3 criminal cases are over the Football Authorities will step in and charge poopey with some football related issue.

 

If this is true, I hope any new investors do not expect to start on zero points next season.

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mack rill

mack rill

Posted
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Surely this is worse news for P*mpey than the 28 days by a long way - to my uneducated eye it looks like they are being prepared for liquidation next week, especially when the judges quotes are taken into account.

 

I am still utterly at a loss as to why they are allowed to carry on whilst clearly insolvent

 

The Beak has a ticket for the game,,,,simples;)

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bridge too far

bridge too far

Posted
Posted
And tomorrow's entertainment is :-

 

Henry and Milan at the City of Westminster Magistrates Court.

 

http://www.cps.gov.uk/news/press_releases/102_10/index.html

http://www.cps.gov.uk/news/press_releases/101_10/index.html

 

 

If it is anything like the Storrieteller case, all that will happen is a date will be set for plea and trial.

 

As I said yesterday I been told that as soon as these 3 criminal cases are over the Football Authorities will step in and charge poopey with some football related issue.

 

If this is true, I hope any new investors do not expect to start on zero points next season.

 

Crikey - in all today's excitement I forgot they were due tomorrow!

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Goalie66

Goalie66

Posted
Posted
Here's a good one get googling for the details chaps.

 

Dear Sunderland FC

 

I undertsand that you competed in a PL match in Portsmouth last night. A High Court Judge has stated that "it appears that they are trading while insolvent' which is not only against the laws of the land, but also against the rules of the FAPL.

 

As they were in breach of the rules, under their regulations it is this counsel's advice that you submit a letter of complaint to the FAPL in writing before Monday 15th February requesting that the result of said match should be overturned and a 3-1 Away win be entered into the record books.

 

 

 

Dear Southampton FC

 

I believe that you have a forthcoming football match against Portsmouth City Football Club this coming Saturday. It is the opinion of a High Court Judge that said PCFC is trading illegally while insolvent. As that statement is now being clarified by legal means it will imply that should said football match be held on Saturday 13th february, then PCFC may be held subsequently to have fulfilled the fixture illegally.

 

It is this counsel's advice that you register a letter of concern with the FA stating that as PCFC have been shown to be insolvent at the time of the court hearing, that should subsequent judgement be upheld, then the match result should be deemed null and void and that the result expunged from all records.

 

Of course, should the High Court subsequently decide that said PCFC are not acting illegally and against the terms of the FA regulations then of course the resulty can stand.

 

 

 

 

Which in English says - we should be able to find a way to make sure we don't get knocked out by them if we lose and they go bust

 

Dubai Phil did you send these to Nial Quinn and Nicola Cortese? Damm good idea?

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Fowllyd

Fowllyd

Posted
Posted (edited)

 

A good read, as always with David Conn's articles. I thought the Times piece linked in an earlier post was, if anything, even better. So here it is again for anyone who missed it first time:

 

http://www.timesonline.co.uk/tol/sport/football/premier_league/portsmouth/article7021577.ece

 

I just love the way the writers' obvious cynicism about all the bullshít from Pompey shines through - starting with the very first line...

 

Edit: when I mentioned an earlier post, I didn't mean the one directly above! But you can't post that link too much, so I'll let it stand.

Edited by Fowllyd
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dubai_phil

dubai_phil

Posted
Posted
Dubai Phil did you send these to Nial Quinn and Nicola Cortese? Damm good idea?

 

No I was thinking out loud - came to me while I supposed to be blanking the brain to hit my driver on the 4th. I sliced it OB and nearly killed some construction worker.

 

It has gaps, it needs some of the attachments and links we've found on here but I do think it is worth the effort.

 

Just needs one of our resident email & google experts, someone on here will know where to find the links to the FA rules and the proper email addresses. I just think karp up and let others take the glory

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dubai_phil

dubai_phil

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Interesting link...

 

http://www.timesonline.co.uk/tol/sport/football/premier_league/portsmouth/article7021577.ece

 

Vantis doing their statement of affairs...

 

which has this fella as a non exec director...

 

http://en.wikipedia.org/wiki/Ken_Dulieu

 

Can't see them being too happy about that!

 

I've mentioned it before. Others are coming around, but this final bit just screams Karma.

 

Many think that karma is linked to all that positive energy stuff like sending waves of focused energy and the hidden power of the human mind. This thread has sure as sh1t shown that works!

 

Must go and talk to a guru or something see if there is more we can do.

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hamster

hamster

Posted
Posted
we have around 6-8k hardcore support, way more than most conf sides

 

on par with gillingham then.

 

I would counter that 'hardcore' in Gillingham is a bit like the Beaufort scale tbh. No disrespect to them and their amazing enviable hardness, which they are righly proud of (and they are extremely proud of it) but they are probably about a 8/9. I always found that the teams with hardcore don;t really have to tell you that they are hardcore, they just are.

 

all imho of course.

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ART

ART

Posted
Posted

This newly updated post at the Guardian titled " Portsmouth delay date with destiny as Balram Chainrai mulls cash input" puts out some disturbing information that's coming to light. Seems money will arrive this week and it'll be at least 2 weeks before the Court can readdress the case. This is due to needing time for the court to read the financial statement that's been requested.

 

http://www.guardian.co.uk/football/2010/feb/10/portsmouth-winding-up-petition

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Thedelldays

Thedelldays

Posted
Posted
This newly updated post at the Guardian titled " Portsmouth delay date with destiny as Balram Chainrai mulls cash input" puts out some disturbing information that's coming to light. Seems money will arrive this week and it'll be at least 2 weeks before the Court can readdress the case. This is due to needing time for the court to read the financial statement that's been requested.

 

http://www.guardian.co.uk/football/2010/feb/10/portsmouth-winding-up-petition

 

they will get out of it.....always a way

it wont stop them getting relegated at all..they are screwed in the prem..

will they be able to survive in the CCC..?

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Gemmel

Gemmel

Posted
Posted
This newly updated post at the Guardian titled " Portsmouth delay date with destiny as Balram Chainrai mulls cash input" puts out some disturbing information that's coming to light. Seems money will arrive this week and it'll be at least 2 weeks before the Court can readdress the case. This is due to needing time for the court to read the financial statement that's been requested.

 

http://www.guardian.co.uk/football/2010/feb/10/portsmouth-winding-up-petition

 

Still have to file accounts within 7 days and thats what the court will base their decision on. If Chainrai was going to put money in, he would have done it today. The only "New" news is this 4 million quid, but this is about them being insolvent or not, so regardless of whether they actually have it as cash now or not, the little Didane saga looks after that as a liability.

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View From The Top

View From The Top

Posted
Posted
they will get out of it.....always a way

it wont stop them getting relegated at all..they are screwed in the prem..

will they be able to survive in the CCC..?

 

I really don't think they'll get out of this after the judge has said they are insolvent.

 

They need a huge injection of cash.

 

If (when) they go down they will implode IF they manage to survive until the summer.

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Fowllyd

Fowllyd

Posted
Posted
This newly updated post at the Guardian titled " Portsmouth delay date with destiny as Balram Chainrai mulls cash input" puts out some disturbing information that's coming to light. Seems money will arrive this week and it'll be at least 2 weeks before the Court can readdress the case. This is due to needing time for the court to read the financial statement that's been requested.

 

http://www.guardian.co.uk/football/2010/feb/10/portsmouth-winding-up-petition

they will get out of it.....always a way

it wont stop them getting relegated at all..they are screwed in the prem..

will they be able to survive in the CCC..?

 

A fair amount of what's in the Guardian article is quotes from Pompey sources, and this is treated in the article with appropriate scepticism. The fact remains that they have one week to prepare the statement of affairs (a serious document in its own right); unless this statement shows quite clearly that the club is able to continue to trade, and is not and will not be doing so insolvently, the court will pull the plug.

 

The only way that will happen is if there is a large injection of funds. Remember that the court is looking for evidence that all creditors will be paid in future, not just HMRC, so Pompey's statement that they believe they owe HMRC nothing (which will be hotly contested anyway) means absolutely nothing. Likewise the bit about two potential buyers undertaking due diligence - as an article in the Times pointed out, we've heard all that before.

 

I still think they're totally, royally screwed and are simply clinging on in the hope of some saviour turning up. And I can't see that happening.

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hamster

hamster

Posted
Posted

I'm sure someone posted a direct quote from the FA Cup rules that they MUST pay us for their Cup tickets by KO on Saturday.

 

I wonder if that is at our discretion or whether it's a stipulation that the FA themselves can insist upon? Maybe they'd forfeit the game regardless of the result.

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Thedelldays

Thedelldays

Posted
Posted
I'm sure someone posted a direct quote from the FA Cup rules that they MUST pay us for their Cup tickets by KO on Saturday.

 

I wonder if that is at our discretion or whether it's a stipulation that the FA themselves can insist upon? Maybe they'd forfeit the game regardless of the result.

 

 

it was in the paper..we have waived the advanced charge...saying "it is not alot of money for us"

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fromdayone

fromdayone

Posted
Posted

This post on the portsmouth news website comments section is very well constructed and seems likely to be accurate and knowledgeable.

 

"This adjournment is not a lifeline. It is not intended to save a drowning man. The shocking claim, made by HMRC, which has come out at today's court hearing is that, according to the judge, the company "appears to be trading whilst insolvent". This is such a serious allegation that it now has to be investigated, PCFC being obliged to submit a statement of financial affairs. If knowingly trading while insolvent the directors of the club become personally liable and may face disqualification under the 1986 Act. This allegation by HMRC will now be put to the test. It will also be determined if any mystery investor has meanwhile committed to put in enough cash to save the situation.

Because this is no longer just about paying the tax bill.

Even if PCFC could somehow borrow or scrounge funds to pay HMRC (the original 7.4 million plus another 4 million that has accrued since), it would still be insolvent unless it can raise by Friday next week a massive sum (we don't know exactly how much, some tens of millions) to take it out of insolvency. (114 The Art of War: "The club has nine days to PROVE that it can pay ALL its debts.")

Any new owner would need to put in that sum to begin with, as a pure loss. Then to put in much more as investment, with only the parachute payments as significant future income beyond gate receipts etc. (the Sky TV money having gone). But if the investor was relying on those payments to cover his initial losses, then they would be swallowed up immediately and you'd probably have to play an amateur eleven. So in essence you need an "investor" who is really a fairy godmother. Or you might get a clever asset-stripper.

There are few real-life precedents for PCFC's situation, because its crisis is part of the emerging general crisis of the football industry, in which other clubs too face potential "Armageddon".

All in all, this has been a disastrous day, not so much because of the judge's decision as because of the truth now revealed."

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stevegrant

stevegrant

Posted
Posted
All in all, this has been a disastrous day, not so much because of the judge's decision as because of the truth now revealed."

But it may ultimately be a pivotal day in that those responsible may now be held to account if it is proven that they were trading while insolvent. Storrie and friends may end up being held personally liable for some of the costs incurred by the club.

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hamster

hamster

Posted
Posted
it was in the paper..we have waived the advanced charge...saying "it is not alot of money for us"

 

Oh I know all about the reports and quotes, but the FA rules state that the monies MUST be paid to the host club before kick off. It may not be us who makes that decision.

 

Good PR I grant you, but rules is rules.

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