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Ah Nick....Please look here... Jackanory is willing to take a pay cut to remain on board the sinking ship...Very decent of the ole chap :D

 

http://www.portsmouth.co.uk/pompeyinvestigation/Storrie-I39ll-stay-to-fight.6098638.jp

Thanks Querty Read the comments below, they still think Storrie is a goodie. It is hilarious.

Im amazed an administrator would leave him there. Of course the administrator xcan be steered clear of certain things and also the staff will be very wary to whistle blow with him still there.

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What part did a certain Mr. Redknapp play in all this? Also other clubs who have been in peril - Saints, West Ham, Bournemouth.

 

To be fair, I'm not sure he played that bigger part in our financial meltdown, but we were not in a particularly bad situation when Barclays had a wobble and pulled the plug being owed only £4m.

 

As for Portsmouth, West Ham and Bournemouth - He played a very significant part

 

:smt066

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Funnily enough, I was just thinking that what's outlined in the Mirror was a possible and even likely deal struck yesterday. If, as claimed, next year's parachute payments will be paid to the club once it enters administration, this should just about allow it to limp through to the end of the season. All fixtures will be fulfilled, Pompey will be relegated. After that, the PL doesn't give a flying one, as it'll all be the FL's problem.

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Funnily enough, I was just thinking that what's outlined in the Mirror was a possible and even likely deal struck yesterday. If, as claimed, next year's parachute payments will be paid to the club once it enters administration, this should just about allow it to limp through to the end of the season. All fixtures will be fulfilled, Pompey will be relegated. After that, the PL doesn't give a flying one, as it'll all be the FL's problem.

 

Pompey had 4m the other week that they offered HMRC that should cover the wages.

I do wonder what HMRC next move is, they would have expected the administration route.

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Funnily enough, I was just thinking that what's outlined in the Mirror was a possible and even likely deal struck yesterday. If, as claimed, next year's parachute payments will be paid to the club once it enters administration, this should just about allow it to limp through to the end of the season. All fixtures will be fulfilled, Pompey will be relegated. After that, the PL doesn't give a flying one, as it'll all be the FL's problem.

 

Dead right... the PL can't wait to wash their hands of them and the FL can't wait to get hold of them.

 

I can't see them being bought out of admin for the minimum required to ensure a start on zero points next season.

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There are still many questions still to be answered. Like, do the FA condemn a club playing in their prestigious cup, whilst being insolvent. Like are the PL happy, that a team in their global brand, has been fielding a team, that they have been unable to pay, giving them an unfair advantage over other teams in the league. Like if as we suspect, that the PL have struck a deal with the Horesea cheats, will they now be prepared to bail out every team with financial troubles??.....the list is endless, I hope the media will be asking these questions.

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There are still many questions still to be answered. Like, do the FA condemn a club playing in their prestigious cup, whilst being insolvent. Like are the PL happy, that a team in their global brand, has been fielding a team, that they have been unable to pay, giving them an unfair advantage over other teams in the league. Like if as we suspect, that the PL have struck a deal with the Horesea cheats, will they now be prepared to bail out every team with financial troubles??.....the list is endless, I hope the media will be asking these questions.

 

The FA will stick their head in the sand

 

The PL won't comment on the bailing

 

It will be a big load of ignoring the situation until it goes away

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I loved this bit:

 

Meanwhile, Mr Storrie praised the actions of Mr Chainrai.

 

He said: 'What he's done is safeguard his club. If he'd left it to court on Monday it could have been wound up.

 

'Instead he's prepared to back the administrator. That's tremendous for the club and should be applauded. It's not the best thing in the world and a lot of people are going to be affected by it.

 

'These are local people and businesses who love the club and it's awful this is happening to them. But Balram is doing this to safeguard the club.

 

'He's going to fund the administrator and I don't think you can ask more of someone who's a money lender who's fallen in love with the club.'

 

Should I feel down for any reason today, I'll just think of that last line and it'll have me tittering away in no time. :smt046

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Funnily enough, I was just thinking that what's outlined in the Mirror was a possible and even likely deal struck yesterday. If, as claimed, next year's parachute payments will be paid to the club once it enters administration, this should just about allow it to limp through to the end of the season. All fixtures will be fulfilled, Pompey will be relegated. After that, the PL doesn't give a flying one, as it'll all be the FL's problem.

 

Now, I know it's an extreme possibility, but one that does exist, what if Pompey avoided relegation even with the -9. I can't see it happening, but imagine the nightmare scenario for the PL then!

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The suggestion is that Chainrai is a secure creditor so gets all his money ahead of all other unsecure creditors including HMRC.

 

Solent again said this morning that him putting the club into administration may be taken out of his hands by Barclays who have a floating charge over the club.

 

We all know that Gaydamac says he is owed £30.5m and is holding the surrounding property as security. We also know that Barclays have a charge over those properties and we can assume they will also be a preferred creditor. For what reason they have a charge is not known but I assume it is because they loaned the money for Gaydamac to purchase such property.

 

What is Gaydamac really owed? We know Jacob & Storrie have disputed the club owe him the money, they said as much a while back. If Barlcays are owed a substantial amount of that money as a secure creditor it seems, along with Chainrai's, there will be little left for the unsecure creditors.

 

So HMRC who are owed £11.5m or £18m depending what media reports you believe. Udenese are owed *£10m (not a football creditor but a football debt - see below) Gaydamac £30.5m less what he might owe to Barclays, and other unknowns likely to be a few million.

 

Looks to me as if HMRC might well be a unsecure creditor of more that 25% of the pot left after secure creditors. So no CVA and more misery for PFC.

 

Pure speculation based on snippets picked up, of course

 

 

 

* As far as the FA are concerned, Football Creditors are:

The FA

The Premier League, Football League, Football Conference, Northern Premier League, Southern League, Isthmian League and their clubs

Any full-time or part-time employee of those clubs (or ex-employee if owed money from their tenure) – note, no distinction is made between footballing and non-footballing employees, so admin staff are considered Football Creditors.

The Professional Footballers’ Association

The Football Foundation

Any Affiliated Association (essentially the County FAs)

Any other affiliated clubs or leagues

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A complete load of rubbish, written by that 'credible?' journo Alan Nixon. PL can't do deals like this behind the backs of other clubs, some of whom have been quite damning and completely unsympathetic of Pompeys plight.

 

Just becasue they don't admit it or publicise it doesn't mean it's behind other clubs backs.

 

SSN always interview the Manager. The boards makes the decisions.

 

All the clubs will be in on this. Use up a relegation place and get rid of the embarrasing club

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After a series of defeats from South Africa to New Zealand, Jackanory could finally tell the PFC Trust that "we have a new experience. We have victory - a remarkable and definite victory."

 

Alexander and Al turned back the Premier leagues forces at El London, thus winning what Jackanory called "The Battle of Cape Town." I have never promised anything but blood, tears, toil, and sweat. Now, however,

 

The bright gleam has caught the helmets of our soldiers, and warmed and cheered all our hearts.

 

General Alexander, with his brilliant comrade and lieutenant, General Jackanory, has gained a glorious and decisive victory in what I think should be called the battle of Cape Town. The Tax Man has been defeated. It has been routed. It has been very largely destroyed as a fighting force.

 

This battle was not fought for the sake of gaining positions or so many square miles of Fratton territory. General Alexander and General Jackanory fought it with one single idea. they meant to destroy the armed force of the Tax Man and to destroy it at the place where the disaster would be most far-reaching and irrecoverable....

 

Now this is not the end. It is not even the beginning of the end. but it is, perhaps, the end of the beginning. Henceforth Consortiums will meet equally well armed, and perhaps better armed troops. Hence forth they will have to face in many theatres of war that superiority in on the pitch which they have so often used without mercy against other, of which they boasted all round the world, and which they intended to use as an instrument for convincing all other peoples that all resistance to them was hopeless....

 

We mean to hold our own. I have not become the First owner in order to preside over the liquidation of the Fratton Empire. For that task, if ever it were prescribed, someone else would have to be found, and, under democracy, I suppose the nation would have to be consulted. I am proud to be a member of that vast stadium and society of Bells and communities gathered in and around the ancient Fratton Park, without which the good cause might well have perished from the face of the earth. Here we are, and here we stand, a veritable rock of salvation in this drifting world....

 

The British and South African consortium affairs continue to prosper in the Mediterranean, and the whole event will be a new bond between the English-speaking players and a new hope for the whole of football

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Wouldn't it be funny if they went into Admin' date=' then suddenly Gaydamak buys the club?[/quote']

 

IMO alot will depend on the Court Case in Israel with Daddy.

 

Information about that case is starting to appear in the Dutch press (dated 17 Feb 2010 - changed yesterday). It is worth a read.

http://www.nrc.nl/international/article2485661.ece/Dutch_company_involved_with_arms_dealer

 

Remember this is the case that caused Daddy to have his Bank Accounts frozen in Israel, which (IMO of course) stopped money flowing into PCFC.

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The FA will be accountable for the fit and proper person check system they have in place, they have let people take on that club using filthy lucka for a purpose to settle unpaid grubby debts that stretch back ions, and for debts that maybe best not to question. Totally not for the love of football or a money making investment. Lets face it we all knew Skate is worthless as a tool for making a return on your investment. The new guy has been to55ed off again continuing the family feud and I would imagine not a happy bunny. His interest is not the club but his money. I am sure the FA want this issue sorted ASAP, but as they are one of many shoulder rubbing entities in this soup the best thing they can do at the mo is to be diplomatic and quiet as to not raise any questions relating to the credibility of their fit and proper system.

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Ah Nick....Please look here... Jackanory is willing to take a pay cut to remain on board the sinking ship...Very decent of the ole chap :D

 

http://www.portsmouth.co.uk/pompeyinvestigation/Storrie-I39ll-stay-to-fight.6098638.jp

 

 

You have to read the small print with Storrie, quote:

'There will be cuts at all levels. That's something for the administrator to do to make sure the club keeps going. I will be taking a big cut as well.

Some things never change

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Some PFC supporters are seeing the light

 

Quite an intelligent one on SSN this morning acknowledging that reforming is a far better option than the future that Chainrai has lined up for them

 

Just seen that. A guy named Mike Hall from the PFC Supporters Trust (could well have been Mero) said (paraphrased) that the "Plan B they've got, to start a new football club is going to have to be moved right up the agenda. There is not anybody involved in this situation that has got a real desire to keep PFC trading. They want their money out and they've got a strategy to get their money out and you can paint as much PR on it as you like they just want their money out and if there's no PFC come September, I put no value to statements on how emotionally attached anybody is to this football club, not the none of the Directors, none of the people running it, none of the major creditors, none have any emotional attachment to this football club. Only we [the fans] have."

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yet another figure for the HMRC debt....

 

 

quote....Portsmouth are believed to owe over £22 million alone to Her Majesty's Revenue & Customs, while a further £10m is owed to other clubs in unpaid transfer fees.

 

must be why HMRC are so apparently desperate to have them liquidated.

 

Although I'd love to know where they got that £22 million figure from, at the court case HMRC said it was half that.

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Don't the Directors get "discharged" when an Adminstrator is appointed? Lowe and his cronies were 'asked' to leave when we did.

 

I'm sure they do.

 

Why would any administrator want "failed executives" to continue in decision making capacities ?

It just does'nt happen.

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must be why HMRC are so apparently desperate to have them liquidated.

 

Although I'd love to know where they got that £22 million figure from, at the court case HMRC said it was half that.

 

I think it was £11m in October which is when proceedings started(?)

 

Since then it's been going up every month

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Don't the Directors get "discharged" when an Adminstrator is appointed? Lowe and his cronies were 'asked' to leave when we did.

 

I think it depends on the administrator and what he or she wants to happen. But I wouldn't be at all surprised if Storrie gets removed and the meeting at which he claims that the administrator asked him to stay on proves to be yet another mirage. Tricky things, mirages...

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must be why HMRC are so apparently desperate to have them liquidated.

 

Although I'd love to know where they got that £22 million figure from, at the court case HMRC said it was half that.

 

 

May be they have recalculated and moved the "image rights" monies into the wages column

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Don't the Directors get "discharged" when an Adminstrator is appointed? Lowe and his cronies were 'asked' to leave when we did.

 

100%

 

Peter Storrie is living in a dream world

 

I've decided that it's not that he is a compulsive lier - he is either very thick (genuinely doesn't understand) or just in denial

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Having said 100%....

 

If Chainrai is paying the administrator, and for some reason they / Chainrai want to keep him on, and Chainrai is covering that cost, maybe they will.

 

But to be honest, I suspect that Chainrai thinks he's a bit of a tosser really and blames him for the situation he's in anyway. I think he may just want to see Storrie crash and burn.

 

Better take a very close look at those books....!

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I wish this whole saga would end.....

 

Not because I'm a secret Pompey lover, but because I didnt realise I was so bloodthirsty and cant handle their drawn out demise anymore....

 

I agree with you about the amount one learns about oneself from their plight.

 

I had simply thought they (owners, CEO, fans, the whole kit-and-caboodle) had broken the rules, had been Very Naughty Boys, got found out and that PCFC deserved to go under for their financial excesses.

 

However, given the way this thread has developed with the perfect mixture of opinions, jokes, quotes, cartoons, one-liners and generally well-informed comments, I find myself now looking forward to the 'death-by-a-thousand-cuts' that seems to be coming their way over the next several years.

 

I never realised I could be such a heartless bastard.

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Don't the Directors get "discharged" when an Adminstrator is appointed? Lowe and his cronies were 'asked' to leave when we did.

 

Lowe & Co were asked to leave although I think Jones was kept on. I imagine Tanya whatsisname will be kept on too as they need someone to guide them through the books (Hampton Court maze springs to mind).

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I'm sure they do.

 

Why would any administrator want "failed executives" to continue in decision making capacities ?

It just does'nt happen.

 

Unless you work in the banking industry :wink:

 

But with this claim of Pompey owing HMRC 22 million now it was 11.5 at the court case, I can understanding it snowballing a bit with the delay in payment but to double in what 3 weeks?

 

There must have been some debt restructuring somewhere, all to Pompey's disadvantage

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Lowe & Co were asked to leave although I think Jones was kept on. I imagine Tanya whatsisname will be kept on too as they need someone to guide them through the books (Hampton Court maze springs to mind).

 

David Jones was indeed kept on, and is still FD now. Quite a survivor.

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some interesting explanations here for those who want to know about admin and what circumstances it can take place in

 

http://www.phoenix-company.co.uk/what_company_administration_insolvency/?gclid=CKjYjYTniqACFZYU4wodEFFwdw

 

Oh dear oh dear oh dear, that was something new to me:shock:

 

What is Company Administration?

 

Administration is a temporary legal status that protects an insolvent limited liability company from the actions of its creditors whilst its position is reviewed. An insolvency practitioner is appointed to run the company and decide how the situation will be resolved.

When is administration used?

 

If a company is unable to pay debt as it is due & creditor legal action may be imminent.

Why is it used?

 

Administration is used when winding-up is not appropriate. This may be because the company has a viable core that could be recovered or where more value may be realised for creditors if it continues to trade temporarily (e.g. completing Work In Progress).

Who places a company into administration?

 

Directors, lenders with the security of a floating charge (usually banks or factoring companies) or a creditor may petition for administration. If the Directors appoint an administrator then any floating charge holder must be given 5 days notice in which they may choose to make their own appointment.

Where is a petition for administration filed?

 

At a local County Court. (A part of our service is to petition for administration “off-patch” reducing negative publicity.)

What is pre-packaged administration?

 

This is where a deal is negotiated to purchase the assets & undertaking of the company as it is placed into administration. The buyer is often a “phoenix company” that may include Directors from the previous one. This achieves an effective write-off of unsecured debt arrears (including VAT, PAYE & Corporation Tax) left with the old company which may eventually be dissolved.

The main benefit of pre-packaged administration is that the business may be rapidly recovered from insolvency without the disruption & uncertainty of conventional administration. This protects the value of the business as a going concern.

Who are pre-packs suitable for?

 

The pre-pack recovery route may work for any Ltd company including SMEs. It is effective when the level of unsecured debt exceeds the value of the assets and undertaking of the company & is greater than £30K.

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Will the skates still get parachute payments when relegated from the Prem if/after they have been in admin?

 

Doesn’t seem right that they can go into admin, write off millions then be rewarded financially and start all over again!?

 

I would imagine that If they're not out of Administration, the Administrator will get them to use as they please (club running costs, accruing debts etc.). If they are, I would imagine they would be already negotiated away as part of the process of getting their CVA and golden share agreement.

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Pre-Pack Administration

 

The most commonly used product within insolvency services is pre-packaged administration. The deal is reached pre-appointment with an insolvency practitioner of our recommendation. This allows a phoenix company to purchase the assets back pre-appointment in preference to other creditors (with the exception of debenture holders).

Benefits of a phoenix company

 

A phoenix company arises from the ashes of another. This accomplishes the recovery of a business that has a viable core but is unable to repay outstanding debts. It is a pragmatic arrangement that protects the interests of employment and private enterprise:

 

  • Preserves jobs for Directors & employees;
  • Achieves a write-off of debt arrears (not subject to debentures or personal guarantees);
  • Releases the business from leases or contracts that may no longer be required;
  • Avoids disruption to customers & other stakeholders.

Advantages of a pre-pack

 

Pre-pack administration provides a planned, swift & secure transition to a new phoenix company:

 

  • The sale of the business assets & undertaking is agreed in advance;
  • The Director’s personal credit history is protected;
  • The business may apply to trade under a variation of the original name;
  • Minimum disruption occurs and it is possible that some staff and customers may be unaware of the change;
  • There is no creditor meeting for the liquidation of the old company, requirement for local advertising or filing in the local courts.

As of November 2009 we are conducting an increasing number of “pre-pack liquidations”. These increase viability of recovery for companies requiring work-force restructuring solutions but do require a creditors meeting.

 

 

 

 

 

 

So, in effect. I could buy a shell company, list my house as an asset, run up huge debts against it. Then go into administration, pay of the debts at 10p in the pound, and start again. Pays to be a big player then, as if I default on my debts, I loose my house, what a crap deal:mad::mad::mad:

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Oh dear oh dear oh dear, that was something new to me:shock:

 

What is Company Administration?

 

Administration is a temporary legal status that protects an insolvent limited liability company from the actions of its creditors whilst its position is reviewed. An insolvency practitioner is appointed to run the company and decide how the situation will be resolved.

When is administration used?

 

If a company is unable to pay debt as it is due & creditor legal action may be imminent.

Why is it used?

 

Administration is used when winding-up is not appropriate. This may be because the company has a viable core that could be recovered or where more value may be realised for creditors if it continues to trade temporarily (e.g. completing Work In Progress).

Who places a company into administration?

 

Directors, lenders with the security of a floating charge (usually banks or factoring companies) or a creditor may petition for administration. If the Directors appoint an administrator then any floating charge holder must be given 5 days notice in which they may choose to make their own appointment.

Where is a petition for administration filed?

 

At a local County Court. (A part of our service is to petition for administration “off-patch” reducing negative publicity.)

What is pre-packaged administration?

 

This is where a deal is negotiated to purchase the assets & undertaking of the company as it is placed into administration. The buyer is often a “phoenix company” that may include Directors from the previous one. This achieves an effective write-off of unsecured debt arrears (including VAT, PAYE & Corporation Tax) left with the old company which may eventually be dissolved.

The main benefit of pre-packaged administration is that the business may be rapidly recovered from insolvency without the disruption & uncertainty of conventional administration. This protects the value of the business as a going concern.

Who are pre-packs suitable for?

 

The pre-pack recovery route may work for any Ltd company including SMEs. It is effective when the level of unsecured debt exceeds the value of the assets and undertaking of the company & is greater than £30K.

 

It looks as if some of the rules have been tightened up. A lot of references to 'transparency'. That might cause a problem or two.

 

http://www.parliament.uk/commons/lib/research/briefings/snha-05035.pdf

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