Pompey Takeover Saga

[teamsaint]

on a Saints related note, I wonder if Cortese started to get jumpy about the parachute payments a while back, which might explain his impatience with this seasons results.

 

The top end of the CCC being full of the likes of WBA awash with even more megabucks parachute money is going to be no help at all to our 5 year plan.

 

 

And as for the skates worrying about a new stadium- thats a whole new level of self delusion.

[krissyboy31]

Pretty clear to me.

 

It currently stands at £32m over 2 seasons but the EPL are considering £50m over 4 seasons but that has yet to be confirmed.

 

http://www.mirrorfootball.co.uk/news/Premier-League-set-to-reward-relegated-clubs-with-bumper-pay-day-article354645.html

[sidthesquid]

http://www.mirrorfootball.co.uk/news/Premier-League-set-to-reward-relegated-clubs-with-bumper-pay-day-article354645.html

 

We really did pick a very bad time to go into football and financial meltdown, didn't we?

The only crumb of comfort is that the skates have done so even worse (financially, anyway).

 

Thinking of this, here is a question for the experts - If Poopey are guaranteed £50mill over the next four years, can all that money be siphoned off to pay back creditors, or do they come out of admin (even with minus 15 or whatever) but get their fishy mitts on that cash to rebuild?

[Chin Strain]

There's a poster who comments fairly frequently (and it must be said quite cogently) under the Skate stories in The News, who goes by the nom de plume of Chin.

 

No relation I presume? Or is it a case of a double Chin?

 

Double Chin....I like that. I haven't even been rumbled as a Saints fan yet. If someone asks me, I'll tell them....but nobody has had the brains to ask the obvious question.

 

I suspect I may be outed by someone now though

Edited 17 March, 2010 by Chin Strain

[Chin Strain]

Feckin closet Skate!

 

 

Lol...I know, I know, I protest too much....

[Saint]

This made me lol

 

http://twitpic.com/19797n

[EastleighSoulBoy]

http://www.mirrorfootball.co.uk/news/Premier-League-set-to-reward-relegated-clubs-with-bumper-pay-day-article354645.html

 

Which returns me to a point I raised way back.

 

If the Blue Phew manage to gain promotion in their first season then the Championship would be entitled to any parachute payments due being shared. What if some of that has already gone? Paid to PCFC creditors? Will the PL make up the difference? (He asked, half guessing that a resounding NO would be the answer).

[Whitey Grandad]

Which returns me to a point I raised way back.

 

If the Blue Phew manage to gain promotion in their first season then the Championship would be entitled to any parachute payments due being shared. What if some of that has already gone? Paid to PCFC creditors? Will the PL make up the difference? (He asked, half guessing that a resounding NO would be the answer).

 

They would get either parachute money or new TV

money. I would guess that the CCC clubs would still get their money which would be deducted from the TV money.

[Wes Tender]

Double Chin....I like that. I haven't even been rumbled as a Saints fan yet. If someone asks me, I'll tell them....but nobody has had the brains to ask the obvious question.

 

I suspect I may be outed by someone now though

Aha! I thought that the contributions sounded too erudite for your average Skate. The trouble is, they have hitherto been hanging on your every utterance as being the sage and knowledgeable one. Now they're just going to disbelieve it all and dismiss it as a wind-up.

[buctootim]

Taxman lacking sympathy as Portsmouth lose points

 

Revenue dropped a winding-up petition against Portsmouth in the High Court this week, having challenged Balram Chainrai’s right to take the club into administration, but the taxman is determined to play hardball over their debt — which is understood to be higher than the widely publicised figure of £12.1 million — having run out of patience with the football industry over its financial excesses.

Despite its acquiescence in the High Court, Revenue has warned Portsmouth in the starkest possible terms that their debt must be repaid in full. No offer to the taxman will be made until the club is under new ownership — with Andrew Andronikou, the administrator, admitting yesterday that “there is a long way to go to find the appropriate people to take the club forward” — but Andronikou has been warned that Revenue, in aggressive mood, will not accept anything less than 100 pence in the pound.

http://www.timesonline.co.uk/tol/sport/football/article7066198.ece

[Dark Munster]

http://www.bbc.co.uk/blogs/mattslater/2010/03/taxman_beats_tactical_retreat.html

 

I liked this comment:

 

"I don't see why so many people feel sorry for the fans. If the club had been run properly they'd have had nothing to celebrate - no Premier League, no FA Cup win, no European nights against the likes of Milan.

 

If they hadn't 'cheated' to drink at the top table then they would have probably spent most of that time in the bottom half of the championship (where they no doubt are heading). I'm sure the fans of those clubs who have spent the last few years living within their means and as a result have had no success at at all would give their right arms to have enjoyed what the Pompey fans have. Especially as the 'punishment' will be just to return to their rightful level."

[dubai_phil]

Will they get charged interest for getting a loan early etc?

 

Another ex wife moment with an I told you so

 

The money won't come from the PL that's for sure, it wil be a loan and will have a lot of strings BUT will be likely be designed to pay for the admin/wages and will have an almost credit card level of interest - IMHO

 

 

 

 

:cool:

 

http://soccernet.espn.go.com/news/story?id=757181&sec=england&cc=4716

 

http://www.espn.co.uk/football/sport/story/12623.html?CMP=OTC-RSS

 

Hahahaha - That last one tells it as it is

Edited 18 March, 2010 by dubai_phil

[dubai_phil]

I liked this comment:

 

"I don't see why so many people feel sorry for the fans. If the club had been run properly they'd have had nothing to celebrate - no Premier League, no FA Cup win, no European nights against the likes of Milan.

 

If they hadn't 'cheated' to drink at the top table then they would have probably spent most of that time in the bottom half of the championship (where they no doubt are heading). I'm sure the fans of those clubs who have spent the last few years living within their means and as a result have had no success at at all would give their right arms to have enjoyed what the Pompey fans have. Especially as the 'punishment' will be just to return to their rightful level."

 

Why the Android is right to blame Storrie.

 

Storrie uses the excuse "It wasn't me, I didn't do it" as he attempts to pass the blame off onto his multitude of owners.

 

This is like many of his public utterances, wrong.

 

PCFC were clearly unsustainable as a business concern from the moment that Sacha decided to "sell up" or "get out".

 

From that point onwards during the summer recess, there was, to all intents and purposes, NO owner. All the decision making was by the Executives of the Club.

 

Now, it was clear that the club was unsustainable, the Execs had a very specific choice to make.

 

Did they decide to cut their cloth according to the new realities of the Economic Situation, and their Income? No, they decided to build their entire 2010/11 Season around cost structures that were unsustainable.

 

Sacha did not do this, THE MANAGEMENT did. Their entire Business Strategy was "We'll find a buyer in the biggest recession since the war".

 

Next we look at the "New Buyers". It is a responsibility of the Officers of a company to exercise Due Care and attention, not to mention Due Diligence when a takeover situation arises. The Management will often decide whether to recommend a sale to the shareholders. Did this happen with Al Fahim? Clearly no.

 

IF there was a potential problem with Al Fahim did The Mangement bring this to the public's attention? No, so they were conned as well or were they simply negligent?

 

As for Al Faraj, Storrie was clearly linked in the media to this consortium, again what Due Care and attention did he use? But it is all Al Faraj's fault. Was Storrie conned or was he simply negligent? (Or potentially was it worse in that he or his associates were due Engagement Fees?)

 

So you now have a Management Team who have chosen an unsustainable business plan. They have (if they are innocent of Due Care mistakes) been conned TWICE.

 

But this is not THEIR fault?

 

Show me ONE business anywhere in the world that would allow a team of Executives to remain in place that had made ONE catastrophic mistake, let alone THREE.

 

Storrie "Battled hard to save the club" Unfotunately the battle was due to the decisions he helped to take while the "Owner" was getting out.

 

What else aren't you telling Peter?

Edited 18 March, 2010 by dubai_phil

[Saint in Paradise]

To be a very very little bit fair to Storyteller perhaps because Dave Richards of the PL introduced one

of the fakes Storyteller thought everything was going to be fine and so didn't check enough.

 

However that should have made him a lot lot more careful the next time.

[tony13579]

http://www.espn.co.uk/football/sport/story/12623.html?CMP=OTC-RSS

 

Hahahaha - That last one tells it as it is

 

An insider added: "There are some issues here. In addition the administrator has asked the consortium for a £3 million non-returnable deposit, and that has not gone down too well."

If I were interested in Pompey, and had read that £1.5m + was missing from the accounts there is no way I would donate £3 to the funds untill I had seen the books. I might place it as a returnable bond, but not as a non returnable gift to a bunch of potential thieves.

[Fowllyd]

Which returns me to a point I raised way back.

 

If the Blue Phew manage to gain promotion in their first season then the Championship would be entitled to any parachute payments due being shared. What if some of that has already gone? Paid to PCFC creditors? Will the PL make up the difference? (He asked, half guessing that a resounding NO would be the answer).

 

I think that, whatever happens, the PL will only be willing to advance the first year's parachute payments to Pompey - nothing more than that. Doing this would keep them staggering along till the end of the season, after which they magically become somebody else's problem. It's worth noting that the PL were completely unwilling to do anything for Pompey until they were officially in administration, with nine points deducted - thus ensuring their relegation. I'd guess that Andronikou was told in no uncertain terms that he'd better be a good boy and not gripe about or contest the deduction if he wants the PL to be nice to Pompey.

 

If they were to advance future monies (ie those beyond next season's payments) then they'd face a furious reaction from other clubs, and probably the Football League too. Plus, of course, they simply wouldn't have the money around to do that. In fact, I'm not even sure where the money to advance next season's payments would come from.

[Fowllyd]

:cool:

 

http://soccernet.espn.go.com/news/story?id=757181&sec=england&cc=4716

 

http://www.espn.co.uk/football/sport/story/12623.html?CMP=OTC-RSS

 

Hahahaha - That last one tells it as it is

 

God, you can see the different sources for those two articles, can't you? Or at least, you can see where the second one comes from - Storrienet in its final throes. How unfair of anyone to suggest that poor old Peter was ever actually running the club or responsible in any way for anything that happened there!

 

I'll believe there's a retraction or correction coming from Andronikou when I see it - which I won't.

[Gingeletiss]

Just a little laugh from one of the poopey boards, can't make my mind up if it was done by one of us, or one of our fishy neighbours.

 

http://crabfootball.com/news-article/saint-bono-announces-pompaid-2010/

[Goalie66]

If the three million is genuinely the chaff from the wheat card then Android really is playing hardball. Another question he might be asking any investor is "How do you intend to make a return?"

 

So as we have stated all along it will be the seriously rich who want a Championship toy with potential to go rapidly to league 1 with pending irregularities to be revealed OR a property investment company.

 

I think Android knows that PCFC is unsaleable and more revelations will be coming out that show the full extent of the dodo.

[dubai_phil]

To be a very very little bit fair to Storyteller perhaps because Dave Richards of the PL introduced one

of the fakes Storyteller thought everything was going to be fine and so didn't check enough.

 

However that should have made him a lot lot more careful the next time.

 

 

So a bloke you know from work comes up to you and says "I have a deal for you"

 

You rush off and collect the family silver and your pension plan and give it to this bloke?

 

It is fair to say that quite a few people fall for this sort of thing, quite a few of them "demand something must be done" or "look to blame someone else".

 

But at the end of the day you took the "blokes' word for it" and you made the judgement call.

 

It isn't as if it doesn't happen in life.

 

Which is why there is a saying "A fool and his money are soon parted"

[Chin Strain]

Aha! I thought that the contributions sounded too erudite for your average Skate. The trouble is, they have hitherto been hanging on your every utterance as being the sage and knowledgeable one. Now they're just going to disbelieve it all and dismiss it as a wind-up.

 

I actually think a couple of them believe I'm a mysterious bidder.

 

I haven't been a WUM...yet....and everything I've said is just regurgitating what has been reported elsewhere, adding a few lines to join the dots for the simpletons. The trouble is, most of the posters on there are just too thick to work it out for themselves.

 

I'm tempted to join the fun with the idiots posting on this story (post 3 - hilarious), but it would be very hard not to be brutal....I don't think I'll be able to resist for long...

 

http://www.portsmouth.co.uk/sport/Premier-League-braced-for-Grant.6161036.jp

[rallyboy]

Storrie is funny, he's convinced himself that he's still in charge and continues to put out press releases about his former job.

Life is great in Storrie World, but we need to tell his missus - he only has a yoghurt and an apple in his briefcase, he isn't going to work anymore, he's sat in the car at Farlington all day reading the papers.

That's why he won't let you watch the telly....

 

AA needs to tell him where to get off because he can't take a hint, though his bleating must be a further obstacle to a sale.

More laughs to come.

[dubai_phil]

I actually think a couple of them believe I'm a mysterious bidder.

 

I haven't been a WUM...yet....and everything I've said is just regurgitating what has been reported elsewhere, adding a few lines to join the dots for the simpletons. The trouble is, most of the posters on there are just too thick to work it out for themselves.

 

I'm tempted to join the fun with the idiots posting on this story (post 3 - hilarious), but it would be very hard not to be brutal....I don't think I'll be able to resist for long...

 

http://www.portsmouth.co.uk/sport/Premier-League-braced-for-Grant.6161036.jp

 

 

'As part of this process, the Board met with the administrator to agree how we will work together for the remainder of the season to ensure that the club is able fulfil its commitments

 

Anyone who cannot understand what that says really deserves to appeal the penalty and see what then happens!

 

In plain English it says - we will help you out now STFU.

[ericofarabia]

Just a little laugh from one of the poopey boards, can't make my mind up if it was done by one of us, or one of our fishy neighbours.

 

http://crabfootball.com/news-article/saint-bono-announces-pompaid-2010/

 

Very Good .... but maybe it should be called Pomp(un)Paid ........ to keep the P U P link

[EastleighSoulBoy]

I think that, whatever happens, the PL will only be willing to advance the first year's parachute payments to Pompey - nothing more than that. Doing this would keep them staggering along till the end of the season, after which they magically become somebody else's problem. It's worth noting that the PL were completely unwilling to do anything for Pompey until they were officially in administration, with nine points deducted - thus ensuring their relegation. I'd guess that Andronikou was told in no uncertain terms that he'd better be a good boy and not gripe about or contest the deduction if he wants the PL to be nice to Pompey.

 

If they were to advance future monies (ie those beyond next season's payments) then they'd face a furious reaction from other clubs, and probably the Football League too. Plus, of course, they simply wouldn't have the money around to do that. In fact, I'm not even sure where the money to advance next season's payments would come from.

 

Ah yes, but in that scenario PCFC would be promoted having already had the parachute payment.

 

When, exactly (in the normal course of events) does the parachute payment arrive? If I remember rightly it's staged in two payments through the season? In other words if a team would get the first year anyway, regardless of promotion, then my question is answered.

 

I'm just used to seeing nefarious activity from that end of the M27.

[Chin Strain]

Anyone who cannot understand what that says really deserves to appeal the penalty and see what then happens!

 

In plain English it says - we will help you out now STFU.

 

Lol, absolutely. Still, the 'PL are bracing themselves for an Avram rant'. Like feck they are. So, they advance £20m and £7m of that will be used to get them to the end of the season. It'll be interesting to see how the remaining £13m is used - outstanding football debts? HMRC? Chanrai? Gaydamak? I suspect Chanrai. Still leaves them in a very sticky mess for next season with no parachute money to help them rebuild, the outstanding football debts and HMRC with a larger than 25% share of the unsecured debt.

 

All of the above is still assuming someone will actually want to throw away money by buying the club.

[Master Bates]

P Diddy prefers Palace over Pompey

 

A source said: "Diddy was in London meeting football fixers a couple of weeks ago. The finance is in place, he's just deciding who he thinks he'll make a bid for.

 

"Portsmouth were mentioned but he thought Palace were a better idea.

 

Read more: http://www.thesun.co.uk/sol/homepage/showbiz/bizarre/2897149/Rapper-P-Diddy-to-save-Crystal-Palace.html#ixzz0iVySk9BH

[pedg]

God, you can see the different sources for those two articles, can't you? Or at least, you can see where the second one comes from - Storrienet in its final throes. How unfair of anyone to suggest that poor old Peter was ever actually running the club or responsible in any way for anything that happened there!

 

I'll believe there's a retraction or correction coming from Andronikou when I see it - which I won't.

 

One thing that gets me is why is the admin asking for a £3M non-returnable deposit before any negotiating? I can understand that he might want them to punt up £3m in deposit to show they are serious but why make it non-returnable?

[sidthesquid]

Attention all our insolvency experts. I have a qurestion:

If the club is bought from admin and the creditors only get, say, 20p in the £, will the new Poopey get the parachute payments going forward?

Or will it, as guaranteed future revenue of a skint company, get to be considered part of the assets to be distributed to the creditors?

I think the answer to this will go a long way towards deciding what their future holds.

[tony13579]

To be a very very little bit fair to Storyteller perhaps because Dave Richards of the PL introduced one

of the fakes Storyteller thought everything was going to be fine and so didn't check enough.

 

However that should have made him a lot lot more careful the next time.

 

He was being paid £1.2 million a year to be careful, to be in charge, to steer the company, make sure it paid its taxes and complied with the law.

 

No one gets paid £1.2 million to play fantasy football

[Wes Tender]

I actually think a couple of them believe I'm a mysterious bidder.

 

I haven't been a WUM...yet....and everything I've said is just regurgitating what has been reported elsewhere, adding a few lines to join the dots for the simpletons. The trouble is, most of the posters on there are just too thick to work it out for themselves.

 

I'm tempted to join the fun with the idiots posting on this story (post 3 - hilarious), but it would be very hard not to be brutal....I don't think I'll be able to resist for long...

 

http://www.portsmouth.co.uk/sport/Premier-League-braced-for-Grant.6161036.jp

 

It really is truly delicious. Keep up the good work. What you are doing is almost tantamount to missionary work, spreading truth and light into the darkest recesses of deepest Hampshire, bringing education and succour to the ignorant local savages.

 

But be wary, for if they turn on you, despite your good works, you could end up in a forced marriage with one of their maidens and made to live amongst their tribe in Paulsgrove. If that happens, I'd advise the lesser evil of being thrust into their cooking pot, your sticky end overseen by the fat tribal chief West Wood, resplendent in his regalia bought from Charlotte Street market and his tribal tattoos, ringing the death knells with his bell.

[Saint in Paradise]

In life there are times when you just trust someone ( PS trusted DR ? ) even more so when you are

extremely worried as PS must have been, but unfortunatly they let you down.

 

At that time PS must have been like a drowning man clutching at straws when DR introduced the fake, and

we all know how that ends.

 

However as I also said he should have been much much more careful with the next owners but he wasn't.

[positivepete]

Another fall out from HMRC and Sol vs PCFC?

 

http://www.guardian.co.uk/football/2010/mar/17/west-ham-suspend-image-rights-payments

[S-Clarke]

P Diddy prefers Palace over Pompey

 

A source said: "Diddy was in London meeting football fixers a couple of weeks ago. The finance is in place, he's just deciding who he thinks he'll make a bid for.

 

"Portsmouth were mentioned but he thought Palace were a better idea.

 

Read more: http://www.thesun.co.uk/sol/homepage/showbiz/bizarre/2897149/Rapper-P-Diddy-to-save-Crystal-Palace.html#ixzz0iVySk9BH

 

any moron with any sense/money would choose another club over the skates!

 

they can keep dreaming about getting a new stadium etc - but it will never happen, they are ruined for years to come.

[Gingeletiss]

Another fall out from HMRC and Sol vs PCFC?

 

http://www.guardian.co.uk/football/2010/mar/17/west-ham-suspend-image-rights-payments

 

We said it would happen, and now HMRC are on the trail. This will have far reaching consequences if proved.

[pedg]

Another fall out from HMRC and Sol vs PCFC?

 

http://www.guardian.co.uk/football/2010/mar/17/west-ham-suspend-image-rights-payments

 

Very cunning by Sullivan. Not paying the money and when the players complain he tells them to go and clarify the situation with HMRC. Are any of the players going to instigate a test case that could see all the other players or their clubs liable for tax on the image rights payments?

 

Personally I hope HMRC get stuck into the image rights thing as, was shown by the sol campbell case, you have people being paid for their image rights but the amount the club are then making from using their images is considerably less. Hard not to come to the conclusion that if the club are making a lot less from the images than they are paying in image rights that it is a complete tax dodge.

Edited 18 March, 2010 by pedg
remove the double negative

[dubai_phil]

One thing that gets me is why is the admin asking for a £3M non-returnable deposit before any negotiating? I can understand that he might want them to punt up £3m in deposit to show they are serious but why make it non-returnable?

 

Oh come on

 

Isn't it obvious? AA knows exactly what any consortium will find when they look closely and what their reaction will be.

 

Nobody to date has really done any careful Due Dilligence, everyone has walked into a well signposted minefield.

 

He walked UHY Hacker into the deal to run the admin on the back of "some promises" on funding.

 

Now he has realised the extent of the mess, and that UHY is potentially responsible for the running costs while in Admin.

 

Either he gets cash in from mug punter tyre kickers OR he has left his Partnership with a possibly open ended commitment to keep the club running.

 

What is it that advert says "Every Little Helps"

 

How hard was it to get a 500k deposit out of our Tyre Kickers for Mark Fry? But it was done for the same reason - to keep the club going

[pedg]

Should we start the 'relegation confirmed' sweepstakes?

 

I reckon that, somewhat comically, their relegation will be confirmed at the end of their match against spurs on the 27th.

[Crab Lungs]

I can barely read this thread any more... that sh1tty little club just repulses me so much.

 

It should have been shut down, irrespective of whatever the official ruling of their situation. They were insolvent - they have been for probably 2-3 years.

 

They've pretty much 'escaped', haven't they?

[Saint in Paradise]

As I said yonks ago, that blasted woman let them off. She should have wound them up there and then.

 

She bottled it IMHO :mad::mad:

[Weston Saint]

Lol, absolutely. Still, the 'PL are bracing themselves for an Avram rant'. Like feck they are. So, they advance £20m and £7m of that will be used to get them to the end of the season. It'll be interesting to see how the remaining £13m is used - outstanding football debts? HMRC? Chanrai? Gaydamak? I suspect Chanrai. Still leaves them in a very sticky mess for next season with no parachute money to help them rebuild, the outstanding football debts and HMRC with a larger than 25% share of the unsecured debt.

 

All of the above is still assuming someone will actually want to throw away money by buying the club.

"It is time to take it on the chin (sorry to our resident expert poster of that name)"

[Kingsland Red]

Oh come on

 

Isn't it obvious? AA knows exactly what any consortium will find when they look closely and what their reaction will be.

 

Nobody to date has really done any careful Due Dilligence, everyone has walked into a well signposted minefield.

 

He walked UHY Hacker into the deal to run the admin on the back of "some promises" on funding.

 

Now he has realised the extent of the mess, and that UHY is potentially responsible for the running costs while in Admin.

 

Either he gets cash in from mug punter tyre kickers OR he has left his Partnership with a possibly open ended commitment to keep the club running.

 

What is it that advert says "Every Little Helps"

 

How hard was it to get a 500k deposit out of our Tyre Kickers for Mark Fry? But it was done for the same reason - to keep the club going

 

I agree and still fail to understand why UHY Hacker marched into the 'signposted minefield' themselves.

Someone (AA?) was themselves ill advised. As I understand it they fund administration and are also hanging their hat on a nutter with a big cheque book coming over the horizon.

Edited 18 March, 2010 by Kingsland Red

[JackFrost]

I can barely read this thread any more... that sh1tty little club just repulses me so much.

 

It should have been shut down, irrespective of whatever the official ruling of their situation. They were insolvent - they have been for probably 2-3 years.

 

They've pretty much 'escaped', haven't they?

 

Nope,

 

the judge merely SUSPENDED (ie. didn't DISMISS it) the WUO due to HMRC accepting the validity of the administration, so if Pompey don't find a buyer in the near future they could still be wound up. Pompey is haemorrhaging money and the debts are ballooning. There's no way this would be allowed to continue in the long run.

 

Also I believe there is some rule, if certain debts aren't cleared the FL won't let them start next season in the Championship. And if they did manage to start next season it's more than likely they'll start with hefty points deductions, buyer or no buyer.

 

I'm happy to be corrected, but that's how I understand it.

Edited 18 March, 2010 by JackFrost

[Gorgiesaint]

Nope,

 

the judge merely SUSPENDED (ie. didn't DISMISS it) the WUO due to HMRC accepting the validity of the administration, so if Pompey don't find a buyer in the near future they could still be wound up. Pompey is haemorrhaging money and the debts are ballooning. There's no way this would be allowed to continue in the long run.

 

Also I believe there is some rule, if certain debts aren't cleared the FL won't let them start next season in the Championship. And if they did manage to start next season it's more than likely they'll start with hefty points deductions, buyer or no buyer.

 

I'm happy to be corrected, but that's how I understand it.

 

You're right, the judge did suspend the WUO rather than dismiss it. But what would it take for the case to go back to court? They are insolvent as they stand at the moment, if the admin gets money from the PL on an advance basis that will keep them going for some time. What now is the trigger for the administrator pulling the plug?

[Weston Saint]

You're right, the judge did suspend the WUO rather than dismiss it. But what would it take for the case to go back to court? They are insolvent as they stand at the moment, if the admin gets money from the PL on an advance basis that will keep them going for some time. What now is the trigger for the administrator pulling the plug?

Not finding a buyer for PFC as a unit

[Chin Strain]

"It is time to take it on the chin (sorry to our resident expert poster of that name)"

 

I thought that was one of us as it was too much common sense for one of them.

[pedg]

You're right, the judge did suspend the WUO rather than dismiss it. But what would it take for the case to go back to court? They are insolvent as they stand at the moment, if the admin gets money from the PL on an advance basis that will keep them going for some time. What now is the trigger for the administrator pulling the plug?

 

Where does the creditors meeting coming soon fit into this? If there is no sign of any bidders can the creditors have any feedback about what they want to happen after all the administrator is supposed to be running the club for the eventual benefit of the creditors I believe?

[JackFrost]

You're right, the judge did suspend the WUO rather than dismiss it. But what would it take for the case to go back to court? They are insolvent as they stand at the moment, if the admin gets money from the PL on an advance basis that will keep them going for some time. What now is the trigger for the administrator pulling the plug?

 

Not finding a buyer once the PL/parachute money has gone down the monetary drain I expect.

 

Unless they find a buyer who is willing to pay tens of millions (not far off hundreds now I expect) of pounds to settle all their debts they will not survive.

 

It just seems to me that the longer they go without paying their debts, the more the debts will escalate.

 

If you keep blowing a balloon up it will eventually go pop.

Edited 18 March, 2010 by JackFrost

[Kingsland Red]

Respect to the manager and players:

 

http://www.portsmouth.co.uk/sport/Grant-I-will-help-fund.6161978.jp

 

Whilst Saggy, Storrieteller etc have bled the club dry these guys , in the wrong place at the wrong time, are getting involved.

[Weston Saint]

Respect to the manager and players:

 

http://www.portsmouth.co.uk/sport/Grant-I-will-help-fund.6161978.jp

 

Whilst Saggy, Storrieteller etc have bled the club dry these guys , in the wrong place at the wrong time, are getting involved.

Don't fall into the publicity and Grant speak trap.