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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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Chin Strain

Chin Strain

Posted
Posted
That is the nub of it for me as well Weston. And Griffins proposed CVA Keeps the club a going concern, by living within their means, & using said parachute payments to do what AA should be doing as the administrator. GETTING AS MUCH MONEY FOR ALL THE CREDITORS AS HE CAN.

But he is trying to get as much as he can for his puppet master & a fat wedge to launch a promotion campaign next season. Announcing £10.000 a week wage bill is quite frankly obscene, when creditors are loosing 80p in the pound.

Is it just me or is this farcical administration with AA starting to unravel. What ever he does now he seems to be between a rock & a hard place.

 

+1

 

I suspect it is starting to unravel. HMRC were never going to back off on this, and the introduction of Griffin the week before the CVA is a masterstroke.

 

I don't see that Gaydamak will lie down on his share though, although it sounds like there's some mileage in the 'trading whilst insolvent' threat. Of course, if he does drop out, HMRCs share of the debt goes way over the 25%.

 

Nice.

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tony13579

tony13579

Posted
Posted
I am not sure whether advancing a proposal to win business from creditors, which could destroy the club in the process, is a responsible position for an insolvency practitioner to be taking.

 

 

As opposed to stiffing creditors and destroying the company in 9 months (via a liquidation) so that it can be like a phoenix and rise from the ashes all new and sparkly (except for the creditors that is)?

 

Grifins plan NEEDS PFC to suvive as it needs the parachute payments &TV money to pay the creditors. PFC can keep and use the gate money.

 

I am regreting booking a holliday where internet is V. expensive!

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OldNick

OldNick

Posted
Posted
It seems like AA is setting up to keep as much value/potential value in the club so that when Chenrai takes it over he is getting a decent CCC team debt free to add to the stadium which he practically owns. He is then in a position to recoup his outlay and sell it on at a profit.
That was the plan all along IMO. Then go and get promotion back to the PL. Then he would really ring the bell as the money to be had would be considerable.

There does seem to be a lack of people really trying to take pompey to task. Even the FL seem to have at this time done nothing.

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Gingeletiss

Gingeletiss

Posted
Posted

More like tennis, than football;). I suspect having read this response...www.griffins.net/client/ResponseUHY.pdf by Griffins, that the Vantis SofA, has come into play, remember that little document submitted to the courts, of which HMRC recieved a copy;). I suspect that AA and his team, have now smashed their racquet on the ground, and are about to be given a violation;)

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Guided Missile

Guided Missile

Posted
Posted

It just occured to me that the Administrator is spending money on a PR agency to sell his CVA to the creditors, via a trade publication. WTF is that all about? They have a creditors list, just email them the response as a pdf, as they are the only people who have to believe the crock of sh !t.

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bridge too far

bridge too far

Posted
Posted
It just occured to me that the Administrator is spending money on a PR agency to sell his CVA to the creditors, via a trade publication. WTF is that all about? They have a creditors list, just email them the response as a pdf, as they are the only people who have to believe the crock of sh !t.

 

But he's responsible for all spending incurred after administration - so that's alright then :D

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ericofarabia

ericofarabia

Posted
Posted

I'm sure it's been explained elsewhere on here and I missed it, but our 10 point deduction carried a proviso that it only counted last season if we stayed up, which would have resulted in us being relegated anyway, but as we were in a relegation place it got carried over.

 

Skatesmyth would have been relegated anyway without the deduction so surely it should be carried over to next season as it is a meaningless punishment otherwise :cool:

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pedg

pedg

Posted
Posted
I'm sure it's been explained elsewhere on here and I missed it, but our 10 point deduction carried a proviso that it only counted last season if we stayed up, which would have resulted in us being relegated anyway, but as we were in a relegation place it got carried over.

 

Skatesmyth would have been relegated anyway without the deduction so surely it should be carried over to next season as it is a meaningless punishment otherwise :cool:

 

That would be logical, but then Logic appears to have gone on a long holiday with Reason and Sense as far as the situation at pompey is concerned.

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CB Saint

CB Saint

Posted
Posted
I'm sure it's been explained elsewhere on here and I missed it, but our 10 point deduction carried a proviso that it only counted last season if we stayed up, which would have resulted in us being relegated anyway, but as we were in a relegation place it got carried over.

 

Skatesmyth would have been relegated anyway without the deduction so surely it should be carried over to next season as it is a meaningless punishment otherwise :cool:

 

Pompey went into admin before the deadline, we didn't - different rules apply.

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ericofarabia

ericofarabia

Posted
Posted
Pompey went into admin before the deadline, we didn't - different rules apply.

 

Oh well :(

 

Seems a waste of a punishment though, but hopefully the endless list of misdemeanours they seem to have racked up should see some more point deductions to follow [-o

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dronskisaint

dronskisaint

Posted
Posted
As I see it, they can still be penalised in the coming season for:

  • A financial irregularity
  • Any other irregularity
  • Exiting administration the wrong way

and the one after if they are still in admin.

 

And they still have no squad and no money. AND I think they're still under a registration embargo. Nothing's changed.

 

Plus more for their second administration in recent history plus director misdemeanour deductions...not looking rosie by any means:p

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mack rill

mack rill

Posted
Posted
I'm sure it's been explained elsewhere on here and I missed it, but our 10 point deduction carried a proviso that it only counted last season if we stayed up, which would have resulted in us being relegated anyway, but as we were in a relegation place it got carried over.

 

Skatesmyth would have been relegated anyway without the deduction so surely it should be carried over to next season as it is a meaningless punishment otherwise :cool:

 

Whuuuuuuuur Ficko! We went into Admin BEFORE the cutoff date that the points deduction is carried over to the next season... In your case Bladder Head Lowe tried to be sneaky and missed the cut off date citing a technicality, It was thrown out and you got a chapped arse :D

As you can now see Nickyboy got it right we have had our medicine and will not need another dose!

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Weston Super Saint

Weston Super Saint

Posted
Posted
Whuuuuuuuur Ficko! We went into Admin BEFORE the cutoff date that the points deduction is carried over to the next season... In your case Bladder Head Lowe tried to be sneaky and missed the cut off date citing a technicality, It was thrown out and you got a chapped arse :D

As you can now see Nickyboy got it right we have had our medicine and will not need another dose!

 

Well, technically you didn't, as the Premier league has no such cutoff date ;)

 

However I suspect you're due for another large dose, but this time it won't be medicine ;)

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OldNick

OldNick

Posted
Posted
Whuuuuuuuur Ficko! We went into Admin BEFORE the cutoff date that the points deduction is carried over to the next season... In your case Bladder Head Lowe tried to be sneaky and missed the cut off date citing a technicality, It was thrown out and you got a chapped arse :D

As you can now see Nickyboy got it right we have had our medicine and will not need another dose!

I would love to be wrong and await the day when lots of my fellow Saints fans can come on and give me jyp because i had been.

If as has been pointed out above that the only sanction you are likely to get is a relegation and no pointse deduction, can I have some of that because 4 wembley trips 1 cup win and 5 seasons in the PL would be worth that. 20 years ago most Pompey fans would have taken relegation just to make the 4th round of the cup.

I am cynical that there is a will to open up the can of worms that is PFC (I forgot the exra C for city, but there are plenty of spare C's when you talk Pompey)

I suspect the leagues will flex their muscles and take on the might of Salisbury and Chester leaving the real criminals to skulk away

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Fowllyd

Fowllyd

Posted
Posted
In a nutshell, that's the difference between the two proposals.

 

Both propose paying all the football creditors from the parachutes (£19.6m according to AA).

 

Griffin is proposing that 100% of what's left from the parachutes, and 100% of what's realised from selling the team should go to the creditors.

 

AA is proposing to keep 54% of what's left from the parachutes, and 88% of what's realised from selling the team, to finance another spending spree.

 

I think I'm repeating myself a bit here.

 

Well, if you are it's well worth the repetition. And seeing the percentages proposed in Andronikou's CVA brings home all the more clearly just how corrupt and self-serving it is.

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saintjay77

saintjay77

Posted
Posted
Whuuuuuuuur Ficko! We went into Admin BEFORE the cutoff date that the points deduction is carried over to the next season... In your case Bladder Head Lowe tried to be sneaky and missed the cut off date citing a technicality, It was thrown out and you got a chapped arse :D

As you can now see Nickyboy got it right we have had our medicine and will not need another dose!

 

I love the way the blue few see things.

 

Even though we hate Lowe possibly more than you lot we can still see that we went into admin as soon as the banks pulled the plug and we had no other way to trade. Had we continued to trade whilst insolvent then further penalty's could have been applied.

 

The FACT that it was the holding company that went into admin and not the football club should have fit in with the rules that were plain and simple with the FL. They changed there view and we got punished. It wasnt a sneeky master stroke that was being pulled by any means. It was worth a go but thats it. Cant blame anyone for trying even if not many thought it was right.

 

You got your points last season and thats the end of it. Trouble is, your lot look like they have ben in the poop for some time so get ready for further penaltys for the way the business has been run for the past few years. Thats something our lot dont have to wait around for.

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Chin Strain

Chin Strain

Posted
Posted
Whuuuuuuuur Ficko! We went into Admin BEFORE the cutoff date that the points deduction is carried over to the next season... In your case Bladder Head Lowe tried to be sneaky and missed the cut off date citing a technicality, It was thrown out and you got a chapped arse :D

As you can now see Nickyboy got it right we have had our medicine and will not need another dose!

 

Trouble is Mack, you still need to get the CVA agreed.

 

No agreed CVA (i.e. AA's CVA) = points deduction.....relegation.

 

Agreed CVA (i.e.Griffin CVA....if HMRC back it) = no points deduction.....but you'll be fecked for years to come with a squad of no hopers....relegation.

 

Still in admin = transfer embargo.....revert to the youth team....relegation.

 

Still, like you said, you've had your medicine:rolleyes:

 

Oh, forgot to add.....financial irregularities, using unlicensed agents......points deduction.

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sidthesquid

sidthesquid

Posted
Posted

Handy Andy really is an extraorinary chap. Every day without fail he pops up in the Skate News, passing comment on something or the other - today he's commenting on whether his club coach might leave & how much one of his players wants if he moves elsewhere. He makes Harry Redflaps & Storrie-teller seem like a pair of Trappist monks with laryngitis by comparison.

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sidthesquid

sidthesquid

Posted
Posted
Trouble is Mack, you still need to get the CVA agreed.

 

No agreed CVA (i.e. AA's CVA) = points deduction.....relegation.

 

Agreed CVA (i.e.Griffin CVA....if HMRC back it) = no points deduction.....but you'll be fecked for years to come with a squad of no hopers....relegation.

 

Still in admin = transfer embargo.....revert to the youth team....relegation.

 

Still, like you said, you've had your medicine:rolleyes:

 

Oh, forgot to add.....financial irregularities, using unlicensed agents......points deduction.

 

And all of this might still be looking on the bright side. Liquidation is still a possibility, particularly if Chainrai/Gaydamak can see no more mileage keeping the corpse alive, and multiple demotions (like Swindon few years back) must be a real possibility.

I just sit back and continue to enjoy the gift that keeps on giving

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CB Fry

CB Fry

Posted
Posted
I would love to be wrong and await the day when lots of my fellow Saints fans can come on and give me jyp because i had been.

If as has been pointed out above that the only sanction you are likely to get is a relegation and no points deduction, can I have some of that because 4 wembley trips 1 cup win and 5 seasons in the PL would be worth that. 20 years ago most Pompey fans would have taken relegation just to make the 4th round of the cup.

I am cynical that there is a will to open up the can of worms that is PFC (I forgot the exra C for city, but there are plenty of spare C's when you talk Pompey)

I suspect the leagues will flex their muscles and take on the might of Salisbury and Chester leaving the real criminals to skulk away

 

 

They have had a points deduction. You're getting so carried away with your tiresome "they've got away with it" schtick that you are now making up them escaping punishments they have actually had.

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OldNick

OldNick

Posted
Posted
They have had a points deduction. You're getting so carried away with your tiresome "they've got away with it" schtick that you are now making up them escaping punishments they have actually had.
well having a points deduction that meant SFA is hardly true punishment for what they gained.I suspect 80+ clubs fans would swap what they have had in return for a 10 point deduction
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Colinjb

Colinjb

Posted
Posted
Whuuuuuuuur Ficko! We went into Admin BEFORE the cutoff date that the points deduction is carried over to the next season... In your case Bladder Head Lowe tried to be sneaky and missed the cut off date citing a technicality, It was thrown out and you got a chapped arse :D

As you can now see Nickyboy got it right we have had our medicine and will not need another dose!

 

Mack Rill, please.

 

For a patient as sickly as yours it's only humane to give you all more 'medicine.'

 

Either that or put the poor entity out of it's misery!

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St Chalet

St Chalet

Posted
Posted
"For example, Griffins has included VAT in its calculations, but that would go to HMRC, not the club."

 

LMFAO, Griffins are obviously looking at the Skates previous behaviour in trousering the VAT! Non-white pots and kettles spring to mind.

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Northant Saint

Northant Saint

Posted
Posted
It's all a matter of perspective.

 

They, in general, hate us with a vengeance more than we, in general, hate them. They don't understand why we don't hate them like they do us and they base all their arguments on their perception that we are jealous and envious of them (As if!). We just view them as a father would an errent son so we patronise them and pity them.

 

We know that this thread gets the goat of some so it serves as a major source of amusement in the close season while we await our next wonderful season here at St. Marys.

 

Try walking through their city in a red and white striped shirt and you'll be subjected to a hail of abuse. Then when their football fans see you!

 

They do not get the same treatment over this way.

 

Should their club go to the wall I just wonder which club will have the misfortune of their affections.

 

Tragic really that I miss out on all this rivalry whilst surviving oop north ;) and true, it does provide a distraction in the more boring moments.

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EastleighSoulBoy

EastleighSoulBoy

Posted
Posted
Whuuuuuuuur Ficko! We went into Admin BEFORE the cutoff date that the points deduction is carried over to the next season... In your case Bladder Head Lowe tried to be sneaky and missed the cut off date citing a technicality, It was thrown out and you got a chapped arse :D

As you can now see Nickyboy got it right we have had our medicine and will not need another dose!

 

Ahaa! The kok doth crow, perhaps a little too early methinks? :toimonster:

 

PFC may yet still be left floundering.

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SW5 SAINT

SW5 SAINT

Posted
Posted
They have had a points deduction. You're getting so carried away with your tiresome "they've got away with it" schtick that you are now making up them escaping punishments they have actually had.

 

Well Salisbury had their points deduction and still got relegated as well!!!

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Eastcowzer

Eastcowzer

Posted
Posted
Handy Andy really is an extraorinary chap. Every day without fail he pops up in the Skate News, passing comment on something or the other - today he's commenting on whether his club coach might leave & how much one of his players wants if he moves elsewhere. He makes Harry Redflaps & Storrie-teller seem like a pair of Trappist monks with laryngitis by comparison.

 

Obviously suffers from Oral Incontinence, - badly. !

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Under Weststand

Under Weststand

Posted
Posted
Handy Andy really is an extraorinary chap. Every day without fail he pops up in the Skate News, passing comment on something or the other - today he's commenting on whether his club coach might leave & how much one of his players wants if he moves elsewhere. He makes Harry Redflaps & Storrie-teller seem like a pair of Trappist monks with laryngitis by comparison.

 

I don;t know where he finds the time to do all this press work. I thought he was busy doing a forensic analysis of their accounts so they can bring to book all the wrong doers.................Oh :rolleyes:

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Dark Munster

Dark Munster

Posted
Posted
AA's position is increasingly bizarre. I cant work out if he is incompetent or corrupt or both. Either way I find it hard to see him having a career after this. Perhaps someone has deposited £1m in a Virgin Islands account for him to break his fall.

And they could claim it's an image rights payment. :cool:

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pedg

pedg

Posted
Posted

Forgot in all the excitement that Storrie was in court yesterday for the initial hearing over the additional berkovic allegation.

 

http://www.guardian.co.uk/football/2010/jun/09/peter-storrie-portsmouth-tax-court

 

It is alleged that between 1 January 2005 and 28 November 2007, in his position as club chief executive, he arranged a termination payment to Berkovic via the account of Medellin Enterprises Ltd, a company registered in the British Virgin Islands, causing the failure of the club to operate PAYE and account for income tax and National Insurance contributions in respect of the payment.

District Judge Timothy Workman ordered the case to be sent to Southwark Crown Court for a further hearing at 10am on 13 September.

Sounds very clear cut to me so assuming they have documentation to confirm the allegations its going to be hard for Storrie to win I would guess.

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Gingeletiss

Gingeletiss

Posted
Posted
Forgot in all the excitement that Storrie was in court yesterday for the initial hearing over the additional berkovic allegation.

 

http://www.guardian.co.uk/football/2010/jun/09/peter-storrie-portsmouth-tax-court

It is alleged that between 1 January 2005 and 28 November 2007, in his position as club chief executive, he arranged a termination payment to Berkovic via the account of
Medellin Enterprises Ltd,
a company registered in the British Virgin Islands, causing the failure of the club to operate PAYE and account for income tax and National Insurance contributions in respect of the payment.

District Judge Timothy Workman ordered the case to be sent to Southwark Crown Court for a further hearing at 10am on 13 September.

Sounds very clear cut to me so assuming they have documentation to confirm the allegations its going to be hard for Storrie to win I would guess.

 

Have we not come across this name before, on this thread?

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Joensuu

Joensuu

Posted
Posted
well having a points deduction that meant SFA is hardly true punishment for what they gained.I suspect 80+ clubs fans would swap what they have had in return for a 10 point deduction

 

Nick, please return to the very start of this thread and remind yourself how it began. Pompey were just about to get a new 'Billionaire' owner, and Duncan suggested all might not be as straightforward as it seemed. The bookies had Portsmouth down for a mid table finish, despite having sold many of their biggest names. It was looking as if Pompey's bad luck was behind them, and a successful future awaited.

 

Sure they might not have been penalised quite as much as you would have liked. But when you step back and see how far they have fallen in the course of this thread it's simply beautiful. The fact that they are still up to their eyeballs and sinking makes me smile even more.

 

Even if this all ends tomorrow, no point deductions, a CVA agreed, all charges dropped for dodgy dealings, I'd still find their awful year a good time to look back on.

 

So Nick, why so much negativity? The shows still not over, sit back and enjoy the second half. Sure, they might escape further mishaps, but it's looking increasingly unlikely. One things for sure, they most certainly haven't got away with in.

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Gingeletiss

Gingeletiss

Posted
Posted (edited)

I know many of you won't look at their boards, but they do give an insight as to the way they see things.

 

Here is a prime example of how they still think they will get away with it.

 

http://boards.footymad.net/forum.php?tno=424&fid=203&sty=2&act=1&mid=2121300887

 

Now either we're wrong (no chance) or they are (oh yes, belive me;)).

 

 

Another one .....

 

http://boards.footymad.net/forum.php?tno=424&fid=203&sty=2&act=1&mid=2121300887

 

in particular this...

 

mr_bishiuk Posted on 09/06/2010 16:32

We're gonna be liqidated

Email Message To A Friend | Reply To Message

I agree Deep, I think HMRC are being quite vindictive in this 20p is more than they get out of a most administrations and it seems we had agreed to pay more by accepting additional charges. It is them after all that let the balance build up to such an extent.

 

Most of the money owed to them is because we were paying wages we could afford and therefore couldn't meet the monthly PAYE/NI liability, i'm not making excuses but these players came over here and paid a lot of tax and spent a lot of money in the economy but they didn't use the NHS, or the education system and the country wont be paying for their retirement either.

Edited by Gingeletiss
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Gemmel

Gemmel

Posted
Posted

This little gem at the bottom of the page fo you Gingetiss

 

 

Seems the club were aware but couldn't say anything until after the FL AGM. Let's hope HMRC is ltd to 21% and no one is fooled by the ridiculous griffin proposal

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Kingsbridge Saint

Kingsbridge Saint

Posted
Posted
This little gem at the bottom of the page fo you Gingetiss

 

 

Seems the club were aware but couldn't say anything until after the FL AGM. Let's hope HMRC is ltd to 21% and no one is fooled by the ridiculous griffin proposal

 

That would be the ridiculous proposal that pays the creditors nearly three times as much, at least, but also means they can't spunk the money away on Marlon Harewoods wages. Yeah, ridiculous.

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rallyboy

rallyboy

Posted
Posted

looks like it was the taxman's fault after all, he should be paying them something as an apology, I bet the greedy git kept taking their VAT off them as well.

Those spiteful creditors as well, providing services and then expecting payment!!

 

Is AA the first football administrator who has actually forgotten to administrate and is instead pretending to run a little football club project and does everything in his power to avoid settling debts or satisfying creditors?

It's so obvious he's working for one man, the authorities must be ready to jump on him from a great height.

 

Good to see we've cleared up that there will be no more points penalties, that must be a relief to any of the few who haven't read the small print.

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