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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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Doctoroncall

Doctoroncall

Posted
Posted
Depends if you live in the real world or in pompey world.

 

In pompey world they will be bought by BC for a pittance within day and have to accept a 17 point deduction as their only punishment.

 

In the real world any sale of the club without the CVA will still leave them open to legal action from creditors that could lead to liquidation.

 

That's if they don't wait for the court case. It would be great to see AA squirm in court meanwhile seeing the squad being depleted and the worst start to the Championship ever go with their Premier League one from last season.

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Katalinic

Katalinic

Posted
Posted

"If the appeal finds in favour of us maybe the government with their new focus on austerity should pay a little more attention to the heads of the HMRC and their lawyers. I can't help but feel this is taxpayer money being wasted, and I'm not just saying that as a portsmouth fan, I'm saying that as a taxpayer".

 

Lol at one comments on The News - they really don't get it do they - oh the irony! I also find it difficult to believe there is a taxpayer in Portsmouth - it is all benefit claimants and exchange & barter.

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hutch

hutch

Posted
Posted

They just don't get it:

 

Portsmouth Supporters Trust reaction to the HMRC Appeal

 

In light of Her Majesty's Revenue and Custom's decision to appeal the Company Voluntary Arrangement agreed by 75% of Portsmouth Football Club's creditors in June, Portsmouth Supporters Trust today question whether this course of action is in the best interests of the taxpayers of the United Kingdom?

 

We understand that HMRC have a duty to act on behalf of the taxpayer, however an appeal to the courts would see a not insignificant sum paid to lawyers, one of which would be QC to represent HMRC being used, to further push a procedure which could see the death of our beloved club.

 

Whilst we at PST do not condone the irresponsible spending by previous owners or the failure to pay tax owed, we do believe that destroying the club, its fans and taking away the chance for the creditors to see any return on the monies they are owed, is an act which would be a bitter pill to swallow for both fans and creditors alike.

 

The whole point of the challenge is that it wasn't really agreed by 75% of Portsmouth Fotball Club's creditors in June, was it? And, of course, despite Andy's childish threats, if HMRC win, Pompey will be footing the bill for HMRC's very expensive legal team as well as their own. AA would be well advised to consider his position very carefully, and go back to square one on the CVA issue. If HMRC win, it's not just Pompey who will be in deep shyte.

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rallyboy

rallyboy

Posted
Posted

How is AA's plan of continually flicking the Vs in the taxman's face going?

 

He's been prodding the tiger with a stick and he's only just sussed that he's in the cage with it - it's going to be a bloodbath and it was totally avoidable.

They have done everything to antagonise HMRC and other creditors, they have gambled everything at every opportunity so I do hope there is no whingeing when they lose the lot.

 

At some point soon that 1-0 win over a bankrupt mid-table championship side might not seem worth it anymore.

And as for the day at St Marys, that was a great opportunity to see an illegal side first hand and to look into the crossed-eyes of the few for the last time.

 

Ted is properly waving now!!

 

 

 

 

 

and let's see which simpleton posts this as hot news 12 hours after everyone else - why do people do that without reading the thread, oh well.

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pedg

pedg

Posted
Posted

Looks like they are going after them on 3 fronts..

 

In a statement released to Press Association Sport, a spokesman said: "HMRC can confirm that it has made an application to the High Court that the decision of creditors of Portsmouth City Football Club Ltd (In Administration taken at a meeting on 17 June 2010 approving a Company Voluntary Arrangement in a Proposal dated 28 May 2010 should be revoked or suspended under s. 6 (1) (a) and/or (b) of the Insolvency Act 1986 on the grounds that: (a) The interests of HMRC have been or will be unfairly prejudiced by the taking of that decision; and (b) There were material irregularities in the way in which the votes of creditors were counted at that meeting.

"HMRC can further confirm that it has also appealed to the court under Rule 1.17 of the Insolvency Rules against the Chairman's decision to refuse to allow HMRC to vote in accordance with claims totalling £13,293,651.72 submitted at the meeting.

"HMRC feel we have been or will be unfairly prejudiced by the decision to accept the CVA, because we believe there were material irregularities in the way in which the votes of creditors were counted at the creditor meeting and because, to our knowledge, the full amount of our claim should have been admitted for voting purposes.

"We are acting in the interests of all those creditors who are not in the football industry. We don't think it's right that they are offered 20p in the pound against full repayment all others. Also we cannot agree with the striking out of £13 million of debt which seriously undermined our ability to challenge the CVA."

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St Marco

St Marco

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And just like that they have not got away with it. In fact really this could be the worst thing to happen to them other then actual liquidation. The club could now get a points deduction and that will mean they are relegated.

 

But regardless of "what could happens" they will stay with a transfer embargo until they come out of admin. If they come out of admin without the cva they will get nailed to a tree by FL. If they don't come out without CVA they can't buy or sign anyone. The team they have will remain the team they have. The FL will not try and help them at every turn like the PL did. But more importantly they could now be seen to go to court and be dealt with by the law. Those involved with the club right now who thought they were going to get away with it will be nervous. Would not surprise me one bit to see them come out of admin without the CVA and sell the club while still in admin. Doing so will result in massive points deduction anyway.

 

Hopefully now the cheats will get dealt with.

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Gemmel

Gemmel

Posted
Posted

Administrators had said they had lined up a possible buyer for Portsmouth, but any sale will now be delayed, or potentially halted, by the appeal.

HMRC could therefore face a huge bill of compensation from Pompey if the taxman fails in its protest

 

 

AA - 1o days ago;

 

Chanarai is prepared to buy the club with or without a CVA

 

 

Doh....keep up with your own statements aa

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pedg

pedg

Posted
Posted
And just like that they have not got away with it. In fact really this could be the worst thing to happen to them other then actual liquidation. The club could now get a points deduction and that will mean they are relegated.

 

But regardless of "what could happens" they will stay with a transfer embargo until they come out of admin. If they come out of admin without the cva they will get nailed to a tree by FL. If they don't come out without CVA they can't buy or sign anyone. The team they have will remain the team they have. The FL will not try and help them at every turn like the PL did. But more importantly they could now be seen to go to court and be dealt with by the law. Those involved with the club right now who thought they were going to get away with it will be nervous. Would not surprise me one bit to see them come out of admin without the CVA and sell the club while still in admin. Doing so will result in massive points deduction anyway.

 

Hopefully now the cheats will get dealt with.

 

and as has been said before coming out of admin without a CVA does not protect you from further legal challenges from your creditors (which is what the CVA is at least partially there to do).

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Gemmel

Gemmel

Posted
Posted

(b) There were material irregularities in the way in which the votes of creditors were counted at that meeting.

 

What like secured creditors voting, creditors who were not really creditors and who aa expected not being able to prove the debt getting a vote.....all of which were represented by...................... you got it aa.

 

That's without the 13 million of the tax mans debt not taken into account.

 

The only thing i can't work out, is that the world and their wife expected them to appeal, surley aa knew they would - still can't work out the end game........has it really been screwed up????? If we knew it was going to happen, as funny as he is , then so did aa

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Thedelldays

Thedelldays

Posted
Posted
Personally I hope they stay in admin for a year - the transfer embargo alone will probably relegate them. Then they can play in div 1 next season with a points deduction.

that would be great...

 

what is the rules here etc...?

HMRC will appeal..does that mean they wont get this CVA cleared..? if not, will that mean points deductions in the FL..? if so when is the cut off date...??

 

or will everything remain "suspended" until HMRC get their appeal heard..???

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JackFrost

JackFrost

Posted
Posted
(b) There were material irregularities in the way in which the votes of creditors were counted at that meeting.

 

What like secured creditors voting, creditors who were not really creditors and who aa expected not being able to prove the debt getting a vote.....all of which were represented by...................... you got it aa.

 

That's without the 13 million of the tax mans debt not taken into account.

 

The only thing i can't work out, is that the world and their wife expected them to appeal, surley aa knew they would - still can't work out the end game........has it really been screwed up????? If we knew it was going to happen, as funny as he is , then so did aa

 

Perhaps Chainrai was keen on the idea of flats on Fratton Park all along . . . .

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hutch

hutch

Posted
Posted

I suppose the real question now is, if they manage to survive (and I'm pretty sure they will - clubs always do, don't they), will they bottom out in League 1 or go all the way.

 

If they had done things properly when they became insolvent, they would have ended up there or thereabouts anyway, but without the nasty smell still hanging around. As it is now, they will get there with the rats still clinging to the sinking ship.

 

Toast anyone?

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Draino76

Draino76

Posted
Posted
Administrators had said they had lined up a possible buyer for Portsmouth, but any sale will now be delayed, or potentially halted, by the appeal.

HMRC could therefore face a huge bill of compensation from Pompey if the taxman fails in its protest

 

 

AA - 1o days ago;

 

Chanarai is prepared to buy the club with or without a CVA

 

 

Doh....keep up with your own statements aa

 

I wonder if AA is referring to BC here, and that the appeal will halt his decision to buy. Liquidizer time.

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Gemmel

Gemmel

Posted
Posted

:p

I wonder if AA is referring to BC here, and that the appeal will halt his decision to buy. Liquidizer time.

 

 

AA - 1o days ago;

 

Chanarai is prepared to buy the club with or without a CVA

 

 

Doh....keep up with your own statements aa

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gaz

gaz

Posted
Posted

Just catching up with the recent 10 or so pages....

 

I am not sure what the FL can do if Poopey do flog all their players and they end up not being able to field a team of 11 players? Suppose that the choices are lift the embargo (and pay the players with what??) or kick them from the league. I can also see a lot of mysterious training injuries happening to make sure that they have low numbers fit.

 

If they can't put out a team, they'll kick them out of the league, just like Chester City (the players went on strike because of unpaid wages, FL kicked the club out of the league before the end of the season).

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Weston Super Saint

Weston Super Saint

Posted
Posted
that would be great...

 

what is the rules here etc...?

HMRC will appeal..does that mean they wont get this CVA cleared..? if not, will that mean points deductions in the FL..? if so when is the cut off date...??

 

or will everything remain "suspended" until HMRC get their appeal heard..???

 

1. Stay in admin - they can't start TWO consecutive seasons in admin, so they would be fine for this season - and remain under a transfer embargo, playing the kids.

2. Exit admin WITHOUT a CVA and take a large points deduction [15-17 points], more likely to be 17 as they've been in admin before.

 

Either way they are toast and gonna be playing league 1 football next season, and probably at least the season after that too :D

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trousers

trousers

Posted
Posted
1. Stay in admin - they can't start TWO consecutive seasons in admin, so they would be fine for this season - and remain under a transfer embargo, playing the kids.

2. Exit admin WITHOUT a CVA and take a large points deduction [15-17 points], more likely to be 17 as they've been in admin before.

 

Either way they are toast and gonna be playing league 1 football next season, and probably at least the season after that too :D

 

The only downside being that we won't get to play them in the league for the foreseeable future....:toppa:

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EastleighSoulBoy

EastleighSoulBoy

Posted
Posted

With respect to Lewis Carroll. I suspect he wrote this, and Jaberwocky, with today in mind.

 

Twas brillig, and the slimy skates

Did gyre and gimble in the wabe:

All mimsy were the Gosportese,

And the North End raths outgrabe

 

"Beware the AAndroid, Taxman!

The jaws that bite, the claws that catch!

Beware the Chanrai bird, and shun

The frumious Gaydamak!"

 

He took his vorpal sword in hand:

Long time the manxome foe he sought --

So rested he by the Tumtum tree,

And stood awhile in thought.

And, as in uffish thought he stood,

The AAndroid, with eyes of flame,

Came whistling through the tulgey wood,

And bullshat as it came!

One, two! One, two! And through and through

The vorpal blade went snicker-snack!

He left it dead, and with its head

He went galumphing back.

"And, has thou slain the AAndroid?

Come to my arms, my Taxman boy!

O frabjous day! Callooh! Callay!'

He chortled in his joy.

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