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Pompey Takeover Saga


Fitzhugh Fella

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Indeed. Why mention it if it's "normal"....?

 

UHY is expected to hand control of the liquidation to insolvency firm Baker Tilly.

 

The firms met at the High Court yesterday to set a date for the hand-over.

Geoff Carton-Kelly, of Baker Tilly Restructuring and Recovery LLP, said: ‘We have not yet been appointed as liquidators, but we expect to be appointed liquidators in around two weeks.

‘This is a normal process as part of the CVA. An application is made to wind up the old company, and the court hears that.

‘Because there are technicalities over the way the administration needs to be completed they’re going to take a little bit longer to decide.

 

It’s not unusual for another firm to become liquidators. In the majority of cases the administrators become liquidators, but there’s nothing to be read into that.’

 

Btw, what are these "technicalities"....?

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The liquidation process is often just the formal closure process for the company at the end of the administration and so it is common (usual) for the administrator to become the administrator. Above anything else it is cheaper for the creditors as a new liquidator will need to spend time (and therefore run up costs) getting up to speed with the details of the case.

 

As for "covering their master's tracks" don't forget that an Administrator is an officer of the court. He is acting in the in the interests of all creditors in accordance with the insolvency legislation. Your opinion of AA is obviously your own to amke though.

 

Ah cheers for that. I suppose it makes sence as when a company is in strife finacially they could do without extra costs of changing Administrators to Liquidators. On the face of it though it does look to be a massive whole in regulating the whole process. The owners chose the Administrators, which could be as they will benifit the owners the most, the Administrators maximise the business in favour of the owners at the expence of creditors and there appears to be no-one watching to make sure the creditors are getting the best deal or not, if the Administrators have swept anything under the carpet then they are in prime position to cover their tracks if they are also set to become the liquidators.

 

Surly it would make things much better if it was the courts that choose who the administrators will be and not the owners who ran the business into trouble in the 1st place? Potential Administrators would have to be on an approved list for the courts to use and would not to be allowed to have any association with the business they may be administering. It would also be down to the courts to choose a seperate liquidators who would find any wrong doings that may have taken place by any of the former people running the club. All parties would basically be in a position to make sure they did things properly which would in turn put those working above board in a position of trust and not have their name ruined by dodgy administrators.

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Tiger is back, shoots a 6 under par today could have been more.

 

As promised the Sash shirt was worn on the course all day (unfortunately hidden by my Marshalls Bib), but the GF still got a shirt in a pic in the Torygraph with Kaymer. (We deliver on our promises to those who PM'd betting I wouldn't!)

 

Notts Forests' World #1 & most famous fan was in the bar, saw the shirts, came over so his misses could take a foto of him with the shirts, chatted, asked for our autographs and said....

 

"You guys must be loving it at the moment, on the way back up and all that nonsense going on down the road. Haven't the press said something about them finding some more dodgy Russians? Bet you've had a laugh at that one..."

 

Poopey's story, bringing laughter even at a Golf Tournament, God bless 'em

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Tiger is back, shoots a 6 under par today could have been more.

 

As promised the Sash shirt was worn on the course all day (unfortunately hidden by my Marshalls Bib), but the GF still got a shirt in a pic in the Torygraph with Kaymer. (We deliver on our promises to those who PM'd betting I wouldn't!)

 

Notts Forests' World #1 & most famous fan was in the bar, saw the shirts, came over so his misses could take a foto of him with the shirts, chatted, asked for our autographs and said....

 

"You guys must be loving it at the moment, on the way back up and all that nonsense going on down the road. Haven't the press said something about them finding some more dodgy Russians? Bet you've had a laugh at that one..."

 

Poopey's story, bringing laughter even at a Golf Tournament, God bless 'em

 

Is this the pic?

 

http://www.telegraph.co.uk/sport/golf/europeantour/8318091/Dubai-Desert-Classic-round-two-in-pictures.html?image=9

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Ah cheers for that. I suppose it makes sence as when a company is in strife finacially they could do without extra costs of changing Administrators to Liquidators. On the face of it though it does look to be a massive whole in regulating the whole process. The owners chose the Administrators, which could be as they will benifit the owners the most, the Administrators maximise the business in favour of the owners at the expence of creditors and there appears to be no-one watching to make sure the creditors are getting the best deal or not, if the Administrators have swept anything under the carpet then they are in prime position to cover their tracks if they are also set to become the liquidators.

 

Surly it would make things much better if it was the courts that choose who the administrators will be and not the owners who ran the business into trouble in the 1st place? Potential Administrators would have to be on an approved list for the courts to use and would not to be allowed to have any association with the business they may be administering. It would also be down to the courts to choose a seperate liquidators who would find any wrong doings that may have taken place by any of the former people running the club. All parties would basically be in a position to make sure they did things properly which would in turn put those working above board in a position of trust and not have their name ruined by dodgy administrators.

 

Which, I presume, is why HMRC objected to Hacker Young in the first place, only to be overruled by some dodgy Skateophile judge ??

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Ho-b00dy-ra, about time the white hats got a result.

 

At least there is a chance it will be delt with properly and finally. Had the charges been dropped on a technicality im sure there would always have been a question mark over them and a feeling of a lack of justice.

 

They could get proved inocent and live a full and happy life counting there millions........

 

If however they get proved guilty I wonder if it would have any baring on the Liquidation of the Poopy company? Would the liquidation have any baring on the tax evasion case? If "things regarding tax evasion" are found in the liquidation but they get away with tax evasion, would that put them back in court?

 

So many questions that will no doubt twist and turn the situation but will provide many more weeks and months of this thread to enjoy.

 

:)

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Which, I presume, is why HMRC objected to Hacker Young in the first place, only to be overruled by some dodgy Skateophile judge ??

 

I think it was overruled because there wasnt really any legal reason why it couldnt go ahead as is. If the rules were set out like I was suggesting after then there would be no need for anyone to object.

 

Administrators should aim to be in top shape and transparrent to be considered by the court. Only reason for any objections should be because the chosen administrator is not compliant with the set of rules and regs and conditions that qualifies them for court aproval.

 

meh, my ideas wont change anything so just rambling. but I think the current system is flawed and leaves enough room for the system to be abused.

 

In this case its nice to see new liqudators coming in who can either verify AA's work or get an eventual better deal for the creditors and HMRC can get a better return to put back in the public purse.

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Storrie's case is the one to keep an eye on. His case is the one most like Luton's and the one most likely to lead to points deductions for them.

 

Yeah I think his is the one closest to club involvment. Manderick's one is to do with payments to a player I think? And Arry's is payments to himself or something.

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I suspect points deduction will yet a gain be a useless penalty as they are going down on thier own lack of merit

 

By the time the court date takes place this season will be over so if there is any point deductions they should be implied the following season.

 

What a future they have to look forward to down the road. lol

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By the time the court date takes place this season will be over so if there is any point deductions they should be implied the following season.

 

What a future they have to look forward to down the road. lol

 

Which further begs the question - why would anyone want to buy them? Aside from being a loss-making proposition and having no squad at the end of the year - there is the prospect of further points deductions for past misdemeanors.

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I suspect points deduction will yet a gain be a useless penalty as they are going down on thier own lack of merit

 

Hmmm, what if they get a points deduction after they have managed to relegate themselves? According to our sentence it would carry forward to next season.

 

So a points deduction of Luton town proportions would possibly see the DFCSBs relegated in successive seasons and ending up in L2 for 2012-13.

 

For me that would be almost a fair result.

 

Not quite but almost and possibly enough to see Chinnerrahrahrah putting the business in the Kenwood?

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I think it was overruled because there wasnt really any legal reason why it couldnt go ahead as is. If the rules were set out like I was suggesting after then there would be no need for anyone to object.

 

Administrators should aim to be in top shape and transparrent to be considered by the court. Only reason for any objections should be because the chosen administrator is not compliant with the set of rules and regs and conditions that qualifies them for court aproval.

 

meh, my ideas wont change anything so just rambling. but I think the current system is flawed and leaves enough room for the system to be abused.

 

In this case its nice to see new liqudators coming in who can either verify AA's work or get an eventual better deal for the creditors and HMRC can get a better return to put back in the public purse.[/QUOTE]

I don't think that they are able to change/amend the CVA, as I understand it they have been given a brief to undertake a full review of the details prior to administration ?

Ie. a forensic examination of previous ownership and actions taken in the lead up to the liquidation !

If I am correct and the new company is truly kosher, then a real can of worms could be opened for the enjoyment of all devotees of this thread :)

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I don't think that they are able to change/amend the CVA, as I understand it they have been given a brief to undertake a full review of the details prior to administration ?

Ie. a forensic examination of previous ownership and actions taken in the lead up to the liquidation !

If I am correct and the new company is truly kosher, then a real can of worms could be opened for the enjoyment of all devotees of this thread :)

 

But if they find that the previous owners/directors and so on are liable then they can go after money from them which I presume would go to the creditors that were stiffed in the 1st place? If they find nothing then there is no difference. If they find stuff that is worth of points then its something for us to laugh at. but if they find the previous boss's conned the creditors then there is an avenue they can chase for extra funds.

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Has anyone got a spare set of keys to the City?

 

We really should make storrie an honuary Sotonian.

 

I have a good feeling abot HMRC on this one, but given when the case will be heard, when will they apply the points deduction?

 

How about they survive, but are then still relegated....... Sounds like a plan.

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Has anyone got a spare set of keys to the City?

 

We really should make storrie an honuary Sotonian.

 

I have a good feeling abot HMRC on this one, but given when the case will be heard, when will they apply the points deduction?

 

How about they survive, but are then still relegated....... Sounds like a plan.

 

Or, they get relegated, and then get a massive points deduction in League One and end up in League Two?

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Has anyone got a spare set of keys to the City?

 

We really should make storrie an honuary Sotonian.

 

I have a good feeling abot HMRC on this one, but given when the case will be heard, when will they apply the points deduction?

 

How about they survive, but are then still relegated....... Sounds like a plan.

 

I totally agree, I think Peter Storrie should be given the freedom to the City of Southampton for the destruction to Portsmouth FC and financial lunacy that has entertained us for so long.

 

Who wants to start the facebook campaign? ;)

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He seems to have a lot of trouble hitting that ball with all that sand around. I suppose that serves them right for trying to play golf in the middle of the desert.

 

:adore::adore::adore:

 

Oh wow, I have like soooo never heard that one before, but it's still funny.

 

(Kaymer pushed his drive right on 14th found waste sand, there were two tree roots sticking out right by his ball, he managed to blast it about 120 yards up the fairway and got a bogey)

 

Scary that someone went at looked (& found) the pic

 

Great news that the cases continue

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Just so that you get an idea of what could be in store......

 

I hope someone told the russians

 

http://news.bbc.co.uk/sport1/hi/football/teams/l/luton_town/7500435.stm

 

Some Pompey fans seem to think they wouldn't get a points deduction if the trio are found guilty. Are you sure they would? Anyone going to email the Football League and find out?

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Some Pompey fans seem to think they wouldn't get a points deduction if the trio are found guilty. Are you sure they would? Anyone going to email the Football League and find out?

 

Arry and Mandicks case doesnt count - That was personal gain.

 

storries was on club business. If he gets found guilty, they will get a points deduction.

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Arry and Mandicks case doesnt count - That was personal gain.

 

storries was on club business. If he gets found guilty, they will get a points deduction.

 

Are you 100% sure on that? So it would be to a similar level to what Luton got with -10 points for dodgy agent dealings (the other -20 points were for other things)?

 

And to think people wanted this thread closed when Chainrai took over again... :D

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:adore::adore::adore:

 

Oh wow, I have like soooo never heard that one before, but it's still funny.

 

(Kaymer pushed his drive right on 14th found waste sand, there were two tree roots sticking out right by his ball, he managed to blast it about 120 yards up the fairway and got a bogey)

 

Scary that someone went at looked (& found) the pic

 

Great news that the cases continue

 

:) You'd think that they could dream upsomething more imaginative for a trap on a golf course in the desert, wouldn't you? How about a carpet of fresh camel turds?

 

As for our neighbours, I just hope that I'm still around when retribution and justice wield their axes.

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nice one!

Saints shirts appearing at top sports events and on the same day, Storrie's charges if proved MUST mean deductions - from football's point of view they look horrific in black and white.

 

IF Storrie is found guilty in his role as Portsmouth ceo the FL couldn't let them get away with that, surely?...

The charges look as bad as any previous case that has generated serious penalties, and worse than most, they have slipped out of tight corners before, their luck has to run out soon.

 

 

but that was in the past, the sins of former owners........yeah, tell Luton Town that, if you can find them.

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He looks a bit like Marty McFly :)

 

Lol

 

Oh alright then. Here he is saving little children from getting trampled on. Or as the GF said - OMG they'll arrest you now for molestation.

 

http://www.dubaidesertclassic.com/modules/gallery/view_photo.php?set_albumName=album76&id=acj

 

And yes you can see the edge of the sash alright

 

After that melee Tiger's manager Steve told the local security to "take a hike" & yours truly now has to do it. I mean D_P as a Bodyguard - I don't look a bit like Kevin Costner.

 

The weekends task is Save The Tiger and seeing how the Russians get on with trying to save Poopey in time for the court cases to cost them 15 points.

 

Couldn't make it up could you?

 

And no, you were all too late, other posters got in with the "can you get us a signed xyz"... I won't have to pay for beer again in the UK for years. Hell all the skates had to do was ask, could have got a spare cap signed by the World's Top 3 - would have saved their club from Dodgy Russians by putting it on Ebay -

 

And me? I ain't after no signed souvenirs. I'm just after the mob number of this very fit wealthy Blonde Chick in Florida that used to know Tiger (it's OK I can say that as the GF spent the afternoon sitting in the bar with Lee)

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Arry and Mandicks case doesnt count - That was personal gain.

 

storries was on club business. If he gets found guilty, they will get a points deduction.

 

I wouldn't be too sure about that. After all the Cheats have so far managed to weasel their way out of countless seemingly impossible situations.

 

Anyway, if they don't go up this year I think a points deduction is the least of the worries for the few.

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Skate News is bigging the Russian deal up, but a quick look on the Workforce Bank website doesn't convince me they are worth millions. More like a pair of chancers and Akers seems even more so. I would have thought they were tyre-kickers, but who knows?

 

http://www.portsmouth.co.uk/sport/pompey/pompey-past/bygone-blues/fans_cautious_but_optimistic_with_prospect_of_new_owners_1_2402311

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http://www.guardian.co.uk/football/2011/feb/11/christian-purslow-nesv-liverpool-bid

 

There is a court case going on about the recent Liverpool takeover

 

I love this quote from one of the directors........

 

 

"There is no extra money on the table to enable short-term investment in what remains a squad palpably needing more quality if we are to be definitively top four. New American sport team owners with the senior guy being a hedge fund manager could not be worst [sic] from an image standpoint, which is an issue for us independents. I have not even talked about valuation. I leave that to other members of the board. So what is positive? Answer, they exist. Which is not a lot, but it is not to be underestimated in importance."

 

I wonder if he was referring to another recent Premiership takeover?

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Skate News is bigging the Russian deal up, but a quick look on the Workforce Bank website doesn't convince me they are worth millions. More like a pair of chancers and Akers seems even more so. I would have thought they were tyre-kickers, but who knows?

 

http://www.portsmouth.co.uk/sport/pompey/pompey-past/bygone-blues/fans_cautious_but_optimistic_with_prospect_of_new_owners_1_2402311

 

Lol.

 

‘I don’t care who they are as long as they’ve got credibility.

 

I guess credibility is a fickle thing in Portsmouth. Perhaps they're confusing credibility with notoriety - you know, the kind of reputation one would get if one was linked to the Russian mafia and organised crime :D

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Skate News is bigging the Russian deal up, but a quick look on the Workforce Bank website doesn't convince me they are worth millions. More like a pair of chancers and Akers seems even more so. I would have thought they were tyre-kickers, but who knows?

 

http://www.portsmouth.co.uk/sport/pompey/pompey-past/bygone-blues/fans_cautious_but_optimistic_with_prospect_of_new_owners_1_2402311

 

Fan Colin Farmery said: ‘An investor who is looking at the long term will be able to see there is so much potential in Pompey. There’s a new stadium to be built and Portsmouth is a city that can easily sustain a Premier League side.

 

Not really true is it though Colin. You tried to sustain a premiership team and royally fooked it up. You werent even selling out that **** hole when you were in the prem.

Potential.... Yes huge, to go nose diving down the divisions.

Edited by Gemmel
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Fan Colin Farmery said: ‘An investor who is looking at the long term will be able to see there is so much potential in Pompey. There’s a new stadium to be built and Portsmouth is a city that can easily sustain a Premier League side.

 

Not really true is it though Colin. You tried to sustain a premiership team and royally fooked it up. You werent even selling out that **** hole when you were in the prem.

Potential.... Yes huge, to go nose diving down the divisions.

 

What he's missing is that 'Potential' = 'A requirement for shed loads of cash'. The clue should be in his next statement 'there's a new stadium to be built'....and they don't come cheap.

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Hmm, signs of the Old Speckled Hen there DP.;-)

 

Let me know when the women's tour comes through...

 

Early December, can introduce you to a number of them and get you into their end of season party no probs...

 

Meanwhile, another freaky (and windy day) - Vintage Tiger awful one minute and sensatiional the next

 

We were followed by a bunch of celebs. Brian Lara - I spot him and chat he says "It's just amazing to be able to walk in the footsteps of a Legend, I answer - everyone say that when they're with D_P - great mirth & merriment. Later (how freaky is this) he finds me in the bar and buys me a pint & I'm lucky enough to talk sh1t with him for about 30mins so I ask him....

 

Have you heard of Poopey - "yeah they're a football team but have real money problems" Damn, not the answer I hoped for

 

Dwight Yorke, Andy Cole & Dennis Irwin (who buys me a pint - OK I'm a beer slut I don't care at 6 quid a pint) "What do you think of the Poopey situation - that's just wrong, it's plain cheating.

 

Rob McAffrey (ex SSN) did you really wear a Saints shirt with Tiger all day yesterday? I saw one on the Telly then noticed one under a bib & thought WTF?

 

Yesterday with Lee (the GF found him in the bar, gonna have to have words) - asked him about Poopey nah they don't matter. they're going down again anyway

 

So the news is nobody gives a fook about Poopey

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I could live with that !

Any lower and the banter would sound like baiting a puppy dog instead of just an ugly old pig :)

 

Yes, that's not something I normally condone, but in the Cheat's case I have absolutely no problem. :lol:

 

Mind you, they had an important win today against the might Doncaster, and are now up to the dizzy heights of 18th. The big question is, can they make up the 17 points to get to the sixth and last playoff spot, and hence have a 1/4 shot at avoiding obliteration? (Assuming of course they can avoid points penalties from the court cases.)

 

It looks like it's going to be a nail biting end of season for the few.

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Fan Colin Farmery said: ‘An investor who is looking at the long term will be able to see there is so much potential in building flats and a superstore on Pompey's current dump. There’s a new small stadium to be built on a brownfield site miles out of town and Portsmouth is a city that can easily sustain a Premier League side as long as it is used for the purposed of money laundering and they don't pay their bills.

 

Added the bits he obviously missed out

Edited by pedg
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