Jump to content

Pompey Takeover Saga


Fitzhugh Fella

Recommended Posts

 

You just knew pompey would be the star of yet another court case, PMSL...

 

Saw Bob Beech sobbing away last night after the highlights on SSN - did he question the first arry and gadymack FA cup overspend? Did he question the Avram and Storrie/Fahim/Faraj/Chinny/Administration FA cup overspend?

 

Beeches passion is clear and you have to feel for the skate a little, but he didnt do himself or the club any favours by bleating "weve had enough of these people and we want them all to go, just GO"!

 

Sorry BOB but its a bit too late to cry to mummy that you have grazed your knee after playing football with some older boys... you gladly jumped into bed with your last SIX owners, including child maimers and loan sharks - we all tried to tell you, countless times but you shoved your head in the sand...

 

nope, Moneyfields or Gosport FC for you chaps, unless you want to start at tier XI in the semip-pro leagues...

 

I dont think the trust should be rallying for funds from the man on the street, its dangerous and unethical... do they really want to take on a £16 million CVA obligation, TBHs wages, a debt to the Russian mafia, and a crumbling stadium?

Link to comment
Share on other sites

Sorry Phil don't quite follow all of this. Are you saying that if Android sells the club at a knock down price (effectively reducing the £10.5m) but they still honour the CVA that they could be penalised?

 

The logic comes from the FL comment in the Torygraph.

 

Forget any extra admin etc, what the FL "will be watching" is that PCFC do not gain any competitive advantage from their debts being "forgotten about" - in other words, they have had 10.5mil from CSI since June. I cannot believe that cash was given as new shares in that space of time - I am convinced it will be some form of loan note or bank guarantee. Now with CSI bust PCFC would owe that money to the Administrator.

The FL will want to ensure that PCFC HAVE to pay all of that back (not 10p in the pound) or they could say that is dodgy debt avoidance and slap deduction without PCFC being in admin again.

IF someone NEW wants to buy PCFC then BESIDES the leakage of money from losses THEY will have to repay that loan.

AND then Chinny STILL has his legal charges for HIS money that CSI (appear) not to have paid.

 

So the "have to pay debts back cost for PCFC could be 20-30 mil. SAINTS couldn't find that much WITH all their infrastructure and on TOP of that they still need propping up every month.

 

THAT is one hell of a mess to get out of. It was the FL words - Admin again not needed they can get points docked for avoiding repaying debt!

Link to comment
Share on other sites

The logic comes from the FL comment in the Torygraph.

 

Forget any extra admin etc, what the FL "will be watching" is that PCFC do not gain any competitive advantage from their debts being "forgotten about" - in other words, they have had 10.5mil from CSI since June. I cannot believe that cash was given as new shares in that space of time - I am convinced it will be some form of loan note or bank guarantee. Now with CSI bust PCFC would owe that money to the Administrator.

The FL will want to ensure that PCFC HAVE to pay all of that back (not 10p in the pound) or they could say that is dodgy debt avoidance and slap deduction without PCFC being in admin again.

IF someone NEW wants to buy PCFC then BESIDES the leakage of money from losses THEY will have to repay that loan.

AND then Chinny STILL has his legal charges for HIS money that CSI (appear) not to have paid.

 

So the "have to pay debts back cost for PCFC could be 20-30 mil. SAINTS couldn't find that much WITH all their infrastructure and on TOP of that they still need propping up every month.

 

THAT is one hell of a mess to get out of. It was the FL words - Admin again not needed they can get points docked for avoiding repaying debt!

 

and repayments?

 

I now have that TSW feeling of deja vu- was it about 90 pages ago when TSW members were calculating the various ongoing income, outgoings,debts and repayments?

 

I now have that TSW feeling of deja vu -

 

( Repeat ad nauseam until some greater authority puts a stop to the money laundering business down the road )

Link to comment
Share on other sites

According to Andronikou on TalkSport, the funds injected by CSI have put Po**ey in a much stronger position (for potential buyers) than when the club was last sold (or words to that effect).

 

Whatever you say, Andy. Whatever you say.. :lol:

 

Doesn't this totally undermine their argument that CSI is not "inextricably linked as one economic entity" since it is money borrowed by CSI which they can't repay that has put Pompey in a "stronger position"...

 

Surely this has to mean a points deduction?

Link to comment
Share on other sites

So, according to AA. the Skates have enough money to get them through to January. Then they have a few options to save themselves.

 

1 - The transfer window opens, and they can raise some cash, and get rid of the high earners.

 

All good, excluding the fact that they can't get rid of TBH on a free transfer, Kanu was probably born on they day they won the league and it has been well documented that they offered better terms for Lawrence/Kitson/Norris/Varney than other clubs in the division. We couldn't shift Rasiak in similar circumstances.

 

Saints raised millions from the sale of young players like Bale,Surnam,Dyer, Jones and McGoldrick, the Skates have got Joel Ward, or a few others like Pearce and EH that they still owe money on.

 

 

2 - The sale of half season tickets ( don't laugh), there is space for 8,000 of them.

 

3 - A buyer emerges, who will pay of Chinrai (17m), CSI/Latvia/Lithuania (10.5m), CVA (20m) and then fix the clock.

 

4 - Chinrai takes over, to charge more interest on his loans.

 

5 - AA loads all of the Skates' debts onto the mini golf game company, and the Skates sign Beckham at the end of the transfer window.

 

 

My money is on option 5.

Link to comment
Share on other sites

The logic comes from the FL comment in the Torygraph.

 

Forget any extra admin etc, what the FL "will be watching" is that PCFC do not gain any competitive advantage from their debts being "forgotten about" - in other words, they have had 10.5mil from CSI since June. I cannot believe that cash was given as new shares in that space of time - I am convinced it will be some form of loan note or bank guarantee. Now with CSI bust PCFC would owe that money to the Administrator.

The FL will want to ensure that PCFC HAVE to pay all of that back (not 10p in the pound) or they could say that is dodgy debt avoidance and slap deduction without PCFC being in admin again.

IF someone NEW wants to buy PCFC then BESIDES the leakage of money from losses THEY will have to repay that loan.

AND then Chinny STILL has his legal charges for HIS money that CSI (appear) not to have paid.

 

So the "have to pay debts back cost for PCFC could be 20-30 mil. SAINTS couldn't find that much WITH all their infrastructure and on TOP of that they still need propping up every month.

 

THAT is one hell of a mess to get out of. It was the FL words - Admin again not needed they can get points docked for avoiding repaying debt!

 

brilliant, thanks for that

Link to comment
Share on other sites

Surely this has to mean a points deduction?

 

I know AA has come out and claimed that 'a points deduction is unlikely', but he fumbled and flustered his way through the interview with Hawksbee & Jacobs to such an extent that it left me thinking that he really didn't believe a thing he was saying..

 

And that wouldn't be for the first time, would it ?

Link to comment
Share on other sites

The logic comes from the FL comment in the Torygraph.

 

Forget any extra admin etc, what the FL "will be watching" is that PCFC do not gain any competitive advantage from their debts being "forgotten about" - in other words, they have had 10.5mil from CSI since June. I cannot believe that cash was given as new shares in that space of time - I am convinced it will be some form of loan note or bank guarantee. Now with CSI bust PCFC would owe that money to the Administrator.

The FL will want to ensure that PCFC HAVE to pay all of that back (not 10p in the pound) or they could say that is dodgy debt avoidance and slap deduction without PCFC being in admin again.

IF someone NEW wants to buy PCFC then BESIDES the leakage of money from losses THEY will have to repay that loan.

AND then Chinny STILL has his legal charges for HIS money that CSI (appear) not to have paid.

 

So the "have to pay debts back cost for PCFC could be 20-30 mil. SAINTS couldn't find that much WITH all their infrastructure and on TOP of that they still need propping up every month.

 

THAT is one hell of a mess to get out of. It was the FL words - Admin again not needed they can get points docked for avoiding repaying debt!

 

I thought the difference was £20-25m of Saints debt was the mortgage secured against the stadium. It was only the other £6m or so from opperating debts which got us in trouble. Pretty sure the Skates owe a lot more than we did, or do I need to to my homework.

Link to comment
Share on other sites

http://news.bbc.co.uk/sport1/hi/football/15963854.stm

Ok now hopeflly someone with a bit more knowledge of the finances involved can help me here but how can Pompey be free of footballing debts when the small businesses haven't been paid and debtors. as far as I'm aware, are being paid 15% of 20p in the pound starting in April? Surely foobtalling debts isn't just what you owe transfer wise but all your debts as a business?

Can anyone explain it to me? lol

Link to comment
Share on other sites

http://news.bbc.co.uk/sport1/hi/football/15963854.stm

Ok now hopeflly someone with a bit more knowledge of the finances involved can help me here but how can Pompey be free of footballing debts when the small businesses haven't been paid and debtors. as far as I'm aware, are being paid 15% of 20p in the pound starting in April? Surely foobtalling debts isn't just what you owe transfer wise but all your debts as a business?

Can anyone explain it to me? lol

"Footballing debts", in the way that the Android is referring to, are basically those which are counted under the Football Creditors rule (the one currently being challenged by HMRC in the High Court), which generally covers due wages and bonuses to players and coaching staff and fees due to other clubs in the UK.

 

Interestingly, the fact that the Football Creditors rule does NOT include clubs in other countries is one of the arguments HMRC are using against the rule on grounds that it is discriminatory and contravenes EU legislation.

Link to comment
Share on other sites

I think the concerns that the Football League have about Pompey pale into insignificance, compared the the legal situation they will shortly face. I'll make it simple for any skates reading this. Vlad the Impaler, a suspected member of the Russian mafia, robs a bank and a pension fund. He then loans the money to a company, let's call them PFC Ltd., in order that they may satisfy his Abramovich fantasy and fund a loss making business with a dwindling customer base and poor product range.

After being arrested for this crime, his victims freeze every asset he has in an attempt to recover the loot. This includes the stolen money that PFC Ltd. spent. This was not a loan from Vlad, a company he controls or equity. It is, in my opinion, handling stolen goods and getting it back won't involve some pleasant deal with the administrator of Vlads company, but Interpol, the City police and the enforcement forces of Lithuania and Latvia.

Football League rules? Don't make me laugh. This has gone much further than that.

Link to comment
Share on other sites

http://news.bbc.co.uk/sport1/hi/football/15963854.stm

Ok now hopeflly someone with a bit more knowledge of the finances involved can help me here but how can Pompey be free of footballing debts when the small businesses haven't been paid and debtors. as far as I'm aware, are being paid 15% of 20p in the pound starting in April? Surely foobtalling debts isn't just what you owe transfer wise but all your debts as a business?

Can anyone explain it to me? lol

 

I think Andy is spinning like a spider - Just as he did last time ( LOL) - Trying to emphasise the positive and to bury the negative.

As Gruffalo points out above - He seemed very hesistant in what he was saying as though he was not beleiving what he way saying either.

 

All debts count, and your ability to service them or not is in my understanding predictive as to whether you are insolvent or not !

 

Football debts are a different matter as they currently jump the queue into secured creditors - A point of course that HMRC are currently challenging in court.

Link to comment
Share on other sites

I think the concerns that the Football League have about Pompey pale into insignificance, compared the the legal situation they will shortly face. I'll make it simple for any skates reading this. Vlad the Impaler, a suspected member of the Russian mafia, robs a bank and a pension fund. He then loans the money to a company, let's call them PFC Ltd., in order that they may satisfy his Abramovich fantasy and fund a loss making business with a dwindling customer base and poor product range.

After being arrested for this crime, his victims freeze every asset he has in an attempt to recover the loot. This includes the stolen money that PFC Ltd. spent. This was not a loan from Vlad, a company he controls or equity. It is, in my opinion, handling stolen goods and getting it back won't involve some pleasant deal with the administrator of Vlads company, but Interpol, the City police and the enforcement forces of Lithuania and Latvia.

Football League rules? Don't make me laugh. This has gone much further than that.

 

Highly valid points

 

Last time it was a simple case of insolvency and how Andy and Co could weasel as many secured creditors as possible to vote for a CVA and get them through..

 

This time with the allegations of financial crime and Foreign governements on the rampage, it is an entire different league ( Pun Intended)

Link to comment
Share on other sites

AA spluttered all the way through his interview on Solent as well.

 

Adam B asked him why their situation (cleverly not mentioning CSI or Skates specifically) and AA went on to say that Pimpley weren't at risk of a points deduction like Saints were.

 

He's winging it. Plus, by his reponse, the indicators were there - CSI/Pompey are one and the same.

Link to comment
Share on other sites

I think the concerns that the Football League have about Pompey pale into insignificance, compared the the legal situation they will shortly face. I'll make it simple for any skates reading this. Vlad the Impaler, a suspected member of the Russian mafia, robs a bank and a pension fund. He then loans the money to a company, let's call them PFC Ltd., in order that they may satisfy his Abramovich fantasy and fund a loss making business with a dwindling customer base and poor product range.

After being arrested for this crime, his victims freeze every asset he has in an attempt to recover the loot. This includes the stolen money that PFC Ltd. spent. This was not a loan from Vlad, a company he controls or equity. It is, in my opinion, handling stolen goods and getting it back won't involve some pleasant deal with the administrator of Vlads company, but Interpol, the City police and the enforcement forces of Lithuania and Latvia.

Football League rules? Don't make me laugh. This has gone much further than that.

 

Nice summary and it looks very serious for the footballing authorities indeed, shirley they must have known this was going to happen one day?

 

Chris Akers has been directly quoted in a UK broadsheet paper stating that Vlad has pumped in 10.5 million for player aquisitions and to fund wages, that is a significant bombshell from a shareholder in CSI, the owners of PFC... if that cash belonged to the Lithuanian and Latvian public then it needs to be recovered and pompey are complicit in handling stolen cash, they are also complicit in mass fraud and money laundering.

 

How is Lampitt feeling? He is a listed company director in the CSI corporate structure, and the CSI subsidary he runs as chief exec has been drawing funds from Vladimir, who is intrinsically linked to CSI... could Lampitt be following his former fellow (and current) directors and he is looking at some serious criminal charges and considerable court time?

 

How on earth could the former FA HEAD OF INTEGRITY get involved with the Russian mafia? He should have walked with clotteril...

 

I suspect Vlad may disappear in the dark of the night, never to be seen again... either Russia or an offshore haven such as Panama...

Link to comment
Share on other sites

I thought the difference was £20-25m of Saints debt was the mortgage secured against the stadium. It was only the other £6m or so from opperating debts which got us in trouble. Pretty sure the Skates owe a lot more than we did, or do I need to to my homework.

 

Don't get confused. Not comparing Admins.

 

The FL statement is not related to any "future" admin for poopey. They were more simple than that - IF the FL think poppey have had a 10.5mil bung they won't have to pay back then they will get a points deduction.

 

That is WITHOUT worrying about selling the club (again) paying the running costs (again) OR paying off Chinny, and it is WITHOUT worrying about meeting the terms of the CVA payments for which they would ALSO be deducted points.

 

No pay back the 10.5mil? Points deduction. THEN add up all that money as a League One Club? 40mil to buy them. Another Admin - another points deduction - League 1? nah they could ,iss that even IF they were kept alive straight to L2 or BSQ is a real possibility

Link to comment
Share on other sites

I'm surprised they're not for sale on Ebay yet....

 

But this is... OUR HERO ....

 

http://www.ebay.co.uk/itm/PETER-STORRIE-PORTSMOUTH-2002-2010-ORIG-HAND-SIGNED-/290605983068?pt=UK_DVD_Film_TV_Autographs_CV&hash=item43a977655c#ht_1137wt_1037

 

:adore::adore::adore::adore::adore::adore::adore::adore:

Edited by Channon's Sideburns
Link to comment
Share on other sites

Nice summary and it looks very serious for the footballing authorities indeed, shirley they must have known this was going to happen one day?

 

Chris Akers has been directly quoted in a UK broadsheet paper stating that Vlad has pumped in 10.5 million for player aquisitions and to fund wages, that is a significant bombshell from a shareholder in CSI, the owners of PFC... if that cash belonged to the Lithuanian and Latvian public then it needs to be recovered and pompey are complicit in handling stolen cash, they are also complicit in mass fraud and money laundering.

 

How is Lampitt feeling? He is a listed company director in the CSI corporate structure, and the CSI subsidary he runs as chief exec has been drawing funds from Vladimir, who is intrinsically linked to CSI... could Lampitt be following his former fellow (and current) directors and he is looking at some serious criminal charges and considerable court time?

 

How on earth could the former FA HEAD OF INTEGRITY get involved with the Russian mafia? He should have walked with clotteril...

 

I suspect Vlad may disappear in the dark of the night, never to be seen again... either Russia or an offshore haven such as Panama...

 

Only.....

 

He can't go back to Russia, because he is in danger of being murdered by the other Russians gangs he's ripped off :)

 

Not sure where it is, but someone posted an article here about how he had to have a police escort the last time he went back to Russia to stop him being killed then!

 

I guess he'll have to find himself a nice chess board and have a quite game or three with the ice cream seller in Brasil or somewhere....

Link to comment
Share on other sites

 

I suspect this is what they meant by having 'short term funding' in place.

 

Whether they can make it past the end of next month is anyone's guess.

 

Still, means they struggle through to the game against us at least :D

Link to comment
Share on other sites

I'd have been pretty surprised if they couldn't survive the first week without mafia money, it's the pompey 2012 calendar that's going to be a thin item.

 

But it's a pretty damning summary of their plight when the paying of wages qualifies as a news story with shock factor.

Link to comment
Share on other sites

ched post 19 Great post ..That is why yesterday I said the council should be prepared to take responsibility and put a deal together with Chanrai .. buy the club back for the people, using the taxpayer's in the PO postcode as the revenue stream (no chance of a default to Chanrai!) .. a one off 'investment tax' of £100 entitles you to become a lifelong shareholder .. as an individual, household, or business .. as many sources of £100's as possible. Do this 200,000 times over whatever timescale it takes, and you have £20million in the coffers .. not forgetting the normal revenue sources for the football club. Granted, It would require a damn fine PR campaign and clarity on future management structure at board level. I think you would need a number of fans to represent the shareholders voice, perhaps as a shareholder you are allocated a representative by your location to FP such as north,south,east and west) .. Of course ultimately the club will be run to make a shared profit between the council and football club and live within it's means. It's a no brainer to me as a low risk investment for the council if the money does not come directly from their budget..PO Power!!

 

Good idea skates!!! Lol

Link to comment
Share on other sites

Given that the PO postcode covers even parts of the West Wight, which is full of Saints fans (including me!) I hardly think that a mandatory whip round to fund a bunch

of crooks is vote winning brainwave !!

I've come across thick Skates in my time but this one should be up for an award all of it's own :)

Link to comment
Share on other sites

All this new 'Skatery pokery' is getting complicated again so I think it's about time that Corporate Ho should reappear and contribute his insightful, thought provoking view of the situation ??

Without his side of the debate we will be left to conclude that CSI, Antonov, Snoras, Dubov, Andronikou, Chanrai, Lampitt et al.. are all a bunch of low life crooks

and that really wouldn't be fair, would it now ????

Link to comment
Share on other sites

"If I set up a page on " Just giving " I wonder how many fans, and not just Pompey fans would donate, £1, £10, £100 irrelevant really we'd just need numbers. The turnstile reciepts would pay for the CVA and the "Just Giving" would pay the wages. 3500 donations at £35 would give us £122,500, would keep the wages going and a contribution from the players would help. What do we reckon, take this into our hands?"

 

Our fishy friends just don't get it, if they all donate all their hard earned cash they could could pay TBH's wages for a month. PMSL. The turnstile receipts wouldn't pay the the C in CVA.

Link to comment
Share on other sites

LOL. Does a thread about Pompey's proposed takeover that reaches three pages in a couple of hours once again demonstrate just how little you care about Pompey? :D FWIW, while the deal could still fall apart I was told yesterday by someone who's actually involved in the takeover that whilst there were still a few issues to sort out it's still very much on. Time will tell I guess, but I wouldn't laugh too loudly too soon if I were you. I'm not party to the whole thing but if the rumour about where the money's coming from (and how much of it there is ready to be used on players and improving the club) are true you lot are going to be pig sick.

 

 

 

Err, I think you'll find that Pompey's position is built on loans from banks rather than any money from Gaydamak. Britain's position in the world however is more than partly built on arms dealing. If you really find arms dealing that distasteful and want to assume a moral high ground I suggest you emigrate.

 

 

 

I assume you're talking about Hydra Properties here. Rather than being "sacked" Al Fahim is no longer CEO of Hydra but is still a main board director of the company. As for raising the money from Abu Dhabi, that's not where it's rumoured to be coming from. Try Germany.

 

Just in case anyone missed Corp Ho's first ever post on this thread (page 3), I wonder why he hasn't posted this last week?

Link to comment
Share on other sites

"If I set up a page on " Just giving " I wonder how many fans, and not just Pompey fans would donate, £1, £10, £100 irrelevant really we'd just need numbers. The turnstile reciepts would pay for the CVA and the "Just Giving" would pay the wages. 3500 donations at £35 would give us £122,500, would keep the wages going and a contribution from the players would help. What do we reckon, take this into our hands?"

 

Our fishy friends just don't get it, if they all donate all their hard earned cash they could could pay TBH's wages for a month. PMSL. The turnstile receipts wouldn't pay the the C in CVA.

 

By coincidence I believe pompey have their own website, called "Just Taking"

Link to comment
Share on other sites

×
×
  • Create New...

Important Information

View Terms of service (Terms of Use) and Privacy Policy (Privacy Policy) and Forum Guidelines ({Guidelines})