holepuncture Posted 1 December, 2011 Share Posted 1 December, 2011 I wish you lot would stop saying Pompey were toast. You fail miserably everytime as Chanrai and AA are always 3 or 4steps ahead of you. The sign when i believe they are really in the mire is if Lampit resigns ,as he will not wish to lose total credibility. How Chanrai can just put the company on a mortgage a day before they go into admin is a farce but yet again with Pompey the rules always seem to there to be bent. Pompey yet again seem to have got away with it, and whilst my sympathy goes to Mero, Mack etc I wont miss the rivalry as it isnt that important to me in respect of seeing my team win. They have shown no shame recognition or concern about their success due to the cheating, so let them take their FA cup win and then spiral into the abyss. Sadly the FA FL etc have no balls and their concern in keeping the integrity of the league will mean they will do their darnedest to let them live Pompey toast......not a hope in hell Cheer up oldNick... they are a stained entity in the eyes of the footballing community, even in the eyes of the general public... the news about Antonov really is everywhere, and everyone can remember that it was not long ago since pompey became the first ever premier league club to go into administration... the football authorities may try and cover things up to protect the brand (not pompey), but they will remember the years and years of constant headaches caused by the skates, dragging English football through the mud time and time again you think they are a fresh baked loaf, but where on earth can they possibly go from here? The most credible solution is the peoples republic of portsea residents raising £130 to pay TBH his Xmas wages, thats the best they have at present... that and begging David Beckham and Branson, PMSL Link to comment Share on other sites More sharing options...
JRM Posted 1 December, 2011 Share Posted 1 December, 2011 At least OldNick and Franks Cousin at last post some realistic sense, they have continued to get away from it and i reckon they'll get away with it again. all this b0ll0cks talk about them bieng toast, and LAUGHING at them, well i can tell you if they beat us on the 18th there will only be one set of fans LAUGHING and it will be them at us. the scandal of what they have got away with isn't a laughing matter at all from where i am sitting, and you lot continue to guess your way through it pretending to be clued up and have been proved wrong continually. Link to comment Share on other sites More sharing options...
Torres Posted 1 December, 2011 Share Posted 1 December, 2011 They may well not end up as toast but they're about to be dragged through the ****e again, which is enough to give most Saints fans the chance for a giggle. Link to comment Share on other sites More sharing options...
Channon's Sideburns Posted 1 December, 2011 Share Posted 1 December, 2011 http://www.bbc.co.uk/blogs/mattslater/2011/11/british_test_is_fit_for_nothin.html Link to comment Share on other sites More sharing options...
JRM Posted 1 December, 2011 Share Posted 1 December, 2011 They may well not end up as toast but they're about to be dragged through the ****e again, which is enough to give most Saints fans the chance for a giggle. yeah it will be hilarious won't it , this "shlt" they have so called be dragged through leaves them 9 points off the play offs (they'll beat coventry saturday as well) with a well paid decent squad, and a good chance of beating us on the 18th, if we lose that day all of your giggling will look pathetic when they are laughing at YOU Link to comment Share on other sites More sharing options...
Danish Saint Posted 1 December, 2011 Share Posted 1 December, 2011 http://www.bbc.co.uk/blogs/mattslater/2011/11/british_test_is_fit_for_nothin.html Read qoute 2 from iwys - sounded very familiar! Someone did a little fancy copy/paste number on my post! Link to comment Share on other sites More sharing options...
Gingeletiss Posted 1 December, 2011 Share Posted 1 December, 2011 The key date to compare it to would be when the European Arrest Warrant was issued, IMO... Also, the delusion here is incredible: http://fansonline.net/pompey-fans/article.php?id=385 Wah, it's all the Football League's fault, and as compensation they should give us an interest-free loan to help us out of the situation we've landed ourselves in The Football League need not bother even thinking of deducting us points, unless they want to open their doors and find a couple of thousand people waving Fit and Proper banners next time we play in London. And they might want to consider giving us an interest free loan or two if we need a bit of working capital. In fact, given the disaster they have just helped walk us into, they should give us ten points and a couple of million quid Is that a threat I'm seeing? Link to comment Share on other sites More sharing options...
rallyboy Posted 1 December, 2011 Share Posted 1 December, 2011 they've dodged so many bullets I'm not convinced that the business is about to disappear, but it's different this time... Previously they were involved with people who were clever enough to disguise insolvent trading and dubious business practice aplenty. This time it looks like a blundering idiot has left a damaging trail of paperwork all the way across Europe. Annoy the HMRC and they blub and mutter - but when you start annoying European banks and governments in the middle of a recession the authorities are going to bay for blood. Whether they get any is down to lawyers, and Antonov appears to have given them plenty of evidence. Also the business is becoming less attractive with every sale, more debt, less value - and time is getting shorter. AA has his work cut out if he realistically wants to complete a sale before the next wages day - I'll stick my neck out and say that ain't gonna happen! Don't know about toast, but I wouldn't be looking to swap places with them anytime soon. Link to comment Share on other sites More sharing options...
JackFrost Posted 1 December, 2011 Share Posted 1 December, 2011 yeah it will be hilarious won't it , this "shlt" they have so called be dragged through leaves them 9 points off the play offs (they'll beat coventry saturday as well) with a well paid decent squad, and a good chance of beating us on the 18th, if we lose that day all of your giggling will look pathetic when they are laughing at YOU Appleton's appointment fascinates me though, they did go for the cheap option there. We were all predicting Ancelotti or maybe poaching Mourinho from Real Madrid but they ended up with a coach from WBA and loaning a couple of youngsters. A sign of things to come? Their current squad will remain because until their contracts expire they can't shift them, which was the same problem we had with Raziak. Above all their finances are shot, and a large proportion of their squad is the wrong side of 30. They will not attract a serious buyer for a very long time and will only attract chancers and tyre-kickers and criminals. Being a English football club in the top few divisions means they are above the law so they'll never be wound up by the courts. It all depends on what Chainrai's long term motives are and how much money he is willing to gamble/loan the club before he can find someone with enough money and stupidity. Also you say their 'only' x points off the play-offs, last time I looked they were only above the relegation zone on goal difference. They've got years of struggle to come, and as the current trend starts to appear, years of reckless overspending to come to go slightly backwards year on year Link to comment Share on other sites More sharing options...
Wes Tender Posted 1 December, 2011 Share Posted 1 December, 2011 yeah it will be hilarious won't it , this "shlt" they have so called be dragged through leaves them 9 points off the play offs (they'll beat coventry saturday as well) with a well paid decent squad, and a good chance of beating us on the 18th, if we lose that day all of your giggling will look pathetic when they are laughing at YOU The Skates current parlous position regarding the succession of comedy owners they have had to endure of late and the match against them shortly, are two distinctly different entities. You infer that if they beat us at FP on the 18th, we will look pathetic laughing at them. Regardless of the outcome of that match, I'll carry on laughing at their position. In fact, if we lost, their current plight and what will follow on from it, are what would console me. Link to comment Share on other sites More sharing options...
JRM Posted 1 December, 2011 Share Posted 1 December, 2011 The Skates current parlous position regarding the succession of comedy owners they have had to endure of late and the match against them shortly, are two distinctly different entities. You infer that if they beat us at FP on the 18th, we will look pathetic laughing at them. Regardless of the outcome of that match, I'll carry on laughing at their position. In fact, if we lost, their current plight and what will follow on from it, are what would console me. you are missing the point, these "comedy owners" and cheating and fraud, they are not laughing matters, the skate c*nts have already done us once while cheating in the FA cup, if they do it again i'll be f*cking outraged, i want to see them in the conference, i've got a good mate who follows Luton, i've seen them on -30 points and down in the conference, only when pompey have dropped to those levels will i be satisfied, no laughing, no giggling, no made up set of circumstances like those on here guessing what is going to happen to them being "toast" , from where i am sitting they have got away with so much i can see them doing it again. Link to comment Share on other sites More sharing options...
pedg Posted 1 December, 2011 Share Posted 1 December, 2011 (edited) I am not convinced how choreographed the current events are in terms of Chainrai, etc. I think he was happy with how things were before because he had got out of the hot seat at pompey and could see his would get his money at the end of it once CSI finished paying their instalments. But now he getting himself involved in a much larger pond. One suspects that once things started to unravel he must have seen the money he is still owed for pompey disappearing from in front of his eyes and got the charge slapped in asap to try and stop that. My opinion is that it was probably an act of panic than coordinated plan. Edited 1 December, 2011 by pedg Link to comment Share on other sites More sharing options...
PaulSaint Posted 1 December, 2011 Share Posted 1 December, 2011 Local derbies have always laughed in the face of both league position & form, they are a war normally won by the team that wants it the most. If we lose another away game at FP I dont think too many would really be "that" surprised? Would I take a loss agaist P0mpey & the title - Yessssssss!!!! Link to comment Share on other sites More sharing options...
jjsaint Posted 1 December, 2011 Share Posted 1 December, 2011 Read qoute 2 from iwys - sounded very familiar! Someone did a little fancy copy/paste number on my post! Indeed - I thought quote #2 was yours! Link to comment Share on other sites More sharing options...
aintforever Posted 1 December, 2011 Share Posted 1 December, 2011 The way the Skates are banging on about the FAPP test makes me want to puke. I didn't hear any of them moan about it when they were buying the FA Cup with a criminal's blood money. In fact, if the FL had blocked the Russians takeover they probably would have gone under and the same scum would be up in arms. They are a bunch of hypocrites who would gladly give 100% support to a gun runner, mafia boss or tax dodger as long as they have their sh!tty little club bank-rolled into a position where they can mock others who support respectable clubs and live within their means. F*ck em all, liquidation is the only deserved outcome for that sh!t-hole, and especially for the fans. Link to comment Share on other sites More sharing options...
hutch Posted 1 December, 2011 Share Posted 1 December, 2011 There is only one question that requires any guesswork, and that is "Will Chainrai lend them any more money?" If the answer is yes, they'll continue to "get away with it" in the same way they've been "getting away with it" for the past 2 years, and if it's no, they'll be gone within 3 months. HMRC will wind them up, and they won't get any leeway from the Courts this time round. Talk of points deductions is just a bit of fun. Their predicament is far more precarious than that. And IMO a bit of circumspection from AA wouldn't go amiss. To gloat that they're now in a far better position than they were because they've received £10.8m which was looted by a bank robber, according to press reports, doesn't do them any favours. Link to comment Share on other sites More sharing options...
Torres Posted 1 December, 2011 Share Posted 1 December, 2011 AA in "shooting his mouth off and talking crap" shocker! Link to comment Share on other sites More sharing options...
Panda Posted 1 December, 2011 Share Posted 1 December, 2011 Surely 'the few' must realise that had the FL via the FAPPT stopped the Russians taking over from Chainrai then Chainrai would have wound the club up and they would have already been 'toast'? Actually, the FAPPT seems to have given them an extended life expectancy. The problem now seems to be that the international ring of 'financiers' is huge and it is quite simple to pass the club on to someone else to use for a while. That is why AA is quite 'confident' that a new owner will buy the club quite soon. I think P****y are far from toast and will bumble on for a good while yet, albeit with minimal success, as there will be no real investment from the new owner, just money in to enable more money to be taken out. I'm with the sceptics here and don't share the certainty that this is it. Nevertheless, it is a bit more pain for 'the few' to suffer whilst the next chapter unravels. Link to comment Share on other sites More sharing options...
pedg Posted 1 December, 2011 Share Posted 1 December, 2011 Latest news: AA denies he is Chainrai's puppet Link to comment Share on other sites More sharing options...
eurosaint Posted 1 December, 2011 Share Posted 1 December, 2011 Well I've just voted that article worthy of 1 star.I'm not going suggest others should do the same, but if they should wish to, the voting option is right at the bottom of the page. I just voted 10 consecutive times and the average has come down from 4 to 1 (sadly can't get it any lower than one !!). Link to comment Share on other sites More sharing options...
JackFrost Posted 1 December, 2011 Share Posted 1 December, 2011 There is only one question that requires any guesswork, and that is "Will Chainrai lend them any more money?" If the answer is yes, they'll continue to "get away with it" in the same way they've been "getting away with it" for the past 2 years, and if it's no, they'll be gone within 3 months. HMRC will wind them up, and they won't get any leeway from the Courts this time round. Talk of points deductions is just a bit of fun. Their predicament is far more precarious than that. And IMO a bit of circumspection from AA wouldn't go amiss. To gloat that they're now in a far better position than they were because they've received £10.8m which was looted by a bank robber, according to press reports, doesn't do them any favours. Only if Chainrai puts them into voluntary liquidation. The courts won't wind them up otherwise, they'll just keep giving them chance after chance after chance. Too much murky politics and publicity involved for any judge to decide against Pompey's favour in a straight fight. As football stands at the moment, publicity, money and politics dictate that from the PL to about League 1 English football clubs are above the law Link to comment Share on other sites More sharing options...
Wes Tender Posted 1 December, 2011 Share Posted 1 December, 2011 you are missing the point, these "comedy owners" and cheating and fraud, they are not laughing matters, the skate c*nts have already done us once while cheating in the FA cup, if they do it again i'll be f*cking outraged, i want to see them in the conference, i've got a good mate who follows Luton, i've seen them on -30 points and down in the conference, only when pompey have dropped to those levels will i be satisfied, no laughing, no giggling, no made up set of circumstances like those on here guessing what is going to happen to them being "toast" , from where i am sitting they have got away with so much i can see them doing it again. I'm certainly with you in wanting them to be playing in the Conference as punishment for their cheating. Whereas the way that the authorities have allowed them to get away with it these past few seasons is certainly no laughing matter, their current predicament as a result, is. Only the Skates could come up with such a pantomime collection of baddies and this last lot are almost the funniest of all. I have business contacts who support them and was astonished last year, that when asked whether their club coming so close to oblivion was worth the trips to Wembley and the FA Cup they won fraudulently, they said yes. What I want to happen, is that they will be forced so far down the leagues, that when asked that question, they will admit that the damage caused by their criminal overspending to buy that Cup and their few years in the Premiership was not worth it. Link to comment Share on other sites More sharing options...
dubai_phil Posted 1 December, 2011 Share Posted 1 December, 2011 Jeez they still keep trying to compare their situation to ours. 130million vs 30mil Payment in full to everyone except Aviva. But the real BOMBSHELL for the skates that keep trotting this rubbish out would be IF it could be shown that in fact Aviva had ALREADY offered to accept a stadium settlement BEFORE admin. Again what those thick morons don't understand is that Aviva had a MORTGAGE on the stadium valued at 30mil. Some 18 mil or so HAD BEEN PAID BACK. The mortgage was THEN REPAID EARLY. You can tell all the morons live in Council houses they have no idea that you get a discount for early repayment of a Mortgage. The ACTUAL loss to Aviva IF someone ever gets the accounts out will be shown to be around 2million. Something like 20% of what CSI spunked in 4 months on that cesspit Link to comment Share on other sites More sharing options...
redkeith Posted 1 December, 2011 Share Posted 1 December, 2011 The admission that Antonov put £10.8 Million into PFC, made by one of his fellow directors and repeated by AA, is a startling one. Not only does it point to insolvency in the business, as it is all gone by new year, but also the fact that it was Antonovs money. I'm not sure how that will impact the deliberations on points deductions by the FL, as it could be interpreted as PFC being a massive drain on CSI, and so look more like the cause of the administration than the Crazy Golf tournament was, for instance. More importantly, the Goverments of Lithuania and Latvia are convinced that Antonov has stolen millions from their countries. They may well regard that £10m as theirs, and ask for it back. Link to comment Share on other sites More sharing options...
JonnyLove Posted 1 December, 2011 Share Posted 1 December, 2011 The admission that Antonov put £10.8 Million into PFC, made by one of his fellow directors and repeated by AA, is a startling one. Not only does it point to insolvency in the business, as it is all gone by new year, but also the fact that it was Antonovs money. I'm not sure how that will impact the deliberations on points deductions by the FL, as it could be interpreted as PFC being a massive drain on CSI, and so look more like the cause of the administration than the Crazy Golf tournament was, for instance. More importantly, the Goverments of Lithuania and Latvia are convinced that Antonov has stolen millions from their countries. They may well regard that £10m as theirs, and ask for it back. Not really if you recall our accounts showed a paperloss and showed a loan of £x into the business so it's not really any different. What will be interesting is when they run out of the money which will be about Jan 1st 2012 or 31st Jan 2012 without any investment coming in. Man City and Chelsea are the same, it's only an issue when the money stops Link to comment Share on other sites More sharing options...
pfc123 Posted 1 December, 2011 Share Posted 1 December, 2011 She'll probably lurk and only come on here crowing when something doesn't occur quite as we thought. Also keep an eye on your spelling or else PFC123 will be down on you like a ton of tuna. Sorry mate but, like Corp, you've lost me with this one. I tend to spell and grammar check as I'm one of the pedants who picks people up on their errors. Nope, no error there. Quite, correctly, as opposed to quiet. I think that perhaps it might be time for you all to drop the spelling thing, yes? It was a lovely idea, but it's not really turning out the way you hoped is it? I mean carry on digging if you like, I don't mind.... Link to comment Share on other sites More sharing options...
tony13579 Posted 1 December, 2011 Share Posted 1 December, 2011 I think there is another twist to come in this tale. The HMRC and many insolvency practitioners are just waiting to trip AA up. Link to comment Share on other sites More sharing options...
dubai_phil Posted 1 December, 2011 Share Posted 1 December, 2011 I think there is another twist to come in this tale. The HMRC and many insolvency practitioners are just waiting to trip AA up. Ah ha, somebody else knows an IP. Link to comment Share on other sites More sharing options...
dronskisaint Posted 1 December, 2011 Share Posted 1 December, 2011 I think that perhaps it might be time for you all to drop the spelling thing, yes? It was a lovely idea, but it's not really turning out the way you hoped is it? I mean carry on digging if you like, I don't mind.... Well - I too can be selective...are you really happy about the way it's all turning out? Do you think this thread has run it's course? Do you think your principled principal has left you in a good situation? I've got to say that for sheer comedy value you have added a further source of ridicule to a thread that barely needed it so keep dropping by for more why don't you? Link to comment Share on other sites More sharing options...
gaz Posted 1 December, 2011 Share Posted 1 December, 2011 If its cost £10.8m for the first half of the season (and we're not even halfway here), then its around £21.6m to complete it. Without Vlad, they'd have needed to pack Fratton week in week out with full priced tickets to cover that cost. As mentioned, many many many times in this thread, the numbers simply don't add up. Link to comment Share on other sites More sharing options...
Joey-deacons-left-nut Posted 1 December, 2011 Share Posted 1 December, 2011 Weirdly us selling out our full allocationn is going to help... Link to comment Share on other sites More sharing options...
holepuncture Posted 1 December, 2011 Share Posted 1 December, 2011 Voldermort sounds right ****ed off about it all: "I am obviously disappointed with what has happened because I wanted to have an opportunity to take the club forwards. 'On day one of arriving I mentioned a five-year plan - who knows where we stand with that now? 'It's too early days for me to think too far into the future, though. With everything that has happened, I am literally taking things hour-by-hour and day-by-day at the moment. 'We have been told in the short-term we will be paid and the club will run as normal. What we have not had proper clarification on is what does short-term mean?" I believe Andronikou has stated you have roughly six weeks before the Lituanian and Latvian publics life savings and pension monies runs out... I wouldnt look to strengthen in January like you claimed you would after your very first game in charge (excellent motivation for TBH and the gang, Vold), I would prepare to clear out any one that isnt earning a ridiculous wage... not very many i know but these are the only players other clubs will take on. I know that will be tough as you outbid so many premier league and top end NPC clubs and offered significantly higher wages to them... as such you will be stuck with the most expensive XI in the division until they have bled there gold plated contracts dry. If you have any good young talent we can poach with a view to developing them for the future at St.Marys, let us know and Cortese will thrash out a deal with whatever convicted fraudster Chinny sends down to Nottarf this year. It would be nice to see Azougy back at Poopey, he was a good laugh last time round. You are welcome to give us a million for a player we never actually sign like you did with Spurs, however any funny business and Cortese will report you for MORE money laundering. So that can be your short term plan Volders, strip the squad of any value, talent and promise and focus on watching your aging mercenaries picking up more bookings and red cards... Medium term you will be back up in front of the courts with more winding up orders I can imagine, long term you will be unemployed - sorry, not your fault, you just made a catastrophic error of judgement joining the skates. PMSL at his five year plan, why do the skates keep banging on about five year plans, they cant manage a year without director scandal, winding up orders or court appearances, the current lot, the Russian mafia only managed five months, PMSL! Why did you do it Voldermort, you could have stayed at WBA under the respected stewardship of Hodgson. Instead you have joined the outright most disgraceful football club in the game. Link to comment Share on other sites More sharing options...
pedg Posted 1 December, 2011 Share Posted 1 December, 2011 (edited) Weirdly us selling out our full allocationn is going to help... Am I right that the home club has to pay for policing? Am I also right that the Hampshire constabulary have said that the operation for that match will be large and expensive? Lets hope they get their bill in quickly... http://www.dailyecho.co.uk/sport/9393363.Huge_police_operation_for_Saints__clash_with_Pompey/ The cost of the operation on December 18 is expected to run into hundreds of thousands of pounds Edited 1 December, 2011 by pedg Link to comment Share on other sites More sharing options...
Whitey Grandad Posted 1 December, 2011 Share Posted 1 December, 2011 Am I right that the home club has to pay for policing? Am I also right that the Hampshire constabulary have said that the operation for that match will be large and expensive? Lets hope they get their bill in quickly... http://www.dailyecho.co.uk/sport/9393363.Huge_police_operation_for_Saints__clash_with_Pompey/ In the current circumstances I would expect them to ask for money up front. We wouldn't want the taxpayers to be subsidising them again, would we? Link to comment Share on other sites More sharing options...
Jimmy_D Posted 1 December, 2011 Share Posted 1 December, 2011 The only reason Pompey aren't already under is that CSI came in and passed the FAPPT... if all the Pompey moaners had their way and the FL had made a stand, CSI wouldn't have saved them. Regardless of sanctions the league might bring to bear against them for what's already happned, the future is looking pretty bleak for them. They're now in exactly the same position they were before CSI took over, except everything is far more urgent. They probably can't afford payroll next month, the repayments on the CVA are due to start in a few weeks, CSI aren't in the background possibly going to take over... In fact that's the biggest difference this time. The administrator has already admitted they need funding to survive in the medium to long term, but there are no rumours, no whispers this time, of potential investment. With the money owed on the CVA, the money owed to CSI, the high wage bill, and uncertainty over Portsmouth's position in the league, with the possibility of points deductions, or possibly even expulsion hanging over them, not to mention predictions of another recession on the horizon... you have to seriously question whether there's anyone left out there that are willing and able to save them. Link to comment Share on other sites More sharing options...
Doctoroncall Posted 1 December, 2011 Share Posted 1 December, 2011 Jimmy_d The CVA payments are due to start in April under the current version of the CVA. That could change with a rewrite. Also current available funding is expected to last until the end of the year. Link to comment Share on other sites More sharing options...
dubai_phil Posted 1 December, 2011 Share Posted 1 December, 2011 The only reason Pompey aren't already under is that CSI came in and passed the FAPPT... if all the Pompey moaners had their way and the FL had made a stand, CSI wouldn't have saved them. Regardless of sanctions the league might bring to bear against them for what's already happned, the future is looking pretty bleak for them. They're now in exactly the same position they were before CSI took over, except everything is far more urgent. They probably can't afford payroll next month, the repayments on the CVA are due to start in a few weeks, CSI aren't in the background possibly going to take over... In fact that's the biggest difference this time. The administrator has already admitted they need funding to survive in the medium to long term, but there are no rumours, no whispers this time, of potential investment. With the money owed on the CVA, the money owed to CSI, the high wage bill, and uncertainty over Portsmouth's position in the league, with the possibility of points deductions, or possibly even expulsion hanging over them, not to mention predictions of another recession on the horizon... you have to seriously question whether there's anyone left out there that are willing and able to save them. Again the OTHER pretty large issue that will hang over any potential sale is.... Were CSI handling "Stolen" money? Can the funds that CSI invested be traced back to The Baltics? Again forgetting any possible Admin scenario, finding a buyer? They have 4 weeks. How long did Mark Fry take? Andrew Cowen & Rupert (depending on who you believe) tried for two years. Leon tried for a year - and all that was BEFORE Lehman Brothers hit. Find a buyer in 4 weeks? Why would Chinny put any MORE money in now? He can claim against WRC value etc And find a buyer while there is "turmoil & uncertainty" floating around the ownership and legality of the actual shares? Very very tough call The burn rate appears to be 1.5-2mil a month ours was 500k Can the supporters trusts buy them for a quid and find that much cash to get through January and sell some of the players? Kanu's not left after how many owners? the others? Not toast that's for sure but Another Fine Mess Link to comment Share on other sites More sharing options...
stevegrant Posted 1 December, 2011 Share Posted 1 December, 2011 Again the OTHER pretty large issue that will hang over any potential sale is.... Were CSI handling "Stolen" money? Can the funds that CSI invested be traced back to The Baltics? Again forgetting any possible Admin scenario, finding a buyer? They have 4 weeks. How long did Mark Fry take? Andrew Cowen & Rupert (depending on who you believe) tried for two years. Leon tried for a year - and all that was BEFORE Lehman Brothers hit. Find a buyer in 4 weeks? Why would Chinny put any MORE money in now? He can claim against WRC value etc And find a buyer while there is "turmoil & uncertainty" floating around the ownership and legality of the actual shares? Very very tough call The burn rate appears to be 1.5-2mil a month ours was 500k Can the supporters trusts buy them for a quid and find that much cash to get through January and sell some of the players? Kanu's not left after how many owners? the others? Not toast that's for sure but Another Fine Mess But can he? Why would Chainrai register a charge against all CSI revenue and assets three days after the Lithuanian government took control of Snoras and one day before an arrest warrant was issued for Antonov? I reckon a lawyer with half a brain would be able to get that overturned. That said, we said the same about the Fratton Park one last time... Link to comment Share on other sites More sharing options...
anothersaintinsouthsea Posted 1 December, 2011 Share Posted 1 December, 2011 Didn't the Lithuanian authorities freeze Antonov's assets? How does this interplay with the administration of CSI and any potential sale of Pompey? Link to comment Share on other sites More sharing options...
Jimmy_D Posted 1 December, 2011 Share Posted 1 December, 2011 Jimmy_d The CVA payments are due to start in April under the current version of the CVA. That could change with a rewrite. Also current available funding is expected to last until the end of the year. http://www.portsmouth.co.uk/sport/pompey/pompey-past/great-matches/administrator_urges_calm_but_race_is_on_to_find_pompey_buyer_1_3297228 Suggests that they can't afford to continue past January or February... funding can last til the end of the calender year. The CVA can't be rewritten. It's under the current terms that payment has been pushed back as far as it has. Whether there's any provision for it to be pushed back further under those terms, I don't know. Link to comment Share on other sites More sharing options...
stevegrant Posted 1 December, 2011 Share Posted 1 December, 2011 Didn't the Lithuanian authorities freeze Antonov's assets? How does this interplay with the administration of CSI and any potential sale of Pompey? I think they only froze the assets to which they had access to, i.e. assets in their own country. Link to comment Share on other sites More sharing options...
pedg Posted 1 December, 2011 Share Posted 1 December, 2011 http://www.portsmouth.co.uk/sport/pompey/pompey-past/great-matches/administrator_urges_calm_but_race_is_on_to_find_pompey_buyer_1_3297228 Suggests that they can't afford to continue past January or February... funding can last til the end of the calender year. The CVA can't be rewritten. It's under the current terms that payment has been pushed back as far as it has. Whether there's any provision for it to be pushed back further under those terms, I don't know. I think the first line of that article instead of being this: THE man tasked with finding Pompey a new owner has urged fans not to panic -– but admitted there is only a matter of weeks to save the club. should be this: THE man tasked with finding Pompey a new owner has urged fans not to panic -– but admitted there was every reason to do so. Link to comment Share on other sites More sharing options...
pedg Posted 1 December, 2011 Share Posted 1 December, 2011 I think they only froze the assets to which they had access to, i.e. assets in their own country. Gets back to an earlier question of mine about is there is any financial equivalent of the european arrest warrent, i.e. a way for country A in the EU to request country B to freeze assets for them? Link to comment Share on other sites More sharing options...
andysstuff Posted 1 December, 2011 Share Posted 1 December, 2011 http://www.portsmouth.co.uk/sport/pompey/pompey-past/great-matches/administrator_urges_calm_but_race_is_on_to_find_pompey_buyer_1_3297228 The CVA can't be rewritten. It's under the current terms that payment has been pushed back as far as it has. Are you sure, I thought there was mention of a get out clause back in the 900 odd pages on here saying it could indeed be pushed back if the money wasn't there. Thought the only date set in stone was the one when the last tranche had to be paid?? Link to comment Share on other sites More sharing options...
Jimmy_D Posted 1 December, 2011 Share Posted 1 December, 2011 (edited) Are you sure, I thought there was mention of a get out clause back in the 900 odd pages on here saying it could indeed be pushed back if the money wasn't there. Thought the only date set in stone was the one when the last tranche had to be paid?? Like I said, I'm not sure of how far back it can be pushed further, but if it does get pushed back further, it'll be under the current terms of the CVA already in place. In any case, it looks like they've got more immediate financial problems to deal with before they can even think about that. Edited 1 December, 2011 by Jimmy_D Link to comment Share on other sites More sharing options...
anothersaintinsouthsea Posted 1 December, 2011 Share Posted 1 December, 2011 Are you sure, I thought there was mention of a get out clause back in the 900 odd pages on here saying it could indeed be pushed back if the money wasn't there. Thought the only date set in stone was the one when the last tranche had to be paid?? Think this might be right. seem to remember someone saying that Android chopped and changed the terms of the Swindon CVA and seemed to say: "I'm the administrator, I can do what I want" Link to comment Share on other sites More sharing options...
BigShadow Posted 1 December, 2011 Share Posted 1 December, 2011 So potentially, they look like entering admin in January, unless some mug is found with cash to burn. Surely at that point they would be looking at a minimum -25 pts. 10 for admin, 5 for 2nd admin in two years, 10 for failing to meet CVA (if there is a punishment for exiting admin without a CVA, there must be a punishment for not honouring the CVA you did put in place). And that still leaves the problem of finding the cash to stay in business. On a lighter note.....how about someone phones up the Pompey Supporters Trust and tells them Saints fans have had a whip round and arrange to present a large cardboard cheque before ko on the 18th. Of course, we would follow the Pompey tradition in honouring the funds behind that cheque. Link to comment Share on other sites More sharing options...
Jimmy_D Posted 1 December, 2011 Share Posted 1 December, 2011 So potentially, they look like entering admin in January, unless some mug is found with cash to burn. Surely at that point they would be looking at a minimum -25 pts. 10 for admin, 5 for 2nd admin in two years, 10 for failing to meet CVA (if there is a punishment for exiting admin without a CVA, there must be a punishment for not honouring the CVA you did put in place). And that still leaves the problem of finding the cash to stay in business. On a lighter note.....how about someone phones up the Pompey Supporters Trust and tells them Saints fans have had a whip round and arrange to present a large cardboard cheque before ko on the 18th. Of course, we would follow the Pompey tradition in honouring the funds behind that cheque. Considering they're still servicing (or yet to start servicing) a CVA from a previous administration, it's unlikely they'll be allowed to go into administration again. If the club itself faces another winding up order, the chances are they won't be allowed the protection of administration, and the winding up order will be followed through. Link to comment Share on other sites More sharing options...
sussexsaint Posted 1 December, 2011 Share Posted 1 December, 2011 Is there not some sort of legal issue with paying the months wages with money that's been stolen? Link to comment Share on other sites More sharing options...
View From The Top Posted 1 December, 2011 Share Posted 1 December, 2011 Think this might be right. seem to remember someone saying that Android chopped and changed the terms of the Swindon CVA and seemed to say: "I'm the administrator, I can do what I want" But they aren't in administration, CSI are. Link to comment Share on other sites More sharing options...
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