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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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dubai_phil

dubai_phil

Posted
Posted
Don't think that's quite right as they keep telling us CVA is funded by parachute money, so surely they would have put that money safely aside to pay the CVA?

 

Sorry, forgot this is poopey so stupid question

 

Yeah - let's face it, they KNOW they will be in the sh1t if they miss salaries. They make a big deal about only having enough for maybe this month.

 

So IF they had put that cash aside for the rainy day, then surely not paying wages is the rainy day (hell they close if they don't)

 

I think in the maths we have also forgotten Chinny's other loans made to the likes of Al Mirage in the time up until they went into admin. Did that document with his charge over nottarf krap that so upset Ho last time actually give a figure?

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LGTL

LGTL

Posted
Posted
I'm getting confused. Well, more confused than normal. Can someone do one of those animated Lego videos to explain events thus far? Cheers

 

From what I can gather, we are in exactly the same place as we were on the very 1st post on this thread.

 

Portsmouth, the pathetic gift that keeps giving.

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Minsk

Minsk

Posted
Posted

Peter Kubik, one of UHY administrators:

 

Mr Kubik revealed they had tried to challenge Pompey’s nine point deduction handed to them by the Premier League when the club went into administration.

But he said this put the club’s advanced ‘parachute payments’ from the Premier League in jeopardy.

Mr Kubik said: ‘The moment we mentioned that the funding was withdrawn.

‘Our legal advice said it was very difficult to challenge it, so we withdrew it and the funding reappeared.

 

From - http://www.portsmouth.co.uk/lifestyle/tn2-saturday/a-weekend-with/pompey_probe_to_focus_on_former_owners_1_2388773

 

So they definitely were advanced some payments.

 

Anyway, as previously mentioned, Lampit stated during his online Q&A session that they had the last 2 years payments (total of £16m) still to come.

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Dark Munster

Dark Munster

Posted
Posted
"The Premier League's parachute payments have been going directly to football creditors but Portsmouth will also directly receive £28 million from that pot before the end of the 2013-14 season. Further funding had been coming from CSI but, following the arrest last November of their main shareholder Vladimir Antonov, new investment is needed. It is estimated that around £11 million would secure Portsmouth's long-term future.

"The parachute payments will effectively deal with the obligations of the CVA," said Andronikou. "We need someone to come in and deal with working capital. On a PNL basis (profit and loss) – on a pure performance basis – the club is washing its face. The existing board have done a fantastic job but it still needs working capital."

 

So they spunk all CSI's investment on a load of new players to help out perform their relegation rivals, yet are still not a sustainable business?

 

I can't believe the other FL clubs will let them get away with it, cheating c*nts.

 

Translation: "We need £11 million (clean or filthy, we're not fussy) from some sucker in order to keep the cesspit of a club on life support long enough for Chinny to get his hands on the final parachute payments."

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Saint Lindford

Saint Lindford

Posted
Posted

Dave Kitson paid tribute to Michael Appleton’s impact at Pompey and promised: I don’t want to go anywhere.The Blues striker believes his club have the right man at the helm to take them forward – if Appleton is given the right backing.

 

And Kitson wants to be a part of the rebirth of the team under Appleton’s guidance.

 

The 31-year-old has been linked with a move away from Fratton Park this month, with Bristol City said to be keen on signing him.

 

Kitson, who has 18 months left on his contract, insists he is perfectly happy where he is, though, and has no desire to move on.

 

I bet he is not, no other mugs are going to pay £20K a week for him are they.

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dubai_phil

dubai_phil

Posted
Posted

Weekly Par 3 Golf Society night out this evening.

 

Puntucated by THE most STUNNING Full Moon rising in an awesome Deep Crimson Red Colour.

 

A portent of Doom some say, think we are hearing rumours of where the Doom may be.

 

Apparently these Red Moons are pretty rare, once a year or so. Yet we had one with the Eclipse around 8th December and I recall New York had one last year as well.

 

yep, it was a reflection of all the Toasters warming up

 

 

Oh and Comical Andy PLEASE, you're getting more predictable than Old Wives Tales. Of COURSE you need a sucker with 11mil to keep the club running (please note everybody that to have kept Saints running with the side & operations we entered admin with required ONLY 6mil a year)

 

He has of course innocently forgotten that Mr Chinny is a Secured Creditor for HOW MUCH? Oh yes about 17 mil....

 

Now what was that about the parachute money and the CVA?

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Sour Mash

Sour Mash

Posted
Posted
You haven't really been paying attention, have you?
I pay enough attention to know that what's happened down the road should disgust any right-minded person, let alone Saints fan. You think its funny, that they're still trying to wriggle out of paying small local businesses and charities?
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Picard

Picard

Posted
Posted

Quote from the administration completion report.

 

http://www.uhy-uk.com/assets/media/download/portsmouth%20reports/Completion%20report.pdf

 

Other requirements of the CVA which were/ are to be met:

......

(2) Portpin Limited was to pay all unsecured creditors with claims of up to £2,500 in full and

pay any amounts owed to Charitable Organisations in full. I advise that Portpin Limited

has paid all Charitable Organisations in full and has passed all creditors’ claims of £2,500

for review and payment.

 

I being AA.

 

And

 

Subject to the approval of the CVA, Portpin Limited has undertaken to pay all

unsecured creditors with claims of up to £2,500 in full and to pay any amounts owed

to Charitable Organisations in full.Upon repayment,the claims of these creditors

will be subrogated to Portpin Limited.

 

So if Portpin had paid the small creditors he could have claimed it back from PFC.

 

Being part of the CVA if the small creditors are not paid the CVA would not be completed correctly and I imagine that would mean a points deduction.

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tony13579

tony13579

Posted
Posted (edited)

.....

Published on Wednesday 11 January 2012 06:57

 

http://www.portsmouth.co.uk/sport/pompey/pompey-past/great-matches/pompey_takeover_talks_continue_says_andronikou_1_3405192

 

 

NEGOTIATIONS to buy Pompey are still ongoing, according to the joint-administrator of the club’s parent company.

 

 

The announcement from Andrew Andronikou, administrator of Convers Sports Initiatives (CSI) comes after rumours emerged suggesting businessman Joseph Cala is interested in buying the club.

 

Mr Cala, an entrepreneur based in Italy and the USA, is rumoured to head a consortium backed by Abu Dhabi investors.

 

His firm has interests in building undersea casinos and cruise ships and Mr Cala became involved with Italian club Salernitana last year.

 

But Mr Andronikou, of accountancy firm UHY Hacker Young, stressed he will not name the interested party until the deal is completed.

 

Instead, he said he hopes the interested buyer could be revealed early next week.

 

He said: ‘We are still in negotiations and in constant dialogue with lawyers and the interested party.

 

‘I am not ready to disclose the party until a contract has been signed and the Football League has ratified the purchase.

 

‘We need to have the new buyers in as soon as possible to take the club forward.

 

‘It is a great opportunity for anyone coming in to put their mark on the squad and strengthen it, but it’s more difficult once the window closes.

 

‘We are working against the proverbial clock.

 

‘Once we have conducted our negotiations, it’s very much in the hands of the Football League to conduct its fit and proper persons tests.’

 

He added that if the deal goes through the new owners will have funds to meet the first instalment of the Company Voluntary Agreement (CVA) in April.

 

The £16.5m CVA was agreed to bring Pompey out of administration in 2010.

 

‘The figure of debt is being negotiated but it’s not a large figure,’ said Mr Andronikou.

 

‘The CVA deadline will be met if we find a buyer as it’s been factored into the cash flow requirements.

 

North One Sports (NOS), a subsidiary of CSI, has gone into administration after the FIA terminated its contract to promote the World Rally Championship.

 

Mr Andronikou said he hoped money from the potential sale of NOS would be pumped into Pompey’s running costs.

 

Peter Kubik, joint-administrator of CSI, said NOS’ collapse will ‘not have a negative effect on Pompey’

 

someone joked that theywould be bought by the real maffia this time...

Edited by tony13579
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rallyboy

rallyboy

Posted
Posted

Mr Andronikou said he hoped money from the potential sale of NOS would be pumped into Pompey’s running costs.

Peter Kubik, joint-administrator of CSI, said NOS’ collapse will ‘not have a negative effect on Pompey’.

 

1. NOS owe a million pounds to the timing company.

2. The only NOS asset may be the archive and website.

3. Any proceeds from that company are nothing to do with pompey.

 

And Mr Cala looks like he fits the bill -

 

Previously known as Magnolia Foods, Inc., Cala Corporation is a company in its development stage. Headquartered in Houston, Texas, its main alleged focus is on the creation and implementation of undersea resort projects.

 

So far CCAA has failed to file its 10-Q report for the third quarter ending Sep. 30, 2010. Neither has it submitted any reports for Q1 and Q2. It managed, however, to submit the 10-Q report for Q2 of 2009 on Dec. 17, 2010.(!) Therefore, the most 'recent' financial data stretch back to June, 2009. For a company pretending to deal with projects worth billions, such negligence could guarantee anything else but success.

 

Being secretive about what should be revealed in public is a strategy doomed to failure. This rule of thumb refers to any company, regardless of its scale. CCAA must keep that in mind in case its management should want to earn the respect of market players.

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Gruffalo

Gruffalo

Posted
Posted
FINANCIALS (2010 10Q) FILED: ZER0 Income, ZERO Earnings, ZERO Assets

 

15 MILLION in the hole.

 

150K pay to Joey per year? For WHAT?

 

433K still OWED to him (For WHAT?) You guys better buy up some stock.

 

Somebody won't be able to feed himself.

 

Good to see how things changed...NOT.

 

"every stock on the market is a momentum play!" Yes VERY true.

 

But the one big difference is that other stocks have a product and or service and they actually (are you sitting down) have a revenue stream and earnings. These are the things that drive the MOMO for them.

 

CALA which has none of this good stuff and failed at every type of business they tried (olive oil, bakeries, golf courses, water treatment plants etc.) and only gets it's MOMO from fluff PR's.

 

If there's going to be anyone 'buying' them, this lot seem as bad as any the few could hope for.. :lol:

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Danish Saint

Danish Saint

Posted
Posted

Did a quick Google on Joseph Cala and his actions at Salernitana:

 

http://www.calcioblog.it/post/16160/colpo-di-scena-alla-salernitana-lamericano-cala-rinuncia

 

Google translated:

Unexpected epilogue in the tender for the sale of Salerno by Antonio Lombardi Italian American entrepreneur Joseph Cala. This afternoon, a notary of Vallo della Lucania, was in fact terminated the contract of sale, through the use of Lombardi's "termination clause for non-compliance." After just over ten days in which Cala had started with ringing declarations, promising campaigns Pharaonic purchases, promotion to Serie A two seasons and even a listing of clubs, fans of the dream ends up in smoke grenade.

 

The trouble started a few days ago, when the U.S. had harshly attacked the current president because of unpaid back wages to members, which might order the team to a further penalty in the rankings, in addition to the three points already imposed previously at the club Campania. This situation is rapidly precipitated, blasting the deal between the two. Lombardo, who returned unexpectedly in the saddle, said he was ready to save the company from bankruptcy and has already named the sporting director Nicola Salerno and the Director General Antonio Loschiavo.

 

Over the next few days, however, the current owner could give back all the shares. In fact, the city has begun to speak insistently of the interest on the part of a group of entrepreneurs in Naples, headed by Engineer Darius Boldoni, former vice-president of the Naples at the time of Corrado Ferlaino, and own brother of the former owner of Naples' Maradona was. For now, it would, however, only items which were not supported by any of the protagonists.

 

 

So apparantly he couldn't meet all the terms of the sale and had to give up his takeover after just over 10 days.....

Loaded?! I think not.

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sidthesquid

sidthesquid

Posted
Posted

This man looks ideal for the Skates. There's only one signor Cala......

 

Mr Cala, an entrepreneur based in Italy and the USA, is rumoured to head a consortium backed by Abu Dhabi investors.

 

His firm has interests in building undersea casinos and cruise ships and Mr Cala became involved with Italian club Salernitana last year.

 

Jan 2012 GP W D L PTS

Lecce 42 20 15 7 75

Cesena 42 20 14 8 74

Brescia 42 21 9 12 72

Sassuolo 42 18 15 9 69

Torino 42 19 11 12 68

Cittadella 42 18 12 12 66

Grosseto 42 14 19 9 61

Crotone 42 17 11 14 60

Ascoli 42 15 12 15 57

Empoli 42 15 11 16 56

AlbinoLeffe42 14 13 15 55

Reggina 42 15 9 18 54

Modena 42 14 12 16 54

Piacenza 42 13 14 15 53

Vicenza 42 12 17 13 53

Frosinone42 15 8 19 53

Ancona 42 15 9 18 52

Triestina 42 13 12 17 51

Padova 42 12 15 15 51

Mantova 42 10 18 14 48

Gallipoli 42 10 10 22 40

Salerno 42 5 8 29 17

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pedg

pedg

Posted
Posted
Inspired by the potential new owners of Pompey, Hollywood have commissioned a re-make of one of their classic films. It's going to be called "20 Leagues Under Chelsea"

 

Form an orderly queue - I'm here all week.

 

I prefer "Voyage to the bottom of the Blue Square Premier South"

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eurosaint

eurosaint

Posted
Posted
Inspired by the potential new owners of Pompey, Hollywood have commissioned a re-make of one of their classic films. It's going to be called "20 Leagues Under Chelsea"

 

Form an orderly queue - I'm here all week.

 

TBH, I would be happy with " 3 Leagues Under the Saints " !

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Saint Lindford

Saint Lindford

Posted
Posted

North One Sports (NOS), a subsidiary of CSI, has gone into administration after the FIA terminated its contract to promote the World Rally Championship.

 

Mr Andronikou said he hoped money from the potential sale of NOS would be pumped into Pompey’s running costs.

 

Peter Kubik, joint-administrator of CSI, said NOS’ collapse will ‘not have a negative effect on Pompey’.

 

Is this a desperate cry for any little money they can get their grubby hands on? The 'football club', a going concern, not inextricably linked to CSI......................... bo££ocks

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Ken Tone

Ken Tone

Posted
Posted

I was gobsmacked to read AA quoted as .......Mr Andronikou said he hoped money from the potential sale of NOS would be pumped into Pompey’s running costs.

 

Surely the administrator for CSI should be hoping for money for CSI's creditors, not for running portsmouth FC?

 

How much more proof do the FL want that the football club is dependent on CSI money to meet its running costs, so that with CSI in admin, the clubis also in admin in effect ?

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trousers

trousers

Posted
Posted

http://www.portsmouth.co.uk/sport/po...ikou_1_3405192

 

Andrew Andronikou: "‘We need to have the new buyers in as soon as possible to take the club forward."

 

Erm...can someone explain what this has to do with the administration of the company called "CSI"?

 

In other words, why is there a need for Pompey to have "new buyers as soon as possible" when there is no fiscal connection whatsoever between Portsmouth Football Club 2010 and CSI?

 

Someone help me out here.

 

Confused.com

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dubai_phil

dubai_phil

Posted
Posted

And here he is

 

http://www.linkedin.com/profile/view?id=10755556&authType=NAME_SEARCH&authToken=SY-f&locale=en_US&srchid=2680186f-24cc-4010-bca9-58c325b34897-0&srchindex=1&srchtotal=12&goback=%2Efps_PBCK_*1_Joseph_Cala_*1_*1_*1_*1_*2_*1_Y_*1_*1_*1_false_1_R_*1_*51_*1_*51_true_*2_*2_*2_*2_*2_*2_*2_*2_*2_*2_*2_*2_*2_*2_*2_*2_*2_*2_*2_*2_*2&pvs=ps&trk=pp_profile_name_link

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trousers

trousers

Posted
Posted

 

"

Specialties

 

To create a new industry to benefit mankind."

 

:lol:

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dubai_phil

dubai_phil

Posted
Posted

His Abu Dhabi links are to an investment fund in Hotels and resorts.

 

Oh and that is PRICELESS..

 

Linkedin shows linked people that you know who have links to the people who have links to...

 

And all I can say is

 

:lol: :lol::lol:

 

Oh Dude, not again, really, the last one was funny enough

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