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Pompey Takeover Saga


Fitzhugh Fella

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http://www.eatsleepsport.com/portsmouth/pompey-struggling-for-numbers-1368362.html#.TxQagHpDR4E

 

We're down to our bare bones - but everyone has seen the honest endeavour here and I'm convinced that we can go on and win the next few games

 

Very good Volders, you must have read arry's 101 excuses for being a little rubbish list!

 

Not convinced by the "honest endeavour" claim either, what with Pompeys appalling disciplinary record and the vindicitve type of player Clotterill loved to sign.

 

Still, not good news with a transfer embargo to carry... come on Cala, wheres Voldermorts £40mill?

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Ok, I've posed this a few times before but not sure if it's ever been explained fully....

 

Why has the Football League seemingly imposed transfer restrictions on Portsmouth Football Club when it's the club's parent company that has gone bust? The football club itself was and is financially self-sufficient and was not reliant on its parent company for trading solvently....so why the embargo?

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Ok, I've posed this a few times before but not sure if it's ever been explained fully....

 

Why has the Football League seemingly imposed transfer restrictions on Portsmouth Football Club when it's the club's parent company that has gone bust? The football club itself was and is financially self-sufficient and was not reliant on its parent company for trading solvently....so why the embargo?

 

Because......

 

That's the reasoning thrown around by sad delusionists like Corpse - where has he gone??? - to try and justify why they shouldn't receive a points deduction.

 

Meanwhile, in the real world, it would appear that the FL have figured out AAs simple mind games, and when they get the results in from the accountants they have sent to look at the books they will punish them accordingly :D

 

We all know they aren't self funding, the figures don't add up etc etc. It looks like the FL do too, which is why they have instigated procedures to stop them self harming further!!

 

Fingers crossed that the middle of February will be a VERY cold time down in skatesville.

 

Anyway, how's the takeover coming along? There was supposed to be an announcement in 48 hours a week or so before Xmas, yet here we are in the middle of January and still nothing - well apart from JoCa.

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Ok, I've posed this a few times before but not sure if it's ever been explained fully....

 

Why has the Football League seemingly imposed transfer restrictions on Portsmouth Football Club when it's the club's parent company that has gone bust? The football club itself was and is financially self-sufficient and was not reliant on its parent company for trading solvently....so why the embargo?

 

The football league can impose a ban if it feels the club does not or may not be able to fufill it's obligations. At the current time Portsmouth Fc are not in Admin but at the same time they have announced that money may not be available past the end of Jan. The football league have basically stated until you get an owner you cannot increase your playing squad until you let one go. This is so other clubs and players are protected should they (and they will) go into admin (proper)

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Gosh....a whole section of an investor messageboard dedicated to Cala Corporation....page to the end for all the posts....Haven't read them yet but the post titles look interesting!

 

http://investorshub.advfn.com/boards/board.aspx?board_id=136

 

Like this one from as recently as May 2011....

 

NEWS OUT!

 

Outerspace, May 25, 2011 (HYPER WIRE) -- The Cala Corporation dba Under Sea Resort and Casino, has just begun negotiations with aliens. After giving up on trying to get any takers on the financing on planet Earth the One Man Show CEO Joeseph Cala has decided to finally take it a step further.

 

After intense negotiations, the aliens finally bit and have agreed to a joint venture to build a 300,000 square foot Undersea Resort and Casino on the Moon. Yes on the Moon. The Moon, unlike planet earth has limitless real estate with no cost at all to purchase.

 

The only problem is no water. So the Company will be named Moon Resort and Casino. Guests will be shot there by standard rocket launch procedure or by a causeway built to reach.

 

The aliens agreed to put up the full cost of building the resort, which is estimated at approximately 900 Billion Dollars (US). This was a huge relief to the CEO, since his Company does not have any assets or money left.

 

Mr. Cala offered the aliens to build a free golf course, supply a lifetime of olive oil, build a couple of Italian bakeries and even build a waste treatment plant for them on their planet in exchange for them paying off Cala Corp.'s 15 million accumalted debt. They have remained undecided on this offer.

 

With the trillions of dollars in profit, Cala Corp will start making plans to purchase a certain bridge in New York City. In addition there will be plans to buy some oceanfront property in a state somewhere in the South West of the US (planet earth).

 

WELL WHAT DO YOU KNOW! CALA IS GOING TO THE MOON AFTER ALL. GO CCAA!!!

Edited by trousers
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Found some follow up pieces to those original 'stockpatrol.com' articles posted on here last week (Pages 941 / 942 if memory serves me correctly)...

 

http://www.stockpatrol.com/results.php?query=cala

 

All news of Cala Corp on that site seems to dry up after 2001. I guess this can be classed as "old news" but it certainly seems to give an insight into how this now "dormant" company used to operate.

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Found some follow up pieces to those original 'stockpatrol.com' articles posted on here last week (Pages 941 / 942 if memory serves me correctly)...

 

http://www.stockpatrol.com/results.php?query=cala

 

All news of Cala Corp on that site seems to dry up after 2001. I guess this can be classed as "old news" but it certainly seems to give an insight into how this now "dormant" company used to operate.

 

trousers, this link has everything you want to know about cala .....seems they have finally woken up down the wrong end of the M27

 

http://www.fansonline.net/pompey-fans/article.php?id=395

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Found some follow up pieces to those original 'stockpatrol.com' articles posted on here last week (Pages 941 / 942 if memory serves me correctly)...

 

http://www.stockpatrol.com/results.php?query=cala

 

All news of Cala Corp on that site seems to dry up after 2001

 

so in simple terms lets speculate ...maybe his 'money making' model is.... invest a few mil in a sinking ship.... 'float it' and take the cash - leave ship floundeing... he seems to me a man whose money has been made by convincing some fools to buy shares in companies he has set up to build...er casinos, floating hotels...pipedreams? yet has not actually built anything yet.... I dont know, if i were pompey, and he is the front runnner, I would be worried.

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A little gem from 'The Maltese Times' letters section from 2007:

 

http://www.timesofmalta.com/articles/view/20070927/letters/value-of-the-shipyards.3868

 

Thursday, September 27, 2007 , by Joseph Cala, chairman and founder Cala Corporation, Florida,US.

 

Value of the shipyards

 

I read the article on the GWU's no confidence resolution (September 21).

 

I am shocked to read Minister Austin Gatt's sarcastic remarks against the hard-working and skilful Malta Shipyards employees. Again, Dr Gatt has no clue that according to the conglomerate ABB and Rolls Royce Bergen, the MSL quality of work is outstanding. In addition, one of the world's leading naval architects has told Chris Bell that the shipyards have excellent quality and that only a few major mechanical improvements are necessary.

 

The truth is simply that the shipbuilding industry is over-booked for the next decade and ship owners such as Akers, Northrop and FinCantieri are desperately looking for shipyards to purchase in order to meet the industry demands.

Dr Gatt must focus the blame on the chairman, CEO and senior management and ask them to sign up contracts and never to refuse future contracts. Its a very cheap shot for Dr Gatt to blame the outstanding Malta Shipyards employees when it is clear that Dr Gatt's plan is to shut down the entire venture.

 

Can you imagine the chairman and CEO of GE, GM, Coca-Cola and Northrop Grumman blaming their employees for their company losses?

 

In the real world, the chairmen and CEOs are immediately fired unless he/she has a profitable plan to be executed asap. There's nothing wrong with the shipyards except Mr Bell and John Cassar White. In fact, the Malta shipyards drydock is one of the best in Europe.

 

Lastly, why doesn't Dr Gatt place the MSL for sale? What the government should do is to sell the shipyards to the highest buyer and let the private shipbuilders worry about the losses. The government's job should be to collect taxes and use it for service while the business must be left to the private holding and corporations. It also sends the wrong message to the world when the Ministry of Finance accuses citizens of being lazy and cry babies.

 

Our company will pay cash to buy the entire shipyards' operation and we aren't interested in owning the real estate because we are shipbuilders. Our company has received $300 million in tax free bonds from the State of Alabama. Therefore, our investment bankers such as Goldman Sachs and Credit Suisse would love to underwrite the purchase of Malta Shipyards.

 

Lastly, Dr Gatt, Mr Bell and Mr Cassar White have failed miserably to allow the Shipyards to generate about Lm400 million for the economy. I am speaking from experience and every shipbuilder is overbooked with the exception of Malta Shipyards. The Malta Shipyards' wages are much lower than in Italy, France, Finland, Germany, US, Japan and Korea which are the world leaders in shipbuilding. While the quality is similar or better.

 

Of course, Marsa shipyards lack new technology, which again is the responsibility of the chairman and CEO. Perhaps, Mr Cassar White needs to learn that the job of a chairman is to take the company to the next level and beyond to the horizon while the CEO's job is to make sure the operation is well run and profitable and the job of the employees is an honest day for an honest pay.

 

http://www.timesofmalta.com/articles/view/20071004/letters/joseph-cala-and-the-shipyard.3145

 

Thursday, October 4, 2007 , by Andrew Borg-Cardona, Valletta.

 

Joseph Cala and the shipyard

 

I write on behalf of the management of Malta Shipyards Ltd and refer to Joseph Cala's letter entitled Value Of The Shipyards (September 27).

 

Leaving aside the derogatory and impertinent remarks aimed at anyone in Malta who has not made obeisance to Mr Cala and given credence to his remarks over the last few months, I would like to focus on his statement that:

"[His] company will pay cash to buy the entire shipyards' operation and [they] aren't interested in owning the real estate because [they] are shipbuilders. [Their] company has received $300 million in tax free bonds from the State of Alabama."

 

Purely for the record, Mr Cala's company are not shipbuilders and the "$300 million in tax free bonds" allegedly received from the State of Alabama are, in fact, tied to being spent in Alabama.

 

Precisely how Mr Cala intends to use this sum, if it is ever made available to him, to purchase a shipyard in Malta is not immediately clear.

 

The record also shows that Mr Cala's corporation suffered net losses of $800,000 and $900,000 over the last two years, at least according to its latest published accounts. Mr Cala, in the meantime, pays himself $352,000 annually.

 

It is also unclear what lies behind Mr Cala's repeated attempts at denigrating Malta Shipyard's management and giving an impression that his corporation is anything more than what it is: a corporation defined as a "Penny Stock" Pink Sheet company whose shares are traded "Over the Counter" (OTC). In the US financial markets, the term "Penny Stock" commonly refers to any stock trading outside one of the major exchanges and is often considered pejorative.

#

 

Edit: ah, just seen that Pompey-Online article has also unearthed the above Maltese letters. Back into my basket I go....

Edited by trousers
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Lads, why are we wasting time posting on here. Let's follow Mr Cala's example and buy a football club in another country. Bestest fans ( who dont travel away) a pre requisite.

No money required, just make an offer in a country where nobody has heard of you but is too polite to turn down your offer without due diligence; the local paper is run by the local rivals fans and someone else owns the stadium, surrounding land etc.

 

Hold on a minute, we could have a go nearer to home.

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Lads, why are we wasting time posting on here. Let's follow Mr Cala's example and buy a football club in another country. Bestest fans ( who dont travel away) a pre requisite.

No money required, just make an offer in a country where nobody has heard of you but is too polite to turn down your offer without due diligence; the local paper is run by the local rivals fans and someone else owns the stadium, surrounding land etc.

 

Hold on a minute, we could have a go nearer to home.

 

Can see the headline in the News now "Fans consortium in line to rescue Pompey!" (just don't mention which club we're fans of).

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The pompey boards are getting a bit frothy about storrie being involved with cara or a different consortium.

 

We couldn't get that lucky....could we :) :)

 

Well I have suggested on Neils pompey webchat last week that Fred Dinage and Peter Storrie are heading a consortium to take over the skates... this rumour is as made up as Lampitts lies about pompeys solvent, sustainable trading - PMSL

 

But I 4-1 would welcome Peter 'theres only one' Storrie back at the helm of Fratton Park with excitement. If his latest takeover is as special as the Ali Al Faraj one, which "would take us to a level you wouldnt believe", then I cant wait to see what his plans are!

 

His first task could be to peddle the myth of pompeys incredible support - the bestest fans in the land...

 

xqfjwy.png

 

To be fair to the old skates... I didnt see them averaging as much as they have so they can be proud of that, even if there neighbours with a similar sized population are taking almost double than them!

 

A Storrie & JoCa combo would be a fantastic chapter in the takeover saga and if Chinny is using this chap to be a frontman/fall guy then this would be a fantastic consortium for our magnificent thread... This Mike Hall chap has clearly been reading this thread, we had all he has discussed sussed bloomin weeks ago (glad to help skate).

 

One thing that made be laugh:

 

The website contains no listing for sales and marketing contact, simply a blank page. The website seems to be suffering a series of reliability issues and has little information other than a floor plan which appears to be the QEII.

 

Now that is funny!

 

 

...and as far as I can see, barr his CCJs, the man is Fit and Proper to take over the skates!

 

You could argue that he was made for them!

 

So, half way through the month now and no new owners, no FL decision on the points penalty, no new £20k PW players, and as far as we are aware no winding up orders... Harrys trial and the January pay day should keep things fresh around here whilst Joe Cala starts his three week floatation process.

 

I think we could do with the return of Corporate Ho as well ,we need his comedy and what happened to him last week was not right... PFC123 just dosent get it and is a poor mans Ho.

 

Mind you, I believe PFC123 was bleating "were gonna be fine" recently regarding the latest skate takeover - any news on that?

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So, half way through the month now and no new owners, no FL decision on the points penalty, no new £20k PW players, and as far as we are aware no winding up orders... Harrys trial and the January pay day should keep things fresh around here whilst Joe Cala starts his three week floatation process.

Do not forget that there is also the HMRC Appeal against the Football Creditors Rule too.
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**** ALERT ****

 

*BREAKING NEWS*

 

 

 

 

A Snooze Webchat tomorrow at 1pm

 

 

Prepare your usernames...... :lol:

 

Unless some more facts come to light before then its not going to be very interesting is it? Lots of don't knows or do know but can't tell. Still no official word on which group of chancers is in pole position, if any. Possibly a bit more entertainment can be obtained at the expense of JoCa but not a lot.

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Saddens me to see how bad things are at Darlington at the moment, whilst them dirty ****s down the road continue to stick the proverbial V's up at everyone all without any real punishment for their years of over spending and trading whilst insolvent. ****s.

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According to Solent, AA is now saying the 'next 48 hours are pivotal' - apparently contracts are in place.

 

Ok, so that's Antonov dealt with I guess :lol: but what about Pompey?! :lol:

They also said £12 million required now and proof of £20m to pay secured creditors.

and added that JoCa is the only bidder that has made him self public.

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They also said £12 million required now and proof of £20m to pay secured creditors.

and added that JoCa is the only bidder that has made him self public.

 

So JoCa needs £32 million pounds. One assume he is hoping they will accept about 2 billion shares in his company instead of cash?

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http://www.portsmouth.co.uk/sport/pompey/pompey-past/great-matches/cala_says_he_ll_pull_out_of_pompey_takeover_if_not_done_this_week_1_3425747

 

Check out the comments, they have obviously forgotten the last 48 hour deadline and fall 'hook, line and sinker' for the next one :)

 

 

you gotta laugh!

 

6

Pompey Old Boy

Tuesday, January 17, 2012 at 08:04 AM

Perhaps Mr Cala wants out cos he wants to buy that cruise ship sunk on the coast of Italy .That way he would be halfway to having an underwater Casino and the Steel would be a lot cheaper

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'I am not saying I am not going to spend money but I am saying it’s the gasoline. You have to build the Ferrari and then have the best driver.’

 

??????????

 

The guy is a f#cking idiot, would be a great replacement for the Clot as a source of amusement on this thread !

(Ps. still can't believe that they'd go for him, surely there must be somebody else lurking in the wings!).

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And if that succeeds, then clubs will be choosy who they sell players to, because they might not get paid!

 

SHOCK: football clubs might have to enter the real world! What other business has 100% protection like this? If I sold all my stuff to people who couldn't pay then I wonder how long I would be in business for? It really should be brought in and then clubs can be somewhat more responsible for their own actions. Who knows, perhaps Poopey would never have got into this situation as selling clubs would have realised it was unsustainable. Certainly one way round this would be to pay upfront rather than spread over 2 or 3 years.

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though I still suspect there must be better than Cala waiting in the wings, from Chanrai's point of view, what more damage could the bloke do to his little project?

AA will make him sign his life away, Chanrai will retain control and Marine Boy can mess about for a few months buying time to the all important parachute payment.

Bring it on, I want to see this underwater Ferrari of his firing up.

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though I still suspect there must be better than Cala waiting in the wings, from Chanrai's point of view, what more damage could the bloke do to his little project?

AA will make him sign his life away, Chanrai will retain control and Marine Boy can mess about for a few months buying time to the all important parachute payment.

Bring it on, I want to see this underwater Ferrari of his firing up.

 

As much as I would like to see cala taking over, it isn't going to happen. His first squeal is that he will pull out if it is not concluded this week, as he won't have anytme to buy new players..........(Someone should point out that the FL aren't letting pompey buy any new ones at the moment and if they do, it will almost certainly be "cash up front') Which takes us on to his second squeal that he wishes everone would stop going on about money! (Im guessing this is when android keeps asking for 32 million).

 

It isnt going to happen.

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Question - presuming no new owner comes in, when do Poopey begin to trade while insolvent? We hear on the one hand that they are self-sustaining, but then we also hear that there is only enough money for the short term. Chin's £1m loan seems to have staved off insolvency for the time being. AA is now in possibly a different situation than before. Before hand he didn't take Poopey into the situation of trading while insolvent, he picked up the reins when they were already there. This time round they are currently solvent, and knowingly trading while insolvent might well get him into trouble. With CSI's input, I presume that Poopey were trading OK, but now....?

 

Anyway, this seems to all be about Poopey being in administration, when we know that they aren't and it's just CSI!

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Question - presuming no new owner comes in, when do Poopey begin to trade while insolvent? We hear on the one hand that they are self-sustaining, but then we also hear that there is only enough money for the short term. Chin's £1m loan seems to have staved off insolvency for the time being. AA is now in possibly a different situation than before. Before hand he didn't take Poopey into the situation of trading while insolvent, he picked up the reins when they were already there. This time round they are currently solvent, and knowingly trading while insolvent might well get him into trouble. With CSI's input, I presume that Poopey were trading OK, but now....?

 

Anyway, this seems to all be about Poopey being in administration, when we know that they aren't and it's just CSI!

/QUOTE]

 

And CSI have to pay the rally right company (what ever they are called ) £3 million as well

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