Ken Tone Posted 10 February, 2010 Share Posted 10 February, 2010 If anyone wants to follow it see http://www.portsmouth.co.uk/custompages/custompage.aspx?pageid=81654 Cardiff and Southend both given 28 more days . Portsmouth case about to start K. Link to comment Share on other sites More sharing options...
Dibden Purlieu Saint Posted 10 February, 2010 Share Posted 10 February, 2010 I'm going to start posting on there. Should be fun. Link to comment Share on other sites More sharing options...
Junior Mullet Posted 10 February, 2010 Share Posted 10 February, 2010 surprised there are no saints fan hijacking that link! Link to comment Share on other sites More sharing options...
rick1976.4.38 Posted 10 February, 2010 Share Posted 10 February, 2010 hmrc say they are insolvent Link to comment Share on other sites More sharing options...
Smirking_Saint Posted 10 February, 2010 Share Posted 10 February, 2010 surprised there are no saints fan hijacking that link! I tried Link to comment Share on other sites More sharing options...
Stepgar Posted 10 February, 2010 Share Posted 10 February, 2010 hmrc say they are insolvent what does this ACTUALLY mean?? Link to comment Share on other sites More sharing options...
positivepete Posted 10 February, 2010 Share Posted 10 February, 2010 http://www.timesonline.co.uk/tol/sport/football/article7021629.ece Southend and Cardiff granted 28 day adjournments Link to comment Share on other sites More sharing options...
rick1976.4.38 Posted 10 February, 2010 Share Posted 10 February, 2010 i think it means they havent a pot to p**s in,lol Link to comment Share on other sites More sharing options...
Ken Tone Posted 10 February, 2010 Author Share Posted 10 February, 2010 what does this ACTUALLY mean?? If it is correct it basically means that their debts and outgoings exceed their income and assets. If so there is no way out that makes any sort of economic sense. Seems about right to me. However football never does makes economic sense. It didn't make any sense for Chainrai to lend £17 million to a club with £60 million debts and land assets worth only about £15million, but he did it. And now he is left holding the baby in effect. Pay up at least most of another £7 million or the club closes down and you lose your £17 million. Either there is some very odd motive behind his actions or he is too stupid to be worth all that money in the first place! K. Link to comment Share on other sites More sharing options...
Ivan Katalinic's 'tache Posted 10 February, 2010 Share Posted 10 February, 2010 Come on... how long does it take to say: "How much money can you afford to pay? None? Liquidation then chaps, next!!" Link to comment Share on other sites More sharing options...
Minty Posted 10 February, 2010 Share Posted 10 February, 2010 If it is correct it basically means that their debts and outgoings exceed their income and assets. If so there is no way out that makes any sort of economic sense. One thing mentioned on the Porstmouth News live feed thingy, is that even f relegated, Pompey would have c.£25m in parachute payments to come to them. Even if they had to sell players to reduce the wage bill and possibly even face tumbling down the leagues, with that amount of money coming in, guarenteed, I'd be surprised if they were actually wound up, and rather just told that that money would be earmarked for HMRC or whoever. Now, admittedly, I don't really have a clue how it all works, but it kinda makes sense. Link to comment Share on other sites More sharing options...
Saint Luke Posted 10 February, 2010 Share Posted 10 February, 2010 but surely we want to play them on Saturday just to rub their noses in it. Give them a 28 day adjournment and then wind them up. Link to comment Share on other sites More sharing options...
London Saint Posted 10 February, 2010 Share Posted 10 February, 2010 Some guy called Matthew on that link must have just tweeted this from the courtroom: "HMRC have told the court that they are owed £11.5m and the club cannot pay the debt" Link to comment Share on other sites More sharing options...
Ivan Katalinic's 'tache Posted 10 February, 2010 Share Posted 10 February, 2010 Some guy called Matthew on that link must have just tweeted this from the courtroom: "HMRC have told the court that they are owed £11.5m and the club cannot pay the debt" Might explain why HMRC wouldn't take a £1.5m downpayment then!! Link to comment Share on other sites More sharing options...
farawaysaint Posted 10 February, 2010 Share Posted 10 February, 2010 what does this ACTUALLY mean?? There are different types, technical insolvency means that they are not able to meet their debts as they fall due but insolvency can also just mean that pompeys liabilities are greater than their assets. Link to comment Share on other sites More sharing options...
Dog Posted 10 February, 2010 Share Posted 10 February, 2010 Buyers are banging on the door! The sh;thouse door? Link to comment Share on other sites More sharing options...
Minty Posted 10 February, 2010 Share Posted 10 February, 2010 Case adjourned apparently, no idea how long for yet. Link to comment Share on other sites More sharing options...
London Saint Posted 10 February, 2010 Share Posted 10 February, 2010 Might explain why HMRC wouldn't take a £1.5m downpayment then!! The petition put to court was for £7.4m though so Pompey have been telling porkies again.... Link to comment Share on other sites More sharing options...
SFC Forever Posted 10 February, 2010 Share Posted 10 February, 2010 when sat here waiting too long. Link to comment Share on other sites More sharing options...
Wes Tender Posted 10 February, 2010 Share Posted 10 February, 2010 The case has just been adjourned. No details as to how long for yet. Link to comment Share on other sites More sharing options...
Ivan Katalinic's 'tache Posted 10 February, 2010 Share Posted 10 February, 2010 Buyers are banging on the door! The sh;thouse door? Perhaps they've confused buyers and creditors? Link to comment Share on other sites More sharing options...
Minty Posted 10 February, 2010 Share Posted 10 February, 2010 Adjourned for SEVEN days, not 28... that's not long! Link to comment Share on other sites More sharing options...
slickmick Posted 10 February, 2010 Share Posted 10 February, 2010 Another 7 days. Link to comment Share on other sites More sharing options...
SFC Forever Posted 10 February, 2010 Share Posted 10 February, 2010 Court has given 7 day extension Link to comment Share on other sites More sharing options...
Wes Tender Posted 10 February, 2010 Share Posted 10 February, 2010 Adjourned seven days. So the club still exists on Saturday Link to comment Share on other sites More sharing options...
Ken Tone Posted 10 February, 2010 Author Share Posted 10 February, 2010 One thing mentioned on the Porstmouth News live feed thingy, is that even f relegated, Pompey would have c.£25m in parachute payments to come to them. Even if they had to sell players to reduce the wage bill and possibly even face tumbling down the leagues, with that amount of money coming in, guarenteed, I'd be surprised if they were actually wound up, and rather just told that that money would be earmarked for HMRC or whoever. Now, admittedly, I don't really have a clue how it all works, but it kinda makes sense. But a) they owe £60 million, much more than £25million, and b) their players are overpaid so no one will want to buy them because they won't want to pay those wages ..and the players won't leave voluntarily because they know they won't be paid that much anywhere else. Does b) sound familiar? But they have far more such players that we did and far more excessively paid. So they will have great difficulty even matching income and outgoings, even with parachute payments , and no chance of paying off debt. Not crowing over this. Much as I dislike all things pompey this is all the fault of greedy, and maybe even dishonest, people with no real love for the club. The fans are the victims. K. Link to comment Share on other sites More sharing options...
Popester Posted 10 February, 2010 Share Posted 10 February, 2010 who the f*** would want to buy that pile of s*** Link to comment Share on other sites More sharing options...
fez Posted 10 February, 2010 Share Posted 10 February, 2010 Brilliant. Their last ever game really could be a defeat by us... Link to comment Share on other sites More sharing options...
Ivan Katalinic's 'tache Posted 10 February, 2010 Share Posted 10 February, 2010 7 days is interesting. Is this 7 days because the HMRC is concerned they may not last much longer or because Poopey think they'll have enough to pay off a sufficient amount of the debt to satisfy HMRC? Link to comment Share on other sites More sharing options...
mel1961red Posted 10 February, 2010 Share Posted 10 February, 2010 Been adjourned for 7 days two serious bidders waiting in the wings apparently and will pay off all the debt Link to comment Share on other sites More sharing options...
BingoBob Posted 10 February, 2010 Share Posted 10 February, 2010 Adjourned seven days. So the club still exists on Saturday Oh dear, the last game in the clubs history may involve losing to Saints ;-) Link to comment Share on other sites More sharing options...
Ivan Katalinic's 'tache Posted 10 February, 2010 Share Posted 10 February, 2010 Brilliant. Their last ever game really could be a defeat by us... Would make up somewhat for their gloating over the 4-1 win effectively relegating us in 2005! Link to comment Share on other sites More sharing options...
S41NTS Posted 10 February, 2010 Share Posted 10 February, 2010 It sounds like the "offers on the table" story has bought them a little more time, interestingly Cardiff & Southend were given 28 days earlier today. Link to comment Share on other sites More sharing options...
Saint-scooby Posted 10 February, 2010 Share Posted 10 February, 2010 Time for the false claims to materialise Link to comment Share on other sites More sharing options...
slickmick Posted 10 February, 2010 Share Posted 10 February, 2010 Now 9 days. Next Friday. Link to comment Share on other sites More sharing options...
Popester Posted 10 February, 2010 Share Posted 10 February, 2010 What a beautiful thing that would be ! Link to comment Share on other sites More sharing options...
Minty Posted 10 February, 2010 Share Posted 10 February, 2010 Apparently it's now NINE days?! Makes no sense to me... Link to comment Share on other sites More sharing options...
Ivan Katalinic's 'tache Posted 10 February, 2010 Share Posted 10 February, 2010 Apparently it's now NINE days?! Makes no sense to me... Any advance on 9? Link to comment Share on other sites More sharing options...
S41NTS Posted 10 February, 2010 Share Posted 10 February, 2010 Skysports news just confirmed 9 days. Link to comment Share on other sites More sharing options...
Armitage Shanks Posted 10 February, 2010 Share Posted 10 February, 2010 I'm a lawyer, not an insolvency lawyer, but speaking with insolvency colleagues this looks like bad **** for Pompey. They are essentially going to have to prove to the Court by next Wednesday that they are able to pay their debts. They've been given a 7 day reprieve and no more. Normally you get 28 days but the Court obviously considers this to be a basket case. In other words they need a buyer in 7 days otherwise it really does look as if they will go bust. If they did go bust next week and we lost to them at the weekend, I assume that we would then be given a bye into the FACup QF. Link to comment Share on other sites More sharing options...
red&white4life Posted 10 February, 2010 Share Posted 10 February, 2010 Sky are saying 7 days & they owe HMCR £11.5 mill. Col. Link to comment Share on other sites More sharing options...
S41NTS Posted 10 February, 2010 Share Posted 10 February, 2010 It would be great if we beat them but it would also be great if we lost and then went through anyway...lol. Link to comment Share on other sites More sharing options...
Ivan Katalinic's 'tache Posted 10 February, 2010 Share Posted 10 February, 2010 If they did go bust next week and we lost to them at the weekend, I assume that we would then be given a bye into the FACup QF. Or the side they would've played in the next round would get a bye... Link to comment Share on other sites More sharing options...
Minty Posted 10 February, 2010 Share Posted 10 February, 2010 It would be great if we beat them but it would also be great if we lost and then went through anyway...lol. I would suggest that if we lost, then it would be whoever Pompey were drawn against in the QF that got the bye, not us, although I could be wrong. Link to comment Share on other sites More sharing options...
SFC Forever Posted 10 February, 2010 Share Posted 10 February, 2010 That Mong Bob Beard couldn't miss the opportunity to have a dig at only a division 1 side and it not being a big game saturday. He is doing our AP's job for him. God will we hit them with noise when they show up. Link to comment Share on other sites More sharing options...
Ivan Katalinic's 'tache Posted 10 February, 2010 Share Posted 10 February, 2010 I do hope Pompey aren't relying on their share of the gate receipts on Saturday to help them out??!?! (Even though in reality the monies wouldn't scratch the surface of their debt.) I can't decide whether it would be a good thing or not. On the one hand, I'd hate to see us have a hand in their survival but on the other it would be good to constantly remind them that, without us, they'd have folded. And I do mean constantly remind...! Link to comment Share on other sites More sharing options...
SFC Forever Posted 10 February, 2010 Share Posted 10 February, 2010 It would be great if we beat them but it would also be great if we lost and then went through anyway...lol. Sorry, You didn't just post that did you?? Even drawing with them would be bad news. It is the smelly ones you are talking about. Link to comment Share on other sites More sharing options...
tonibell Posted 10 February, 2010 Share Posted 10 February, 2010 just a stay of EXECUTION it be the same in 7 days Link to comment Share on other sites More sharing options...
St.Patrik Posted 10 February, 2010 Share Posted 10 February, 2010 We could sing on Sat - We payed for your your tickets - we payed for your tickets to the tunes of vanta la mera (spelling of that song might be abit odd) Link to comment Share on other sites More sharing options...
The9 Posted 10 February, 2010 Share Posted 10 February, 2010 I would suggest that if we lost, then it would be whoever Pompey were drawn against in the QF that got the bye, not us, although I could be wrong. I'd say you were definitely right. Link to comment Share on other sites More sharing options...
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