our bankruptcy last year...

[david in sweden]

is beginning to look like a parking fine... compared to the latest revelations coming out of Fratton Park.

 

How can ANYONE allow a club to get so deep in debt? £135 million...:smt088

(Has Gordon Brown counted that into the amount of the National Debt ..?)

 

Pom*ey have already had their 10 point deduction but surely the FL /FA won't close their eyes to so many irregularities when you consider how they punished Luton and Bournemouth a few years back.?

[Tony F]

Apparently, it rests on the technicality of whether they can get this CVA thing up and running. If they have that in place by the time they officially join the Football League then they are deemed to be "pucca".

 

I'm afraid its rules and process ahead of subjective views and (possibly even) common sense....

[hughieslastminutegoal]

is beginning to look like a parking fine... compared to the latest revelations coming out of Fratton Park.

 

How can ANYONE allow a club to get so deep in debt? £135 million...:smt088

(Has Gordon Brown counted that into the amount of the National Debt ..?)

 

Pom*ey have already had their 10 point deduction but surely the FL /FA won't close their eyes to so many irregularities when you consider how they punished Luton and Bournemouth a few years back.?

 

The bizzare thing is that there has been a sequence of "owners", and who owes what to whom is nuts, a very, very strange way for a company to change hands. These people weren't stupid, so what else was going on, what other sleight-of-hand tricks were being played? What was this company being used as a front for?

Edited 7 May, 2010 by hughieslastminutegoal

[waggy]

The bizzare thing is that there has been a sequence of "owners", each one of whom is still owed money by the club, a very, very strange way for a company to change hands. These people weren't stupid, so what else was going on, what other sleight-of-hand tricks were being played? What was this company being used as a front for?

 

...possibly the biggest laundry bill in English history???

[DT]

Two words. Harry. Redknapp.

[Glasgow_Saint]

How much debt were we in?

[alpine_saint]

is beginning to look like a parking fine... compared to the latest revelations coming out of Fratton Park.

 

How can ANYONE allow a club to get so deep in debt? £135 million...:smt088

(Has Gordon Brown counted that into the amount of the National Debt ..?)

 

Pom*ey have already had their 10 point deduction but surely the FL /FA won't close their eyes to so many irregularities when you consider how they punished Luton and Bournemouth a few years back.?

 

This is a ghastly figure. How in f**ks name have they managed it ? and why has it gone up by ca. 20M (more than the total debt that put us in admin) in the last month.

 

Are more and more things being found by an ongoing process of forensic accountancy ? What will be the final figure, FFS ?

 

How can this shambles manage to get a CVA ?

[WRINKLY SAINT]

What I dont understand about this whole thing is how Portsmouth are still continuing in business.

As I understand it,when we went last year, we were kept going by Leon Crouch paying wages and the administrator selling assets(ie Andrew Surman).

It would appear that someone is still lending money to Portsmouth as they are increasing their debts and appear they are not selling assets.(not that they appear to have many).

Can someone with more knowledge than me explain how they are doing this.

[the saint in winchester]

I was reading the free paper Metro on the train on the way in this morning. They claim creditors meeting yesterday resulted in an agreement for a CVA. Chainrai and small creditors to be paid in full, major creditors to take 20p in the pound, payable over 5 years.

 

Link here :

http://www.metro.co.uk/sport/football/824958-portsmouth-reach-cva-deal-with-creditors-at-debt-level-hits-138m

 

Is this reliable? Should we be pleased for the blue end?

[Glasgow_Saint]

What I dont understand about this whole thing is how Portsmouth are still continuing in business.

As I understand it,when we went last year, we were kept going by Leon Crouch paying wages and the administrator selling assets(ie Andrew Surman).

It would appear that someone is still lending money to Portsmouth as they are increasing their debts and appear they are not selling assets.(not that they appear to have many).

Can someone with more knowledge than me explain how they are doing this.

 

Balram Chainrai is Pompey's Leon Crouch......perhaps with more sinister reasons however/hopefully.

[bridge too far]

I was reading the free paper Metro on the train on the way in this morning. They claim creditors meeting yesterday resulted in an agreement for a CVA. Chainrai and small creditors to be paid in full, major creditors to take 20p in the pound, payable over 5 years.

 

Link here :

http://www.metro.co.uk/sport/football/824958-portsmouth-reach-cva-deal-with-creditors-at-debt-level-hits-138m

 

Is this reliable? Should we be pleased for the blue end?

 

I think this is mis-reporting. I've been away for a week but I'm sure, when trying to catch up last night, I read that AA has x days to work up the CVA details (or should that be 'make up'?)

 

My understanding is that HMRC agreed that that process could go ahead - not that HMRC agreed to the terms of the CVA. Because the terms haven't been finalised yet.

[PaulSaint]

Why arent they getting at least -2 for going into admin twice (they did it 9 years ago)? Didnt Luton get this i.e precedent set?

 

:mad:

[Gorgiesaint]

I think this is mis-reporting. I've been away for a week but I'm sure, when trying to catch up last night, I read that AA has x days to work up the CVA details (or should that be 'make up'?)

 

My understanding is that HMRC agreed that that process could go ahead - not that HMRC agreed to the terms of the CVA. Because the terms haven't been finalised yet.

 

Thats my understanding as well BTF, but then the accuracy of the reporting has been very poor to be fair.

[Saint Fan CaM]

It beggars belief that the club has been allowed to continue in business. Their continued involvement in the FA Cup has sullied a supposed National treasure. Talk about double standards - any other club that has gone into administration must be seething at what Pimpley have gotten away with, including fielding players they could not afford while trading insolvently. And on that point, why have Directors like Storrie not gone to jail - I thought trading insolvently was a crime?

 

The sooner HMRC act to drive the last nail into the coffin the better. Lets face it - the FA and FL don't have the collective balls to do the right thing.

[John Boy Saint]

 

The sooner HMRC act to drive the last nail into the coffin the better. Lets face it - the FA and FL don't have the collective balls to do the right thing.

I thought a few weeks ago Scudamore speaking for the FA Premiership more or less said that the product that is the Premiership would not be thrown into chaos by a team like p*mpey and the financial pickle they find themselves in.

Which I took to read as ~ we will back a team in trouble to complete a full fixture list.

 

Come Sunday afternoon the Premier league will slice the mooring ropes put some loose change in their pockets and pull the plug out of the bottom of the boat and give them a hefty shove towards the Football League, then go home safe in knowledge that the product will be un sullied once more.

 

As our skate mates drift into the FL waters just think of the opening of the theme tune to Jaws.................................

[Scottie]

I think this is mis-reporting. I've been away for a week but I'm sure, when trying to catch up last night, I read that AA has x days to work up the CVA details (or should that be 'make up'?)

 

My understanding is that HMRC agreed that that process could go ahead - not that HMRC agreed to the terms of the CVA. Because the terms haven't been finalised yet.

 

Yes that's right, the agreement was to go ahead and create a CVA. Which should be distributed within 10 days, then a meeting set-up to agree within a further 14-28 days.

 

They only needed 50% of creditors to agree to go ahead and create the CVA but will need 75% to agree the actual CVA (HMRC stands at about 18%).

 

The meeting this week suggested that the CVA will be in the order of 20p in the £1 for unsecured creditors (but over 5 years).

[dubai_phil]

Bear in mind also one important point.

 

Legally, SLH & SFC had a cast iron case that they should not have any points deduction. Nothing to do with morally right, but LEGALLY the case was watertight and had been checked by some VERY influential legal minds in London.

 

At the end of the day however, the FL said, very simply and very clearly, NO.

 

Effectively they blackmailed us, along the lines of - You appeal then you cannot play in the League until the Court Case is finished.

 

Do not for one minute believe that the FL will allow any club to come up with a "Clever Scheme" to gain an unfair advantage from previous finanical mismanagement.

 

It is THEIR League. PCFC can appeal any deduction but the FL will say the same thing to them - not a problem, go and appeal and when the legal case is finished we will find you a gap in the pyramid and give you back your golden share.

 

The PRECEDENT already exists

[Saint-Fred]

The issue I have is that should they get the CVA, they can disolve the club and start up again fresh in the new league next season with no points deduction.

 

The similarities between our case and theirs is that the penalty this year has had no effect- they went down even before the points are deducted.( Same as us). They however aren't having next season wrecked (like we did) by the league saying as you went down anyway you can have the penalty next season as it didn't affect this one.

 

It seems like they screwed up every rule book in the country, not just the league, got to an FA cup final on the back of using players they couldn't pay for, and yet they may get away without any real punishment at all!