Goalie66

Now that game brings back memories.We were 1-2 down as well and all the goals were scored in the first 60 minutes. Chivers 4,Paine 2, O'Brien,Sydenham 2? were the scorers, I think. Great game

Brilliant :eek::eek:

Yes I was there as I was a student in Sheffield at the time.We lost 2-4 and Channon and Gilcrest scored for us. Woodward and Curry ran rings around us that day

Reply from Gordon Brown. Sorry read your email with my bad eye. I thought I was told that HMS Victory had gone into Admin at that it would be a good idea to cheer up the locals with a few choice words of encouragement. You know they lost a flag ship 500 years ago so they are quite sensitive about words such as "sinking" "keeping afloat" if your get my drift. In any event I am sure my colleagues at HMRC will keep you fully informed of the interest accumulating each day on their overdue payments as we are considering adjusting these rates to current unsecured lending rates of 2346%.APR. Therefore, by the time they resurface we might have a nice little tax torpedo for them. Your humble superior G.Brown

Yes I am disappointed that they did not go out of business and that they have been given a lifeline. Leaving aside the fact that they are a football club the way their business has been run has been I quote "dysfunctional" . You and I have to pay taxes.We may not like it but as a decent citizen I pay them. Any business that is based on dubious money (laundered) that has gained competive advantage by stealing that advantage unfairly (borrowing beyond their means).Paying obscene salaries deserves to be liquidated, removed,irradicated. Their contempt towards HMRC is criminal and sends a message that " we are above the law "and when we know we cannot pay we go into Admin.Ha Ha. This stinks Any system that sees small businesses suffer because of another 's flagrant arrogance and contempt by creating such suffering and hardship deserves removal. You see Football is a business and it has disenfranchised itself from fans everywhere and in particular in the Premier League. So now PCFC survive having gone into admin ten years ago. So what did they learn. Nothing. They are corrupt and will still only attract the same sort of corrupt investors that can just repeat the cycle. Admin again in five years anybody ?? I for one do not care if we see another Portsmouth irrespective of whether they are our neighbours or not until the way that football is run has changed.

And they think Admin is preferable to liquidation on Monday... Well when there is still no buyer in two months time and Chanrai's pockets get emptier by the minute they might have wished for the Phoenix to have risen, Instead they will realise with points deductions next season for second time in Admin, Directors operating fraudalently,no CVA, no players, no training facilities that -30 points might also have affect on their "hardcore" as they plunge into Div2 as the icy wind of fate matches the temperature of their slow ,painful oblivion .

But three of them went to the wall !!

I deal in M&A but I am no lawyer...but as discussed earlier the cOurt might reject the Administration request on the following grounds: 1. Chanrai is not a preferred creditor (only preferred creditors can ask for Admin at this stage. 2. There was a breach of the WUP (see guided missiles excellent thread) 3. HMRC could ask for a delay of their application pending their hearing on Monday. I agree that it will a technical issue that would stop a judge and there appears to be quite a bit of ammunition that HMRC have ..but tomorrow will be interesting Mon Ami.. Qui?

Thanks for that it gets worse for them by the minute .sob Sob

Yes but who are the bloody owners of PCFC ??????

No unfortunately two different companies: first one was Portsmouth Footbal Club, This one is Portsmouth CITY Football Club.

So the logical conclusion is that an asset of PCFC was removed knowingly AFTER a WUP was made. Therfore, HMRC would have case to continue as Chanrai would no longer be a Secured Creditor and logically the Court should deny the application for Administration as the applicant is not a Preffered Cereditor and the DIRECTORS are liable for actions against the WUP, Correct ?

Have faith my friend HMRC could be the trump card as well as payday is tomorrow !!

What I would like to see happen versus what will probably happen: 1. HMRC object to Admin proceedure on the grounds that SOA proves that they have been trading illegally. 2. PCFC get wound up on Monday 3.Director of Public Prosecutions is brought in to start criminal investigation on PCFC 4. Twitchy, Mandrake and Storrie Teller are all found guilty of Tax evasion and sent to Jail 5. Fratton Park is turned into an Asda but in five years time they discover underground stream that causes major subsidence. 6. As land is unfit for habitation turned into land refill What will probably happen 1. PCFC go into admin 2. Pre packaged buyer bails them out comprising a consortium of Gaydamak and Chanrai (under different guises of course ) 3 Relegation 4. -30 ponts deduction in Championship because they have no CVA 5.Relegation League 1 6. Administration again 7. Insolvency 8. Asda etc 9. Land Fill etc. IMO of course

NO THEY Cannot as it they are subject to winding up order.Only a Prefferred creditor can take them into ADMIN.

Yes but the key word is MAY, not will.,It is all about discretion.Now is that the point you were trying to make ?

So apart from the fact that it is impossible to read 63 letter length words. What is your point?

Oh come on Steve..Ann Widdicombe !! Yes it was like watching a Bull elephant sliding down a mile long razor blade using his testicles as breaks and certainly when I got home last night I was more enthusiastic in Reading the Pompey takeover saga in the Lounge than absorbing any match report. It really was dire.Not one single corner !!! Three shots all game and by far the best part for me was the pre match handburger despite the fact I mistook a vinegar bottle for ketchup. Must have been an omen !!

Me too and I still think they will be wound up because they cannot take Admin route as HMRC will object if Chanrai claims he is creditor.

I think that the majority on this thread have realised that there is only one or two outcomes possible. Admin or liqidation. No one is going to throw millions at a failed business plan in a recession. Putting aside any football hat the business of PCFC is , as will all know untenable. There will be no investment before Monday. Chanrai may or or may not be the ONLY preferred Creditor who can put them in Admin but he stands to lose a lot if he does as Payroll has to be met this WEEK. Therefore, I would conclude that despite all the huff and puff, Chanrai knows that liquidation is his best route as he keeps Fratton Park. So my friends what odds on Liquidation? and yes it really annoys me that so many papers still think Admin is in the hands of PCFC as if they can magic it out of the air.

I think that the majority of the press are just too lazy or more likely why would they want the truth to get in the way of a good Storrie !!!

That would be my professional opinion too. I still dont think that Chanrai is a preferred Creditor and even if they apply to court via a prefferrred creditor it might be rejected because of the SOA.

First a Creditor has to ask to put them into Admin. Then they need an Admin firm to take them on. Any self respecting firm would only take them on if they are confident of getting a buyer and current liabilities can be met. They would still have to meet salaries and other running costs.IMO they still need another £20 million to keep going until the end of the season.Where will that come from ? All they would be doing is DELAYING insolvency.Also I do not believe Chanrai is now a Preffered Creditor so who will that be ?

Unfortunately his Luftwaffe bombed the wrong ground during the war!!!

No strictly true. I run a Mergers and Acquisitiions business and believe me there are people who naievely trust everyone.However if we represent the seller we would ALWAYS ask for bank guarantees on payments.