Huffton Posted 2 February, 2012 Share Posted 2 February, 2012 Don't you get thrown out if the league for not being able to fulfil a fixture? (other than for reasons beyond your control) Excellent... Link to comment Share on other sites More sharing options...
FarehamRed Posted 2 February, 2012 Share Posted 2 February, 2012 Don't you get thrown out if the league for not being able to fulfil a fixture? (other than for reasons beyond your control) Didn't Middlesborough get a 3 point penalty a few years back for not fulfilling a fixture? Link to comment Share on other sites More sharing options...
saint si Posted 2 February, 2012 Share Posted 2 February, 2012 Cheers. So, in summary, my work colleagues (and thousands like them) are talking b*****ks when they compare PFC's administration(s) to ours? Yes. There are numerous other reasons too. Including both the underlying cause of administration, as well as the actions taken prior and following. Absolute polar opposites. Makes you wonder what some of the other administration incidents are like beneath the surface. It's only as SFC fans that we've been able to witness and understand the detail of both SFC and PFC administrations that we've got that detailed knowledge and interest... I started writing a (long) post on the topic several hundred pages ago. Might dig it out... Link to comment Share on other sites More sharing options...
saint si Posted 2 February, 2012 Share Posted 2 February, 2012 Didn't Middlesborough get a 3 point penalty a few years back for not fulfilling a fixture? Yes, and amusingly it relegated them. They could have turned up with a bunch of schoolkids, lost 25-0 and been better off! Link to comment Share on other sites More sharing options...
Cascadia Saint Posted 2 February, 2012 Share Posted 2 February, 2012 I think it may be time to dust off this little photoshop beauty i rustled up last time.... Run for cover, you bell ringing tw at. Link to comment Share on other sites More sharing options...
Shrek Posted 2 February, 2012 Share Posted 2 February, 2012 Jeepers. Cala almost makes Marc Jackson seem sensible. Indeed. Although I didn't spot anything relating to a monkfish petting zoo... Link to comment Share on other sites More sharing options...
rooney Posted 2 February, 2012 Share Posted 2 February, 2012 I thought Storrie would be called as a witness as up to the case, I thought Storrie aided and abetted by Mandaric, paid funds into Rednapp's Monaco Account from Portsmouth Football Club. This is not the case as the funds were paid by Mandaric himself or a Company controlled by him. In that scenario what is the separate case, brought by the CPS last year, involving Manderic & Storrie about then? I thought HMRC were involved in this too so have they been up to the same? Link to comment Share on other sites More sharing options...
trousers Posted 2 February, 2012 Share Posted 2 February, 2012 Apparently these are the words of Joseph Cala... It is time for some straight talk to avoid additional confusion and incorrect assumptions. Let’s identify Portpin Ltd. as the “Owner,” and CSI, and everyone else, as the “Operators.” Q. The fans are confused. Why has the club had so many owners? A. Actually, the club has always had one owner. Q. Who ìs the actual Portsmouth owner? A. Portpin Ltd., a British Virgin Island Company. Q. Why do the Operators claim to be the owners? A. The Operators failed to understand the true meaning of the debenture note (see the definition below). Q. How we do know that Portpin is the actual owner, and not the Operators? A. Portpin is in possession of a debenture note while the Operators are not. Q. What is the definition of a debenture note? A. In the UK, the debenture holder is the ultimate owner, while anyone else is either an unsecured creditor, operator, tenant, lessee, borrower or administrator. Q. If Portpin is the ultimate owner, how was it that the Operators were able to run the club? A. The Operators executed a private agreement with Portpin to operate the club. However, as soon as the Operators failed to pay the monthly fees to Portpin, they were evicted. Q. It was the Operators’ intention to be just the club operators, not owners? A. Of course not; they genuinely felt that they were buying the club. Q. Does this mean that Portpin misled the Operators? A. Absolutely not, but one assumes that the Operators received bad advice. Q. What are Joseph Cala’s plans for Pompey ?? A. 1. To purchase the debenture note from Portpin. 2. To cancel the debenture note and gift it to the club. 3. To build the finest football college on the planet. 4. To hire Deloitte Touche as the auditors. 5. To make the club’s financial statement available online. 6. To pay off all club debt. 7. To have quarterly meetings with the heads of support clubs. 8. Either to remodel Fratton Park or to build a world-class stadium. This decision will be made with input from every head of the support clubs. 9. Class A office towers, a shopping center and hotels will be adjacent to the stadium. 10. To list Pompey on the stock market. It is imperative that Pompey’s comprehensive, master plan attract global investors such as Man Utd. In addition, every fan will have the opportunity to have an ownership interest in Pompey. I am aware that many FC traded poorly in the stock market. We’ll not have similar difficulties in the future because our plan is to keep increasing the quarterly sales. In plain English, any publicly traded company, including FC company, will perform poorly if the quarterly sales (“turn over”) is flat. Basically, the goal of any publicly traded company is to keep increasing its sales month by month. 11. It is a giant step for Pompey to be publicly traded for the following reasons: a) Pompey will have its own financial institution whereby the fans will carry credit cards with the Pompey logo; b) Pompey will receive access to the world of pension funds investment; c) New Pompey clubs will be created in various countries such as Argentina, Brazil, Colombia, Costa Rica, Mexico, USA, Japan, China, India, Australia, Dubai, Qatar, Dubai, Nigeria, Ghana, Cameroon, Angola and South Africa. Creating the above new Pompey clubs it will create sources of new talent to Portsmouth FC of UK which will allow Pompey to win the Premier League title over time. I strongly believe that Pompey has what takes to become the world champion. However, it takes a fully-dedicated owner with true passion for the sport, and a burning desire to turn Pompey into the finest club in history. The owner must have a deep understanding of how to create wealth for the club. The owner must know how to undertake major development, such as the new stadium, hotels, a convention center, a sports medical center, and office towers. Finally, the owner have to have in place the sharpest talent scouts residing in 33 countries where football is part of their life. Hilarious if he believes all of that! Where did you find that gem?! Link to comment Share on other sites More sharing options...
alehouseboys Posted 2 February, 2012 Share Posted 2 February, 2012 Now if only I had photoshop I could have personalised that one for the troll by changing relationships to ownerships I propose we have a whip round and buy 'em a statue...they've always wanted one, they loved Ted Mk1. This one gets my vote for the deluded bluefew... ...and maybe an improved badge for the new kit when Plan B kicks in... Link to comment Share on other sites More sharing options...
sidthesquid Posted 2 February, 2012 Share Posted 2 February, 2012 I rather liked this comment from Handy Andy's assistant - Ms Mulgrew added: ‘We are very much looking for interested parties and it’s imperative anyone interested gets in contact with us.’ She doesn't sound quite as complacent as the great man himself, does she? Link to comment Share on other sites More sharing options...
trousers Posted 2 February, 2012 Share Posted 2 February, 2012 I thought Storrie would be called as a witness as up to the case, I thought Storrie aided and abetted by Mandaric, paid funds into Rednapp's Monaco Account from Portsmouth Football Club. This is not the case as the funds were paid by Mandaric himself or a Company controlled by him. In that scenario what is the separate case, brought by the CPS last year, involving Manderic & Storrie about then? I thought HMRC were involved in this too so have they been up to the same? Google: Storrie Florida Monaco Link to comment Share on other sites More sharing options...
Guided Missile Posted 2 February, 2012 Share Posted 2 February, 2012 I thought Storrie would be called as a witness as up to the case, I thought Storrie aided and abetted by Mandaric, paid funds into Rednapp's Monaco Account from Portsmouth Football Club. This is not the case as the funds were paid by Mandaric himself or a Company controlled by him. In that scenario what is the separate case, brought by the CPS last year, involving Manderic & Storrie about then? I thought HMRC were involved in this too so have they been up to the same? Storrie was tried in a related case and a verdict reached, which cannot be reported, because of the ongoing case involving Redknapp and Mad n' Rich. I can tell you, however, that he was found ****** Link to comment Share on other sites More sharing options...
Guided Missile Posted 2 February, 2012 Share Posted 2 February, 2012 Interestingly, Willie McKay, a Scottish football agent is based in Monaco. On 28 November 2007 it was reported by BBC News that McKay – together with Portsmouth manager Harry Redknapp and Managing Director Peter Storrie, former Portsmouth and then acting Leicester chairman Milan Mandaric, and former Portsmouth footballer Amdy Faye, on loan at Rangers – had been arrested by City of London Police in relation to the ongoing inquiries into allegations of corruption in football. Link to comment Share on other sites More sharing options...
trousers Posted 2 February, 2012 Share Posted 2 February, 2012 Storrie was tried in a related case and a verdict reached, which cannot be reported, because of the ongoing case involving Redknapp and Mad n' Rich. I can tell you, however, that he was found ****** One word rather than two then.....? Link to comment Share on other sites More sharing options...
ooh it's a corner Posted 2 February, 2012 Share Posted 2 February, 2012 I reckon he's for it, the judge has got last year's home hit under his robes... Link to comment Share on other sites More sharing options...
pedg Posted 2 February, 2012 Share Posted 2 February, 2012 http://coopermatthews.com/validation-order.html The court will need to be satisfied by credible evidence that the company is solvent Now wouldn't THAT be an interesting read! AA has called for military assistance on that one. Link to comment Share on other sites More sharing options...
rallyboy Posted 2 February, 2012 Share Posted 2 February, 2012 We knew the accounts wouldn't be unfrozen. We knew Cala was bonkers. We knew Harry was out of plausible excuses. Any real news today? How's the players' insurance cover as unpaid individuals forced to play on a frozen pitch that is only being used because the club desperately needs the matchday income? Isn't it two or three missed wages and they are entitled to leave? But on that sort of money with guarantees of every penny under the football creditor rules, no one is moving - and I can't see them still trading if they miss March as well. I do hope their youth team makes it to April, would be a real anti-climax if they failed to show up, in a very real sense. Link to comment Share on other sites More sharing options...
landford.saint Posted 2 February, 2012 Share Posted 2 February, 2012 A question for the more legally minded of you. I know that Gaydamak owns certain lands around Nottarf, however Chinnie just has a 'charge' over the stadium. Could someone please explain to me in words suitable for a simpleton like me what a 'charge' actually means in practice. Link to comment Share on other sites More sharing options...
Pancake Posted 2 February, 2012 Share Posted 2 February, 2012 Basically, when Chinny sold the club to CSI he took over a charge on the stadium in case CSI didn't end up payin him the full amount. Kind of like collateral. Link to comment Share on other sites More sharing options...
Danbert Posted 2 February, 2012 Share Posted 2 February, 2012 I'm hear all week. I think you mean "here" Link to comment Share on other sites More sharing options...
CB Fry Posted 2 February, 2012 Share Posted 2 February, 2012 Almost every quote on the News comments section is an absolute pearl. Surely if haven't paid January's wages, then we do not owe the HMRC any income tax for January as it's Pay As You Earn No one has 'earned', so we don't need to 'pay'. So the debt might only be £800k at this stage. Link to comment Share on other sites More sharing options...
Chin Strain Posted 2 February, 2012 Share Posted 2 February, 2012 Almost every quote on the News comments section is an absolute pearl. And the ones that aren't are probably from posters on here... Link to comment Share on other sites More sharing options...
Joesaint Posted 2 February, 2012 Share Posted 2 February, 2012 "That has sparked fears it may hamper Pompey’s ability to stage Saturday’s home match against Hull." Just read this bit and wondered how much is cost to stage a match and if all ground staff have to volunteer? How to they pay for anything? If they don't pay there gas or electricity does it get turned off? Surly ticket saless help money go into the account but you can't spend it. Does anyone know? Link to comment Share on other sites More sharing options...
Fowllyd Posted 2 February, 2012 Share Posted 2 February, 2012 Just to show that there is some intelligent life on the News comments page, this is superb: At last! A statement from Limpwit........."Hello everyone, David here. Thought I'd just let you know that everyone is working very hard behind the scenes at Fratton Park and also here in the study room of Lampitt Mansions in Kent (it's not really a mansion, just a little joke name that me and Sally have). So at long last after great efforts I can report to you my progress, and here it is: I have successfully placed all the paper clips in their correct little boxes (colour-coded), put my pens in order of descending height (as they should be) and replaced that dog-eared ink-blotter. I have also purchased a brand new notebook in preparation for the many things I expect to have to write down over the challenging week ahead. I also thought about buying a new Parker pen but in these times of austerity thoiught that might not be appropriate (I am very PR conscious). But naturally, I know what's the question on your minds: You would like to know what is going on. I know I would! Well, I phoned by friend Andrew (he has told me off for calling him Andy) to find out but he said he was too busy 'single-handedly running a football club' to talk to me. I really don't know what he meant but i didn't like his tone at all. It is a very difficult time for me because my other friend Michael (I say 'friend' but I'm not at all sure anymore because he called me a useless twit the other day), he asked me what was going on so naturally I helped him out and gave him Andy - sorry Andrew's - number. I told him: "There you are Michael, you cannot say anymore that Kev the Kitman knows more than me." Actually I'm not sure if that's strictly true because even my postman said he had Andrew's number. But the point is things are getting done and I have some great news.: We are going to meet HMRC in a couple of weeks! I'm so excited because I love rugby. We played it at my old grammar school (cricket, naturally, in the summer) and to meet representatives from a royal club will be a day to remember. Now the details are a bit vague (I think it's somehting to do with running rugby at Fratton Park on weeks when Pompey play away) but Andrew says it is so special he is sending me up alone to London for the meeting to 'explain everything'. I told you he was my friend. Just think, I could meet the Queen! (I don't thinks she actually plays anymore). Well, I've got to go now because Sally has just come in with my cup of Horlicks which I always have before putting Tigger out for the night. I promise to let you know how my meeting goes. Hope the excitemernt doesn't keep me awake! Bye for now But is Harry Stotle one of us? It's actually hard to tell on there, as so many ridiculous statements may be p*ss-takes from us or serious comments from them! Link to comment Share on other sites More sharing options...
Chin Strain Posted 2 February, 2012 Share Posted 2 February, 2012 "That has sparked fears it may hamper Pompey’s ability to stage Saturday’s home match against Hull." Just read this bit and wondered how much is cost to stage a match and if all ground staff have to volunteer? How to they pay for anything? If they don't pay there gas or electricity does it get turned off? Surly ticket saless help money go into the account but you can't spend it. Does anyone know? If they don't pay the police, we'll all be paying to stage their match as well as pay their players. We never see a fecking win bonus though....mind you, to be fair..... Ticket sales probably go into a brown paper bag..... Link to comment Share on other sites More sharing options...
ooh it's a corner Posted 2 February, 2012 Share Posted 2 February, 2012 (edited) A question for the more legally minded of you. I know that Gaydamak owns certain lands around Nottarf, however Chinnie just has a 'charge' over the stadium. Could someone please explain to me in words suitable for a simpleton like me what a 'charge' actually means in practice. you can't sell the asset to somebody else without the charge being removed first. So, I could sell you my car, you could then think you own it, but if the finance company that helped me buy the car in the first place had a charge over the car (because I hadnt paid them off in full), then they would take the car back. The finance company would have a car, I would have your money, and you would have some explaining to do to the missus. It's like that, but on a bigger scale, with ugly gangster blokes, rather than your missus :-) Edited 2 February, 2012 by ooh it's a corner typo Link to comment Share on other sites More sharing options...
Winchester Red Posted 2 February, 2012 Share Posted 2 February, 2012 I have a mate in the Hampshire Constabulary. He says they never police a game if they've not received payment for the last one, so even if they sort out Hull, the next one might be a struggle! Amusingly, he also said that he hopes they don't go bust because policing them is always a nice little earner! Link to comment Share on other sites More sharing options...
Cascadia Saint Posted 2 February, 2012 Share Posted 2 February, 2012 Almost every quote on the News comments section is an absolute pearl. PO48RA Thursday, February 2, 2012 at 08:01 PM Right, as a gesture can't the stewards do one match for free as most just stand there and watch the match anyway if not let some of the fans be stewards its not rocket science mostly showing people to their seats. On another note l've tried emailing AA but his email box is blocked for some reason all l get is mail demon eventhough l put the right email address. Why can't we use the some of the parachute payments to keep the club going ? Well, l hope and pray this nightmare is over soon Hahahahaahahaha!! Link to comment Share on other sites More sharing options...
sidthesquid Posted 2 February, 2012 Share Posted 2 February, 2012 Intersting comments from Paul Jewell re the DFCSBs - particularly who is in charge there, players turning down personal terms (presumably because the offer was worse than what they were on) and that they actually turned a bid down for Pearce (ffs!) http://www.greenun24.co.uk/ipswich-town/paul_jewell_distances_himself_from_fresh_bid_for_pompey_players_1_1196973 Link to comment Share on other sites More sharing options...
dubai_phil Posted 2 February, 2012 Share Posted 2 February, 2012 So, for a validation order to stand any chance of succeeding they have to give tangible evidence that the creditor's debt (who raised the WUP - I.e. HMRC) is going to be paid up in the immediate future.... They have 3 hopes of doing that No Hope Bob Hope and Envelope Link to comment Share on other sites More sharing options...
Toomer Posted 2 February, 2012 Share Posted 2 February, 2012 The end game must be very close now Link to comment Share on other sites More sharing options...
dvaughanwilliams Posted 2 February, 2012 Share Posted 2 February, 2012 A question for the more legally minded of you. I know that Gaydamak owns certain lands around Nottarf, however Chinnie just has a 'charge' over the stadium. Could someone please explain to me in words suitable for a simpleton like me what a 'charge' actually means in practice. It is effectively a mortgage. On a personal mortgage you buy your house, so the deeds are in your name, but the mortgage company have a charge over the property. What this means is that at the Land Registry they have registered their interest in the property. It cannot be sold without them agreeing to it and if you try to secure further debts the new lenders can see that you have already used it as security for the original loan. If you cannot make payments on your loan, the mortgage company do not sit in the usual hierarchy of creditors (1.Court and insolvency practitioners, 2. pension schemes, 3. everyone else, including HMRC) the person with a charge can just seize the property, the mortgage case your house and in this case Nottarf Krap. What isn't known is what Chinny has a charge on. It is well known that football clubs use all kinds of things as security. It was recently revealed that Rangers have secured lending against future season ticket sales. I was sent a prospectus for an investment fund that lent football clubs money secured against future stage payments for transfers. It could also be a charge against player registrations. So, if he is not being paid he can seize and sell any asset that his charge covers. If the club were to be liquidated, he could seize and sell the assets, leaving nothing for the taxpayers, small businesses and charities. HTH Link to comment Share on other sites More sharing options...
dvaughanwilliams Posted 2 February, 2012 Share Posted 2 February, 2012 Also, JoCa doesn't know what a Debenture is. http://en.wikipedia.org/wiki/Debenture In the US it is an UNsecured debt. In the UK it is typically a secured debt. It is just a fancy name for a debt that can be bought and sold. A secured creditor may have significant influence over the club and its finances, but they are specifically NOT the owner. Link to comment Share on other sites More sharing options...
dubai_phil Posted 2 February, 2012 Share Posted 2 February, 2012 Allowing myself an "I told you so" moment. About 400 pages ago now (it seems, I posted that the thing that would undo CSI & Portsmouth would be Compliance. The article that MLG posted on the previous page held this little gem from JoCa Q. Does this mean that Portpin misled the Operators? A. Absolutely not, but one assumes that the Operators received bad advice Again, I posted that the undoing of Vlad & Roman would be their total and complete arrogance. For those trying to pull together the actual history of what the hell really went on at Nottarf, that comment from JoCa, allegedly, from my analysis of events, shows that if someone really wanted to stitch up the Russians so that they failed thanks to their own Arrogance and total belief that they were THE smartest Businessmen on the planet... After 'arry & milan of course. Would also explain not wanting to put too much detail into having stitched up the Russian Mafia & the few. Nah that probably STILL doesn't help much Link to comment Share on other sites More sharing options...
latter day saint Posted 2 February, 2012 Share Posted 2 February, 2012 The end game must be very close now hopefully 18 days to go, if not sooner. fingers crossed eh Link to comment Share on other sites More sharing options...
Gingeletiss Posted 2 February, 2012 Share Posted 2 February, 2012 Just bought some posh marmalade, as I do belive I can smell the 'T' word. Link to comment Share on other sites More sharing options...
landford.saint Posted 2 February, 2012 Share Posted 2 February, 2012 Thanks DVW, who said football wasn't educational, I have learnt about liquidation, fraud, cheating, HMRC, administration, and how people keep inbreeds in the dark just through thus thread alone. That doesn't include lessons on self delusion by the blue few. Link to comment Share on other sites More sharing options...
dubai_phil Posted 2 February, 2012 Share Posted 2 February, 2012 (edited) Just bought some posh marmalade, as I do belive I can smell the 'T' word. Sod the posh Marmelade, time for a nice new Morphy Richards so that it comes out just perfect Edited 2 February, 2012 by dubai_phil too many beers while watching Scott Pilgrim again Link to comment Share on other sites More sharing options...
latter day saint Posted 2 February, 2012 Share Posted 2 February, 2012 Just bought some posh marmalade, as I do belive I can smell the 'T' word. i've got some of this ready Link to comment Share on other sites More sharing options...
buctootim Posted 2 February, 2012 Share Posted 2 February, 2012 hopefully 18 days to go, if not sooner. fingers crossed eh If the pitch is frozen and the game called off this wekend that could push them over the edge imo. Link to comment Share on other sites More sharing options...
teamsaint Posted 2 February, 2012 Share Posted 2 February, 2012 since they can't pay any of their financial obligations of any note, as they fall due, it's safe to say they are trading while insolvent, isn't it? Link to comment Share on other sites More sharing options...
rallyboy Posted 2 February, 2012 Share Posted 2 February, 2012 you have to admire their optimism, April looks about a long way off - they need about £8M before then! POMPEY have announced the ticket arrangements for their visit to Southampton in April. The club will receive an allocation of 3,100 seats for the match at St Mary’s Stadium on Saturday, April 7, which kicks off at 1pm. Link to comment Share on other sites More sharing options...
St Jim Posted 2 February, 2012 Share Posted 2 February, 2012 Can't be Bagpuss, I don't see the twitch Link to comment Share on other sites More sharing options...
Eddie Lizzard Posted 2 February, 2012 Share Posted 2 February, 2012 I suspect they will be pouring water onto the pitch to get the frozen conditions required to have the game postponed. They obviously have no intention of raising funds otherwise the transfer window would have produced some income to pay the debts. Link to comment Share on other sites More sharing options...
Rational Rich Posted 2 February, 2012 Share Posted 2 February, 2012 @pn_neil_allen: #Pompey staff and players told they will have to wait longer for January wages with club yet to complete validation order. A friendly insolvency lawyer I know tells me that a validation order can be obtained from court same day if there are valid reasons for it and, more importantly, if someone wants it. Think the freezing of the accounts is a convenient shield to hide the fact the frozen accounts don't have any money in them. Link to comment Share on other sites More sharing options...
pedg Posted 2 February, 2012 Share Posted 2 February, 2012 A friendly insolvency lawyer I know tells me that a validation order can be obtained from court same day if there are valid reasons for it and, more importantly, if someone wants it. Think the freezing of the accounts is a convenient shield to hide the fact the frozen accounts don't have any money in them. As Torres mentioned a bit earlier it appears that to get the order you need to provide proof that your company is solvent. Can anyone see the problem here.... Link to comment Share on other sites More sharing options...
Fowllyd Posted 2 February, 2012 Share Posted 2 February, 2012 What isn't known is what Chinny has a charge on. It is well known that football clubs use all kinds of things as security. It was recently revealed that Rangers have secured lending against future season ticket sales. I was sent a prospectus for an investment fund that lent football clubs money secured against future stage payments for transfers. It could also be a charge against player registrations. So, if he is not being paid he can seize and sell any asset that his charge covers. If the club were to be liquidated, he could seize and sell the assets, leaving nothing for the taxpayers, small businesses and charities. HTH Portpin holds a charge over Fratton Park, as these extracts from the Land Registry entry (dated 7th November 2011) show: B: Proprietorship Register This register specifies the class of title and identifies the owner. It contains any entries that affect the right of disposal. Title absolute 1 (10.01.2011) PROPRIETOR: PORTSMOUTH FOOTBALL CLUB (2010) LIMITED (Co. Regn. No. 07264768 ) of Fratton Park, Frogmore Road, Southsea, Hants PO4 8RA. 2 (05.11.2009) RESTRICTION: No disposition of the registered estate by the proprietor of the registered estate is to be registered without a written consent signed by the proprietor for the time being of the charge dated 6 October 2009 in favour of Portpin Limited referred to in the Charges Register or without a certificate signed by each conveyancer of the Charge that the provisions of the Charge have been complied with or that they do not apply to the disposition. C: Charges Register This register contains any charges and other matters that affect the land. 6 (05.11.2009) REGISTERED CHARGE dated 6 October 2009. 7 (03.06.2011) Proprietor: CONVERS SPORTS INITIATIVES PLC (Co. Regn. No. 07375628 ) of 2nd Floor, 159A Chase Side, Enfield, Middlesex EN2 0PW. So, although PFC2010/CSI show as the proprietor, the charge held by Portpin is the all-important thing. Unless any prospective owner settles with Portpin, they won't own Fratton Park. I think there was also a debenture on PFC itself, also held by Portpin, but I'm not sure if that still applies. Probably does though. Short of the most astonishing deus ex machina, I can't see any way they can get out of this. Link to comment Share on other sites More sharing options...
Brizzie Saints Posted 2 February, 2012 Share Posted 2 February, 2012 F*ck I love waking up in the morning and catching up with the overnight posts. Spent the last 2 1/2 hours at work doing so..... Lovely jubbly. Looking forward already to the next few days and finding out the implications of CSI's liquidation. Happy Days COYR Link to comment Share on other sites More sharing options...
Rational Rich Posted 2 February, 2012 Share Posted 2 February, 2012 As Torres mentioned a bit earlier it appears that to get the order you need to provide proof that your company is solvent. Can anyone see the problem here.... Not quite true (there's an important "or" in the last sentence), they could be insolvent but could argue that by getting the cash out of the frozen account, they can pay staff, play matches, get cash through the gates, keep trading (preserving value in the club's assets as it is a going concern) so that a sale can be achieved and HMRC more likely to be paid off. Think that raises a fair few questions itself, but think the main problem is no cash in the accounts (Lampitt said they needed shareholder funds to cover cash flow for this period). Link to comment Share on other sites More sharing options...
pedg Posted 2 February, 2012 Share Posted 2 February, 2012 I see AA is doing a fine job selling off CSI assets for top prices. nicked from http://www.thepompeychimes.net/forum/viewtopic.php?f=2&t=67119&start=15 I don't have any news from the meeting but I am reading through the administrators report in more depth. Let me tell you of some of the administrators successful sales: Boom Spin Ltd: CSI brought 11.6% of the company for £100,000 and lent a further £28,500 to it. Offer accepted for the shares and loan £10,000. DBG Convers Ltd: CSI bought 51% of shares for £100,000. Offer accepted for the shares £5,000. GB Sports TV Ltd: CSI bought 40% of the shares for £400,000. Offer accepted for the shares £10,000 A grand total of £25,000 raised so far. Pre-appointment costs incurred are £15,000 and time costs since of administrators and legal team is in excess of £250,000 Link to comment Share on other sites More sharing options...
Recommended Posts