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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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suewhistle

suewhistle

Posted
Posted
will the bus company be happy supplying without upfront payment? and what will saints do to ensure we get paid?

 

Anybody know which company is involved? Mind you, even with a part-time credit controller just out school they should have enough nous not to give credit.. Locals: perhaps a few emails... I think NC can be left to cope on his own!

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stevegrant

stevegrant

Posted
Posted
Anybody know which company is involved? Mind you, even with a part-time credit controller just out school they should have enough nous not to give credit.. Locals: perhaps a few emails... I think NC can be left to cope on his own!

All of Pompey's buses will be provided by Lucketts, apparently. Or at least Lucketts will be the main contractor and might subcontract for extra vehicles if they need them.

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Gemmel

Gemmel

Posted
Posted
Does anyone know what could happen to Pompey on the 20th in court? Could they be liquidated there and then or could it be drawn out over weeks etc?

 

I just don't think anyone will have the balls to liquidate them. It would have happened the first time round, if it was going to happend. I think this is getting into a three way game of chicken;

 

The closer the 20th comes without a buyer, then the more seriously they have to consider adminsitration. But it is a double edged sword.

Any buyer will get a better deal buying it in administration than they would buying it this week or next, so it might be in their interest to hold off and wait and see what the club do.

Alternatively, lampitt might take the huge gamble that they won't be liquidated and go into the winding up petition without the protection of administration.

 

From my little bit of knowledge, lumpitt is already or very very close to crossing the line where he becomes personally liable under corporate law..... It might come down to how big his balls are.

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Ken Tone

Ken Tone

Posted
Posted (edited)

This link is to a firm advertising its services to businesses in trouble ,but it has a pretty clear guide to winding up, admin, validation orders, etc

http://www.companyrescue.co.uk/company-rescue/guides/what-is-a-winding-up-petition

HMRC themselves have a pretty good guide too

http://www.hmrc.gov.uk/factsheets/ef6.pdf

 

....and that makes it clear that if/when there is a WU order in place, all trading must cease, as in there and then.

Edited by Ken Tone
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COMEONYOUREDS

COMEONYOUREDS

Posted
Posted

Think its finally dawned on them liquidation is their best option:

 

 

4The Imposter

Friday, February 3, 2012 at 03:31 PM Milton End won't be opened as it works out cheaper to keep it closed.

Report Unsuitable

 

 

 

5carisbrooke

Friday, February 3, 2012 at 03:34 PM @4 Then why are we all wasting our time? By that logic its cheaper to keep the stadium shut and play the match to empty seats.

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holepuncture

holepuncture

Posted
Posted
217532301.jpg

 

PMSL... we need our bonkers pay, turn up and hand over the CASH!

 

They will be right f*cked off when the skates fail to pack the park!

 

I see the convicted thug, who "has quickly won supporters over with a solid debut at Cardiff and a starring role in last week’s victory at Peterborough." will be on the front cover of tomorrows skate programme. Grubby, shameless little club.

 

I would love it, LOVE IT, if the skates failed to break even tomorrow with the pack the park.

 

Portsmouth North MP Mike Hancock has sent a letter to the Prime Minister after he said ‘we must do everything we can’ to keep the club going.

 

It came after Portsmouth North MP Penny Mordaunt called on Mr Cameron to ask HMRC to meet Pompey officials over the club’s winding-up petition for unpaid tax.

 

In the letter, Mr Hancock said: ‘It would be wonderful if we were able to put your weight behind securing the future of a football club that is steeped in traditions and which means so much to so many throughout the city.

 

‘I would therefore be interested to hear what steps you would be willing to take to help save the club. With the prospect of liquidation looming any financial assistance you may be able to offer the club would be enormously helpful and universally welcomed.

 

‘I look forward to the day when we will once again be able to welcome your team, Aston Villa, to Fratton Park as a stable and successful club.’

 

http://www.portsmouth.co.uk/sport/pompey/pompey-past/great-matches/mp_asks_prime_minister_for_details_on_help_for_the_club_1_3487335

 

FFS, these dirty little beggars stoop to a new low every day. This is utterly disgusting, FIFA and the FA do not condone government or political intervention, but the skates like to ignore the laws and rules of the sport.

 

Cameron must understand the minefield he has left himself open to now. Staring down the barrel at not only allowing a repeat tax offender to duck another well publicised multimillion pound bill, he is also risking setting a frightening precedent where clubs can evade tax - condoned by the head of government.

 

I wonder how Rangers feel about all this with their current tax problems?

 

Sickening - utterly sickening

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Gemmel

Gemmel

Posted
Posted

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

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dubai_phil

dubai_phil

Posted
Posted
I just don't think anyone will have the balls to liquidate them. It would have happened the first time round, if it was going to happend. I think this is getting into a three way game of chicken;

 

The closer the 20th comes without a buyer, then the more seriously they have to consider adminsitration. But it is a double edged sword.

Any buyer will get a better deal buying it in administration than they would buying it this week or next, so it might be in their interest to hold off and wait and see what the club do.

Alternatively, lampitt might take the huge gamble that they won't be liquidated and go into the winding up petition without the protection of administration.

 

From my little bit of knowledge, lumpitt is already or very very close to crossing the line where he becomes personally liable under corporate law..... It might come down to how big his balls are.

 

Here's an idea.

 

They are NOT insolvent.

[TABLE]

[TR=class: tr1]

[TD=class: td1, colspan: 2]insolvent (ɪnˈsɒlvənt) [/TD]

[/TR]

[TR]

[TD=colspan: 2][/TD]

[/TR]

[TR=class: tr2]

[TD=class: td2, colspan: 2]— adj [/TD]

[/TR]

[TR=class: tr3]

[TD=class: td3n1, width: 1%, align: right]1. [/TD]

[TD=class: td3n2](of a person, company, etc) having insufficient assets to meet debts and liabilities; bankrupt [/TD]

[/TR]

[TR=class: tr3]

[TD=class: td3n1, width: 1%, align: right]2. [/TD]

[TD=class: td3n2]of or relating to bankrupts or bankruptcy [/TD]

[/TR]

[TR]

[TD=colspan: 2][/TD]

[/TR]

[TR=class: tr2]

[TD=class: td2, colspan: 2]— n [/TD]

[/TR]

[TR=class: tr3]

[TD=class: td3n1, width: 1%, align: right]3. [/TD]

[TD=class: td3n2]a person who is insolvent; bankrupt [/TD]

[/TR]

[/TABLE]

 

 

They HAVE assets, it is their cash flow that is screwed.

 

So the value of their players probably currently outweighs the amount of their debts, however under the rules in which they "participate" they currently have a situation (of their own making) where they cannot sell their assets to fund their debts.

 

Legally that is a wriggle room opportunity, has anyone tested the Transfer Window in a case under UK Company Law before?

 

poopey will have plenty of advisors, we know that admin is pretty much a no-go as there is not enough cash flow to cover their running costs let alone admin fees.

 

It all comes down to the players. Sell some they survive.

 

But the rules say they cannot...

 

It's all about buying time

 

By 10 minutes to the court case on the 19th Chinny will accept 3 million in cash to walk away is their obvious gambit.

 

And THEN the FL have problems a plenty

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dubai_phil

dubai_phil

Posted
Posted

 

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.

 

 

 

Finally, the owner have to have in place the sharpest talent scouts residing in 33 countries where football is part of their life

 

Oh Roflcopters

Oh PMSL

Oh you are KIDDING ME!

 

:lol::lol:

 

Now we know where he got the idea from.

 

That little lot is on about Page 13 of the "How to Buy a Football Club" Business Plan that Panorama mentioned when they stitched up Bryan Robson in Thailand.

 

Have already mentioned (a few times) how that got into the public domain.

 

So their great white hope has the SAME business plan that the Russians had.

 

Oh sweet, off to the kitchen for some paper towels to wipe the Vodka Cranberry off the monitor

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edprice1984

edprice1984

Posted
Posted

OK I know this has been covered before but lets just go over a few details:

 

CSI are about to be liquidated, therefore as one of their assets PFC will be sold or, in the event no buyer is forthcoming, itself liquidated. How long realistically can they survive when CSI goes? We already know that the majority of the funding for PFC was based on CSI providing it. Therefore they are relying on packing out the park which is unlikely.

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dubai_phil

dubai_phil

Posted
Posted

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;

 

 

OK so who else thinks that JoCa is a front for Rupes?

IF ONLY he had mentioned a Radio Station & World Class catering

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saintjay77

saintjay77

Posted
Posted

HAHAHAHAHAHA that just got funnier and funnier the further it went on. Did JoCa really say all of that???? Thats just priceless!

 

Some of it actually reminded me of some of the ideas Rupes had which had they taken off would of provided a decent wedge. We proved however that the ideas dont turn out as they were wished and the cash cow was more of a burden in the end. Ultimately its the success on the pitch that detirmin the proffit off of it.

 

I do Hope JoCa gets the keys to Pompey. The ship wreck would be of truely epic proportions!!!

 

LOL

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alehouseboys

alehouseboys

Posted
Posted
Oh dear. Train trouble around Portsmouth, according to 5Live.

 

"Disruption affecting trains through Fratton, which may disrupt football fans"

 

Another few who will have an excuse for not packing the park.

 

Breaking News...Major gas leak in Tangiers Road (down the road from fartton).

 

 

 

 

 

 

 

 

...anyone got a match?

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ooh it's a corner

ooh it's a corner

Posted
Posted (edited)

There seems to be some confusion on here (and evidently at Fratton) with regards to insolvency.

 

I would like to clarify this.

 

If you cannot pay your bills, when they are DUE, you are insolvent.

 

If you CAN pay your bills, shortly after they are due, you are still insolvent, but will get away with it, due to the tolerance of your creditors (the people that gave you the bill).

 

As an example, if I own a pension, which will give me a pot of money worth £1000 per month, when I am 60, but I owe the gas company £100 today, I cannot hide behind the fact that my pension is bigger than my debt, therefore, please don't cut my gas off. The gas company will cut me off.

 

I would be insolvent.

 

Lumpitt didn't authorise the player sales last month, because he knows the club is insolvent. Trading whilst insolvent makes him (and his fellow directors) liable for any increase in debt whilst they continue trading. Selling the players in January would have resulted in £2m ish worth of sales, and this would potentially be considered an insolvency transaction and he would be liable for this £2m. Better off to keep them, and let the 20th Feb roll around.

 

In terms of this liability, for the Directors, it is unusual for this to be pursued. However, what is more common is the striking off of Directors, and to have them banned from holding Directorships for a period of time.

 

Lumpitt will realise this. He KNOWS the club is insolvent (a 16 year old GCSE economics student would know they are insolvent). He will push this as hard as he can without threatening his personal wealth.

 

But, my read and write friends, their club is insolvent, and that is a fact (fact).

Edited by ooh it's a corner
typo
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Torres

Torres

Posted
Posted
Breaking News...Major gas leak in Tangiers Road (down the road from fartton).

 

 

...anyone got a match?

 

This is Chinny's plan - blow the whole place to smithereens, claim the insurance money and, with no football ground in existence it'll be easier to sell the land.

 

:suspicious:

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Dark Munster

Dark Munster

Posted
Posted
Sorry guys - saw this posted elsewhere this morning and thought it was current.

 

I think "Pompey are an attractive proposition with a quality squad and their new ground could be considered as a 2018 World Cup venue, if England win the right to host it" may have been a bit of a giveaway. ;)

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trousers

trousers

Posted
Posted
There seems to be some confusion on here (and evidently at Fratton) with regards to insolvency.

 

I would like to clarify this.

 

If you cannot pay your bills, when they are DUE, you are insolvent.

 

If you CAN pay your bills, shortly after they are due, you are still insolvent, but will get away with it, due to the tolerance of your creditors (the people that gave you the bill).

 

As an example, if I own a pension, which will give me a pot of money worth £1000 per month, when I am 60, but I owe the gas company £100 today, I cannot hide behind the fact that my pension is bigger than my debt, therefore, please don't cut my gas off. The gas company will cut me off.

 

I would be insolvent.

 

Lumpitt didn't authorise the player sales last month, because he knows the club is insolvent. Trading whilst insolvent makes him (and his fellow directors) liable for any increase in debt whilst they continue trading. Selling the players in January would have resulted in £2m ish worth of sales, and this would potentially be considered an insolvency transaction and he would be liable for this £2m. Better off to keep them, and let the 20th Feb roll around.

 

In terms of this liability, for the Directors, it is unusual for this to be pursued. However, what is more common is the striking off of Directors, and to have them banned from holding Directorships for a period of time.

 

Lumpitt will realise this. He KNOWS the club is insolvent (a 16 year old GCSE economics student would know they are insolvent). He will push this as hard as he can without threatening his personal wealth.

 

But, my read and write friends, their club is insolvent, and that is a fact (fact).

 

They still sold one player though, ergo they/he traded whilst insolvent?

 

Unless, of course, he's able to play the "I had no say in the trade, it was authorised by the parent company's administrator"

 

Sounds like a can of worms one way or t'other...

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BigShadow

BigShadow

Posted
Posted
Can't see how it will matter to them if the game is on or not. They have the cash from the tickets and they are not paying staff anyway

 

Seem to remember Lumpitt saying recently that PFC2010 are still under the arrangement whereby season ticket monies are released to the club on a game by game basis. So in that sense it would be a bit unfortunate if they couldn't stage the game.

 

That said - where would said monies be released to? Bank accounts are more frozen than the pitch. Perhaps there's a Monaco bank account not getting much use these days. :D

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Weston Super Saint

Weston Super Saint

Posted
Posted
I'm intrigued how Portsmouth North appears to have two MPs :suspicious:

 

No more interesting than the reason why Money Penny has got herself in to this debate.

 

After all, she IS the MP for Portsmouth North, whilst Mike Gob****e is the MP for Portsmouth South.

 

Forgive me - I didn't do too well at geography GCSE - but I was under the impression that Fratton dump is in the South of the people's republic of Portsmouth. So, why the hell has Miss Money Penny felt the need to open her mouth on this issue? Shouldn't she be more concerned about the schools and hospitals that will be missing out because of the lack of taxes being paid in the South of Portsmouth?

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Ken Tone

Ken Tone

Posted
Posted
There seems to be some confusion on here (and evidently at Fratton) with regards to insolvency.

 

I would like to clarify this.

 

If you cannot pay your bills, when they are DUE, you are insolvent.

 

If you CAN pay your bills, shortly after they are due, you are still insolvent, but will get away with it, due to the tolerance of your creditors (the people that gave you the bill).

 

As an example, if I own a pension, which will give me a pot of money worth £1000 per month, when I am 60, but I owe the gas company £100 today, I cannot hide behind the fact that my pension is bigger than my debt, therefore, please don't cut my gas off. The gas company will cut me off.

 

I would be insolvent.

 

Lumpitt didn't authorise the player sales last month, because he knows the club is insolvent. Trading whilst insolvent makes him (and his fellow directors) liable for any increase in debt whilst they continue trading. Selling the players in January would have resulted in £2m ish worth of sales, and this would potentially be considered an insolvency transaction and he would be liable for this £2m. Better off to keep them, and let the 20th Feb roll around.

 

In terms of this liability, for the Directors, it is unusual for this to be pursued. However, what is more common is the striking off of Directors, and to have them banned from holding Directorships for a period of time.

 

Lumpitt will realise this. He KNOWS the club is insolvent (a 16 year old GCSE economics student would know they are insolvent). He will push this as hard as he can without threatening his personal wealth.

 

But, my read and write friends, their club is insolvent, and that is a fact (fact).

 

They are trading all the time. They are selling tickets, ordering food and programmes , etc. "Trading" doesn't mean selling players.

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