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Pompey Takeover Saga


Fitzhugh Fella

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i think this is a very important point and should be given some consideration. Saints fans had to pay for match and coach ticket to skates away game, but we obviously paid Southampton Football Club who in turn would have paid the coach company and Portsmouth football club.

 

For the fixture at st marys who is going to check what Pompey do with the money? will the bus company be happy supplying without upfront payment? and what will saints do to ensure we get paid?

 

I think more importantly it's a case of whether the fixture will occur in the first place.

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PST Spokesperson (@pompeytrust)

03/02/2012 19:34

Sadly we've had only 1 offer of help for the Trust and @Pompeys12thMan to hand out flyers/sign people up. That was from an AFC Wimbledon fan

 

 

 

 

Yes, that's because everyone else in the footballing world KNOWS WHAT YOU ARE!!!!!!

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Are they serious? Any Saints fans who went in colours would be treated to a good kicking and would likely be arrested for incitement.

 

I'll turn up for their first phoenix.game in Saints colours to show my support to rebuilding an honest rivalry as quickly as possible.

 

As would I.

 

Turning up to help in keeping the current crooks running though? Not a hope in hell.

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A. The Operators failed to understand the true meaning of the debenture note (see the definition below).

 

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. Does this mean that Portpin misled the Operators?

A. Absolutely not, but one assumes that the Operators received bad advice.

 

 

Much much lolage.

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Here's an idea.

 

They are NOT insolvent.

 

 

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

 

Hate to be a boring fart but under English law there are two tests of insolvency, the "balance sheet" test (liabilities exceed assets) and the "cash-flow" test (inability to pay debts as they fall due). So cash-flow does count.

 

Either way I think they're screwed.

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naughty Gemmel in failure to read all 1027 pages before posting shock!

Despite that bombshell, Cala vocalising his lunacy was funny, and worth a second airing, so fair play to both posters.

 

I have chuckled out loud quite a few times of late, the worse it gets, the funnier the gags on here.

The judge in his Saints 125 kit was good, as was AA saying everything is fine - and that photo of a rather odd boyband trio pointing at the camera and demanding their wages from poor people.

So much material, so little time left to mock.

 

If I'm ever depressed I shall just think of Harry in his courtroom artist impression, twitching like....well, Harry on a tax charge, and it'll make me smile like Avram in the transfer window, getting the nod from the chairman to splash out on youth.

 

Where's Ho?

He's always good for a chuckle. :)

 

He isn't out tonight socialising (as in every few weeks) with someone plucky and bestest giving him top ITK action is he? - maybe he should ask the well-connected kitman's son, he's bang on the money too!

 

How about all the few just admit that they haven't got a clue what is happening but it does look like the club has been multi-gang-raped by criminals and they were all taken in and now look a little bit silly.

And they're all sorry for talking crap for the past ten years.

Mmmmm?

It would be a start.

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Hate to be a boring fart but under English law there are two tests of insolvency, the "balance sheet" test (liabilities exceed assets) and the "cash-flow" test (inability to pay debts as they fall due). So cash-flow does count.

 

Either way I think they're screwed.

 

Cash flow is, if anything, more important than Net assets. The most important test is "can they pay their liabilities as and when they fall due".

 

HMRC say not

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They are going to be all right. I have heard from a reputable source that Tescos are going to give them £20 million for land that they don't even own.

 

Well that source was Corporate Ho and it is my nomination for most ridiculous Skate comment on this thread - there is certainly a lot of competition for this award!!

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Rumour going around on Twitter that no matchday programmes have been printed for the Pompey v Hull game tomorrow...best conspiracy theory wins a football club...

 

Oh, come on Trousers, it's because the printer's credit contoller is doing their job, read the credit reports and has asked for money up front. You know that, I know that, but hey; conspiracy theories are fun...

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https://twitter.com/#!/pompeytrust/status/165518476012830720

Sadly we've had only 1 offer of help for the Trust and @Pompeys12thMan to hand out flyers/sign people up. That was from an AFC Wimbledon fan

 

 

 

Bestest.

 

Oh come on there would be rush of posters on here to help. Help lock the gates for the last time. God it takes ages to catch up if you miss a couple of days whilst busy.

 

As for Lovable chirpy Cheeky cockney chappy Harry, has he decided which of his alibis he is going to use yet. On that subject I've been thinking of one of our old songs which would fit him down to the ground, with a little tweak here & there based on his lies cough cough evidence!

 

I can't read & I can't write but I've got a financial adviser.

He runs my life along with my wife & my dog called Rosie.

I can't text & I can't fax cause I've got techno-phobia.

But the thing that I likes best is being a TAX DODGER!

 

OH ERRR!

Edited by Under Weststand
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''Maybe a franchise system, requiring those who would own a football team to stick to an agreed set of practices or lose control, might save clubs from themselves. At present the tendency is to apply the Billy Bunter principle in matters of finance : the Owl of the Remove was forever expecting a postal order. Either this or hope that the figure shimmering in the heat haze of an Arabian desert is Omar Sharif with oil wells and not merely a mirage.''

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Maybe, but this is the stand-out paragraph in that article for me....

 

"Portsmouth will probably live to be wound up another day. The capacity of football clubs in apparently hopeless positions to carry on somehow is one of the game's phenomena."

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