Chin Strain Posted 5 February, 2012 Share Posted 5 February, 2012 there are of course, some parachute payments to come. (not sure if anybody knows how much). I did wonder if somewhere in this heap of debt and intrigue, there was a plan(lumpitt's ?) to keep the current squad in the hope that chanrai would come in to help them avoid liquidation, and that even if they went into admin, the squad was capable of beating the drop with a 10 point deduction. (though they would surely be in for 10 + ? this time) But the PPs are another can of worms as, by claiming those now, it's two fingers up to the last CVA - they already needed the PPs plus average gates of 15k for 4 years, plus several million in raised transfer fees to cover it. If they start claiming the PPs now the last CVA is unserviceable. What happens then? Maybe Clapham can help? Link to comment Share on other sites More sharing options...
dubai_phil Posted 5 February, 2012 Share Posted 5 February, 2012 But the PPs are another can of worms as, by claiming those now, it's two fingers up to the last CVA - they already needed the PPs plus average gates of 15k for 4 years, plus several million in raised transfer fees to cover it. If they start claiming the PPs now the last CVA is unserviceable. What happens then? Maybe Clapham can help? Pretty sure thet FL rules cover NOT paying off the CVA Link to comment Share on other sites More sharing options...
View From The Top Posted 5 February, 2012 Share Posted 5 February, 2012 But the PPs are another can of worms as, by claiming those now, it's two fingers up to the last CVA - they already needed the PPs plus average gates of 15k for 4 years, plus several million in raised transfer fees to cover it. If they start claiming the PPs now the last CVA is unserviceable. What happens then? Maybe Clapham can help? IIRC if New Co defaults on the terms of the CVA then the original creditors can demand payment in full or launch WUP. Link to comment Share on other sites More sharing options...
Danish Saint Posted 5 February, 2012 Share Posted 5 February, 2012 Everyone thinks Pompey will be able to cover costs by selling players, but as we've learned over the January transfer window, is that no other club can or would want to match the personal terms their players are on. So they'll most likely see out their contracts and leave on free transfers. Link to comment Share on other sites More sharing options...
Pedro Posted 5 February, 2012 Share Posted 5 February, 2012 Couldn't they use Rosie47 account. Link to comment Share on other sites More sharing options...
Weston Super Saint Posted 5 February, 2012 Share Posted 5 February, 2012 Its not ********, he has given the money to pay the wages, but as the club have had the accouts frozen, they cant pay them. AA is trying to unfreeze the accounts so they can be paid as the money is there to do so. My guess is he's referring to the cash he gave them at the end of December / beginning of January which is apparently true. That would have been used to pay December's wages - but not the NI or tax! - and maybe he's claiming that it was for January??? Link to comment Share on other sites More sharing options...
Truckasaurus Posted 5 February, 2012 Share Posted 5 February, 2012 TOAST........me thinks Link to comment Share on other sites More sharing options...
rallyboy Posted 5 February, 2012 Share Posted 5 February, 2012 Perhaps the loan shark bunged the wages money across only to discover that HMRC immediately said, 'thank you very much, we'll have first shout on that'. Quite funny if the taxman or courts could keep intercepting further 'wages' loans and sorting creditors. The club purchase price increases, Chinny's losses increase, the greedy players go unpaid - win-win-win! More likely scenario is that Lapitt begged for help to cover December wages and assured the loan shark that it was a minor cashflow issue, he could fund January through sales - and then for some crazy business-sinking reason, didn't bother. I seem to recall Chanrai getting a little stitched not long after he first became involved - Storrie promised some income to him within months, a due transfer fee perhaps? But it was already needed elsewhere? Wasn't it something like, lend us £17M and you'll get £4M back fairly sharpish?...but it didn't happen. Storrie's note to self - Don't cross loan sharks. They survived against all odds last time, so I fear AA will pull something miraculous out of a hat - but I just don't think he even has a hat this time, so I don't know how he's going to do it.... The parachute payments must be the only thing that keeps the Chinster interested, but I don't think he can get at them without shredding the club in one big hit - and then they won't cover his claims. He would need all of them plus the ground and assets, odd. As for AA, there must be a limit to how far a special handshake gets you in the court system, he must run out of 'luck' soon. They are right in a corner, and even if he does allow them to continue to trade, the club name and any shred of reputation is finished. The clear breaches of FL regulations relate to insolvent trading, insolvency events - and that's before we find out if the club was responsible for tax-evasion. If they start life in the Championship next season, something will have gone very wrong at the top of our sport. Link to comment Share on other sites More sharing options...
hypochondriac Posted 5 February, 2012 Share Posted 5 February, 2012 Even if he pays the wages, they still can't pay the tax that is due unless they advance the parachute payments- and that just delays the inevitable. Link to comment Share on other sites More sharing options...
dubai_phil Posted 5 February, 2012 Share Posted 5 February, 2012 Even if he pays the wages, they still can't pay the tax that is due unless they advance the parachute payments- and that just delays the inevitable. No, no and THRICE no! You know that is not true. They just need a few quid to get through this sticky patch. They have a zillionaire coming in to buy the club in the next 48 hours and they have that 20mil from Tesco's C'mon Guv. just a tenner to get me through the day Link to comment Share on other sites More sharing options...
Waterside.saint Posted 5 February, 2012 Share Posted 5 February, 2012 (edited) .... C'mon Guv. just a tenner to get me through the day 'Now, if I give you this tenner, you won't spend it on living beyond your means and greedy footballers, will you?' :lol: Edited 5 February, 2012 by Waterside.saint Link to comment Share on other sites More sharing options...
Fowllyd Posted 5 February, 2012 Share Posted 5 February, 2012 Perhaps this is where they get their inspiration... Link to comment Share on other sites More sharing options...
stevegrant Posted 5 February, 2012 Share Posted 5 February, 2012 Its not ********, he has given the money to pay the wages, but as the club have had the accouts frozen, they cant pay them. AA is trying to unfreeze the accounts so they can be paid as the money is there to do so. Considering you were on here insisting that Chainrai had paid the tax bill (link), I'll take the option of disregarding anything you say on the matter. You clearly know the square root of **** all. Link to comment Share on other sites More sharing options...
Chin Strain Posted 5 February, 2012 Share Posted 5 February, 2012 I think what will help me join the dots up here, with regards BCs likely next step is: - what happens to the previous CVA if they go into admin? Can they renegotiate? - are the parachute payments earmarked for the previous CVA (I think yes), and where are they paid to? Would they go to the new company to service the debt and, if so, can new company syphon them off and sod the CVA? - if Pompey get wound up, will the parachute payments cease to be paid by the PL (i.e. do the PL keep them), or are they paid in one hit to the liquidator to distribute? I think the picture would be clearer for me if I had answers to these questions. Anyone? Link to comment Share on other sites More sharing options...
Chin Strain Posted 5 February, 2012 Share Posted 5 February, 2012 Everyone thinks Pompey will be able to cover costs by selling players, but as we've learned over the January transfer window, is that no other club can or would want to match the personal terms their players are on. So they'll most likely see out their contracts and leave on free transfers. Thee's little value in the players IMO. Even if someone wanted to take one of the big earners, those players would need to fit into their wage structure. Even if the club were willing to pay Pompey a transfer fee, Pompey would need to make up the difference in the wages or the player would sit tight. The chances are that early contract settlement would knock out any transfer fee. What also doesn't help them is having older players sitting on big wages. Less likely to get a comparable deal anywhere else, and less likely to command a fee. The only players worth something are likely to be the younger ones on lower wages. I'd hazard a guess that the 8 players on £1.1m a month are all getting on a bit. Link to comment Share on other sites More sharing options...
BigShadow Posted 5 February, 2012 Share Posted 5 February, 2012 The following is not based on any expert knowledge......so I'm sure someone will post a different view shortly... I think what will help me join the dots up here, with regards BCs likely next step is: - what happens to the previous CVA if they go into admin? Can they renegotiate? they would have to renegotiate - but it would not be a case of 'we owe £16m on the CVA, lets talk' - the failure of the current CVA would see the full debt of £80m back on the table for negotiation, plus whatever new debts they have racked up. - are the parachute payments earmarked for the previous CVA (I think yes), and where are they paid to? Would they go to the new company to service the debt and, if so, can new company syphon them off and sod the CVA? I have seen/heard nothing to suggest the PP are earmarked for the CVA. The first couple instalments were earmarked for Football Creditors - the rest will go to PFC to fund new players, operating expenses or the CVA as poopey choose. When PFC2010 got the golden share there was a restriction in place that Chinny couldn't take any money out of the club until the CVA obligations were met. I doubt if such a restriction still is enforceable given that Chinny supposedly sold the club to CSI. - if Pompey get wound up, will the parachute payments cease to be paid by the PL (i.e. do the PL keep them), or are they paid in one hit to the liquidator to distribute? No idea. I think the picture would be clearer for me if I had answers to these questions. Anyone? Link to comment Share on other sites More sharing options...
trousers Posted 5 February, 2012 Share Posted 5 February, 2012 Its not ********, he has given the money to pay the wages, but as the club have had the accouts frozen, they cant pay them. AA is trying to unfreeze the accounts so they can be paid as the money is there to do so. Shouldn't the kit man's son be helping his old man wash the kits rather than attending Portsmouth Football Club board meetings? That said, I guess the kit doesn't need washing after this weekend's convenient postponement.... Link to comment Share on other sites More sharing options...
Winchester Red Posted 5 February, 2012 Share Posted 5 February, 2012 (edited) Chinney flying over to 'sort things out' means nothing. If he pay a months wages (£1m) + associated tax (£800k) + the back tax (£1.8m), so another £3.6m, this will get them through to, say, the end of February. All he has achieved is raising his debt from, what?, £18m to £21m. For what purpose? If he thinks he's going to take the whole parachute payment of £8m on 1 April(?) he'd still need to fund another month of wages (£1.8m) and then he'd have the biggest cr*p shoot ever because the CVA would need paying and there'd be no money to do so. We don't even know what football related creditors are waiting to be paid from 31 December (stage payment transfers) so PFC may not even get the whole parachute payment given to them. And don't even get me started on points deductions for not paying the CVA. It's find a buyer (2 hopes... bob and none) or liquidate. There is no 'sorting out' that can be done. Just throw money down a black hole or lock up the shop That to me is the position. Anyone see it differently? Edited 5 February, 2012 by Winchester Red Link to comment Share on other sites More sharing options...
mcjwills Posted 5 February, 2012 Share Posted 5 February, 2012 All this talk of the premier league advancing them money is just theft from all other league clubs, because if I remember correctly if they go to the wall the parachute payments get shared out with the rest of the league clubs. Still trying to steal from the rest of the league. Link to comment Share on other sites More sharing options...
hypochondriac Posted 5 February, 2012 Share Posted 5 February, 2012 All this talk of the premier league advancing them money is just theft from all other league clubs, because if I remember correctly if they go to the wall the parachute payments get shared out with the rest of the league clubs. Still trying to steal from the rest of the league. Sadly not the case. Link to comment Share on other sites More sharing options...
Chez Posted 5 February, 2012 Share Posted 5 February, 2012 - are the parachute payments earmarked for the previous CVA (I think yes), I'm not certain of that. From the News: Club chief executive David Lampitt said: ‘The payment of the CVA obligations have always been built into our business plan. ‘The CVA was drawn up as part of the exit from administration and the process to retain membership to the Football League. It was the obligations Portsmouth Football Club had to fulfil. Anyone coming in to invest or take over the club and move it forward understands the nature of the obligations.' That feels to me like funds would come out of their bank account and not from any ring fenced parachute payment. Link to comment Share on other sites More sharing options...
Winchester Red Posted 5 February, 2012 Share Posted 5 February, 2012 I don't think the CVA payments were ever 'ring fenced'. I think it was more a case of the parachute payments being of a similar value to the CVA, so the general view was: Parachute payments = CVA payment Gate receipts + TV Revenue + Merchandising + Owner Investment = Buy and Pay Players / Run the Club Although, the parachute payments do come from the PL via the FL, so the FL can withhold them any time they like Link to comment Share on other sites More sharing options...
Doctoroncall Posted 5 February, 2012 Share Posted 5 February, 2012 I think what will help me join the dots up here, with regards BCs likely next step is: - what happens to the previous CVA if they go into admin? Can they renegotiate? - are the parachute payments earmarked for the previous CVA (I think yes), and where are they paid to? Would they go to the new company to service the debt and, if so, can new company syphon them off and sod the CVA? - if Pompey get wound up, will the parachute payments cease to be paid by the PL (i.e. do the PL keep them), or are they paid in one hit to the liquidator to distribute? I think the picture would be clearer for me if I had answers to these questions. Anyone? 1... See big shadow's reply, unsecured debt listed in the last report is circa £87m with HMRA £24m 2... No, the last two PP are not earmarked besides they come up about £1m short. There is £9.6m of the second season PPs unaccounted for, not sure if in the Prem they got access to PP or some is still due!! 3... Usually the PP get distributed to the FL clubs if a receiving club gets promoted. I'm not sure what happens in the case of a club being liquidated but see no reason not to follow same protocol of promoted club. Link to comment Share on other sites More sharing options...
Kingsland Red Posted 5 February, 2012 Share Posted 5 February, 2012 Bishops Printers of Fratton do the programmes. I am sure that as former club sponsors/directors, they would honour the Skates contract. What I struggle with is their advertisement at the Chapel end. I know they do our programme but it spoils the St Marys match day experience. just logged back onto here. Glad my original observation got another 50 odd posts on this thread with folk arguing black is in fact white. Cedar lost the contract at the start of the season ! Link to comment Share on other sites More sharing options...
Chin Strain Posted 5 February, 2012 Share Posted 5 February, 2012 I don't think the CVA payments were ever 'ring fenced'. I think it was more a case of the parachute payments being of a similar value to the CVA, so the general view was: Parachute payments = CVA payment Gate receipts + TV Revenue + Merchandising + Owner Investment = Buy and Pay Players / Run the Club Although, the parachute payments do come from the PL via the FL, so the FL can withhold them any time they like That sounds about right. I assume that there would be some pretty serious repercussions from the FL if they reneged on the CVA, and the same from the creditors - I'd imagine HMRC would take a dim view. So, PPs go to the club, and they have to service the CVA from their accounts. I know they had some of the PPs advanced in 2010, but wonder how much is still to come, and when. Link to comment Share on other sites More sharing options...
Winchester Red Posted 5 February, 2012 Share Posted 5 February, 2012 I believe that parachute payments are scheduled as follows: Year 1: 2x £8m (already received) Year 2: 2x £8m (First received, second on 1 April(?)) Year 3: 1x £8m Year 4: 1x £8m Still interested to know if anyones views on the current situation differ from this (below, originally posted earlier): --- Chinney flying over to 'sort things out' means nothing. If he pay a months wages (£1m) + associated tax (£800k) + the back tax (£1.8m), so another £3.6m, this will get them through to, say, the end of February. All he has achieved is raising his debt from, what?, £18m to £21m. For what purpose? If he thinks he's going to take the whole parachute payment of £8m on 1 April(?) he'd still need to fund another month of wages (£1.8m) and then he'd have the biggest cr*p shoot ever because the CVA would need paying and there'd be no money to do so. We don't even know what football related creditors are waiting to be paid from 31 December (stage payment transfers) so PFC may not even get the whole parachute payment given to them. And don't even get me started on points deductions for not paying the CVA. It's find a buyer (2 hopes... bob and none) or liquidate. There is no 'sorting out' that can be done. Just throw money down a black hole or lock up the shop That to me is the position. Anyone see it differently? Link to comment Share on other sites More sharing options...
Joesaint Posted 5 February, 2012 Share Posted 5 February, 2012 Just been on the news website and looking at the story "thing can only get better" and just had to sign in and pretent to be a pompy fan to put in the some comments such as; "110 - TBF the club is in administration depite what is being said and if you believe otherwise you are fooling yourself. The club have NOT lived within its means and risk being kicked out of the league (rule state for 2 admins in 3 years). We competed with other clubs getting players in by offering silly wages and its just wrong. We are not a prem size club we are a championship club at best but that looks like being destroyed. I am lucky that I live between portsmouth and southampton because If pompy do get kicked out the league I'll go see saints." They gave us NO sympathy so fair play maybe!!!! Link to comment Share on other sites More sharing options...
gaz Posted 5 February, 2012 Share Posted 5 February, 2012 ''Portsmuff need me?'' ''You don't say....'' Link to comment Share on other sites More sharing options...
Joesaint Posted 5 February, 2012 Share Posted 5 February, 2012 looking at some of the posts though not sure I'm the only one. Link to comment Share on other sites More sharing options...
vindaloo73 Posted 5 February, 2012 Share Posted 5 February, 2012 Seems like our six-fingered, webbed feet, them down the road are not the only ones to think they are bigger than they really are!! http://www.spanishfootball.info/2011/06/opinion-the-absurdity-of-zaragozas-financial-woes/ Link to comment Share on other sites More sharing options...
Chin Strain Posted 5 February, 2012 Share Posted 5 February, 2012 I believe that parachute payments are scheduled as follows: Year 1: 2x £8m (already received) Year 2: 2x £8m (First received, second on 1 April(?)) Year 3: 1x £8m Year 4: 1x £8m Still interested to know if anyones views on the current situation differ from this (below, originally posted earlier): --- Chinney flying over to 'sort things out' means nothing. If he pay a months wages (£1m) + associated tax (£800k) + the back tax (£1.8m), so another £3.6m, this will get them through to, say, the end of February. All he has achieved is raising his debt from, what?, £18m to £21m. For what purpose? If he thinks he's going to take the whole parachute payment of £8m on 1 April(?) he'd still need to fund another month of wages (£1.8m) and then he'd have the biggest cr*p shoot ever because the CVA would need paying and there'd be no money to do so. We don't even know what football related creditors are waiting to be paid from 31 December (stage payment transfers) so PFC may not even get the whole parachute payment given to them. And don't even get me started on points deductions for not paying the CVA. It's find a buyer (2 hopes... bob and none) or liquidate. There is no 'sorting out' that can be done. Just throw money down a black hole or lock up the shop That to me is the position. Anyone see it differently? Being totally cynical I'd suggest that BC has already taken a large slice of the PPs received so far. Has he actually had most of his return already then, considering that they haven't made any CVA payments at all yet? I don't see it any different to you, to be honest. He know that there won't be any takers at the level he wants. Even if someone bought the club for a quid out of administration, that wouldn't include the ground. Even if it did, the cost of the wages, the CVAs and the club / ground would be enormous and simply not worth it. It's the current wage bill that will put the brakes on any takeover...from a 'normal' purchaser. The only people that they can hope to attract is nutjobs and crooks. I'd imagine that a failure to service a CVA would result in a pretty monumental points deduction. ALternatively, maybe he'll take the club, pay whatever he can get away with paying until the PP arrives, take the PP and disappear leaving the club to face the music. Maybe the outlay to get them to April will be significantly less than the £8m PP. Link to comment Share on other sites More sharing options...
Winchester Red Posted 5 February, 2012 Share Posted 5 February, 2012 I'm not sure that PFC have received any of the parachute payments so far. I believe that the FL have diverted all payments to date to previous existing Football Creditors Link to comment Share on other sites More sharing options...
Chin Strain Posted 5 February, 2012 Share Posted 5 February, 2012 I'm not sure that PFC have received any of the parachute payments so far. I believe that the FL have diverted all payments to date to previous existing Football Creditors So maybe BC sees the April parachute payment as a massive step towards recouping some of his money. That would tie up with why AA wqs so keen to sell the players - stave off HMRC with the clubs playing staff, keep them ticking over for another couple of months whilst HMRC wait to put together another WUP, take the PP money, and throw the club back into admin once the WUP comes again. The decision to pay the players over HMRC smacks of building up a debt that you know can get dumbed down to 5p in the £. After all, why pay HMRC over the players - the players are guaranteed to be paid from any admin. Link to comment Share on other sites More sharing options...
biondani Posted 5 February, 2012 Share Posted 5 February, 2012 So the deluded fools are even suggesting that there is 5 or 10 quid added to each Portsmouth residents' council tax for the next few months to bail them out over on The News. Hmmm time for them to listen to some Starsailor, Poor Misguided Fool Ian Link to comment Share on other sites More sharing options...
Winchester Red Posted 5 February, 2012 Share Posted 5 February, 2012 (edited) So maybe BC sees the April parachute payment as a massive step towards recouping some of his money. That would tie up with why AA wqs so keen to sell the players - stave off HMRC with the clubs playing staff, keep them ticking over for another couple of months whilst HMRC wait to put together another WUP, take the PP money, and throw the club back into admin once the WUP comes again. The decision to pay the players over HMRC smacks of building up a debt that you know can get dumbed down to 5p in the £. After all, why pay HMRC over the players - the players are guaranteed to be paid from any admin. Interesting thought It could actually be that Lampitt does have some integrity and his actions in resisting mass player sales in the window was a deliberate attempt to screw Chinney's plans to recoup money personally at the expense ultimately of everyone else (typical loan shark!). Maybe lumpitt realises the game is up for PFC, but doesn't believe in the Italian Ships Captain method of dealing with catostropie! Benefit of the doubt....... maybe. The next week could be very interesting Edited 5 February, 2012 by Winchester Red Link to comment Share on other sites More sharing options...
Kingsland Red Posted 5 February, 2012 Share Posted 5 February, 2012 If DL is playing the dangerous game of scuppering BC's plans by not having the expected firesale, then can we expect BC to fire him once he's touched down ? Link to comment Share on other sites More sharing options...
Winchester Red Posted 5 February, 2012 Share Posted 5 February, 2012 If DL is playing the dangerous game of scuppering BC's plans by not having the expected firesale, then can we expect BC to fire him once he's touched down ? Maybe agent Lumpitt has had us fooled all along, maybe he does have a bit of integrity. Obviously not the right person for a senior management position at PFC!......... (I'm finding it so difficult to think of this guy in a decent light) Link to comment Share on other sites More sharing options...
derry Posted 5 February, 2012 Share Posted 5 February, 2012 From last year. Do I remember £11m ish as a figure for the advance in parachute payments? Subsequently £22m ish football creditors, making £33m ish total, taking up the first two years. Anybody know? Link to comment Share on other sites More sharing options...
Chin Strain Posted 5 February, 2012 Share Posted 5 February, 2012 If DL is playing the dangerous game of scuppering BC's plans by not having the expected firesale, then can we expect BC to fire him once he's touched down ? But *cough* he's not the owner at the moment *cough* as the club's not in administration...apparently.....AA would have to fire him I'd have thought, as administrator of CSI and, even then, I'm not sure whether he could...although aren't UHY Hacker the de facto owner of Pompey at the moment? Link to comment Share on other sites More sharing options...
View From The Top Posted 5 February, 2012 Share Posted 5 February, 2012 Gareth Hawkes @gdhawkes Reply Retweet Favorite · Open @davesargent the sad thing is we don't have the massive following we like to think, 8-10k hardcore #Pompey fans in reality. In reply to Porthos The Enforcer Link to comment Share on other sites More sharing options...
Fowllyd Posted 5 February, 2012 Share Posted 5 February, 2012 From last year. Do I remember £11m ish as a figure for the advance in parachute payments? Subsequently £22m ish football creditors, making £33m ish total, taking up the first two years. Anybody know? Yep, that's what I remember too. Pompey were handed advance parachute payments simply to keep them afloat (and get them off the Premier League's hands at the same time!), so that's a considerable whack gone from the total before they were even due to receive them. I assume that the remaining payments will be made according to the original schedule and that therefore they'll stop being paid early. Not that it'll make any difference if there's no club to pay them to of course... Link to comment Share on other sites More sharing options...
dvaughanwilliams Posted 5 February, 2012 Share Posted 5 February, 2012 I believe that parachute payments are scheduled as follows: Year 1: 2x £8m (already received) Year 2: 2x £8m (First received, second on 1 April(?)) Year 3: 1x £8m Year 4: 1x £8m Still interested to know if anyones views on the current situation differ from this (below, originally posted earlier): As I remember from Limpet's radio interview, the first payments were used to fund football creditors (as mentioned above) and to repay the advance from last time. The next payment will be the first one paid to the club. Android has said liquidation isn't an option and at this stage it would be the worst option. Arguably player registrations are one of the most valuable assets of the club, but they are worth 0 in liquidation. In a normal liquidation machinery and other assets would have at least a scrap value, but not in this case. I consider a possible scenario as follows: Chinny touches down, clears the tax bill and adds it to the loan, puts the club into admin then asks the football league for dispensation to sell players outside the transfer window (as was allowed last time). There is then a discussion with the players that if a loan or sale option comes along, they would be better off taking it. He does this aggressively enough to reduce running costs to let the club break even, probably including mass redundancies of all non-playing staff. He then runs the club on a low budget to receive future parachute payments and the value from the sale of any saleable players, unless a buyer comes from nowhere. Link to comment Share on other sites More sharing options...
saintjay77 Posted 5 February, 2012 Share Posted 5 February, 2012 If this is so , and I'm not so sure from what we were told last summer, why are Bishops Printers, one of the Skates main sponsors, advertising at St Marys this season at the Chapel end, Kingsland side? Paid to advertise there maybe? Just because you use a company for printing it doesn't exactly stop you selling advertising to a competitor does it? Link to comment Share on other sites More sharing options...
Winchester Red Posted 5 February, 2012 Share Posted 5 February, 2012 (edited) As I remember from Limpet's radio interview, the first payments were used to fund football creditors (as mentioned above) and to repay the advance from last time. The next payment will be the first one paid to the club. Android has said liquidation isn't an option and at this stage it would be the worst option. Arguably player registrations are one of the most valuable assets of the club, but they are worth 0 in liquidation. In a normal liquidation machinery and other assets would have at least a scrap value, but not in this case. I consider a possible scenario as follows: Chinny touches down, clears the tax bill and adds it to the loan, puts the club into admin then asks the football league for dispensation to sell players outside the transfer window (as was allowed last time). There is then a discussion with the players that if a loan or sale option comes along, they would be better off taking it. He does this aggressively enough to reduce running costs to let the club break even, probably including mass redundancies of all non-playing staff. He then runs the club on a low budget to receive future parachute payments and the value from the sale of any saleable players, unless a buyer comes from nowhere. That works until you consider that: 1) The player's agents aren't stupid and they will advise their clients to sit tight. 2) It was the PL that agreed last time to allow sales outside the transfer widow and not the FL. The FL are far stricter and 'less caring' about giving their members a 'get out'. Although running the club at a tight (proper!) budget together with the point deductions resulting in relegation will at least go some way to them getting at least partially what they deserve. If this happened I would still expect the day after the final parachute payment will see them liquidated. (If they avoid it now) The supporters need to do Plan B now to ensure a way forward and to screw Chinney! (AND THEY REALLY OUGHT TO CARE ABOUT SCREWING THE GUY THAT SCREWED THEIR CLUB!) Edited 5 February, 2012 by Winchester Red Link to comment Share on other sites More sharing options...
saintjay77 Posted 5 February, 2012 Share Posted 5 February, 2012 Just caught up and I take back my pwned comment for docker-p. was pretty funny at the time but as has been proved he was correct about the printers. NC is in fact the devil and the skates are saved or something. X Link to comment Share on other sites More sharing options...
sidthesquid Posted 5 February, 2012 Share Posted 5 February, 2012 That works until you consider that the player's agents aren't stupid and they will advise their clients to sit tight. Although running the club at a tight (proper!) budget together with the point deductions resulting in relegation will at least go some way to them getting at least partially what they deserve. If this happened I would still expect the day after the final parachute payment will see them liquidated. (If they avoid it now) They need to do Plan B now to ensure a way forward and to screw Chinney! (AND THEY REALLY OUGHT TO CARE ABOUT SCREWING THE GUY THAT SCREWED THEIR CLUB!) The only thing with the players is that if they are liquidated and there is no money (especially after Chinny gets first dibs on what little there is) the football creditors rule is worthless. They could be out of a job and no likelihood of seeing the rest of their contract. I'm not sure Ward/Henderson fully grasped that when Ipswich offered them a way out. Probably less serious for them as tey are young & employable. People like Ben Haim & Kitson who are both pants & on huge salaries could be the biggest losers. But it won't come to that. It still seems to me that Chinny holds all the cards, even though he is probably peeved that Handy Andy hasn't come through for him yet. I still expect Chinny to reappear & a miraculous new buyer will appear, (one of chancer/fantasist/launderer delete as applicable) taking the costs off of him on some convoluted HP arrangement at a hideous interest rate for another year. Eventually, with a bit of PP thrown in, he will end up making a profit on it unless the FL step in to stop the farce. But given the Prime Minister himself is on their side, I doubt anyone at FL headquarters will have the cojones to take that step. The longer it goes on the more misery they will endure (unless they get lucky and win the play-offs, though I cannot believe the FL won't take at least enough points off of them to stop that scenario) & an increasing number of the phew are reaching the point that a mercy killing & a phoenix club is the only way to escape Chinny's grip. Link to comment Share on other sites More sharing options...
Winchester Red Posted 5 February, 2012 Share Posted 5 February, 2012 (edited) If the 'phew' abandoned it now and started plan B, that would go some way to screwing Chinney. It would also get them started on the road back Come on PFC supporters. Get on with it. SHOW SOME BALLS. Your vitriol towards us in the past few years shows you have enough passion to get over this and get AFCP off the ground. All you need now is some brains and I'm sure you can find some of those somewhere!!! Edited 5 February, 2012 by Winchester Red Link to comment Share on other sites More sharing options...
Winchester Red Posted 5 February, 2012 Share Posted 5 February, 2012 (edited) The only thing with the players is that if they are liquidated and there is no money (especially after Chinny gets first dibs on what little there is) the football creditors rule is worthless. They could be out of a job and no likelihood of seeing the rest of their contract. I'm not sure Ward/Henderson fully grasped that when Ipswich offered them a way out. Probably less serious for them as tey are young & employable. People like Ben Haim & Kitson who are both pants & on huge salaries could be the biggest losers. But it won't come to that. It still seems to me that Chinny holds all the cards, even though he is probably peeved that Handy Andy hasn't come through for him yet. I still expect Chinny to reappear & a miraculous new buyer will appear, (one of chancer/fantasist/launderer delete as applicable) taking the costs off of him on some convoluted HP arrangement at a hideous interest rate for another year. Eventually, with a bit of PP thrown in, he will end up making a profit on it unless the FL step in to stop the farce. But given the Prime Minister himself is on their side, I doubt anyone at FL headquarters will have the cojones to take that step. The longer it goes on the more misery they will endure (unless they get lucky and win the play-offs, though I cannot believe the FL won't take at least enough points off of them to stop that scenario) & an increasing number of the phew are reaching the point that a mercy killing & a phoenix club is the only way to escape Chinny's grip. Also bear in mind Chinney doesn't get 'first dibs' of what left over, any more than the players and other football creditors. They are all secured creditors so they all get an equal share at the first level. Chinney is not preferential to the football creditors. Level at best. Unless the FL play ball big time the players will have nowhere to go, and even if they do, no one is going to take the higher earners Edited 5 February, 2012 by Winchester Red Link to comment Share on other sites More sharing options...
Trader Posted 5 February, 2012 Share Posted 5 February, 2012 Seems that Cedar Group website is rather economical with the truth. "This years" design seems to feature an example from the 08-09 season. http://www.cedar.uk.com/design-creative.php?p=sfc-prog Link to comment Share on other sites More sharing options...
Truckasaurus Posted 5 February, 2012 Share Posted 5 February, 2012 I've just had a thought,why don't all the pikey's in poopey get together and chop down the spinnerker? tower...sell it for scrap,scrap value??? could pay the tax bill and seeing as all them pikey's have never paid any tax they would be doing a great thingy.Everyone's a winner Link to comment Share on other sites More sharing options...
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