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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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Gemmel

Gemmel

Posted
Posted

The debst were 120 million of which 80 odd million was unsecured. Those guys got 20p in the pound, so just under 20 million to repay.

Football debts should have been settled

Then there is the secured creditors (Chinny and Gaydamak) around another 20 million

 

The orginal post was correct. Failure to meet the CVA and unsecured creditors can revert back to the original level of debt.

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St Jim

St Jim

Posted
Posted

I'm sure this has been covered numerous times but what is the definitive situation on the CVA? Are the New Co liable for the CVA payments or does the laibility sit with the Old Co and the Old Co have a liabiltiy with the New Co? It's all academic in the sense that without the New Co paying the Old Co the CVA does not get paid, but in a legal laibility sense it could make a big difference, particularly if they default, go into administation or try to prepare another CVA.

 

The other question mark is whether the CVA reverts to 100p in teh pound if there is failure to pay it. If this is true how does this fir in with who the CVA liabiltiy sits with and if it sits with the Old Co, does this increased liabitly get passed on to the New Co?

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rallyboy

rallyboy

Posted
Posted

I'd only call the AA if the wheels had come off or I'd had a serious breakdown....as long as the mechanic they send isn't Avram we'll be fine.

He'll want to slide underneath and check the levels - ding dong.

 

Does Lampitt have nervous breakdown cover?

 

Or has he turned into Lord Lucan?

David Lampitt, lost in action, or maybe he desserted - which would be a trifle unfortunate.

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ooh it's a corner

ooh it's a corner

Posted
Posted
I'd only call the AA if the wheels had come off or I'd had a serious breakdown....as long as the mechanic they send isn't Avram we'll be fine.

He'll want to slide underneath and check the levels - ding dong.

 

Does Lampitt have nervous breakdown cover?

 

Or has he turned into Lord Lucan?

David Lampitt, lost in action, or maybe he desserted - which would be a trifle unfortunate.

 

be fair, there could be hundreds and thousands of reasons for his disappearance

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Fowllyd

Fowllyd

Posted
Posted
I'd only call the AA if the wheels had come off or I'd had a serious breakdown....as long as the mechanic they send isn't Avram we'll be fine.

He'll want to slide underneath and check the levels - ding dong.

 

Does Lampitt have nervous breakdown cover?

 

Or has he turned into Lord Lucan?

David Lampitt, lost in action, or maybe he desserted - which would be a trifle unfortunate.

 

:toppa:

 

Brilliant.

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aintforever

aintforever

Posted
Posted
I also like the bit "We are of the opinion that lessons are not being learned," the statement said. "For example, clubs have to realise that, going forward, they cannot treat their [tax] obligations as something akin to a credit card."

http://www.guardian.co.uk/football/2010/nov/01/dundee-25-point-penalty-administration

 

That HAS to set some sort or precedent, pompey will have been in admin twice in less a period of time AND blown off more debt.

 

"In a statement the Scottish Football League said it regretted the situation Dundee are in but added it had acted to protect the "integrity" of the league. "We are of the opinion that lessons are not being learned," the statement said. "For example, clubs have to realise that, going forward, they cannot treat their [tax] obligations as something akin to a credit card."

 

How can it be even slightly fair if pompey only get -10? With their expensive players they will still stay up comfortably, -10 would be mean zero punishment - they would get away with it again.

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brightspark

brightspark

Posted
Posted

I'm getting concerned again having read articles such as the BBC one declaring Pompey entering administration will trigger a '10 point penalty'.

 

I hope this is just misguided journalism, and that the Football League have something else up their sleeve. I'd like to know if Bournemouth and Luton fans are following this with interest too...

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EastleighSoulBoy

EastleighSoulBoy

Posted
Posted
An insolvency bod has said that they will become libel for the whole lot again and that any of the original creditors can apply for a WUO.

 

Just salivating at the level of Tax that HMRC would be claiming and how insignificant the rest would be against that. HMRC would, surely, then have more than 25% and the power of veto?

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trousers

trousers

Posted
Posted
New update - I called him again and asked about the likeliness of liquidation and he said 'the club will definitely not go into liquidation. Though it may go into administration, the club will not go into liquidation.'

 

So, given that whatever AA says never comes true.....

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K,Billy's supersound

K,Billy's supersound

Posted
Posted

re: admin here we come

Not really surprising, is it? apparently all the vAcademy kids were sent home this morning & told if they didnt hear anything during next week, all their contracts are cancelled. Not good.>:( :blue: >:( :blue:

 

:(:(

 

re: admin here we come

I have just got back from a meeting with an old business friend with close links to Fratton Park. Admin is imminent, tomorrow is bet with the latest of next Tuesday!

 

They had no news of any buyers.

 

It's not looking great

 

:(:(

 

re: admin here we come

Almost certainly an attempt to buy more time.

 

However, it's likely to backfire.

 

HMRC are owed £1.6m, which is a relatively small amount of money when all things are considered. It could cost HMRC more than £1.6m to fight any decision to take the club into admin..

 

What worries me is HMRC might just turn round and say "Sod it, let them go to admin" rather than waste more taxpayers money on legal fees.

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Saints foreva

Saints foreva

Posted
Posted
I'm getting concerned again having read articles such as the BBC one declaring Pompey entering administration will trigger a '10 point penalty'.

 

I hope this is just misguided journalism, and that the Football League have something else up their sleeve. I'd like to know if Bournemouth and Luton fans are following this with interest too...

 

Bournemouth fans are probably hoping the best for Pompey.

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Doctoroncall

Doctoroncall

Posted
Posted
New update - I called him again and asked about the likeliness of liquidation and he said 'the club will definitely not go into liquidation. Though it may go into administration, the club will not go into liquidation.'

 

I bet you got that from a skate forum... And a trustworthy member!

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St Jim

St Jim

Posted
Posted
Who has a meeting with HMRC though - BC, AA , the MP, DL, Westwood ? Who is PFC?

 

Will be a quick meeting -

 

HMRC: Can you pay us the 1.6m?

PFC: No

HMRC: If we cancel the WUP and unfreeze the bank account can will pay us the 1.6m?

PFC: FCR states that we have to pay players first

HMRC: Oh, OK, well in that case I'll rephrase the question, will you pay us 2.4m?

PFC: No because.......

HMRC: See you on the 20th then.

 

 

PFC is like a famous play by Jean-Paul Sartre http://en.wikipedia.org/wiki/No_Exit#Synopsis

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pedg

pedg

Posted
Posted (edited)

I realise we have managed, with the help of ever tightening pompey death spiral, to move away from arry and his court case but this is an interesting read.

 

http://www.guardian.co.uk/commentisfree/2012/feb/09/harry-redknapp-show-trial?newsfeed=true​

 

and this one:

 

http://www.independent.co.uk/news/uk/home-news/a-10m-home-a-business-empire--how-bad-with-money-can-he-be-6676533.html

Edited by pedg
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ooh it's a corner

ooh it's a corner

Posted
Posted
I realise we have managed, with the help of ever tightening pompey death spiral, to move away from arry and his court case but this is an interesting read.

 

http://www.guardian.co.uk/commentisfree/2012/feb/09/harry-redknapp-show-trial?newsfeed=true​

 

and this one:

 

http://www.independent.co.uk/news/uk/home-news/a-10m-home-a-business-empire--how-bad-with-money-can-he-be-6676533.html

 

"His trial heard that the contract he signed at Portsmouth in 2004 was worth £4.2m over three years. He emphasised that he had paid income tax totalling £8m – suggesting an income over the years of around £24m".

 

People are beginning to join the dots and realise that HR's net worth is more than he could have ever earnt from football.

 

Given the transfer calculations from PFC earlier in this thread of Redknapp's transfer commission of £500k, (with Portsmouth being his most lucrative contract before his current spuds one), where did he get all of his money from?

 

I hope Portsmouth go bust, I really do, for the sake of what is good in this country, please let them start again.

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pedg

pedg

Posted
Posted

http://www.mirrorfootball.co.uk/news/Portsmouth-to-enter-administration-for-second-time-in-as-many-years-to-avoid-winding-up-order-article863465.html

 

Crisis club Portsmouth are going into administration for the second time in as many years to stave off the threat of being forced out of business.Players at Fratton Park have already been told the club will take the drastic action to avoid a winding-up hearing at the High Court on February 20 into unpaid tax of £1.6m.[url=

http://www.mirrorfootball.co.uk/news/Portsmouth-to-enter-administration-for-second-time-in-as-many-years-to-avoid-winding-up-order-article863465.html][/url]

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Hockey_saint

Hockey_saint

Posted
Posted
I realise we have managed, with the help of ever tightening pompey death spiral, to move away from arry and his court case but this is an interesting read.

 

http://www.guardian.co.uk/commentisfree/2012/feb/09/harry-redknapp-show-trial?newsfeed=true​

 

and this one:

 

http://www.independent.co.uk/news/uk/home-news/a-10m-home-a-business-empire--how-bad-with-money-can-he-be-6676533.html

 

A. WHY!!! Why bring it up again, yesterday I felt like I needed to renounce my nationality (I will again if he's appointed)

 

and

 

B. I think the second one, by the independent is the best :p

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Waterside.saint

Waterside.saint

Posted
Posted
So basically...

 

MoneyPenny claims the high ground by getting in earlier about their meeting with HMRC tomorrow.

Meeting happens, HMRC tell them to F off.

Poopey leave meeting, Chinnery puts them in admin. MoneyPenny 'did all she could'..

 

'Everyone's a fish fiddlin' winner, Petit dejeuner'

 

CHEATING C**TS.

 

For going bust the second time in two years? Surely to goodness thats got to attract more than a 10 point penalty?

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Weston Saint

Weston Saint

Posted
Posted

Yes toasters on hold.

 

Chanrai knows there is no buyer on the horizon. He will see his money disappear on the 20th so to protect his position he has to gamble. Put the Poo into liquidation to give him time to find a buyer to try to recover some of his money. He will have to fund AA and his team.

 

Glimmer of hope!! Chanrai does not appear to me a good businessman. After all he was conned by the alleged gun runner, sued him, won, used the money as an investment in the Poo, lost it potentially when they went into Administration, thought he had got it back when he sold on to CSI only to potentially lose it again when they went pop. Still it was not his money in the first place. It was the "gun runners"

 

The Toaster may be back in the box at present but it is still plugged into the mains. At some stage Chanrai must walk away.

 

As for the poor tax payer and the local businessmen.....shafted again by all that is bad about football.

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pfc123

pfc123

Posted
Posted
I understand that, but you'd need to remove Gary O'Neil for example. Sold for £5m 18 months after Bagpuss tried to offload him to Cardiff for £500,000.

 

Oh and you give arry 5% of all sales, doubt he got 5% of sales after he left.

 

Well if it is the case that HR didn't receive 5% after he left then the balance on player ins and outs is actually even better than I previously stated.

 

Add to that the mistaken belief by many of you on here that a player gets his contract paid up in full if he doesnt ask for a move, and it's no wonder so few of you believe the figures that Corp has been posting in support of the assertion that we were never trading insolvently at the time of the cup win.

 

The rot started in October 2008 when Gaydamak starting sucking money out of the club. Up until that point, we were fine. Bearing in mind that our gate recipets + tv money was at least covering the wages being paid out, i.e. our wages to turnover ratio was nowhere near 100%.

 

If all of the transfer money subsequently recieved in the fire sale post October 2008 had been ploughed back into the club as it should have, we would never have suddenly found ourselves in 100+ millions worth of debt. So the only 'cheating' was that of the owner taking money out of the club.....

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TopGun

TopGun

Posted
Posted (edited)
For going bust the second time in two years? Surely to goodness thats got to attract more than a 10 point penalty?

 

It probably will within a few weeks.

 

The likely scenario is that Chinny will attempt to put the club into administration (which will be possibly opposed by HMRC who want immediate liquidation to stop money going to CSI) so that the club makes it until 1 April at which point Chinny can grab the due parachutes as secured creditor of CSI. He will then hand over effective ownership of CSI to Andronikou and make his exit. The already bust CSI then has no cash or security to rescue PFC and can't sell it because of the current toxic debt. At that point it will become clear that liquidation is the only option for PFC as the current debt will be unpayable and if the initial CVA payment is not made at that same point in time the original entire outstanding debt comes back into play. Game over.

Edited by TopGun
Refinements
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Waterside.saint

Waterside.saint

Posted
Posted
It probably will within a few weeks.

 

The likely scenario is that Chinny will attempt to put the club into administration (which will be possibly opposed by HMRC who want immediate liquidation to stop money going to CSI) so that the club makes it until 1 April at which point Chinny can grab the due parachutes as secured creditor of CSI. He will then hand over effective ownership of CSI to Andronikou and make his exit. The already bust CSI then has no cash or security to rescue PFC and can't sell it because of the current toxic debt. At that point it will become clear that liquidation is the only option for PFC as the current debt will be unpayable and if the initial CVA payment is not made at that same point in time the original entire outstanding debt comes back into play. Game over.

 

I am comforted and reassured. Thank you for giving me hope, I now feel able to sleep

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Dark Munster

Dark Munster

Posted
Posted

 

‘He’s here at the minute – he has been around the club for three months – and I don’t think we are breaking rules.

‘I don’t think we are gaining any advantage whatsoever.

 

‘We lost a player in Hermann Hreidarsson to Coventry and replaced him with someone like Kelvin, who certainly isn’t getting any more in terms of finance.

 

Well that's certainly true Voldemort, considering Cheats FC aren't paying him anything at the moment.

 

 

Comment from skate stever2011

"So angry. Another pointless season. Chanrai certainly isn't winning any fans on this one. Someone step in for God's sake and do something. This will affect morale all round."

 

:lol: Yes, that could be literally true, after the FL hit your cesspit of a club with a bigger points deduction than Luton and Bournemouth combined.

 

Much like us with our parent company back in 2009, this can be filed under "circumstances the Football League didn't plan for". You see, most clubs when they go into administration and come out the other side tend to embark on a new wave of austerity and self-sustainability. Most clubs.

 

Fortunately (as we found out) the FL doesn't give a toss if circumstances they didn't plan for do occur. They simply make up a new rule, and give the offending club a good rogering anyway. :D

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Dark Munster

Dark Munster

Posted
Posted
It probably will within a few weeks.

 

The likely scenario is that Chinny will attempt to put the club into administration (which will be possibly opposed by HMRC who want immediate liquidation to stop money going to CSI) so that the club makes it until 1 April at which point Chinny can grab the due parachutes as secured creditor of CSI. He will then hand over effective ownership of CSI to Andronikou and make his exit. The already bust CSI then has no cash or security to rescue PFC and can't sell it because of the current toxic debt. At that point it will become clear that liquidation is the only option for PFC as the current debt will be unpayable and if the initial CVA payment is not made at that same point in time the original entire outstanding debt comes back into play. Game over.

 

:)

 

And everyone lived happily ever after.

 

 

Except TCWTB and the rest of the phew.

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dubai_phil

dubai_phil

Posted
Posted
"His trial heard that the contract he signed at Portsmouth in 2004 was worth £4.2m over three years. He emphasised that he had paid income tax totalling £8m – suggesting an income over the years of around £24m".

 

People are beginning to join the dots and realise that HR's net worth is more than he could have ever earnt from football.

 

Given the transfer calculations from PFC earlier in this thread of Redknapp's transfer commission of £500k, (with Portsmouth being his most lucrative contract before his current spuds one), where did he get all of his money from?

 

I hope Portsmouth go bust, I really do, for the sake of what is good in this country, please let them start again.

 

Well, if anyone wanted to try and discover any unfounded allegations about him then they would probably not find be able to find any press articles referring to sudden changes in gambling patterns with the likes of Ladbrokes when he was about to change jobs

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BigShadow

BigShadow

Posted
Posted (edited)

Even the aussies are complaining that the DFCSB owe them money.... http://theworldgame.sbs.com.au/news/1092896/Portsmouth-crisis-hits-local-clubs

 

The financial crisis engulfing Portsmouth has reached Australia with the stricken Championship side owing $530,000 to feeder clubs Perth-based ECU Joondalup SC and NSW Premier League outfit Blacktown City.

 

Now I know they are a day ahead...but are they getting advance notice of something?

 

Portsmouth, which last week was given a seven-day stay of execution after getting more time to fight a winding-up petition, was brought to the brink after being taken to court by Britain's Revenue and Customs over an unpaid tax bill of $2.5 million.

It officially was placed in the hands of the administrator on Friday.

 

Surely not - Someone better call AA and let him know.

Edited by BigShadow
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St Jim

St Jim

Posted
Posted (edited)
Even the aussies are complaining that the DFCSB owe them money.... http://theworldgame.sbs.com.au/news/1092896/Portsmouth-crisis-hits-local-clubs

 

 

 

Now I know they are a day ahead...but are they getting advance notice of something?

 

 

 

Surely not - Someone better call AA and let him know.

 

 

So my day gets better and better (if only some of the reporting was true!!):

 

The two clubs have joined a long list of creditors as Pompey, which has crippling debts of $194 milliion, slips into administration for the second time in two years after failing to find a new backer.

 

 

Should FIFA find in their favour the value of each player would be set at a punishing $430,000.

 

 

The 2008 and 2010 FA Cup finalist is five points adrift at the bottom of the Championship and with a mandatory 10-point deduction looming, faces a difficult task to stay up.

 

 

And I love this quote:

 

“We have the option of going through FFA to FIFA for compensation. Right now, we are still talking to Portsmouth and we are obviously the little fish a long way away.
Edited by St Jim
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