Matthew Le God Posted 13 February, 2012 Posted 13 February, 2012 You just know that they intend to rip up the previous CVA. That would resort in a bigger points penalty.
trousers Posted 13 February, 2012 Posted 13 February, 2012 So have they actually now given official notice that they intend to apply for administration? The points penalty applies straight away doesn't it? I.e. Whether the application is successful or not?
sticksaint Posted 13 February, 2012 Posted 13 February, 2012 Mods, can we have a poll on here to vote for our favourite P*****pey administration? My favourite was 2010, with Storrie and the guy in the car park at Fratton. However, with all the admins to choose from, I'm sure others have their own personal best memories. On a separate note, did any one else see that Rangers signed a player, Cousin, this morning, and went into Admin at lunchtime. Has Storrie got a new job in Scotland? I thought that as well .How on earth can any club sign a player then a couple of hours later apply for administration?
sidthesquid Posted 13 February, 2012 Posted 13 February, 2012 So have they actually now given official notice that they intend to apply for administration? The points penalty applies straight away doesn't it? I.e. Whether the application is successful or not? Lampitt was talking on Solent/South Today. He said admin not confirmed till Friday meeting, but they have applied for it.
trousers Posted 13 February, 2012 Posted 13 February, 2012 I thought that as well .How on earth can any club sign a player then a couple of hours later apply for administration? Because the system is flawed thus allowing them to act in a morally corrupt fashion?
Ric Posted 13 February, 2012 Posted 13 February, 2012 Brilliant. I work for Southern Electric, based in Portsmouth. Out of the 60+ electricians I work with, there are 2 of us saints fans. Myself and the lad I stand with at SMS. The rest are mostly skates. I'll take great pleasure out of this happening if it does Any chance you and your mate can petition the company to be the ones who pull the plug?
trousers Posted 13 February, 2012 Posted 13 February, 2012 Lampitt was talking on Solent/South Today. He said admin not confirmed till Friday meeting, but they have applied for it. Cheers. So is that the same as "giving notice to enter administration"? I guess it must be. Is it the 'giving notice' bit that triggers the FL to deduct points or do they need to actually enter administration first? Yes, I know I should remember this basic concept of administration but it's been a long few years!
Waterside.saint Posted 13 February, 2012 Posted 13 February, 2012 May I offer a toast to Pompey and all the fun they've given us over the years?! I see what you did there
latter day saint Posted 13 February, 2012 Posted 13 February, 2012 Lampitt was talking on Solent/South Today. He said admin not confirmed till Friday meeting, but they have applied for it. if there was a hold up with this, would the WUP still go ahead on monday or is that dead in the water now ?
sticksaint Posted 13 February, 2012 Posted 13 February, 2012 Cheers. So is that the same as "giving notice to enter administration"? I guess it must be. Is it the 'giving notice' bit that triggers the FL to deduct points or do they need to actually enter administration first? Yes, I know I should remember this basic concept of administration but it's been a long few years! I think it`s the actual going into administration rather than the giving notice.But i could be wrong
BigShadow Posted 13 February, 2012 Posted 13 February, 2012 Claim by an insolvency expert on ExpressFM that Portpin could override the choice of administrator even if PFC had chosen someone else. I suppose HMRC can still challenge though?
bridge too far Posted 13 February, 2012 Posted 13 February, 2012 I think it`s the actual going into administration rather than the giving notice.But i could be wrong I know it's Scotland, but I guess the same conditions will apply? http://www.bbc.co.uk/sport/0/football/17019291 The Scottish Premier League has confirmed Rangers will only be deducted 10 points from its tally when it actually appoints administrators.
eurosaint Posted 13 February, 2012 Posted 13 February, 2012 Lampitt said that he had decided that AA should be the administrator but fuddled his reasons why ! Strikes me that Chanrai is still pulling the strings and that Lumpy is one of the puppets !
Waterside.saint Posted 13 February, 2012 Posted 13 February, 2012 "Portsmouth, the perennial crisis club" -BBC's timeline of Skate impropriety http://www.bbc.co.uk/sport/0/football/16944328
Jack Posted 13 February, 2012 Posted 13 February, 2012 Any chance you and your mate can petition the company to be the ones who pull the plug? It's unlikely, but would be fun! Could try to get the local rag down there, filming the tears. I could probably get access to the substation Fratton Park is fed from and turn it off at any time, it's just not worth losing my job and getting sued!
Crab Lungs Posted 13 February, 2012 Posted 13 February, 2012 Fans told: "You're so special" http://www.portsmouth.co.uk/sport/pompey/pompey-past/fans_told_you_re_so_special_1_3516557?commentssort=0
dubai_phil Posted 13 February, 2012 Posted 13 February, 2012 http://www.fcbusiness.co.uk/ The guy who runs this mag was just on Sky News talking about Rangers & poopey. Nothing much, just a whole bunch of other clubs set to follow them, but seems a professional operation is well informed and no, damned if I am going to subscribe to it. Good news. So poopey will go into Admin again and scrape through to the end of the season. When the transfer window opens again. Won't be nobody worrying about a sustainable team in 2012/13, that is for sure. Shame they ain't got no kids left
Waterside.saint Posted 13 February, 2012 Posted 13 February, 2012 Fans told: "You're so special" http://www.portsmouth.co.uk/sport/pompey/pompey-past/fans_told_you_re_so_special_1_3516557?commentssort=0 Bless.
dvaughanwilliams Posted 13 February, 2012 Posted 13 February, 2012 Pompeyboy1 Monday, February 13, 2012 at 07:13 PM Can we get some loans in once we're in admin. our squad won't be able to keep playing twice a week without decent replacements. I know the league was watching all signings but can we trad if in admin - surely it's only fair to have a level playing field? Is this a genuine deluded Skate or another poster on here on a wind up, again?
Crab Lungs Posted 13 February, 2012 Posted 13 February, 2012 Is this a genuine deluded Skate or another poster on here on a wind up, again? Not guilty, but I love the imposters on there; 15 breville Monday, February 13, 2012 at 07:10 PM GH's right and the scummers aren't a patch on us when it comes to support. What I don't understand that despite our bestest efforts to help highlight the problems at the club (the conga was particularly noteworthy and very funny), there is still no-one interested? We've been fishing for an investor for ages to take this great club over but we've not had one serious bite as of yet. I do believe Lampitt is doing his best but is hamstrung by ChainraiAA. I wonder if we will see any new faces on the pitch tomorrow for the game. We need an emergency loan or two
manji Posted 13 February, 2012 Posted 13 February, 2012 Fans told: "You're so special" http://www.portsmouth.co.uk/sport/pompey/pompey-past/fans_told_you_re_so_special_1_3516557?commentssort=0 As in "Needs" ?
Micky Posted 13 February, 2012 Posted 13 February, 2012 (edited) The Portsmouth Supporters Association rep (Barry...!) sounds eerrrrrrr a bit dim. Edited 13 February, 2012 by Micky
Crab Lungs Posted 13 February, 2012 Posted 13 February, 2012 As in "Needs" ? The great thing about that quote is that neither us or them can argue it
dubai_phil Posted 13 February, 2012 Posted 13 February, 2012 Fans told: "You're so special" http://www.portsmouth.co.uk/sport/pompey/pompey-past/fans_told_you_re_so_special_1_3516557?commentssort=0 I had a cousin who was special. He got sod all from the State, all the burden fell on his family. They aren't special, they are diseased.
Lambert1979 Posted 13 February, 2012 Posted 13 February, 2012 Is this a genuine deluded Skate or another poster on here on a wind up, again? guilty
trousers Posted 13 February, 2012 Posted 13 February, 2012 Claim by an insolvency expert on ExpressFM that Portpin could override the choice of administrator even if PFC had chosen someone else. Wouldn't it be in Chainrai's / Portpin's interests to have it all under one roof though....? Or maybe not - struggling to rationalise the pros and cons
dubai_phil Posted 13 February, 2012 Posted 13 February, 2012 http://footballmanagement.wordpress.com/no-of-clubs/ Very interesting reading
Waterside.saint Posted 13 February, 2012 Posted 13 February, 2012 I had a cousin who was special. He got sod all from the State, all the burden fell on his family. They aren't special, they are diseased. I *have* a son who is special. He has cerebral palsy and, like many who are similarly affected, has a terrific sense of humour. To be completely fair to the skates, they have that much in common - both crease me up, but for different reasons ;-)
dvaughanwilliams Posted 13 February, 2012 Posted 13 February, 2012 http://footballmanagement.wordpress.com/2011/11/29/pompey-and-the-potential-for-points-deduction/ If Portsmouth Football Club (2010) should itself seek protection by going into Administration, that would be entirely different matter, and points deduction would without doubt be incurred. The Football League has no precise published tariff, but I would expect something in the region of 17 to 20 points. How likely is that to happen? The Administrators of CSI will almost certainly be looking to sell off its components, and Portsmouth is in effect already ‘on the market’. With the added complication of Portpin and Balram Chainrai’s involvement in the insolvency of CSI though, it’s not a club that will be fighting off suitors. In the meantime, the club “has funding in place for the short term, but will now be seeking alternative investment for its longer-term requirements”. Almost certainly posted here before and I see Steve Grant's name in the comments, but this opinion is from Football finance expert and Poopey fan Dr John Beech.
Appy Posted 13 February, 2012 Posted 13 February, 2012 Christ, Pompey's last game of the season. Forest Away.
Gemmel Posted 13 February, 2012 Posted 13 February, 2012 (edited) A few things that we learnt today; UHY Hacker (Android) will be the administrator Lumpitt and other Director put the club in admin. (He was sailing very close to "Personally liable" wind) 2 million in the bank including advanced parachute payment Chinny hasn't paid wages Lumpitt not sure if the structure of the old CVA will be renegociated, scrapped or whatever (Down to the administrators) Secured Debts Chinny 17 million Gaydamak 2.8 million (Lumpitt forgot to mention this one, so I thought we could remind him Unsecured CVA 16 million CSI 10 million Previous small creditors under 2, 500 Trading debts ?? (He didn't give a figure) Tax Man 2.4 million Footballing Debts Player installments for csi purchased players Aussies 0.5 million Total around 50 million of debt, with 16 million left of parachute payments (Confimed by lumpitt) Edited 13 February, 2012 by Gemmel
Gemmel Posted 13 February, 2012 Posted 13 February, 2012 Oh and the CSI debt means that android can get a CVA through at whatever value he wants
bridge too far Posted 13 February, 2012 Posted 13 February, 2012 http://footballmanagement.wordpress.com/no-of-clubs/ Very interesting reading I noticed that there were a number of 'voluntary creditors liquidations' - is it as simple as it seems? That all PFC's creditors can join together to force liquidation?
Faz Posted 13 February, 2012 Posted 13 February, 2012 Oh and the CSI debt means that android can get a CVA through at whatever value he wants Hmmm not so sure - Baker Tilly will presumably represent the CVA??
dvaughanwilliams Posted 13 February, 2012 Posted 13 February, 2012 A few things that we learnt today; UHY Hacker (Android) will be the administrator Lumpitt and other Director put the club in admin. (He was sailing very close to "Personally liable" wind) 2 million in the bank including advanced parachute payment Chinny hasn't paid wages Lumpitt not sure if the structure of the old CVA will be renegociated, scrapped or whatever (Down to the administrators) Secured Debts Chinny 17 million Gaydamak 2.8 million (Lumpitt forgot to mention this one, so I thought we could remind him Unsecured CVA 16 million CSI 10 million Previous small creditors under 2, 500 Trading debts ?? (He didn't give a figure) Footballing Debts Player installments for csi purchased players Aussies 0.5 million Total around 50 million of debt, with 16 million left of parachute payments (Confimed by lumpitt) Well, I'm sure they're not insolvent. Liabilities £50m Assets PP £16m, Playing squad,er, even http://www.transfermarkt.co.uk/en/portsmouth-fc/startseite/verein_1020.html optimistically only values it at £16m, but Nottarf is worth £20m to Tesco, so totalling £52m! Solvent, definitely [\sarc]
CB Saint Posted 13 February, 2012 Posted 13 February, 2012 Fans told: "You're so special" http://www.portsmouth.co.uk/sport/pompey/pompey-past/fans_told_you_re_so_special_1_3516557?commentssort=0 Simply the bestest
Gemmel Posted 13 February, 2012 Posted 13 February, 2012 Hmmm not so sure - Baker Tilly will presumably represent the CVA?? No I am talking about the new CVA for this administration, of which UHY hacker and android are the admins........... it just so happens that UHY hacker own CSI and the CSI admin..... is android. So if he says 0.5p in the pound, that's what it will be as % of debt is over 75%. However, the lower price he accepts, the less his firm get.
Glasgow_Saint Posted 13 February, 2012 Posted 13 February, 2012 What odds on skates being relegated? Might get half decent odds now b4 admin and minus 10?
Waterside.saint Posted 13 February, 2012 Posted 13 February, 2012 What odds on skates being relegated? Might get half decent odds now b4 admin and minus 10? Got to be worth a punt
Verbal Kint Posted 13 February, 2012 Posted 13 February, 2012 What odds on skates being relegated? Might get half decent odds now b4 admin and minus 10? You're about 3 months too late... No bookie is offering now but if you were on the ball when the csi administration was announced you could get 5/1. It lasted about 20 minutes before all the bookies took the market down and it hasn't been offered since
Gemmel Posted 13 February, 2012 Posted 13 February, 2012 However, Lampitt added the club had applied for a 'special' validation order so the club can "continue to trade through to the administration on Friday", meaning they could stage Tuesday's game against Ipswich. The club announced in January that their players and staff had not been paid their wages for that month, as a result of having their bank account frozen. They later failed to gain a validation order to gain access to their accounts, leaving players and staff at Fratton Park still waiting to be paid. Intresting snippet..... Tomorrows game is only going ahead after a special validation order , that has allowed them to keep trading, the validation order for access to their accounts was rejected.
manji Posted 13 February, 2012 Posted 13 February, 2012 Pat Nevin been talking on Radio5 abouts Rangers and he said the Celtic fans wiil be amused by Rangers plight but also angered that Rangers have been buying themselves trophies all these years. Hmmmmmmm........
Ric Posted 13 February, 2012 Posted 13 February, 2012 Apparently 5Live are talking about the skates, including an interview with Lumpitt, after 9pm tonight.
Channon's Sideburns Posted 13 February, 2012 Posted 13 February, 2012 Apparently 5Live are talking about the skates, including an interview with Lumpitt, after 9pm tonight. We should bombard them with emails about Pompey's choice of 'quality over quantity' after the last Admin - then listen to Lampitt squirm... 5livesport@bbc.co.uk
dubai_phil Posted 13 February, 2012 Posted 13 February, 2012 A few things that we learnt today; UHY Hacker (Android) will be the administrator Lumpitt and other Director put the club in admin. (He was sailing very close to "Personally liable" wind) 2 million in the bank including advanced parachute payment Chinny hasn't paid wages Lumpitt not sure if the structure of the old CVA will be renegociated, scrapped or whatever (Down to the administrators) Secured Debts Chinny 17 million Gaydamak 2.8 million (Lumpitt forgot to mention this one, so I thought we could remind him Unsecured CVA 16 million CSI 10 million Previous small creditors under 2, 500 Trading debts ?? (He didn't give a figure) Tax Man 2.4 million Footballing Debts Player installments for csi purchased players Aussies 0.5 million Total around 50 million of debt, with 16 million left of parachute payments (Confimed by lumpitt) Hang about. So CSI pumped in 10.8mil They owed Chinny 17 mil. They owed Sacha 2.8mil CVA is 16mil 46.6mil of debt Sorry, I'm no Forensic Accountant but to me that shows that at the start of this season they made NO provision, NO plan and NO preparation to pay off their Creditors, secured or otherwise. They had 10.8 mil injection of cash or Loan Guarantees from CSI, CSI were conned into paying 27.8mil out for that pile of crap? No wonder they wanted to do it on installments. From these basic bits of information, Lumpitt must be extremely close to overtaking Peter Storrie in the race to become THE most incompetent CEO of all time in any form of business. Hell, he's giving Fred Goodwin a run for his money at this rate
trousers Posted 13 February, 2012 Posted 13 February, 2012 Oh and the CSI debt means that android can get a CVA through at whatever value he wants That's the key point IMO. But isn't there some double counting going on here though? i.e. How can Portpin be a £17m creditor of CSI and Portsmouth Football Club (or am I being thick here)?
dubai_phil Posted 13 February, 2012 Posted 13 February, 2012 We should bombard them with emails about Pompey's choice of 'quality over quantity' after the last Admin - then listen to Lampitt squirm... Find the links to the press statements and send THOSE in
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