St Columb Saint Posted 13 February, 2012 Share Posted 13 February, 2012 I'm sure Plymouth got 10 points deducted due to their intension to go into administration Link to comment Share on other sites More sharing options...
Jimmy Gabriel's Halo Posted 13 February, 2012 Share Posted 13 February, 2012 Now here's a conundrum for the blue few to have nightmares about: let's assume both Glasgow Rangers and *ortsmouth do go into admin later this week and let's assume both are available to buy at knock-down prices as a result and let's also assume there may be a willing buyer in the form of a mega billionaire out there willing to make a small fortune from his already large fortune. One of these clubs has a huge, passionate but possibly bordering on the insane, fan base: a long, if not that successful, history of European cup football: many league championships and domestic cup wins; a proper infrastructure, youth set-up and a well known world brand name. The other one is.............. well, *ortsmouth. Which one would he buy ? Hmmmmm. Difficult one, that. Link to comment Share on other sites More sharing options...
Channon's Sideburns Posted 13 February, 2012 Share Posted 13 February, 2012 Find the links to the press statements and send THOSE in Here's the link... http://www.portsmouth.co.uk/sport/pompey/pompey-past/lampitt_too_early_to_judge_quality_over_quantity_decision_1_2346274 Link to comment Share on other sites More sharing options...
badgerx16 Posted 13 February, 2012 Share Posted 13 February, 2012 Q ) If the existing CVA counts in full value in the unsecured creditor assessment, can Baker Tilley not simply block any new CVA ? Link to comment Share on other sites More sharing options...
Dr Who? Posted 13 February, 2012 Share Posted 13 February, 2012 I thought they were in administration? Is this a double administration to go with the one they had 2 years ago? I really am lost, and I think they are doing a bloody good job at confusing everyone else! Link to comment Share on other sites More sharing options...
dubai_phil Posted 13 February, 2012 Share Posted 13 February, 2012 Now here's a conundrum for the blue few to have nightmares about: let's assume both Glasgow Rangers and *ortsmouth do go into admin later this week and let's assume both are available to buy at knock-down prices as a result and let's also assume there may be a willing buyer in the form of a mega billionaire out there willing to make a small fortune from his already large fortune. One of these clubs has a huge, passionate but possibly bordering on the insane, fan base: a long, if not that successful, history of European cup football: many league championships and domestic cup wins; a proper infrastructure, youth set-up and a well known world brand name. The other one is.............. well, *ortsmouth. Which one would he buy ? Hmmmmm. Difficult one, that. WRONG You do know that CSI looked into buying Rangers don't you? Was reported in the press at the time and mentioned on Ruma mafia http://rumafia.com/material.php?id=220 New scam leads to Portsmouth Once the scheme of stealing money of the Central Bank failed to go through Urin, Alexander and Vladimir Antonov with Victor Yampolsky offered Mendeleev and the leadership of Russian Railways to carry it on. They found full support there. According to the bankers’ and state monopolies representatives’ plan, STB, on the edge of bankruptcy, will be merged with “The Bank of Savings and Loans" (Sberkredbank is owned by Vladimir Antonov). The new bank, based on its assets, may qualify for a stabilization loan from the Central Bank, which can amount to 10 billion rubles (about $ 320 million). Of this money 8 billion rubles will go to repay the debt to Russian Railways, about 800 million rubles to be transferred to MOITK (Moscow Regional Investment Trust Company), STB and the Antonovs being the old-time debtors. The funds from private individual deposits will add up to the remaining 1.2 billion rubles of the stabilization loan – the newly merged bank plans to offer good interest rates on deposits. The interested parties may thus divide among themselves more than 2 billion rubles and spend it at their discretion. For example, why not purchase the English "Portsmouth"? The newly merged bank will stay afloat for some time, then it can be driven to bankruptcy, assigning stabilization loan repayment to the Central Bank to Deposit Insurance Agency. According to Russian intelligence, the documents were recently filed in the Central Bank for the merger of STB and Sberkredbank, and they will be approved soon. Yampolsky was informed about this by Central Bank Deputy Chairman Melikian, who also promised that the newly merged bank will qualify for a stabilization loan for at least 10 billion rubles. Rumafia correspondents reported that in early February Yampolsky met with the head of the Russian Railways, Vladimir Yakunin. During the meeting they discussed the creation of the merged bank, what will happen to the debt and a possible stabilization loan from the Central Bank and the purchase of ... English Portsmouth. According to the same source, top managers of Russian Railways also expressed interest in the purchase of this football club. It is worth mentioning that Vladimir Antonov has been long haunted by the fame of Roman Abramovich who owns football club “Chelsea”. Antonov also wants to be a legal billionaire and owner of any team. Meanwhile, he cannot even become a legal owner of “Saab”. GM flatly refused to sell Saab to Spykers Cars for as long as Antonovs are the cowners of the latter. Father and son faked the sale of their stake in Spykers Cars (it was a bogus deal). This left Vladimir Antonov as of of the owners of Spykers Cars and the company then proceeded in purchasing Saab. Antonov just recently announced that he is going to purchase Spykers Cars again, which already owns Saab. Vladmir Antonov was not much more successful in purchasing a European football club. His negotiations to purchase “Glasgow Rangers” or "Bournemouth" ended in failure, after that he suddenly expressed interest in Russian football market. In 2010 he announced his intent to purchase Moscow Region “Saturn”. This was not a random choice. This club was on the edge of bankruptcy and owed 800 million rubles to MOITK. The amount of the debt became the purchase price for the club. The Antonovs, Yampolsky and STB were well familiar how to work with this entity, since they have been feeding on it for a long time. STB still owes 800 million rubles to MOITK. Antonov chose to play on this fact. He knows that this debt will be paid out of Central Bank budget, so you can just add couple hundred millions and get “Saturn” from MOITK. “Saturn” itself cannot pay a penny. However, Antonov’s plans did not find any support among his partners – Russian Railways already owns football club “Locomotiv”. As a result, “Saturn” has ceased to exist, and the masterminds of the grand scam decided to focus their efforts on the purchase of English “Portsmouth Of course, nobody at the FL or The Directors or Voldemort bothered to google the words CSI Scam and Portsmouth, so it must all be someone else's fault Link to comment Share on other sites More sharing options...
dubai_phil Posted 13 February, 2012 Share Posted 13 February, 2012 Here's the link... http://www.portsmouth.co.uk/sport/pompey/pompey-past/lampitt_too_early_to_judge_quality_over_quantity_decision_1_2346274 So get onto it guys Cannot get iplayer over here Link to comment Share on other sites More sharing options...
georgeweahscousin Posted 13 February, 2012 Share Posted 13 February, 2012 Song for Tuesday? To the tune of "We're coming for you" Balram Chanrai, Balram Chanraaaaiiiiiii, He must be a scummer, he'll let the skates die. Link to comment Share on other sites More sharing options...
dvaughanwilliams Posted 13 February, 2012 Share Posted 13 February, 2012 http://www.financialcrisis.co.uk/cva.html The business will be required to adhere to the terms of the agreement. A failure, at any stage could result in liquidation. Therefore the business could make payments for several years only to find that the business is placed into liquidation. A large proportion of CVAs fail. This is usually because the underlying problems of the business were not resolved prior to the CVA. So, if they fail to make the CVA payment in April, the Supervisor, Baker Tilly, have the option of forcing liquidation. None of the insolvency sites I have looked at describe a situation where a company goes into administration with an existing CVA. A statement of affairs will have to be presented to the court on Friday, I can't wait. I'm a big fan of fiction. Link to comment Share on other sites More sharing options...
Pugwash Posted 13 February, 2012 Share Posted 13 February, 2012 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. I think he meant to say that the CVA represents £16m of the debt and it's controlled by Baker Tilly. With the £2.4m of HMRC debt, I can't see them getting out-voted. Anyway, today's events have finally pushed me to write to the FL: ---------------------------- Sirs, I write with concern at the continuing financial crisis at Portsmouth Football Club. It appears that Parachute Payments will be advanced early, yet again, to support what is clearly an insolvent and currently unsustainable business. This raises a number of questions regarding competitive and financial advantage that are of great interest to other football clubs in the Championship and to existing CVA creditors: 1) The remaining parachute payments represent the only significant source of guaranteed income that is likely to accrue to Portsmouth Football Club over the next few years. Another early advance of these will almost certainly compromise the proper servicing the 2010 CVA, none of which has yet been paid (the first payment being due in March). As one of those people affected by the 2010 CVA, I would ask how can creditors ever be assured of being paid what was agreed? 2) It appears likely that Portsmouth FC will again use company administration as a means to protect the club from winding-up procedures issued by its creditors. Should this occur, can the existing 2010 CVA creditors be assured that the FL will insist upon the complete fulfilment of the conditions of the 2010 CVA, as a condition of the club’s continued membership of the League after exiting another administration? 3) Have Portsmouth FC committed to high wage earners through the club’s ‘Quality over Quantity’ policy in the tacit knowledge that the Premier League would advance PPs to bail them out if they got into financial difficulties? 4) Is this early advancement of Parachute Payments also available to Hull City, Burnley, West Ham United, Blackpool and Birmingham City football clubs to ensure those clubs enjoy the same competitive advantage as Portsmouth in their bids for early returns to the Premier League? As a businessman, taxpayer and football supporter I’m acutely aware of the effects of football club administrations. I believe that the Football League does strive to run a fair and responsible competition. Please reassure me that my trust is not misplaced. Regards ----------------------------------------- Appealing to their sense of fair play and financial nous might get me somewhere. Not holding my breath... Link to comment Share on other sites More sharing options...
Toomer Posted 13 February, 2012 Share Posted 13 February, 2012 song for tuesday? To the tune of "we're coming for you" balram chanrai, balram chanraaaaiiiiiii, he must be a scummer, he'll let the skates die. lol:) Link to comment Share on other sites More sharing options...
Jack Posted 13 February, 2012 Share Posted 13 February, 2012 Good effort Pugwash. I reckon it's worth mailing a few thousand copies of that to the Football League, and a copy via email to every other football club in the league for them to use also. It's every club's interest that Portsmouth get punished appropriately. Link to comment Share on other sites More sharing options...
Tamesaint Posted 13 February, 2012 Share Posted 13 February, 2012 I don't know what the fuss is all about. Why cannot they just ask Tescos for an advance on the £20 million that Corp Ho says that Tescos are going to give them for the land that they do not own?? Link to comment Share on other sites More sharing options...
Crab Lungs Posted 13 February, 2012 Share Posted 13 February, 2012 (edited) R5 UPDATE with Lampitt Claridge alluding to them overspending knowingly... Lampitt denying he was misled and saying CSI and Portsmouth were acting responsibly and within their means. Claridge questioning Andronikou/Chanrai link, who is he operating for? Whose interests does he have at heart. Andronikou could be appointed on Friday if Court agrees it. Claridge asking for clarification on who owns what... Lampitt keen on Gaydamak's ownership of land under umbrella of PFC assets. Lampitt now saying how good the fans are... fans at Bloomfield "Truly humbling" "Loyal and devoted" "Fighting spirit" and it typifies the club/city. Claridge ripping them a new one. No infrastructure, train in Southampton, all divided up... Edited 13 February, 2012 by Crab Lungs Link to comment Share on other sites More sharing options...
sfc1976 Posted 13 February, 2012 Share Posted 13 February, 2012 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 29.Nov 2011 22:17 npower Championship Relegation 2011/2012 Relegation, Portsmouth, 6/1 Open Single £10.50, 1 bets, £10.50 (Pot.Ret. £73.50) Open Only let me have £10.50, but better than nothing!! Link to comment Share on other sites More sharing options...
aintforever Posted 13 February, 2012 Share Posted 13 February, 2012 Surely they must receive an extra points deduction for having the parachute money early? It's a clear advantage over the other clubs in the division that don't have the same payments. Link to comment Share on other sites More sharing options...
dvaughanwilliams Posted 13 February, 2012 Share Posted 13 February, 2012 Lumpitt on 5Live now. Dodged the question about the level of debt. Said that he has not been involved in negotiations for sale. Claridge: Have you been mislead? Lumpitt: Not mislead. CSI had a long term plan. Wanted to invest in the long term, including the facilities. They went about things in a way that gave assurance and credibility for their plans. Surprise to everyone about the situation in Lithuania (except rumafia.com). Claridge: What about Android. Is there a conflict of interest? Is he emplyed by Chinny? He sold to CSI. Lumpitt: Android not involved in previous sale. Chinny arranged the sale himself. UHY appointed by BC last time. Today, PFC directors have requested Android. He is an officer of the court and has to look after the interests of the creditors. Claridge: Will there be clarity after this admin. Will it be an end to Gaydamak and Chinny's shenanigans? Lumpitt: Hopefully. Not straightforward.Difficult to get rid of SG, because it's not Poopey asset he owns, it's adjacent land, but it *should* be owned by PFC. Lumpitt: Players do not have to pay to replace shirts given away to fans at Blackpool. Link to comment Share on other sites More sharing options...
Gingeletiss Posted 13 February, 2012 Share Posted 13 February, 2012 Good effort Pugwash. I reckon it's worth mailing a few thousand copies of that to the Football League, and a copy via email to every other football club in the league for them to use also. It's every club's interest that Portsmouth get punished appropriately. And to every media source ie. papers etc. Link to comment Share on other sites More sharing options...
Crab Lungs Posted 13 February, 2012 Share Posted 13 February, 2012 Clem now saying "One asset - their magnificent supporters" Now Claridge and everyone else gushing at their superb support... "really tough on them" Oh f**k off.... Link to comment Share on other sites More sharing options...
dvaughanwilliams Posted 13 February, 2012 Share Posted 13 February, 2012 Uurgh. Plucky fans guff. Link to comment Share on other sites More sharing options...
Crab Lungs Posted 13 February, 2012 Share Posted 13 February, 2012 Uurgh. Plucky fans guff. Utter t0ss... Plucky Pompey... Link to comment Share on other sites More sharing options...
latter day saint Posted 13 February, 2012 Share Posted 13 February, 2012 Uurgh. Plucky fans guff. if they are that great, why have they had to beg them to attend games lately ? Link to comment Share on other sites More sharing options...
stevegrant Posted 13 February, 2012 Share Posted 13 February, 2012 Lumpitt: Players do not have to pay to replace shirts given away to fans at Blackpool. Glad he answered the toughest question so honestly there Link to comment Share on other sites More sharing options...
Jimmy Gabriel's Halo Posted 13 February, 2012 Share Posted 13 February, 2012 WRONG You do know that CSI looked into buying Rangers don't you? Was reported in the press at the time and mentioned on Ruma mafia Yeah, Phil, I remember that but the situation was a bit different then - I don't think either club was in the situation they both find themselves in right now at the same time and I was assuming a real, honest billionaire buyer might emerge and consider them in the way I have described. It was meant to be tongue in cheek but maybe I didn't make that clear. I think I know which one I'd go for if I was in the position to do so - what about you ? Link to comment Share on other sites More sharing options...
Gorgiesaint Posted 13 February, 2012 Share Posted 13 February, 2012 http://footballmanagement.wordpress.com/no-of-clubs/ Very interesting reading Two clubs that I can see on that list have had 2 'insolvency events' in two years - Aldershot & Scarborough, and both ceased to exist 2nd time round with Shot being wound up by HMRC! Not looking so good... ... oh and I think that list is generous with Poopey's history, I can think of at least another 2 occasions they should appear according to the criteria at the start. Link to comment Share on other sites More sharing options...
Tamesaint Posted 13 February, 2012 Share Posted 13 February, 2012 Ignoring his use of the "we" when referring to Pompey and his vomit inducing references to the phew, I thought that Claridge asked some good questions during that interview. He was certainly more incisive than "Chappers" and his mate. He seemed to make Lumpitt squirm a little. A couple of minutes after interviewing Lumpitt he made reference to Ipswich's message boards implying that he has read it. I wonder if he reads the Saints Web. I wonder if he posts on here. Link to comment Share on other sites More sharing options...
trousers Posted 13 February, 2012 Share Posted 13 February, 2012 http://www.financialcrisis.co.uk/cva.html So, if they fail to make the CVA payment in April, the Supervisor, Baker Tilly, have the option of forcing liquidation. None of the insolvency sites I have looked at describe a situation where a company goes into administration with an existing CVA. The company called 'Portsmouth Football Club 2010" doesn't have an existing CVA... Link to comment Share on other sites More sharing options...
andysstuff Posted 13 February, 2012 Share Posted 13 February, 2012 The company called 'Portsmouth Football Club 2010" doesn't have an existing CVA... Think it all depends on what legal liabilities they have over the oldco CVA. Only time will tell on that one. Link to comment Share on other sites More sharing options...
suewhistle Posted 13 February, 2012 Share Posted 13 February, 2012 HAHAAAAAA Talksport just said that amongst other things, Southern Electric are threatening to cut them off.... Ohh, if only I had contacts there still... Plenty of Saints supporters, even at reasonably high levels, when I worked for them.. Link to comment Share on other sites More sharing options...
dvaughanwilliams Posted 13 February, 2012 Share Posted 13 February, 2012 The company called 'Portsmouth Football Club 2010" doesn't have an existing CVA... There's even less information available about companies who have taken on a CVA obligation for a liquidated firm that subsequently has an insolvency event. Link to comment Share on other sites More sharing options...
Chez Posted 13 February, 2012 Share Posted 13 February, 2012 Ignoring his use of the "we" when referring to Pompey and his vomit inducing references to the phew, I thought that Claridge asked some good questions during that interview. He was certainly more incisive than "Chappers" and his mate. He seemed to make Lumpitt squirm a little. A couple of minutes after interviewing Lumpitt he made reference to Ipswich's message boards implying that he has read it. I wonder if he reads the Saints Web. I wonder if he posts on here.he's from the Southampton side of Titchfield I tell the. Not bad lad. Link to comment Share on other sites More sharing options...
suewhistle Posted 13 February, 2012 Share Posted 13 February, 2012 HAHAAAAAA Talksport just said that amongst other things, Southern Electric are threatening to cut them off.... Lampitt, you need to walk pal. I've just remembered: I've a decent shareholding which I'm forgetting about until I get older. Perhaps a letter from a shareholder is called for! Link to comment Share on other sites More sharing options...
Viking Warrior Posted 13 February, 2012 Share Posted 13 February, 2012 Bloody Hell this thread has added 30 pages since I last looked yesterday morning. Rangers as has already been mentioned are in deep mire . Celtic will not go pop they have some very rich irish benefactors behind them . I can see the saints fans singing that all time favourite the skates are going down with no money in the bank no money in the bank Has it been sung at SMS in recent weeks? Link to comment Share on other sites More sharing options...
trousers Posted 13 February, 2012 Share Posted 13 February, 2012 Claridge: Have you been mislead? Lumpitt: Not mislead. CSI had a long term plan. Wanted to invest in the long term, including the facilities. They went about things in a way that gave assurance and credibility for their plans. Surprise to everyone about the situation in Lithuania So, with that level of due diligence, exactly the same thing could happen this time around? Link to comment Share on other sites More sharing options...
K,Billy's supersound Posted 13 February, 2012 Share Posted 13 February, 2012 i do hope our season is all done and dusted before the coventry home game, we can help out the blues and give them some help to aviod relegation with a top performance. Link to comment Share on other sites More sharing options...
Appy Posted 13 February, 2012 Share Posted 13 February, 2012 Claridge spoke a great deal of sense, until he took the easy way out with the plucky support. Link to comment Share on other sites More sharing options...
Pamplemousse Posted 13 February, 2012 Share Posted 13 February, 2012 Here's the league table should the worst (best) happen to the Skates and their results get expunged [TABLE=width: 781] [TR] [TD]1[/TD] [TD]Southampton[/TD] [TD=align: right]29[/TD] [TD=align: right]52[/TD] [TD=align: right]30[/TD] [TD=align: right]+22[/TD] [TD=align: right]54[/TD] [/TR] [TR] [TD]2[/TD] [TD]West Ham United[/TD] [TD=align: right]27[/TD] [TD=align: right]41[/TD] [TD=align: right]27[/TD] [TD=align: right]+14[/TD] [TD=align: right]50[/TD] [/TR] [TR] [TD]3[/TD] [TD]Blackpool[/TD] [TD=align: right]28[/TD] [TD=align: right]48[/TD] [TD=align: right]35[/TD] [TD=align: right]+13[/TD] [TD=align: right]48[/TD] [/TR] [TR] [TD]4[/TD] [TD]Reading[/TD] [TD=align: right]28[/TD] [TD=align: right]37[/TD] [TD=align: right]26[/TD] [TD=align: right]+11[/TD] [TD=align: right]48[/TD] [/TR] [TR] [TD]5[/TD] [TD]Birmingham City[/TD] [TD=align: right]28[/TD] [TD=align: right]46[/TD] [TD=align: right]27[/TD] [TD=align: right]+19[/TD] [TD=align: right]47[/TD] [/TR] [TR] [TD]6[/TD] [TD]Cardiff City[/TD] [TD=align: right]28[/TD] [TD=align: right]43[/TD] [TD=align: right]32[/TD] [TD=align: right]+11[/TD] [TD=align: right]46[/TD] [/TR] [TR] [TD]7[/TD] [TD]Hull City[/TD] [TD=align: right]28[/TD] [TD=align: right]30[/TD] [TD=align: right]25[/TD] [TD=align: right]+5[/TD] [TD=align: right]46[/TD] [/TR] [TR] [TD]8[/TD] [TD]Middlesbrough[/TD] [TD=align: right]28[/TD] [TD=align: right]31[/TD] [TD=align: right]28[/TD] [TD=align: right]+3[/TD] [TD=align: right]46[/TD] [/TR] [TR] [TD]9[/TD] [TD]Brighton & Hove Albion[/TD] [TD=align: right]29[/TD] [TD=align: right]33[/TD] [TD=align: right]31[/TD] [TD=align: right]+2[/TD] [TD=align: right]45[/TD] [/TR] [TR] [TD]10[/TD] [TD]Burnley[/TD] [TD=align: right]29[/TD] [TD=align: right]42[/TD] [TD=align: right]35[/TD] [TD=align: right]+7[/TD] [TD=align: right]44[/TD] [/TR] [TR] [TD]11[/TD] [TD]Leeds United[/TD] [TD=align: right]29[/TD] [TD=align: right]47[/TD] [TD=align: right]44[/TD] [TD=align: right]+3[/TD] [TD=align: right]42[/TD] [/TR] [TR] [TD]12[/TD] [TD]Leicester City[/TD] [TD=align: right]28[/TD] [TD=align: right]38[/TD] [TD=align: right]32[/TD] [TD=align: right]+6[/TD] [TD=align: right]40[/TD] [/TR] [TR] [TD]13[/TD] [TD]Barnsley[/TD] [TD=align: right]28[/TD] [TD=align: right]42[/TD] [TD=align: right]44[/TD] [TD=align: right]-2[/TD] [TD=align: right]39[/TD] [/TR] [TR] [TD]14[/TD] [TD]Derby County[/TD] [TD=align: right]28[/TD] [TD=align: right]30[/TD] [TD=align: right]35[/TD] [TD=align: right]-5[/TD] [TD=align: right]39[/TD] [/TR] [TR] [TD]15[/TD] [TD]Crystal Palace[/TD] [TD=align: right]28[/TD] [TD=align: right]27[/TD] [TD=align: right]28[/TD] [TD=align: right]-1[/TD] [TD=align: right]38[/TD] [/TR] [TR] [TD]16[/TD] [TD]Watford[/TD] [TD=align: right]28[/TD] [TD=align: right]31[/TD] [TD=align: right]39[/TD] [TD=align: right]-8[/TD] [TD=align: right]34[/TD] [/TR] [TR] [TD]17[/TD] [TD]Peterborough United[/TD] [TD=align: right]27[/TD] [TD=align: right]43[/TD] [TD=align: right]43[/TD] [TD=align: right]0[/TD] [TD=align: right]31[/TD] [/TR] [TR] [TD]18[/TD] [TD]Ipswich Town[/TD] [TD=align: right]28[/TD] [TD=align: right]45[/TD] [TD=align: right]57[/TD] [TD=align: right]-12[/TD] [TD=align: right]31[/TD] [/TR] [TR] [TD]19[/TD] [TD]Bristol City[/TD] [TD=align: right]29[/TD] [TD=align: right]25[/TD] [TD=align: right]44[/TD] [TD=align: right]-19[/TD] [TD=align: right]29[/TD] [/TR] [TR] [TD]20[/TD] [TD]Millwall[/TD] [TD=align: right]29[/TD] [TD=align: right]27[/TD] [TD=align: right]39[/TD] [TD=align: right]-12[/TD] [TD=align: right]27[/TD] [/TR] [TR] [TD]21[/TD] [TD]Nottingham Forest[/TD] [TD=align: right]28[/TD] [TD=align: right]23[/TD] [TD=align: right]44[/TD] [TD=align: right]-21[/TD] [TD=align: right]25[/TD] [/TR] [TR] [TD]22[/TD] [TD]Doncaster Rovers[/TD] [TD=align: right]27[/TD] [TD=align: right]22[/TD] [TD=align: right]42[/TD] [TD=align: right]-20[/TD] [TD=align: right]24[/TD] [/TR] [TR] [TD]23[/TD] [TD]Coventry City[/TD] [TD=align: right]29[/TD] [TD=align: right]25[/TD] [TD=align: right]41[/TD] [TD=align: right]-16[/TD] [TD=align: right]22[/TD] [/TR] [/TABLE] Link to comment Share on other sites More sharing options...
dvaughanwilliams Posted 13 February, 2012 Share Posted 13 February, 2012 So, with that level of due diligence, exactly the same thing could happen this time around? To be fair to Limpett, they did have a big pile of (other people's) money. He didn't necessarily know that it was an inappropriate use of bank reserves that has been interpreted by Lithuanian prosecutors as asset stripping. And that they had run banks in Russia before where assets had allegedly gone missing and resulted in a requirement for bailing out by the Russian banking regulator. Oh, just a minute... Link to comment Share on other sites More sharing options...
Jack Posted 13 February, 2012 Share Posted 13 February, 2012 I've just remembered: I've a decent shareholding which I'm forgetting about until I get older. Perhaps a letter from a shareholder is called for! See Pugwash's post on previous page for that sort of letter template! Link to comment Share on other sites More sharing options...
Gemmel Posted 13 February, 2012 Share Posted 13 February, 2012 So, with that level of due diligence, exactly the same thing could happen this time around? We now have a pretty clear sight of the financials. Minimum 52 million worth of debt (I am sure there will be some more skeletons and HMRC can shortly impose a 100% fine for non payment, which I am sure they will) Parachute payments left, just under 16 million, then a wage bill around 2 million a month and then normal running costs. You would have to be very rich and madly in love with them to do a deal, so that rules our all sane business people. It will of course attract the wierdo's and Marc Jackson type people., so yes, exactly the same thing could (And probably will) happen this time round. Link to comment Share on other sites More sharing options...
eurosaint Posted 13 February, 2012 Share Posted 13 February, 2012 We now have a pretty clear sight of the financials. Minimum 52 million worth of debt (I am sure there will be some more skeletons and HMRC can shortly impose a 100% fine for non payment, which I am sure they will) Parachute payments left, just under 16 million, then a wage bill around 2 million a month and then normal running costs. You would have to be very rich and madly in love with them to do a deal, so that rules our all sane business people. It will of course attract the wierdo's and Marc Jackson type people., so yes, exactly the same thing could (And probably will) happen this time round. Lumpy admitted tonight that there are no seriously interested parties at the table so it's difficult to imagine that a 'fairy godmother' will appear any time soon !!! Link to comment Share on other sites More sharing options...
Chin Strain Posted 13 February, 2012 Share Posted 13 February, 2012 Lumpy admitted tonight that there are no seriously interested parties at the table so it's difficult to imagine that a 'fairy godmother' will appear any time soon !!! So assuming Chinny's not going to put any money in (and why would he?)....KA-BOOM Link to comment Share on other sites More sharing options...
suewhistle Posted 13 February, 2012 Share Posted 13 February, 2012 I've been out for an apperitivo tonight; most unusual for a Monday, and am feeling relaxed, played a few whistle and flute tunes with a friend and then came on here... How many more pages since this morning? Strewth! I remember this thread at around 500 pages when we were speculating whether we'd ever make a 1000!.. Link to comment Share on other sites More sharing options...
ericb Posted 13 February, 2012 Share Posted 13 February, 2012 Lumpy admitted tonight that there are no seriously interested parties at the table so it's difficult to imagine that a 'fairy godmother' will appear any time soon !!! Does that not help HMRC then? Since they can't justify admin if there are no serious parties right? In which case the only option is liquidation. Link to comment Share on other sites More sharing options...
St Jim Posted 13 February, 2012 Share 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) You're missing players wages each month plus the players wages that have not ben paid (anyone know how much that is?) Link to comment Share on other sites More sharing options...
Pugwash Posted 13 February, 2012 Share Posted 13 February, 2012 Bloody Hell this thread has added 30 pages since I last looked yesterday morning. Rangers as has already been mentioned are in deep mire . Celtic will not go pop they have some very rich irish benefactors behind them . I can see the saints fans singing that all time favourite the skates are going down with no money in the bank no money in the bank Has it been sung at SMS in recent weeks? Yep, there was a rendition on Saturday. Could hear it very well from my temporary exile in the Chapel-Itchen corner (had a Burnley-supporting mate with me, so it seemed a more sensible place). Link to comment Share on other sites More sharing options...
suewhistle Posted 13 February, 2012 Share Posted 13 February, 2012 (had a Burnley-supporting mate with me, so it seemed a more sensible place). I presume he is now fully au-fait with the situation and is informing other Burnley fans? Link to comment Share on other sites More sharing options...
trousers Posted 13 February, 2012 Share Posted 13 February, 2012 @pn_neil_allen: Have spoken to David Lampitt myself now and filed for tomorrow's paper. Time for a quick Q and A before bedtime? Go on then! #Pompey Link to comment Share on other sites More sharing options...
Gemmel Posted 13 February, 2012 Share Posted 13 February, 2012 Were sending them down, were sending them doooooooown At St Mary's in April, were sending them down. There is a real chance that this could actually happen..... That would exorcise a few demons, I can tell you. Link to comment Share on other sites More sharing options...
trousers Posted 13 February, 2012 Share Posted 13 February, 2012 (edited) http://www.guardian.co.uk/football/2012/feb/13/portsmouth-administration-tax-bill Groundhog Day has become an overused analogy for Portsmouth fans in recent years. But it will be reached for again when the club on Friday apply to go into administration for the second time in two years, automatically attracting a 10-point penalty from the Football League but freeing up enough working capital to continue as a going concern in the short term.The manoeuvre should allow administrators to avoid the lights going out entirely at Fratton Park, with the club's overdue electricity bill among the most pressing to be settled. The club's bank accounts have been frozen since Her Majesty's Revenue and Customs issued a winding-up order over unpaid tax of around £1.2m, which was due to be heard next Monday. The club's financial advisor UHY Hacker Young, already appointed administrator of Portsmouth's parent company Convers Sport Initiatives in November after the owner Vladimir Antonov was arrested for alleged bank fraud, is expected to be appointed as administrator of the club. The move to apply for administration before next Monday's court hearing will supercede the winding-up order. "It's not a decision we've taken lightly. From an ongoing point of view, it's become a necessary decision and one a lot of people anticipated. It's become necessary to protect our creditors and give them the best possible chance of getting a decent return," the Portsmouth chief executive David Lampitt, the former head of regulation at the Football Association, told the BBC. HMRC is likely to fight the application, in the knowledge that the club's PAYE debt is only likely to increase when this month's wage bill becomes due. Portsmouth's players and staff have not been paid since Christmas and there are a host of other overdue bills, according to UHY Hacker Young's Peter Kubik. "The club's bank accounts have been frozen due to the winding-up hearing and they are finding it very difficult to trade. Once the administration order is in place the bank accounts will be made accessible again," he said. In addition to gate receipts, it will allow the club access to its latest instalment of Premier League parachute payments. Around £1.3m was forwarded to Portsmouth last week, when all payments were made early for internal Premier League accounting reasons. The electricity bill is among the most pressing bills to be settled, with the club at risk of being cut off if it is not paid in the coming days. The situation will raise familiar questions among Portsmouth's supporters about how the club has again found itself on the brink of administration only two years after it became the first Premier League side to do so, while owing more than £120m. The catalyst for the latest implosion was the arrest of Antonov, who immediately resigned as the chairman and director of the club and is still fighting extradition to Lithuania. That left the parent company without any ongoing capital, forcing it to be placed into administration and a fire sale of its assets. Administrators have been attempting to sell off other assets owned by CSI but one of its most valuable, the media rights to the World Rally Championship held by North One Sport, were seized by the FIA. Negotiations continue over the sale of football conference Leaders in Football and Powerplay Golf. In any event, the proceeds will go directly to CSI's creditors and can't be used to cross subsidise Portsmouth. Apparent interest from Italian businessman Joseph Cala aside, Kubik said there had been little interest in buying Portsmouth as a going concern. He said potential buyers had been "put off" by the ongoing confusion surrounding Antonov's situation, but expected them to now come forward. A familiar figure from the twisted saga that preceded the club's last administration – Hong Kong businessman Balram Chainrai – will again play a key role in its future. He was persuaded to loan the last discredited regime £17m. He then bought the club through a CVA and sold it on to CSI, and then placed a charge on Fratton Park when it defaulted on a repayment. Any prospective new owner would have to come to a settlement with Chainrai's company Portpin before agreeing a new CVA to exit administration. But small creditors including local businesses and St John's Ambulance are again in limbo. Payments under the 20p in the pound settlement they agreed as a result of the last tortuous administration process were not due to begin until April. Edited 13 February, 2012 by trousers Link to comment Share on other sites More sharing options...
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