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Pompey Takeover Saga


Fitzhugh Fella

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funny looking back at this thread seven months ago - there has been little change - other than Ho's attitude and behaviour which has improved dramatically.

I'm not sure whether I prefer deluded and often wrong but politely trolling AFC Ho 2012, or seriously deluded, very wrong, AWOL for months, abusive, trolling, anonymous, unlikable Ho FC......like the Plan B club, I guess time will tell.

 

We'll be nice and patronisingly supportive to Plan B in the first years, wishing them well, post-criminality, then before you know it they'll be in the lower reaches of the football league, dreaming of glory, shafting creditors, ripping off charities, and giving it large like nothing has happened.

 

I see an honesty in some of the few but not many -

Humble pie - they need to have a slice each.

Less of the arrogant claims about riches, and shafting local businesses to finance millionaire journeymen, a bit more of an admission about the shame associated with the badge would generate more sympathy.

 

And that's another thing I don't get.

If you want to drive the criminal out of your club, stop giving him money. :scared:

Partially-packing the park just gives him more.

Turning your back on the game is another odd thing - staying outside for 15mins shows the owner of your buying power, its a threat - but copying something Man City copied from someone else, for a different reason, is nonsense.

As for those plucky brave battling players, they are raping the club of every last penny - why should they get support?

Did any of the millionaires pay the office staff?

 

Imagine if you earned £100,000 a month and a colleague earned £600.

Wouldn't it be nice to help him out when wages were delayed, as I believe happened last time?

That great pompey spirit doesn't extend to the dressing room, yet tonight they will be heroes.

Before driving back to their London homes with cash swilling about in the boot of the Lexus.

 

It's all looks way too late and a bit misguided down east at the mo. :?

 

I refer the honourable gentleman to a tweet posted by a Mr Gregory Halford, currently employed by said cheating cesspit of a club...

 

Greg Halford @GregHalford15

Awww all the wolves fans coming after me is so cute. I luv you to! But Portsmouth fans walk all over u lot! #PUP

 

The modern footballer is only loyal to those who pay his wages. End of.

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FC, I wrote on here yesterday that Chinri's charge was originally against "Oldco". The charge was transferred to "Newco" a month or so after the new company was formed and hasn't invested any money into the business since. The question, therefore, must be is Chainrai's charge over the club valid. I asked if anyone could comment on that and was hoping Clapham might be around to do so. haven't seen a reply yet.

 

I don't need to provide a link, you just posted one. If you'd actually read my post in it I say at the bottom that he hasn't put a penny into the club. have another look. Not quit sure what you're were trying to do here, unless you were actually trying to look like an idiot

 

"Expert Ghostwriters"? PMSL

 

The issue here is that if Chainrai gets control of the club again not only will the creditors receive little or nothing of their actual debt as UHY will look to renegotiate the CVA but that means the club will die anyway as he slowly but surely bleeds anything of value out of it. Without the CVA to service (certainly at i's curren levels) the parachute payments will be available to Chainrai to do what he wants with. That's why there's the opposition towards UHY being appointed as administrators. If independnt administrators can be appointed then there's a decent chance we'll find a buyer as a reasonable purchase price could probably be negotiated. That's no going to happen under Chainrai.

 

So, whatever happened with that bid (the first one, as I believe you referred to it) which apparently went in a few weeks ago? Not much by the looks of it. And how about that expert opinion you quoted, to the effect that Portpin had no charge over Fratton Park, and no debenture over PFC? Those worked out nicely too, didn't they? I've asked you about these before and never had an answer, so I shan't expect one now either.

 

For one who's so keen to argue the toss over what others write, you have a remarkable record of posting completely duff information.

 

On another topic: in your preferred scenario, as outlined in your last paragraph, are you expecting that independent administrators would keep the original CVA as it currently stands? If so, then all creditors would have to be paid in full, as you can't favour one over the others. Given that the current level of debt is looking like £50M or more, that then would be the minimum asking price for the club. I'm assuming that you wouldn't consider this to be a 'reasonable purchase price'. The only way that such a price could be negotiated is if the current level of debt is drastically reduced, meaning that creditors will receive little or nothing anyway. Or am I missing something here?

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What a magical day, everythings just too good to be true! COYTAXMAN

 

I wish I had more time to contribute today, as this is just such a fantastic day on this magnificent thread...

 

Hi Davie Lampitt, hows it goin mate, looking forward to the heavily subsidised packing of the park later?

 

Former FA Head of Integrity - PMSL

 

 

A few rounds of shalalalalala... who the f*ck is laughing now at Upton Park tonight perhaps?

 

you reap what you sow, you reap what you sow.... you cheating skate bast*rds, you reap what you sow

 

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A toast, to Chinny, Lampitt, AA and all the gang!

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mark spencer

2 hours ago

 

bluemannxl.png

the football league should take their part of responsibility for pompeys present situation and not deduct the ten points. if their fit and proper test was as stringent as they say it is then how did c i s pass? perhaps the clubs should do their own stringent fit and proper test on the governing body to see if they are fit to run the league

 

 

Nick Weeks (Le Critique)

9 hours ago

 

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Yes the Football League passed the previous lot for the fit and proper persons test. They're sort of responsible in a way so they should at least not take away the 10 points if we're allowed to go into administration. They players haven't been paid because the HMRC have frozen access to the clubs bank account. The tax bill is for 1.8 million. Apparently we got a parachute payment from the Premier League of £1 million.... so if we paid off that £800,000 shouldn't be so difficult to find. Such is life as a Pompey Fan.....If we go I'm sure we'll be back in some shape or form. Play up Pompey!!!

 

 

David SHEPHERD (Sheepenhurder)

17 hours ago

 

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So, have I got this right? In order for Pompey to come out of the last administration. The football league authorities carried out "Stringent" checks on the purchasers. This to make sure that they would be fit and proper in order for the club to have a long term future. And only after these "Stringent" checks were the current owners approved by the football authorities.

Well as Alexander Meerkat would say. "SIMPLES". Sue the SH*T out of the Football League authorities for their dereliction of duty.

 

 

:facepalm:

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The owners and Directors test, formerly the Fit and Proper Persons Test is a double edged sword for the FA. The deluded phew seem to think that it is a test of financial capacity to pay debt, when in fact it is the equivalent of a CRB check. It is to make sure that the directors haven't been banned for a previous insolvency event and to make sure that they don't have criminal records.

 

It isn't a test to see how good you are at running a business sustainably, or how much money you have. The FA can't risk turning potential owners away because of hearsay or rumours because they'd get sued for defamation. They can't turn someone away because they don't have deep pockets because the business plan might be to run a club sustainably and only within its means, even if that means the club is not particularly competitive.

 

It needs to be dropped, or at least be explained properly that it is just a formality that means very little.

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Sort of, except the latter was achieved by very good fortune rather than by design. Crouch had tried for months, maybe even years (as did Lowe, as did Wilde), to find proper investors to buy the club but absolutely nobody was interested. Therefore, he assumed that nobody would be interested once the club slipped into administration, leaving just one person with the capability of rescuing the club and being pronounced the Saviour (with the side-effect of 1. buying the club for **** all, and 2. getting one over Lowe and Wilde)

 

Interesting, I never knew that. Makes sense of some of the argy bargy since.

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The owners and Directors test, formerly the Fit and Proper Persons Test is a double edged sword for the FA. The deluded phew seem to think that it is a test of financial capacity to pay debt, when in fact it is the equivalent of a CRB check. It is to make sure that the directors haven't been banned for a previous insolvency event and to make sure that they don't have criminal records.

 

It isn't a test to see how good you are at running a business sustainably, or how much money you have. The FA can't risk turning potential owners away because of hearsay or rumours because they'd get sued for defamation. They can't turn someone away because they don't have deep pockets because the business plan might be to run a club sustainably and only within its means, even if that means the club is not particularly competitive.

 

It needs to be dropped, or at least be explained properly that it is just a formality that means very little.

 

Most sensible thing I've ever read about the FAPPT (OnD test). It is not a test of financial capacity, financial competence, ethics, morals or underlying intent. It simply cannot be, and you are right in saying they would get sued to kingdom come if they tried to implement a necessarily subjective test of those things. The only way the PL/FL can encourage those things is to have sanctions in the event that the owner does not act in a manner that the league feels is right for football.

 

Guess what, that's exactly what they're doing.

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A Plea ? Can you lot please slow down a bit on this thread ?

I have a 12 hour flight tomorrow and will be away from a computer for almost 24 hours, even when I get the chance to catch up I'm going to be tight for time !

The good news is that I'll be sunning myself (glass of wine in hand!) as the Skates wriggle and squirm over the weekend through Monday !

Happy days :)

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Insolvency is defined in 2 ways. Not being able to pay debts when due (cash flow insolvency) or when assets exceed liability (balance sheet insolvency).

 

Imagine a business that has £10m of stock and £5m of loans, but no cash in the bank. It has balance sheet solvency, but has a cash flow issue. This business would go into admin to allow it enough time to sell sufficient stock to pay the creditors. That's the point of admin, to buy time for a solvent business, not to protect an insolvent business.

 

I suppose thats why they tend to seem to get away with it when it gets to court. The argument is that while they are still in business their "Assets" (ie players) are at least worth a value when in the transfer window. Shut up shop and those "Assets" become free agents and not worth anything to the insolvency. Judge rules to keep them alive believing that the club will sell what ever "Assets" it needs to pay off debts and so on. The last Adminitstration may screw them up here as part of that was X amount in player sales that was not even attempted. Why give them another chance to not bother selling anything?

 

 

Money man willing to spunk some cash seems like the only option to keep the club running?

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A Plea ? Can you lot please slow down a bit on this thread ?

I have a 12 hour flight tomorrow and will be away from a computer for almost 24 hours, even when I get the chance to catch up I'm going to be tight for time !

The good news is that I'll be sunning myself (glass of wine in hand!) as the Skates wriggle and squirm over the weekend through Monday !

Happy days :)

 

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Edited by Waterside.saint
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Anybody listen to what was discused?

 

It was mainly about rangers. When they did go onto pompey it was to say that they were in a very different situation as the expert could see things like a fans buyout working for rangers but not for pompey.

 

Bit confused as he did say he expected the government to bring in legislation relating to the FCR but I thought the court case might decide that in their favour anyway.

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The Q & A on Rangers on the BBC website is quite informative, albeit the situation is somewhat different

 

http://www.bbc.co.uk/news/uk-scotland-glasgow-west-17018226

 

And, with regard to insolvency, this bit perhaps clears up one point about what insolvency actually is.

 

A company that can't pay its bills on time is insolvent, even if it's worth a lot in assets.

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I suppose thats why they tend to seem to get away with it when it gets to court. The argument is that while they are still in business their "Assets" (ie players) are at least worth a value when in the transfer window. Shut up shop and those "Assets" become free agents and not worth anything to the insolvency. Judge rules to keep them alive believing that the club will sell what ever "Assets" it needs to pay off debts and so on. The last Adminitstration may screw them up here as part of that was X amount in player sales that was not even attempted. Why give them another chance to not bother selling anything?

 

 

Money man willing to spunk some cash seems like the only option to keep the club running?

 

I just can't see how the court will let them go into admin, what are they going to say? OK, so we're cash flow insolvent and balance sheet insolvent and we renegotiated our debts a couple of years ago and our outgoings are more than our income, but if you give us a bit more time we promise not to do it again next time?

 

Insolvency courts regularly shut down businesses where there are unfinished orders which results in that stock having a much lower value. Also trading whilst insolvent under either definition is illegal. They appear to fulfill both definitions.

 

The statement of affairs presented to the court on Friday will make amusing reading because they surely can't present one that shows their insolvency.

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I just can't see how the court will let them go into admin, what are they going to say? OK, so we're cash flow insolvent and balance sheet insolvent and we renegotiated our debts a couple of years ago and our outgoings are more than our income, but if you give us a bit more time we promise not to do it again next time?

 

Insolvency courts regularly shut down businesses where there are unfinished orders which results in that stock having a much lower value. Also trading whilst insolvent under either definition is illegal. They appear to fulfill both definitions.

 

The statement of affairs presented to the court on Friday will make amusing reading because they surely can't present one that shows their insolvency.

 

Yeah exactly, Last time they got given the benifit of doubt, went into admin, agreed to pay the first chunk of the CVA via moneis gained in player sales. Sold no-one for any cash, brought more players in on wages the club couldnt sustain on its own and now funding has disapeared face another admin.

 

How can any court believe they are going to do the right thing this time? And just being out of the transfer window any assets they have worth any money wont be sold just yet anyway.

 

I can understand why they got the benifit of doubt last time but I cant see the courts being bluffed for a second time. But then this is Pompey, they seem to have more lives that Tom the cat!

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A Plea ? Can you lot please slow down a bit on this thread ?

I have a 12 hour flight tomorrow and will be away from a computer for almost 24 hours, even when I get the chance to catch up I'm going to be tight for time !

The good news is that I'll be sunning myself (glass of wine in hand!) as the Skates wriggle and squirm over the weekend through Monday !

Happy days :)

 

I'm totally screwed. Fly out of here Friday night to hit SMS for Sat afternoon. Absolutely no innernet at me Mum's and not back in range until finish meet8ings & get back to Heathrow on Tuesday... FOUR DAYS - arrggh

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I'm totally screwed. Fly out of here Friday night to hit SMS for Sat afternoon. Absolutely no innernet at me Mum's and not back in range until finish meet8ings & get back to Heathrow on Tuesday... FOUR DAYS - arrggh

email subscribe to this thread (thread tools) then get it on your phone via wifi hotspot and read a couple of days worth on the flight back

Edited by tony13579
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I'm totally screwed. Fly out of here Friday night to hit SMS for Sat afternoon. Absolutely no innernet at me Mum's and not back in range until finish meet8ings & get back to Heathrow on Tuesday... FOUR DAYS - arrggh

 

High class problems my friend. Imagine waking up this morning and finding you are TCWAB. Enjoy Sat.

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I'm totally screwed. Fly out of here Friday night to hit SMS for Sat afternoon. Absolutely no innernet at me Mum's and not back in range until finish meet8ings & get back to Heathrow on Tuesday... FOUR DAYS - arrggh

 

In the spirit of "I'm screwed" one upmanship. Going away on Friday for a week with no tinternet. They have to be liquidated on Friday otherwise I will never catch up.

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In the spirit of "I'm screwed" one upmanship. Going away on Friday for a week with no tinternet. They have to be liquidated on Friday otherwise I will never catch up.

 

I'm just thankful it's half term and I dont have to look after my grandson as I normally do on a Friday. It usually takes me an hour to catch up on this thread on a Friday night - imagine how long it would take this Friday!

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In the spirit of "I'm screwed" one upmanship. Going away on Friday for a week with no tinternet. They have to be liquidated on Friday otherwise I will never catch up.

 

Look it is just like your wifes soap program you can miss a few episodes but still know they are in the crap regardlessly.

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Yeah exactly, Last time they got given the benifit of doubt, went into admin, agreed to pay the first chunk of the CVA via moneis gained in player sales. Sold no-one for any cash, brought more players in on wages the club couldnt sustain on its own and now funding has disapeared face another admin.

 

How can any court believe they are going to do the right thing this time? And just being out of the transfer window any assets they have worth any money wont be sold just yet anyway.

 

I can understand why they got the benifit of doubt last time but I cant see the courts being bluffed for a second time. But then this is Pompey, they seem to have more lives that Tom the cat!

 

Even they can't dodge bullets for ever. They have to be lucky all the time: HMRC only have to be lucky once

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email subscribe to this thread (thread tools) then get it on your phone via wifi hotspot and read a couple of days worth on the flight back

 

Wow you can do that on a 5 year old Nokia 6300? Cool..

 

Jokes aside, this place and tech & wifi hotspots simply ain't worth it - hell Nottarf's bogs are more with it than we are.

 

Mind you IF they get toasted on Friday I think the pub before the game on Saturday might just be the place to be for some rousing Shanty's to warm up.

 

Krap reminds me, where DID I last put my thermals 5 years ago?

Edited by dubai_phil
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Have to laugh......I think overall Appleton has conducted himself with dignity, grace and shows he ahs a bright future as a manager. Then he ruins it all by saying he's waiting to hear from the FL whether he can bring 2 players in on loan as the FL says a squad should have 20 players and they onlyhave 18!!!!!

 

What a dinlo! They can't even afford to pay their bills and their existing players and he has the temerity to say he wants to bring in 2 loanees! What about their youth players/ That's what everyone else has to do when financially challenged....guess they still don't think the rules apply to them.

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Better late than never!

 

http://www.guardian.co.uk/football/2012/feb/13/portsmouth-administration-tax-bill

 

and this bit made me laugh (from the Guardian's Fiver)

 

He has changed the fortunes of every club he has been at" - Sir Alex Ferguson pays homage to 'Arry Redknapp with the kind of tribute fans of serial administration merchants Portsmouth and relegated-from-the-Premier League-after-27-years Southampton are sure to agree.

 

http://www.guardian.co.uk/football/2012/feb/10/football-the-fiver-england-redknapp-capello

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It is a very different scenario to last time.

 

They had a squad of Premier League players last time, they now have a squad of rejects on PL money.

 

They had some degree of good character "it's not our fault guv squad worth £35m etc", they won't be believed this time.

 

They had the prospect of new ownership, by AA, Stanley (Kubik) and Lampitt's own admissions they have no-one at the table.

 

They had 4x years of PP due, now they have between 2 and ****-all.

 

They had an owner that needed them to survive, now they don't

 

The rotting corpse of Pompey that has been continually raped by Chanrai and Gaydamark now serves no further purpose to anyone. So long, and thanks for all the fish.

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Lifted from POL - I bet she wishes she never got involved.

 

 

Hello Penny

 

You are not my local MP but given that you have been doing a lot of good work in relation to Portsmouth FC, I thought you might be able to help.

 

I am emailing you with grave concern regarding Portsmouth FC's recent application to enter administration, but more importantly that there is a massive conflict of interest with UHY and Andrew Andronikou acting as administrator on behalf of Portsmouth Football Club. This situation must be made known to the relevant Judge at the Royal Courts of Justice hearing on Friday 17th February.

 

 

Regards

 

xxxxxx

 

 

Dear xxxxx

 

Many thanks for this. You are not the first person to have raised this with me. I am taking some advice on this, and I know that HMRC are aware. Thanks for letting me know your concerns.

 

 

Best,

 

 

 

Penny

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Had some mates round earlier they jammed an appropriate song

 

 

 

OK I lied, was googling something else & found this - had to show it to Future Mrs D_P who played spot the legend.

 

Then when I told her I was there she disappeared in a flurry of you bstd...

 

 

So let me guess.....:D... you're the guy who changes the lamps on stage when they blow?

 

Meanwhile i am becoming an Evangelist, even appearing reasonable!

 

http://boards.footymad.net/forum.php?tno=369&fid=180&sty=2&act=1&mid=2115326068#p32157579

 

Well someone has to spread the word!

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So let me guess.....:D... you're the guy who changes the lamps on stage when they blow?

Meanwhile i am becoming an Evangelist, even appearing reasonable!

 

http://boards.footymad.net/forum.php?tno=369&fid=180&sty=2&act=1&mid=2115326068#p32157579

 

Well someone has to spread the word!

 

Now, now, don't be silly.

 

I've made an entire career out of being a Chief Groupie Tester

 

Nice work with the other forum(s) though

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