Pompey Takeover Saga

[tony13579]

It WAS Mrs Proudman earlier this afternoon in Court 10, they appear to have changed it in the last couple of hours to a new Judge with NO cases before it.

 

I wonder wether they have heard this news. Wouldn't it be a shame if they turned up too late...

[Waterside.saint]

OK own up, who wrote this?

http://www.portsmouth.co.uk/sport/pompey/pompey-past/numbers_continue_to_dwindle_for_appleton_1_3523666

"25 In Dobbo We Trust

Thursday, February 16, 2012 at 02:31 PM

I'm still bewildered by the call for additional recruits - seriously? We can't even pay the ones at the club. Two teams taking to the field to contest a match is considered a competition, so simply fielding 11 players is remaining competitive. Yes, the league have rules (laws? critera? guidelines?) but it's not like we're really playing by the book ourselves. I'd be frustrated as an opponent to come up against a team in administration who have overstretched on spending but are being bailed out by being allowed to take Prem players on loan!"

[Fowllyd]

I think Norris oversaw the initial hearing last time and ultimately got countermanded by a different woman judge subsequently at a second hearing.

 

I could be wrong.

 

I'm sure others will remember her name.

 

Wasn't it Mrs Justice Mann?

 

That was it. She let them off the hook after Justice Norris had voiced his concerns.

 

No. The first winding-up petition was heard by Mrs Justice Derrett; she had scathing words for Pompey, saying they appeared to be trading whilst insolvent among other things, but stopped short of winding them up. No doubt the level of defence they mustered (how many winding-up cases get defended at all, do you think?) swayed her; anyhow, she asked for a full statement of financial affairs to be presented two weeks later. This never happened, as Chainrai put them into administration first.

 

HMRC contested the choice of UHY, and in particular of Andronikou, as administrator, claiming there was a link between him and Chainrai. They may also have queried Pompey's ability to trade solvently during administration. This was heard by Justice Norris, who acknowledged that there were concerns and scheduled a second hearing two weeks later (always seems to be two weeks, doesn't it?). This never happened as HMRC dropped its challenge after receiving assurances over funding and also a meeting with Andronikou.

 

Justice Mann (Mr not Mrs) heard HMRC's case contesting the CVA in the summer of 2010. HMRC presented their case appallingly badly, and Mann never seemed to quite get what their objection was. He ruled against HMRC and the rest is history.

[dvaughanwilliams]

I see the usual Wind Up Merchants have been making their presence felt at the news site, you know who you are! What I can't understand is garbage comments like this:

 

http://www.portsmouth.co.uk/news/potential_buyer_says_losing_points_would_put_him_off_1_3524326?commentspage=2#commentsSection

 

88

Appy pompeii

Thursday, February 16, 2012 at 12:42 PM

 

What would anyone with half a brain do ? 2 options - Opt 1 - No points deduction and £17 mil for the club OR opt 2- 10 POINTS OFF AND £8 MIL EErrrr !!!!!!! This bloke is another Carla !

 

 

1. The Debt is massively more than £17m, it's £50.

 

2. Why would that reduce? Chainrai is a secured creditor, the debt owed to him didn't decrease last time, why do they think it will next time?

 

3. CSI had other creditors other than Chainrai, if he writes off the debt PFC owe CSI, his claim to the assets of PFC are diminished, so that debt is due, for the benefit of other creditors or the equity holder.

 

4. The liability for the old co CVA hasn't gone away either.

 

They keep moaning on that the club isn't worth the debt level and no-one will pay Chainrai for the full amount of the debt, well guess what, you're saying the club's insolvent!

 

Looking forward to tomorrow. Even if Administration is granted, that's not an end to their problems, it's just a brief respite. The club runs at a loss. They need a new owner, lower outgoings or higher income in a hurry.

 

I guess I would prefer admin to be granted, even though I can't see how they'll get away with it, because it will prolong the agony.

 

[tony13579]

Surely TCWTB could squeeze `em all in his van

 

Then they can go up in convoy with the "massive" travelling support

 

When someone buys an antique book from Arlesford (tcwtb's shop) do they realise that book has traveled in that van which his motley crew use for away matches, boozed up & peeing in a bucket!

[dubai_phil]

Right.

 

I'm just back from seeing James Blunt in concert. (Don't worry I have already booked into therapy, especially as I thought he was actually fantastic)

 

The support band (Dubai Jazz Festival) was Acoustic Alchemy. They played sort of meh Spiro Gira stuff to guzzle free booze to..

 

BUT

 

They have a song about Football.

 

It is called the Beautiful Game.

 

(Link here

)

 

Which reminded me of why the skates SHOULD die tomorrow.

 

They have Poisoned the Beautiful Game for these past 5 years. They deserve no place in it

 

Meanwhile

 

But you didn't have to cut me off

Make out like it never happened and that we were nothing...

 

And you didn't have to stoop so low

Have your friends collect your records and then change your number

I guess that I don't need that though

Now you're just somebody that I used to know

 

 

Now you're just some football club I used to know

 

 

My fav song of the moment fits so well. You're just a Football Club I used to know

 

Goodbye you cheats

[TopGun]

No. The first winding-up petition was heard by Mrs Justice Derrett; she had scathing words for Pompey, saying they appeared to be trading whilst insolvent among other things, but stopped short of winding them up. No doubt the level of defence they mustered (how many winding-up cases get defended at all, do you think?) swayed her; anyhow, she asked for a full statement of financial affairs to be presented two weeks later. This never happened, as Chainrai put them into administration first.

 

HMRC contested the choice of UHY, and in particular of Andronikou, as administrator, claiming there was a link between him and Chainrai. They may also have queried Pompey's ability to trade solvently during administration. This was heard by Justice Norris, who acknowledged that there were concerns and scheduled a second hearing two weeks later (always seems to be two weeks, doesn't it?). This never happened as HMRC dropped its challenge after receiving assurances over funding and also a meeting with Andronikou.

 

Justice Mann (Mr not Mrs) heard HMRC's case contesting the CVA in the summer of 2010. HMRC presented their case appallingly badly, and Mann never seemed to quite get what their objection was. He ruled against HMRC and the rest is history.

 

Excellent recall and summary. Thank you.

 

I guess there are three possible outcomes tomorrow:

 

1. Admin granted to UHI Hacker Young

2. Admin granted to an alternative administrator

3. Refusal of admin.

 

With the appointment of Justice Norris my bets would be

 

Option 1 - 25%

Option 2 - 50%

Option 3 - 25%

[Waterside.saint]

When someone buys an antique book from Arlesford (tcwtb's shop) do they realise that book has traveled in that van which his motley crew use for away matches, boozed up & peeing in a bucket!

 

Point of info: TCWTB's shop is *not* in Alresford.

Its Petersfield http://www.petersfieldbookshop.com/

There is an antiquarian bookshop in Alresford called Oxley's though, which has been in Broad Street for years http://www.birketfoster.co.uk/

Edited 16 February, 2012 by Waterside.saint

[qwertySFC]

So, The case looms and what have our fishy friends been concentrating upon.. It is the fault of the FA because the FAPPT was inadequate. From what I remember upon the purchase of a company due diligence is carried out and the present owners then forward to the FA that proof of funds is there ect - I have read on numerous fishy forums that the FA should have Googled , looked more into the person who was purchasing the club - But hang on minute surely the criteria also fits to Chinny and AA to do the same - why is it suddenly the fault of the FA ..

 

I think it has been a real embarrassment that our fishy friends have touted to all that would listen that they have been hard done by - from Penny the MP , Ca,meron in the commons , asking the council for help when ( vital services) are being cut - It makes no difference who will come up with the cash to prolong this slow painful death - because that is exactly what it is - the end game .

 

The wool has been pulled over so many eyes, so many have lost out during the last crisis - will they ever get their 20p in the pound , I doubt it , £130 million of debt has gone - and here we are once again racking up at least £50m more -

 

But the worst thing , the most saddest thing is to witness the attitude of so many that no matter what has gone on or is currently happening is to carry on regardless by wanting more players - when their current staff have not seen payment - I question the logic of our fishy friends just how can you be so brazen to ask - but I really do think they have no shame, no class and no dignity as long as @14,000 get to watch a football match every other Saturday -

 

I think the real reason is because they cannot and will never accept that the humiliation will be to much - the bragging rights will have gone - the thick headed logic of trying to keep some thing going when it really is best to let it slip away with some dignity once and for all - none of us like to be faced with death but - would prolonged agony help - the only needs being met are those who cannot bear the shame that they support a football team who have fans that laughed , ridiculed and took great pleasure during the demise of SFC - the boot is on the other foot now and they I believe only want to keep this dying symbolic symbol alive because the humiliation will be to much - when in fact if they were honest and dealt with there problems with some dignity they may have some support - they know that they some time ago threw stones inside a glasshouse and the shards are now falling on them

[Waterside.saint]

So, The case looms and what have our fishy friends been concentrating upon.. It is the fault of the FA because the FAPPT was inadequate. From what I remember upon the purchase of a company due diligence is carried out and the present owners then forward to the FA that proof of funds is there ect - I have read on numerous fishy forums that the FA should have Googled , looked more into the person who was purchasing the club - But hang on minute surely the criteria also fits to Chinny and AA to do the same - why is it suddenly the fault of the FA ..

 

I think it has been a real embarrassment that our fishy friends have touted to all that would listen that they have been hard done by - from Penny the MP , Ca,meron in the commons , asking the council for help when ( vital services) are being cut - It makes no difference who will come up with the cash to prolong this slow painful death - because that is exactly what it is - the end game .

 

The wool has been pulled over so many eyes, so many have lost out during the last crisis - will they ever get their 20p in the pound , I doubt it , £130 million of debt has gone - and here we are once again racking up at least £50m more -

 

But the worst thing , the most saddest thing is to witness the attitude of so many that no matter what has gone on or is currently happening is to carry on regardless by wanting more players - when their current staff have not seen payment - I question the logic of our fishy friends just how can you be so brazen to ask - but I really do think they have no shame, no class and no dignity as long as @14,000 get to watch a football match every other Saturday -

 

I think the real reason is because they cannot and will never accept that the humiliation will be to much - the bragging rights will have gone - the thick headed logic of trying to keep some thing going when it really is best to let it slip away with some dignity once and for all - none of us like to be faced with death but - would prolonged agony help - the only needs being met are those who cannot bear the shame that they support a football team who have fans that laughed , ridiculed and took great pleasure during the demise of SFC - the boot is on the other foot now and they I believe only want to keep this dying symbolic symbol alive because the humiliation will be to much - when in fact if they were honest and dealt with there problems with some dignity they may have some support - they know that they some time ago threw stones inside a glasshouse and the shards are now falling on them

 

I think that for the phew its pretty close to a bereavement experience, so we should expect strong - and perhaps unreasonable - reactions

http://www.youtube.com/watch?v=QbN0g8-zbdY

[Monk]

I've got a gut feeling that more than admin will be instore for our fishy foe's.

[Waterside.saint]

Hope this spreads. I want all relegation fighting clubs to be fully aware that PFC are unfairly staying up due to keeping a playing squad they cannot afford and sustained by choosing not to pay tax. Absolutely disgusting and I'd be 10 times more furious if I were a coventry, forest, donnie fan etc.

 

They should all be the ones protesting, not PFC fans.

 

Well played sir

[rocknrollman no2]

Hope this spreads. I want all relegation fighting clubs to be fully aware that PFC are unfairly staying up due to keeping a playing squad they cannot afford and sustained by choosing not to pay tax. Absolutely disgusting and I'd be 10 times more furious if I were a coventry, forest, donnie fan etc.

 

They should all be the ones protesting, not PFC fans.

Great post.Totally agree.

[warsash saint]

So tomorrow ?? They will get away with it again...they always do !!

[Ampersound]

They will definitely get away with it again. If I think this way then I won't be as disappointed if it does happen.

 

Although I'm praying for it to be denied so we see what happens on Monday.

[rallyboy]

I reckon TopGun has the figures about right.

 

I find it difficult to believe that they will really be sent to a liquidation date on Monday, even though they are clearly insolvent and there is no sign of anyone to fund administration.

 

But whatever happens I guess it will be win-win -

They go into admin and AA gets to destroy the business, the league might even chip in with a sensible points penalty, OR they are sent away to plan for a meeting on Monday with a bloke in a big hooded robe carrying a sickle.

 

If they come away with a ten point penalty and no loss of players then we might just have to cast our minds back a few hundred pages and admit that Nick could still be right.

That would be outrageous.

 

But I reckon we'll actually see the wheels of justice start to turn tomorrow.

 

So sleep tight my pretty things, it might just be the launch of Judgement Day in the morning...and god help anyone who is busy doing proper stuff as they'll have ten complicated pages to read when they get in.

 

Worst case scenario?

A delay granted for AA to make up accounts.

But Liam Lawrence's leg can't wait that long, nor can the staff trying to get training equipment out of a locked shed...

 

Just like TCWTB's tats, it looks bad.

[pedg]

Last time they were at the courts it was like russian roulette with only one bullet. My feeling is that this time its only one bullet missing, but we shall see.

[S-Clarke]

Just had a read through their forums. **** me, they really don't get it do they?

 

They think they're being so hard done by and everyone is against them.

 

They should have been closed down long long ago. They'll prob get -10 points but that'll be it, another dodgy owner, survival in the championship and a constant repeat of what's been happening until the FL wake up and smell the coffee. The club is rotten from the ground up and it needs to be closed down and started again in a much lower league. They're bringing the game into complete disrepute.

[trousers]

Right.

 

I'm just back from seeing James Blunt in concert. (Don't worry I have already booked into therapy, especially as I thought he was actually fantastic)

 

*cough* [whispers] I went to see James Blunt at the Shepherds Bush Empire last week *cough*

 

We obviously share great minds (just the one between us though it would seem, not one each)

[edprice1984]

Do I want admin, meaning we play them in April and stuff the fish f*ckers or do I want them to see die???? Difficult!

[Verbal]

*cough* [whispers] I went to see James Blunt at the Shepherds Bush Empire last week *cough*

 

We obviously share great minds (just the one between us though it would seem, not one each)

 

Or feeble minds seldom differ. Which in this case, and with this musical taste, might be nearer the mark...?

Edited 16 February, 2012 by Verbal

[Waterside.saint]

Do I want admin, meaning we play them in April and stuff the fish f*ckers or do I want them to see die???? Difficult!

 

Liquidation is the way to go. Wet Spam lose their points and we will have the skates' demise to celebrate for the rest of our lives

[TopGun]

To bring the chess analogy back again, it seems to me as though Pompey/CSI/UHI have a king and a pawn left whilst their opposition is closing in with a rook and a queen.

 

Pompey's only chance is to get that pawn to the other side of the board and that's a virtual impossibility.

 

Just a few moves to play out before checkmate.

[Amesbury Saint]

they will be ok tomorrow.

league football clubs almost always are saved.

[Fowllyd]

Last time they went into administration, HMRC challenged the administration on two counts. First, they claimed that there was a close link between the proposed administrator, one Andrew Andronikou, and one of the creditors, one Balram Chainrai; second, they queried the club's ability to trade throughout the period of administration, as the considered them to be insolvent. Following an initial hearing, a meeting between Andronikou and HMRC led to this objection being dropped, while Chainrai gave a guarantee to fund the club as necessary during administration, until such time as a buyer could be found.

 

This time around, the objections will be very similar - but there are some rather important differences. First, the suggested links between Andronikou and Chainrai look distinctly more real than they might have done two years ago, following a CVA which favoured Chainrai and Andronikou being chosen as administrator of CSI by Chainrai. This point will tell against Andronikou being appointed as administrator. Second, there is nobody (as far as I am aware) who has offered to stand as guarantor for the club in the period of administration; so, if they are currently insolvent (which they clearly are) how can they continue to conduct their business without accruing further debt? They can't sell players, so reducing costs is hardly an option; given the attendance at what could easily be their last ever game at Fratton on Tuesday, it's hard to see that they can increase revenue; and they have nobody willing to fund the club through administration.

 

Doesn't look good, does it? If Andronikou has a rabbit to pull out of a hat, it's going to have to be some bunny. Perhaps it will wear a waistcoat and carry a pocket watch. Somehow though, I don't think it will be called Keith.

[Shrek]

Personally, I think they're f###ed, admin or not.

[Gemmel]

[TABLE]

[TR]

[TD=bgcolor: #ffffff]DeepBlue Posted on 16/02/2012 17:59

Hey Cowes, it's called Wrongful Trading and it's illegal[/TD]

[TD=bgcolor: #ffffff]

Report Message | Email Message To A Friend | Reply To Message [/TD]

[/TR]

[TR]

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[/TD]

[/TR]

[TR]

[TD=bgcolor: #ffffff][/TD]

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[TR]

[TD=bgcolor: #ffffff, colspan: 2]I'd rather have our debts than yours any day.

 

Our problem is not debt, it's cashflow

 

 

 

 

(From a pompey forum in response to some Saints fans banter)................... There is no helping them....seriously[/TD]

[/TR]

[/TABLE]

[Waterside.saint]

Personally, I think they're f###ed, admin or not.

 

Agreed. Its hard to see it ending well for them

[trousers]

Emma Judd @pn_Emma_Judd

FYI all the Tweets from court will be on a Cover It Live page on the @portsmouthnews website tomorrow, where you can comment too.

 

Lovely jubbly....

[Ric]

If Andronikou has a rabbit to pull out of a hat, it's going to have to be some bunny. Perhaps it will wear a waistcoat and carry a pocket watch. Somehow though, I don't think it will be called Keith.

 

No waistcoat or pocket watch, I'm afraid...

[Waterside.saint]

[TABLE]

[TR]

[TD=bgcolor: #ffffff]DeepBlue Posted on 16/02/2012 17:59

Hey Cowes, it's called Wrongful Trading and it's illegal[/TD]

[TD=bgcolor: #ffffff]

Report Message | Email Message To A Friend | Reply To Message [/TD]

[/TR]

[TR]

[TD=bgcolor: #ffffff, colspan: 2]

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[/TD]

[/TR]

[TR]

[TD=bgcolor: #ffffff][/TD]

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[TR]

[TD=bgcolor: #ffffff, colspan: 2]I'd rather have our debts than yours any day.

 

Our problem is not debt, it's cashflow

 

 

 

 

(From a pompey forum in response to some Saints fans banter)................... There is no helping them....seriously[/TD]

[/TR]

[/TABLE]

 

The basic five stages in relation to bereavement are Denial (They can’t be dead), Anger (I can’t believe they're dead), Bargaining (If only I had stayed they might not have died), Depression (What is the point of carrying on?) and finally Acceptance (I’ve lost them but can move on).

 

I sense that the skates are working their way through this sequence at different rates: some of the brighter ones have reached the final stage already but many of the dimmer ones remain at the first two

[Reggie Dunlop]

The basic five stages in relation to bereavement are Denial (They can’t be dead), Anger (I can’t believe they're dead), Bargaining (If only I had stayed they might not have died), Depression (What is the point of carrying on?) and finally Acceptance (I’ve lost them but can move on).

 

I sense that the skates are working their way through this sequence at different rates: some of the brighter ones have reached the final stage already but many of the dimmer ones remain at the first two

 

Like you said the first stage is denial, unfortunately I don't think they have even got that far...they do not even believe it is terminal and are hoping up on hopes, that the light they can see is the end of the tunnel, however it is big bulldozer charging at them at top speed heading straight at them...denial will be in 5-4-3-2-1 Disco!!!!!!!!!!

[TopGun]

The Last Days of Pompeii

 

Once a very widely read book and now relatively neglected, it culminates in the cataclysmic destruction of the city of Pompeii.

 

http://en.wikipedia.org/wiki/The_Last_Days_of_Pompeii

 

There's a famous painting also by an artist called Karl Briullov (he was a Russian too) but I can't figure out how to post images! There's got to be a photoshopper who can make hay...

Edited 17 February, 2012 by TopGun

[shirleysfc]

Right, it's now my birthday... Justice Norris please make it a double celebration for me later on!

[buctootim]

There's a famous painting also by an artist called Karl Briulliov (he was a Russian too) but I can't figure out how to post images!

 

Allow me. He wasnt only interested in disasters and lost causes though. Some beautiful pictures

 

[Waterside.saint]

Allow me. He wasnt only interested in disasters and lost causes though. Some beautiful pictures

 

 

The wrath of HMRC is truly awsome. Was this painted from life?

[buctootim]

Fantastic that the BBC have rushed this out in commemoration

 

Edited 17 February, 2012 by buctootim

[buctootim]

[Waterside.saint]

[TopGun]

 

The odd creature at the top right is related to TCWTB.

Edited 17 February, 2012 by TopGun

[positivepete]

To bring the chess analogy back again, it seems to me as though Pompey/CSI/UHI have a king and a pawn left whilst their opposition is closing in with a rook and a queen.

 

Pompey's only chance is to get that pawn to the other side of the board and that's a virtual impossibility.

 

Just a few moves to play out before checkmate.

 

As every chess player knows, just sacrifice your queen for that final pawn, and finish with a king and rook vs king end game. Straightforward win, less chance for a clumsy stalemate than with a king and queen vs king ending.

[tony13579]

Do I want admin, meaning we play them in April and stuff the fish f*ckers or do I want them to see die???? Difficult!

 

I can't help thinking this thread has been HMRC's 12th man

 

I need them to die!

 

But I fear the loss of this thread and what I will do to fill the gap.

 

We should of course remember the ordinary employees. I wish them well and if any of you recruit staff you should give them fair consideration.

 

No firm should be allowed to trade the way they have.

[Picard]

While their CEO was being interviewed today I jotted down some figures as he reeled them off.

 

Now my hearing ain't as good as it used to be so apologies if I am wrong on any of these. Anyway, he disclosed debts as:

 

Old C.V.A. (Payable to Baker Tilly) £16m

CSI (Their previous owners, themselves in Admin) £10.8m

Portpin (loan from Balram Chanrai) £17m

HMRC (incl Taxes due from previous owners* ) £7m * Not quite sure what he meant by that?

 

Total approximately £51m although there may be some red letters as yet undisclosed.

 

So AA is between a rock and a hard place. I'm sure he wants to marginalise HMRC so, like last time, they can't veto the CVA.

 

However, if he inflates the debts too high then they become, as you described so well, Balance Sheet Insolvent.

 

If my figures are close to correct and your figure of value is correct then they are reaslly skating on thin ice.

 

Oh dear!

 

Could the £7m taxes due from previous owners be related to EBTs (made famous by Rangers)?

[Picard]

The Football League has accused Portsmouth's former owner Vladimir Antonov of misleading the football authorities at the time of his Fratton Park takeover last summer. The surprisingly candid remarks came in an email exchange, seen by the BBC, between Pompey fan Paul Chalmers-Stevens and the Football League's customer services department. Responding to the fan's questions about what checks the Football League did on Antonov when he bought the club in June 2011, the Football League claimed it was not its fault as it had been misled. "The steps taken by the Football League were based upon evidence of proof of funding, together with related business plans," it said. "It appears that the evidence was at best misleading and possibly fraudulent with the league not being alone in accepting this evidence." The BBC attempted to contact Antonov about these claims but was unable to reach him.

 

If proved shouldn't this mean a further heavy points reduction?

[Brizzie Saints]

Call me a pesimist but i can see BC bailing them out at the last minute funding the administration

[hutch]

So, today's the day. Well, another one of them anyway. Last day in the job for Dave? Good luck for the future, mate.

 

If they get really lucky today, they might survive to compete with Torquay next season for the position of 4^th biggest club on the South Coast.

[dubai_phil]

As we enter into the final days, following from GM's rather excellent post about the FL being misled, I'd just like to pose one final question.

 

Didn't someone indicate that CSI only had a limited amount of funds to invest in the actual running of the football club?

 

I think the comment "a fixed budget" was mentioned? IIRC I think it caused some feathers to be ruffled.

 

Just asking like.

 

[Doctoroncall]

Emma Judd @pn_Emma_Judd

FYI all the Tweets from court will be on a Cover It Live page on the @portsmouthnews website tomorrow, where you can comment too.

 

Lovely jubbly....

 

What a day to take the kids out in half term week!

 

Now kids this is an Internet cafe...

[Brizzie Saints]

Wakey Wakey Hand Off Snakey.

 

Morning Guys its Show Time

 

[h=1]Challenge to Andronikou as Pompey administrator[/h] Andrew Andronikou

 

 

Published on Friday 17 February 2012 07:15

 

A challenge was being mounted in the High Court today against Andrew Andronikou’s firm being appointed administrators of Pompey.

Portsmouth North MP Penny Mordaunt has been working with some of the club’s creditors to oppose any appointment of UHY Hacker Young and has written to Her Majesty’s Revenue & Customs in a bid to secure its support.

She urged HMRC’s head of debt recovery, Des Dolan, to support the administration application, being heard in London today, but to ask that UHY Hacker Young is not appointed to oversee the process.

Portsmouth City Council has also sent a letter to the court urging it to appoint different administrators.

UHY was in charge the last time Pompey was in administration, and are dealing with the current administration of Pompey’s parent club, CSI.

Ms Mordaunt said she believed that was a ‘conflict of interest’.

In her letter she said: ‘This conflict would do nothing to allay the fears of small creditors, members of the Pompey Supporters’ Trust and the wider Portsmouth community, that the administration process would not be run in an equitable manner.’

Meanwhile, Portsmouth South MP and councillor Mike Hancock said: ‘Portsmouth City Council has put in an objection against UHY Hacker Young being appointed as administrators for Pompey.

‘We have formally written to the High Court.

‘As creditors, the council does not think the appointment of UHY will do the club any favours.

‘We want there to be a different administrator.

‘They might do a better job this time, but we much rather someone else had the opportunity.’

AS Pompey were due to head to court today for an administration hearing, the club’s fans were expressing outrage that their club is in this position once again.

They are angry that Vladimir Antonov was able to pass the Football League’s fit and proper persons test (F&PPT) to become chairman and co-owner.

He was arrested in November for alleged bank fraud.

Snoras bank, which he owns, was put into administration by the Lithuanian government and his assets were frozen.

This left his company Convers Sports Initiatives – Pompey’s owner – with no cash, and in turn threatened the existence of the club.

Fans are angry because in 2006 the Financial Services Authority had denied Snoras permission to trade in England because it said it could not trust the bank to give accurate and complete information.

Fans have written to the Football League to demand answers about how Mr Antonov passed the Football League’s F&PPT, and to urge the body to listen to fans’ opinions.

One fan, Mike Smith, wrote: ‘I would like to express my extreme disappointment with your organisation’s ability to carry out the correct tests on Portsmouth Football Club.’

He also asked to know why the FL is not at fault for passing Mr Antonov, and what the FL is doing to help Pompey now.

The Football League is alleging that Mr Antonov misled the organisation on the F&PPT form, which, while a legal document, is taken on faith.

A petition has been raised by fans to urge the Football League to safeguard Pompey’s future and ensure no one party benefits from it being put into administration or – in a worse case scenario – being wound up.

It also demands ‘actions that the Football League can take in co-ordination with the Premier League and Football Association to ensure that “fit and proper” action occurs during the next period of administration should it be approved’.

It can be found at ipetitions.com/petition/request-to-the-football-league-re-portsmouth/

Meanwhile, Lib Dem peer Ben Stoneham, Baron Stoneham of Droxford, raised the issue during a debate in the House of Lords about introducing a F&PPT for press standards.

He said: ‘The government have as much chance of getting this right as the Football League has of approving a fit and proper person to own Portsmouth Football Club.’

The Spinnaker Tower will be lit up blue tonight as a mark of solidarity.

An eleventh-hour meeting between CSI administrator Andrew Andronikou and self-proclaimed millionaire Keith Gregory, who wanted to buy the club, did not take place yesterday.

Both parties accused the other of not returning phone calls.

Mr Gregory has previously said he is not interested in the club if it goes into administration

Follow the administration hearing live at portsmouth.co.uk today. We have two reporters at the High Court for the hearing.

[trousers]

Wakey Wakey Hand Off Snakey.

 

Morning Guys its Show Time

 

[h=1]Challenge to Andronikou as Pompey administrator[/h] Andrew Andronikou

 

 

Published on Friday 17 February 2012 07:15

 

A challenge was being mounted in the High Court today against Andrew Andronikou’s firm being appointed administrators of Pompey.

Portsmouth North MP Penny Mordaunt has been working with some of the club’s creditors to oppose any appointment of UHY Hacker Young and has written to Her Majesty’s Revenue & Customs in a bid to secure its support.

She urged HMRC’s head of debt recovery, Des Dolan, to support the administration application, being heard in London today, but to ask that UHY Hacker Young is not appointed to oversee the process.

Portsmouth City Council has also sent a letter to the court urging it to appoint different administrators.

UHY was in charge the last time Pompey was in administration, and are dealing with the current administration of Pompey’s parent club, CSI.

Ms Mordaunt said she believed that was a ‘conflict of interest’.

In her letter she said: ‘This conflict would do nothing to allay the fears of small creditors, members of the Pompey Supporters’ Trust and the wider Portsmouth community, that the administration process would not be run in an equitable manner.’

Meanwhile, Portsmouth South MP and councillor Mike Hancock said: ‘Portsmouth City Council has put in an objection against UHY Hacker Young being appointed as administrators for Pompey.

‘We have formally written to the High Court.

‘As creditors, the council does not think the appointment of UHY will do the club any favours.

‘We want there to be a different administrator.

‘They might do a better job this time, but we much rather someone else had the opportunity.’

AS Pompey were due to head to court today for an administration hearing, the club’s fans were expressing outrage that their club is in this position once again.

They are angry that Vladimir Antonov was able to pass the Football League’s fit and proper persons test (F&PPT) to become chairman and co-owner.

He was arrested in November for alleged bank fraud.

Snoras bank, which he owns, was put into administration by the Lithuanian government and his assets were frozen.

This left his company Convers Sports Initiatives – Pompey’s owner – with no cash, and in turn threatened the existence of the club.

Fans are angry because in 2006 the Financial Services Authority had denied Snoras permission to trade in England because it said it could not trust the bank to give accurate and complete information.

Fans have written to the Football League to demand answers about how Mr Antonov passed the Football League’s F&PPT, and to urge the body to listen to fans’ opinions.

One fan, Mike Smith, wrote: ‘I would like to express my extreme disappointment with your organisation’s ability to carry out the correct tests on Portsmouth Football Club.’

He also asked to know why the FL is not at fault for passing Mr Antonov, and what the FL is doing to help Pompey now.

The Football League is alleging that Mr Antonov misled the organisation on the F&PPT form, which, while a legal document, is taken on faith.

A petition has been raised by fans to urge the Football League to safeguard Pompey’s future and ensure no one party benefits from it being put into administration or – in a worse case scenario – being wound up.

It also demands ‘actions that the Football League can take in co-ordination with the Premier League and Football Association to ensure that “fit and proper” action occurs during the next period of administration should it be approved’.

It can be found at ipetitions.com/petition/request-to-the-football-league-re-portsmouth/

Meanwhile, Lib Dem peer Ben Stoneham, Baron Stoneham of Droxford, raised the issue during a debate in the House of Lords about introducing a F&PPT for press standards.

He said: ‘The government have as much chance of getting this right as the Football League has of approving a fit and proper person to own Portsmouth Football Club.’

The Spinnaker Tower will be lit up blue tonight as a mark of solidarity.

An eleventh-hour meeting between CSI administrator Andrew Andronikou and self-proclaimed millionaire Keith Gregory, who wanted to buy the club, did not take place yesterday.

Both parties accused the other of not returning phone calls.

Mr Gregory has previously said he is not interested in the club if it goes into administration

Follow the administration hearing live at portsmouth.co.uk today. We have two reporters at the High Court for the hearing.

 

Hang on there one cotton pickin' minute.... I thought it was Lampitt, as PFC CEO, that has called in the administrators and nominated UHY Hacker?

 

As such, why are Money Penny and Portsmouth Council urging the courts to appoint a different administrator when, surely, they should simply ask Lampitt WTF he is doing?

 

Either Lampitt is acting in the interests of PFC or he isn't... ?