angelman Posted 22 February, 2012 Share Posted 22 February, 2012 Fine time to raise the £17m debenture question. As has been mentioned before, what was he doing while undertaking due diligence? Maybe he did question it and put it in his report to CSI, but why would anyone proceed if there was a question about it? Link to comment Share on other sites More sharing options...
ALWAYS_SFC Posted 22 February, 2012 Share Posted 22 February, 2012 I thought they were struggling for players? http://www.portsmouthfc.co.uk/LatestNews/news/Blues-Boys-Go-On-Loan-3149.aspx They are just getting "practice" for when rest of club joins them in that league Link to comment Share on other sites More sharing options...
Super Bock 1898 Posted 22 February, 2012 Share Posted 22 February, 2012 Is anybody on there actually a real pompey fan? I think this one could be from a real pompey fan, doesnt seem like one of yours, unless it's a double bluff Secured Creditor Wednesday, February 22, 2012 at 03:44 PM dont worry when all the s(ummers sisters get home from school in a minute they will soon FO the site to make use of their extra fingers Link to comment Share on other sites More sharing options...
Sheaf Saint Posted 22 February, 2012 Share Posted 22 February, 2012 I thought they were struggling for players? http://www.portsmouthfc.co.uk/LatestNews/news/Blues-Boys-Go-On-Loan-3149.aspx And this is why their crying because they don't have enough fit players doesn't wash with me. The article states that Stockford signed a professional contract last summer and played in the pre-season trip to the US. How on earth does he not qualify as a fit, senior player? Link to comment Share on other sites More sharing options...
trousers Posted 22 February, 2012 Share Posted 22 February, 2012 @pn_neil_allen: #Pompey breaking news. David Lampitt, John Redgate and Nick Byrom have left the club. Link to comment Share on other sites More sharing options...
stevegrant Posted 22 February, 2012 Share Posted 22 February, 2012 Wonder if Lampitt will be asking for his old job at the FA back? Link to comment Share on other sites More sharing options...
Colinjb Posted 22 February, 2012 Share Posted 22 February, 2012 How on earth does he not qualify as a fit, senior player? Fit, capable, willing and more importantly already employed. That they havn't been filling in on the bench is a scandal. Link to comment Share on other sites More sharing options...
Wurzel Posted 22 February, 2012 Share Posted 22 February, 2012 @pn_neil_allen: #Pompey breaking news. David Lampitt, John Redgate and Nick Byrom have left the club. But did they walk or were they pushed ? Link to comment Share on other sites More sharing options...
Appy Posted 22 February, 2012 Share Posted 22 February, 2012 I'm gutted Nicola C was rumbled after 1 question. Link to comment Share on other sites More sharing options...
Saint Lindford Posted 22 February, 2012 Share Posted 22 February, 2012 And this is why their crying because they don't have enough fit players doesn't wash with me. The article states that Stockford signed a professional contract last summer and played in the pre-season trip to the US. How on earth does he not qualify as a fit, senior player? E-mail sent to the FL asking the question. Also showing the irony that Richie and Pack, deemed not good enough for Portsmouth but are up for Football League awards. The second irony being Portsmouth FC being nominated in the Community club award, defrauded very same community out of tens of thousands of pounds and finally the Family club award showing those great family values of fraud and tax evasion. Link to comment Share on other sites More sharing options...
Channon's Sideburns Posted 22 February, 2012 Share Posted 22 February, 2012 More on Solent at 5.20pm regarding Mr Lampitt. Can I just say......... Reap what ye sow Skates, reap what ye sow. Link to comment Share on other sites More sharing options...
tony13579 Posted 22 February, 2012 Share Posted 22 February, 2012 for those as ignorant as me Chief Financial Officer: John Redgate Nick Byrom. Title: Commercial Director at Portsmouth Football Club Link to comment Share on other sites More sharing options...
Saints foreva Posted 22 February, 2012 Share Posted 22 February, 2012 http://www.portsmouthfc.co.uk/LatestNews/news/Southampton-Tickets-On-General-Sale-3127.aspx There are around 900 seats still available to buy for the second south coast derby of the season. Best fans my arse... Makes you wonder how many they would have sold if they sold them a similar way to us for the game at Fratton. Had ours been like theirs (walk to the ticket office and just buy a ticket, none of this apply ********) then I'm confident they wouldn't have even lasted a week. Link to comment Share on other sites More sharing options...
Channon's Sideburns Posted 22 February, 2012 Share Posted 22 February, 2012 Continuing with the 'reap what ye sow' Skate theme... Isn't it ironic that had the Skates invested in a youth academy, they may never have lost Alex Oxade-Chamberlain to us??? Just think what they could've done with that £15M......?!?! Link to comment Share on other sites More sharing options...
Saint-Reece Posted 22 February, 2012 Share Posted 22 February, 2012 Matt Slater @mattslaterbbc Reply Retweet Favorite · Open Pompey administrators: Our initial analysis of #pfc financial position has revealed situation is more serious than many expected...To put it bluntly, Portsmouth FC has a Premier League cost base but only Championship income. HOW LONG HAVE WE KNOWN THIS FOR ON HERE?!?! Link to comment Share on other sites More sharing options...
Channon's Sideburns Posted 22 February, 2012 Share Posted 22 February, 2012 Paul Kelso @pkelso Close Reundancies at Pompey as adminstrator bemoans 'Premier League costs on Champ income'. Chief exec David Lampitt had 2 years to address that. They're starting to 'get it'. Link to comment Share on other sites More sharing options...
Channon's Sideburns Posted 22 February, 2012 Share Posted 22 February, 2012 @wave105radio Close #Pompey administrator Trevor Birch says the situation is "more serious than many people expected". Haha....THAT'S why Lampitt et al wanted AA. Continuation of employment a la Storrieteller. Link to comment Share on other sites More sharing options...
dvaughanwilliams Posted 22 February, 2012 Share Posted 22 February, 2012 Re: Chainrai's debenture. http://www.uhy-uk.com/assets/media/download/portsmouth%20reports/Final%20progress%20report.pdf According to page 18, the debenture has a fixed and floating charge over all assets of the club. Now, I may be being thick, but if the fixed charge over all assets doesn't cover the amount of the debt, doesn't this mean that the club is Balance Sheet insolvent? Isn't this a confession of Wrongful Trading? Also, why would they be so happy about having Chinny as an unsecured creditor? It's as if everyone has forgotten the fact that the last CVA only just got voted through. Having another malcontent in the CVA voting pool, doesn't sound like a formula for success to me. Link to comment Share on other sites More sharing options...
derry Posted 22 February, 2012 Share Posted 22 February, 2012 Is that more serious than 'we' expected. Now comes, If we don't fill the ground and bring in more income we won't last the season, then, If we don't get a buyer by the end of the season we will be in trouble, then, If the next parachute payment isn't released to us we will have to liquidate, then, if all the parachute payments aren't released to us we will liquidate, then liquidated. I don't think there is much time left as the dire situation is sinking in fast. Link to comment Share on other sites More sharing options...
View From The Top Posted 22 February, 2012 Share Posted 22 February, 2012 Didn't PFC123 tell us everything was fine, nothing to worry about? Link to comment Share on other sites More sharing options...
trousers Posted 22 February, 2012 Share Posted 22 February, 2012 @TonyHusbandBBC: #pompey brutal reality of administration for many at FP. Pretty damning comments from PKF re cost base. Could apply to many Champ clubs tho? Link to comment Share on other sites More sharing options...
dvaughanwilliams Posted 22 February, 2012 Share Posted 22 February, 2012 Also, it hasn't been made clear which transaction that Birch is questioning. Is it the initial loan to Falcondron, the transfer from Falcondrone to Old Co or the transfer from the Old Co to New Co? The first transaction happened in the British Virgin Islands and the other two would require digging through all of the Old Co docs that are currently with Baker Tilly who will be conducting an investigation into whether the old co director were conducting Wrongful Trading. This investigation can only happen after liquidation is finished. So a complex case across companies and legal jurisdictions. Also, it's quite a gamble on both sides. To get an outcome, it'll have to go to court. Birch will have to think that it's quite likely that he'll get a result to make it worth the costs of doing it, especially if Chinny appeals. The worst case scenario is that they take it to court, using up funds that they can't afford to lose and then find that his claim is upheld. Equally, Chainrai's stuck with his sunk costs. Does he throw good money after bad to try to retain his secured creditor status for all of his debts? Vote down a CVA? The really funny thing is that the Snooze commenters think that the debt would get wiped out, rather than just a reduction of the amount that was secured, with the balance unsecured. He'll still be owed £17m, but he might also be given a power of veto over any CVA arrangements too. It just keeps getting better. Link to comment Share on other sites More sharing options...
Verbal Posted 22 February, 2012 Share Posted 22 February, 2012 Didn't PFC123 tell us everything was fine, nothing to worry about? There isn't. They'll be liquidated within a month. Link to comment Share on other sites More sharing options...
Brizzie Saints Posted 22 February, 2012 Share Posted 22 February, 2012 Got a reply from the FL Thank you for your email. As you may have noted, Portsmouth Football Club has been deducted ten points in accordance with Football League rules and regulations. For the latest official statement from The Football League please visit our website here http://www.football-league.co.uk/footballleaguenews/20120217/pompey-given-10-point-deduction_2293334_2614922. The club is now in administration following an application by the directors to the High Court. The High Court has determined the appointment of Trevor Birch at PKF as administrator, having being nominated by other creditors including HMRC. The League will now work with the administrators as they seek to find a purchaser for the club. Based on your email content we would also recommend you access information relating to the Owners’ and Directors’ Test. The Owners’ and Directors’ Test is an objective assessment to determine necessary information in relation to the management or control of a Football League club by an individual. It is not a subjective test and therefore The League must work with the facts in hand and those presented in the test. You may find an FAQ regarding the Owners and Directors Test useful http://www.football-league.co.uk/page/FAQ/FAQsDetail/0,,10794~2428071,00.html. The Football League can clarify that at all times following its takeover of Portsmouth Football Club, Convers Sports Initiatives - and in particular Mr Vladimir Antonov - complied with the requirements of the Owners’ and Directors’ Test as set out in the regulations of The Football League. Any football club that is in administration will be subject to a transfer registrations embargo. The principle being that where clubs are not able to afford their current playing squad they are not permitted to sign anyone else. In view of any embargo The Football League cannot allow a club to sign any new players, unless they are unable to field a team, i.e. name fourteen fit players for any match (11 starters plus 3 ‘usable outfield substitutes’ – which is usual Football League policy). However, we only take account of players with any first team experience and young professionals who haven’t played at first team level are therefore discounted. At present The League cannot currently comment any further in relation to Portsmouth and any further statement will appear on our website in due course. Thank you for contacting The Football League. Regards, Andrew Pomfret Customer Services Officer Link to comment Share on other sites More sharing options...
patred44 Posted 22 February, 2012 Share Posted 22 February, 2012 http://www.talksport.co.uk/sports-news/football/football-league/championship/1571/14/administrator-portsmouths-situation-more-serious-expected? another plea to pack the park:lol: Link to comment Share on other sites More sharing options...
Verbal Posted 22 February, 2012 Share Posted 22 February, 2012 So I'm curious: how can due diligence be carried out by TB, only for him to discover within a week that things are far worse than he expected? Link to comment Share on other sites More sharing options...
dvaughanwilliams Posted 22 February, 2012 Share Posted 22 February, 2012 So I'm curious: how can due diligence be carried out by TB, only for him to discover within a week that things are far worse than he expected? The situation may have got considerably worse under the 'stewardship' of CSI. Up to the takeover, they were under FL instructions to be careful. After the takeover, CSI agreed to fund the £1m per month financial deficit [with loans from CSI]. Who knows what contracts were signed in that period? Link to comment Share on other sites More sharing options...
Panda Posted 22 February, 2012 Share Posted 22 February, 2012 So I'm curious: how can due diligence be carried out by TB, only for him to discover within a week that things are far worse than he expected? Please don't ask difficult questions ... Link to comment Share on other sites More sharing options...
SOTONS EAST SIDE Posted 22 February, 2012 Share Posted 22 February, 2012 LUMPITT QUITS what a surprise!!! Link to comment Share on other sites More sharing options...
Sour Mash Posted 22 February, 2012 Share Posted 22 February, 2012 A) hahahahahaha B) How thick are these experts? No offence, but it's been painfully obvious to anyone with even the slimmest interest in football for 2 years now. C) hahahahahaha What's funny about that? Link to comment Share on other sites More sharing options...
Truckasaurus Posted 22 February, 2012 Share Posted 22 February, 2012 "the fratton park club could run out of money within two months" It took me ten minuits to stopp laughing. Link to comment Share on other sites More sharing options...
derry Posted 22 February, 2012 Share Posted 22 February, 2012 Tony Husband on South Today clarified that the assets can be sold at market value by the administrators with court approval. Link to comment Share on other sites More sharing options...
70's Mike Posted 22 February, 2012 Share Posted 22 February, 2012 LUMPITT QUITS what a surprise!!! run away run away run away now the truth is out there will they pack the park? Link to comment Share on other sites More sharing options...
70's Mike Posted 22 February, 2012 Share Posted 22 February, 2012 Tony Husband on South Today clarified that the assets can be sold at market value by the administrators with court approval. what assets Link to comment Share on other sites More sharing options...
derry Posted 22 February, 2012 Share Posted 22 February, 2012 what assets Fratton Park, BC would only get the value not the £17m in the charge. Link to comment Share on other sites More sharing options...
Right sider Posted 22 February, 2012 Share Posted 22 February, 2012 Looks like Lampitt was sacked. Link to comment Share on other sites More sharing options...
dvaughanwilliams Posted 22 February, 2012 Share Posted 22 February, 2012 Fratton Park, BC would only get the value not the £17m in the charge. Because selling and leasing back the ground has been a great strategy for Bournemouth, Crystal Palace and others Link to comment Share on other sites More sharing options...
stevegrant Posted 22 February, 2012 Share Posted 22 February, 2012 Fratton Park, BC would only get the value not the £17m in the charge. All well and good, but as has been mentioned, sale-and-leaseback hasn't done much for other clubs, and of course you need an idiot willing to buy it first. With various charges, security, etc and the uncertainty over whether they'd actually get paid any rent by the tenant football club, I wouldn't touch it with a bargepole. Link to comment Share on other sites More sharing options...
Panda Posted 22 February, 2012 Share Posted 22 February, 2012 Looks like Lampitt was sacked. Of course he was sacked. He is not needed now, the administrators are in charge and getting rid of expensive executives is always the starting point. IF new owners are found they will want their own people in charge anyway. Link to comment Share on other sites More sharing options...
derry Posted 22 February, 2012 Share Posted 22 February, 2012 Because selling and leasing back the ground has been a great strategy for Bournemouth, Crystal Palace and others I get the impression this is all about who gets what and what the charges are worth in relation to CV/liquidation. I am sure there is no intention to sell/leaseback. Link to comment Share on other sites More sharing options...
Kingsland Red Posted 22 February, 2012 Share Posted 22 February, 2012 Administrators Q & a live here: http://www.portsmouth.co.uk/news/news-special Link to comment Share on other sites More sharing options...
stevegrant Posted 22 February, 2012 Share Posted 22 February, 2012 Administrators Q & a live here: http://www.portsmouth.co.uk/news/news-special Christ, they've just made 30 people redundant and the first question to him is "What is the situation with signing players?" Link to comment Share on other sites More sharing options...
Saint Lindford Posted 22 February, 2012 Share Posted 22 February, 2012 Must have been all of 50 people at the forum with Birch. Another Pack the Park then... LOL Link to comment Share on other sites More sharing options...
Gingeletiss Posted 22 February, 2012 Share Posted 22 February, 2012 http://www.portsmouth.co.uk/news/news-special On now. Link to comment Share on other sites More sharing options...
Glasgow_Saint Posted 22 February, 2012 Share Posted 22 February, 2012 I wonder if Appleton will get the boot too? Link to comment Share on other sites More sharing options...
Saint in Paradise Posted 22 February, 2012 Share Posted 22 February, 2012 Now Lampitt has gone what will happen to him IF TB finds out that Lampitt did something a director shouldn't do. Will Lampitt still be liable now that he is no longer a director?? Link to comment Share on other sites More sharing options...
stevegrant Posted 22 February, 2012 Share Posted 22 February, 2012 Now Lampitt has gone what will happen to him IF TB finds out that Lampitt did something a director shouldn't do. Will Lampitt still be liable now that he is no longer a director?? If Lampitt did anything he shouldn't have done legally, and it's discovered, he'll get done for it. It doesn't matter that he's not a director anymore. Link to comment Share on other sites More sharing options...
patred44 Posted 22 February, 2012 Share Posted 22 February, 2012 When will early bird season tickets be sorted out to give you a bit of cash to tide you over? 19:16 Birch said the club is reluctant to take fans' money in case it goes into liquidation and the money is lost in administration fees Link to comment Share on other sites More sharing options...
johnnyboy Posted 22 February, 2012 Share Posted 22 February, 2012 have found twitter more informative using the #pompey than the snooze chat thingy but obviously snooze can be manipulated ! Link to comment Share on other sites More sharing options...
Gingeletiss Posted 22 February, 2012 Share Posted 22 February, 2012 http://www.portsmouth.co.uk/news/news-special On now. :16 Sheanne: Birch said the club is reluctant to take fans' money in case it goes into liquidation and the money is lost in administration fees Link to comment Share on other sites More sharing options...
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