Micky Posted 22 February, 2012 Share Posted 22 February, 2012 33 redundancies, Birch said the savings he is making, which also include asking some staff to work part-time instead of full-time, amount to approximately £400,000 a month. 400,000 divided by 33 = 12121.212121 (spooky number) but PFC obviously pay well. Link to comment Share on other sites More sharing options...
View From The Top Posted 22 February, 2012 Share Posted 22 February, 2012 He's quite touchy, isn't he? He certainly doesn't like his lack of knowledge pointed out in twitter land. Link to comment Share on other sites More sharing options...
stevegrant Posted 22 February, 2012 Share Posted 22 February, 2012 He clearly knows infinitely more about insolvency law than I do, but I'm a bit confused. The club needs a CVA to avoid a massive points deduction in the season they emerge from admin. If the club were to be sold for, say, £25m: Chainrai gets his £17m with the rest of the £23m-£33m sharing £8m. What if, at the creditors meeting, they vote down the CVA? HMRC are reported to be owed between £1m-£7m. If the final figure is more than 25% of the debt buy value, they start next season on -15 or worse. HMRC won't necessarily be the problem, although they'll have a significant input. Baker Tilly, as supervisors to the old CVA, are owed £16m, and as they were installed as supervisors by HMRC, it stands to reason that they would probably vote against any new CVA which dilutes the old creditors' return even further. Link to comment Share on other sites More sharing options...
trousers Posted 22 February, 2012 Share Posted 22 February, 2012 @pn_neil_allen: Birch believes #Pompey have only enough cash to get through to the middle of April. Link to comment Share on other sites More sharing options...
Joey-deacons-left-nut Posted 22 February, 2012 Share Posted 22 February, 2012 33 redundancies, Birch said the savings he is making, which also include asking some staff to work part-time instead of full-time, amount to approximately £400,000 a month. 400,000 divided by 33 = 12121.212121 (spooky number) but PFC obviously pay well. lampit was rumoured to be on 600k a year, so thats 50k in wages and probably a heafty whack in paye,ni and pension contributions off the books. Link to comment Share on other sites More sharing options...
Jimmy_D Posted 22 February, 2012 Share Posted 22 February, 2012 Could well end up that their last ever match is against us... Link to comment Share on other sites More sharing options...
dubai_phil Posted 22 February, 2012 Share Posted 22 February, 2012 lampit was rumoured to be on 600k a year, so thats 50k in wages and probably a heafty whack in paye,ni and pension contributions off the books. The GOOD news is that PCFC 2010 have only been in existance for a year so when it comes to redundancy payments............ More people who cannot afford it get screwed again Link to comment Share on other sites More sharing options...
positivepete Posted 22 February, 2012 Share Posted 22 February, 2012 From second post of the meeting.... -The debt of the club is valued, in total, at approximately £46m, but this does include the debt to CSI, the debenture etc What does it include then, as CSI and the (17m) debenture is £28m in the figures we have been working to...... Link to comment Share on other sites More sharing options...
Whitey Grandad Posted 22 February, 2012 Share Posted 22 February, 2012 Won't they fall under the TUPE regulations, Phil? Link to comment Share on other sites More sharing options...
dubai_phil Posted 22 February, 2012 Share Posted 22 February, 2012 Won't they fall under the TUPE regulations, Phil? You're asking me a question about UK Employment Legislation? Was just working from the start point that many would have only signed up new contracts with NewCo so length of service is the issue. But then I ain't got involved in UK stuff for about 18 years. Link to comment Share on other sites More sharing options...
stevegrant Posted 22 February, 2012 Share Posted 22 February, 2012 From second post of the meeting.... -The debt of the club is valued, in total, at approximately £46m, but this does include the debt to CSI, the debenture etc What does it include then, as CSI and the (17m) debenture is £28m in the figures we have been working to...... £16m CVA to Baker Tilly, £1.6m to HMRC for unpaid PAYE/NI from December/January, about the same in unpaid wages for January. Link to comment Share on other sites More sharing options...
Fowllyd Posted 22 February, 2012 Share Posted 22 February, 2012 (edited) From second post of the meeting.... -The debt of the club is valued, in total, at approximately £46m, but this does include the debt to CSI, the debenture etc What does it include then, as CSI and the (17m) debenture is £28m in the figures we have been working to...... It includes the debt to CSI, the debenture and all the rest. I suspect you've read a 'not' where there isn't one in the bit you've quoted. Edit: on a second reading, maybe you haven't! Mr Grant's post above gives some more details... Edited 22 February, 2012 by Fowllyd Link to comment Share on other sites More sharing options...
anothersaintinsouthsea Posted 22 February, 2012 Share Posted 22 February, 2012 @pn_neil_allen: Birch believes #Pompey have only enough cash to get through to the middle of April. Presumably that is with the players also deferring their wages? Link to comment Share on other sites More sharing options...
Danny R Posted 22 February, 2012 Share Posted 22 February, 2012 The GOOD news is that PCFC 2010 have only been in existance for a year so when it comes to redundancy payments............ More people who cannot afford it get screwed again TUPE surely applies to ensure they should get what's owed? Link to comment Share on other sites More sharing options...
positivepete Posted 22 February, 2012 Share Posted 22 February, 2012 £16m CVA to Baker Tilly, £1.6m to HMRC for unpaid PAYE/NI from December/January, about the same in unpaid wages for January.[/quote oops read it as does not include.... Been at this too long! Link to comment Share on other sites More sharing options...
Danny R Posted 22 February, 2012 Share Posted 22 February, 2012 B****x. The one time I thought I had something useful to add, someone gets in there first. Damn you Whitley Grandad. Link to comment Share on other sites More sharing options...
dubai_phil Posted 22 February, 2012 Share Posted 22 February, 2012 TUPE surely applies to ensure they should get what's owed? WTF is TUPE? Is it some new slogan instead of pack the park? - turn up poopey excrement Link to comment Share on other sites More sharing options...
trousers Posted 22 February, 2012 Share Posted 22 February, 2012 @pn_neil_allen: Birch on FL: 'They are not interested in any kind of cohesive argument as to why they should help Portsmouth.' Huzzah! Link to comment Share on other sites More sharing options...
SparkySaint Posted 22 February, 2012 Share Posted 22 February, 2012 http://www.bbc.co.uk/sport/0/football/17118039 I bet it is Liam. Try being one of the 33 laid off today. These footballers have it so hard Link to comment Share on other sites More sharing options...
Whitey Grandad Posted 22 February, 2012 Share Posted 22 February, 2012 Sore Danny, I'm sitting here in Christchurch airport NZ with nothing better to do! Link to comment Share on other sites More sharing options...
LGTL Posted 22 February, 2012 Share Posted 22 February, 2012 It appears the FL has finally woken up. Link to comment Share on other sites More sharing options...
Whitey Grandad Posted 22 February, 2012 Share Posted 22 February, 2012 WTF is TUPE? Is it some new slogan instead of pack the park? - turn up poopey excrement Just for you, Phil: http://en.m.wikipedia.org/wiki/Transfer_of_Undertakings_(Protection_of_Employment)_Regulations_2006 Link to comment Share on other sites More sharing options...
dubai_phil Posted 22 February, 2012 Share Posted 22 February, 2012 It appears the FL has finally woken up. As has Matt Slater. Parachute payments... The original CVA proposed using them to pay off the debt, maybe the FL/PL have grown some and seen that "the 2nd admin may decide to change the rules" and have grown some. Fun days, thank fook for jetlag Link to comment Share on other sites More sharing options...
dubai_phil Posted 22 February, 2012 Share Posted 22 February, 2012 Just for you, Phil: http://en.m.wikipedia.org/wiki/Transfer_of_Undertakings_(Protection_of_Employment)_Regulations_2006 Ah, so you think AA would not have seen this line just because of the transfer, employees are not dismissed before or after (unless there is an 'economic, technical or organisational' reason, r 7(1)(b)) employees' most important terms and conditions of contracts are not worsened before or after the transfer (unless there is an 'economic, technical or organisational' reason, njoy xchurch airport. Jet lag just about burnt out for tonight, sweet dreams one and all Link to comment Share on other sites More sharing options...
warsash saint Posted 22 February, 2012 Share Posted 22 February, 2012 So Guilded Missile, where is this news on the rumoured bid from someone you know?? Link to comment Share on other sites More sharing options...
Rational Rich Posted 22 February, 2012 Share Posted 22 February, 2012 So Guilded Missile, where is this news on the rumoured bid from someone you know?? He probably decided to spend his tenner on lottery tickets instead - better investment. Link to comment Share on other sites More sharing options...
St Chalet Posted 22 February, 2012 Share Posted 22 February, 2012 So Guilded Missile, where is this news on the rumoured bid from someone you know?? Planning permission denied on the Monkey Petting Zoo so the deals off I reckon. Link to comment Share on other sites More sharing options...
St Chalet Posted 22 February, 2012 Share Posted 22 February, 2012 Looking at their fixtures, I do think they'd need to lose a few players or be hit with more points deductions to be relegated. Lot of winnable games for the side they (unfairly) have. Still seems odd to me, they can stay up and relegate someone else simply because they decided to not pay tax and ignore debt. That's pompeyconomics for you. The logic doesn't seem to apply to the rest of the business or football world. Link to comment Share on other sites More sharing options...
St Chalet Posted 23 February, 2012 Share Posted 23 February, 2012 For those that don't visit TMS. http://www.saintsweb.co.uk/showthread.php?36042-Pay-up-Pompey... Link to comment Share on other sites More sharing options...
Waterside.saint Posted 23 February, 2012 Share Posted 23 February, 2012 For those that don't visit TMS. http://www.saintsweb.co.uk/showthread.php?36042-Pay-up-Pompey... Hilarious Link to comment Share on other sites More sharing options...
Whitey Grandad Posted 23 February, 2012 Share Posted 23 February, 2012 Another thought... If the Football (Premier) League do retract the last parachute payments, then isn't this money shared amongst the other Championship clubs? Link to comment Share on other sites More sharing options...
SaintBobby Posted 23 February, 2012 Share Posted 23 February, 2012 Where are Corp Ho and pfc123 to explain why everything is tickety-boo? Or is Corp PMSLing? Link to comment Share on other sites More sharing options...
Tamesaint Posted 23 February, 2012 Share Posted 23 February, 2012 Perhaps he has spent all his money in bars and in paying his court imposed fines. Iwonder if he will survive if he has to take a pay deferral. Don't the DSSdo loans or something for people who are in dire financial straits 'cos their employer hasn't paid them? Link to comment Share on other sites More sharing options...
Tamesaint Posted 23 February, 2012 Share Posted 23 February, 2012 Where are Corp Ho and pfc123 to explain why everything is tickety-boo? Or is Corp PMSLing? Corp was on here last night at 5.32 pm but clearly couldn't come up with more bullshi* to explain why everything was all right. Perhaps the penny is dropping?? PFC, poor s*d, may well be one of the 33. He is probably in the pub spending the redundo that he will never get paid. Link to comment Share on other sites More sharing options...
SNOWY Posted 23 February, 2012 Share Posted 23 February, 2012 "Club debts will be frozen out of a sale price, so price of the club will be the price of the club. Any potential owner would have to consider future committments to player contracts". Can anyone expiain this statement? Link to comment Share on other sites More sharing options...
St Chalet Posted 23 February, 2012 Share Posted 23 February, 2012 "Club debts will be frozen out of a sale price, so price of the club will be the price of the club. Any potential owner would have to consider future committments to player contracts". Can anyone expiain this statement? I guess another CVA, creditors get screwed, Pompey start again with a clean slate. It's a scandal! Link to comment Share on other sites More sharing options...
trousers Posted 23 February, 2012 Share Posted 23 February, 2012 "Club debts will be frozen out of a sale price, so price of the club will be the price of the club. Any potential owner would have to consider future committments to player contracts". Can anyone expiain this statement? "We're gonna see if we can get away with writing off our debts again without anyone (apart from those pesky SWF sleuths and Matt Slater) noticing"....? Link to comment Share on other sites More sharing options...
ChrisPY Posted 23 February, 2012 Share Posted 23 February, 2012 "Club debts will be frozen out of a sale price, so price of the club will be the price of the club. Any potential owner would have to consider future committments to player contracts". Can anyone expiain this statement? The club will be bought for £1 but you'll still have Chanrai, Gaydamak sniffing around and Ben Haim on £36k a week?? Link to comment Share on other sites More sharing options...
Danish Saint Posted 23 February, 2012 Share Posted 23 February, 2012 Huseklepps agent has now confirmed, that he (Huseklepp, not the agent) has joined Birmingham on loan for the remainder of the season http://www.nrk.no/sport/fotball/1.8007960 Link to comment Share on other sites More sharing options...
Jonnyboy Posted 23 February, 2012 Share Posted 23 February, 2012 Huseklepps agent has now confirmed, that he (Huseklepp, not the agent) has joined Birmingham on loan for the remainder of the season http://www.nrk.no/sport/fotball/1.8007960 Damn, makes them stronger. Link to comment Share on other sites More sharing options...
trousers Posted 23 February, 2012 Share Posted 23 February, 2012 huseklepps agent has now confirmed, that he (huseklepp, not the agent) has joined birmingham on loan for the remainder of the season http://www.nrk.no/sport/fotball/1.8007960 ffs Link to comment Share on other sites More sharing options...
dubai_phil Posted 23 February, 2012 Share Posted 23 February, 2012 Huseklepps agent has now confirmed, that he (Huseklepp, not the agent) has joined Birmingham on loan for the remainder of the season http://www.nrk.no/sport/fotball/1.8007960 How many Reserve Squad players do WBA have? Will be interesting to know how soon the only club daft enough to help Voldermort will run out Link to comment Share on other sites More sharing options...
Foxstone Posted 23 February, 2012 Share Posted 23 February, 2012 Huseklepps agent has now confirmed, that he (Huseklepp, not the agent) has joined Birmingham on loan for the remainder of the season http://www.nrk.no/sport/fotball/1.8007960 Has it made Brum stronger - Really !! I would argue not - Heseklepp IMHO is a very average player prone to fits and starts of good form inbetween long periods of mediocrity at best ! Link to comment Share on other sites More sharing options...
Danish Saint Posted 23 February, 2012 Share Posted 23 February, 2012 According to the article, Huseklepp is travelling to Birmingham this morning. No deal done so far, but agent is hopefull a deal will be done today. Link to comment Share on other sites More sharing options...
RedWillie Posted 23 February, 2012 Share Posted 23 February, 2012 we are still better than Birmingham. keep the faith Link to comment Share on other sites More sharing options...
Gingeletiss Posted 23 February, 2012 Share Posted 23 February, 2012 95 DL Leeds both toast Thursday, February 23, 2012 at 07:44 AM Morning Steve. Tiger here. Well AA holding 800k this is ridiculous and should be unethical, so very kind of him give back 600k, how can he justify holding 200k exactly for what, CSI supposed pay him back by BC now PFC pay him....Birch will sort this out.......but yes he had 800k sitting in his account when he could have paid staff all owed and half players salaries thats amiss. this will be the last straw for all fans and AA and even me i have tried not to get into a slaggin match on AA while he was involved but frankly now he is looking every worse.......holding 800k when we needed the money Lol at this lot...I'd of thought not paying your taxes, or ripping of local charities would be more of a talking point, but I guess fish see things differently! Link to comment Share on other sites More sharing options...
angelman Posted 23 February, 2012 Share Posted 23 February, 2012 Ginge, yes it does seem that there is a recurring theme here that it is vital that the players get paid and screw everyone else (inc HMRC). The sooner the Football Creditors Rule is overhauled the better. Link to comment Share on other sites More sharing options...
dronskisaint Posted 23 February, 2012 Share Posted 23 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? Very low expectations I imagine although his firm did work on the CSI takeover (is that how you spell shafting?) so it's difficult to imagine how low they could be! Hohohochucklechuckle. Link to comment Share on other sites More sharing options...
dronskisaint Posted 23 February, 2012 Share Posted 23 February, 2012 with a tesco store! :lol: Link to comment Share on other sites More sharing options...
trousers Posted 23 February, 2012 Share Posted 23 February, 2012 "There's a rumour going round at Pompey that Dave Kitson has been asked to go full-time instead of part-time...." Good to see they've entered 'gallows humour' mode down the road Link to comment Share on other sites More sharing options...
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