Pompey Takeover Saga

[pedg]

I don't think it is. Portpin / the OldCo are owed £16.5m on this new list for the CVA which was arranged as the partial repayment of the old debts. The remaining £24m of the total £40m would appear to be new.

 

I agree now it is not. Just thought it was impossible to build up such a large list of creditors in such a short time but I under estimated their ability on that front.

[derry]

Derek's quite good too....

 

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[TD][Comment From Derek Derek : ]

I've just realised that Southampton have lost twice to Bristol City this season.....they could end up contributing to our relegation this season! Dislike them even more now! PUP!

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Wednesday April 11, 2012 14:21 Derek [/TD]

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The penny finally drops.:lol:

[sotonjoe]

I agree now it is not. Just thought it was impossible to build up such a large list of creditors in such a short time but I under estimated their ability on that front.

 

Yes, your mistake was applying common sense to Pompey! Accruing £24m of debt in approx 16 months is staggering. It's £150k a month I think! And they've been shafting the same range of local businesses etc all over again.

[stevegrant]

Worth bearing in mind that, apparently, the reason there are loads of creditors listed on there with no value of debt is that new ledgers weren't created on the club's accounting software when NewCo replaced OldCo, so the creditor list is just a printout of all suppliers past and present. Not 100% sure that's right, but time will tell.

[Under Weststand]

Adrian Durham (TalkSport) just read out the administrator's announcement about the possible liquidation. He obviously hasn't been made aware of the new list of creditors yet otherwise he would have gone ballistic.

 

Then Darren Gough said "They've still got a decent stadium though".

 

To which Durham replied: "You're joking!? It's the pits!"

 

 

 

Just heard that too Trousers, Gough is he a deluded skate on the quite?

PMSL when he tried to qualify his statement, saying they would have updated there Stadium(Sh*te Hole)

whilst in the premier league. Must not have realized the bogs don't flush they only have cold & cold running water

mostly dripping from the faucets! Apart from the ones with fat in the pipes. Have they got the clock ticking yet?

 

Anyway sounds like Birch is slowly getting the phew ready for the bad news then.

Any faint interest will probably have evaporated after last nights defeat.

[pedg]

Worth bearing in mind that, apparently, the reason there are loads of creditors listed on there with no value of debt is that new ledgers weren't created on the club's accounting software when NewCo replaced OldCo, so the creditor list is just a printout of all suppliers past and present. Not 100% sure that's right, but time will tell.

 

You wonder that if they can't identify which creditors they actually owe money to if their figure for how much they owe can be in any way reliable?

[sidthesquid]

Yes, your mistake was applying common sense to Pompey! Accruing £24m of debt in approx 16 months is staggering. It's £150k a month I think! And they've been shafting the same range of local businesses etc all over again.

 

Have you borrowed Peter Storrie's calculator? £24mill divided by 16 months is £1.5 mill per month. Now that's what I call proper loss-making!

[trousers]

The penny finally drops.:lol:

 

I'm ashamed to admit that question came from yours truly... :-)

[trousers]

You wonder that if they can't identify which creditors they actually owe money to if their figure for how much they owe can be in any way reliable?

 

I think this report acts as an invite to all creditors (known or otherwise) to step forward with their claims so I don't think the list of creditors is ever watertight at this juncture.

 

That said, there's no danger of Pompey's finances ever being "watertight"....

[derry]

I'm ashamed to admit that question came from yours truly... :-)

 

Either way they will get the general drift, 2 points lost on Sat and 3 more last night added to our incompetent 6 puts them well and truly on the canvas sucking grit.

[hypochondriac]

I think this report acts as an invite to all creditors (known or otherwise) to step forward with their claims so I don't think the list of creditors is ever watertight at this juncture.

 

That said, there's no danger of Pompey's finances ever being "watertight"....

 

Quite apt that we are discussing this with the Titanic currently being the hot topic of the moment.

[SaintRichmond]

I think this report acts as an invite to all creditors (known or otherwise) to step forward with their claims so I don't think the list of creditors is ever watertight at this juncture.

 

That said, there's no danger of Pompey's finances ever being "watertight"....

 

 

As Skates .... they'd be "waterlogged"

[sotonjoe]

Have you borrowed Peter Storrie's calculator? £24mill divided by 16 months is £1.5 mill per month. Now that's what I call proper loss-making!

Cripes yeh. Shocking!

[BigShadow]

Gotta hurt ain't it.

 

 

 

That gives me a great idea. In keeping with the historic city status - Poorsmouth Council, English Heritage and the FA should get together to compulsory purchase Krap Nottarf and preserve it as a museum of football stadia from 100 years ago. AFC Poopey could be allowed to play home games there on condition they wear authentic early 1900's kit. The blue phew will have somewhere to go every other week - but they must also wear costumes from the early 1900's - shouldn't be too difficult, I'm sure they have plenty of that stuff in the back of the wardrobe if they just move the Diadora tracksuits out of the way.

 

Chainrai gets £5m back, The council and English Heritage get to share the museum proceeds, and the phew still get to visit FP. Everyones a winner!

[pedg]

One assumes the decisions of the administrator on various points of law can be challenged in court? I can see if the club is sold to the supporters trust for a pittance while the money owed to gady and chinny is sidestepped as appears to be stated in the document that they could all end up in court fairly quickly?

[FloridaMarlin]

Is it just me, or does that pic of the "History is so close..." poster look a bit dodge? It looks as though the blond guy has been bent over the cannon and is being presented with the old bo'sun's whistle.

[70's Mike]

I agree now it is not. Just thought it was impossible to build up such a large list of creditors in such a short time but I under estimated their ability on that front.

 

agreed so some one at King Edwards has been a right mug

also noted that on the Creditors list they did not know Kappa's address

[andysstuff]

Is it just me, or does that pic of the "History is so close..." poster look a bit dodge? It looks as though the blond guy has been bent over the cannon and is being presented with the old bo'sun's whistle.

 

Nope, first thing that struck me too. Must both have a very warped mind.

[OVER THE HILL]

Is it just me, or does that pic of the "History is so close..." poster look a bit dodge? It looks as though the blond guy has been bent over the cannon and is being presented with the old bo'sun's whistle.

 

Think that's Roger the cabin boy.

[bridge too far]

Think that's Roger the cabin boy.

 

Cue Captain Pugwash jokes

[pap]

Is it just me, or does that pic of the "History is so close..." poster look a bit dodge? It looks as though the blond guy has been bent over the cannon and is being presented with the old bo'sun's whistle.

 

It is a total candidate for Viz's Up The Arse corner.

 

In fact, I believe I may have seen it there already.

[The Kraken]

Is it just me, or does that pic of the "History is so close..." poster look a bit dodge? It looks as though the blond guy has been bent over the cannon and is being presented with the old bo'sun's whistle.

[Kingsland Red]

My favourite item is 5.7 - the remaining payments beyond the end of the season, left on the players contracts, totals £14m !!!

[Pedro]

How come they owe Kappa (IIRC about £150k) when I thought they were the sponsors. So, Kappa are a debtor and creditor meaning they will have to pay their dues to the administrators but lose out on what PFC owe them.

[pedg]

Good to see the Guardian mentioning the debt to St John's ambulance and local schools. Editor obviously did not read the article fully before adding the caption for the picture. If true that would REALLY confuse things:

 

http://www.guardian.co.uk/football/2012/apr/11/portsmouth-administrators-liquidation

[stevegrant]

How come they owe Kappa (IIRC about £150k) when I thought they were the sponsors. So, Kappa are a debtor and creditor meaning they will have to pay their dues to the administrators but lose out on what PFC owe them.

Kappa are Pompey's "retail partner" - basically the club sold the rights to all their merchandise to Kappa a couple of years ago, so they run the megastore(s?) and there's some sort of profit-sharing arrangement.

[Weston Super Saint]

Kappa are Pompey's "retail partner" - basically the club sold the rights to all their merchandise to Kappa a couple of years ago, so they run the megastore(s?) and there's some sort of profit-sharing arrangement.

 

Lol.

[Guan 2.0]

so Birch is charging £90K a week and he still makes mistakes.

 

Doesn't it say in there that they've paid out £32K in direct costs on loan players? No Trev, that can't be true, have I read that wrong?

 

Bygones if this has already been addressed, but has anyone contacted the FL/FA over this?

[bridge too far]

Good to see the Guardian mentioning the debt to St John's ambulance and local schools. Editor obviously did not read the article fully before adding the caption for the picture. If true that would REALLY confuse things:

 

http://www.guardian.co.uk/football/2012/apr/11/portsmouth-administrators-liquidation

 

He's having it changed

[pedg]

He's having it changed

 

Changed now but still incorrect really as Chainrai has not claimed to own FP only that he has a charge against it.

 

 

On one hand I don't want pompey to escape on the other if they escape having paid Chainrai nothing I would laugh.

[Truckasaurus]

Could it be that there is a conspiracy by someone (pick your choice) to clock up so much debt that the only option is for them to be liquidated.

 

Then it would be much easier for someone (pick your choice) to tow portsmuff around the island,across the channel and join it to France.

 

Thus making Hampshire more attractive,England a more beautiful country and the French even more smelly.

 

God bless HMRC.

[qwertySFC]

After reading the report I was akin to thinking this.

*

Pompey own Old Kent Road - with just 1 hotel - ( they haven't paid for their bills though)

 

Whitchapel Road - owned by Uncle Avram - easy access to a nice Thai massage.

 

The Angel Islington - A nice pub to do a bit of shady business deals

 

Euston Road. Where creditors meet and PFC like to spell the name backwards.

 

Pentonville Road. A stop off point to visit previous owners.

 

Pall Mail. A meeting point to protest to the FA about hard done by the fans are.

 

Whitehall. Where fans can meet MP Penny and her HMRC Contacts

 

Northhumberland Avenue . ???

 

Bow Street. Meet the judges open day meeting point.

 

Marlborough Street. Most prob worth stopping as we may visit them soon in some conference south league soon.

 

Vine Street. ???

 

Strand More commonly known as Stranded in lower leagues for years - so a must stop off point.

 

Fleet Street. Where some of the Snooze reporters would love to work

 

Trafalgar Square. Nelsons column - Pay homage to an old sailor - not much signs of any Victory though.

 

Leicester Square. A place to worship Lord Mandrich

 

Coventry Street. A place to consider a SISU Takeover bid.

 

Piccadilly. A stop over for the new Burger van owners

 

Regent Street. ???

 

Oxford Street. A must visit as we are playing them soon.

 

Bond Street. A place to pick up some cash that never needs repaying.

 

Park Lane. A street to name their new ground after - In some local park.

 

Mayfair. A top resort , quality entertainment AKA St Marys.

 

 

Have a few spaces to fill - or any alternatives would be fun. The Chance card, community chest , its all a bit of fun....

[pedg]

Have a few spaces to fill - or any alternatives would be fun. The Chance card, community chest , its all a bit of fun....

 

Chance Card:

 

You find you are trading insolvently. Just carry on as before

[carljack]

After reading the report I was akin to thinking this.

*

Pompey own Old Kent Road - with just 1 hotel - ( they haven't paid for their bills though)

 

Whitchapel Road - owned by Uncle Avram - easy access to a nice Thai massage.

 

The Angel Islington - A nice pub to do a bit of shady business deals

 

Euston Road. Where creditors meet and PFC like to spell the name backwards.

 

Pentonville Road. A stop off point to visit previous owners.

 

Pall Mail. A meeting point to protest to the FA about hard done by the fans are.

 

Whitehall. Where fans can meet MP Penny and her HMRC Contacts

 

Northhumberland Avenue . ???

 

Bow Street. Meet the judges open day meeting point.

 

Marlborough Street. Most prob worth stopping as we may visit them soon in some conference south league soon.

 

Vine Street. ???

 

Strand More commonly known as Stranded in lower leagues for years - so a must stop off point.

 

Fleet Street. Where some of the Snooze reporters would love to work

 

Trafalgar Square. Nelsons column - Pay homage to an old sailor - not much signs of any Victory though.

 

Leicester Square. A place to worship Lord Mandrich

 

Coventry Street. A place to consider a SISU Takeover bid.

 

Piccadilly. A stop over for the new Burger van owners

 

Regent Street. ???

 

Oxford Street. A must visit as we are playing them soon.

 

Bond Street. A place to pick up some cash that never needs repaying.

 

Park Lane. A street to name their new ground after - In some local park.

 

Mayfair. A top resort , quality entertainment AKA St Marys.

 

 

Have a few spaces to fill - or any alternatives would be fun. The Chance card, community chest , its all a bit of fun....

Free parking for Caravans only

Waterworks and electric Co would have to be left blank as Skates on benefits never pay the Bills.

[Chin Strain]

6.14 on the PKF report...I assume this may 'materially differ' once the creditors of the old CVA tell BT that they want 100% of the original debt.

 

6.14 The amount of £16.5m described as ìCVA creditors ñ due to OldCoî represents our current estimate of the likely claim of OldCo in the administration. The exact quantum of this claim is determined by the adjudicated value of creditor claims in the OldCo liquidation. The Liquidators of OldCo have not yet adjudicated on these claims. The final figure may be materially different from our estimate above.

[BigShadow]

After reading the report I was akin to thinking this.

*

 

Northhumberland Avenue . ???

 

 

Have a few spaces to fill - or any alternatives would be fun. The Chance card, community chest , its all a bit of fun....

 

Northumberland Ave - Gateshead must be around here somewhere - if we ever get promoted to their level

[kwsaint]

Any guesses as to how many pages this thread will run to before the Administrator finally throws in the towel and Pompey are liquidated. Got to be 1500+

[Legod Third Coming]

For clarity. The following characters did NOT ever appear in Captain Pugwash:

 

Seamen Stains

Master Bates

Roger the Cabin Boy

 

There, that should have saved us the £12k that the Telegraph were sued for, for suggesting otherwise.

[bridge too far]

For clarity. The following characters did NOT ever appear in Captain Pugwash:

 

Seamen Stains

Master Bates

Roger the Cabin Boy

 

There, that should have saved us the £12k that the Telegraph were sued for, for suggesting otherwise.

 

Ever the pedant, me

 

There is a persistent urban legend, repeated by the now-defunct UK newspaper the Sunday Correspondent, which ascribes sexually suggestive names – such as Master Bates, Seaman Staines, and Roger the Cabin Boy (meaning to have sex with) – to Captain Pugwash's characters, and indicating that the captain's name was a slang Australian term for oral sex. John Ryan successfully sued both the Sunday Correspondent and The Guardian newspapers in 1991 for printing this legend as fact

 

From Wiki

[Ohio Saint]

So Seaman D1ck was not under Captain Pugwash either?

[fanimal]

Stop. Do not pass go. Go directly to Jail.

[Channon's Sideburns]

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[TD][Comment From OldfieldBlue OldfieldBlue : ]

Shocking list of creditors again - Poppy Appeal? So much for the FA's ex Head of Integrity eh? Beginning to think we deserve all we get... [/TD]

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Wednesday April 11, 2012 14:21 OldfieldBlue

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I thank you .....

[Legod Third Coming]

Ever the pedant, me

 

There is a persistent urban legend, repeated by the now-defunct UK newspaper the Sunday Correspondent, which ascribes sexually suggestive names – such as Master Bates, Seaman Staines, and Roger the Cabin Boy (meaning to have sex with) – to Captain Pugwash's characters, and indicating that the captain's name was a slang Australian term for oral sex. John Ryan successfully sued both the Sunday Correspondent and The Guardian newspapers in 1991 for printing this legend as fact

 

 

From Wiki

 

Ah I knew it was a broadsheet! Gaurdian, Telegraph - both political rags!

(Not bad memory for 20 years, I'm quite impressed, I thought I was getting alzheimers, what were we talking about again...)

[trousers]

He's having it changed

 

What did it say originally? Cheers

[bridge too far]

What did it say originally? Cheers

 

It said that Gaydamak owned the ground.

[trousers]

It said that Gaydamak owned the ground.

 

Oops! Cheers :-)

[Truckasaurus]

I have a funny feeling they will be gone very soon.

 

They talk of next season,keeping this player,getting rid of so and so,some idiot mentioned pushing for automatic promotion.

 

26th April could be the end.Season unfinished.Wouldn't that be funny.If they do finish the season then it will be the next day.Why would you continue to run up more debt ? Why are they not selling season tickets ? Don't they need money ? They are not going to be in the football league next season.

 

Only time will tell if i am correct but i bet i'm not far off the mark.

 

God bless HMRC.

[dubai_phil]

I think this report acts as an invite to all creditors (known or otherwise) to step forward with their claims so I don't think the list of creditors is ever watertight at this juncture.

 

That said, there's no danger of Pompey's finances ever being "watertight"....

 

Again in the "Incredulous" stakes is how even now one month after being appointed TB has no real idea of who they owe money to, I mean I know you idiots in the UK let moron Bankers earn a million plus a week but FFS how the hell did Lumpitt ever get allowed near a job if he failed to understand Rule 1 of Compliance - Accounting Procedures.

 

Makes a little snippet I PM'd a while back to a few seem closer to the mark. I bet TB wakes up every morning and asks "Why the feck did I open my big mouth and take this on?"

[dubai_phil]

Could it be that there is a conspiracy by someone (pick your choice) to clock up so much debt that the only option is for them to be liquidated.

 

Then it would be much easier for someone (pick your choice) to tow portsmuff around the island,across the channel and join it to France.

 

Thus making Hampshire more attractive,England a more beautiful country and the French even more smelly.

 

God bless HMRC.

 

That could only have possibly happened if some Saints fans had in any way been involved in one of their takeovers. And of course we all know that is completely impossible and never been mentioned before in 60,500+ odd posts don't we.

[BigShadow]

Seems Burnley fans won't be shedding too many tears at the distress down the M27.....and yet the blue few would have you believe that all of football is sympathetic to their plight and it is only us Saints that revel in their pain.

 

From Clarets Mad....

 

Burnley's last two away games, both of which have ended in victories, have been at Portsmouth and Doncaster, but it is now looking almost certain that we won't be visiting either of them next season.

 

Our win at Doncaster on Monday, which incidentally was our first win there since 1991 and our first ever at the Keepmoat, was followed by Portsmouth losing 1-0 at home last night against Millwall, and that must surely now end any realistic hopes either had of staying up.

 

These two clubs have tried to do things differently. Doncaster have wheeled players in and out like no one's business this season. When the daft idea first came to light I suggested it would all end in tears.

 

I'm not so sure whether there have been any tears but they have to win all their remaining four games to even have a mathematical chance of staying up and they can now start preparing for League One football.

 

They can also get used to there being no players such as El Hadji Diouf, Habib Beye, Pascal Chimbonda and Frederic Piqiuonne around in future, not as though they've done them much good.

 

Portsmouth tried a totally different idea. Their idea was not to bring players in on short term deals but to bring them in on long term deals at wages they couldn't afford to pay. They've tried this before and it got them into the Championship (from the Premier League), this time it is taking them out of the Championship.

 

They are paying wages at a level that we at Burnley should never consider paying, couldn't ever consider paying and thankfully won't ever consider paying. This season they played the administration card again and took the ten point hit believing that it wouldn't prove too costly.

 

Well it has Portsmouth, and only a miracle of biblical proportions will keep you away from League One next season where your chimes will be heard around some of the smaller clubs such as Stevenage, Yeovil and Preston.

 

Maybe there have been tears at Fratton Park too, but I don't suspect there will be many people with an interest in football showing too much concern at the demise of either of these two clubs.