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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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Matthew Le God

Matthew Le God

Posted
Posted (edited)
So clock watchers how many days do the trust have left?

 

To convert the pledges into hard cash?

 

SURELY TB is not going to go to the Creditors with just PLEDGES?

 

IF end of May is really the time to live or die, the Trust have only got 18 days to turn those pledges into REAL cash.

 

So, considering many have loans involved, has ANYONE bothered to start sending out the paperwork? Let's assume 3 days for a cheque to clear, 3 days for paperwork & credit checks to be completed. They have 12 days left.

 

Even if they do get the extra people they need and then all of them to actually part with the additional £900, a fans trust ownership of Pompey would be a complete disaster. They would have little in the way of capital to fund the club for the coming season, likely to be infighting on a huge scale between the fanbase on the direction to take etc etc.

 

The alternatives to that are Chainrai taking over again and throwing even more good money after bad in a futile attempt to get his loan back. Or liquidation and starting a non league club.

Edited by Matthew Le God
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TopGun

TopGun

Posted
Posted
So clock watchers how many days do the trust have left?

 

To convert the pledges into hard cash?

 

SURELY TB is not going to go to the Creditors with just PLEDGES?

 

IF end of May is really the time to live or die, the Trust have only got 18 days to turn those pledges into REAL cash.

 

So, considering many have loans involved, has ANYONE bothered to start sending out the paperwork? Let's assume 3 days for a cheque to clear, 3 days for paperwork & credit checks to be completed. They have 12 days left.

 

This.

 

Phil has the daft logistics spot on.

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Yeovil Saint

Yeovil Saint

Posted
Posted
At last a mention of Lampitt and non payment to charities appears in the tabloid press.

 

http://www.thesun.co.uk/sol/homepage/news/4313180/Charity-debt-club-chief-was-integrity-boss-at-FA.html

What on earth are these "impossible decisions" Lampitt's talking about. If you collect £8,000 for charity then the decision's pretty clear, you pass that £8,000 on to the charity. If the finances are so bad that every penny is being held onto by the banks (which it can't be as they were still paying the wages in October-December) then you stop collecting the charity money. How did Lampitt get a job as CEO if he considers this an "impossible decision"
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Weston Super Saint

Weston Super Saint

Posted
Posted
What is that article about? You need to register to see it. Copy and paste it please.

 

It's about some tool who claims he didn't pay his mortgage this month, as he gave £300 to the trust.

 

remember though that the £300 was for 3 pledges, so when the trust ask for those pledges to be turned into cash - which has to be in a week's time at the latest! - then this tool will be looking for another £2700!

 

How on earth the retard will find £2700 when he had to steal the £300 from his mortgage payments to pay the pledges is beyond me.

 

Still, I wonder if anyone has ever mentioned that the figures down there never seem to add up?

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ottery st mary

ottery st mary

Posted
Posted

Theft act for stealing or even obtaining the money by deception clearly covers the sequence of events..IF PROVEN.

 

Mr Lampitt..by admitting he had an impossible decision to make at some stage..dangerous ground..Mr Lampitt:rolleyes:

 

Possibly negates obtain by deception , when monies received and intended for said charities..

 

BUT......theft IS APPARENTLY BEING CARRIED OUT...

 

BECAUSE..

 

aS HIS OWN statement as to making an impossible decision...

 

He WOULD APPEAR TO BE making a decision as to which incoming money he shells out AGAIN and which money he will treat as his own .....ie Appropriation to use OTHER PEEPS MONEY and use as his own. NO PERMISSION FOR THIS ACT...AS THOSE PEEPS WANTED THAT SECTION OF MONEY TO GO TO CHARITIES STIPULATED.

 

WHEN APPROPRIATING....Did he intend to pay back? Did he have any monies to pay back? Was he waiting for another FAKE SHAKE to appear..

 

Mind you if he has caught the Pompey disease.....It is some other persons fault/problem.

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dvaughanwilliams

dvaughanwilliams

Posted
Posted
So clock watchers how many days do the trust have left?

 

To convert the pledges into hard cash?

 

SURELY TB is not going to go to the Creditors with just PLEDGES?

 

IF end of May is really the time to live or die, the Trust have only got 18 days to turn those pledges into REAL cash.

 

So, considering many have loans involved, has ANYONE bothered to start sending out the paperwork? Let's assume 3 days for a cheque to clear, 3 days for paperwork & credit checks to be completed. They have 12 days left.

 

As I understand the trust's bid, they are hoping to buy the club for £1. The pledges and money raised from the issuing of shares is to be used to fund the losses of the club for the first 2 years.

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pedg

pedg

Posted
Posted
As I understand the trust's bid, they are hoping to buy the club for £1. The pledges and money raised from the issuing of shares is to be used to fund the losses of the club for the first 2 years.

 

Can someone explain how this is the best deal for creditors??

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andysstuff

andysstuff

Posted
Posted
As I understand the trust's bid, they are hoping to buy the club for £1. The pledges and money raised from the issuing of shares is to be used to fund the losses of the club for the first 2 years.

 

Thought this sort of thing was only done for companies trading normally, with a promise to pay ourstanding debts off, not to buy a company in administration and carry on losing money for years to come? Good luck with getting anyone to vote fot that over liquidation.

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Fowllyd

Fowllyd

Posted
Posted
What on earth are these "impossible decisions" Lampitt's talking about. If you collect £8,000 for charity then the decision's pretty clear, you pass that £8,000 on to the charity. If the finances are so bad that every penny is being held onto by the banks (which it can't be as they were still paying the wages in October-December) then you stop collecting the charity money. How did Lampitt get a job as CEO if he considers this an "impossible decision"

 

I'd take that a stage further. In effect, Lampitt's comment about "impossible decisions" is an admission that the company he was running was unable to meet its financial obligations. Had it been able to do so, the matter of a few thousand pounds to some charities would not have been a problem (it was, after all, a tiny proportion of their regular weekly outgoings). In the event, Lampitt's statement shows that the company was in a position of insolvency quite some time before it went into administration. And, let us not forget, the decision to enter administration was only taken in the face of a winding-up petition from HMRC; without this, Pompey would have done their utmost to carry on regardless.

 

As CEO of the company, Lampitt was legally obliged to call in administrators as soon as it became apparent that the business was insolvent. He did not do so. Instead, he continued to run the company, deliberately and knowingly failing to pay due monies to HMRC and others. Which is, unless I am much mistaken, a criminal act.

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rallyboy

rallyboy

Posted
Posted

I'm sure insolvent trading is also a football offence within the regulations, yet I see no penalty. :o

 

 

 

 

Anyway, go on, buy the club for a quid - what could possibly go wrong?

As we keep hearing, Chanrai can go do one, he'll have to wave goodbye to his cash, and the CVA will be a piece of p!ss - and of course there's £16M crisp Premier League notes just pouring into the coffers anyday now.

 

 

Read the small print, it would be a disaster for anyone who took on the current situation.

The Trust money would run out by August.

Season ticket sales might carry them into October.

 

Then it'll be another Christmas in administration for the few.

 

Same old predictable debacle that anyone with half a brain cell would avoid.

 

Small income minus BIG wages still = administration.

Firesale plus cheap squad = relegation.

 

They need

Underwater Casino + Harbourdome + World Cup funding + Minted lunatic + parachute money - 1p in the £ CVA x plumbing fat + forgetful and caring arms dealer and loan shark - points penalties.

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dubai_phil

dubai_phil

Posted
Posted
As I understand the trust's bid, they are hoping to buy the club for £1. The pledges and money raised from the issuing of shares is to be used to fund the losses of the club for the first 2 years.

 

OK and so HOW do they pass the FAPP?

Are they going to show PLEDGES to the FL as PROOF of their ability to fund their operations next season?

And where in all of that is a CVA vote to accept nothing, nada zero?

 

All before the FL meeting (on around 2nd June)?

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Fowllyd

Fowllyd

Posted
Posted
I'm sure insolvent trading is also a football offence within the regulations, yet I see no penalty. :o

 

You know, I wonder if it actually is? I reckon the rules were framed on the basis that any club, upon finding itself in an insolvent position, would call in administrators. So the penalty is for administration as it was assumed that insolvency would trigger it automatically. But those who made the rules also made the mistake of assuming some level of honesty...

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tony13579

tony13579

Posted
Posted

The only way the trust can buy PFC is if they liquidate and are sold to the trust for a small sum. However the FL don't want to see PFC liquidated as the other members of the FL will have to pay the remainder of the contracts for the over paid players as per the agreement with the players association. There is also the reality of the unpaid debts to other clubs. Better to let the cheats survive than to Finnish them off and still have to pay their debts. It is very sad that the FL are too scared to take their blinkers off and apply their rule book. Now they have a policy of wearing blinkers the cheats are blackmailing them with the debts.

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Fowllyd

Fowllyd

Posted
Posted
The only way the trust can buy PFC is if they liquidate and are sold to the trust for a small sum. However the FL don't want to see PFC liquidated as the other members of the FL will have to pay the remainder of the contracts for the over paid players as per the agreement with the players association. There is also the reality of the unpaid debts to other clubs. Better to let the cheats survive than to Finnish them off and still have to pay their debts. It is very sad that the FL are too scared to take their blinkers off and apply their rule book. Now they have a policy of wearing blinkers the cheats are blackmailing them with the debts.

 

I think your first point is spot on - the only way that the trust scheme could possibly work would be if PFC are liquidated; in which case the current club won't exist and any new club certainly won't be part of the Football League.

 

Other than that, isn't it the PFA which would have to stump up for players' contracts? I don't think the League has anything to do with that, though I could be wrong. Either way, when it comes down to survival or liquidation, the League won't have any say at all - sure, they get to give or withhold the golden share, but that depends on there being a club to give it to, and that's a long way beyond the League's control. I'm sure that the League would prefer not to see one of their members go to the wall, but I can't see that they can do anything to stop it happening.

 

If no buyer is forthcoming, then it's liquidation. And, given that the only possible buyer right now is Chainrai, I still don't fancy their chances.

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pedg

pedg

Posted
Posted
Can I ask again if anyone knows when the creditors meet to hear what the CVA proposal will be? I know that the creditors have agreed that a CVA be arranged but is there a timeframe within which the proposals have to be offered and voted on?

 

I think that Birch cannot put forward a CVA suggestion till he knows how much he can sell the club for. So its something that has to happen after/during a takeover not before. I think.

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dvaughanwilliams

dvaughanwilliams

Posted
Posted
Can someone explain how this is the best deal for creditors??

 

Firstly, I don't think that the trust's bid has a chance. It's is based on getting shot of the highest earners, which is rather optimistic, in my view.

 

As I understand things (and accept I may be entirely wrong), they hope to reduce the amount of secured debts to the value of the security. The remainder of the currently secured debts becomes unsecured.

 

They then offer the creditors some trivial amount, say 1p in the £.

 

The club pays the dividend on the CVA, the interest on the secured debt and has a low cost squad. They expect to run at a small loss, funded by the pledges.

 

Of course, getting the CVA through might be tough, plenty of possibilities of >25% of creditors revolting.

 

Also, given that the high earners haven't voluntarily re-negotiated their contracts up to now, I can't see them suddenly agreeing to waive their rights now.

 

Currently, the secured creditors will get all of the proceeds of liquidation. In this option, the unsecured creditors would get something.

 

Hopelessly over optimistic, but this is what I understand to be the plan.

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Frank's cousin

Frank's cousin

Posted
Posted
I think that Birch cannot put forward a CVA suggestion till he knows how much he can sell the club for. So its something that has to happen after/during a takeover not before. I think.

 

I think it depends on whether any new owner actually offers a CVA... they do not have to, then can in effect liquidate the old co and set up a new co with a transfered Golden share as happened last time... just emans more points deductions and big ones if they in effect exit admin without a CVA, which they might as well do as they never seem to have any intention of paying the fecker in the first place.

 

Seriously though, the administrator merely forwards the offer in effect based on what the potential new owner says he will do... so at present Birch can do feck all. I seriously think the best approach would be someone decent and honest buys it for a quid who has enough cash to settle the footballing debts and pay off the charities... then INSTANTLY begins a 10 year debt repayment plan to cover the full current CVA and try and agree a reasonable amount for new creditors and start payments now - to rebuild some credibilty and self respect... the 14 mil parrachutes could the make a huge contribution and they try to start again... but in L1/L2 - get the debt cleared the proper way...

 

It could be done if the high earners can be sold for a £1 each to get the wage bill down now... holding out for what they are 'worth' is just increasing teh footballing debt to the detriment of the non-secured creditors...

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Red and White Army

Red and White Army

Posted
Posted
I seriously think the best approach would be someone decent and honest buys it for a quid who has enough cash to settle the footballing debts and pay off the charities... then INSTANTLY begins a 10 year debt repayment plan to cover the full current CVA and try and agree a reasonable amount for new creditors and start payments now - to rebuild some credibilty and self respect... the 14 mil parrachutes could the make a huge contribution and they try to start again... but in L1/L2 - get the debt cleared the proper way...

 

Flying-Piggy-Bank.jpg

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trousers

trousers

Posted
Posted
I'd take that a stage further. In effect, Lampitt's comment about "impossible decisions" is an admission that the company he was running was unable to meet its financial obligations. Had it been able to do so, the matter of a few thousand pounds to some charities would not have been a problem (it was, after all, a tiny proportion of their regular weekly outgoings). In the event, Lampitt's statement shows that the company was in a position of insolvency quite some time before it went into administration. And, let us not forget, the decision to enter administration was only taken in the face of a winding-up petition from HMRC; without this, Pompey would have done their utmost to carry on regardless.

 

As CEO of the company, Lampitt was legally obliged to call in administrators as soon as it became apparent that the business was insolvent. He did not do so. Instead, he continued to run the company, deliberately and knowingly failing to pay due monies to HMRC and others. Which is, unless I am much mistaken, a criminal act.

 

Doesn't someone have to report a crime to the police before they are duty bound to investigate? Any volunteers?

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Truckasaurus

Truckasaurus

Posted
Posted

It's liquidation,all this talk is irrelavent. The trust or a rich fool on a big white horse is not going to happen. It will happen when i am on holiday,first two weeks in June;) (Although it should have happened months ago,if not years) Tick Tock, Tick Tock......................

 

God bless HMRC.

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cryoman1965

cryoman1965

Posted
Posted
It's liquidation,all this talk is irrelavent. The trust or a rich fool on a big white horse is not going to happen. It will happen when i am on holiday,first two weeks in June;) (Although it should have happened months ago,if not years) Tick Tock, Tick Tock......................

 

God bless HMRC.

 

They have the tinternet in Spain as well Truckie so you can keep up to date with the all the fun of the few. So go off and enjoy yourself.....its only a click away:)

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Ken Tone

Ken Tone

Posted
Posted

Does anyone have the definitve answer to what hapens to the players' contracts if (when?) they are liquidated? I heard variations from 'the players get paid up in full by the league (or PFA?) and then are free agents' , through to ... 'their registration defaults to the league who then in effect try to sell them to another club' .

 

If it is the former, no player in his right mind will leave now. If the latter, they mght still have some hope of a few sales before they go bust.

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Truckasaurus

Truckasaurus

Posted
Posted
They have the tinternet in Spain as well Truckie so you can keep up to date with the all the fun of the few. So go off and enjoy yourself.....its only a click away:)

 

 

I thought the tinternet was in Hampshire only, having never left Hampshire i don't know:rolleyes:

 

God bless HMRC.

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holepuncture

holepuncture

Posted
Posted
Pedal for Primus...pmsl. Looks like another scam to fleece charity money.

 

Caution the link goes to a vile dirty site. Apologies in advance.

 

http://www.portsmouthfc.co.uk/LatestNews/news/Pedal-For-Primus-Is-Back-3417.aspx?

 

The man they sacked so unceremoniously, poor old Linvoy!

 

All charitable donations (or pledges if you call them that) must be paid in cash at the ticket office, Liam Lawerence will be on hand to collect the monies using his famous one for me, one for TBH accounting system.

 

All donations will be absorbed into the running of our insovent business, under the stewardship of former FA Head of Integrity David Lampitt. If anything unusual, criminal or simply sickening occurs the disgraced CEO will take full responsibility, blame it all on his staff and refuse to hand over a penny.

 

 

 

 

The skates are getting emotional about the fantasy trust bid, check out this gem:

 

Imagine the next time you walk through here

1266502_7eca0061.jpg

being able to say, I own a piece of this, this is ours...........................

 

A crumbling, derelict non league arena with fat in the pipes, no clock, brick walls for toilets and TCWTB! An arena that requires six figure investments (by the russian mafia) to blag a safety certificate. An arena that is landlocked by a gun running family, who charge you £6k PW for access to the cesspit!

 

Yes indeed, this is ours

 

Brilliant, PMSL!

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aintforever

aintforever

Posted
Posted
http://www.portsmouth.co.uk/sport/pompey/pompey-past/appy-urges-clubs-to-move-quick-for-pompey-stars-1-3834938

 

What`s the rush....longer the fiasco at the toilet club continues the cheaper the players will become...

 

lol

 

Oh dear, they sound so desperate!

 

Their problem is that the buying clubs know they could get the players for free once they are liquidated. Plus the players know that if they go anywhere for free they get higher wages. Everyone's a winner with liquidation.

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rallyboy

rallyboy

Posted
Posted

The club might be dead on its feet but the spin continues.

 

Michael Appleton told the clubs circling his Pompey assets: Put your money where your mouth is.

 

Appy, you battling heroic general at the helm of Fortress Fratton the fat-riddled ToiletBowl - you aren't in the position to pressure anyone, so shut it and pray that your big derby against Crawley will still go ahead.

 

Appleton has warned those looking to land a bargain that they risk losing out unless they move quickly.

Yeah, that's likley to create a queue in the child-maimer's car park.

 

The Fratton fire sale is heating up

No it isn't.

One player leaving, doesn't quite equate to 'heating up'.

 

If Carlsberg did football PR they would probably be the pluckiest bestest supported battling heroic club in the world.

But all that stuff glosses over the criminality quite nicely.

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Gemmel

Gemmel

Posted
Posted

http://www.portsmouth.co.uk/sport/pompey/pompey-past/mp-seeks-football-finance-transparency-1-3835152

 

Penny, you dont need a new bill for that, I can give the answers for free;

 

Chanrai

Chanrai

King Edwards

Chanrai / Gaydamak

 

And as for all creditors getting the same amount, that's what pompey have been doing for years.... They all get fook all.

 

Can't help but thinking your time could be better spent on other projects.

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Frank's cousin

Frank's cousin

Posted
Posted

Chanrai has stated he will not let the club be liquidated... think he will step in at last minute and string this out - get a CVA that starts in 2017 by which time he will have the Parachute 14 mil to pay himself off as a secured creditor.... and sold the club and remaining debt for £1... possible?

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Gemmel

Gemmel

Posted
Posted
Chanrai has stated he will not let the club be liquidated... think he will step in at last minute and string this out - get a CVA that starts in 2017 by which time he will have the Parachute 14 mil to pay himself off as a secured creditor.... and sold the club and remaining debt for £1... possible?

 

It's going to be something like that. I am convinced he will step back in and stop them from getting liquidated, how he "Cashes Out", will be intresting. Baker Tilly, Gaydamak and Chanrai have all voiced claims and legal entitlement to the outstanding money, to the point that birch listed the revenue from outstanding PP as zero, so not sure he will get all his own way with those.

 

The big earners are still there and they are fooked until they can get rid. If they can't, chinny will have to make up the (Not so very) shortfall, which means more cash upfront to stand a chance of getting his money back.

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