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Pompey Takeover Saga


Fitzhugh Fella

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If you believe the Charlie Sale column in the Daily Hate it appears that Davis (??) Lampitt has a new job.

 

http://www.dailymail.co.uk/sport/football/article-2146613/Charles-Sale-Website-race-row-caps-Liverpools-week.html

 

Here's my email to Supporters Direct

 

I know that I shouldn't believe everything in the newspapers but the Daily Mail are reporting that David Lampitt has been offered the vacant CEO position at Supporters Direct. As his past experience at Portsmouth FC was to participate in the "wealthy benefactor" model of club ownership with the added twist that it was the general public, various suppliers and stolen charity that was unwittingly funding the club can it really be right for SD to appoint him? It's not possible to know what Mr Lampitt's involvement truly was, but either he was too incompetent to stop the theft of tax payments and charity money or he was complicit in it, either way, he shouldn't be chief executive of a whelk stall.

 

If Mr Lampitt becomes CEO of Supporters Direct can your organisation really be trusted any more?

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@pn_neil_allen: Brown: 'We have to be in a position to have a credible proposal in front of Birch by end of May.......' #Pompey #pst

 

@pn_neil_allen: .......'Not a final offer but something that makes him feel it is worth holding off for another week or so'. #Pompey #pst

 

@pn_neil_allen: Trapani: 'High Net Worth individuals are Pompey supporters. In many cases sums north of £100,000. One talking about £500,000.' #Pompey #pst

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@pn_neil_allen: Brown: 'Have the council written a cheque? No. Might they? They might do but they won't go public. Don't write them off.' #Pompey #pst

 

@pn_neil_allen: Brown: 'Birch will look at all bids and if he considers a bid better for the long term then he can take it to the court'. #Pompey #pst

 

@pn_neil_allen: Meeting comes to a close. @pompeytrust thanks around 120 people who turned up. #Pompey #pst

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Surely no one will give them credit facilities again. I would imagine people like Bishops, the caterers etc will want money up front this time and HMRC might even want a bond of some description.

 

Any other business would have been liquidated and be history by now, the CVA is like a bailiff coming to reposess your car, you give him a couple of quid to keep him happy and promise to pay regularly in future, so he goes away and you don't pay another penny as promised. What happens, he comes back, ignores your promises and takes the car.

 

PFC have got to go, a leopard don't change its spots.

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@pn_neil_allen: Trapani: 'Gaydamak would prefer Trust to take ownership of his land. Clearly he would want a reasonable sum of money for it.' #Pompey #pst

 

Perhaps that is the trusts real aim then - to buy the land from Gaydamak and get rent from Chanrai to build their funds

ready for when it all goes tits up in another year or two?

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LOL

 

This I think sums up the difference between us and them, We were bought by a billionaire. They think its fantastic that they could have a member of the trust worth £500,000. My house is nearly worth that much FFS - and it certainly isn't a mansion!!

 

The ex racehorse trainer Charlie Brooks is meant to be a Pompey fan. He must be worth a few bob and could be one of their high rollers- although when he and his miissus end up going down for contempt of court he may find it difficult to get hold of his cash.

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thanks Trousers, that is quite a bit of material, sorry I couldn't get on it earlier, I was out......at 'a meeting'.....:scared:

 

 

 

If you were able to PM me I have some right old little gems up my sleeve which I wouldn't post directly - nothing world-shattering, but quite funny. :)

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@pn_neil_allen: Trapani: 'Since Trust made plea for final 1,000 pledges three weeks ago they have received 600.' #Pompey #pst

 

Wow 60% of their target.

 

Now let me see.

 

What would have happened to Rosie if he had only made 60% of his target?

 

Oh yes.

 

Gardening leave

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@pn_neil_allen: Brown: 'Have the council written a cheque? No. Might they? They might do but they won't go public. Don't write them off.' #Pompey #pst

 

not a chance of the council giving the club a cheque. Never gonna happen.

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Wow 60% of their target.

 

I simply do not understand why anyone on here is deriding the efforts of the Trust. Total respect to them for trying. I didn't see you or anyone else putting a plan together to save us three years ago. I also understand fully why genuine Pompey fans aren't pledging. They don't have a clue what they are signing up for.

 

Other sticks to beat them with IMO.

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I simply do not understand why anyone on here is deriding the efforts of the Trust. Total respect to them for trying. I didn't see you or anyone else putting a plan together to save us three years ago. I also understand fully why genuine Pompey fans aren't pledging. They don't have a clue what they are signing up for.

 

Other sticks to beat them with IMO.

 

Not deriding the efforts of the TRUST.

 

Deriding the efforts of the bestest fans in the world ™.

 

Oh and your other point? About as wrong as turning down a naked Lucy Pinder to have it away with a sheep instead

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"Portsmouth does keep me awake at night" - Greg Clarke Football League chairman

 

http://www.telegraph.co.uk/sport/football/competitions/championship/9275561/Blackpool-v-West-Ham-play-off-final-is-worth-90m-to-the-winner-but-financial-storm-clouds-continue-to-gather.html

 

He does not sound too impressed by the situation at FP......

 

Not unimpressed enough though. Very wishy washy.

 

Where's Mawhinney when you need him? Now he'd give the Cheats a jolly good rogering.

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hey Paradise, thanks for the thought, guess I really ought to motivate myself and cough up that fiver.

I'm sure I could train myself not to waste too much of my life on here...whoops, too late.

 

As for being ITK Glasgow, thanks for the attack for no reason - you only missed out if you didn't take the hint - I was at a meeting...

 

Another reminder to not get too involved with a lot of what goes on at the main board.

 

This thread is a little like an exclusive club for the sharp and the mildly bitter to rip into pompey, to behave badly, and to highlight the criminality that the dirty club has so far got away with - those that don't get it or find that the financial stuff makes their heads hurt might be happier doing scratch cards in bulk, watching Eastenders, or listening to Sing by Gary Barlow.

 

I never claim 'look at me, I'm got a secret' - I just pointed out to some of the guys who I get on with, that they might be surprised to know where I had been, and also that I recently stumbled across one or two interesting little snippets that would be unprofessional to broadcast on a public forum.

 

I'll pay the fiver soon so we can organise a PTS Nutjob gathering at some point soon - there's a whole host of people I'd like to meet.

Hopefully that advance warning will help the Mods with financial planning into the new season. :)

 

In fact, I promise to cough up a fiver the day that the league imposes a points penalty for the failed CVA....:o

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hey Paradise, thanks for the thought, guess I really ought to motivate myself and cough up that fiver.

I'm sure I could train myself not to waste too much of my life on here...whoops, too late.

 

As for being ITK Glasgow, thanks for the attack for no reason - you only missed out if you didn't take the hint - I was at a meeting...

 

Another reminder to not get too involved with a lot of what goes on at the main board.

 

This thread is a little like an exclusive club for the sharp and the mildly bitter to rip into pompey, to behave badly, and to highlight the criminality that the dirty club has so far got away with - those that don't get it or find that the financial stuff makes their heads hurt might be happier doing scratch cards in bulk, watching Eastenders, or listening to Sing by Gary Barlow.

 

I never claim 'look at me, I'm got a secret' - I just pointed out to some of the guys who I get on with, that they might be surprised to know where I had been, and also that I recently stumbled across one or two interesting little snippets that would be unprofessional to broadcast on a public forum.

 

I'll pay the fiver soon so we can organise a PTS Nutjob gathering at some point soon - there's a whole host of people I'd like to meet.

Hopefully that advance warning will help the Mods with financial planning into the new season. :)

 

In fact, I promise to cough up a fiver the day that the league imposes a points penalty for the failed CVA....:o

 

You Tease you...

 

I suspect though that the FL will bottle it... As they have no specific rule on this, it leaves any punsihment they impose subject to legal wranglings and interpretation - do they have the stomach for it? Think about it, Pompey could very well argue that CVA1 has not failed, merely been renegotiated when absorbed into CVA2 and if creditors agree, how is that any different to agreeing a CVA? I suspect that a deal of some sort will be done, whereby The FL want to ses and apporve the repayment plan for the CVA which will include what is left of the Parachutes after the football creditors have been paid in full or no golden share.... They will then close the loophole in the rules...

 

Pompey will get away with it... and any concern over 'dangerous precedent' will be covered by a chnage and tightening of the rules... IMHO... I just really, really hope I am wrong on this one:blush:. So Rallyboy, what do you know?:scared:

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Could somebody explain why a second CVA be accepted by the unsecured creditors? I for one would take my chances with liquidation, rather than accept a p!55 poor percentage of of p!55 poor percentage.

 

Because Chinney is in effect the major creditor so his votes will probably swing it, is the general concensus - although Baker Tilly may vote against. Although this time around Chinney does not have AA presenting his version of the debts owed which means poetentially/alegedly, teh size cant be adjusted to 100% guarrantee that Chinney beats off those pesky kids at the HMRC.

 

Many of the otehr creditors are local businesses that have probaberly written what they are owed now and have pompey fans as owners... could be closer this time round, but as with most of these cases, getting something is better than nothing... just suspect the payment plan will be tighter than last time IMHO

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You Tease you...

 

I suspect though that the FL will bottle it... As they have no specific rule on this, it leaves any punsihment they impose subject to legal wranglings and interpretation - do they have the stomach for it? Think about it, Pompey could very well argue that CVA1 has not failed, merely been renegotiated when absorbed into CVA2 and if creditors agree, how is that any different to agreeing a CVA? I suspect that a deal of some sort will be done, whereby The FL want to ses and apporve the repayment plan for the CVA which will include what is left of the Parachutes after the football creditors have been paid in full or no golden share.... They will then close the loophole in the rules...

 

Pompey will get away with it... and any concern over 'dangerous precedent' will be covered by a chnage and tightening of the rules... IMHO... I just really, really hope I am wrong on this one:blush:. So Rallyboy, what do you know?:scared:

 

True enough that they have no specific rule, but that shouldn't stop them from doing as they wish with Pompey once the dust settles. Any legal challenge by Pompey would be ill advised, as the League is effectively a club that makes its own rules. So, Pompey could be given a choice along the lines of "Take this points penalty and we'll let you start next season, try to get out of it and you won't get the golden share. And if you fancy mounting a legal challenge, see second option." Our experience was a good example of this - the FL applied the spirit of its law rather than the letter. Personally, I have no gripe with that, nor do I consider us to have been unfairly treated (though some did and maybe still do) - I just cite it as an example.

 

Of course, they may not impose further penalties - but they're in a position to do pretty much as they choose.

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Because Chinney is in effect the major creditor so his votes will probably swing it, is the general concensus - although Baker Tilly may vote against. Although this time around Chinney does not have AA presenting his version of the debts owed which means poetentially/alegedly, teh size cant be adjusted to 100% guarrantee that Chinney beats off those pesky kids at the HMRC.

 

Many of the otehr creditors are local businesses that have probaberly written what they are owed now and have pompey fans as owners... could be closer this time round, but as with most of these cases, getting something is better than nothing... just suspect the payment plan will be tighter than last time IMHO

 

But Chainrai is a secured creditor so will not have a say in the second vote (unsecured creditors only). But like the first, the administrator may get to vote for many if there is no response from them. Does anyone know the make up of the unsecured debt?

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But Chainrai is a secured creditor so will not have a say in the second vote (unsecured creditors only). But like the first, the administrator may get to vote for many if there is no response from them. Does anyone know the make up of the unsecured debt?

 

THINK it is approx:

 

16.8 mil to BT (CVA1) - will BT have that shar e or would teh individual creditors have anouth vote? (how much of this is HMRC?)

3-4 mil HMRC

10.8 CSI

probably around 2 mil smaller creditors

 

then you have football creditors, probably up towards 4-6 mil by the time this is resolved,

Secured then adds 17 of chinneys

 

Not sre what has happened to if anything the child maimer's 2 mil r so..

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26

True Bred Pomponian

Sunday, May 20, 2012 at 07:00 AM

The most interesting comment made at Petersfield, yesterday, was finding that Tal Ben Haim is not on £36K a week as we all thought, but is on £50K a week. There are another £14K of image rights on top.

 

Loving it :lol::lol:

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@pn_neil_allen: Brown: 'Have the council written a cheque? No. Might they? They might do but they won't go public. Don't write them off.' #Pompey #pst

 

 

Got to be up there with the clangers of the business world - Ratners comes to mind ........ I'm sure the tax payers of the city really want their cash diverted to a failing business :lol: :lol::lol:

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@pn_neil_allen: Brown: 'Have the council written a cheque? No. Might they? They might do but they won't go public. Don't write them off.' #Pompey #pst

 

 

Got to be up there with the clangers of the business world - Ratners comes to mind ........ I'm sure the tax payers of the city really want their cash diverted to a failing business :lol: :lol::lol:

 

All Councils have to publicly disclose all spending over £500

 

Portsmouth: http://www.portsmouth.gov.uk/yourcouncil/20037.html

Southampton: http://www.southampton.gov.uk/council-partners/transparency.aspx

Hampshire (if you're interested): http://www3.hants.gov.uk/opendata/datasets/supplierpayments.htm

 

So they can't just just do it and not go public.

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26

True Bred Pomponian

Sunday, May 20, 2012 at 07:00 AM

The most interesting comment made at Petersfield, yesterday, was finding that Tal Ben Haim is not on £36K a week as we all thought, but is on £50K a week. There are another £14K of image rights on top.

 

Loving it :lol::lol:

 

Though if you stop TBH's tax and NI and don't pass it on (because paying tax appears to be optional) Pompey will not have to pay as much.

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But Chainrai is a secured creditor so will not have a say in the second vote (unsecured creditors only). But like the first, the administrator may get to vote for many if there is no response from them. Does anyone know the make up of the unsecured debt?

 

See the 20th page of the pdf for breakdown of unsecured creditors. PKF creditors report

 

Unsecured creditors ('000s)

 

CSI PLC - Non Interest 10,525

Trade creditors 2,239

Transfer & Agents Fees - English Clubs 1,119

Transfer & Agents Fees - Overseas Clubs 1,060

Players bonuses 09/10 1,754

Unpaid Salaries 11/12 1,604

VAT 735

PAYE & NI 1,576

Net Salaries Control 505

CVA creditors 16,500

Accruals & Other creditors 1,634

Deferred income 1,255

Total 40,506

Edited by dvaughanwilliams
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close.

:smug:

 

Trousers can take a hint.

 

 

Re CVA2, my guess is still that if CVA1 creditors vote to be violently raped a second time then CVA1 technically hasn't failed, it has merely been adjusted and approved - no penalty, and my fiver is safe.

 

I suspect AA might vote in favour of Chanrai on behalf of CSI!

 

We did have news of Ben Haim's additional image rights before from Birch but it was never really confirmed - and the taxman is still interested in that aspect of under the counter pay anyway.

 

So with NI he must be costing them about £235K a month - the equivalent of a 14 man League One squad.

They need to sell 10,000 season tickets just to pay him.

 

 

 

When statues are carved and folk songs are written, he alone will have done more damage to pompey than anyone else.

I do hope he hangs around a bit longer, he's cost about £4,000 already - today!

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So, there is £5.5m of football debts which can't get written off with a CVA.

 

Potential spoilsports who can hijack the CVA are CSI and whoever gets to vote on behalf of the Old Co CVA creditors, both of whom have more than 25% of the debt.

 

Thanks for the report.

 

Anything connected to Chainrai will obviously vote for the CVA. The taxman holds 5% and another 7.9m worth needs to join them to reject it, so very unlikely, unless the offer is incredibly small. The big unknown is CVA1 and who controls that.

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close.

:smug:

 

Trousers can take a hint.

 

 

Re CVA2, my guess is still that if CVA1 creditors vote to be violently raped a second time then CVA1 technically hasn't failed, it has merely been adjusted and approved - no penalty, and my fiver is safe.

 

I suspect AA might vote in favour of Chanrai on behalf of CSI!

 

We did have news of Ben Haim's additional image rights before from Birch but it was never really confirmed - and the taxman is still interested in that aspect of under the counter pay anyway.

 

So with NI he must be costing them about £235K a month - the equivalent of a 14 man League One squad.

They need to sell 10,000 season tickets just to pay him.

 

 

 

When statues are carved and folk songs are written, he alone will have done more damage to pompey than anyone else.

I do hope he hangs around a bit longer, he's cost about £4,000 already - today!

 

Well, with the meeting on your doorstep, who can blame you for going along? Must have been a fine evening's entertainment! :)

 

The vote from the unsecured debt to CSI, as others have noted, will doubtless be cast in favour of whatever CVA Chainrai is willing to offer; the big question is who casts the CVA1 vote. If it's Baker Tilly (or whoever from that firm is administering the original CVA) then I could easily see that vote going against. And according to the figures kindly quoted above, it's over 25% of the total unsecured debt - and AA's not there to massage those figures this time.

 

As to Chainrai, I find it hard to see just what his plan might be. Yes, there are still some parachute payments to come, but the maximum amount of those is £16M (this assumes that none of it is already spoken for, which it may well be). As things stand, there's a club to be run and players to be paid, not least the great Tal and his £50K per week; there are also football debts which will have to be paid in full and which will eat up £5.5M of the parachute money. So, £10.5M minus running costs for however long it takes to get rid of TBH and others - this won't leave Chainrai with anything like the amount he'd be looking for.

 

He may, of course, be seeking to take the club on and then sell it on, but who the hell would buy it?

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hey Paradise, thanks for the thought, guess I really ought to motivate myself and cough up that fiver.

I'm sure I could train myself not to waste too much of my life on here...whoops, too late.

 

As for being ITK Glasgow, thanks for the attack for no reason - you only missed out if you didn't take the hint - I was at a meeting...

 

Another reminder to not get too involved with a lot of what goes on at the main board.

 

This thread is a little like an exclusive club for the sharp and the mildly bitter to rip into pompey, to behave badly, and to highlight the criminality that the dirty club has so far got away with - those that don't get it or find that the financial stuff makes their heads hurt might be happier doing scratch cards in bulk, watching Eastenders, or listening to Sing by Gary Barlow.

 

I never claim 'look at me, I'm got a secret' - I just pointed out to some of the guys who I get on with, that they might be surprised to know where I had been, and also that I recently stumbled across one or two interesting little snippets that would be unprofessional to broadcast on a public forum.

 

I'll pay the fiver soon so we can organise a PTS Nutjob gathering at some point soon - there's a whole host of people I'd like to meet.

Hopefully that advance warning will help the Mods with financial planning into the new season. :)

 

In fact, I promise to cough up a fiver the day that the league imposes a points penalty for the failed CVA....:o

 

 

Don't sweat it Rallyboy, those that get it...just do - hard to put into words.

 

When we get some "incoming" from the main board, I always think of sourmash having a go and telling us how stupid we were,how they were just fine and gotten away with it.

 

24 hours later, the russian was in nick, CSI was in admin and lampitt was assuring the world, everything was dandy.

 

I always thought it was a bit greedy when this thread lurched into it's second major failed takeover, so to be on the fifth and knowing that the 6th isn't a million miles away, brings a tear to my eye.

 

The failed CVA points deduction will happen. It has too, but regardless, they are in league one, with an squad they can't afford and can't sell.....

 

The Southcoast is ours.

 

As for a night on the beer with the main protaganists on here, I am sure I have read somewhere not to meet people off the internet, but for this I would make an exception. The choice of venue would be intresting. I am sure Hole Puncture would opt for Moneyfields social, I think my preference would be the concord club (Or whatever it is called now) so we could wave TBH into wellington throwing rose petals on the floor for him to walk on.

 

Regardless where it is, guranteed to be the single biggest collection of nutjobs in the country

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As PKF quote CVA1 as one amount, you have to assume they get one vote. I guess good old HMRC are in control of that, and they still don't vote in favour of a CVA (at least until there's a change to the Football Creditors rule). I'm not sure it's cut and dried just yet.

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I simply do not understand why anyone on here is deriding the efforts of the Trust. Total respect to them for trying.

 

We're not really. Some of us have a smidgeon of sympathy for some of the people trying to _do_ something. But it's like The Dog and Duck FC XI against oh, I dunno, Crawley. They'll come off the pitch having given their all, but we'll all still laugh, wince and feel sorry at the same time. And they'll give all in keeping their self-respect: which is more that can be said of Pompey management.

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As for a night on the beer with the main protaganists on here, I am sure I have read somewhere not to meet people off the internet, but for this I would make an exception. The choice of venue would be intresting. I am sure Hole Puncture would opt for Moneyfields social, I think my preference would be the concord club (Or whatever it is called now) so we could wave TBH into wellington throwing rose petals on the floor for him to walk on.

 

Regardless where it is, guranteed to be the single biggest collection of nutjobs in the country

 

Oi! Some of us thread nutjobs live abroad. Can you make it at the beginning of the season as I'll be over to try and avoid the Italian heat and to take in a few games. I'm sure I owe a few pints to Rallyboy and other people for the entertainment and I already know FF, so I'll bring quite a few devalued euros to spend, some spares in case I wet myself laughing... Look forward to it!

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Anyone know a Skate who's pledged.

 

I used to live there years ago and I have about 8 good mates who are Skates - guess how many have pledged money to the PST?

 

Two weeks ago I went on a 25 year reunion of my old football side - All Skates, guess how many have pledged money to the PST?

 

The answer to both questions is the same.

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