Pompey Takeover Saga

[St Jim]

Appy get his justifications in early

 

http://www.dailymail.co.uk/sport/football/article-2217333/Michael-Appleton-managing-Portsmouth-The-hardest-job-football.html?openGraphAuthor=%2Fhome%2Fsearch.html%3Fs%3D%26authornamef%3DMalcolm%2BFolley

 

My betting on his replacement -

Cot the clot 5/1 - out of work, but still a legend

Uncle Avram 6/1 (in from 20/1) now that the sex trade can continue on Inbred Island

Arry & Rosie 20/1 - now Bompey don't want him

Whiskey George 50/1 - surely they wouldn't be that kind to us

Jan Poortvliet 100/1 (20/1 if the PST realise the true size of their player budget)

Lee Bradbury 150/1 - for when they merge with Havant & Waterlooville

 

 

Any of these please - I need a good reason to crack open my bottle of Grange!

[PhilippineSaint]

Martin Sloan added: ‘It’s nice to have some positive news but it seems there’s still some way to go before we can celebrate in true Pompey style.

 

Comment on Chainrai's bid not being given the green light yet

 

I assume that he means a "Family" party where wives and girlfriends don't exist and sisters are worried?

[tony13579]

Mean while, in twitter land......

TheRealSaliman said

@ollybirchpfc tomorrow we r calling Trevor and my uk team will call the fl to take an appointment

 

14 October 2012 21:55:37

from Twitter for BlackBerry®

retweeted by @ollybirchpfc

@TheRealSulaiman just a quick question Sulaiman, will you be pledging to the Trust bid once we take control of the club?

14 October 2012 19:42:41

by ollybirchpfc

[dubai_phil]

Meanwhile, our agents have unearthed EXCLUSIVE footage of the FL telling pcfc of their decision

 

http://www.youtube.com/watch?list=UU4FhvdvgZU5CVbXi2uWgiZg&v=twCvL95Zc0Q&feature=player_detailpage#t=288s

 

 

(maybe you'll want to turn your speakers down first especially if you are on a train Trousers or in the office)

[Ken Tone]

So, if the rumours are right, Birch has been sidelined for going native, the rest of PKF had decided that Portpin's bid was the better of the two even vaguely credible ones, but the FL have been persuaded by the Trust's (and Micah Hall's) arguments that Chainrai is not whatever they now call a fit and proper person.

 

 

That leaves PKF going back to the Trust to see if they can go ahead, otherwise it is liquidation. The Trust however do not have a'charge' on Fratton Park ... Chainrai does. If, as seems likely, Chainrai decides to fight to the bitter end, he will refuse the Trust's offer of c £2.5 million for that charge. That means deadlock and again possible liquidation, unless someone goes to court to force Chainrai to accept an objective third party valuation. That would cost big money and take weeks, if not months. Who will pay for that? And who will have the guts to do that? The Trust can't afford to. If PKF do, they'll be spending more of the creditors' money. They are already sailing close to the wind as a result of not liquidating when there was £4 million in the bank account ..it must be below £2 million by now.

 

Still, look on the bright side eh, pompey fans, there is still Al Fahim in the picture.

[brightspark]

http://www.portsmouth.co.uk/sport/pompey/pompey-boss-salutes-new-found-mentality-1-4367194

 

The poor referee just couldn't handle the occasion. It's alright Appy, you can defer the payment until further notice and then pay 0% of 4% of 20% of the fine.

[rallyboy]

Dim pompey player confused by his own multiple-choice question in bland post-match spin shock.

 

Question on Appleton.

‘He’s a great manager but he has had a lot to deal with.

He’s put together a good squad of players – and I don’t know how he’s done it.

 

Answer.

1. He used his charisma.

2. He plundered West Brom reserves.

3. He outbid other teams who are solvent, using money that is needed to pay creditors, as part of a longterm and planned strategy to gain an unfair competitive advantage, thus supporting the theory that the club has been cheating for a decade.

 

In other news, a ruthless loan shark walks away from £17M.

He sighs, blames himself, and puts it down to experience.

 

Not a single person gets sued, threatened, or shot.

[Gemmel]

The thread needs a boost.... something chunky this week?The blue few are claiming Sacha's land will be sold this week, with 4 bidders of which porpin aren't one..... Would be a shame if porpin bought it under a different name, Of course the pst will be bidding.... well I say the pst, but I assume this will be there property developer friend. But as usual the potential for a twist is there. Imagine if there was some sort of bidding war going on for Sacha's land and it pushes the price up? Someone buys it for a million.... If that land is 10% of the area that Chanrai owns, would it be fair to say that Chanrai's land is worth ten million? Wouldn't fancy going to court to take on Chinny to buy the ground for 2.7 million if that is the case.

[hypochondriac]

So, if the rumours are right, Birch has been sidelined for going native, the rest of PKF had decided that Portpin's bid was the better of the two even vaguely credible ones, but the FL have been persuaded by the Trust's (and Micah Hall's) arguments that Chainrai is not whatever they now call a fit and proper person.

 

 

That leaves PKF going back to the Trust to see if they can go ahead, otherwise it is liquidation. The Trust however do not have a'charge' on Fratton Park ... Chainrai does. If, as seems likely, Chainrai decides to fight to the bitter end, he will refuse the Trust's offer of c £2.5 million for that charge. That means deadlock and again possible liquidation, unless someone goes to court to force Chainrai to accept an objective third party valuation. That would cost big money and take weeks, if not months. Who will pay for that? And who will have the guts to do that? The Trust can't afford to. If PKF do, they'll be spending more of the creditors' money. They are already sailing close to the wind as a result of not liquidating when there was £4 million in the bank account ..it must be below £2 million by now.

 

Still, look on the bright side eh, pompey fans, there is still Al Fahim in the picture.

 

Maybe they will have to accept a rent of fratton?

[The Cat]

http://www.portsmouth.co.uk/sport/pompey/pompey-boss-salutes-new-found-mentality-1-4367194

 

The poor referee just couldn't handle the occasion. It's alright Appy, you can defer the payment until further notice and then pay 0% of 4% of 20% of the fine.

 

Love the comment underneath the article by B Reville!!

 

11:03 AM on 15/10/2012

 

I think the referee must have got caught up in the occasion. Coming to such a great arena, a big crowd and having to referee a team like Pompey must be awe inspiring for him. No wonder he showed so many cards. Maybe we can ask FA to pay the fine in installments?

[Sevvy]

http://www.newsnow.co.uk/A/604341114?-11209

 

Mr hall comments on portpin

[trousers]

http://www.newsnow.co.uk/A/604341114?-11209

 

Mr hall comments on portpin

 

Interesting stuff as always from Mr Hall....a cut and paste of the key section of that article:

 

"When Portpin forced CSI into insolvency, (appointing former Pompey administrator Andrew Andronikou as administrator), in November 2011 following the arrest of Vladimir Antonov, Andrew Andronikou was the focal point communication between Portpin and Pompey. Certainly Balram Chainrai, in the interview he gave recently to Matt Slater of the BBC (then denied giving, before admitting it again), seems to believe this arrangement puts him at arm's length from Pompey. "They can't pin that on us, and the club directors [at that time] know it. We were totally distant," he said.However, there are serious problems with this.

Portpin directed Pompey's affairs and took a calculated decision to allow the club to go into administration rather than support it financially, which had the effect of reducing everyone else's debt and maintaining their own, precisely what the rule was intended to prevent. How do I know this? It says so on Pompey's own website [click here to read a club statement]

Credible sources suggest Deepak Chainrai, representing Portpin, also attended meetings between Portpin, UHY and Pompey directors, including David Lampitt and John Redgate, to map out the club's strategy on how to avoid administration.

At the meetings, funding was discussed to prevent Pompey slipping into administration. Chainrai and Andronikou made an offer to match any revenue achieved from player sales during the January transfer window. The directors were initially prepared to accept this but asked the offer be committed in writing to protect themselves from being accused of selling players at an undervalue.

An undervalue is a transaction entered into during what is known as a 'vulnerability period' before a company falls into bankruptcy. Legally, this period is reckoned at six months, and the player sales would have been literally a few days prior to the club falling into bankruptcy. An undervalue transaction can be unwound by the courts at the behest of the creditors, so had the directors agreed to the sales and the promised funding not arrived the club would still have gone into administration, and theoretically have been faced with the prospect of players who had been sold being ordered by a court to be returned to the club. It is thought that this outcome is extremely unlikely however, but a simple letter might have prevented such a breakdown in trust.

The letter promising funding from Portpin was apparently not forthcoming.

Responding to the suggestions, Andrew Andronikou spoke at length to pompey-fans.com.

Andronikou said that following Portpin's decision to push CSI into administration following the arrest of Vladimir Antonov, Portpin and UHY Hacker Young offered a deal to the directors of Pompey that if they "contributed to their future" by "tapping into their asset base which was effectively five or six players and reduce their running costs", Portpin would match them on a pound for pound basis and sustain the club going forward.

Andronikou, who claims to be "friends with chairmen up and down the Football League", began ringing round other clubs in an attempt to drum up interest in Pompey's players. "I had to do that because Mr Lampitt didn't want to know, he was working on another agenda". It took "six weeks of ringing around to do it".

"We identified a number of player sales we believed we could complete, with the assistance of the board in the January window," he added.

From November 2011 UHY were advising the club, after being appointed by Pompey Finance Director John Redgate, and they have submitted a bill to PKF for £138,000. "We were running the club, we were running the club" said Andronikou, before correcting himself to say "We were caring for the club in various guises for two months before PKF turned up in court."

"We believed we could realise £2m from player sales, and with that £2m from Portpin the club could avoid relegation and stay in the Championship. Now the truth of this sorry saga, is that, and I have to point the finger at David Lampitt. Mr Lampitt had decided he knew what was best for the club. He had aligned himself with the Supporters Trust and local council, he had decided that Portpin were going to be the villains of the piece and that it was in the interests of the football club to go into administration and liquidation and start again," said Andronikou.

He went on to give his version of events on transfer deadline day: "Unfortunately our esteemed Chief Executive at the time [Lampitt], because I needed him to sign off transfers at the time, went missing on transfer deadline [meaning] we didn't achieve any sales at all. He switched his phone off and disappeared. The only one we managed to push through, which was completely insignificant, was the young lad Ryan Williams to Fulham, and that was done at 11pm because basically I had got hold of Mr Lampitt and threatened him."

He went on to describe how he dealt with Lampitt: "The next day we, I mean me and the board, I representing the major shareholder, sacked Mr Lampitt. Because he had obstructed those sales, he had delivered the final nail in the coffin of Portsmouth Football Club'"

Andronikou's words provide incontrovertible evidence that Portpin and Hacker Young were controlling the club from the moment that CSI went into administration. Portpin and Andronikou created a plan to avoid administration. When David Lampitt "decided he knew what was best for the club", (and he was just the CEO, what right did he have to have a different plan?), Andronikou rang around the Football League to execute the plan himself. When Lampitt obstructed the plan, he was summarily dismissed. Portpin had £2m to continue to fund the club, but elected not to do so because the club had not "contributed to its own future".

Following Lampitt's dismissal, Andronikou and Portpin dealt instead with John Redgate, the Finance Director. Redgate is a lifelong Pompey fan and regarded as a man of great integrity.

Andronikou knew Redgate from having acted as administrator on five companies of which Redgate was a director between 2002 and 2006, (although Andronikou insisted this was really two insolvencies involving a group of companies). Andronikou even took Redgate into the directors' box on two or three occasions while his friend Milan Mandaric was running Pompey. Redgate was hired during Pompey's 2010 period in administration by Hacker Young, and was made Finance Director as Portpin took over the club in recognition of his "fantastic" work during administration.

There is no suggestion or implication of any wrongdoing or any untoward behaviour on behalf of John Redgate, UHY Hacker Young of Portpin. There is nothing wrong with doing business with people you know, like and respect. However, the Football League test is not a test of wrongdoing in respect of the 'two administrations' clause, it is a test of control. Clearly Portpin and Hacker Young took control of Pompey the moment CSI went into administration and created a plan for the club. When that plan was obstructed by Lampitt, he was fired and Redgate became the (probably unwilling and unfortunate) man in the Fratton Park hot seat."

[trousers]

Hall also highlights the amended handwritten valuation of Fratton Park (those with good memories will remember that this document was posted on this thread at the time)

 

When a business applies to go into administration, a 'statement of affairs' must be produced setting out the financial position. Redgate set out to produce a statement of affairs for Pompey which you can view here. It is very interesting. It was written in biro pen for a start, which is seemingly somewhat unorthodox but, then again, I've never written one. However, even more interesting is the value of Fratton Park.

The book value of the freehold property of Fratton Park down as £13.2m. What 'book' provided this 'value' is not clear, with rumours suggesting it was written by Hans Christian Anderson yet to be confirmed. This was simply the amount someone, (not Redgate apparently), had reckoned Fratton Park was worth as an asset on the books, either rebuild value or economic value.

The realisable value, that is to say the amount Redgate thought Fratton Park would fetch, was £10m, which is still four times any known, independent valuation. However, written above this 'valuation', is a figure which has been crossed out but is still clearly discernible as £7.5m. If the Trust are successful in taking over Pompey, sources close to both bids and the football authorities believe that the valuation of Fratton Park will end up in the courts and such valuations may become a key issue.

[Fitzhugh Fella]

Hall also highlights the amended handwritten valuation of Fratton Park (those with good memories will remember that this document was posted on this thread at the time)

 

 

This kid has Chanrai's balls in a vice-like grip

[Gemmel]

This kid has Chanrai's balls in a vice-like grip

 

As intresting as it is, this latest article lacks the punch, the first couple had. If anything it shows the lengths that Chanrai went to, to prevent the club going into admin for a second time. As for the league rules, it comes down to a case of interpritation. Could go either way. If the League said point blank that they would refuse Chinny, then thats one thing, if they said not until this criteria is met, then that is something completely different. Eitehr way it will be a blood bath.

[hutch]

I know we've seen it several times before, but this is probably an opportune time to have another look at this little gem from a couple of years ago.

 

Site 1 (Fratton Park) is roughly 5 acres, and also roughly one third of the total land.

 

Word is the "price" of the Miland 2004 land from the administrator is around £2.5m. That seems cheap for around 10 acres in that location, but if you then consider that it is stuck right next to a football ground and has planning restrictions, then it might be about right. My guess is that in a reasonable market, without any planning constraints or football matches to worry about, the whole 15 acres could be worth somewhere between £15m to £20m.

 

As the Daily Mail article rightly notes, "the ground's value as a development site would be massively enhanced by packaging it with the 10 acres or so of land that Gaydamak owns to the west and north of Fratton Park." The opposite is also true, i.e. the value of the Gaydamak land would likewise be massively enhanced by packaging it with the Fratton Park land, and even more so if Fratton Park arena no longer stood on that land because Pompey had either ceased to exist, or been relocated by their "owner".

 

Anybody who could get themselves into a position where they could:

 

• Have ownership of Fratton Park for around £500k
  
• Have ownership of Miland 2004 land for around £2.5m
  
• Have it within their power to remove regular football from Fratton Park
  

would be looking at a potential profit of somewhere around £17million once the property market starts to tick again.

 

And FWIW, IMO that is the basis on which the land value would be judged if anybody does challenge Chainrai's debenture in Court.

 

 

p.s. The Miland 2004 land is all the other pieces 2,3,4,5 & 6 put together for anybody who isn't following closely

Edited 15 October, 2012 by hutch

[holepuncture]

http://www.newsnow.co.uk/A/604341114?-11209

 

Mr hall comments on portpin

 

Hall provides a nice summary of our on going discussions on this wonderful mega thread nut job hub

 

Its great to read such a piece when all of my favorite heroes are in the script... got to hand it to old AA, hes always sniffing around!

 

Good work by the skate, brave too. If his articles fuel the FL to kill off Chinny, the viscous loan shark may go after Hall to recover his debt

 

I am secured, I will get my money back

 

 

They should have liquidated so so long ago, they could be gracing the hallowed turf at Moneyfields by now and starting to put their sordid, cheating ways behind them.

 

Its beautiful.

[trousers]

As intresting as it is, this latest article lacks the punch, the first couple had. If anything it shows the lengths that Chanrai went to, to prevent the club going into admin for a second time.

 

I'm not sure but I think Chainrai would still be falling foul of the Directors' test if he was in some kind of control of the club, regardless of how hard he may, or may not, have been trying to prevent administration. Well, that's the Trust's interpretation of the situation anyway.

 

In other words, I don't think the football league rules differentiate between "tried to save club but still failed" and "couldn't be arsed to save club and failed"

Edited 15 October, 2012 by trousers

[Ohio Saint]

I'm not sure but I think Chainrai would still be falling foul of the Directors' test if he was in some kind of control of the club, regardless of how hard he may, or may not, have been trying to prevent administration. Well, that's the Trust's interpretation of the situation anyway.

 

In other words, I don't think the football league rules differentiate between "tried to save club but still failed" and "couldn't be arsed to save club and failed"

 

This. All they need to know is that he was acting as a shadow director.

[andysstuff]

This. All they need to know is that he was acting as a shadow director.

 

No. They can choose to interpret their on rules however they wish.

[hutch]

I'm not sure but I think Chainrai would still be falling foul of the Directors' test if he was in some kind of control of the club, regardless of how hard he may, or may not, have been trying to prevent administration. Well, that's the Trust's interpretation of the situation anyway.

 

In other words, I don't think the football league rules differentiate between "tried to save club but still failed" and "couldn't be arsed to save club and failed"

But hasn't Hall demonstrated that neither Jacob nor Lampitt did, in fact, follow the wishes or instructions of Portpin? In fact, doesn't he give specific examples of where they did the opposite?

[saint si]

I'm not sure but I think Chainrai would still be falling foul of the Directors' test if he was in some kind of control of the club, regardless of how hard he may, or may not, have been trying to prevent administration. Well, that's the Trust's interpretation of the situation anyway.

 

In other words, I don't think the football league rules differentiate between "tried to save club but still failed" and "couldn't be arsed to save club and failed"

 

Arguably if he was in a position to *try* and do anything, then by definition, he was acting as a shadow director...?

[Gemmel]

Arguably if he was in a position to *try* and do anything, then by definition, he was acting as a shadow director...?

 

Or as the major creditor..... Which could be argued was entirely appropriate actions.

 

As previously mentioned it will come down to interpretation.

 

If the FL don't think the pst can complete (And pay the football creditors) they will find a way of passing Chinny

[saint si]

Or as the major creditor..... Which could be argued was entirely appropriate actions.

 

As previously mentioned it will come down to interpretation.

 

If the FL don't think the pst can complete (And pay the football creditors) they will find a way of passing Chinny

 

Fair point. Sounds like they have enough flexibility in their rules then to essentially justify any decision they want. "Oh no, he was just a major creditor" vs "as the major creditor he had a significant influence over the day to day running of the club and the decision to go in to admin". Which we all knew anyway, to be fair.

 

Interesting last note. FL are going to be between a rock and a hard place. They could be left with a helluva decision ... approve Chainrai to save the club, but get continued abuse from the few... or veto Chainrai and condemn the club to liquidation because the trust bid doesn't stack up...

[Gemmel]

Interesting last note. FL are going to be between a rock and a hard place. They could be left with a helluva decision ... approve Chainrai to save the club, but get continued abuse from the few... or veto Chainrai and condemn the club to liquidation because the trust bid doesn't stack up...

 

Indeed, although I suspect there are some at the FL that would love to fail anybody in the FAPPT, just to prove they have some teeth. I suspect that a third party will appear and provide an alternative.... But even then they will need to find the money for Chinny.

[Chez]

Fair point. Sounds like they have enough flexibility in their rules then to essentially justify any decision they want. "Oh no, he was just a major creditor" vs "as the major creditor he had a significant influence over the day to day running of the club and the decision to go in to admin". Which we all knew anyway, to be fair.

 

Interesting last note. FL are going to be between a rock and a hard place. They could be left with a helluva decision ... approve Chainrai to save the club, but get continued abuse from the few... or veto Chainrai and condemn the club to liquidation because the trust bid doesn't stack up...

 

I would have thought the FL will keep the two decisions very separate. Does Chinny pass the FAPPT? If no, then it's back to Birch to find another buyer.

[Torres]

A bid from Pirtpon, run by Mr Chianria, is in the pipeline.

[saint si]

I would have thought the FL will keep the two decisions very separate. Does Chinny pass the FAPPT? If no, then it's back to Birch to find another buyer.

 

Absolutely. That's how they'll have to be seen to approach it - they can only test the bidder that is recommended by PKF and they cannot be seen to input to PKF's decision process. Their comments after last week's meeting said almost exactly that.

 

But the reality is that they will know whether Chainrai's bid is the only viable one or not, and so will be aware of the ramifications of approving him or not.

 

Frankly, if I was them I'd just fail everyone who applied for the owners and directors test. "Sorry, we have a duty of care to PFC as you keep telling us, so we can't allow it to fall in to the wrong hands". That'd shut the moaning ****s up.

[Colinjb]

'Appy's one step closer to leaving. Solskjaer has ruled himself out of the Bolton job.

[Ken Tone]

Absolutely. That's how they'll have to be seen to approach it - they can only test the bidder that is recommended by PKF and they cannot be seen to input to PKF's decision process. Their comments after last week's meeting said almost exactly that.

 

But the reality is that they will know whether Chainrai's bid is the only viable one or not, and so will be aware of the ramifications of approving him or not.

 

Frankly, if I was them I'd just fail everyone who applied for the owners and directors test. "Sorry, we have a duty of care to PFC as you keep telling us, so we can't allow it to fall in to the wrong hands". That'd shut the moaning ****s up.

 

Well to be frank, anyone who wants to take over a club in the state they are in, must be at least slightly mad, so by definition cannot be a suitable fit and proper person!

[fanimal]

Just heard that the Miland land administrators have had 3 Unconditional bids at an acceptable level which is remarkable in the circumstances as the land has a much higher value with a planning consent and is effectively blighted by PCC wanting to see a comprehensive scheme including reserving land for expanding th estadium (God knows why though!) Must be low B1 use value from a chancer or two, who might that be then??

[mack rill]

LOL Mackers - Get your cheque book out son - 900 pound payable to pst trust...... Keep old trev going for an hour or so

 

:scared:Gemmel me old mucker i might be a skate but I'm from the surface of the pond, not the murky depths (skate with fu*ckin long pockets:D

[Tamesaint]

But hasn't Hall demonstrated that neither Jacob nor Lampitt did, in fact, follow the wishes or instructions of Portpin? In fact, doesn't he give specific examples of where they did the opposite?

 

I have only skimmed the latest Hall article and the comments that others have made but I cannot see how Portpin / UHY can be claimed to be controlling the club when they did not get their apparent wish of selling players before the deadline. If you control a club and want to sell players that is what happens. AA & UHY spent ages trying to sell players before the January deadline window but failed to do so. How does that prove that they controlled the club? I would suggest that it demonstrates the opposite.

 

Am I missing something here?

[OldNick]

:scared:Gemmel me old mucker i might be a skate but I'm from the surface of the pond, not the murky depths (skate with fu*ckin long pockets:D

You all have long pockets,you've be living off everyone else for decades

[trousers]

I have only skimmed the latest Hall article and the comments that others have made but I cannot see how Portpin / UHY can be claimed to be controlling the club when they did not get their apparent wish of selling players before the deadline. If you control a club and want to sell players that is what happens. AA & UHY spent ages trying to sell players before the January deadline window but failed to do so. How does that prove that they controlled the club? I would suggest that it demonstrates the opposite.

 

Am I missing something here?

 

It is alleged that they ordered Lampitt to sell players but he seemingly refused.

 

As you say, what was stopping them going over his head if they were "in control".

 

It sounds like they were TRYING to exercise control over the club but, because they were acting as 'shadow directors' rather than ACTUAL directors they weren't signatories on the board.

 

It all comes down to whether the football league interprets their alleged behaviour as acting as de facto owners.

 

However, It does now seem unreasonable to hold Portpin responsible for the inaction of a CEO but stranger things have happened...

Edited 15 October, 2012 by trousers

[holepuncture]

It is alleged that they ordered Lampitt to sell players but he seemingly refused.

 

As you say, what was stopping them going over his head if they were "in control".

 

It sounds like they were TRYING to exercise control over the club but, because they were acting as 'shadow directors' rather than ACTUAL directors they weren't signatories on the board.

 

It all comes down to whether the football league interprets their alleged behaviour as acting as de facto owners.

 

It does now seem unreasonable to hold Portpin responsible for the inaction of a CEO but stranger things have happened...

 

Lampitt turned his phone off on transfer deadline day. When Andy finally got hold of him the only business they were able to do was to flog Williams to Fulham, which was pretty insignificant seeing as Chinny wanted to wash £2m.

 

They sacked Lampitt the very next day, which to me suggests they were "in control"!

 

Lampitt was parachuted in to the skates in the 2010 administration, i cant imagine Chinny would have ever wanted this guy at the helm of fortress fratton considering the company he keeps.

 

Lampitt could well be fighting back against Chinny and the gang, he may still hold some influence in the FA/FL too.

 

I eagerly await Chinnys next move in this epic tale!

[Weston Super Saint]

Interesting stuff as always from Mr Hall....a cut and paste of the key section of that article:

 

It's nice, but all it PROVES is that Chinny and AA actually had NO CONTROL over PFC at the time of the admin!

 

Here are some clues :

 

We identified a number of player sales we believed we could complete, with the assistance of the board in the January window

 

We believed we could realise £2m from player sales, and with that £2m from Portpin the club could avoid relegation and stay in the Championship. Now the truth of this sorry saga, is that, and I have to point the finger at David Lampitt.

 

Mr Lampitt had decided he knew what was best for the club.

 

Unfortunately our esteemed Chief Executive at the time [Lampitt], because I needed him to sign off transfers at the time, went missing on transfer deadline [meaning] we didn't achieve any sales at all.

 

Portpin and Andronikou created a plan to avoid administration. When David Lampitt "decided he knew what was best for the club"

 

Frankly, having a 'plan' for running the club and ACTUALLY running it are two different things entirely! All Micah has done is show that actually, no matter what cunning plan AA and Chinny invented, nothing could be executed without David Lampitt agreeing to it!

 

If I remember correctly, there were hundreds of Saints fans who also had plans for the skates at the time. Some even wrote to the FL to highlight their plans, but just like AA and Chinny not one of us could get our plans to come to fruition either!

[St Chalet]

As laughable as it sounds....

 

Andronikou would have been seeking to get the best return for all creditors of Convers Sports. In theory the administrator is seperate and independent of the creditors, and as such Chanrai / Portpin could not exercise any control. Andronikou was actually doing the correct thing in trying to extract funds from a subsidiary company to save the parent company and allow it to continue to trade or pay a dividend to creditors.

 

If the football league were to effectively call Chanrai a shadow director, this would implicate AA's actions as a clear conflict of interest / malpractice, cue a UHY law suit against the FL.

 

Chanrai or liquidation are the only two games in town.

[Fitzhugh Fella]

As laughable as it sounds....

 

 

Chanrai or liquidation are the only two games in town.

 

Yes it is starting to look increasingly like that and I now think it impossible for the FL to hand the baton to Chanrai so Micah Hall's probing tipped the scales and has ensured liquidation. I think he thought his research would tip the scales towards the Trust but his gamble will back fire I am sure.

If I was Birch liquidation it is the safest bet, anything else opens up the biggest can of worms imagineable.

[trousers]

It's nice, but all it PROVES is that Chinny and AA actually had NO CONTROL over PFC at the time of the admin!

 

Here are some clues :

 

 

 

Frankly, having a 'plan' for running the club and ACTUALLY running it are two different things entirely! All Micah has done is show that actually, no matter what cunning plan AA and Chinny invented, nothing could be executed without David Lampitt agreeing to it!

 

 

As holepuncture suggests above, how could they sack Lampitt (if indeed that's what happened) if they weren't "in control" of the club?

 

The fact that they needed Lampitt to sign off the paperwork suggests to me that was just a legal formality (if they were acting as 'shadow' owners of the company)

[Weston Super Saint]

As holepuncture suggests above, how could they sack Lampitt (if indeed that's what happened) if they weren't "in control" of the club?

 

The fact that they needed Lampitt to sign off the paperwork suggests to me that was just a legal formality (if they were acting as 'shadow' owners of the company)

 

Because the day after the transfer window closed, the club was put into administration. That is when Lumpitt was sacked I believe. Par for the course for the Chief Executive to bite the bullet on admin

[sidthesquid]

It's nice, but all it PROVES is that Chinny and AA actually had NO CONTROL over PFC at the time of the admin!

 

Here are some clues :

 

 

 

Frankly, having a 'plan' for running the club and ACTUALLY running it are two different things entirely! All Micah has done is show that actually, no matter what cunning plan AA and Chinny invented, nothing could be executed without David Lampitt agreeing to it!

 

If I remember correctly, there were hundreds of Saints fans who also had plans for the skates at the time. Some even wrote to the FL to highlight their plans, but just like AA and Chinny not one of us could get our plans to come to fruition either!

 

But, doesn't the fact that they sacked him for his behaviour suggest they had some directorial authority?

[Gemmel]

Yes it is starting to look increasingly like that and I now think it impossible for the FL to hand the baton to Chanrai so Micah Hall's probing tipped the scales and has ensured liquidation. I think he thought his research would tip the scales towards the Trust but his gamble will back fire I am sure.

If I was Birch liquidation it is the safest bet, anything else opens up the biggest can of worms imagineable.

 

I'm not sure I see it that way.

 

If the FL had officially turned down Chanrai, they would have made an announcement by now. I am sure that they weren't able to pass him at the last meeting as certain conditions hadn't been met. I'm guessing now it is actually in Chanrais court, but as good as micha halls articles have been, what really are the exposures, that would prevent meeting the FAPPT? There's fud, hear say and allegations, but Chanrai can answer all of those. If they don't pass Chanrai, a third party will pop up from somewhere. They wont be liquidated.

[Weston Super Saint]

EDIT :

 

Correction...

 

Pompey entered admin on 17th Feb 2012 - Winding up petition heard on 20th Feb.

 

Lumpitt and 'two board members' were made redundant on 22nd Feb when Tricky Trev was appointed...

 

AA DID NOT sack Lumpitt, nor did he hold any control over PFC - this was ratified by the judge in the winding up hearing when he appointed Trev. Remember then how Chinny offered £500k to gain control - via AA - at the hearing?

 

Yet more proof that AA and Chinny held no sway over the events at PFC while Lumpitt was in control....

[Tamesaint]

They sacked Lampitt the very next day, which to me suggests they were "in control"!

 

 

Er no. Hall said this as well but he is wrong.Lampitt left Pompey 3 weeks after the transfer deadline finished and once Birch and PKF were on board.

 

 

http://www.portsmouth-mad.co.uk/news/tmnw/lampitt_leaves_pompey_730268/index.shtml

 

Chanrai and Portpin exercised a strange sort of control if they were unable to get Lampitt to do what they wanted and then they had to wait for someone else to sack him.

[Saint in Paradise]

Would Trevor be in a position to give that M Hall chap any of the info that M Hall has posted and IF he has

will he have broken any rules and is that why he has gone quiet?

 

OR has someone taken a real dislike of Trevor and threatened him with violence and that is why he has disappeared?

[Tamesaint]

EDIT :

 

Yet more proof that AA and Chinny held no sway over the events at PFC while Lumpitt was in control....

 

 

Just goes to show - Pompey nutjobs don't know what they are talking about.

[Pamplemousse]

SulaimanAlfahim ‏@TheRealSulaiman

I can't understand TB, he wants only the two bidders #PST and Protpin !!! All what he requested been provided but still does not want SAF!!

 

Interesting, suggests that TB hasn't been sidelined by PKF (assuming Mr Whippy is correct) and is very much involved.

[gaz]

Correct me if I;m wrong, my memory isn';t too good, but didn't AA wind up/shut down various companies owned by CSI after it entered Admin, to continue the funding of PFC?

[rallyboy]

Let's not forget that they had ample opportunity to sell players pre-admin.

That would have sorted some debt, but damaged them on the pitch.

 

 

Lampitt refusing to sell players clearly supports the theory that they were more interested in a competitive advantage than trading solvently.

A repeat of 2010 and Illegal Cup Run II.

Known in technical circles as the **** the creditors approach.

 

 

 

Bearing this in mind, sympathy for their self-induced plight should now be offered at .4% of genuine sympathy, less expenses, spread over a decade or two.

 

This could be downgraded further in the next token CVA that will never be paid from Admin III

 

Actually I think it is IV or V - but like all pompey accountants and managers, plus the guy who scrawled the Trust's business plan on the back of a scratchcard, I've lost count.

 

 

Maybe the scratchcard was their business plan?...