Pompey Takeover Saga

[toofarnorth]

Shame we don't play Liverpool last game of the season

 

Also, if they had any sense, they could hedge this.

 

Well we know they don't have any sense. But yeah that would be the sensible move.

[Gemmel]

Well we know they don't have any sense. But yeah that would be the sensible move.

 

Im not sure they have the cash to hedge it

[rpb]

Maybe Liverpool can claim 1m for the sale of Crouch when Pompey win the Premiership?

[mack rill]

http://www.bbc.co.uk/sport/0/football/26840066

 

viva lasssssss-vegas:rolleyes:

[buctootim]

viva lasssssss-vegas:rolleyes:

 

Anyone got a baseball bat and know where Suarez lives?

[Ohio Saint]

viva lasssssss-vegas:rolleyes:

 

A million.........Yes, I know it's a lot of money to you lot right now, but a million!!??

[mack rill]

A million.........Yes, I know it's a lot of money to you lot right now, but a million!!??

 

every little helps as the old lady said p**ing in the sea, The thing is will they pay in £s or hub caps,

[dronskisaint]

every little helps as the old lady said p**ing in the sea, The thing is will they pay in £s or hub caps,

 

.....as say your new best friends :-). Can see this dangling like a ragworm at a skate brothel only to be whipped away like all the other hope...it's the hope that kills

[rallyboy]

It's really honest of the current pompey management offering to revisit all financial agreements since 2009, and presumably, to settle all that debt they walked away from...twice.

 

 

 

 

But if it comes to it, my money will be on the scouse legal team.

[Saint George]

Anything the skates can do, we can do better.....As Man City prepare for their Cup Final this week

 

Re: Manchester City V Southampton pre-match thread.

 

Postby @BluePhil8 » Sun Mar 30, 2014 5:15 pm

We can beat Southampton but we will need to play like it is a cup final. It will be unforgivable if we don't turn up with a winning mentality when the League is in our hands.

 

http://forums.bluemoon-mcfc.co.uk/viewtopic.php?f=1&t=299407&start=20

[Waterside.saint]

A million.........Yes, I know it's a lot of money to you lot right now, but a million!!??

 

every little helps as the old lady said p**ing in the sea, The thing is will they pay in £s or hub caps,

 

If they're coughing up to pompey it'll be in lucky heather and horse brasses

[mcjwills]

As it is 2% of 4% that's £800 owed by Liverpool and £999,200 to the creditors. Simples

[Kingsbridge Saint]

Shall we all buy City shirts this weekend? #WBA

[Baldsaint]

Yes, I seem to recall a few sister-bothering, heather-selling, tooth-free, bath-dodging, cross-eyed simpletons gobbing off about how we had borrowed £35M and were insolvent.

 

Cue further myths.

And Nutjobs may be obsessed with another club, but they are generally pretty savvy about their own too.

But for the few to comment on our finances is a bit rich as they have neither grasp of basic maths nor a fricking clue what is going on in their own balance sheets!

We are just the same as Man Utd as they have debt too...scummahs ripped off charities so their admin was identical to ours....we are debtfree....we have the lowest wagebill in the division....we've been punished twice for the same offence....parachute payments are ringfenced and will cover that....etc

 

A couple of myths from a skate in my office;

 

Keegan was bumming/fisting most of the youth team whilst here as a player (that's why he got done over).

 

One of the 4 Saints players who has played for England recently is about to come out as gay, he thinks it's Luke.

 

We sold (or bought, I really didn't get his point I was laughing so much) a car park for £42M as a tax dodge.

 

Yes, it's a laugh a minute at the moment in my office, it's nearly a joy going into work, nearly.

[Crazy Diamond]

Shall we all buy City shirts this weekend? #WBA

 

Christ I'd forgotten all about that. Times fly.

[trousers]

As someone pointed out earlier, I'm surprised that the football authorities allowed such a clause to be included in a player's contract as it could lead to a conflict of interests if Liverpool were to play Pompey in a deciding game at some stage during the contract period. (No tittering at the back!)

 

Its a bit like a team betting on their opponents to win.

 

Maybe someone should drop a quick email to the premier league to get their view on such a conflict....

[bridge too far]

I wonder if this potential 'asset' was known to the administrator(s) at the time(s) they were in administration?

[trousers]

A good point BTF.... anyone got Birch's email address...? Would be a bit of a bummer if another CVA was proved to be invalid...

[andysstuff]

I see Luton Town took 2,000 away to

Dartford tonight. Looks like they may give them a run for the title of bestest in League 2 next season.

 

 

Sent from my iPhone using Tapatalk

[Waterside.saint]

A good point BTF.... anyone got Birch's email address...? Would be a bit of a bummer if another CVA was proved to be invalid...

 

email sent to

http://www.bdo.co.uk/contacts-and-locations/trevor-birch

-click button at foot of page labelled 'email Trevor'

-note there is a 300 character limit.

 

http://www.bbc.co.uk/sport/0/football/26840066

Should this asset have been used to pay creditors?

Edited 2 April, 2014 by Waterside.saint
Corrected character limit

[BlakeySFC]

I read this on the Sky Sports facebook page about this 'Pompey could get £1million' story and almost threw up in my mouth:

 

'As a Liverpool fan I'd love it if we won the league but at the same time it would be a great feeling to be able to help out a a traditional club like Portsmouth which has so much great history. It is a shame the decline that club has suffered but hopefully they can get back on their feet soon enough.'

 

:facepalm: :facepalm: :facepalm:

 

And what's worse is that this comment has 127 likes

 

:facepalm:

[Lambert1979]

Just had a glance at the Pompey forum, saw the thread about our finances - wow are they desperate for us to go tits up!

 

Hello messrs Pot, Meet Messrs Kettle

[Saint_John]

How many remember the Cheats using a Clients Account at Fuglers LLP as a Bank Account when their Bank Account was frozen as part of Admin1.

Well it appears that Fuglers were fined for doing that on 7th January 2014 :-

The Tribunal found charges of misconduct proved against the Appellants and imposed fines in the following amounts:

The Firm £50,000, Mr Berens £20,000, Mr Fugler £5,000

+ £56,250 costs (£60k minus Jacob's Costs)

 

This was never reported, however Fuglers appealed the fines imposed by the Solicitors Regulatory Authority to the High Court on the 29th January. Here is the listing which does give some background information.

I wonder if the £10m paid out had any effect on the cva vote ? i.e. did they pay those who were likely to vote against a cva ??

 

http://www.bailii.org/ew/cases/EWHC/Admin/2014/179.html

 

5 The Tribunal also found charges of misconduct proved against Mr Jacob, who was at the time a salaried partner of the Firm, but has since left. Mr Jacob has not appealed the Decision

7 The Appellants faced five charges. The first four, which were found proved, were made against each of them in the following terms:

Allegation 1.1: they made improper use of the Firm's client account by using it as a banking facility for a client.

Allegation 1.2: they operated their client account contrary to Rule 15 of the Solicitors' Accounts Rules 1998.

Allegation 1.3: they provided services to a client other than those a recognised body is permitted to provide contrary to Rule 14 of the Solicitors' Code of Conduct 2007.

Allegation 1.4: they acted in a way which was likely to diminish the trust the public placed in them and the profession contrary to Rule 1.06 of the Solicitors' Code of Conduct 2007.

11 The gravamen of the charges was that the Appellants had allowed the Firm's client account to be used by a client of the Firm, Portsmouth City Football Club Limited ("the Club"), as a banking facility over a period between 5 October 2009 and 8 February 2010. During this period the account had been used to receive payments in from the Club and others, and to transfer out many payments to service the Club's day to day trading activities. A total of about £10 million passed through the account in this way over the four month period. The transactions took place via two client ledger accounts which were set up for that purpose. Throughout that period, the Club's banking facilities had been withdrawn by its bank because HMRC had presented a winding up petition on 1 October 2009. Mr Berens was aware of the petition shortly after 5 October 2009. The winding up petition was subsequently withdrawn on 12 November 2009, but a second petition was presented by HMRC on 22 December 2009.

21 The Tribunal addressed the issue and made its relevant findings of fact in the following paragraphs

21.25. It was evident from the schedules of payments provided that a mixture of creditors had been paid. Some of those were football creditors and others were not. The non-football creditors included payments to coffee suppliers, laundry services and maintenance/repair fees among other things......Furthermore, while some payments were made where there may have been underlying legal transactions, there were also a number of payments made from those accounts where it was blatantly obvious that there could have been no underlying legal transaction. It was hard to see how payments to coffee suppliers and for laundry services could be connected to any legal transaction. The nexus of such payments was too remote from the core purpose of any legal work.

 

24 In dealing with the sanction to be imposed....

33.....The Tribunal took the view that in light of all the circumstances of this case, the breaches were not trivial or technical but were very serious indeed. Mr Berens had allowed PCFC to avoid the consequences it faced when presented with the winding up petitions, in that PCFC was able to continue trading and making payments through the use of Fuglers' client account in substitution for the use of PCFC's own bank account which had been frozen, when PCFC would not otherwise have been able to do so. This was in effect a device which was not a proper use of a solicitors' client account and it had exposed the Respondents to a serious risk in relation to the use of that account, such that creditors could claim that they had been deprived of receiving funds which they might otherwise have received. A solicitor's client account should only be used for the receipt of money which was directly connected to the legal work the solicitor was carrying out on behalf of the client.

36 ...(3) Mr Berens' conduct was responsible for facilitating the preferring of some unsecured creditors over others to a substantial extent.... is that during the relevant period substantial sums were paid to some whilst very substantial debts owed to others were not paid. Payments which were made included, according to Miss Foster QC, the following approximate amounts: £137,000 to a retail creditor; £12,000 to landladies; £252,000 in general payments for the running of the Club which were not football payments; and about £3m to HMRC in three separate payments. Unsecured creditors who were not paid or not paid in full, included HMRC who were owed some £11m, and a very large number of trade creditors whose names and debts are recorded in a document dated 19 April 2010, in a total sum in excess of £4m....

[Hatch]

they just can't help themselves can they.

[holepuncture]

email sent to

http://www.bdo.co.uk/contacts-and-locations/trevor-birch

-click button at foot of page labelled 'email Trevor'

-note there is a 300 character limit.

 

http://www.bbc.co.uk/sport/0/football/26840066

Should this asset have been used to pay creditors?

 

I have asked both the PL and the FL for their thoughts on this newly found magic million.

 

The foul, contrived, malevolent, slippery, cheating skate c*nts really are something else.

[Gemmel]

http://www.bbc.co.uk/sport/0/football/26840074

 

http://fansonline.net/portsmouth/mb/view.php?id=544721

 

LOL..... There is some good comedy value in mcinnes

[Bearsy]

There must have been a limit on that Johnson clause tho ain't it? I can't imagine it was open ended, you would prop put a limit of 5 years or something in the wording cos otherwise you would have skates chasing you down in 2048 when Johnson is been retired for 30 yrs.

[stevegrant]

There must have been a limit on that Johnson clause tho ain't it? I can't imagine it was open ended, you would prop put a limit of 5 years or something in the wording cos otherwise you would have skates chasing you down in 2048 when Johnson is been retired for 30 yrs.

Indeed. I wouldn't be surprised if it turns out that the clause was active during Johnson's initial contract period (i.e. 4 years), but is no longer valid.

 

I wonder if the Pompey board are already deciding how to spend the £1m before Liverpool pay up, only to find that they've spent money they don't have. Again.

[Whitey Grandad]

Did they ever pay for Johnson in the first place?

[Hatch]

http://news.bbc.co.uk/sport1/hi/football/teams/l/liverpool/8102625.stm

 

It is understood Pompey still owe Liverpool £7m from the deal that saw them buy striker Peter Crouch last summer, and that is believed to have helped finance Johnson's transfer.

 

 

and presumably never did pay for Crouch, so surely Liverpool can tell them to do one.

 

Also, 4 year contract , signed June 2009. So it has expired.

[Hatch]

and just for old times sake.

 

http://news.bbc.co.uk/1/hi/england/hampshire/dorset/3934345.stm

[Minsk]

How many remember the Cheats using a Clients Account at Fuglers LLP as a Bank Account when their Bank Account was frozen as part of Admin1.

Well it appears that Fuglers were fined for doing that on 7th January 2014 :-

+ £56,250 costs (£60k minus Jacob's Costs)

 

This was never reported, however Fuglers appealed the fines imposed by the Solicitors Regulatory Authority to the High Court on the 29th January. Here is the listing which does give some background information.

I wonder if the £10m paid out had any effect on the cva vote ? i.e. did they pay those who were likely to vote against a cva ??

 

http://www.bailii.org/ew/cases/EWHC/Admin/2014/179.html

 

Hmmm, I don't recall the Skates ever having a points deduction for financial misconduct (as opposed to entering Admin) ala Luton. I guess it is too much to hope they could have a points deduction before season end........

[sidthesquid]

Just read through this - are they really representative of the Septic Isle? Most of them are truly mental. I understand why they are desperate, but their scale of delusion about us explains why they lap up every word every dodgy owner (including the current ones) offers them.

 

http://fansonline.net/portsmouth/mb/view.php?id=544387

[trousers]

Hmmm, I don't recall the Skates ever having a points deduction for financial misconduct (as opposed to entering Admin) ala Luton. I guess it is too much to hope they could have a points deduction before season end........

 

Which reminds me.... I wonder how Baker Tilly's forensic investigation into Pompey's accounts is coming along....?

 

 

http://www.accountancyage.com/aa/news/2072292/baker-tilly-lawyers-portsmouth-fc-liquidation

 

http://www.bakertilly.co.uk/SiteCollectionDocuments/RR/Special%20Investigations.pdf

 

Portsmouth City Football Club Ltd

 

Appointed as liquidators of the company following its exit from Administration in January 2011. During the course of the Administration, various assets including the company’s

membership of the Football League were sold and a Company Voluntary Arrangement (CVA) was approved setting out the proposed return to creditors.

 

HM Revenue and Customs (HMRC) had previously issued a winding-up petition in December 2009, which was stayed due to the Administration. When the creditors required the

Administrators to apply for their release, HMRC made an application for the petition to be reinstated and we were nominated as liquidators by the majority of creditors to investigate the affairs of the company and, in particular, the events leading up to the presentation of the petition.

 

To date, our investigation – a joint project between Special Investigations and Forensic Services teams at Baker Tilly – has focused on possible claims relating to antecedent

transactions.

 

p.s. and WTF is that photo of a proper football stadium doing on the Pompey investigation page?

Edited 2 April, 2014 by trousers

[Bobbyboy]

Hmmm, I don't recall the Skates ever having a points deduction for financial misconduct (as opposed to entering Admin) ala Luton. I guess it is too much to hope they could have a points deduction before season end........

 

What was the one last season when they had points deducted despite being already relegated so it meant nothing? So many insolvency events I can't remember them all. Was that a general financial misconduct one?

[trousers]

What was the one last season when they had points deducted despite being already relegated so it meant nothing? So many insolvency events I can't remember them all. Was that a general financial misconduct one?

 

No, it was for failing to honour the original CVA. And, yes, the football league bottled it by not carrying the penalty over to this season.

[Bobbyboy]

Just remembered, it was for diluting CVA1 without asking all the creditors, so it was for something specific.

[trousers]

Just remembered, it was for diluting CVA1 without asking all the creditors, so it was for something specific.

 

Yep, they've never been punished for general financial misconduct in the way Luton did

[Wes Tender]

Just read through this - are they really representative of the Septic Isle? Most of them are truly mental. I understand why they are desperate, but their scale of delusion about us explains why they lap up every word every dodgy owner (including the current ones) offers them.

 

http://fansonline.net/portsmouth/mb/view.php?id=544387

 

They truly would struggle to get an IQ into double figures even if they added their individual IQs together collectively. Stu is wasting his time trying to reason with them, as there are none so deaf as those who will not hear.

 

The best position to adopt regarding their rat-infested little club and their simpleton fans is one of pity.

[bridge too far]

They're treading on dangerous ground with some of those comments about Markus. Libellous

[stevegrant]

They're treading on dangerous ground with some of those comments about Markus. Libellous

Sadly you cannot libel the dead.

[bridge too far]

Sadly you cannot libel the dead.

 

I didn't know that! Their vitriol actually refers to Katerina's dad as - well you know what but I'm not saying the word. So it casts aspersions on her, does it not?

[Gemmel]

They're treading on dangerous ground with some of those comments about Markus. Libellous

 

It's funny BTF.... When Marcus first took over they had loads of posts on how he was a German tank driver.... when we pointed out he wasn't even born... half of them still carried on...... So now I think they have him as the son of a Nazi gold thief.... or something like that.

[Golden Balls]

Jesus they are a desperate bunch.

[badgerx16]

They're just a Conference club in waiting, and pity is wasted on them.

[Waterside.saint]

They're just a Conference club in waiting, and pity is wasted on them.

 

#nonleagueportsmouth has a nice ring to it

[dronskisaint]

I'm mildly amused that one of our home produced teenagers (in fact take your pick from several) is worth more than their entire cesspit of a club!

 

Shalala lala etc

[redkeith]

I'm mildly amused that one of our home produced teenagers (in fact take your pick from several) is worth more than their entire cesspit of a club!

 

Shalala lala etc

 

Which home produced teenager are you referring to? Isgrove or Robinson ?

[eurosaint]

I'm mildly amused that one of our home produced teenagers (in fact take your pick from several) is worth more than their entire cesspit of a club!

 

Shalala lala etc

 

Surely even Guly is worth more than the plucky, potless, pikey reptiles

[trousers]

http://www.portsmouth.co.uk/sport/pompey/summer-pompey-rebuilding-job-excites-mcinnes-1-5976320

 

It’s a summer rebuilding job for Pompey, although on this occasion bricks and mortar occupy Iain McInnes’ attention.

 

Inevitably there will be managerial and personnel changes at the end of a campaign which fans hope can result in securing their Football League status.

 

Running parallel is a massive overhaul of the club’s infrastructure both at Fratton Park and their soon-to-be-announced Roko training ground.

 

External investment will fund the relaying of the oft-criticised Fratton pitch and the construction of improved disabled facilities.

 

In addition, crucial health and safety work will be carried out to bring the ground up towards its full capacity, having had some of its seats condemned last summer.

 

Throw in the imminent confirmation of a new training home in Hilsea and Pompey chairman McInnes believes vital foundations are being dug off the field.

 

He said: ‘Our finances are far better than we could have expected, thanks primarily to the increase in income from the fans – who have been incredibly supportive and loyal – and also extra income voluntarily offered by other investors in the football club.

 

‘It enables us to carry out something in the region of £1m worth of work at Fratton Park at the end of the season.

 

‘It’s quite clear the pitch is not acceptable, it’s quite clear previously the pitch was not properly dealt with, there is a task force working on that – probably headed up by Mick Williams – where we are looking to dig up the pitch completely and replace all the drainage which has been such a major issue.

 

‘We will hopefully have planning permission approved for a dedicated section for disabled supporters and that will enable us to do two things – protect them from weather and also allow more of them to come in as we have a waiting list.

 

‘We will also increase the safety for the stadium to above base-level standards, which will get us back up to the capacity which it was before.

 

‘We couldn’t possibly even conceive doing that from our original budget and our original income.’

 

As initially revealed by The News on January 24, Roko’s Copnor Road base is to serve as the new club training ground.

 

Lawyers are presently thrashing out the final details but McInnes is excited over the emergence of Pompey’s own training home.

 

He added: ‘The training ground is crucial and so close to being announced.

 

‘This will be a marker for the new regime in terms of making an investment, not just a pie in the sky investment but a proper investment in a long-term home for the future players of this famous old football club.

 

‘It’s a facility that enables us to attract players. Even at this level the professional ones actually want to come and see your facilities and training ground before making a decision.