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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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OldNick

OldNick

Posted
Posted

Has this dodge been tried before by others? When will our legal system stop these things happening. It is scandalous that tax payers are being treated like mugs. I wonder how often the revenue come up against these type of companies, hopefully they and the judge see through this.

I feel they will get through it again.When is the next tv money due?

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Weston Saint

Weston Saint

Posted
Posted
There has just been a very good "Special Report" on BBC South Today pointing out the links between Daddy; Junior and all the other questionable characters involved.

 

 

PLEASE PLEASE PLEASE BBC SOUTH TODAY put the 3 min Special Report on the web for others outside the area to see it !!

It was a good report highlighting the dirt running through the Portsmouth boardroom in recent times.

 

Anyway, since then

 

http://www.pressassociation.com/component/pafeeds/2010/02/04/pompey_takeover_set_to_be_challenged?camefrom=sport-news

 

Looks like the fake shake (spelling intentional) and his Jewish Lawyer is going to challenge. Plenty of icebergs still about :)

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CB Saint

CB Saint

Posted
Posted

Can't believe they are not dead yet. They are like a ****roach - no matter how hard you batter them, they still hang on in.

 

Is Mark Jacobs really considering an appeal against the takeover which was based upon a document that his firm drew up or is it a massive bum covering exercise because he screwed up?

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OldNick

OldNick

Posted
Posted
Can't believe they are not dead yet. They are like a ****roach - no matter how hard you batter them, they still hang on in.

 

Is Mark Jacobs really considering an appeal against the takeover which was based upon a document that his firm drew up or is it a massive bum covering exercise because he screwed up?

or as another put up on here, another big time delaying scam to get some more time to get through to TV revenues etc

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mcjwills

mcjwills

Posted
Posted
It was a good report highlighting the dirt running through the Portsmouth boardroom in recent times.

 

Anyway, since then

 

http://www.pressassociation.com/component/pafeeds/2010/02/04/pompey_takeover_set_to_be_challenged?camefrom=sport-news

 

Looks like the fake shake (spelling intentional) and his Jewish Lawyer is going to challenge. Plenty of icebergs still about :)

 

You couldn't make it up

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saintbletch

saintbletch

Posted
Posted
Can I remind everyone :-

 

(1) That Daddy is due in court in Israel this month (Feb 2010).

http://archive.globes.co.il/searchgl/Gaydamak%20ordered%20to%20attend%20February%20court%20hearing_h_hd_2L34nE3WqDrmnC30mDJ8tE3WpBcXqRMm0.html

 

 

(2) And while he has been back in Russia his Bank Accounts have been frozen.

http://www.complinet.com/global/news/news/article.html?ref=127834

(.... have been frozen, leaving him unable to deposit the money....")

 

 

(3) And last Sept money was removed from those FROZEN Bank Accounts when Chainrai & Kushnir sued Daddy (and almost the same amount was then loaned to the Skates later)

http://archive.globes.co.il/searchgl/Court%20orders%20Gaydamak%20to%20pay%20Kushnir,%20Chainrai%20$23m_h_hd_2L34nDZaqDbmnC30mDJ0mC34sBcXqRMm0.html

("...Gaydamak did not file a statement of defense in the lawsuit ...")

 

 

IMO the most important Court Case is the one due in Israel this month, if Daddy wins it and his Bank Accounts are unfrozen then I believe that Chainrai will be happy, and the STALLING and TIME WASTING that is going on in all the other cases will suddenly stop.

 

Good analysis Saint_John!

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dubai_phil

dubai_phil

Posted
Posted

Yawn.

 

I've said it before and I'll say it again.

 

This is all about TIME.

 

they weren't going pop last week and won't this week. This ludicous game is all about hanging on, delaying EVERYTHING and hoping that Grant pulls off a miracle and they stay up.

 

The PL didn't get it months ago, this place did, and the media has only just started to catch on.

 

you youngsters out there who aspiore to be lawyers/accountants etc should tune in every day because what you are seeing is every trick in every book ever written AND many new ones being invented daily.

 

I am pretty damn sure that their next tactic will be sueing TSW or even the skate forums IF they believe they can buy another week.

 

It is all about one more week, one more week, it's like watching Michael Atherton's innings in SA all those years ago, just one more ball.

 

It won't end until some small local company or HMRC has had enough and just says No.

 

In fact today's shenanigans were even murkier than the sand storm at the golf today down here

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Weston Saint

Weston Saint

Posted
Posted

OK so Faraj and Jacob say default on both sides of the loan deal so Chainrai is not the real owner of Portsmouth. So Chainrai is a creditor just like HMRC. What a mess

 

I fear when the Judge see's what is going on he will give an adjournment for the two disputing owners to sort themselves out.

 

One good issue for me is Chainrai saying he does not want to retain ownership, just sort out the club and find an investor. Sorry but it seems to me he is acting like a self appointed Administrator without the power.

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saint_mears

saint_mears

Posted
Posted
It was a good report highlighting the dirt running through the Portsmouth boardroom in recent times.

 

Anyway, since then

 

http://www.pressassociation.com/component/pafeeds/2010/02/04/pompey_takeover_set_to_be_challenged?camefrom=sport-news

 

Looks like the fake shake (spelling intentional) and his Jewish Lawyer is going to challenge. Plenty of icebergs still about :)

 

 

Well considering all these people know each other it would appear this is just an orchestrated attempt to delay something. court action for eg !

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BigShadow

BigShadow

Posted
Posted
OK - Let's play 'What Happens Next?' - Heres my try.....

 

Chainrai claims ownership of the club. Jacobs and Al-Mirage dispute this so Chainrai seeks an injunction to prevent the current directors from taking any significant action until the courts can rule on the ownership issue.

 

PCFC apply for postponement of the HMRC hearing on the grounds that their directors are prevented from performing their duties by the injunction until the ownership issue is resolved.

 

Plausible? Possible?

 

It was a good report highlighting the dirt running through the Portsmouth boardroom in recent times.

 

Anyway, since then

 

http://www.pressassociation.com/component/pafeeds/2010/02/04/pompey_takeover_set_to_be_challenged?camefrom=sport-news

 

Looks like the fake shake (spelling intentional) and his Jewish Lawyer is going to challenge. Plenty of icebergs still about :)

 

Looks like I wasn't too far off the mark.

 

I would not discount the possibility that Chainrai, Storrie, Al-Mirage and Jacobs have concocted this little plan to create the confusion necessary to buy them some time.

 

Hopefully, HMRC says **** OFF.

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L1Minus10

L1Minus10

Posted
Posted

It's all a tactic to delay and nothing more.

 

HMRC should say that Chainrai could have taken over at any time in the last month or so as he's known for ages he was never going to get any money back, therefore, roll the dice on the 10th and wind the bastards up.

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PES

PES

Posted
Posted

Gotta laugh at the many Pious Saints fans on here, many of whom would of been Backing Saints to the hilt when trying to avoid the 10 Point Administration penalty, by ludicrously trying to say the fault lie at the door of the 'Holding' company. Many on here openly admitted it was a load of balls, but 'hoped' Saints could use this technicality to avoid the same Punishment that other clubs were forced to take. So take the p*ss all you like, just put the hypocritical 'Holier than thou' attitudes to one side, we all know your 'Saints' only in name.

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rallyboy

rallyboy

Posted
Posted

let's try and cut through all the delaying spin and rumour and look at facts (and some guesses!).

 

Chanrai has claimed the security of his loan today - and I would wager that he has no intention of paying anything else unless it buys him time to an even bigger payday, and that is months and another £20M investment away.

He wants control of the club but not the debt responsibility that goes with that.

 

Is his claim to the whole club legal? Possibly not if the later assets were secured after the petition was launched.

Is a petty internal dispute over ownership a reason for the taxman to be lenient? No.

Is it legal under the winding up order for him to assume control and deny responsibility for the debt? No.

Will he pay it? No.

Will he deliver a new owner by Wednesday? No.

Will the taxman give him more time? Only if he demonstrates some ability or enthusiasm for paying them.

Will he do that? No.

 

Has anything changed today? It's become more complex and made it more unlikely that they can avoid the chop next week.

 

Does the taxman care about anything other than payment?

 

 

In a word, no.

 

 

Have they changed deckchairs on the Titanic? Yes.

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Wade Garrett

Wade Garrett

Posted
Posted
Gotta laugh at the many Pious Saints fans on here, many of whom would of been Backing Saints to the hilt when trying to avoid the 10 Point Administration penalty, by ludicrously trying to say the fault lie at the door of the 'Holding' company. Many on here openly admitted it was a load of balls, but 'hoped' Saints could use this technicality to avoid the same Punishment that other clubs were forced to take. So take the p*ss all you like, just put the hypocritical 'Holier than thou' attitudes to one side, we all know your 'Saints' only in name.

 

There were a fair few of us who took the 10 points on the chin and found the idea of getting them back based on a technicality very wrong.

 

Still very much hoping we get a bye in the next round of the cup. Your football club is a disgrace.

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PES

PES

Posted
Posted
There were a fair few of us who took the 10 points on the chin and found the idea of getting them back based on a technicality very wrong.

 

Still very much hoping we get a bye in the next round of the cup. Your football club is a disgrace.

 

Maybe your right Wade, but a real fans love is unconditional, the owners can be blamed, The Players can be blamed, sometimes you can even see the shortcomings of your fellow fans, yet the club is always infallible. :)

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Gigersaint

Gigersaint

Posted
Posted

Must admit, I felt a little sympathetic for the decent fans of Pompey after reading this post on one their forums...

 

Its typical,Man city get the rich Arab,we get the TWO poor ones,Birmingham get a wealthy Hong Kong buisnessman who wants to do well and invest,we get a Hong Kong buisnessman who gets the club by de-fault,Chelsea get a very rich Russian,we get a dodgy one.

 

http://www.portsmouth.vitalfootball.co.uk/forum/forums/thread-view.asp?tid=9986&start=1

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Chin Strain

Chin Strain

Posted
Posted

What I don't get is what Chainrai has to gain by taking control. Surely now he's responsible for the other debts, paying the players etc.

 

I had him down as someone who benefited from the club going into admin, in that he just takes the ground, and the other security (players I assume). Therefore he gets some money back. Whether he'd be allowed to have sold the players outside of a window, who knows.

 

I had him down as someone who was going to do a property deal with Gayudamak jnr, as part of his settlement deal with Gaydamak snr, for the $23m he successfully sued him for last year.

 

He seems to be able to think he can sell the club on and get his money back, but surely there's nobody who will buy the club for anywhere near the level of debt (it's got to be around £80m).

 

So, will he put more money in to try and keep them going until the summer? Will he throw good money after bad? How much did he actually lend them? Apparently £15-£20m but does that include interest? Either way, I just can't see him pumping in the £3m per month to pay the players (4 months) and paying off HMRC, including any other debts to clubs that are now due payments for players.

 

So, has he made a smart move, or has he just made a monumental error of judgement thinking that PL clubs, who are 6 points adrift, are actually worth something when they've got huge debts and no infrastructure?

 

I can't help but think it's an error of judgement.

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Wade Garrett

Wade Garrett

Posted
Posted
Maybe your right Wade, but a real fans love is unconditional, the owners can be blamed, The Players can be blamed, sometimes you can even see the shortcomings of your fellow fans, yet the club is always infallible. :)

 

To be fair, I love your 'Dunkirk Spirit'.

 

Still want you to go to the wall though. No offense.

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Chez

Chez

Posted
Posted
So this guy has an estimated fortune of around £200m. Which is a lot of money.
pretty much no excuse whatsoever for not finding the money to pay the HMRC immediately. This bull**** about staged payments etc. should be totally ignored as quite clearly the owner has the funds. In addition a company that wants to stage payments shouldn't be adding additional players to the wage bill.
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Chez

Chez

Posted
Posted
Yep. Loan players get paid by their own club, and the club they're loaned to pay a loan fee to cover wages (or a proportion of) and, in some cases, a fee on top to borrow the player.

 

so effectively the loan fee to cover the wages came out of the Kaboul transfer fee. No wonder O'Hara had no problem joining on loan as he was guarenteed he would be paid.

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Corporate Ho

Corporate Ho

Posted
Posted
He seems to be able to think he can sell the club on and get his money back, but surely there's nobody who will buy the club for anywhere near the level of debt (it's got to be around £80m).

 

Debts supposedly £60m.

 

However, of that, £20m is owed to Chainrai himself and £30m of it is to Gaydamak - and that figure is disputed. So the debts that Chainrai has taken on are nowhere near as bad as you're supposing (it's been widely speculated that he never actually loaned Faraj any money anyway and that it's a scam) so all that remains is to do a deal with Gaydamak and the whole shebang is his to punt on to a new buyer.

 

I posted a couple of weeks ago that two people were interested and one of those is just about ready to do a deal - IF Chainrai can sort things with Gaydamak.

 

It's a funny old world, isn't it girls. I have to say reading you bunch of tarts whipping yourselves up into a frenzy over our predicament is very, very funny

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StuRomseySaint

StuRomseySaint

Posted
Posted
Debts supposedly £60m.

 

However, of that, £20m is owed to Chainrai himself and £30m of it is to Gaydamak - and that figure is disputed. So the debts that Chainrai has taken on are nowhere near as bad as you're supposing (it's been widely speculated that he never actually loaned Faraj any money anyway and that it's a scam) so all that remains is to do a deal with Gaydamak and the whole shebang is his to punt on to a new buyer.

 

I posted a couple of weeks ago that two people were interested and one of those is just about ready to do a deal - IF Chainrai can sort things with Gaydamak.

 

It's a funny old world, isn't it girls. I have to say reading you bunch of tarts whipping yourselves up into a frenzy over our predicament is very, very funny

 

I will reply to this in the morning. Please save one of your posts to reply. I am laughing too much to say any more at the moment.

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ringwood

ringwood

Posted
Posted
Gotta laugh at the many Pious Saints fans on here, many of whom would of been Backing Saints to the hilt when trying to avoid the 10 Point Administration penalty, by ludicrously trying to say the fault lie at the door of the 'Holding' company. Many on here openly admitted it was a load of balls, but 'hoped' Saints could use this technicality to avoid the same Punishment that other clubs were forced to take. So take the p*ss all you like, just put the hypocritical 'Holier than thou' attitudes to one side, we all know your 'Saints' only in name.

 

As one of the fans that would of backed an appeal on technical grounds that SLH was in ADMIN not SFC I can't see any difference in appealing on technical grounds against HMRC and also appealing for more time as we've got new owners.

 

SFC never entered admin and is the same company however PFC is now PCFC well for the last 10yrs it has been since your last flirt with the abyss

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shirleysfc

shirleysfc

Posted
Posted
Debts supposedly £60m.

 

However, of that, £20m is owed to Chainrai himself and £30m of it is to Gaydamak - and that figure is disputed. So the debts that Chainrai has taken on are nowhere near as bad as you're supposing (it's been widely speculated that he never actually loaned Faraj any money anyway and that it's a scam) so all that remains is to do a deal with Gaydamak and the whole shebang is his to punt on to a new buyer.

 

I posted a couple of weeks ago that two people were interested and one of those is just about ready to do a deal - IF Chainrai can sort things with Gaydamak.

 

It's a funny old world, isn't it girls. I have to say reading you bunch of tarts whipping yourselves up into a frenzy over our predicament is very, very funny

 

Are you Peter Storrie?

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PES

PES

Posted
Posted
Debts supposedly £60m.

 

However, of that, £20m is owed to Chainrai himself and £30m of it is to Gaydamak - and that figure is disputed. So the debts that Chainrai has taken on are nowhere near as bad as you're supposing (it's been widely speculated that he never actually loaned Faraj any money anyway and that it's a scam) so all that remains is to do a deal with Gaydamak and the whole shebang is his to punt on to a new buyer.

 

I posted a couple of weeks ago that two people were interested and one of those is just about ready to do a deal - IF Chainrai can sort things with Gaydamak.

 

It's a funny old world, isn't it girls. I have to say reading you bunch of tarts whipping yourselves up into a frenzy over our predicament is very, very funny

 

I hope your right mate, I have not got a clue whats been going on, but these guys have clearly been up to something all along. My hope is we can come out of this in the Fizzy pop (Relegation I feel is the most likely outcome), with very little debt and a chance to use the parachute payments more effectively than this lot did. ;)

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shirleysfc

shirleysfc

Posted
Posted
Debts supposedly £60m.

 

However, of that, £20m is owed to Chainrai himself and £30m of it is to Gaydamak - and that figure is disputed. So the debts that Chainrai has taken on are nowhere near as bad as you're supposing (it's been widely speculated that he never actually loaned Faraj any money anyway and that it's a scam) so all that remains is to do a deal with Gaydamak and the whole shebang is his to punt on to a new buyer.

 

I posted a couple of weeks ago that two people were interested and one of those is just about ready to do a deal - IF Chainrai can sort things with Gaydamak.

 

It's a funny old world, isn't it girls. I have to say reading you bunch of tarts whipping yourselves up into a frenzy over our predicament is very, very funny

 

One more thing, if this new guy didn't lend Al Faraj the money where did the money for wages come from? Tooth fairy?

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Goalie66

Goalie66

Posted
Posted

If Gadamuck is reluctant become a prefferred creditor and is still owed his money for his shares in PCFC then in most trade sales his lawyer would have insisted on a contigency for non-payment. Bank guarantees are not uncommon as are rights to have the shares returned for any unpaid portion. As we all know Poopey have no realisable assets rendering these share worthless. However, I agreee with many of the threads that someting totally currupt appears to be happening with Changbuy and Gadamuck that certainly is very , very suspicious.

 

Also let us not forget that all those businessses that HAVE NOT been paid from local suppliers to other Football teams, PCFC have kept the cash from that VAT whilst not paying HMRC. VAT is paid every three months and I bet if you looked at their books a lot of transactions would be recorded to have maximised that additional income without again without any intention to repay. Also I wonder what their current VAT is and the interest on the overdue amounts.

 

I hope the Judge next week can leave aside the high profile name and let justice be done. After all if they do not pay their taxes everyone ends up subsidising such corrupt buusinesses.

 

Whilst I have every sympathy for genuine fans of any club, the law is the law.

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