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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella
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SO16_Saint

SO16_Saint

Posted
Posted

so there could be 3 liquidations tomorrow then? (from the thread on the main site)

 

Busy day for football the hearings start after 11.30 am

 

 

 

22179 /2009 Smith Lance Larcade & Bechtol Architects Limited

22180 /2009 Portsmouth City Football Club Limited

313 /2010 Portsmouth City Football Club Limited

22181 /2009 Southend United Football Club Limited (The)

22182 /2009 Cardiff City Football Club Limited

22184 /2009 Mr. Yunus Patel and Mrs. Zebun Patel

22196 /2009 Anderson & Co Solicitors

SO16_Saint

SO16_Saint

Posted
Posted
MODs

 

PLEASE can we ensure that posts on the main board about Portsmout decline are signposted here , it is the most funniest, addictive and amazing thread , we have to keep all posts here to ensure that this becomes the most"thumbed" thread of all. Main board posts just distract away from this topic , keep it all HERE

 

Thanks to all the regular contributers here for an amazing daily read...no matter what finally happens to our fish smellin friends this thread is one hell of a read...

 

i agree completely. it should be released as a book, it would make the best sellers list in record time

Foxy

Foxy

Posted
Posted
so there could be 3 liquidations tomorrow then? (from the thread on the main site)

 

Busy day for football the hearings start after 11.30 am

 

 

 

22179 /2009 Smith Lance Larcade & Bechtol Architects Limited

22180 /2009 Portsmouth City Football Club Limited

313 /2010 Portsmouth City Football Club Limited

22181 /2009 Southend United Football Club Limited (The)

22182 /2009 Cardiff City Football Club Limited

22184 /2009 Mr. Yunus Patel and Mrs. Zebun Patel

22196 /2009 Anderson & Co Solicitors

 

Not wishing to go off topic but doesn't the prospect of Mr & Mrs Patel being liquidated sound a bit harsh and a bit like the kind of thing that happened under Pol Pot?

dubai_phil

dubai_phil

Posted
Posted

And finally

 

Another of my occassional cultural updates that could have some bearing on events.

 

The last two owners were Arabs.

 

A very good line from the Telegraph a month or so back when Dubai announced it's freeze on debt repayment.

 

A final due date for payment is taken as the start point for more negotiations.

 

The two owners would simply NOT have understood Liquidation or WINDING UP.

 

Here, there are NO Bankruptcy laws. If you owe people money so what? If an Arab business owes an expat business money - "Ha so sue me in an Arabic court".

 

Dubai Holdings told their trade creditors that they were taking an automatic 20% discount on all the debts that they owed for work done. By taking the discount they said they would then ENDEAVOUR to pay the bills within the next year. However, anyone NOT taking the discount would not get paid for "some considerable time" (which down here means never)

 

So, the owners quite simply may not have begun to understand the implications of the HMRC court case. Certainly Al Mirage never having left Saudi would not even have a comprehension of what Storrie teller was talking about.

 

Not arrogance, not stupidity, just total alien language.

 

The sudden arrival of Chanrai at the weekend may well have been the spur to start the talking, but by then it was most likely too little too late.

 

If it goes wrong tomorrow it would once again be a prime example of Western businessmen arrogantly assuming that globalisation means the world speaks the same language.

 

Shame, if they'd banked with HSBC they may have noticed some of those adverts all over airports and the like....

Channon's Sideburns

Channon's Sideburns

Posted
Posted

I guess they're phoning on tight lines right now.

 

Seeing as Storyteller is hard of herring and full of carp, we'd better tell him that the sharks are circling. Time to go down to the minnow leagues...

 

He was last seen heading for Gurnard.

 

Avram's probably searching for some old trout to perch over him as we speak.

dronskisaint

dronskisaint

Posted
Posted
One of the Skates at work is an apprentice. I finally managed to nail him down about all this.

 

"We'll be alright"

 

So someone is going to stump up the money for HMRC and others?

 

"We'll be alright"

 

Then I suppose they'll invest enough to gain promotion from the CCC

 

"We'll be alright"

 

So Ploppy will not go to the wall, take a points deduction and will walk away, having satisfied all their creditors

 

 

Hmmm - Skate who can string four words together...possiblr Chairman for AFC Skatesgob?:)

 

"We'll be alright"

 

While you have your head buried down there, what flavour is the sand?

 

"We'll be alright"

 

 

What a fascinating conversation!

 

Hmmm - Skate who can string four words together...possible Chairman for AFC Skatesgob?:)

dubai_phil

dubai_phil

Posted
Posted
i agree completely. it should be released as a book, it would make the best sellers list in record time

 

A couple of things would have to happen first.

 

The regular contributors would have to agree an image rights contract.

 

When the book sigining tour starts how many of the 1,000+ posters get to travel around the world signing autographs in the bookstores?

 

Would sales be enough to allow us to buy say Bournemouth (as the few will have been defunct) and rename them Saints Reserves?

 

Who will manage the petting zoo?

 

Is there a spell checker in the world powerful enuff to kope with meny off the tipos on here due to l8 downing of copious bears?

 

Wow, may be easier for the skates to save themselves

 

 

:D

emerson massey

emerson massey

Posted
Posted

Its been mentioned a few times on here that HMRC may not want to put them into liquidation as the may not then get anything at all (i think originally said by Peter Story) so therefore may accept a down payment of 1.8million, with the rest to follow.

 

Is there any way HMRC can say, 'we will take the 1.8million as now as you have it available', and then still wind them up because they have failed to pay the correct amount?

 

ie, get what they can before finishing them off - or would that 1.8million need to go back into the pot to equally pay off all creditors

 

Apologies in advance for my lack of understanding of this highly complicated and convoluted system!

teamsaint

teamsaint

Posted
Posted

i had a phne call from HMRC because I owed something less than a fiver. No, really.

 

And when I asked to pay just a few hundred over a couple of months I got an absolute grilling on my outgoings and ability to pay.

 

If HMRC let them off with paying 25% of the bill and installments after having already defaulted on one schedule it truly will be a sign to all the ohers to do what they want,

 

If I was the inspector, I would take my chance in administration. After all,they know that any bought out or new club has to satisfy HMRC, or its off to the wessex league at best.

Channon's Sideburns

Channon's Sideburns

Posted
Posted
Its been mentioned a few times on here that HMRC may not want to put them into liquidation as the may not then get anything at all (i think originally said by Peter Story) so therefore may accept a down payment of 1.8million, with the rest to follow.

 

Is there any way HMRC can say, 'we will take the 1.8million as now as you have it available', and then still wind them up because they have failed to pay the correct amount?

 

ie, get what they can before finishing them off - or would that 1.8million need to go back into the pot to equally pay off all creditors

 

Apologies in advance for my lack of understanding of this highly complicated and convoluted system!

 

Not a problem, I've just been sticking my finger in the air with my guesses...Benjjii will be along soon I would think...he's our resident Tax Expert....!

 

TBH I'm surprised HMRC will have anything to do with Storyteller during the process, taking into account his court case...

Foxy

Foxy

Posted
Posted
Love the picture they have used.

 

And is there a way I can negotiate on the tax I pay? Would love to pay a quarter of what I should.

 

Reduce your hours to 1 day per week. That'd do it, and you'd get more tiem for golf and suchlike

sussexsaint

sussexsaint

Posted
Posted
Love the picture they have used.

 

And is there a way I can negotiate on the tax I pay? Would love to pay a quarter of what I should.

 

See this is what gets me as well,

 

Maybe I should just tell the taxman - well either take the £50 I'm offering or you'll get nothing.

 

They are insolvent and they have been for some considerable time , there is nothing to suggest that there is any way out of this for them yet they are allowed to keep trading. Would the HMRC have been so lenient with any other business? no I don't think so

St Marco

St Marco

Posted
Posted

Ok rumour i have just heard and i stress it is a rumour

 

Talks have failed and Revenue walked away.

 

The reason i have been told is because Revenue wanted a up-front payment of £3m. Portsmouth don't have the money to pay that as there is nothing left from the transfer money they received. They had tried to do a deal where they agree to hand over the next installment of Sky money to them. That is rumoured to be a month or so away.

 

Now again that is just a rumour but i tend to believe it. I think it makes sense as fits with what has been said elsewhere. Basically meaning they have to pay the £3m up front in the next hour or two or it is game over.

It is like Tax and Revenue are testing the confidence of the potential takeover because if Chinari and Storie are as confident as they make out then he could put that in from his own money and give the club more time. And then get that money back soon as the club has been sold.

 

Again i must stress that is a rumour and 99% of them turn out to be total ********.

Matthew Le God

Matthew Le God

Posted
Posted
Ok rumour i have just heard and i stress it is a rumour

 

Talks have failed and Revenue walked away.

 

The reason i have been told is because Revenue wanted a up-front payment of £3m. Portsmouth don't have the money to pay that as there is nothing left from the transfer money they received. They had tried to do a deal where they agree to hand over the next installment of Sky money to them. That is rumoured to be a month or so away.

 

Now again that is just a rumour but i tend to believe it. I think it makes sense as fits with what has been said elsewhere. Basically meaning they have to pay the £3m up front in the next hour or two or it is game over.

It is like Tax and Revenue are testing the confidence of the potential takeover because if Chinari and Storie are as confident as they make out then he could put that in from his own money and give the club more time. And then get that money back soon as the club has been sold.

 

Again i must stress that is a rumour and 99% of them turn out to be total ********.

 

What is your source for this?

Joey-deacons-left-nut

Joey-deacons-left-nut

Posted
Posted

I'm guessingthe tax man is seeing the £1.8m being offered and saying something along the lines of.. "Hang on a minute.... £1.8m??? You're a tad short there, seeing as I know you just got £5m for Kaboul and £3.5m for Berkovic in the past 2 weeks..... WHERE'S MY FACKING MONEY??"

Under Weststand

Under Weststand

Posted
Posted
Ok rumour i have just heard and i stress it is a rumour

 

Talks have failed and Revenue walked away.

 

The reason i have been told is because Revenue wanted a up-front payment of £3m. Portsmouth don't have the money to pay that as there is nothing left from the transfer money they received. They had tried to do a deal where they agree to hand over the next installment of Sky money to them. That is rumoured to be a month or so away.

 

Now again that is just a rumour but i tend to believe it. I think it makes sense as fits with what has been said elsewhere. Basically meaning they have to pay the £3m up front in the next hour or two or it is game over.

It is like Tax and Revenue are testing the confidence of the potential takeover because if Chinari and Storie are as confident as they make out then he could put that in from his own money and give the club more time. And then get that money back soon as the club has been sold.

 

Again i must stress that is a rumour and 99% of them turn out to be total ********.

Seems very plausible, HMRC normally seem to want 50% of the owed fee, then will do the rest over a short period. When Stockport were under a WUP they paid 50% then 3 more instalments to clear their HMRC debt.

Would have thought that its a similar case here, put up or shut up time!

Whitey Grandad

Whitey Grandad

Posted
Posted
I'm guessingthe tax man is seeing the £1.8m being offered and saying something along the lines of.. "Hang on a minute.... £1.8m??? You're a tad short there, seeing as I know you just got £5m for Kaboul and £3.5m for Berkovic in the past 2 weeks..... WHERE'S MY FACKING MONEY??"

Indeed. The background to all this is the FA insisting on all football debts taking priority and HMRC no longer being preferential creditors.The club has received money in the last few weeks and presumably none of it has gone to HMRC so now they are playing hardball.

ecuk268

ecuk268

Posted
Posted
Call me shellfish, but I am enjoying the bluefish few falling hook, line and sinker for the carp spouted by Story. They are clearly short of a few Squid and the whole issue with the Flake Sheik makes it even funnier.

 

They all bear their Soles online on the pompey forums, but if truth be known they've been fuc Dover.

 

I think that you're talking a load of pollocks. There's no plaice for that sort of thing on this forum.

 

Cue further fishy puns.

St Marco

St Marco

Posted
Posted
What is your source for this?

 

My boss. Who works for Flemeadia business/media analyst.

 

He heard it from someone else of course and that person i don't know.

 

Now my boss is a big footie fan but as far as i know has zero interest in Portsmouth or Saints etc.. He has in the past been told things which he passed on to me which turned out to be false and that is why when he says things i tend to pass them off instantly.

 

BUT

 

In this instance i think there might be a slight bit of truth in there somewhere and he does have very good connections.

What he says makes sense i think and is why it has taken so long and why it is being negotiated still now.

 

The sticking point is how much money they are being asked to pay up front. Some news people put it at £1.8m. That is around 25% of the total bill, a small amount in business terms. You would assume they would have no problem paying that because if they couldn't then why are they even bother negotiating? They cannot be in there saying "we got nothing to pay now but will in xyz", they will not even listen to that. So i think the £3m or so figure seems accurate.

 

I guess we will find out in a hour or so if this one can be filed under the long list of bull**** rumours!

Matthew Le God

Matthew Le God

Posted
Posted

Why would Pompey bother with these last minute talks the night before the court case if the judge was going to adjourn the case 28 or 42 days? Maybe there is little chance of an adjournment and tomorrow really will be the end.

sussexsaint

sussexsaint

Posted
Posted

Can they still go into administration or does one of their creditors need to put them into administration? - as they have paid off ( allegedly) the other people on the WUP and it just leaves the revenue is liquidation the only outcome at this late stage

Channon's Sideburns

Channon's Sideburns

Posted
Posted

You would think that if they were trading 'solvently' - paying 50% of the bill would not be a problem.

 

Storyteller loves the club right? Donation towards the cause? How about the multi-millionaire players?

 

I'm astounded that Storyteller hasn't given up some salary to help the situation.

 

It goes to prove how dedicated they really are - extremely arrogant that they would assume they would get away with it.

 

If only they had Leon eh?

St Marco

St Marco

Posted
Posted

Also i think we have to assume that no news is bad news.

 

Because if they were close or had done the deal they would naturally be shouting it from the roof tops, they would want everyone to know.

The fact it is almost 6pm and nothing has been said either means they failed or are still in there talking. Question then becomes how long will they have to talk before they have to go home?

so22saint

so22saint

Posted
Posted
Indeed. The background to all this is the FA insisting on all football debts taking priority and HMRC no longer being preferential creditors.The club has received money in the last few weeks and presumably none of it has gone to HMRC so now they are playing hardball.

 

This bit makes sense. The HMRC's point will be that as they are no longer preferential creditors that there should be *no* preferential creditors and could wind Pompey up to get at the FA in general i.e. "if we don't get equal dibs we'll wind up your members".

 

Ooo err. I've always been in the "let them rot" category but I'll be honest, I'll be gutted if Saturday doesn't go ahead.

 

I wonder if they do go out of business if there will be a gate increase for us?

Channon's Sideburns

Channon's Sideburns

Posted
Posted

Tony Husband on Solent now.

 

Says talks continuing - but that's a club claim, not confirmed.

Thinks that voluntary admin could be an option tomorrow (don't believe that TBH)

Liquidation could still be on the table.

Court proceedings start 10.30am unless deal agreed.

teamsaint

teamsaint

Posted
Posted
Why would Pompey bother with these last minute talks the night before the court case if the judge was going to adjourn the case 28 or 42 days? Maybe there is little chance of an adjournment and tomorrow really will be the end.

 

for a start there is every chance that there is lots of infighting going on at Farton. Not everyone there will have the same agenda.

 

Also the lawyers may be dragging it out for the fees.

 

And while there is life there is hope.

 

My guess is that the poopey lawyers think that HMRC wouldn't mind poopey going into admin(because new owners would likely find the money or there is noCVA and its off to the wessex league) but that THe revenue don't really want to wind them up, becuase that way they might well get nothing.So poopey are going right to the wire with the safety net of administration presumably still available.

a1ex2001

a1ex2001

Posted
Posted

Am I the only one who thinks it's looking increasingly like the revenue are going to send pompey under as a way of delivering a message to all the other clubs that owe them money? you can bet they would see the cash from every other club in the country pretty quick if they sent a premiership club to the wall!

CHAPEL END CHARLIE

CHAPEL END CHARLIE

Posted
Posted
Tony Husband on Solent now.

 

Says talks continuing - but that's a club claim, not confirmed.

Thinks that voluntary admin could be an option tomorrow (don't believe that TBH)

Liquidation could still be on the table.

Court proceedings start 10.30am unless deal agreed.

 

Well I guess it's too late to organise a money transfer tonight even if an agreement is reached , so it really is a case of '1 minute to midnight' for them now .

Under Weststand

Under Weststand

Posted
Posted

Surely its not just the first payment being 1.8 or the 3.0 million which is probably closer to the mark! HMRC will want proof positive in this case of ability to pay the further instalments, that is probably more likely to be the sticking point. HMRC will see no point in prolonging this if they see no real evidence of likely future payments.

See you at court tomorrow boys!

 

By the way on another point have they paid their Electric bill? Be funny as f**k if the light went out half way through their game tonight.

SW5 SAINT

SW5 SAINT

Posted
Posted
It will. If they finish more than 9 points below the relegation zone they will apply next season regardless of the date.

 

Thats a relief, I thought the points might turn out to be irrelevant.

Channon's Sideburns

Channon's Sideburns

Posted
Posted

The guy from Solicitors is on. (Dan Blake from Warner Goodman)

 

Petition is either -

 

1. Dismissed;

2. Postponed to another date;

3. Allows the petition and they are wound up.

 

Cardiff's petition lasted only 30secs. Agreement was made before hearing with HMRC.

Crystal Palace went into admin one day before (as we know).

 

Assets are collected and sold under winding up, to be used to pay creditors.

 

Scarborough had debts of £2.5M and were wound up previously.

 

Other options are:

 

Club could go into Administration - there needs to be money coming in to finance the admin process.

 

He thinks that if the financial position is correct, the club will go into Admin unless a big investor is found...

 

------

 

Hang on, there goes Porky Pig...

Under Weststand

Under Weststand

Posted
Posted
Who else thinks that if they are relegated anyway, by a significant margin, the points hit should take effect next season?

Thing is its all about timing it was wrong in our case. we were to late being put into administration . If Poopey go into admin 1st thing tomorrow then I would expect it to be this season. I don't know if the EPL even have a cut of point for this season as the FL.

As for next season, they will have a potential -17 points anyway as Storrie, Saggy Chops & Milan could all be banged up, so fraudulent Directors -17 points no CVA another -10-points. So don't despair SW5 plenty of points to play with yet. :D

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