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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella
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Foxy

Foxy

Posted
Posted
Some top companies in this list lol ! Todays winding up list. Pumpey in the "not before 11.30" lot just below World Class Stallions and Shaheen Knitwear !

 

http://www.hmcourts-service.gov.uk/cms/list_companies_winding.htm

 

Noah's Workshop in there - I suppose the Ark business has been slack since about 1500BC and some interest couple of summers back when we had all the flooding they've really been struggling to stay afloat

OldNick

OldNick

Posted
Posted
view.php?pic=eqqycj&s=5&hid=1&tag=bay+city+rollers

 

Just had a horrible reminder of the Bay City Rollers

 

Bye bye Poopey Poopey bye bye

you seem unusually cheery and showing no caution today Phil, why would that be? Pretty confident that they will finally get judgement day, the club and officials, that is

sussexsaint

sussexsaint

Posted
Posted
What I used to be followed by what I am now.

 

God, Amen to that.

 

Why do I have this nagging feeling we are just going to get the 28 day reprieve?

 

Still, I know its off topic but

 

WEMBERLEY! :D, life could be worse

pedg

pedg

Posted
Posted
Sky Sports news ticker showing 'breaking news' that HMRC have rejected cash offer from Pompey

 

Surely they have to press the big red button marked 'administration' now??

OldNick

OldNick

Posted
Posted
Sky Sports news ticker showing 'breaking news' that HMRC have rejected cash offer from Pompey
Crikey, was it cash and coupons for their club shop?
dubai_phil

dubai_phil

Posted
Posted
you seem unusually cheery and showing no caution today Phil, why would that be? Pretty confident that they will finally get judgement day, the club and officials, that is

 

I cannot believe they can find a buyer in 28 days.

 

I don't believe they really started looking until just before the weekend.

 

I've explained that I don't think the Arabs understood what was really happening with the courts. I may be wrong

 

Even if they DID find a buyer, it took nearly one month to carry out Due Dilligence at SMS when we were in admin and our books were very soundly kept together - 28 days of DD before pumping in around 50 mil will be pushing it.

 

They are using AGENTS to SEEK OUT buyers - the buyers have not contacted them. (We've seen where THAT leads)

 

I don't expect them to cease to exist today, but equally I don't see them being able to solve the problem.

 

After all that movie didn't really have a happy ending - 28 days later - just a couple of stragglers getting rescued.

 

But anyway I'\ve tweaked my golf stance after working with the pros at the weekend and looking forward to my golf now!

 

(ie I am no longer standing so close to the ball - after I hit it)

Tractor_Saint

Tractor_Saint

Posted
Posted

Precise from SSN live report just now:

 

"Portsmouth desperately trying to avoid the 11:30 hearing - wanted to put a cash offer on the table. No where near the 7.5M that's needed. Make or break for Portsmouth. Future will be decided in the next couple of hours. Options:

 

1. Debt settled in full - highly unlikely

2. Case adjourned for 28 days - what the club is pushing for

3. Winding up order granted - company ceased to exist with immediate effect

4. Administrator is appointed - never happened to prem ship side - deducted 9 points

 

Now in the hands of high court lawyers - judge will now decide Portmouths fate"

Weston Saint

Weston Saint

Posted
Posted

Whilst my experience was civil court matters, if this court is similar in procedure, at the time of the hearing HMRC will put forward their arguments for winding up the business

 

The registrar will already have bundles (evidence & documents) filed by both parties before the hearing.

 

PFC legal team will then put their case and why they think a 28 day adjournment would be appropriate to give them time to resolve the issue. They will likely plead also that if the learned Judge (registrar) is mindful to uphold the winding up that she consider the wide consequences of employment of both the playing and backroom staff of the club and instead grant an order to put them into Administration giving such Administrator time to find a buyer.

 

Even money on the Registrar granting Administration. 6/4 28 day adjournment and 6/1 Winding up Order granted.

OldNick

OldNick

Posted
Posted
Surely they have to press the big red button marked 'administration' now??
You'd think so but they no doubt have a fire proof alibi to win the judge over. Nervous times in the offices at the club.
Scummer

Scummer

Posted
Posted

What I don't understand is, if Chainrai had 20m plus to stump up for the loans he gave, why has he not got 7m to give to the inland revenue? Anyone would think those loans were all smoke and mirrors or something.........

Matthew Le God

Matthew Le God

Posted
Posted
What I don't understand is, if Chainrai had 20m plus to stump up for the loans he gave, why has he not got 7m to give to the inland revenue? Anyone would think those loans were all smoke and mirrors or something.........

 

Because he knows it would be just delaying the inevitable and this would happen again a few months latter as the club simply isn't making enough money to cover expenditure. Better to lose £17m than lose £24m.

pedg

pedg

Posted
Posted
What I don't understand is, if Chainrai had 20m plus to stump up for the loans he gave, why has he not got 7m to give to the inland revenue? Anyone would think those loans were all smoke and mirrors or something.........

 

Either what is happening to them is the result of some cunning subterfuge between interested parties.

 

or

 

its a combination of greed, c*ckup, mismanagement, ignorance and stupidity on a grand scale.

 

Can't decide which at the moment.

St Marco

St Marco

Posted
Posted

So looks like HMRC just rejected Portsmouth's offer and the court case will now go ahead.

 

I would take a rough guess if they are not in admin in the next 30mins or so then they will not be going into admin and will let the court decide their fate.

 

Which makes me wonder are the people representing them either thick or know something we maybe don't?

GenevaSaint

GenevaSaint

Posted
Posted
PFC legal team will then put their case and why they think a 28 day adjournment would be appropriate to give them time to resolve the issue. They will likely plead also that if the learned Judge (registrar) is mindful to uphold the winding up that she consider the wide consequences of employment of both the playing and backroom staff of the club and instead grant an order to put them into Administration giving such Administrator time to find a buyer.

 

Even money on the Registrar granting Administration. 6/4 28 day adjournment and 6/1 Winding up Order granted.

 

By making an offer of 1.8m or whatever the amount is the judge will surely give the 28 day adjournment as they've shown willing? Personally I think it's disgraceful, more than enough opportunity to pay up. If anything, the judge should be far more lenient with Cardiff and Notts County as there's far less money swilling about outside the prem.

Foxstone

Foxstone

Posted
Posted
So looks like HMRC just rejected Portsmouth's offer and the court case will now go ahead.

 

I would take a rough guess if they are not in admin in the next 30mins or so then they will not be going into admin and will let the court decide their fate.

 

Which makes me wonder are the people representing them either thick or know something we maybe don't?

 

I suspect they know that when the books are opened to Administrators, a whole beach full of worm will pop out and would reflect on them even more badly than now!

 

Trying to avoid that ignominy at all costs I would guess.

pedg

pedg

Posted
Posted
By making an offer of 1.8m or whatever the amount is the judge will surely give the 28 day adjournment as they've shown willing? Personally I think it's disgraceful, more than enough opportunity to pay up. If anything, the judge should be far more lenient with Cardiff and Notts County as there's far less money swilling about outside the prem.

 

HMRC: Like the other clubs we have dealt with we want half now please.

Pompey: Here is 1.8M, its all we have.

Judge: Pompey are unable to even pay half their VAT bill so obviously do not have enough money to continue trading.

Joensuu

Joensuu

Posted
Posted
What I don't understand is, if Chainrai had 20m plus to stump up for the loans he gave, why has he not got 7m to give to the inland revenue? Anyone would think those loans were all smoke and mirrors or something.........

 

If Chainrai is working with Gaydamak, then the 'loan' has already been collected and is currently tucked under a materess in Moscow.

 

If Chainrai is working against Gaydamak, why throw good money after bad. Better to cut your loses and wind the company up to maximise the financial impact for Gaydamak...

hutch

hutch

Posted
Posted
What I don't understand is, if Chainrai had 20m plus to stump up for the loans he gave, why has he not got 7m to give to the inland revenue? Anyone would think those loans were all smoke and mirrors or something.........

I'm sure he probably has, or he could get it. But it's his, not the club's. Why should he give his own money to HMRC? He's not the owner of the club.

S-Clarke

S-Clarke

Posted
Posted

sounds to me like the offer was the last throw of the dice for pompey, they've got no more to give...so now all they can hope for is that the judge is '' lenient'' - which going by how HMRC have acted so far, he won't be.

 

how do we get refunds for sat.? ;)

Foxstone

Foxstone

Posted
Posted
sounds to me like the offer was the last throw of the dice for pompey, they've got no more to give...so now all they can hope for is that the judge is '' lenient'' - which going by how HMRC have acted so far, he won't be.

 

how do we get refunds for sat.? ;)

 

Point of pedantry M'Lud

 

The "He" is a "She" today !

 

Storrie might even think he can schmooze her ! :rolleyes:

hutch

hutch

Posted
Posted

Not sure the Judge has the power to make an order putting PFC into administration today.

 

There are hurdles to be overcome before admin - the business has to be viable, or potentially so. It needs to sustain itself while the administrator sorts the mess out. And an administrator has to be willing to take it on.

 

There is an official receiver, state-appointed, to wind up bankrupt companies. Not sure there's an equivalent official administrator.

OldNick

OldNick

Posted
Posted

watching Avram last night made me sick. Trying to say that decisions are against them in a game the ref sent 2 of the opposition off and added 6 minutes injury time.Then we are fighting the world, why the PL didnt make it fair so that we could deal in the transfer window.Lol Do these people really believe they are hard done by with a squad that cost more than their competitors and also wanting to add to their wage bill, whilst avoiding the HMRC

St Marco

St Marco

Posted
Posted

Imagine if all these people doing the football cases had a talk before they were heard and had an agreement with some fat guy from Switzerland who hates English football to take them down!

 

The HMRC really could send out a message of dont **** with them today if they wanted to.

Nineteen Canteen

Nineteen Canteen

Posted
Posted
Whilst my experience was civil court matters, if this court is similar in procedure, at the time of the hearing HMRC will put forward their arguments for winding up the business

 

The registrar will already have bundles (evidence & documents) filed by both parties before the hearing.

 

PFC legal team will then put their case and why they think a 28 day adjournment would be appropriate to give them time to resolve the issue. They will likely plead also that if the learned Judge (registrar) is mindful to uphold the winding up that she consider the wide consequences of employment of both the playing and backroom staff of the club and instead grant an order to put them into Administration giving such Administrator time to find a buyer.

 

Even money on the Registrar granting Administration. 6/4 28 day adjournment and 6/1 Winding up Order granted.

 

I differ slightly and would have the 28 day adjournment as even money favourite and administration at small odds against. Not sure if they count in these instances but wasn't a precedent set by Notts County vs. HMRC when Notts County won a 28 day repreive.

 

Also given the seriousness of the situation isn't administration giving Pompey the opportunity to let this run beyond the 28 day adjournment limit which given everything that has gone before somewhat unfair in the eyes of all of us tax payers?

sidthesquid

sidthesquid

Posted
Posted

Maybe they have known all along that admin won't save them. It isn't a solution, just extends the time you get to sort things out.

Apparently they are due some sky money at the end of May, but even optimistically it is £10million they are still fooked. They have seven home league games at (very optimistically) 20000 X £30, ie £4million, plus say another £1mill if they beat us and get a good cup draw. That is £15 mill max income until more Sky money in August. Out of that - £3 mill/month wages, plus another £1 mill/month to HMRC X 6 months = £24 mill. That excludes the £7.5 mill already owed to HMRC, other running costs, further instalments on transfers etc etc etc. Net assets of effectively zero (as per Portsmouth City Council). Even ignoring what any past or present owner might owe, how the hell can anybody consider them even close to being able to be solvent

Weston Saint

Weston Saint

Posted
Posted
Not sure the Judge has the power to make an order putting PFC into administration today.

 

There are hurdles to be overcome before admin - the business has to be viable, or potentially so. It needs to sustain itself while the administrator sorts the mess out. And an administrator has to be willing to take it on.

 

There is an official receiver, state-appointed, to wind up bankrupt companies. Not sure there's an equivalent official administrator.

I am told that the local press say PFC have already approached firms to consider Administrating so if one has agreed that will likely be put before the Registrar as well.
Gingeletiss

Gingeletiss

Posted
Posted
watching Avram last night made me sick. Trying to say that decisions are against them in a game the ref sent 2 of the opposition off and added 6 minutes injury time.Then we are fighting the world, why the PL didnt make it fair so that we could deal in the transfer window.Lol Do these people really believe they are hard done by with a squad that cost more than their competitors and also wanting to add to their wage bill, whilst avoiding the HMRC

 

See...this is the thing Grrrrrrrrrr:mad:. I heard Alan Brazil say to a fishy type this morning, the he hopes the courts give them a second chance.

 

Dohhhhhhhhh Alannnn!!!!!, this is their second chance, remember 10 years ago, when they defaulted on payments, and went into administration, many small firms lost money that day. Did Poopey learn anything, nah!!, that's why they are in court again.

pedg

pedg

Posted
Posted
I differ slightly and would have the 28 day adjournment as even money favourite and administration at small odds against. Not sure if they count in these instances but wasn't a precedent set by Notts County vs. HMRC when Notts County won a 28 day repreive.

 

Also given the seriousness of the situation isn't administration giving Pompey the opportunity to let this run beyond the 28 day adjournment limit which given everything that has gone before somewhat unfair in the eyes of all of us tax payers?

 

As pointed out before I think pompey have previously renegaded on a payment scheme to HMRC so they can't be directly compared with Notts County.

Channon's Sideburns

Channon's Sideburns

Posted
Posted

If there's justice in this country, they will not get let off.

 

They have had plenty of time to solve this problem - running away from issues like that is not running a company effectively.

 

All this hyperbole of 'everyone's against us' is tiresome. They are only against you because you sign players, don't pay them on time and DON'T PAY YOUR TAXES.

 

You only have yourselves to blame.

 

And, I hope that Pompey fans, those with a brain cell, realise this quick.

 

Blame Redknapp, Blame Mandaric, Blame Storrie, Blame Gaydamak

 

THOSE ARE THE FOUR ARCHITECTS IN YOUR DEMISE.

Weston Saint

Weston Saint

Posted
Posted
I differ slightly and would have the 28 day adjournment as even money favourite and administration at small odds against. Not sure if they count in these instances but wasn't a precedent set by Notts County vs. HMRC when Notts County won a 28 day repreive.

 

Also given the seriousness of the situation isn't administration giving Pompey the opportunity to let this run beyond the 28 day adjournment limit which given everything that has gone before somewhat unfair in the eyes of all of us tax payers?

The thing against the 28 day adjournment is that PLC had three owners since the bill mounted up and none of them were inclined to settle. Also I am told that PFC had already agreed stage payments with HMRC the last time they could not pay and then failed to pay the first stage payment. I cannot see a lot of sympathy from the Registrar due to the many broken promises. That is why I have Administration as favourite
St Marco

St Marco

Posted
Posted

Difference with Notts County NC is that they had a new owner lined up and prooved it, plus they only owed around £1.5m. If they offered £750k then that was half of the debt paid.

 

Portsmouth by the sounds of it don't even have £1.8m and dont have anyone lined up to takeover.

 

As far as i know the judge can only do three things either postpone the case to a further date. Go against those on the petition by throwing it out. Or agreeing to the wind up petition and liquidate them.

Daren W

Daren W

Posted
Posted

Interesting reports on Sky....

Why is it we're hearing soundbites from Skates about this passionate fanbase and yet for the two cup games they had 6-8,000 empty seats and last night had what, 2,000 empty seats? Avram Grant boasting about hundreds of thousands of people supporting Pompey and yet they can't fill their ground when they know need money to just pay the wages...

 

Sorry, but I can't feel any sympathy for a club that can't pay it's tax bill, can't pay it's staffs wages but can fly it's players up north and overnight at a 5 star hotel...

 

Oh, and surely if Pompey are given leeway then so must Southend and Cardiff..

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