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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella
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badgerx16

badgerx16

Posted
Posted
Someone want to post up a summary of what happened in the court room/what it means?

I'm a bit retarded.

 

I think it goes as follows;

In the next 9 days, Poopey have to....

1) pay off HMRC ( apparently £11m+ )

2) provide evidence to the courts that they are currently not insolvent

3) provide definitive proof of investment to maintain them as a going concern

 

If they fail on any 1 of these, they are closed down.

Saint_clark

Saint_clark

Posted
Posted
basically (my take on it) the judge agreed that they were illegally trading whilst insolvent.

 

...but they have been given 7 (working) days to produce financial documentation, on a) a secure/definite takeover or b) actually pay up the remaining HMRC.

 

It was also confirmed that they owe more than Pompey claimed. Pompey said they only owe 7.5m...but the judge confirmed it is actually 11.5m!

 

if they don't come up with the goods in 7 days, that really is it - the judge has done them in a favour in many ways and has already agreed they are insolvent.

 

I feel though that this 7 days will give them a lifeline and will allow them to secure the takeover that they need. They'll be relegated..that's for sure, but they'll be ok after that IMO.

 

I agree to an extent, but I cannot see who in their right mind would invest that amount in them now...

Channon's Sideburns

Channon's Sideburns

Posted
Posted

Will be interesting if the FA make a statement on the issue given that Pompey are now openly breaking one of their rules (and importantly have been PROVEN to have done for a while).

 

I get the feeling they won't - too much to lose with the game coming up this weekend.

badgerx16

badgerx16

Posted
Posted

In the unlikely event of them finding a buyer, I assume that the Gaydamaks and Chainrai will want to recover their money, or a substantial part of it. How quickly would they want it ?

saint boggy

saint boggy

Posted
Posted

Just seen this outcome (have been out)..........not being funny but they have had near-on 2 fookin months to sort this out and find a new buyer, but instead chose to fartass about lying to their fans and the media about the truth behind their finances....7 days ain't gonna make a jot of difference.... if it had been Southend or Cardiff that owed 11m,instead of the lesser amounts that they owe, then they would have been wound up today ,without doubt!!!.....Premier league status has played a major part in this decision and that p1sses me off!!!! :mad:

JackFrost

JackFrost

Posted
Posted

IMO this seems to be the next best thing to being declared bankrupt. To me this seems to be the start of the 'going bust' procedure that will be completed next Friday barring a miracle

JackFrost

JackFrost

Posted
Posted
does anyone know the answer to the $64,000 question. Can they still enter admin or has that option been closed off after today? court?

 

Where's Clapham Saint when you need him? :mad:

hutch

hutch

Posted
Posted

I don't think it's fair to say it's proven. The Judge agrees there are very strong grounds to suspect, but has asked for the proof, one way or the other.

 

I can't see any way out. Yes, a buyer to take over and settle HMRC. But the big picture - this is all about Gayda's £28m and Chainrai's £20m. And for that you get .........?

saint boggy

saint boggy

Posted
Posted
I don't think it's fair to say it's proven. The Judge agrees there are very strong grounds to suspect, but has asked for the proof, one way or the other.

 

I can't see any way out. Yes, a buyer to take over and settle HMRC. But the big picture - this is all about Gayda's £28m and Chainrai's £20m. And for that you get .........?

so with those 2 on your case PLUS the 11m to HMRC then any buyer is looking at spending (at the very least) £60M before doing anything else???....yeh, i can see THAT happening!!! :smt101

OldNick

OldNick

Posted
Posted

If Pompey had a home game saturday I think it would have been very hard for them to fulfill it.My reasoning for this is that the judge has stated they are insolvent, therefore who in their right mind will provide them any services or goods?

Pancake

Pancake

Posted
Posted
I don't think it's fair to say it's proven. The Judge agrees there are very strong grounds to suspect, but has asked for the proof, one way or the other.

 

This is true. If the Judge had been provided proof they were insolvent and trading, it would not only break the FA/PL rules, but also the laws of the land.

OldNick

OldNick

Posted
Posted
does anyone know the answer to the $64,000 question. Can they still enter admin or has that option been closed off after today? court?

I dont know and dont think anyone who does has posted on here.Clapham has disappeared today of all days, lazy sod is probably doing some work instead of keeping us informed

bridge too far

bridge too far

Posted
Posted

SSN just reported that PFC received £90K for the last round of the FA cup (and that's how they settled some small debts) and that they will receive their share of the gate this Saturday.

 

That'll stave of administration f'sure :D

andysstuff

andysstuff

Posted
Posted
I dont know and dont think anyone who does has posted on here.Clapham has disappeared today of all days, lazy sod is probably doing some work instead of keeping us informed

Cheers for that. Guess time will tell. Dunno how i managed to sort it twice. That's what comes from accessing from a bl00dy mobile phone.

Torres

Torres

Posted
Posted
does anyone know the answer to the $64,000 question. Can they still enter admin or has that option been closed off after today? court?

 

I don't think they can now, no.

slickmick

slickmick

Posted
Posted
This is true. If the Judge had been provided proof they were insolvent and trading, it would not only break the FA/PL rules, but also the laws of the land.

 

 

I thought that was the whole point of todays court case, for Pompey to prove they are not insolvent and that they can pay the £11.5m ?

Saint Keith

Saint Keith

Posted
Posted
I thought that was the whole point of todays court case, for Pompey to prove they are not insolvent and that they can pay the £11.5m ?

 

and the judge basically agreed that they were insolvent, but has given them 7 days grace to prove they are not.

 

in these circumstances, she is actually taking the **** out of them by given them 7 days. if there was any hope for them, she would have given them at least 28 days, as she did for southend and cardiff

 

by given them 7 days, she is basically laughing them out of court

 

they have got NO chance

Gravesend Saint

Gravesend Saint

Posted
Posted

Guys, isn't 9 days a red herring?

 

Don't they still have to submit the statement of affairs by COB on the 17th (7 days - NOT working days). The only reason the case is adjourned for (at least) 9 days is because the court is busy - that date the case is heard does not affect the date for their submission.

 

If they have set a timescale of the 17th for submission then even if a buyer is found on day 8 or 9 "technically" that new information can be ignored as the case will be heard based on the position as of COB on the 17th.

Pancake

Pancake

Posted
Posted
I thought that was the whole point of todays court case, for Pompey to prove they are not insolvent and that they can pay the £11.5m ?

 

It was, but they paid of 9/10 creditors before the hearing and presented new information that they are able to fulfil their debts. the judge seems somewhat sceptical and has given THEM 7 days (minumum) to PROVE this or else...

Channon's Sideburns

Channon's Sideburns

Posted
Posted
Guys, isn't 9 days a red herring?

 

Don't they still have to submit the statement of affairs by COB on the 17th (7 days - NOT working days). The only reason the case is adjourned for (at least) 9 days is because the court is busy - that date the case is heard does not affect the date for their submission.

 

If they have set a timescale of the 17th for submission then even if a buyer is found on day 8 or 9 "technically" that new information can be ignored as the case will be heard based on the position as of COB on the 17th.

 

No, not at all my friend!

 

Solent confirmed earlier that the Statement of Affairs needs to be produced to the courts NEXT MONDAY - 15th.

slickmick

slickmick

Posted
Posted
and the judge basically agreed that they were insolvent, but has given them 7 days grace to prove they are not.

 

in these circumstances, she is actually taking the **** out of them by given them 7 days. if there was any hope for them, she would have given them at least 28 days, as she did for southend and cardiff

 

by given them 7 days, she is basically laughing them out of court

 

they have got NO chance

 

 

Then why not wind them up today ? It makes no sense to allow them to continue trading illegally.

What would our case be, if we were knocked out of the FA Cup by them on Saturday if they have already been adjudged to be insolvent and this was to be proven to be the case by next Friday ?

Kingsland Red

Kingsland Red

Posted
Posted

So, Vantis plc, Business Recovery Specialists, can inspect the books and get an accurate state of financial play to report to the High Court.

If they consider the business is trading insolvently, or at a substantial ongoing loss, then they could chose to put the club into administration befor going to the High Court.

 

This would seem highly likely.

 

Any buyer could then secure the club at a substantially reduced cost, ie excluding their

£60m debt.I cannot understand any buyer wanting to buy into such debt.

Guan 2.0

Guan 2.0

Posted
Posted

Surely Pompey can make some money off of this? Maybe film rights would sort them.

 

Portsmouth City Football Club in:

 

'Carry on trading'

 

Full of right Tits and Arses, all trying and convince a judge they're not insolvent. See Wideboy 'Storrie Teller' try and seduce the Judge into letting them off through brown envelopes and winking. And Laugh time and time again as the spectral figure of mysterious 'Al Mirage' possess his subordinates to announce he has the money necessary to save the club...as the gasping courtroom looks on... Only to finish his sentance with "... from the £90,000 creditor, leading to deflation and maniacal ringing from the club's 1 remaining fan, Rastafarian John Bell-end W******d. At the conclusion, a steady stream of Busty electricians, office employees and St Johns Ambulance workers invade the courtroom, and chase the Directors around the chambers with oversized rolled up bills, Benny Hill style. Then Fratton Park collapses due to lack of Interest.

 

Fín.

Amesbury Saint

Amesbury Saint

Posted
Posted

I am actually pleased with the outcome.

 

1. My wife is a ST holder at FP. She supports the wrong team but she is just an ordinary supporter just like thousands at FP, SMS and other clubs all over the country. We know the pain when the future of the club is at real risk.

 

2. I am looking forward to Saturdays match

 

3. Giving them a little more time feels like British fair play.

positivepete

positivepete

Posted
Posted

Don't they also have a player on loan (Dindane) who the loaning club (Lens) says he is no longer on loan because he has exceeded the number of matches in his loan spell. have the FA been asked if he is eligible to play? Grounds for suspension?

Saint Keith

Saint Keith

Posted
Posted
Then why not wind them up today ? It makes no sense to allow them to continue trading illegally.

What would our case be, if we were knocked out of the FA Cup by them on Saturday if they have already been adjudged to be insolvent and this was to be proven to be the case by next Friday ?

 

well to be fair to her, she cant take that into account, its not much to do with the law of the land. she has to be seen to be being fair to them, so is saying to them, ok, you reckon you have got buyers and are not insolvent, im giving you 7 days to prove it to me, otherwise im going to bend you over

 

she knows they have virtually zero chance of doing this, but has to be seen to be fair, due process and all that.

 

but be assured, these 7 days are the last extention they will get

slickmick

slickmick

Posted
Posted
Where has the money come from to settle the other outstanding debts today?

 

Probably the sale of the cup tickets against us.

Or robbing Peter to pay Paul. ( Peter being the staffs wages)

bridge too far

bridge too far

Posted
Posted
So, Vantis plc, Business Recovery Specialists, can inspect the books and get an accurate state of financial play to report to the High Court.

If they consider the business is trading insolvently, or at a substantial ongoing loss, then they could chose to put the club into administration befor going to the High Court.

 

This would seem highly likely.

 

Any buyer could then secure the club at a substantially reduced cost, ie excluding their

£60m debt.I cannot understand any buyer wanting to buy into such debt.

 

I asked this earlier - perhaps no-one knows the answer:

 

Will there be an independent examination of their books or will the court just take PFC's word for its financial situation?

 

I mean they could over-exaggerate their assets and minimise their liabilities if no-one was appointed to verify the facts. I'm not suggesting they're dishonest BTW

 

;)

Channon's Sideburns

Channon's Sideburns

Posted
Posted
I am actually pleased with the outcome.

 

 

3. Giving them a little more time feels like British fair play.

 

Unless of course, you are a local business or individual who pays its taxes on time.

 

They have already had more time..but they chose to carry on regardless.

 

Justice = Pompey are no more and Storrie facing charges for overseeing the whole thing.

bridge too far

bridge too far

Posted
Posted
Where has the money come from to settle the other outstanding debts today?

 

 

According to SSN, the FA paid them their winnings from the last round of the FA cup (£90K).

 

And of course they have their share of the gate money from Saturday coming to them.

StuRomseySaint

StuRomseySaint

Posted
Posted

Can someone confirm...

 

Now they have had their day in court are they no longer allowed to dump themselves into adminstration?

 

If they are allowed to put themselves into admin then why the hell are they playing all or nothing?!?

StuRomseySaint

StuRomseySaint

Posted
Posted
According to SSN, the FA paid them their winnings from the last round of the FA cup (£90K).

 

And of course they have their share of the gate money from Saturday coming to them.

 

Which as I understand is 'profit' after operating costs, which due to the 500 police, eye in the sky, mounted police, dog section etc etc... will be minimal.

Saint Keith

Saint Keith

Posted
Posted
Which as I understand is 'profit' after operating costs, which due to the 500 police, eye in the sky, mounted police, dog section etc etc... will be minimal.

 

and will surely take a week or two to account for everything before a final figure is known :)

Saint Keith

Saint Keith

Posted
Posted
Which as I understand is 'profit' after operating costs, which due to the 500 police, eye in the sky, mounted police, dog section etc etc... will be minimal.

 

we giving their female fans their own seats?

fromdayone

fromdayone

Posted
Posted
Guys, isn't 9 days a red herring?

 

Don't they still have to submit the statement of affairs by COB on the 17th (7 days - NOT working days). The only reason the case is adjourned for (at least) 9 days is because the court is busy - that date the case is heard does not affect the date for their submission.

 

If they have set a timescale of the 17th for submission then even if a buyer is found on day 8 or 9 "technically" that new information can be ignored as the case will be heard based on the position as of COB on the 17th.

 

 

I would agree with you on that, the hearing whenever that may be, will only act on the information given in the statement of affairs.

 

So anything after that is submitted ,should be irrelivant.

 

Thats how i see it.... but my knowledge on these matters is zero!

Joensuu

Joensuu

Posted
Posted

The FA cup 4th round was on the 23rd/24th Jan, and replays were about 10 days later on 2nd/3rd Feb.

 

Does this mean the 5th round replays will be held on 23rd/24th Feb? If so, what woudl happen if we drew with the Skates on Saturday (4-4, with a second half 4 goal comeback), and Pompey seize to exist before the replay?

Daren W

Daren W

Posted
Posted

7 days eh?

 

Saw a club on Monday, it owed money on Tuesday, it was winding up by Wednesday, and on Thursday & Friday & Saturday we laughed on Sunday....

OldNick

OldNick

Posted
Posted
thats the billion dollar question - who knows

If only more of your fans were as reasonable as you and PES and the rivalry would be proper , not that ugly stuff so many spit out.

OldNick

OldNick

Posted
Posted
7 days eh?

 

Saw a club on Monday, it owed money on Tuesday, it was winding up by Wednesday, and on Thursday & Friday & Saturday we laughed on Sunday....

that might be good to text around, to counter -10 in southampton stuff all those months ago.Anyone got some good lyrics to Amarillo, .....'road to extinction' could be good
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