Pompey Takeover Saga

[Joensuu]

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

 

http://www.saintsweb.co.uk/forum/showthread.php?t=19579

 

Is this the way to liquidation,

Pompey wiped from the face of our nation,

even worse than relegation,

And the Skates are f*cked again.

Sha la la la la la la la,

Sha la la la la la la la,

Sha la la la la la la la,

And the Skates are f*cked again.

[Gorgiesaint]

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

 

Distraught that I can't go :mad:

 

Would be good if we get 'Team HMRC' t shirts made up for everyone

[Micky]

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.

 

It comes from both sides though Nick - you only have to go and look on thier message boards to see that we have quite a few mongs on our side too. There are good and bad in both camps - luckily for us, PES is one of the more 'bearable blues'...!

[Golac's Cunning Stunts]

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.

 

**** them. I hope they disappear from the face of the Earth. Your wife will just have to find somebody else to watch.

[dubai_phil]

Here's a good one get googling for the details chaps.

 

Dear Sunderland FC

 

I undertsand that you competed in a PL match in Portsmouth last night. A High Court Judge has stated that "it appears that they are trading while insolvent' which is not only against the laws of the land, but also against the rules of the FAPL.

 

As they were in breach of the rules, under their regulations it is this counsel's advice that you submit a letter of complaint to the FAPL in writing before Monday 15th February requesting that the result of said match should be overturned and a 3-1 Away win be entered into the record books.

 

 

Dear Southampton FC

 

I believe that you have a forthcoming football match against Portsmouth City Football Club this coming Saturday. It is the opinion of a High Court Judge that said PCFC is trading illegally while insolvent. As that statement is now being clarified by legal means it will imply that should said football match be held on Saturday 13th february, then PCFC may be held subsequently to have fulfilled the fixture illegally.

 

It is this counsel's advice that you register a letter of concern with the FA stating that as PCFC have been shown to be insolvent at the time of the court hearing, that should subsequent judgement be upheld, then the match result should be deemed null and void and that the result expunged from all records.

 

Of course, should the High Court subsequently decide that said PCFC are not acting illegally and against the terms of the FA regulations then of course the resulty can stand.

 

 

 

 

Which in English says - we should be able to find a way to make sure we don't get knocked out by them if we lose and they go bust

[solentstars]

what is the face of portsmouth "krusty (w******d) the clown going to do for a job,i expect he will be looking for another circus or maybe butlins might take him on:D

[dronskisaint]

Pompey will never Die. "Strike us down and we'll become more powerful than you can possibly imagine!" :cool:

 

I can't believe this site is falling over through the weight of Scummers spunking over their keyboards in excitement at the thought of the demise of their rivals.

 

Slow death - skate, you can finish off digging your grave now!

[shurlock]

**** them. I hope they disappear from the face of the Earth. Your wife will just have to find somebody else to watch.

 

no mincing words there.

[Matthew Le God]

Where have you got that from Dubai_Phil? Did you write it?

[Kingsland Red]

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

 

 

I understand that Vantis plc are (independently) viewing Pompeys books.

Then HMRC has time to substantiate the case against them upon receipt of the Vantis plc assessment.

Then all parties reconvene in the High Court.

If Pompey have traded whilst insolvent then there are also other legal implications for the directors.

[OldNick]

Here's a good one get googling for the details chaps.

 

Dear Sunderland FC

 

I undertsand that you competed in a PL match in Portsmouth last night. A High Court Judge has stated that "it appears that they are trading while insolvent' which is not only against the laws of the land, but also against the rules of the FAPL.

 

As they were in breach of the rules, under their regulations it is this counsel's advice that you submit a letter of complaint to the FAPL in writing before Monday 15th February requesting that the result of said match should be overturned and a 3-1 Away win be entered into the record books.

 

 

Dear Southampton FC

 

I believe that you have a forthcoming football match against Portsmouth City Football Club this coming Saturday. It is the opinion of a High Court Judge that said PCFC is trading illegally while insolvent. As that statement is now being clarified by legal means it will imply that should said football match be held on Saturday 13th february, then PCFC may be held subsequently to have fulfilled the fixture illegally.

 

It is this counsel's advice that you register a letter of concern with the FA stating that as PCFC have been shown to be insolvent at the time of the court hearing, that should subsequent judgement be upheld, then the match result should be deemed null and void and that the result expunged from all records.

 

Of course, should the High Court subsequently decide that said PCFC are not acting illegally and against the terms of the FA regulations then of course the resulty can stand.

 

 

 

 

Which in English says - we should be able to find a way to make sure we don't get knocked out by them if we lose and they go bust

Interesting, I still wonder that when ANY of their suppliers read that the judge agrees that they are trading while insolvent will pull the plug immediately or quickly join the list of creditors.

Any staff ,hire cars, the electric company and IT etc surely should withdraw their services and goods

[qwertySFC]

Maybe they can appeal because the Judge was after all a Saints fan ??

 

???? She was in red and white

 

[OldNick]

I understand that Vantis plc are (independently) viewing Pompeys books.

Then HMRC has time to substantiate the case against them upon receipt of the Vantis plc assessment.

Then all parties reconvene in the High Court.

If Pompey have traded whilst insolvent then there are also other legal implications for the directors.

I wonder how quickly they get into the club.I suspect fans of all clubs expect them to find some unusual trails of expenditure. i wonder if the revenues case against certain people might get some more evidence.

[Channon's Sideburns]

I wonder how quickly they get into the club.I suspect fans of all clubs expect them to find some unusual trails of expenditure. i wonder if the revenues case against certain people might get some more evidence.

 

Indeed.

 

SQUEAKY BUM TIME FOR STORRIE.

 

About fookin time too.

 

Can I state, previous to posts I've made over the last god-knows-how-long - that I now have grudging admiration for Rupert Lowe.

 

Thank you for leaving us, but in a state where we have no worries of that nature.

[Gemmel]

I understand that Vantis plc are (independently) viewing Pompeys books.

Then HMRC has time to substantiate the case against them upon receipt of the Vantis plc assessment.

Then all parties reconvene in the High Court.

If Pompey have traded whilst insolvent then there are also other legal implications for the directors.

 

 

Vantis = Ken Dulieu Ex Saints Chairman

[100%Red&White]

Here's a good one get googling for the details chaps.

 

Dear Southampton FC

 

I believe that you have a forthcoming football match against Portsmouth City Football Club this coming Saturday. It is the opinion of a High Court Judge that said PCFC is trading illegally while insolvent. As that statement is now being clarified by legal means it will imply that should said football match be held on Saturday 13th february, then PCFC may be held subsequently to have fulfilled the fixture illegally.

 

It is this counsel's advice that you register a letter of concern with the FA stating that as PCFC have been shown to be insolvent at the time of the court hearing, that should subsequent judgement be upheld, then the match result should be deemed null and void and that the result expunged from all records.

 

Of course, should the High Court subsequently decide that said PCFC are not acting illegally and against the terms of the FA regulations then of course the resulty can stand.

 

 

 

 

Which in English says - we should be able to find a way to make sure we don't get knocked out by them if we lose and they go bust

 

Funnily enough we were discussing this very thing this afternoon. Should they beat us this Saturday, as they should as we are "Third Division", we should appeal with the 'trading while insolvent' argument with players that should never have been allowed to join them/beat us with.

 

There was also discussion on whether the FA and PL will be falling over themselves to help them, covering tracks/f*ckups/etc., and the thought we may be playing 12 men on Saturday. We were taking guesses at how many players we may end up with on the pitch if we're winning?

[Gemmel]

 

 

Save the letters Phil. THe PL have confirmed that all league results this season will be exsponged if they go bust and for us, if we win we go through and if we draw and they go bust we go through. If we lose, the next draw will have already taken place and the team they are drawn against will get the bye.

[Merovingian]

surely though we cannot be deemed to be insolvent just on the say so of the HMRC - hence the 7 days to come up with the statement of affairs and show proof we are not. So at present whilst the suspicion is there - the proof is not according to the courts

 

whats the betting some money suddenly appears from nowhere lol

[TopGun]

Pompey press statement

 

Portsmouth Football Club today welcomed the decision by the High Court to allow the club time to demonstrate its plans to restructure and stabilise the business under new owner Balram Chainrai.

 

The club was given seven days to produce a statement of affairs for the court and HMRC and this will be produced in conjunction with Vantis plc, a firm of accountancy and insolvency practitioners.

 

Following this submission a hearing will be convened on the first available date after Friday, February 19.

 

In January, the club was granted leave to appeal the judge’s decision on the application to strike out the HMRC petition.

 

The total outstanding on the petition in December was £11.5m.

 

This includes £5.8m of disputed VAT, £1.1m of undisputed VAT and £4.6m due on PAYE and NIC.

 

In relation to the PAYE and NIC, £4.5m has subsequently been paid, leaving £7m outstanding. However, the total amount of VAT included which is subject to a dispute is £7.4m (of which £5.8m has been petitioned for).

 

Therefore we contest that there is no payment due.

 

There was a further submission issued late yesterday in relation to £4.7m, which included £3.8m PAYE. The club is making arrangements to pay this to bring the club up to date with PAYE payments.

 

The club will show that the business will be sustainable as a going concern and how it will deal with outstanding creditors as a result of the recent takeover.

 

Balram Chainrai’s trustees – chief executive Peter Storrie and Ashok Patel of Balsara & Co – are in advanced discussions with more than one interested party who have the ability to further stabilise and grow the business.

 

The club would like to thank the staff, players and fans for their continued support through this difficult period.

[Gemmel]

surely though we cannot be deemed to be insolvent just on the say so of the HMRC - hence the 7 days to come up with the statement of affairs and show proof we are not. So at present whilst the suspicion is there - the proof is not according to the courts

 

whats the betting some money suddenly appears from nowhere lol

 

Our very own tango man will find out if it suddenly appears

[Joensuu]

Vantis = Ken Dulieu Ex Saints Chairman

 

Does Ken still like us? Or will he still be smarting over his investment proposals being rejected? The little bit of detail about him on his Vantis page doesn't mention Saints at all...

[Kingsland Red]

Funnily enough we were discussing this very thing this afternoon. Should they beat us this Saturday, as they should as we are "Third Division", we should appeal with the 'trading while insolvent' argument with players that should never have been allowed to join them/beat us with.

 

There was also discussion on whether the FA and PL will be falling over themselves to help them, covering tracks/f*ckups/etc., and the thought we may be playing 12 men on Saturday. We were taking guesses at how many players we may end up with on the pitch if we're winning?

 

Referees in FA Cup games that are not independent, but employed by one or other club's leagues has always troubled me, if only because of what they are prepared to accept / let go , never mind the loyalty to their own league / league pressure etc.

Hence when Leeds beat Man U recently I fully expected a 96th minute penalty.

[dronskisaint]

Sunderland game would have raised a few hundred thousand.

 

About £4-500k maximum...that's sorted Utaka, James & Storries' wages then:D

[pedg]

As I have said before I wonder if unpaid players image rights will be another nail in their coffin? Fairly sure that Sol Campbell will not be the only member of their squad over the last few years to both be contracted to receive a considerable sum from image rights and to have not received them.

 

After all at the time he sued the papers said:

It claims Portsmouth agreed to pay Campbell £20,000 a week for the first year and £30,000 for the last two years of his contract, to use his image in commercial, sponsorship and endorsement deals.

Given that I should think you could easily end up with a bill of 100,000 a week just for the image rights. Not pay those for a year and you are talking somewhere in the region of £5M owed? Not too implausible a scenario I should think?

[Whitey Grandad]

Pompey press statement

 

The club will show that the business will be sustainable as a going concern and how it will deal with outstanding creditors as a result of the recent takeover.

You see, that's the part that I have difficulty with. :confused:

[Saint Keith]

Pompey press statement

 

Portsmouth Football Club today welcomed the decision by the High Court to allow the club time to demonstrate its plans to restructure and stabilise the business under new owner Balram Chainrai.

 

The club was given seven days to produce a statement of affairs for the court and HMRC and this will be produced in conjunction with Vantis plc, a firm of accountancy and insolvency practitioners.

 

Following this submission a hearing will be convened on the first available date after Friday, February 19.

 

In January, the club was granted leave to appeal the judge’s decision on the application to strike out the HMRC petition.

 

The total outstanding on the petition in December was £11.5m.

 

This includes £5.8m of disputed VAT, £1.1m of undisputed VAT and £4.6m due on PAYE and NIC.

 

In relation to the PAYE and NIC, £4.5m has subsequently been paid, leaving £7m outstanding. However, the total amount of VAT included which is subject to a dispute is £7.4m (of which £5.8m has been petitioned for).

 

Therefore we contest that there is no payment due.

 

There was a further submission issued late yesterday in relation to £4.7m, which included £3.8m PAYE. The club is making arrangements to pay this to bring the club up to date with PAYE payments.

 

The club will show that the business will be sustainable as a going concern and how it will deal with outstanding creditors as a result of the recent takeover.

 

Balram Chainrai’s trustees – chief executive Peter Storrie and Ashok Patel of Balsara & Co – are in advanced discussions with more than one interested party who have the ability to further stabilise and grow the business.

 

The club would like to thank the staff, players and fans for their continued support through this difficult period.

 

the biggest load of ******** i have ever heard

Edited 10 February, 2010 by Saint Keith

[pedg]

The club will show that the business will be sustainable as a going concern and how it will deal with outstanding creditors as a result of the recent takeover.

 

I think the problem is the judge is not interested in the 'will be' future but in the 'is' of now.

 

plus

 

This includes £5.8m of disputed VAT

Sorry, but you had the opportunity to appeal against the VAT and you didn't so it is no longer disputed. Edited 10 February, 2010 by pedg

[EastleighSoulBoy]

Yes you have a bigger fanbase than us.

 

Anything else?

 

Why do you claim that you (a general statement, not you personally) are better fans than us? If you are then surely, in your beloved club's days of need, they would be playing in to a packed stadium?

 

That in itself doesn't make us better than you as fans either. Just more well supported as a club.

[Merovingian]

half the problem is - who wants to pay money into the club when we know its being run by *****s / crooks who are going to pocket it where possible and we all realise a few thousand extra through the gate is not going to touch the sides of our financial problems. Only one way out and that is a takeover by someone who actually does have money or its FC Pompey in the conference next season

[Matthew Le God]

or its FC Pompey in the conference next season

 

What makes you think you would go straight into the conference?

[Channon's Sideburns]

surely though we cannot be deemed to be insolvent just on the say so of the HMRC - hence the 7 days to come up with the statement of affairs and show proof we are not. So at present whilst the suspicion is there - the proof is not according to the courts

 

whats the betting some money suddenly appears from nowhere lol

 

Well.

 

The HMRC consider you to be trading insolvently. The judge considers you to be trading insolvently. They said so IN COURT.

 

Guess it's just Storrie who suggests that you aren't then.

 

Do you still want to believe him?

 

'This time next week Pompey we'll be millionaires'

 

 

 

'Peter Storrie and his sidekick prepare for negotiations with investors, including Freddie the Frog'

Edited 10 February, 2010 by Channon's Sideburns

[dronskisaint]

Originally Posted by Merovingian

surely though we cannot be deemed to be insolvent just on the say so of the HMRC - hence the 7 days to come up with the statement of affairs and show proof we are not. So at present whilst the suspicion is there - the proof is not according to the courts

 

whats the betting some money suddenly appears from nowhere lol

 

Just on the say so of HMRC - are you on drugs?!

 

Aside from the fact it was the judge agreeing with the HMRC what f*oking evidence did your slimeballs produce to the contrary?

 

My guess is that by getting them to produce a statement of affairs it will enable them to gather further evidence of illegal trading & help to put Storrie teller where he belongs. Slow & painful it continues to be.

[dune]

half the problem is - who wants to pay money into the club when we know its being run by *****s / crooks who are going to pocket it where possible and we all realise a few thousand extra through the gate is not going to touch the sides of our financial problems. Only one way out and that is a takeover by someone who actually does have money or its FC Pompey in the conference next season

 

The conference is about the Skates level with the mediocre fanbase they have.

[JustMike]

what i dont get it is why drag this out even more? Surely poompey would have gone to court with the necessary documents proving they had plans / investment etc etc , they have had long enough.

[Block 18]

what i dont get it is why drag this out even more? Surely poompey would have gone to court with the necessary documents proving they had plans / investment etc etc , they have had long enough.

 

There's your proof they have no such documentation. Or any new potential buyers, just more Skate lies, deciept and blantant cheating.

[Gemmel]

Whats odds do you reckon I could get on; One or more of pompes directors doing time for their time at teh s!ht pitt. (Not including stories tax trial)

[Joey-deacons-left-nut]

Sunderland game would have raised a few hundred thousand.

 

Doubt it. Most would have been season ticket sales and pre sales done weeks ago.....

 

Cash generated on the day would have been minimal...

[Joensuu]

[stolen from a skate site]

 

Think this might be the answer we were looking for... if I'm reading this right, they can't now legally put themselves into administration, that horse has bolted:

 

http://www.insolvency.gov.uk/insolvencyprofessionandlegislation/legislation/uk/insolvencyact.pdf

 

 

An administrator of a company may not be appointed under paragraph 22 if-

(a) a petition for the winding up of the company has been presented and is not yet disposed of

[View From The Top]

**** them. I hope they disappear from the face of the Earth. Your wife will just have to find somebody else to watch.

 

Harsh, but fair.

[Saint Keith]

its FC Pompey in the conference next season

 

er, dont be so sure about that. will be lot lower than that, 1 below conference south probably

 

there is no way a new club would be allowed to start in the conference

[Saint Keith]

the Ethiopians have had a whip round

 

[Foxy]

the Ethiopians have had a whip round

 

 

In Zimbabwe?

[Joensuu]

Doubt it. Most would have been season ticket sales and pre sales done weeks ago.....

 

Cash generated on the day would have been minimal...

 

(16,242 - 9000) = 7242

 

(7242 * 20) = £144,840

 

If they didn't pay any of the match day expenses, and if all of the non-season ticket fans bought the cheapest tickets, Pompey had almost £150K going through their hands from last nights game. How much of that could have been directed to buy off the creditors?

 

It's certainly a large enough wedge of cash to buy off the Grosvenor debt.

[View From The Top]

er, dont be so sure about that. will be lot lower than that, 1 below conference south probably

 

there is no way a new club would be allowed to start in the conference

 

I was under the impression that a place inb the Wessex League had been agreed.

[Foxy]

Whats odds do you reckon I could get on; One or more of pompes directors doing time for their time at teh s!ht pitt. (Not including stories tax trial)

 

Probably no takers but the idea made me happy enough that I will buy you a pint if it happens

[Saint Keith]

In Zimbabwe?

 

shut it. thats what i meant

[pedg]

From todays Guardian Fiver...

 

FOR WHOM THAT ANNOYING BELL TOLLS

 

Fans of rich-again Southampton were overcome by relief this afternoon after a high court judge granted their south-coast neighbours Portsmouth a stay of execution, meaning Pompey will remain in existence long enough to be mercilessly taunted by them, waving wads of Monopoly money and fake-sheikh headgarb during Saturday's impendingly-boisterous FA Cup tie at St Mary's.

[grammy]

half the problem is - who wants to pay money into the club when we know its being run by *****s / crooks who are going to pocket it where possible and we all realise a few thousand extra through the gate is not going to touch the sides of our financial problems. Only one way out and that is a takeover by someone who actually does have money or its FC Pompey in the conference next season

 

I think the financial criteria for conference clubs is as strict if not stricter than the PL and would not accept you. The non league set up has had financial problems for years, this is all new for the Prem league, but you can be sure that whatever happens football finance will have to change as a result of all this. I do hope you survive but at a lower level, just wanna beat ya twice a season

[Joey-deacons-left-nut]

er, dont be so sure about that. will be lot lower than that, 1 below conference south probably

 

there is no way a new club would be allowed to start in the conference

 

I'd LOVE them to be called FC Pompey....

[bridge too far]

From todays Guardian Fiver...

 

FOR WHOM THAT ANNOYING BELL TOLLS

 

Fans of rich-again Southampton were overcome by relief this afternoon after a high court judge granted their south-coast neighbours Portsmouth a stay of execution, meaning Pompey will remain in existence long enough to be mercilessly taunted by them, waving wads of Monopoly money and fake-sheikh headgarb during Saturday's impendingly-boisterous FA Cup tie at St Mary's.

 

Do I love this - from title to headgarb