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Pompey Takeover Saga


Fitzhugh Fella

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The main question I need answering is this:

 

"Can this thread get half a million views before Poopey go tits-up?"

 

Probably not - but following the PFC business plan, all you need to do is speak to Ponty - he will advance you the required amount of posts before the end of the thread in order that we make the 500,000. This is normal Internet Forum practice - every forum I know advances posts to customers to keep them happy.... honest guv...!

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457,055 as of a few seconds ago.

 

It'll go into meltdown on Weds 4pm. When nothing will be announced beyond that a courier motorcycle was seen entering the High Court who may or may not have had the SoA. Sterling detective work will follow as enthusiastic cyber sleuth's check out everything from the location of the courier company's offices to the no doubt significant markings on the delivery guy's helmet.

 

Gives us something to think about in quiet moments at work though, so can't grumble

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but if Pompey are wound up won't it be offically declared until March 1st when the court date is?

 

What I don't quite understand, is the whole point of the winding up hearing is for a business to prove it is still solvent and can pay its creditors or it can't and is liquidated.

 

Poopey obviously did not turn up at court with sufficent evidence that they were still viable or were likely to be taken over and receive a cash injection and be able to settle thier creditors. If they had, the court would have thrown out the case as debts would have been settled there and then or allowed time for the takeover to complete like they have with Notts County (although I understand that has subsequently fallen through ) and given Poopey time to re-negotiate settlements.

 

So why the delay in liquidating the company ? The judge owes a duty of care to other business and the general public, by allowing Poopey to continue to spend money and hence further increasing the risk to creditors that they will not receive a fraction of what they are owed. Is she not negligent in discharging that duty. Are their bank accounts frozen and if so how are they paying any bills. Could a creditor sue the courts if tells stories and his chums continue to empty the bank accounts.

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It'll go into meltdown on Weds 4pm. When nothing will be announced beyond that a courier motorcycle was seen entering the High Court who may or may not have had the SoA. Sterling detective work will follow as enthusiastic cyber sleuth's check out everything from the location of the courier company's offices to the no doubt significant markings on the delivery guy's helmet.

 

Gives us something to think about in quiet moments at work though, so can't grumble

 

What's the betting on the motorcyclist "crashing and as a result being unable to deliver the said document - however it will be in the pessession of the High Court at the earliest possible opportunity... honest".

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I'll ignore the match as I'm sure it would bring up bad memories for you but let me ask you a question about the money the PL may advance Pompey.

 

Do any of you dispute that this is money that we'll be legally entitled to in just a couple of months anyway? (I assume not as it patently is money we'd receive).

 

Therefore, what's the difference in us receiving this money from the PL in advance to the fact that you pulled forward payments from Arsenal from the sale of Walcott when you were in financial difficulties? Were you "cheating" when you did that?

 

 

Do you dispute the fact that we had an overdraft facility of £4m but exceeded it by some £500,000 and the bank pulled the plug on us, when, had we been allowed to sell season tickets for the following season would have brought the overdraft down within our limit.

Add to that we were only a couple of months away from the end of the season in which player sales could have near on wiped out all that debt.

 

So why do you feel the rules should change for your bunch of crooks ?

Edited by slickmick
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Probably not - but following the PFC business plan, all you need to do is speak to Ponty - he will advance you the required amount of posts before the end of the thread in order that we make the 500,000. This is normal Internet Forum practice - every forum I know advances posts to customers to keep them happy.... honest guv...!

 

 

Statement from Ponty:

 

This is not something Ponty would be prepared to do, regardless of the feeling of the other contributors to this thread.

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What I don't quite understand, is the whole point of the winding up hearing is for a business to prove it is still solvent and can pay its creditors or it can't and is liquidated.

 

Poopey obviously did not turn up at court with sufficent evidence that they were still viable or were likely to be taken over and receive a cash injection and be able to settle thier creditors. If they had, the court would have thrown out the case as debts would have been settled there and then or allowed time for the takeover to complete like they have with Notts County (although I understand that has subsequently fallen through ) and given Poopey time to re-negotiate settlements.

 

So why the delay in liquidating the company ? The judge owes a duty of care to other business and the general public, by allowing Poopey to continue to spend money and hence further increasing the risk to creditors that they will not receive a fraction of what they are owed. Is she not negligent in discharging that duty. Are their bank accounts frozen and if so how are they paying any bills. Could a creditor sue the courts if tells stories and his chums continue to empty the bank accounts.

 

None of us has seen the transcript of last week's proceedings. I imagine (and my imagination is very fertile sometimes) that PFC said they were solvent and HMRC said they weren't. So the Registrar (who is a specialist Bankruptcy Registrar and therefore should know her stuff) has given PFC (and HMRC I guess) a week to come up with the books to prove the case one way or another. I don't THINK borrowing on any future income will cut any mustard with her. I think it will be a simple statement as to whether or not they are solvent.

 

I wonder if any of you legal beagles know what will happen IF the judgement goes against them? Will they be granted leave to appeal?

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This appears to be a point of some debate. On one hand they are not due in court till the 1st, on the other are those that believe that if the statement of account comes in and shows unequivocally that they have been trading whilst insolvent that things would happen before the court date. Not sure which is right.

 

From my uneducated understanding, I thought they had to hand the document in this week (Wednesday??) and a final decision would be made on the 1st of March.

 

Whether anything happening between wednesday and the 1st of march could affect the chances of them being declared insolvent I don't know

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What I don't quite understand, is the whole point of the winding up hearing is for a business to prove it is still solvent and can pay its creditors or it can't and is liquidated.

 

Poopey obviously did not turn up at court with sufficent evidence that they were still viable or were likely to be taken over and receive a cash injection and be able to settle thier creditors. If they had, the court would have thrown out the case as debts would have been settled there and then or allowed time for the takeover to complete like they have with Notts County (although I understand that has subsequently fallen through ) and given Poopey time to re-negotiate settlements.

 

So why the delay in liquidating the company ? The judge owes a duty of care to other business and the general public, by allowing Poopey to continue to spend money and hence further increasing the risk to creditors that they will not receive a fraction of what they are owed. Is she not negligent in discharging that duty. Are their bank accounts frozen and if so how are they paying any bills. Could a creditor sue the courts if tells stories and his chums continue to empty the bank accounts.

 

Covering her own back I expect,

 

This is a potentially landmark ruling, and I think this is the final ultimatum. The final chance for Pompey to prove they are solvent when the judge and HMRC know they can't (I suspect).

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I'll ignore the match as I'm sure it would bring up bad memories for you but let me ask you a question about the money the PL may advance Pompey.

 

Do any of you dispute that this is money that we'll be legally entitled to in just a couple of months anyway? (I assume not as it patently is money we'd receive).

 

Therefore, what's the difference in us receiving this money from the PL in advance to the fact that you pulled forward payments from Arsenal from the sale of Walcott when you were in financial difficulties? Were you "cheating" when you did that?

 

Your posts have gone down hill, quicker than pompeys bank balance.

 

Trying to suggest that the the commercial agreement we made with Arsenal, is comparable with the PL bailing you lot is laughable, but very much akin with how your club is run.

 

It may well be meaningless anyway as to if the PL pay up or not. If the statement fo affairs , shows you to be trading insolvently, the money won't save you.

 

You continue to sign players and stick two fingers up at HMRC. If you stay up at the expense of another club after being bailed out, then the PL will be in a bigger mess than they are already in. I'm afraid it's time to say goodbye

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You continue to sign players and stick two fingers up at HMRC. If you stay up at the expense of another club after being bailed out, then the PL will be in a bigger mess than they are already in. I'm afraid it's time to say goodbye

 

It'll make Tevez/Mascherano/West Ham vs Sheff Utd look like a playground spat.

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What I don't quite understand, is the whole point of the winding up hearing is for a business to prove it is still solvent and can pay its creditors or it can't and is liquidated.

 

Poopey obviously did not turn up at court with sufficent evidence that they were still viable or were likely to be taken over and receive a cash injection and be able to settle thier creditors. If they had, the court would have thrown out the case as debts would have been settled there and then or allowed time for the takeover to complete like they have with Notts County (although I understand that has subsequently fallen through ) and given Poopey time to re-negotiate settlements.

 

So why the delay in liquidating the company ? The judge owes a duty of care to other business and the general public, by allowing Poopey to continue to spend money and hence further increasing the risk to creditors that they will not receive a fraction of what they are owed. Is she not negligent in discharging that duty. Are their bank accounts frozen and if so how are they paying any bills. Could a creditor sue the courts if tells stories and his chums continue to empty the bank accounts.

 

If I remember correctly according to the reports, the HMRC barrister was looking for either the WUO to be granted or a short term extension. I cannot fathom why they offered this extension option and its been bugging me since. I am sure that a better option would have been to solely request the WUO, and then if that was not granted argue that only a short term extension was viable. In my view the HMRC did give PFC a temporary escape route - even if it results in them being torn apart by the dogs at a later date.

 

I also believe that it was confirmed in one report that I read that their bank accounts are frozen (not 100% certain but think it was the Guardian).

Edited by Gorgiesaint
adding temporary
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Statement from Ponty:

 

This is not something Ponty would be prepared to do, regardless of the feeling of the other contributors to this thread.

 

Can't you not just phone round the other forum members and gain a concensus?

 

I mean the forum brand must be preserved at all costs !:D

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I don't think we EVER paid wages late - did we, guys?

 

I believe one or two of our players sacrificed their wages for a short time. And of course we did have a prominent member who put his hand in his own pocket to help out.

Remind me - when did Peter Storrie ever do something so magnanimous?

 

 

 

I too have a prominent member and am to be seen frequently putting my hand in my pocket also.

 

 

I only say this to lower the tone to a suitable level :D;)

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This appears to be a point of some debate. On one hand they are not due in court till the 1st, on the other are those that believe that if the statement of account comes in and shows unequivocally that they have been trading whilst insolvent that things would happen before the court date. Not sure which is right.

 

As P*mpey are producing the statement of affairs by employing a firm to do it for them I would have thought it would try and show things in the best possible light - if it was a court appointed 3rd party going through the books I'd agree that something before the court hearing was possible but can't see it myself.

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I too have a prominent member and am to be seen frequently putting my hand in my pocket also.

 

 

I only say this to lower the tone to a suitable level :D;)

 

Quality post. Who says there's no place for a knob joke in a serious thread

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No other club is involved in bailing us out. The money is the minimum we can expect the PL to pay us in August whether we go down or not.

 

Giving Portsmouth the parachute payment made to those relegated to the Championship each season does not make the presumption that the club will go down. It is merely the guaranteed minimum amount Portsmouth can expect to receive from the Premier League on August 1.

 

http://www.dailymail.co.uk/sport/football/article-1250363/Portsmouth-rescue-mission-Premier-League-set-hand-debt-ridden-Pompey-lifeline.html

 

So, I ask again, what's the difference? It's money we're entitled to, just like you were with the Walcott money and like you, we'd just receive it earlier than originally planned

 

And just shy of the minimum that the taxman is entitled to - And by the way despite all our trials and tribulations of the last year, we were not in default of our dues towards HMRC !

 

I'm afraid you are desperate if you can see a similarity between the 2 events you raise - Its a twist perhaps worthy of your great financial guru Mr Storrie..

 

You are not him are you ????? :D

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Statement from Ponty:

 

This is not something Ponty would be prepared to do, regardless of the feeling of the other contributors to this thread.

 

I know this bloke who wants to buy the forum for huge money, 10000 free posts for everyone, land of milk & honey, honest. His name is Suleiman Al-Forum - he's always loved this forum, got the shirt and all. Just tip me the wink & a few quid in exes and we'll be there.

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As P*mpey are producing the statement of affairs by employing a firm to do it for them I would have thought it would try and show things in the best possible light - if it was a court appointed 3rd party going through the books I'd agree that something before the court hearing was possible but can't see it myself.

 

One assumes that the bottom line of the report will be assets against what is owed and its hard to see how they can come up, even with the most generous of valuations, with assets being the higher figure.

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A man is need of some money. He recently sold his car to a friend who is paying him off weekly. He is also employed and is expecting a bonus at the end of the year.

 

He has 2 options:

 

(a) To call his mate and make an arrangement for the goods he has already sold - a percentage of the money OWED to him now to satisfy the debt.

 

(b) to call his boss and ask for an advance on his EXPECTED bonus, when there is in fact no guarantee that he will turn up for work between now and the end of the year.

 

Does that help Ho?

 

Nicely put Mr 'cake :D

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One assumes that the bottom line of the report will be assets against what is owed and its hard to see how they can come up, even with the most generous of valuations, with assets being the higher figure.

 

I would agree and no accounting company would risk its reputation & licence by bending the figures any more than accountants do. Although as I highlighted yesterday, Vantis have form in tax scams.

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I wonder if they have applied to the Blue Square Premier league, as we were rumoured to have done ?

That would be a fitting punishment in my eyes.

 

 

Whislt having a look on one of their message boards I read that they think if an AFC Porthsmyth is started then they will be given a place in league 2. This will be as they are "too big" to go in to a division any lower.

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One assumes that the bottom line of the report will be assets against what is owed and its hard to see how they can come up, even with the most generous of valuations, with assets being the higher figure.

 

I'm sure you are correct but I's sure also it wont just be a piece of paper with -60m in red on it, much as we all know it is.

 

It would be nice to be in court when the judge peers over the top of his glasses and states.

 

'Mr Storrie you keep telling me you have adequate funds to continue trading yet I read in the paper this morning that yet again your staff have not been paid'

 

Maybe being MArch the 1st will help focus a few things :D

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No other club is involved in bailing us out. The money is the minimum we can expect the PL to pay us in August whether we go down or not.

 

 

Ho... I'm sorry but that statement is somewhat a bit taking the Pi**. Surely for starters THFC are some what bailing you out by letting O'Hara play for free , Lens have bent over backwards to help your club in the transfer money, Saints themselves have made conditions of sale easier with the recent cup tickets, WHUFC are desperate it seems to help you stay in business, The Pl is bailing you out by letting you employ players even though it is blatenty clear you struggle to pay the ones you already have ,

 

I think you should be careful about not throwing stones in glasshouses as it has appeared numerous clubs , associations and authorities are bailing you out but the Pompey club just throws that help back into thier faces by flouting and time delay tatics plus extreme bending of the rules to suit your own purposes..

 

It is about time the Blue Circus grew some Balls and stood up to be counted as men , not the shysters your club has become.

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Whislt having a look on one of their message boards I read that they think if an AFC Porthsmyth is started then they will be given a place in league 2. This will be as they are "too big" to go in to a division any lower.

 

Too big? They'll be starting from nothing, having to hold tryouts on the local parks to pick up players for nothing. All they'll have are 10k ''fans'' and some blue scarves. :p

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And just shy of the minimum that the taxman is entitled to - And by the way despite all our trials and tribulations of the last year, we were not in default of our dues towards HMRC !

 

I'm afraid you are desperate if you can see a similarity between the 2 events you raise - Its a twist perhaps worthy of your great financial guru Mr Storrie..

 

You are not him are you ????? :D

 

If C Ho actually is Storrie he's got around 600 posts. Assume similar on previous forums. Now, allowing 3 mins to generate each post and perhaps double that for reading of threads between posts and let's say a minute for logging in and out. That would give him around 200 hours of time spent on this forum. Or 5 weeks & two days of working time assuming a normal working week.

 

Then consider the £1.3M salary - or about £25k per week. But of course you might want to discount 5 weeks annual leave when he probably wouldn't be online, so let's call it £27.5k per productive week.

 

All of which would mean that Pompey had paid Storrie-Ho £147,517 for time spent on here, or £123 for each post.

 

Good work if you can get it. I wonder:

1) if they could have used the cash for something else?

2) if they realise they could have paid me at the same rate per post and saved £100k or so given my lower post count?

3) if some of the posters with 7-8k contributions realise that they could have missed out on a pretty lucrative opportunity?

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Another news article reporting that PFC are trying to increase their wage bill even more.

 

http://www.newsoftheworld.co.uk/sport/football/731059/CHAVEZ-IN-PORTSMOUTH-MOVE-CLAIM.html

 

No idea of the truth of this article, but if it is true it's an absolute disgrace. How can they be allowed to increase the wage bill during a period that they are trying to prove to the high court that they are not trading insolvently.

 

They are cheats and I really hope they get punished for it.

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Whislt having a look on one of their message boards I read that they think if an AFC Porthsmyth is started then they will be given a place in league 2. This will be as they are "too big" to go in to a division any lower.

 

Didn't their local rag - the Evening News or whatever its called - report that someone in Hampshire FA had been contacted about getting a club into the Wessex League?

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Another news article reporting that PFC are trying to increase their wage bill even more.

 

http://www.newsoftheworld.co.uk/sport/football/731059/CHAVEZ-IN-PORTSMOUTH-MOVE-CLAIM.html

 

No idea of the truth of this article, but if it is true it's an absolute disgrace. How can they be allowed to increase the wage bill during a period that they are trying to prove to the high court that they are not trading insolvently.

 

They are cheats and I really hope they get punished for it.

 

If Pompey did get liquidated would Storrie benefit financially from it?

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Guest Dark Sotonic Mills
Bloody swear filter :mad:

 

S n i g g e r

 

Ere, that's racist that is. You can't go around calling someone a s******. I've come over all PC now, and starting to complain on behalf of people who have no complaints just because.

Stop flying that flag BTF.

Don't use a piggy-bank in case in offends the muslins.

You'll have to start swimming in a burkhini from now on.

Stop celebrating holidays in December... I can't seem to say the word beginning with C in case it offends the Islamicists.

Ooer, I've started frothing at the mouth now, I'd better have a lie down...

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Didn't their local rag - the Evening News or whatever its called - report that someone in Hampshire FA had been contacted about getting a club into the Wessex League?

 

Mero was on here saying that they ('AFCP') had provision acceptance in the Conference (because of predicted fan-base). Think it would be lower myself but we'll have to wait and see.

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Tick tock

 

Ok so here we are a new week has dawned.

 

Now, can someone remind me of the official statement from the FAPL?

 

 

Oh of course not, there hasn't been one.

 

 

Still says more than a zillion storries in the press.

 

Talking of which, I did lol, FFS when Saints were trying to find a buyer I had a heck of a lot more than AN email and A phone call from people who were interested. (And no there WERE some from people that weren't Whacko!

 

Hell one of them was even a lawyer. (And as Dear Constant Readers will recall, one of them was from dear old SBT's man himself...) Yeah like THAT's gonna work Petie boy!

 

 

 

 

Well OK, it was the wife's divorce lawyer demanding to know if I'd earned anything from it -yeah right

 

A phone call and an Email, dear me that was funier than the Norwegian Parrot sketch Eric put up on here

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Mero was on here saying that they ('AFCP') had provision acceptance in the Conference (because of predicted fan-base). Think it would be lower myself but we'll have to wait and see.

 

Would make rearranging the division easier. One more promotion from all the other divisions and then AFCP fit into the conference.

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