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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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gaz

gaz

Posted
Posted

- Portsmouth FC; The only club where they encourage you to throw coins at the players.

 

- Portsmouth FC, a team full of nationalities. But no Cheques.

 

- I was walking down the road the other day when I saw a Pompy season ticket nailed to a fence and I thought 'I'm having that!'..........You can never have too many nails.

 

- It was my mates birthday this week and we went out in fancy dress. I went dressed in a clown outfit. This new Pompy shirt fits like a glove.

 

- A bloke left 2 Pompy tickets on his dashboard while he went into Tescos. He was so livid when he came back to find someone had broken into his car and left 2 more.

 

- Portsmouth Chief Executive Peter Storrie meets with Her Majesty's Revenue and Customs about the clubs outstanding Tax Bill. The Officer tells him, ''I am going to let you off with the £11.5m tax bill you owe as I am a great admirer of Pompy and I think they are a fantastic club''. Storrie in a startled manner replies, ''Really?''

 

To which the Officer says, ''No, I am winding you up''.

 

- Just read that Pompy directors are "working around the clock" to try to save the club from entering administration, a senior source has revealed.

 

Surely working all that overtime is only making it worse?

 

----------------

 

I'll get my coat.

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for_heaven's_Saint

for_heaven's_Saint

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Absolutely disgraceful. What a f*cking joke the Premier League is. So Pompey just outbid any rivals, knowing full well they were just putting themselves in more debt. If every club did that the Prem wouldn't last much longer.

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St Marco

St Marco

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I think it is safe to say Portsmouth have lost the support of most people and now from the media too. A few weeks/months back you had articles about how bad it would be for Portsmouth to go under etc.. How unfortunate they are to be in their situation.

Now it seems it has gone the other way where people see them in the same image as say a benefit cheat or something.

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Tamesaint

Tamesaint

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According to the Pompey rag the Statement of Affairs is going to contain details of the new investors. Why?? Isn't it about whether they are trading whilst insolvent??

 

Story Teller's 2 imaginary friends (lets call them the Tooth Fairy and Santa Claus) are probably very confident of being able to inject funds on thursday. If they do not win Wednesday's lottery they can always play again on saturday. What worries me is if they come up with another co ck & bull story about being able to pay the club's debts which is then percieved to be the lifeline for the club..

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St Marco

St Marco

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It is a report to show how the clubs finances are right now and to see if they have the means to pay their debts. If there are any details in there about new investors then it has to be cleared funds or cannot be used. The report is not allowed to use a "what if" scenario i.e xyz will pay "if" xyz happens. It has to be a document showing exactly where the company is right now in terms of its finances. It has to show its income and its outcome. So that means any debts they have left have to be shown. if they miss any out then they will get in big trouble for it as will be financial iregularities. The same goes for their income. They have to show everything in regards to where their money comes from.

 

If for example it is shown they owe £60m in the report. And each month they lets say spend £1m, but income wise they only make 500k a month means they are running at a loss and thus could be insolvent. If the gap between the income and loss is too great then the judge has to make a decision based on that. They cannot make a decision based on what if's.

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Chin Strain

Chin Strain

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What worries me is if they come up with another co ck & bull story about being able to pay the club's debts which is then percieved to be the lifeline for the club..

 

I can't see the court allowing that. Bear in mind that it's pay day on 26th Feb, court date 1 March. That should tell them all they need to know. Unless Vantis have made up the figures I simply can't see how they can produce anything other than an SOA that states they are insolvent.

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bridge too far

bridge too far

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Posted
It is a report to show how the clubs finances are right now and to see if they have the means to pay their debts. If there are any details in there about new investors then it has to be cleared funds or cannot be used. The report is not allowed to use a "what if" scenario i.e xyz will pay "if" xyz happens. It has to be a document showing exactly where the company is right now in terms of its finances. It has to show its income and its outcome. So that means any debts they have left have to be shown. if they miss any out then they will get in big trouble for it as will be financial iregularities. The same goes for their income. They have to show everything in regards to where their money comes from.

 

If for example it is shown they owe £60m in the report. And each month they lets say spend £1m, but income wise they only make 500k a month means they are running at a loss and thus could be insolvent. If the gap between the income and loss is too great then the judge has to make a decision based on that. They cannot make a decision based on what if's.

 

Are their assets set against their liabilities? Not that I think their assets amount to a row of beans :D

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qwertySFC

qwertySFC

Posted
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I think the SoA is not interested in maybe's , they will, type of loose promises I think it's all about where the club is now ,

 

I can see story jackanory doing all he can to "buy" time with any angle he can.. that is all they are interested in.. if they had the cash it would be splashed all over the news by Story claiming how wonderful he is..

 

They are up the sh**e creek without a paddle and spinning it all ..can't see Judge Judy falling for it

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saintbletch

saintbletch

Posted
Posted
It is a report to show how the clubs finances are right now and to see if they have the means to pay their debts. If there are any details in there about new investors then it has to be cleared funds or cannot be used. The report is not allowed to use a "what if" scenario i.e xyz will pay "if" xyz happens. It has to be a document showing exactly where the company is right now in terms of its finances. It has to show its income and its outcome. So that means any debts they have left have to be shown. if they miss any out then they will get in big trouble for it as will be financial iregularities. The same goes for their income. They have to show everything in regards to where their money comes from.

 

If for example it is shown they owe £60m in the report. And each month they lets say spend £1m, but income wise they only make 500k a month means they are running at a loss and thus could be insolvent. If the gap between the income and loss is too great then the judge has to make a decision based on that. They cannot make a decision based on what if's.

 

On the principle that things are very bleak for the major creditors if they are insolvent, I wonder what manipulation of the figures they could carry out.

 

Perhaps the debt charge holders could produce documentation that shows delayed or re-scheduled repayment of the loans.

 

After all if Chainrai and Gaydamak's debts are shown as falling due and can't be cleared then they're insolvent. So if your Chainrai or Gaydamal you'd probably say that they debts have been renegotiated or you get nothing. (unless your objective was the land all along).

 

Chainrai may even state that he is committed to loaning the company more operating cash to meet wages for the rest of the season. Perhaps for the purposes of the audit he may even arrange a line of additional credit for them.

 

Of course the one debt they can't manipulate is the HMRC, and if they can't show that they can clear that, then that's what will surely kill them.

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sidthesquid

sidthesquid

Posted
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Say what you like, it'll still be Pompey..........

 

To be honest when the bunch of charlatans and spivs that claim to own the club get their come-uppance, and your recents successes are viewed as they should be - the dishonestly garnered rewards of cheating - and most of you have put your Poopey shirts back in the loft and gone off to buy the new Chelsea kit, I really couldn't care less what rises in its stead or how you chose to think of it. It will be a private matter of no interest to anyone outside of Portsea Island

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pedg

pedg

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http://www.sportbusiness.com/blog/tackling-administration-171944

 

Last week Portsmouth obtained a temporary reprieve to another HMRC winding up petition but the fact that they have been asked to provide a ‘statement of affairs’ within the next week does not bode well. As any insolvency practitioner will tell you, when a company is asked to produce this it usually means one thing: administration. Given the Premier League’s minimum nine point penalty for clubs going into administration, this ‘statement of affairs’ will likely be made on the basis that Portsmouth is shortly going to be a Championship rather than Premier League club.

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InvictaSaint

InvictaSaint

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Posted
http://www.sportbusiness.com/blog/tackling-administration-171944

 

Last week Portsmouth obtained a temporary reprieve to another HMRC winding up petition but the fact that they have been asked to provide a ‘statement of affairs’ within the next week does not bode well. As any insolvency practitioner will tell you, when a company is asked to produce this it usually means one thing: administration. Given the Premier League’s minimum nine point penalty for clubs going into administration, this ‘statement of affairs’ will likely be made on the basis that Portsmouth is shortly going to be a Championship rather than Premier League club.

 

The only bit of that article I would find fault with is this:

 

"Things may get worse before they get better, but the silver lining is that Portsmouth, like Leeds, has a large fan-base which virtually guarantees revenue over the next few years, and should enable them to bounce back."

 

Large fan base? Pity only 10,000 of them could be arsed turning up for an FA Cup tie against a fellow PL side (Sunderland), even when the tickets were only £5.

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carljack

carljack

Posted
Posted
If its Pompy, then its responsible for the debt if the current club. WUO number 2 please! :cool:

 

Different note, this whole stay of execution came about partly because Storrie pleaded with the court to let them talk to those ''two bidders'' that were ready to go. Could he be had over a barrel for lying in court should nothing come of it?

 

I have it on good authority that it is in his interest for Storyfella to keep independent Administrators as far away from Farton as possible,he will need to clear up the mess "in house" and he can only do this if they are told to cease trading by the Court.Allegedly of course

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Channon's Sideburns

Channon's Sideburns

Posted
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Just a thought from earlier.

 

This hastenly arranged forum at Moneyfields on Thursday - 5Live and Solent are running it jointly.

 

No explanation as to why - yes, we know they're in the sh1te - but really, do Solent etc know the outcome of the SoA already?

 

No declaration of club representatives attending or anything...'tis strange.

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pedg

pedg

Posted
Posted
I have it on good authority that it is in his interest for Storyfella to keep independent Administrators as far away from Farton as possible,he will need to clear up the mess "in house" and he can only do this if they are told to cease trading by the Court.Allegedly of course

 

Surely if they are wound up then Storey is out the door anyway so its a question of what happens to the books then? I would have thought HMRC and others would be very keen to look at them?

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Channon's Sideburns

Channon's Sideburns

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Posted
I have it on good authority that it is in his interest for Storyfella to keep independent Administrators as far away from Farton as possible,he will need to clear up the mess "in house" and he can only do this if they are told to cease trading by the Court.Allegedly of course

 

Well that explains why they didn't put themselves into Admin then.

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Gorgiesaint

Gorgiesaint

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Posted
On the principle that things are very bleak for the major creditors if they are insolvent, I wonder what manipulation of the figures they could carry out.

 

Perhaps the debt charge holders could produce documentation that shows delayed or re-scheduled repayment of the loans.

 

After all if Chainrai and Gaydamak's debts are shown as falling due and can't be cleared then they're insolvent. So if your Chainrai or Gaydamal you'd probably say that they debts have been renegotiated or you get nothing. (unless your objective was the land all along).

 

Chainrai may even state that he is committed to loaning the company more operating cash to meet wages for the rest of the season. Perhaps for the purposes of the audit he may even arrange a line of additional credit for them.

 

Of course the one debt they can't manipulate is the HMRC, and if they can't show that they can clear that, then that's what will surely kill them.

 

I have to say that it was I thought, but presumably the SOA needs to show the position as at last Wednesday. Any changes since then will have to be ignored unless they can be proven to be in place already. Now the court won't take the word of a verbal contract so unless they can find a dubious lawyer to back date a bit of paperwork, now where did Pompey put one of those.... ;)

 

(I know Azougy isn't allowed to practice in this country)

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patgee

patgee

Posted
Posted
To be honest when the bunch of charlatans and spivs that claim to own the club get their come-uppance, and your recents successes are viewed as they should be - the dishonestly garnered rewards of cheating - and most of you have put your Poopey shirts back in the loft and gone off to buy the new Chelsea kit, I really couldn't care less what rises in its stead or how you chose to think of it. It will be a private matter of no interest to anyone outside of Portsea Island

 

you know you're not right

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dubai_phil

dubai_phil

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Posted

I'm getting a sneaking suspicion that today's skate will shortly be eating his own words.

 

The only two reasons for an immediate winding up order will be

1) Because there is more money in it for the "sercurity holders" demolishing an ex football club for flats

 

OR

2) They have to hide too much.

 

The latter will mean that the few may suddenly discover that their history of the past 5 or 6 years (as we have assuemd) could be an awful lot worse and all thoughts of wanting to carry the name and history forwards will be forgotten.

 

 

Or of course they have new onwers who can just carry on shredding and running up the laundry bills

 

 

 

 

for washing all those training kits

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dune

dune

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Posted
I have it on good authority that it is in his interest for Storyfella to keep independent Administrators as far away from Farton as possible,he will need to clear up the mess "in house" and he can only do this if they are told to cease trading by the Court.Allegedly of course

 

If it looks like a duck, and quacks like a duck, we have at least to consider the possibility that we have a small aquatic bird of the family anatidae on our hands - Douglas Adams.

 

Story-teller certainly looks like a crook.

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dubai_phil

dubai_phil

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Posted

 

 

Oh I love this thread I keep getting the chance to say

 

 

TOLD YOU SO! :D

 

OK so I missed the details but I did get the concept down that his wind was going to change.

 

UAE law - no bankruptcy. If case is filed then debtor goes to jail until the debt is repaid.

 

Sweet

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Gorgiesaint

Gorgiesaint

Posted
Posted
If it looks like a duck, and quacks like a duck, we have at least to consider the possibility that we have a small aquatic bird of the family anatidae on our hands - Douglas Adams.

 

Story-teller certainly looks like a crook.

 

Love it.

He certainly sounds like crook, too...

 

Then, we have at least to consider the possibility that we have a jailbird of the family cheateus pompious on our hands. :D

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dubai_phil

dubai_phil

Posted
Posted
Jesus christ. As if the shambles couldn't get any worse :lol:

 

Oh it will....

 

First lolage teh Interest bill

The National

In its judgment, the court said a nine per cent daily penalty would be imposed from the date of the first court hearing until the date the sum was repaid. By that rule, it would mean that, up until today, Dh374,579,070 was owed.

 

Now what was that about assets, laundering and whatever?

 

The National

The court documents said Mr al Fahim had cleared almost all his assets from this country. Inquiries sent by the court to local banks found that Mr al Fahim had transferred all his local funds to undisclosed overseas locations.

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Minsk

Minsk

Posted
Posted
Whoa, hang on! Why are you bothered about our 2008 cup win? You all bleat on endlessly about how trophies don't matter, it's ONLY attendances that are the key to a clubs stature.

 

Yet strangely enough, you're all suddenly excited about reaching the final of the Johnstones-is-crap-paint-but-will-do-if-you-can't-afford-Crown-or-Dulux cup. Maybe it's due to the fact that on proper, major trophies, the score is 4-1 in our favour. Mmmmmm, four-one......:smt033

 

Eeeerrrmmmm, but you (PCFC) have only won the FA Cup once; the same as Saints.

 

The club who won it previously ceased to exist 10 years ago!

 

:smt033

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dune

dune

Posted
Posted

 

Ha Ha Ha it just gets better and better....

 

The Dubai Land Department said he personally owned only one plot of land in the emirate, in Mirdiff, and sold it after the court judgment was issued against him on January 14 last year

 

Translation he owned a shack and a few goats :D

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