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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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OldNick

OldNick

Posted
Posted

Merovingian is not downbeat and seems quietly confident about things.I suggewst he has some good contacts near the club and so I expect nothing to happen today. If it was Ho then things would be different as his sources cant even get the S/T sales correct.

Pompey will add the revenue expected for the Brum game (lets hope it is not on TV) to their income.

It is eerily quiet on real news and all along i have been sceptical that Vantis (who had in the weeks before the court case been working at the club) have the job to show the state of PFC's finances. Surely they should have pointed out the position then and also Grant Thornton may be a bit twitchy.

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EastleighSoulBoy

EastleighSoulBoy

Posted
Posted
Oh dear .. it's all coming out now, actually sold PFC for zero and not the value £1

 

http://www.arabianbusiness.com/581753-al-fahim-hits-back-i-am-innocent-i-am-the-victim

 

From your link I followed this one:

 

http://www.arabianbusiness.com/569555-why-i-sold-portsmouth-fc

 

Which makes interesting reading and confirms our (SWF) opinion about PFC and Comical Ali. This part stood out immediately

 

"When I first became interested in taking over the club earlier this year, I had intended to finance the purchase and on-going investment myself.

 

As the due diligence and takeover process unfolded, it became clear the level of debt – and the urgency of repayments – was higher than anyone had imagined. It has always been my intention to fully finance the purchase by mid-October.

 

However, it became clear last week that there was a danger this would be too late, given the pressing financial commitments in the past few days. It was for this reason that I decided to relinquish the majority of the shares to an outside investor who was prepared to immediately bring new funding to the club."

 

Hence the appearance (non) of Al Mirage.

 

October, hmmmm. Methinks they may have been insolvent then and, probably, even earlier.

 

Roll on 16.00 and the non appearance of the SOA due to a file not loading properly.

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Bongo badger

Bongo badger

Posted
Posted

I think most Skate are looking at admin as a god send and a means to the end of all this poop. If they are using us as a role model to what can happen when you go into admin then they are very very wrong as the deal down the road is not a mirror image of what we went through. Bye Bye

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EastleighSoulBoy

EastleighSoulBoy

Posted
Posted
why do you guys think something is going to happen today, there is no way HMRC and the judge are going to inspect a document that arrives at 4pm and make a decision immediately. lol

 

I could potentially see us applying for voluntary admin to the court (whether they allow it is subjective) but thats it and as we are relegated already thats no biggy and preferable in terms of attracting any sort of investment small or large

 

The document has to arrive first. Are you confident that Vantis, aided by the always above board Mr Storrie, can actually achieve that?

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pedg

pedg

Posted
Posted
Merovingian is not downbeat and seems quietly confident about things.I suggewst he has some good contacts near the club and so I expect nothing to happen today. If it was Ho then things would be different as his sources cant even get the S/T sales correct.

Pompey will add the revenue expected for the Brum game (lets hope it is not on TV) to their income.

It is eerily quiet on real news and all along i have been sceptical that Vantis (who had in the weeks before the court case been working at the club) have the job to show the state of PFC's finances. Surely they should have pointed out the position then and also Grant Thornton may be a bit twitchy.

 

But they at least have to find the money to pay HMRC and unless they are charging £1000 a seat they are not going to make that from the brom game. They have to show they can pay the HMRC debt, in fact I think they have to pay the HMRC debt if they are to get out of this without admin at the least and its hard to see where the money to do that is going to come from.

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EastleighSoulBoy

EastleighSoulBoy

Posted
Posted
Merovingian is not downbeat and seems quietly confident about things.I suggewst he has some good contacts near the club and so I expect nothing to happen today. If it was Ho then things would be different as his sources cant even get the S/T sales correct.

Pompey will add the revenue expected for the Brum game (lets hope it is not on TV) to their income.

It is eerily quiet on real news and all along i have been sceptical that Vantis (who had in the weeks before the court case been working at the club) have the job to show the state of PFC's finances. Surely they should have pointed out the position then and also Grant Thornton may be a bit twitchy.

 

Always good to see someone baiting a hook for the Ho! :D

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EastleighSoulBoy

EastleighSoulBoy

Posted
Posted
But they at least have to find the money to pay HMRC and unless they are charging £1000 a seat they are not going to make that from the brom game. They have to show they can pay the HMRC debt, in fact I think they have to pay the HMRC debt if they are to get out of this without admin at the least and its hard to see where the money to do that is going to come from.

 

But this is where the smoke and mirrors come into effect. (I forget the figures exactly) Storrie teller stated they could pay this sum immediately (£4+ Million ?) but were in dispute about the £5+ million? Which HMRC want at the same time.

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Gemmel

Gemmel

Posted
Posted
why do you guys think something is going to happen today, there is no way HMRC and the judge are going to inspect a document that arrives at 4pm and make a decision immediately. lol

 

I could potentially see us applying for voluntary admin to the court (whether they allow it is subjective) but thats it and as we are relegated already thats no biggy and preferable in terms of attracting any sort of investment small or large

 

I agree and have been saying the same thing

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rallyboy

rallyboy

Posted
Posted

It must be time for a final rousing speech from Storrie anytime now - new owner completing as we speak, fresh investment, stability, the way forward, freedom, the children are our future, passion, fight, democracy, the hand of history on his shoulder, nasty press, horrible taxman etc.

 

 

If this is dragged out until the 1st, the court will have a better idea of the future funding required than a new owner would, so when a new consortium comes in they will be asked how much they have put on the table and the answer will be simple.

If figure A doesn't match figure B......

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Channon's Sideburns

Channon's Sideburns

Posted
Posted
Iam 100% certain the SoA will be delivered on time. It is the information in it that is open to dispute.

 

I think we can guarantee Nick that there will be some content up for discussion. Therefore a little more time wasting whilst it is investigated.

 

I think the the registrar will rue the day she gave those chancers, cheats, and downright delusional low-lifes another 7 days.

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Channon's Sideburns

Channon's Sideburns

Posted
Posted
It must be time for a final rousing speech from Storrie anytime now - new owner completing as we speak, fresh investment, stability, the way forward, freedom, the children are our future, passion, fight, democracy, the hand of history on his shoulder, nasty press, horrible taxman etc.

 

 

If this is dragged out until the 1st, the court will have a better idea of the future funding required than a new owner would, so when a new consortium comes in they will be asked how much they have put on the table and the answer will be simple.

If figure A doesn't match figure B......

 

OH, it's started - they had Utaka on Solent declaring that he ONLY earns £27k per week.

 

Is that before image rights? ;-)

 

http://www.damagelimitation.com

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Foxstone

Foxstone

Posted
Posted
It must be time for a final rousing speech from Storrie anytime now - new owner completing as we speak, fresh investment, stability, the way forward, freedom, the children are our future, passion, fight, democracy, the hand of history on his shoulder, nasty press, horrible taxman etc.

 

 

If this is dragged out until the 1st, the court will have a better idea of the future funding required than a new owner would, so when a new consortium comes in they will be asked how much they have put on the table and the answer will be simple.

If figure A doesn't match figure B......

 

 

With the New Seekers playing "I would like to teach the wrold to sing" in the background.. :D

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Fowllyd

Fowllyd

Posted
Posted
Iam 100% certain the SoA will be delivered on time. It is the information in it that is open to dispute.

 

If the information in the statement of affairs is inaccurate, then serious questions would be asked of the firm that produced it. You've said that you're sceptical about Vantis, but the simple fact is that they are an accountancy practice, and if they are found to have broken the rules governing accountants, they will be in very deep shít. Producing a deliberately sugared report on Pompey's behalf could not possibly be worth the damage to their business that the discovery of such an action would bring about.

 

Mero's comments about nothing much happening today are based on the fact that the statement is due to be delivered at 4pm, and that nothing further will happen until the court and HMRC have had a good look at it. That won't happen during business/court hours today, hence his comments. You might note that he's clearly not confident about what will happen after today...

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Merovingian

Merovingian

Posted
Posted

 

Mero's comments about nothing much happening today are based on the fact that the statement is due to be delivered at 4pm, and that nothing further will happen until the court and HMRC have had a good look at it. That won't happen during business/court hours today, hence his comments. You might note that he's clearly not confident about what will happen after today...

 

Thats about the size of it.

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St Marco

St Marco

Posted
Posted

Basically the SOA is going to be a sorry sight of affairs . It will be like a horror story.

 

Those thinking otherwise i think are forgetting one key thing. If it was not that bad then why have we had to listen to "Pompey does not pay bill to xyz" over the past 5 months? Which have resulted in a £12m winding up order?

 

Unless the SOA is leaked to the media we probably wont find out until friday what has happened.

 

But i am pretty certain that if it is as bad as we all think it is and the debt is more then we think it is (remember we thought the tax bill was £7m when it was actually £12m) then they are fooked. No judge will just go "pay it when you feel like it".

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EastleighSoulBoy

EastleighSoulBoy

Posted
Posted
Board meeting at FP.

 

Directors around the table.

 

Phone in the middle

 

Awaiting the call from mega rich person wanting to take them over.

 

they wait .... and wait ..... and wait

 

Storrie "It's 16.00, why has nobody called to save us?"

 

Door opens, in steps the Secretary " The BT engineer is leaving now Mr Storrie, he says he'll reconnect us when we pay the bill"

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Amesbury Saint

Amesbury Saint

Posted
Posted
Basically the SOA is going to be a sorry sight of affairs . It will be like a horror story.

 

Those thinking otherwise i think are forgetting one key thing. If it was not that bad then why have we had to listen to "Pompey does not pay bill to xyz" over the past 5 months? Which have resulted in a £12m winding up order?

 

Unless the SOA is leaked to the media we probably wont find out until friday what has happened.

 

But i am pretty certain that if it is as bad as we all think it is and the debt is more then we think it is (remember we thought the tax bill was £7m when it was actually £12m) then they are fooked. No judge will just go "pay it when you feel like it".

 

Whilst it may not get leaked to the media, we may find an employee at FP e mails a mate who e mails a mate saying "just heard that the SOA says we are ***ked"

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GenevaSaint

GenevaSaint

Posted
Posted

Our very own PFC123 getting concerned about the Guardian article, lol.

 

pfc123 Posted on 17/02/2010 10:16

Filing for administration today?

Email Message To A Friend | Reply To Message

 

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

I've just emailed the sports editor asking him to reply clarifying the line about administration. IF I get a reply I'll post it up asap......

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Amesbury Saint

Amesbury Saint

Posted
Posted
Storrie "It's 16.00, why has nobody called to save us?"

 

Door opens, in steps the Secretary " The BT engineer is leaving now Mr Storrie, he says he'll reconnect us when we pay the bill"

 

panic appears over Storrie's face and then he remembers the e mail from a guy in Nigeria wanting to deposit £50m because he heard he was honest.

 

Storrie walks out of office and meets press. "All day we have been working hard to save this proud club for the super fans. I can announce that we have had a firm offer of £50m, which is now with the solicitors"

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Gemmel

Gemmel

Posted
Posted
If the information in the statement of affairs is inaccurate, then serious questions would be asked of the firm that produced it. You've said that you're sceptical about Vantis, but the simple fact is that they are an accountancy practice, and if they are found to have broken the rules governing accountants, they will be in very deep shít. Producing a deliberately sugared report on Pompey's behalf could not possibly be worth the damage to their business that the discovery of such an action would bring about.

 

Mero's comments about nothing much happening today are based on the fact that the statement is due to be delivered at 4pm, and that nothing further will happen until the court and HMRC have had a good look at it. That won't happen during business/court hours today, hence his comments. You might note that he's clearly not confident about what will happen after today...

 

 

I think the point is though Fowllyd, some of the financial information will be subjective. You and I both know that just because pompey paid X for a player, doesn't mean that is his value - pompey will price each player as an asset and probably (This is a pure Guess) base it on the amount they are insured for (If they kept up the insurance) That would give a very distorted view of their assets, but one that woudl be hard to argue against, given that is how House / Car or whatever come up with how much something is worth.

Another example is Didane, who they are now contratuallly obliged to buy for 4 million, but he isnt worth half of that and did a stupid deal to get a player (May be one that Wolves were talking about) but i bet that doesn't get included in the SOA as a 4 million pound debt commitent and a 2 million pound asset.

 

Addiionally Chainrai, may well have renogociated the terms of his loan, for example, nothing payble until.....August, where funds would be availble regardless of relegation to make a payment of x million. Sacha could do the same.

 

Don't be surprised if the figures are massaged to show that whilst they are skint and have loads of debt, they are not insolvent.

 

That leaves the little issue of 11m for the taxman...........

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Kingsland Red

Kingsland Red

Posted
Posted

If nothing happens this week after the SoA has been read, then PFC cannot be seen to default on February payments to their players , PAYE, NI and VAT or 1st March will not occur.

That is probably another £4-5m !

Just noting the figures mentioned for the FA cup match from gate money, TV and winning, their outgoings massively exceed income.

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pfc123

pfc123

Posted
Posted
Our very own PFC123 getting concerned about the Guardian article, lol.

 

pfc123 Posted on 17/02/2010 10:16

Filing for administration today?

Email Message To A Friend | Reply To Message

 

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

I've just emailed the sports editor asking him to reply clarifying the line about administration. IF I get a reply I'll post it up asap......

 

Well, they've been more on the ball than all the other papers so far so it might be that they've just jumped the gun by a few hours. Dunno. If I get a reply I'll let you all know.........maybe ;)

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Foxy

Foxy

Posted
Posted
Oh like cool, wow, that's amazing. We're Serious Dudes now.

 

 

 

Thanks Poopey fans, we can now have a whole world of new threads discussing whether we are supporters, fans, uberfans or serious dudes

 

I quite like the idea of being thought of as a serious dude. Thanks to our fishy friends for that. You know, I'm quite touched.

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Fowllyd

Fowllyd

Posted
Posted
They're PFC's mouthpiece nationally.

 

The hell they are - the PFC/Storrie mouthpiece is ESPN Soccernet. The Guardian's been pretty good in its reporting of the shenanigans down the road; it has been far from uncritical and certainly hasn't reported all of Storrie's utterances as if they're gospel truth.

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pfc123

pfc123

Posted
Posted
They're PFC's mouthpiece nationally.

 

Well, they've printed some pretty eye watering stuff about us that makes us cringe, but some positives also, so I suppose at least they report the situation in a balanced way. All you can ask for really......

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