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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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Weston Saint

Weston Saint

Posted
Posted

I am sure PFC have an interested party looking at the club purchase and may be sounding out the non football creditors to see what can be "got away with" The problem is that time is against the club. SoA day has arrived. That said HMRC have 2 days to digest and the court case is not before 1st March.

 

Storrie and the other Directors will likely leave any decision to the last minute as long as there is still purchase interest.

 

The day we went into Administration the decision was delayed a few hours after suspension of shares on the Stock Market whilst an interested party was given time to prove funds. It did not happen hense the 11am decision.

 

I suspect PFC will take the same decision to delay until the last minute unless the SoA is so damning as to show any further trading is likely to contravene sovency laws

 

This out of control Caravan has longer to run yet, in my opinion.

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greg_hill

greg_hill

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I'm surprised that so many people seem to take Storrie's talk of strong investor interest at face value. He's lied and spun his way through this whole mess. Often he just simply denied what was in front of him (remember the denial of receiving a WUO?) and all he has to offer this time is talk of 'an email and a phone call' . All this at the most convenient, yet illogical, time - when the clock had run out and they needed to buy more time.

 

And on that note I want to ask - how do we know the SOA will be honest? I know a court appointed form is producing it but where do they get their info from?

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pfc123

pfc123

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Posted
They are in the middle of one at the moment at the moment...O2 on Saturday.

 

Tonights gig is a one off for Teenage Cancer Charities.

 

Ah right. I think The Who gig I went to just before John Entwhistle handed in his dinnerpale was for the same charity.

 

O2 on Saturday you say? Shame. Can't make it. I'll be one of the looters rifling through the offices at FP on Saturday for anything left of value. Just hope my bit of turf doesn't fall out of my jacket as I wheel away a photocopier down Frogmore road :(

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EastleighSoulBoy

EastleighSoulBoy

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Ah right. I think The Who gig I went to just before John Entwhistle handed in his dinnerpale was for the same charity.

 

O2 on Saturday you say? Shame. Can't make it. I'll be one of the looters rifling through the offices at FP on Saturday for anything left of value. Just hope my bit of turf doesn't fall out of my jacket as I wheel away a photocopier down Frogmore road :(

 

Are you Lifelongcherryskate in disguise perchance? ;-)

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Foxstone

Foxstone

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I'm surprised that so many people seem to take Storrie's talk of strong investor interest at face value. He's lied and spun his way through this whole mess. Often he just simply denied what was in front of him (remember the denial of receiving a WUO?) and all he has to offer this time is talk of 'an email and a phone call' . All this at the most convenient, yet illogical, time - when the clock had run out and they needed to buy more time.

 

And on that note I want to ask - how do we know the SOA will be honest? I know a court appointed form is producing it but where do they get their info from?

 

Assuming you mean "firm"

Vantis were appointed by Pompey and not by the court.

 

However, it would be extremely foolish for any accountancy firm to "over-embellish" figures presented to a court.

Should they be found out to be "covering up" then they would be in the brown mucky stuff in a big way.

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Gingeletiss

Gingeletiss

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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...........

 

Ummmmmm!!!..there's massage, and then there's MASSAGE, the difference is moote (right Mr Grant;)). They can't really disguise their wage bill, they can't really disguise the gate money, they can't disguise the fact that they have been late paying the wages 4 months in a row, or that it has taken loans to actually pay them. They can't then disguise the fact, that they have again, increased a wage bill, that they have had to get loans to pay.....so massage as much as they want, the information is in the public domain.

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Joensuu

Joensuu

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O2 on Saturday you say? Shame. Can't make it. I'll be one of the looters rifling through the offices at FP on Saturday for anything left of value. Just hope my bit of turf doesn't fall out of my jacket as I wheel away a photocopier down Frogmore road :(

 

Looks like some of you're lot have started looting already http://www.portsmouth.co.uk/newshome/Teenagers-with-cement-mixer-and.6078574.jp

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miserableoldgit

miserableoldgit

Posted
Posted
I'm surprised that so many people seem to take Storrie's talk of strong investor interest at face value. He's lied and spun his way through this whole mess. Often he just simply denied what was in front of him (remember the denial of receiving a WUO?) and all he has to offer this time is talk of 'an email and a phone call' . All this at the most convenient, yet illogical, time - when the clock had run out and they needed to buy more time.

 

And on that note I want to ask - how do we know the SOA will be honest? I know a court appointed form is producing it but where do they get their info from?

Didn`t Story-Teller introduce Al Mirage?? He was supposedly taliking to him and his brother (Pete Mirage) at the time that Gayboy sold to Sultan bin Trump.

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Gemmel

Gemmel

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Posted
Ummmmmm!!!..there's massage, and then there's MASSAGE, the difference is moote (right Mr Grant;)). They can't really disguise their wage bill, they can't really disguise the gate money, they can't disguise the fact that they have been late paying the wages 4 months in a row, or that it has taken loans to actually pay them. They can't then disguise the fact, that they have again, increased a wage bill, that they have had to get loans to pay.....so massage as much as they want, the information is in the public domain.

 

Indeed, but whose to say that didane isn't worth four million quid..... that's what they owe for him, that's what he will be insured for..... That's what he will be listed (Ok im guessing this bit) as under assets. You and I know he's not worth that, but it would be veyr hard prove otherwise.

 

Or

 

We have a young centre half, played 3 times, England under 21 , great future deffo worth 4 million.

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St Marco

St Marco

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care to shed any light as to what it says?? Stuck at work....grr

 

on SSN now

 

Nothing new, owe over £60m with £12m to taxman, £30m to old owner, £17m to current owner. Agents owed money, clubs owed money, former players owed money, local businesses etc etc. £1.8m wage bill to be paid.

 

The two debts to the old owners obviously can be re-scheduled but the others can't and that it what the report is about.

 

They have to proove they can pay their debts

 

Solicitors will hand over the report before 4pm and judge has 2 days to decide what to do.

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Crab Lungs

Crab Lungs

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Indeed, but whose to say that didane isn't worth four million quid..... that's what they paid for him, that's what he will be insured for..... That's what he will be listed (Ok im guessing this bit) as under assets. You and I know he's not worth that, but it would be veyr hard prove otherwise.

 

Or

 

We have a young centre half, played 3 times, England under 21 , great future deffo worth 4 million.

 

Isn't the valuation of players (legally) calculated by their contract value? I'm sure I saw something that alluded to it? And lol, they won't be able to include loan player valuations, then they have to factor in all of the players they still have outstanding debts for!

 

And the great news is, they've sold most of their high earners :) Except James and Utaka, of course :o

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sidthesquid

sidthesquid

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Posted
From the BBC

 

http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8519103.stm

 

The financial statement is being prepared by accountancy and insolvency experts Vantis, which was appointed by the High Court to examine the club's accounts.

 

Why oh why cant they get this right! It was Pompey who asked for Vantis to come in.

 

The court said somebody had to prepare a statement of accounts, Poopey chose Vantis

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ericofarabia

ericofarabia

Posted
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Something about this sketch reminded me of Peter Storrie

 

 

Ahem ..... check out post 12005 on P241 (quoted below for your convenience ;))....... of this very same fred.

 

LOL

 

From about 1 minute onwards ....You could imagine this conversation going on between Scudamore, The Tax Man and Peter Storrieteller later today :D

 

Is that Susan Boyle I see about to start gargling :p

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Gemmel

Gemmel

Posted
Posted (edited)
Isn't the valuation of players (legally) calculated by their contract value? I'm sure I saw something that alluded to it? And lol, they won't be able to include loan player valuations, then they have to factor in all of the players they still have outstanding debts for!

 

And the great news is, they've sold most of their high earners :) Except James and Utaka, of course :o

 

This was mentioned this morning, but not sure if that's how they will do it for this. For example Theo was probably on a fiver a week when he was here, but went for over 10 million.

 

You could well be right, but I am just getting nervous :D

Edited by Gemmel
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Foxstone

Foxstone

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Just me, or is it really quiet, a bit like the eye passing over!!!!, then the change in wind direction.

 

Indeed it is quiet - But not unexpectedly so !

 

If there was any positive news it would have hit the press over the past few days, but the silence is deafening.

 

Its in the hands of the learned judge now !

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GenevaSaint

GenevaSaint

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The court said somebody had to prepare a statement of accounts, Poopey chose Vantis

 

I was under the impression that Vantis were on the ground before the court case was even heard. Anyway, lets hope they dug deep and got the full status rather than some flannel. I'd guess so, they're independant professional auditors after all.

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Kingsland Red

Kingsland Red

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You have to hand it to 'Chairman' Al Fahim, his football club are furiously negotiating a way out of liquidation; his property company is accumulating debts at an interest rate of 9% a day and what is he doing - promoting the UAE's internationally renowned (?) chess industry in Moscow.

 

I can't stop chuckling!

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NickG

NickG

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If we assume that they are trading whilst insolvent they, very quickly need either

1) a new owner to buy them, put money in to make them solvent,

 

2)or go into administration and be saved.

 

for 1) If they offer the club for £1 as you sometimes hear, someone is going to have to put a lot of money in just to sort debts and is likely to get a CCC team needing investment - is this at all attractive?

 

for 2) they will then be certain of relegation, but you would be able to get a CCC club relatively cheaply. Although they would need investment, could this be reasonably attractive investment?

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GenevaSaint

GenevaSaint

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Posted

Oh lordy, P*mpeys latest rich saviour is questioned over murder.... ;-) Gotta be over to buy P*mpey, what other reason would there be to visit London.

 

Saudi Man Killed In Hotel Died Of 'Head Injury'

 

A Saudi Arabian man found dead in London's Landmark Hotel died from compression to the neck and a head injury, according to post-mortem results.

Police have also been given an extra 36 hours to question a man they arrested in connection with the incident.

 

Sky Sources believe the arrested man is affiliated with the Saudi royal family.

 

http://news.sky.com/skynews/Home/Saudi-Man-Found-Dead-In-Londons-Landmark-Hotel-Died-Of-Compression-To-Neck-And-A-Head-Injury/Article/201002315551262?lpos=Home_First_UK_News_Article_Teaser_Region_1&lid=ARTICLE_15551262_Saudi_Man_Found_Dead_In_Londons_Landmark_Hotel_Died_Of_Compression_To_Neck_And_A_Head_Injury

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NickG

NickG

Posted
Posted
If we assume that they are trading whilst insolvent they, very quickly need either

1) a new owner to buy them, put money in to make them solvent,

 

2)or go into administration and be saved.

 

for 1) If they offer the club for £1 as you sometimes hear, someone is going to have to put a lot of money in just to sort debts and is likely to get a CCC team needing investment - is this at all attractive?

 

for 2) they will then be certain of relegation, but you would be able to get a CCC club relatively cheaply. Although they would need investment, could this be reasonably attractive investment?

 

 

sorry to quote myself, but as this gets lost on the previous page any thoughts?:confused:

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Chez

Chez

Posted
Posted (edited)

http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8519941.stm

is this old news? I couldn't see a link on here which is surprising. My guess is the government over there want to get this guy under wraps before he causes any mor embaressment to the country.

 

now who do I drop from my top ten?

 

1. Redcrap - charged with football corruption/tax evasion

2. Tells strories - charged with football corruption tax evasion

3. 64 `PFC supporters' - Guilty banned for football hooligansim after derby game

4. Bond - investigated for football coruption

5. Azougly - providing false evidence in court

6. Venables - Disqualified from acting as a director

7. Johnson - On the spot fine for stealing toilet seat

8. Quinn - Guilty of driving whilst banned and neglecting racehorses

9. Rix - Guilty of underage sex and indecent assault

10. PFCs real owner Gaydamak Sr - Guilty of illegal arms sales

oh and if you don't like any of them there is always Alan Biley's haircut. Criminal.

Edited by Chez
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Foxstone

Foxstone

Posted
Posted

 

Point of pedantry M'Lud ;)

 

Quoted as hopeful it will be viewed favourably..

 

Like they were hopeful of investment too perhaps :D

 

Also Storrie not his usual "positive spinning self" in that statement.

 

I still reckon its a pigs breakfast being presented TBH

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