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Pompey Takeover Saga

Fitzhugh Fella

By Fitzhugh Fella,
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Sylvia Saint

Sylvia Saint

Posted
Posted

If Vantis' SoA does state that the club have been and still are trading insolvently (and it's a pretty fair assumption I'd say) and that also the directors of the club have seen this SoA, then surely they must be personally liable, at least from yesterday, for any debts incurred for knowingly trading whilst insolvent?

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Joey-deacons-left-nut

Joey-deacons-left-nut

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Can anyone think of any particularly philanthropic clubs who would rather buy any Pompey players now, rather than wait until they go pop and pick them up for nothing (being able to play them immediately as they're free agents, into the bargain)? I'm not sure I can.

 

Especially if their own premiership survival is not yet gurnateed... I can't see West Ham, Burnley Wolves etc spnking out any more cash at the moment... especially considering how quiet this past window was... no one was buying then, no one would buy now...

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dubai_phil

dubai_phil

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Right. BBQ time... Portugese style Sardines followed by a local version of Mackerel (and before you ask, no we don't get that rare flat fish down here)

 

So just thought I'd leave you with what I think should probably be the final epitaph of Storrie after today's events...

 

Peter Storrie, without doubt, the man who showed the world that Whacko Jacko would have made a great Chairman at Bournemouth.

 

 

 

 

Barbequed Fish, just seemed Sooooo appropriate

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qwertySFC

qwertySFC

Posted
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Some feller on SSN:

 

Russell Underhill (Portsmouth fan) says...

This is a stupid story, there is absolutely no restriction stopping Pompey selling any player outside the transfer window. The transfer window allows a club to register a player, Pompey can sell whoever they want, when they want. The problem is that the buying club could not register the player until the next window opens, unless it's a country who's transfer window doesn't run parallel to the standard European league one.

 

Posted 13:42 18th February 2010

 

He might be right but who wants to buy/register players you can't play and have to pay?[/QUOTE]

 

harry-redknapp.jpg

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merrimd

merrimd

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I don't know what the definition of 'insolvent' is in legal terms, but I would imagine that a business that has to borrow money each month to service its regular payments would pretty much be it. When I used to work in the lending department at the bank, if you had to use your credit card to pay your mortgage, you were f***ed, and the bailiffs where generally in a few months later. End of.

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pedg

pedg

Posted
Posted
If Vantis' SoA does state that the club have been and still are trading insolvently (and it's a pretty fair assumption I'd say) and that also the directors of the club have seen this SoA, then surely they must be personally liable, at least from yesterday, for any debts incurred for knowingly trading whilst insolvent?

 

Which could be why they are rather desperate to sell someone to pay the wage bill?

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TopGun

TopGun

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http://news.bbc.co.uk/sport1/hi/football/teams/p/portsmouth/8522283.stm

 

Meanwhile, a financial expert says Portsmouth face a very real threat of extinction because of their financial problems and he believes administration is an unlikely option.

 

"Arguably, the level of debt associated with this case will mean that it is unlikely that a suitable or willing benefactor will be found," said Simon Wilson, a partner with restructuring experts Zolfo Cooper.

 

"Portsmouth therefore face the very real threat of liquidation because it is increasingly unlikely that an administration order will be sought or granted.

 

"In this eventuality, the players contracts are no longer assets of the club and it would lose its membership of the Premier League.

 

"The role of the liquidator would be to realise whatever free and available assets still remain.

 

"The value of these assets would be nominal. While the unsecured creditors, including HMRC, would likely see no return from such a process, it is not in their interests to continue to support a business that is simply not viable and has no financial substance.

 

"To continue to underwrite the club would most likely result in greater losses at a later date. This would be an unprecedented case in the realms of the Premier League and would throw light on the fact that clubs can no longer rely on 'white knights' to rescue them from financial ruin.

 

"Many football clubs have allowed their levels of debt to grow to immense proportions. These debts cannot be serviced and investors simply don't have the appetite or ability to take on such poor business propositions."

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iansums

iansums

Posted
Posted

So we all believe Pompey to be insolvent.

The courts believe Pompey to be insolvent.

Even Vantis appointed by them believe Pompey to be insolvent.

 

This has become a symbolic struggle for our fishy friends...

 

 

... symbolic of their struggle against reality.

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Gorgiesaint

Gorgiesaint

Posted
Posted
If Vantis' SoA does state that the club have been and still are trading insolvently (and it's a pretty fair assumption I'd say) and that also the directors of the club have seen this SoA, then surely they must be personally liable, at least from yesterday, for any debts incurred for knowingly trading whilst insolvent?

 

Ouch, that must hurt the employees of Pompey knowing that you've gotta rely on Storrie sticking his hand in his pocket to pay your wage.

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GenevaSaint

GenevaSaint

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I just want to see the whole lot charged now and the club wound up so these jokers get no money

 

Tis indeed a sorry state of affairs when your own fans are saying such things. Mero, I applaud you. AFC Pompey might be a goer, and to be honest I'd probably want the same thing if this was Saints in this plight.

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Goalie66

Goalie66

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I just want to see the whole lot charged now and the club wound up so these jokers get no money

 

I think we all know that this is only the beginning of unravelling a whole web of corruption and greed that will no doubt lead to criminal charges. No doubt there will be endless Panorama type programmes and while Pompey will be the eye of the storm at the moment others will follow unless the Premier League get their act together.

IMO they are just as criminal as the Directors of PCFC. Anyhow Mero there is always Redditch !!

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St Marco

St Marco

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Posted

As i said before, they might as well create a new rule for them saying they are immune to all rules.

What is next, they get the premier league money they would be owed in 3 years time when they would of got re-promoted to the PL?

 

It also makes you wonder about these supposed takeover rumours. If they have asked to get an advance on tv money, parachute money and now asking to sell players outside the transfer window is pretty conclusive evidence that they don't have a takeover lined up. And have now most likely realised what everyone else realised months ago, they are fooked.

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Foxstone

Foxstone

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Posted
FC Pompey getting closer and getting closer to getting our club back in some shape or form :)

 

Gutted in a way if liquidation for you ( which as at today seems inevitable )follows..

 

Despite the result of course, I thoroughly enjoyed Saturday - The adrenalin rush of a true derby game just beats all others, and it might be sometime before another day like Saturday ( and all those that preceeded it in decades gone by) can happen again.

 

Of course I wanted to see you suffer as we did ( and some more), but not gone !

 

Wish you best of luck.

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OldNick

OldNick

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Posted
I would agree - that was a quote taken from ESPN

 

http://www.espn.co.uk/football/sport/story/7598.html?CMP=OTC-RSS

 

(Last but one paragraph)

I did realise that but wished to use your post to comment from. Nobody else had made an issue of that and Ied be interested if Clapham or Bucks saint (as i beleive both are in the administration business)can put light on if adding more bits on after the deadline is allowed.

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St Marco

St Marco

Posted
Posted
I was half paying attention to SSN the past couple of mins, but I'm sure the reporter at Fratton said nothing about the SOA would be revealed until the court case on the first.

 

Thats what, a week an a half to survive?

 

I think what happens is the judge has the SOA for two days. They can then make a judgement based on that paper before the court date. They could place the company into admin or start a criminal case if proved they have traded when insolvent.

 

The court case would then be to just hear the official verdict of what happened prior to that. Like other clubs have struck deals and the case has lasted like a few seconds just for the judge to say "case dismissed" or something like that.

 

Maybe someone who has been paying more attention to the whole thing can answer it better

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tony13579

tony13579

Posted
Posted
I was half paying attention to SSN the past couple of mins, but I'm sure the reporter at Fratton said nothing about the SOA would be revealed until the court case on the first.

 

Thats what, a week an a half to survive?

 

If Peter Storie and co. do not want to be held personally liable for the debts for trading whilst insolvent they should cease trading now ?

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Thedelldays

Thedelldays

Posted
Posted

who have they got to sell that others would want..?

if they sell, then another club has to be allowed to buy and gain an advatage

 

what is worse..they are requesting this after bringing in Tosic, Rocha, O'Hara and Awusu-beye(sp)

 

the latter two starred in the win over us...

 

I hate that club

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pedg

pedg

Posted
Posted
I think what happens is the judge has the SOA for two days. They can then make a judgement based on that paper before the court date. They could place the company into admin or start a criminal case if proved they have traded when insolvent.

 

The court case would then be to just hear the official verdict of what happened prior to that. Like other clubs have struck deals and the case has lasted like a few seconds just for the judge to say "case dismissed" or something like that.

 

Maybe someone who has been paying more attention to the whole thing can answer it better

 

 

I think at the very least than having studies the document HMRC would then probably confirm they intend to proceed with the WUO. This would mean that the SoA has not changed their opinion that they are trading whilst insolvent and could precipitate further events. Suspect PFC are hoping that somehow the SoA and their wishful thinking addendum would be enough to get the WUO removed but that must be the slimmest of slim hopes.

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Joesaint

Joesaint

Posted
Posted

Leeds fan said this on 606, (they are asking fans of all teams to join their protest, made us laugh;

 

""did you protest for Leeds when we nearly went under?

 

You deserve all you get Pompey, what goes around comes around

 

Remember when you beat us 6-1 in our last prem season and your fans were singing "your going bust in the morning"

 

Sorry lads, but I have no sympathy for you""

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saintds

saintds

Posted
Posted
Gutted in a way if liquidation for you ( which as at today seems inevitable )follows..

 

Despite the result of course, I thoroughly enjoyed Saturday - The adrenalin rush of a true derby game just beats all others, and it might be sometime before another day like Saturday ( and all those that preceeded it in decades gone by) can happen again.

 

Of course I wanted to see you suffer as we did ( and some more), but not gone !

 

Wish you best of luck.

 

+1.

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Sevvy

Sevvy

Posted
Posted
Quote from a Skate Fan on the Portsmouth.co.uk message board

 

" I have been wrong all these years thinking the scum were 19 miles down the road when all the time they are in the heart of our club"

 

Post #7

 

http://www.portsmouth.co.uk/newshome/Pompey-ask-to-be-allowed.6085707.jp

 

When you read that post and the rest on there, they are not happy i wouldnt like to be at fratton on Saturday. the atmosphere is going to dire.

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