Pompey Takeover Saga

[alehouseboys]

 

 

...or maybe it's now time for this...

 

[SO16_Saint]

I don't have a telly, but I'm sure this is like one of those reality programs where they carefully choose the participants on the basis that disaster is inevitable and everybody can tut tut and say, how stupid and misguided are they.

 

Tut tut, they've chosen some right ones this time.

Got to admit it's fascinating though, but must tear myself away to lesson prep..

 

 

310 pages, over 500,000 views and 15,000 posts and the biggest revalation of them all comes out.

 

[dubai_phil]

Well, with the Telegraph & The Grauniad articles today we seem to now be down to two plans.

 

Both need time - tick tock (well there is a surprise)

 

An unknown South African Consortium

 

Hanging on for the next tranche of TV money & then parachute payments (coupled with the premium rate sale of their world class squad

 

So, despite ALL the smoke and mirrors, in reality over the past weeks NOTHING has actually changed for the better, it simply gets a bigger bill.

 

Can they find someone who needs a shed load of Corporation Tax losses? Someone who needs a new passport/residence visa for the UK?

 

In commercial business terms this looks about as bad as MY FECKING CAR

 

Cannot BELIEVE a fecking COP CAR with siren on just jumped off the road flew through the air and smashed my FECKING CAR.

 

ARRRRRRRRRRRRRRRRRRRRRGGGGGGGGHHHHHHHHHHHHHHHHH

 

If I'm not back for the game you know I may have said the wrong words

[Hatch]

In commercial business terms this looks about as bad as MY FECKING CAR

 

Cannot BELIEVE a fecking COP CAR with siren on just jumped off the road flew through the air and smashed my FECKING CAR.

 

ARRRRRRRRRRRRRRRRRRRRRGGGGGGGGHHHHHHHHHHHHHHHHH

 

If I'm not back for the game you know I may have said the wrong words

 

 

Oh dear, Phils going to Prison!!

 

for assaulting an officer.

[TopGun]

Interesting

http://www.guardian.co.uk/football/2010/feb/20/portsmouth-high-court

 

They claim Pompey have to pay £22m to finish the season and will be proved they are insolvent.

 

£26m if relegated.

[ericofarabia]

In commercial business terms this looks about as bad as MY FECKING CAR

 

Cannot BELIEVE a fecking COP CAR with siren on just jumped off the road flew through the air and smashed my FECKING CAR.

 

ARRRRRRRRRRRRRRRRRRRRRGGGGGGGGHHHHHHHHHHHHHHHHH

 

If I'm not back for the game you know I may have said the wrong words

 

I predict you'll get the pink ticket .... illegally parked or reversed into a stationary police car.

 

If you protest too much you could even get a free haircut, free breakfast and all the sex you can handle at the local nick

 

Who knows you could even be in the same cell as Al Fahim ... that would be worth the hassle

 

Good luck anyway ... let me know if you need the scores texted thru via 999 to the police station

[Give it to Ron]

£26m if relegated.

 

How long is gardening leave for relegation, administration or liquidation???

[Joensuu]

I didn't like this bit at all

 

While Fifa was apparently persuaded, the Premier League board was not, arguing that Portsmouth’s financial position was yet to fully unwind and that administration was a viable alternative to liquidation.[/QuOTE]

 

I think that just means that the EPL were never going to grant the rule change, but wanted to pass the blame to FIFA. When FIFA realised they were being set up they called the EPL's bluff by allowing the move, forcing the EPL to take the blame.

 

As for the Admin bit, the court could still put them into Admin. This could prove to add to the comedy, as most of the blue few seem to think this is a magical escape clause. Their debts massively outweigh their assets, their small fanbase compounds this, and the almost certain point reductions lead me to the conclusion that entering admin will just be the begining of a slow death. I doubt they'd make it to the end of the season, what do they have that they can sell? (only players who can't play until august at a knockdown rate!). They simply have no value to any investor.

[CHAPEL END CHARLIE]

POMPEY TRANSFER PLEA TURNED DOWN.

 

Cheerio cheating crooks.

 

 

Let me get this straight .

 

The 'transfer window' closed less than 3 weeks ago .

They were actually attempting to sign players a week or so ago .

They now want to sell players against the games regulations .

The EPL for some inexplicable reason has said 'no' .

 

The Pompey Pokey .

 

You sign a right back in ,

You sell your left back out ,

You put a pretty penny in ,

And shake dirty pound out ,

You do the pompey pokey

and you run your club aground

That what it's all about .

 

Whoa the pompey pokey !

Whoa the pompey pokey !

Whoa the pompey pokey !

Club bent , cash stretched , rah! rah! rah!

[Faz]

To enter Admin, they have to find an Administrator willing to run the business to the end of the season. Which Administrator is going to run up debts of £26m until he can start to sell assets?

 

Administration is NOT an option here.

 

They either get bought and the debts - or at least the pressing ones - are paid off, or they get wound up. IMO.

 

They're toast......

[aintforever]

I expect admin is still an option, it makes little sense to fold the club now and not get the Sky money due at the end of the season or cash from possible player sales.

 

They could send their loanies back, loan out everyone they can and flounder along until May.

[altoniansaints]

Let me get this straight .

 

The 'transfer window' closed less than 3 weeks ago .

They were actually attempting to sign players a week or so ago .

They now want to sell players against the games regulations .

The EPL for some inexplicable reason has said 'no' .

 

The Pompey Pikey .

 

You sign a right back in ,

You sell your left back out ,

You put a pretty penny in ,

And shake dirty pound out ,

You do the pompey pikey

and you run your club aground

That what it's all about .

 

Whoa the pompey pikey !

Whoa the pompey pikey !

Whoa the pompey pikey !

Club bent , cash stretched , rah! rah! rah!

 

 

Better?

[Legod Third Coming]

I expect admin is still an option, it makes little sense to fold the club now and not get the Sky money due at the end of the season or cash from possible player sales.

 

They could send their loanies back, loan out everyone they can and flounder along until May.

 

The problem is that the Administrator has to see a potential future for the business and running up more debts in wages etc is not an option when the future income does not meet current, let alone future costs!

[CHAPEL END CHARLIE]

Better?

 

Yes

[aintforever]

The problem is that the Administrator has to see a potential future for the business and running up more debts in wages etc is not an option when the future income does not meet current, let alone future costs!

 

You are probably right, their biggest problem is the fact that they have lost their ground to Chanrai and the land to Gaydamak, even debt free they would not be a good investment, all you would be buying is a bunch of overpaid players and a rent bill for the use of the stadium.

 

But it must make sense for HRMC to keep it on a life support machine until June, I expect Muntari and co would even consider pay drops when the alternative is being expunged.

[Goalie66]

Oh no and we thought we got rid of them.From Fratton Faithful.....

 

I had heard that before about Chainrai and that administration could be beneficial to him as he would get the ground and lease back.

 

Well if that is the case and he is to charge £1m a season, I hope that PFC will consider playing their home games at St. Marys and pay half that and leave Chainrai holding the stadium with no tenants.

[dubai_phil]

I predict you'll get the pink ticket .... illegally parked or reversed into a stationary police car.

 

If you protest too much you could even get a free haircut, free breakfast and all the sex you can handle at the local nick

 

Who knows you could even be in the same cell as Al Fahim ... that would be worth the hassle

 

Good luck anyway ... let me know if you need the scores texted thru via 999 to the police station

 

Am still here and still PMSL...

 

Cop car tried to "avoid a traffic light queue" by running across sand and putting on his siren.

 

The GF had parked the car outside work in a parking spot. The Cop thought he could get through an imaginary gap hit a kerb stone jumped up and ran his 3 week old BMW 5 Series along the front of my bumper.

 

Turns out the message was garbled MY car had it's number plate ripped off. The Beemer is ripped open like a tin of Sardines - it's totalled

 

I get there all ready to ggrrhhh to find three cop cars already and they all loling. Luckily my self preservation training kicked in - (NEVER have a temper tantrum with a bloke who has a GUN) and I just cracked up as well.

 

They'd already done the Green Slip and whacked the cop with three fines worth about Aed 1500 (250 quid).

 

The cop doing the paperwork was a Gooner - he spotted my Saints Polo and said ha- You Southampton - you should have won last week, but you very happy about the Portsmouth No? We still laugh of Al Fahim, very funny. I returned the compliment by saying how unlucky they were to get a dodgy ref (didn't want to push me luck and mention Fabianski)

 

So all set for the afternoon listening on line

[andysstuff]

I expect admin is still an option, it makes little sense to fold the club now and not get the Sky money due at the end of the season or cash from possible player sales.

 

They could send their loanies back, loan out everyone they can and flounder along until May.

 

The SKY money isn't going to be enough to cover the £26M The Guardian are reporting they need to keep running till the end of the season, and they sure ain't gonna make much out of gate receipts either.

[ericofarabia]

BREAKING NEWS ...... who's that coming over the hill ............. the new messiah

 

 

 

 

 

 

 

 

 

Saturday 20 February, 2010

 

 

 

 

 

 

 

 

 

 

Jewish property man fronts bid to buy Portsmuff FC

 

 

 

 

 

 

 

 

 

By Danny Caro, Feb 20th 2010

Michael Fialka

 

Former teammates of Michael Fialka, the man purportedly at the centre of the ****ney Wideboy Mummys Boy bid to buy Portsmuff Football Club, have expressed shock over his potential takeover.

Property company boss Fialka, 32, appeared on Sky Sports on Thursday night and informed reporters that he was hopeful the bid would be accepted. He confirmed that outstanding players' wages, in the region of £500,000,000 have been settled.

The Barnet resident is described as “one of the longest-serving players at London Lions”, (one of the leading Jewish football teams). A fitness enthusiast, Fialka had an unsuccessful spell as player-manager of the Lions' reserve team. He left the club after being dropped as a player by the Sunday Maccabi Lions B team, and has since stopped playing.

Peter Storey Teller, fellow ****ney wideboy said: “Mickey’s all right. He’s a character. If he pulls it off, good luck to him. He is so gullible I think I'll have him stitched up like a kipper and he'll take the can for the whole bloody mess”

An unnamed source said: “I’m honestly shocked. It’s more shocking than Michael Jackson’s death. He’s one of the best talkers you’ll ever meet.

“I imagine he’s a front man with someone else’s money as he doesn’t have the trappings of a wealthy individual. He must think he is working with some very wealthy people.”

Another commented: “He’s a really nice guy with a strong and determined character and must be worth a good few quid , seeing as he doesn't have to stump up rent money each week. I wouldn't be surprised if his bank balance exceeds his IQ”

 

PS The bits in blue may have been slightly changed from the original article !!!

[Legod Third Coming]

You are probably right, their biggest problem is the fact that they have lost their ground to Chanrai and the land to Gaydamak, even debt free they would not be a good investment, all you would be buying is a bunch of overpaid players and a rent bill for the use of the stadium.

 

But it must make sense for HRMC to keep it on a life support machine until June, I expect Muntari and co would even consider pay drops when the alternative is being expunged.

 

I think HMRC want to wind them up because they will get their money before any of the directors. Issuing a winding up petition is the only way HMRC can make itself a preferred creditor as I understand such things!

[dubai_phil]

The SKY money isn't going to be enough to cover the £26M The Guardian are reporting they need to keep running till the end of the season, and they sure ain't gonna make much out of gate receipts either.

 

Oh really?

 

You watch - this week - Storrie teller saying we need the fans to help save the club.

 

Buy a Season Ticket for next season before 1st March for only 20% more than this year's ticket and we can survive, we have the best fans in the world, you can do it!

[dubai_phil]

http://www.portsmouth.vitalfootball.co.uk/article.asp?a=188904

 

Well worded

[aintforever]

I think HMRC want to wind them up because they will get their money before any of the directors. Issuing a winding up petition is the only way HMRC can make itself a preferred creditor as I understand such things!

 

But at the moment they have no assets, zero payers to sell, zero sky money, if they can somehow make it to June they in theory will have something to fight over.

 

They might want to teach football a lesson though, in which case pompey are definitely fish food.

[Tractor_Saint]

After having some run ins with Poopey fans last night on YouTube I'm so glad to wake up to the news mentioned above on the SSN ticker. Here's the BBC article..

 

BBC article re: Premier League reject Portsmouth's transfer plea

[Joensuu]

Is this a new Guardian report? or the one that's already been posted?

 

http://www.guardian.co.uk/football/2010/feb/20/portsmouth-balram-hainrai

[Legod Third Coming]

But at the moment they have no assets, zero payers to sell, zero sky money, if they can somehow make it to June they in theory will have something to fight over.

 

They might want to teach football a lesson though, in which case pompey are definitely fish food.

 

They have land/ground and the majority of debt that is not to HMRC is to the owners - previous and current.

 

Close it down, sell the ground and HMRC gets a large proportion of their money...

[Windmill Arm 2]

Some chump is on Fratton Faithful praying for Mark Fry to come in and sort them out LOL!!!! he can't polish a turd FFS!

[CB Saint]

Some chump is on Fratton Faithful praying for Mark Fry to come in and sort them out LOL!!!! he can't polish a turd FFS!

 

But he did manage to roll ours in enough glitter to attract ML

[andysstuff]

See 5Live are at P*mpey from midday today, despite the 5pm KO time.

 

That's twice down there in 3 days. You think they are hoping of some sort of announcement soon?

[Goalie66]

I think HMRC want to wind them up because they will get their money before any of the directors. Issuing a winding up petition is the only way HMRC can make itself a preferred creditor as I understand such things!

 

HMRC are not interested in the money but the message it sends to every other football club. They will collect millions more now from those,including football clubs, who see HMRC as an inteest free bank.Hence , even though they are currently a preferred creditor they would not be if Pompey went into admin.Thus as Pompey have little assets HMRC would still get nothing from the winding order and even less under Admin!!!. Net result HMRC will send them into liquidation come March 1st.

[CB Saint]

HMRC are not interested in the money but the message it sends to every other football club. They will collect millions more now from those,including football clubs, who see HMRC as an inteest free bank.Hence , even though they are currently a preferred creditor they would not be if Pompey went into admin.Thus as Pompey have little assets HMRC would still get nothing from the winding order and even less under Admin!!!. Net result HMRC will send them into liquidation come March 1st.

 

Agree with this. After this season every club is going to make sure that the first bill they pay will be the HMRC. And as a taxpayer, amen to that.

[iansums]

Didn't say it wasn't.

We've already had The Parrot Sketch. Why not everything else?

 

Storrie: M'lud the fight to save our club has become a symbolic struggle.

Judge: A symbolic struggle against reality!

[Faz]

I thought it might be quite poignant to go along to the last ever game at Farton in a "tricoteuse" kind of way. But I guess it's a sell-out already - right?

[Legod Third Coming]

HMRC are not interested in the money but the message it sends to every other football club. They will collect millions more now from those,including football clubs, who see HMRC as an inteest free bank.Hence , even though they are currently a preferred creditor they would not be if Pompey went into admin.Thus as Pompey have little assets HMRC would still get nothing from the winding order and even less under Admin!!!. Net result HMRC will send them into liquidation come March 1st.

 

That's a good enough reason Keith!

[dubai_phil]

I thought it might be quite poignant to go along to the last ever game at Farton in a "tricoteuse" kind of way. But I guess it's a sell-out already - right?

 

Oh I don't know about that....

 

After all we may want to rent it for a few months while St Mary's is being extended to hold 45,000

 

After all we are hosting World Cup matches at SMS

 

 

 

 

 

 

(even IF it is egg chasing)

[saintkiptanui]

I thought it might be quite poignant to go along to the last ever game at Farton in a "tricoteuse" kind of way. But I guess it's a sell-out already - right?

About 4000 seats left. They are bees knees those fans.

[Weston Saint]

HMRC are not interested in the money but the message it sends to every other football club. They will collect millions more now from those,including football clubs, who see HMRC as an inteest free bank.Hence , even though they are currently a preferred creditor they would not be if Pompey went into admin.Thus as Pompey have little assets HMRC would still get nothing from the winding order and even less under Admin!!!. Net result HMRC will send them into liquidation come March 1st.

The only point I have issue with is preferred creditor status. My understanding is that they lost their preferred status in 2003. That, I assume, would apply equally to winding up orders.

[aintforever]

They have land/ground and the majority of debt that is not to HMRC is to the owners - previous and current.

 

Close it down, sell the ground and HMRC gets a large proportion of their money...

 

The club doesn't own the ground, Chanrai does.

[Goalie66]

The only point I have issue with is preferred creditor status. My understanding is that they lost their preferred status in 2003. That, I assume, would apply equally to winding up orders.

 

HMRC have preferred creditor status at the moment as they issued the WUO. As only a prefered creditor can now send them into Admin it is unlikely that HMRC would do this as they would lose their preferred creditor status as per the law change in 2003. If they did initiate admin they would be behind football debts.

 

This is what is behind HMRC's agressive stance and IMO they will enforce the liquidation and the Court will have no choice as PCFC are insolvent and if the continued trading are likely to increase liabilities further.

[qwertySFC]

Obvious really .... Needed to sale players for "cash flow" purposes....

 

In basic English ... we don't have the cash to pay this months wages.

 

How good is that going to look in front of Judge Judy on March 1st,

[Weston Saint]

HMRC have preferred creditor status at the moment as they issued the WUO. As only a prefered creditor can now send them into Admin it is unlikely that HMRC would do this as they would lose their preferred creditor status as per the law change in 2003. If they did initiate admin they would be behind football debts.

 

This is what is behind HMRC's agressive stance and IMO they will enforce the liquidation and the Court will have no choice as PCFC are insolvent and if the continued trading are likely to increase liabilities further.

Makes sense, thanks but they would not be behind football debts.

 

In Administration all not preferred including Football Debts get the same status. When a club is bought out of Administration, the new owners then have to pay off the rest of the football debt to get their "Golden Share" back

 

So if £12m owed to HMRC and £12m owed to football and payout was 10% both would get £1.2m from Administrator (proceeds from sale) The new owners would then have to invest a further £10.8m to pay off the outstanding football debts to get the FA licence (Golden Share") back.

Edited 20 February, 2010 by Weston Saint

[Baldsaint]

Net result HMRC will send them into liquidation come March 1st.

 

HMRC have already stated if they had their way they would be wound up, unfortunately it's not up to them, it's up to a judge if it goes that far.

[OldNick]

The only point I have issue with is preferred creditor status. My understanding is that they lost their preferred status in 2003. That, I assume, would apply equally to winding up orders.

Im not sure, but I think the winding up order gives you preference

[qwertySFC]

Im not sure, but I think the winding up order gives you preference

 

If wound up does HMRC get thier cash ( if there is Cash ) first ???

[Delmary]

HMRC have preferred creditor status at the moment as they issued the WUO. As only a prefered creditor can now send them into Admin it is unlikely that HMRC would do this as they would lose their preferred creditor status as per the law change in 2003. If they did initiate admin they would be behind football debts.

 

This is what is behind HMRC's agressive stance and IMO they will enforce the liquidation and the Court will have no choice as PCFC are insolvent and if the continued trading are likely to increase liabilities further.

I assume Chanrai is a prefered credit also????

[OldNick]

If wound up does HMRC get thier cash ( if there is Cash ) first ???

Im not up on all these things, but it my understanding from reading some of the articles on here.

Nobody has come back and confirmed or denied whether PFC were allowed to submit more info after the deadline on wednesday , as they were reported to be doing thursday.

[Weston Saint]

Does not say that here

 

http://ezinearticles.com/?Does-Issuing-a-Winding-Up-Petition-Give-Me-Priority-For-Debt-Repayment?&id=3578385

 

 

If the company is subsequently ordered to be wound up, then the person or business who initiated the winding up petition will not be treated as a priority creditor. The liquidator will be paid first together with any secured creditors or debenture holders.

 

If there are any funds remaining after the liquidator and debenture holders have been paid, these will be distributed fairly to all remaining unsecured creditors including the initiator of the petition. Generally if a business is insolvent, there will be little or no funds available at this stage and unsecured creditors will receive little or no return.

[Goalie66]

HMRC have already stated if they had their way they would be wound up, unfortunately it's not up to them, it's up to a judge if it goes that far.

 

A Judge,IMO in a case such as this, has to act in the public interest.If as in this case HMRC cannot be paid what they are owed or the SOA demonstrates that PCFC are insolvent that Judge will take 50 seconds to make the decision.

 

The Judge has to deal with facts. If PCFC have not paid all their debts and have no means to do so it does not matter whether it is a Premier League Football club or a Bank.

 

The promise of investment will not wash. Bank guarantees might (unless they were in the Virgin Isles !!!)

 

HMRC will either drop the case (they have been paid in full) EOS (0%)

HMRC will ask for further evidence pending investigating SOA (1%)

HMRC will ask for WUO to be enforced (99%)

 

Outcome Liquidation

[Goalie66]

Does not say that here

 

http://ezinearticles.com/?Does-Issuing-a-Winding-Up-Petition-Give-Me-Priority-For-Debt-Repayment?&id=3578385

 

 

If the company is subsequently ordered to be wound up, then the person or business who initiated the winding up petition will not be treated as a priority creditor. The liquidator will be paid first together with any secured creditors or debenture holders.

 

If there are any funds remaining after the liquidator and debenture holders have been paid, these will be distributed fairly to all remaining unsecured creditors including the initiator of the petition. Generally if a business is insolvent, there will be little or no funds available at this stage and unsecured creditors will receive little or no return.

 

But the point is that HMRC issued the WUO because of the change in the law in 2003.By issuing the WUO they became the de facto creditor.The fact of the matter is that PCFC could not pay,would not pay, cannot ever pay their taxes without an investor coming to the rescue.

 

So HMRC want to make an example of PCFC. They are not interested in getting paid in part but only in full, which we know PCFC cannot do .

 

HMRC would not want to change their prefferred creditor status at the moment in the event that a miracle happened and they got paid .LOL

 

Whethet PCFC goes into Admin or is liquidated HMRC will get 0.They know that any status as a creditor at that point is meaningless.

 

HMRC also know that they cut their future losses once PCFC get wound up and I suspect that is exactly how a Judge will see it too on March 1st.

[SO16_Saint]

If P*rtsmouth now get taken over, can the Judge still inforce the WUO, as there would have been nothing in the SOA mentioning this fact?